<SEC-DOCUMENT>0001554855-21-000163.txt : 20210429
<SEC-HEADER>0001554855-21-000163.hdr.sgml : 20210429
<ACCEPTANCE-DATETIME>20210429144344
ACCESSION NUMBER:		0001554855-21-000163
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		239
CONFORMED PERIOD OF REPORT:	20201231
FILED AS OF DATE:		20210429
DATE AS OF CHANGE:		20210429

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ULTRAPAR HOLDINGS INC
		CENTRAL INDEX KEY:			0001094972
		STANDARD INDUSTRIAL CLASSIFICATION:	NATURAL GAS DISTRIBUTION [4924]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14950
		FILM NUMBER:		21869673

	BUSINESS ADDRESS:	
		STREET 1:		AV BRIGADERIO LUIZ ANTONIO 1343
		STREET 2:		9 ANDAR SAO PAULO
		CITY:			SP BRAZIL 01350-900
		STATE:			D5
		ZIP:			00000

	MAIL ADDRESS:	
		STREET 1:		CT CORPORATION SYSTEM
		STREET 2:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
<DOCUMENT>
<TYPE>20-F
<SEQUENCE>1
<FILENAME>MainDocument.htm
<DESCRIPTION>20-F
<TEXT>
<html><body><div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">As filed with the Securities and Exchange </font><font style="font-family: 'Times New Roman'; font-weight: bold;">Commission on April </font><font style="font-family: 'Times New Roman'; font-weight: bold;">29</font><font style="font-family: 'Times New Roman'; font-weight: bold;">, </font><font style="font-family: 'Times New Roman'; font-weight: bold;">2021</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-align: center; line-height: 1pt; border-top: 0.75pt solid #000000;"><font style="font-family: 'Times New Roman'; font-size: 4pt;">&nbsp;</font></p>
<p style="margin-top: 1pt; margin-bottom: 0pt; text-align: center; line-height: 1pt; border-top: 1pt solid #000000; padding-top: 1pt;"><font style="font-family: 'Times New Roman'; font-size: 4pt;">&nbsp;</font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">UNITED STATES </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Washington, D.C. 20549 </font></p>
<p style="margin: 6pt 216pt 0pt; text-align: center; line-height: 4pt; border-bottom: 1pt solid #000000; padding-bottom: 1pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt;">&nbsp;</font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 24pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">FORM <font>20-F</font> </font></p>
<p style="margin: 6pt 216pt 0pt; text-align: center; line-height: 4pt; border-bottom: 1pt solid #000000; padding-bottom: 1pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt;">&nbsp;</font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">(Mark one) </font></p>
<p style="margin-top: 6pt; margin-left: 24.5pt; margin-bottom: 0pt; text-indent: -24.5pt; text-align: justify; font-size: 12pt;"><font style="font-size: 10pt;"><font style="font-family: 'Segoe UI Symbol';"><font>&#9744;</font></font><font style="width: 14.16pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g)</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">OF THE SECURITIES EXCHANGE ACT OF 1934 </font></font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">OR</font></p>
<p style="margin-top: 6pt; margin-left: 24.5pt; margin-bottom: 0pt; text-indent: -24.5pt; text-align: justify; font-size: 12pt;"><font style="font-size: 10pt;"><font style="font-family: 'Segoe UI Symbol';"><font>&#9746;</font></font><font style="width: 14.16pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 </font></font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; text-align: justify; font-size: 10pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">For the fiscal year ended </font><font style="border-right: none; border-left: none; font-weight: bold;"><font>December 31, 2020</font></font></font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">OR</font></p>
<p style="margin-top: 6pt; margin-left: 24.5pt; margin-bottom: 0pt; text-indent: -24.5pt; text-align: justify; font-size: 12pt;"><font style="font-size: 10pt;"><font style="font-family: 'Segoe UI Symbol';"><font>&#9744;</font></font><font style="width: 14.16pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 </font></font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">OR</font></p>
<p style="margin-top: 6pt; margin-left: 24.5pt; margin-bottom: 0pt; text-indent: -24.5pt; text-align: justify; font-size: 12pt;"><font style="font-size: 10pt;"><font style="font-family: 'Segoe UI Symbol';"><font>&#9744;</font></font><font style="width: 14.16pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 </font></font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">For the transition period from</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">to </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Commission file </font><font style="font-family: 'Times New Roman'; font-weight: bold;">number</font><font style="font-family: 'Times New Roman'; font-weight: bold;">: <font>001-14950</font> </font></p>
<p style="margin: 6pt 216pt 0pt; text-align: center; line-height: 4pt; border-bottom: 1pt solid #000000; padding-bottom: 1pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt;">&nbsp;</font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 18pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">ULTRAPAR PARTICIPA&#199;&#213;ES S.A. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(Exact name of Registrant as specified in its charter) </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>ULTRAPAR HOLDINGS INC</font>. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(Translation of Registrant&#8217;s name into English) </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">The Federative Republic of <font>Brazil</font> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(Jurisdiction of incorporation or organization) </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Brigadeiro Luis Ant&#244;nio Avenue, 1343, 9</font><font style="font-family: 'Times New Roman'; font-size: 4.67pt; font-weight: bold; vertical-align: super;">th</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> </font><font style="font-family: 'Times New Roman'; font-weight: bold;">Floor</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">S&#227;o Paulo, SP, Brazil 01317-910 </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Telephone</font><font style="font-family: 'Times New Roman'; font-weight: bold;">: 55 11 3177 3820 </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(Address of principal executive offices) </font></p>
<p style="margin: 6pt 216pt 0pt; text-align: center; line-height: 4pt; border-bottom: 1pt solid #000000; padding-bottom: 1pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt;">&nbsp;</font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Securities registered or to be registered pursuant to Section</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">12(b) of the Act: </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="margin: 0px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;" width="100%">

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<p style="margin: 0px; line-height: 108%; font-size: 11pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<td style="width: 31.78%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<td style="width: 31.64%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 108%; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<td style="width: 36.58%; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Title of each class</font></p>
<p style="margin-top: 1pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; line-height: 1pt; border-top: 1pt solid #000000; padding-top: 1pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
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<td style="width: 31.78%; padding-left: 7.2pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Trading Symbol</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 1pt; border-top: 1pt solid #000000; padding-top: 1pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
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<td style="width: 31.64%; padding-left: 7.2pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Name</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">of</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">each</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">exchange</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">on</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">which</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">registered</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 1pt; border-top: 1pt solid #000000; padding-top: 1pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
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<td style="width: 36.58%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><font>Common Shares, without par value (represented by, and traded only in the form of, American Depositary Shares (evidenced by American Depositary Receipts), with each American Depositary Share representing one common share)</font></font></p>
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<td style="width: 31.78%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 8pt; text-align: center; line-height: 108%; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><font>UGP</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 8pt; text-align: center; line-height: 108%; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><font>New York Stock Exchange</font></font></p>
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<p style="margin: 6pt 216pt 0pt; text-align: center; line-height: 4pt; border-bottom: 1pt solid #000000; padding-bottom: 1pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt;">&nbsp;</font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Securities registered or to be registered pursuant to Section</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">12(g) of the Act: </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">None </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Securities for which there is a reporting obligation pursuant to Section</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">15(d) of the Act: </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">None </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Indicate the number of outstanding shares of each of the issuer&#8217;s classes of capital or common stock as of the close of the period covered by the annual report.</font></p>
<p style="margin: 0px; text-indent: 0px; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></p>
<div><hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The number of outstanding shares of each class as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020. </font><font style="font-family: 'Times New Roman';"><br></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman';"><br></font></p>
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<p style="margin: 0px; line-height: 108%; font-size: 11pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin: 0px; line-height: 108%; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Title of Class</font></p>
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<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; width: 2%;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 18px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000; width: 49%;">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Number</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">of</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Shares</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Outstanding</font></p>
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<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>Common Stock</font></font></p>
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<td style="vertical-align: top; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="border-right: none; border-left: none; font-weight: bold;"><font>1,088,040,976</font></font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. </font><font style="font-family: 'Segoe UI Symbol';">&#9746;</font><font style="font-family: 'Times New Roman';"> <font>Yes</font> </font><font style="font-family: 'Segoe UI Symbol';">&#9744;</font><font style="font-family: 'Times New Roman';"> No&nbsp;</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">13 or 15(d) of the Securities Exchange Act of 1934. </font><font style="font-family: 'Segoe UI Symbol';">&#9744;</font><font style="font-family: 'Times New Roman';"> Yes </font><font style="font-family: 'Segoe UI Symbol';">&#9746;</font><font style="font-family: 'Times New Roman';"> <font>No</font> </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Note&#8212;Checking the box above will not relieve any registrant required to file reports pursuant to Section</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Indicate by check mark whether the registrant (1)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">has filed all reports required to be filed by Section</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">has been subject to such filing requirements for the past 90 days. </font><font style="font-family: 'Segoe UI Symbol';">&#9746;</font><font style="font-family: 'Times New Roman';"> <font>Yes</font> </font><font style="font-family: 'Segoe UI Symbol';">&#9744;</font><font style="font-family: 'Times New Roman';"> No </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulations S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). </font><font style="font-family: 'Segoe UI Symbol';">&#9746;</font><font style="font-family: 'Times New Roman';"> <font>Yes</font> </font><font style="font-family: 'Segoe UI Symbol';">&#9744;</font><font style="font-family: 'Times New Roman';"> No </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or an emerging growth company. See the definitions of &#8220;large accelerated filer&#8221;, &#8220;accelerated filer,&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act. (Check one): </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><font>Large Accelerated Filer</font> </font><font style="font-family: 'Segoe UI Symbol';">&#9746;</font><font style="font-family: 'Times New Roman';"> Accelerated Filer </font><font style="font-family: 'Segoe UI Symbol';">&#9744;</font><font style="font-family: 'Times New Roman';"> </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Non-accelerated Filer </font><font style="font-family: 'Segoe UI Symbol';">&#9744;</font><font style="font-family: 'Times New Roman';"> Emerging growth company </font><font style="font-family: 'Segoe UI Symbol';">&#9744;</font><font style="font-family: 'Times New Roman';"> </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards&#8224; provided pursuant to Section</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">13(a) of the Exchange Act. </font><font style="font-family: 'Segoe UI Symbol';"><font>&#9744;</font></font><font style="font-family: 'Times New Roman';"> </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8224; The term &#8220;new or revised financial accounting standard&#8221; refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">5, 2012. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Indicate by check mark whether the registrant has filed a report on and attestation to its management&#8217;s assessment of the effectiveness of its internal control over financial reporting under Section</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. </font><font style="font-family: 'Segoe UI Symbol';"><font>&#9746;</font></font><font style="font-family: 'Times New Roman';"> </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:</font><font style="font-family: 'Times New Roman'; font-size: 12pt; text-indent: 0px;">&nbsp;</font></p>
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<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin: 0px; line-height: 108%; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt; text-align: center;"><font style="font-family: 'Times New Roman';">U.S.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">GAAP </font><font style="font-family: 'Segoe UI Symbol';">&#9744;</font><font style="width: 3.38pt; text-indent: 0pt; display: inline-block; -aw-font-family: 'Times New Roman'; -aw-tabstop-align: right; -aw-tabstop-leader: dots; -aw-tabstop-pos: 62pt;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">International Financial Reporting Standards as issued</font></p>
<p style="margin-top: 0pt; margin-bottom: 1pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">by the International Accounting Standards Board </font><font style="font-family: 'Segoe UI Symbol';">&#9746;</font></p>
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<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt; text-align: center;"><font style="font-family: 'Times New Roman';">other </font><font style="font-family: 'Segoe UI Symbol';">&#9744;</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">If &#8220;Other&#8221; has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow: Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">17 </font><font style="font-family: 'Segoe UI Symbol';">&#9744;</font><font style="font-family: 'Times New Roman';"> Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">18 </font><font style="font-family: 'Segoe UI Symbol';">&#9744;</font><font style="font-family: 'Times New Roman';"> </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). </font><font style="font-family: 'Segoe UI Symbol';">&#9744;</font><font style="font-family: 'Times New Roman';"> Yes </font><font style="font-family: 'Segoe UI Symbol';"><font>&#9746;</font></font><font style="font-family: 'Times New Roman';"> No </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-align: center; line-height: 1pt; border-top: 0.75pt solid #000000;"><font style="font-family: 'Times New Roman'; font-size: 4pt;">&nbsp;</font></p>
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<p><font style="font-size: 10pt;">&#8203;&nbsp;</font><br></p>
&#8203;&nbsp;
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<td style="height: 10px; vertical-align: bottom;" valign="bottom"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#" name="TOC"></a>
<h4 style="text-align: center;">TABLE OF CONTENTS</h4>
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<h4 style="text-align: center; margin: 0px;">Page</h4>
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<td style="height: 17px;"><a href="#Bp1_DUDQGYBD0W00000000000000000000">PART I </a></td>
<td class="bmpageno" style="height: 17px; text-align: right; padding: 0px 15px 0px 0px;">8</td>
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<td style="padding-left: 30px; height: 17px;"><a href="#Bi1_DGMWUR7SAO00000000000000000000">ITEM 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS </a></td>
<td class="bmpageno" style="height: 17px; text-align: right; padding: 0px 15px 0px 0px;">8</td>
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<td style="padding-left: 30px; height: 17px;"><a href="#Bi2_UNQRAD9PWW00000000000000000000">ITEM 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OFFER STATISTICS AND EXPECTED TIMETABLE </a></td>
<td class="bmpageno" style="height: 17px; text-align: right; padding: 0px 15px 0px 0px;">8</td>
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<td style="padding-left: 30px; height: 17px;"><a href="#Bi3_YHV3UEV5U800000000000000000000">ITEM 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KEY INFORMATION </a></td>
<td class="bmpageno" style="height: 17px; text-align: right; padding: 0px 15px 0px 0px;">8</td>
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<td style="padding-left: 30px; height: 17px;"><a href="#Bi4_YV9741JG7400000000000000000000">ITEM&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INFORMATION ON THE COMPANY </a></td>
<td class="bmpageno" style="height: 17px; text-align: right; padding: 0px 15px 0px 0px;">36</td>
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<td style="padding-left: 30px; height: 17px;"><a href="#Bi4a_6VA4I3VWHS00000000000000000000">ITEM&nbsp;4A.&nbsp;&nbsp;&nbsp;&nbsp; UNRESOLVED STAFF COMMENTS </a></td>
<td class="bmpageno" style="height: 17px; text-align: right; padding: 0px 15px 0px 0px;">103</td>
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<td style="padding-left: 30px; height: 17px;"><a href="#BITEM5_D4EC3S49ZK00000000000000000000">ITEM&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OPERATING AND FINANCIAL REVIEW AND PROSPECTS </a></td>
<td class="bmpageno" style="height: 17px; text-align: right; padding: 0px 15px 0px 0px;">104</td>
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<td style="padding-left: 30px; height: 17px;"><a href="#BITEM6_ZW324R4A0G00000000000000000000">ITEM&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES </a></td>
<td class="bmpageno" style="height: 17px; text-align: right; padding: 0px 15px 0px 0px;">141</td>
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<td style="padding-left: 30px; height: 17px;"><a href="#BITEM7_0W93TS510W00000000000000000000">ITEM&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS </a></td>
<td class="bmpageno" style="height: 17px; text-align: right; padding: 0px 15px 0px 0px;">155</td>
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<td style="padding-left: 30px; height: 17px;"><a href="#BITEM8_HWOPZ8L5E800000000000000000000">ITEM&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL INFORMATION </a></td>
<td class="bmpageno" style="height: 17px; text-align: right; padding: 0px 15px 0px 0px;">157</td>
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<td style="padding-left: 30px; height: 17px;"><a href="#BITEM9_P0IU6AEBZ400000000000000000000">ITEM 9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE OFFER AND LISTING</a></td>
<td class="bmpageno" style="height: 17px; text-align: right; padding: 0px 15px 0px 0px;">164</td>
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<td style="padding-left: 30px; height: 17px;"><a href="#Bi10_XDGIQ83FA800000000000000000000">ITEM&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADDITIONAL INFORMATION</a></td>
<td class="bmpageno" style="height: 17px; text-align: right; padding: 0px 15px 0px 0px;">164</td>
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<td style="padding-left: 30px; height: 17px;"><a href="#Bi11_XHS6HIL8U800000000000000000000">ITEM&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK </a></td>
<td class="bmpageno" style="height: 17px; text-align: right; padding: 0px 15px 0px 0px;">180</td>
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<td style="padding-left: 30px; height: 17px;"><a href="#BI12_YP0JOVOZ8000000000000000000000">ITEM&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</a></td>
<td class="bmpageno" style="height: 17px; text-align: right; padding: 0px 15px 0px 0px;">191</td>
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<td style="height: 17px;"><a href="#BPART_YAQO1FB93400000000000000000000">PART II</a></td>
<td class="bmpageno" style="height: 17px; text-align: right; padding: 0px 15px 0px 0px;">193</td>
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<td style="padding-left: 30px; height: 17px;"><a href="#BITEM13_QP4AN0VMMO00000000000000000000">ITEM&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES </a></td>
<td class="bmpageno" style="height: 17px; text-align: right; padding: 0px 15px 0px 0px;">193</td>
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<td style="padding-left: 30px; height: 17px;"><a href="#BITEM14_3RI4QHROSG00000000000000000000">ITEM&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS </a></td>
<td class="bmpageno" style="height: 17px; text-align: right; padding: 0px 15px 0px 0px;">193</td>
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<td style="padding-left: 30px; height: 17px;"><a href="#BITEM15_1O4PTW72YO00000000000000000000">ITEM&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONTROLS AND PROCEDURES </a></td>
<td class="bmpageno" style="height: 17px; text-align: right; padding: 0px 15px 0px 0px;">193</td>
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<td style="padding-left: 30px; height: 17px;"><a href="#BITEM16_GWQRHZLBCG00000000000000000000">ITEM&nbsp;16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[RESERVED] </a></td>
<td class="bmpageno" style="height: 17px; text-align: right; padding: 0px 15px 0px 0px;">195</td>
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<td style="padding-left: 30px; height: 17px;"><a href="#BITEM16A_MMXOKV22OW00000000000000000000">ITEM&nbsp;16A.&nbsp;&nbsp;&nbsp;&nbsp;AUDIT COMMITTEE FINANCIAL EXPERT </a></td>
<td class="bmpageno" style="height: 17px; text-align: right; padding: 0px 15px 0px 0px;">195</td>
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<td style="padding-left: 30px; height: 17px;"><a href="#BITEM16B_783XLCRK9C00000000000000000000">ITEM&nbsp;16B.&nbsp;&nbsp;&nbsp;&nbsp;CODE OF ETHICS </a></td>
<td class="bmpageno" style="height: 17px; text-align: right; padding: 0px 15px 0px 0px;">196</td>
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<td style="padding-left: 30px; height: 17px;"><a href="#BITEM16C_UESZ600SXC00000000000000000000">ITEM&nbsp;16C.&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL ACCOUNTANT FEES AND SERVICES </a></td>
<td class="bmpageno" style="height: 17px; text-align: right; padding: 0px 15px 0px 0px;">197</td>
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<td style="padding-left: 30px; height: 17px;"><a href="#BITEM16D_I8XNXZRA6O00000000000000000000">ITEM&nbsp;16D.&nbsp;&nbsp;&nbsp;&nbsp;EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES </a></td>
<td class="bmpageno" style="height: 17px; text-align: right; padding: 0px 15px 0px 0px;">198</td>
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<td style="padding-left: 30px; height: 17px;"><a href="#BITEM16E_B4KZK7CD7K00000000000000000000">ITEM&nbsp;16E.&nbsp;&nbsp;&nbsp;&nbsp;PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS </a></td>
<td class="bmpageno" style="height: 17px; text-align: right; padding: 0px 15px 0px 0px;">199</td>
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<td style="padding-left: 30px; height: 17px;"><a href="#BITEM16F_NL94UZ5QF400000000000000000000">ITEM&nbsp;16F.&nbsp;&nbsp;&nbsp;&nbsp;CHANGE IN REGISTRANT&#8217;S INDEPENDENT PUBLIC ACCOUNTING FIRM </a></td>
<td class="bmpageno" style="height: 17px; text-align: right; padding: 0px 15px 0px 0px;">199</td>
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<td style="padding-left: 30px; height: 17px;"><a href="#BITEM16G_SADCEOFL1S00000000000000000000">ITEM&nbsp;16G.&nbsp;&nbsp;&nbsp;CORPORATE GOVERNANCE </a></td>
<td class="bmpageno" style="height: 17px; text-align: right; padding: 0px 15px 0px 0px;">199</td>
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<td style="padding-left: 30px; height: 17px;"><a href="#BITEM16H_N95KUON90000000000000000000000">ITEM&nbsp;16H.&nbsp;&nbsp;&nbsp;MINE&nbsp;SAFETY DISCLOSURE </a></td>
<td class="bmpageno" style="height: 17px; text-align: right; padding: 0px 15px 0px 0px;">202</td>
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<td style="height: 18px;"><a href="#BPARTIII_FFPDHO6SAO00000000000000000000">PART III</a></td>
<td class="bmpageno" style="height: 18px; text-align: right; padding: 0px 15px 0px 0px;">203</td>
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<td style="padding-left: 30px; height: 18px;"><a href="#BITEM17_8NN3Q6B6QO00000000000000000000">ITEM&nbsp;17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL&nbsp;STATEMENTS </a></td>
<td class="bmpageno" style="height: 18px; text-align: right; padding: 0px 15px 0px 0px;">203</td>
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<td style="padding-left: 30px; height: 18px;"><a href="#Bi18_PHNN60ZWS000000000000000000000">ITEM 18. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL STATEMENTS</a></td>
<td class="bmpageno" style="height: 18px; text-align: right; padding: 0px 15px 0px 0px;">203</td>
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<td style="padding-left: 30px; height: 18px;"><a href="#BA99_XG5B2HJRPC00000000000000000000">ITEM 19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EXHIBITS </a></td>
<td class="bmpageno" style="height: 18px; text-align: right; padding: 0px 15px 0px 0px;">204</td>
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<td style="height: 18px;"><a href="#BA9_GT9U6XAN0G00000000000000000000">FINANCIAL STATEMENTS</a></td>
<td class="bmpageno" style="height: 18px; text-align: right; padding: 0px 15px 0px 0px;">F-1</td>
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<p align="center" style="margin: 0in; text-align: center; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b><font style="font-size: 10.0pt;">INTRODUCTION </font></b><font style="font-size: 10.0pt;"></font></font></p>
<p style="margin: 6pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Ultrapar is a Brazilian company with its origins in 1937, when Ernesto Igel founded Ultragaz. Since then, Ultrapar has grown and expanded to new markets, becoming one of the largest corporate groups in Brazil. As of the date of this annual report, Ultrapar owns the following main businesses: Ipiranga, Ultragaz and Ultracargo (oil&nbsp;&amp;&nbsp;gas downstream segment), Oxiteno (specialty chemicals), Extrafarma (retail pharmacy) and abastece a&#237; (digital payments). </font></p>
<p style="margin: 6pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">Since 1999, Ultrapar&#8217;s shares are traded under an ADR Level III program on the New York Stock Exchange &#8211; NYSE, and on the S&#227;o Paulo Stock Exchange, B3 S.A. Since 2011, the Company&#8217;s shares have been listed on B3&#8217;s Novo Mercado segment.</font></font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">As of December 31, 2020, Ultragaz was the leader in LPG distribution in Brazil, one of the largest markets worldwide. Ultragaz had a 23.1% market share in 2020 according to ANP and was one of the largest independent LPG distributors in the world in terms of volume sold. See &#8220;Item&nbsp;4.B. Information on the Company&#8212;Business Overview&#8212;Distribution of Liquefied Petroleum Gas&#8212;Ultragaz&#8212;Competition&#8221;. As of December&nbsp;31, 2020, we delivered LPG to an estimated 11&nbsp;million households through a network of approximately 5.1&nbsp;thousand independent retailers in the bottled segment and to approximately 58&nbsp;thousand customers in the bulk segment. In 2020, Ultragaz&#8217;s total LPG volume sold was 1.7&nbsp;million tons.</font></font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp; &nbsp; &nbsp; &nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">Ultracargo is the largest private company in the liquid bulk storage industry in Brazil, with six terminals and storage capacity of 838&nbsp;thousand cubic meters as of December&nbsp;31, 2020, providing it with leading positions in the main ports in Brazil.</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp; &nbsp; &nbsp; &nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">Oxiteno is a major producer of specialty chemicals and one of the largest producers of ethylene oxide and its main derivatives in Latin America, according to IHS Chemical. Oxiteno has eleven industrial units: six in Brazil, three in Mexico, one in the United States, and one in Uruguay, commercial offices in Argentina, Belgium, China and Colombia, and research and development centers in Brazil, Mexico, the United States, and China. For the year ended December&nbsp;31, 2020, Oxiteno sold 753&nbsp;thousand tons of chemical products.</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</font></font></font><font style="font-size: 10.0pt;">Ipiranga is one of the largest fuel distributors in Brazil, with a network of 7,107 service stations and 18.5% market share in 2020 according to ANP. In addition to the service stations, Ipiranga has 1,804 AmPm convenience stores. See &#8220;Item&nbsp;4.B. Information on the Company&#8212;Business Overview&#8212;Fuel Distribution&#8212;Ipiranga&#8212;Competition&#8221;. </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></font></font><font style="font-size: 10.0pt;">Extrafarma is the seventh largest drugstore chain in Brazil, according to ABRAFARMA, with 405 drugstores and 3&nbsp;distribution centers as of December&nbsp;31, 2020. </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></font></font><font style="font-size: 10.0pt;">abastece a&#237; is a digital payments company created in 2020 to leverage the benefits of the Km de Vantagens (Km of Advantages Loyalty Program) and the abastece a&#237; (&#8220;fill up here&#8221;) app. It is a digital ecosystem&nbsp; &nbsp;pursuant to which discounts and cashback are offered to clients, mainly car and truck drivers. More than 2.3 million abastece a&#237; digital accounts were created in 2020.</font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">References in this annual report to &#8220;Ultrapar&#8221;, &#8220;Ultra Group&#8221;, &#8220;we&#8221;, &#8220;our&#8221;, &#8220;us&#8221; and &#8220;the Company&#8221; are to Ultrapar Participa&#231;&#245;es S.A. and its consolidated subsidiaries (unless the context otherwise requires). In addition, all references in this annual report to:</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;abastece a&#237;&#8221; are to Ultrapar&#8217;s subsidiaries that operate in the digital payment segment;</font></font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-family: 'times new roman', times;"><font style="font-size: 10.0pt;">&#8220;ABIQUIM&#8221; are to </font><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;">Associa&#231;&#227;o Brasileira da Ind&#250;stria Qu&#237;mica</font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">, the Brazilian association of chemical industries;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol; mso-ansi-language: PT-BR;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-family: 'times new roman', times;"><font lang="PT-BR" style="font-size: 10.0pt; mso-ansi-language: PT-BR;">&#8220;ABRAFARMA&#8221; are to </font><font lang="PT-BR" style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt; mso-ansi-language: PT-BR;">Associa&#231;&#227;o Brasileira de Redes de Farm&#225;cias e Drogarias</font></font><font lang="PT-BR" style="font-size: 10.0pt; mso-ansi-language: PT-BR;"><font style="font-family: 'times new roman', times;">, the Brazilian association of pharmacy and drugstore chains;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol; mso-ansi-language: PT-BR;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-family: 'times new roman', times;"><font lang="PT-BR" style="font-size: 10.0pt; mso-ansi-language: PT-BR;">&#8220;ABTL&#8221; are to </font><font lang="PT-BR" style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt; mso-ansi-language: PT-BR;">Associa&#231;&#227;o Brasileira de Terminais de L&#237;quidos</font></font><font lang="PT-BR" style="font-size: 10.0pt; mso-ansi-language: PT-BR;"><font style="font-family: 'times new roman', times;">, the Brazilian association of liquid bulk terminal operators;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;ADSs&#8221; are to our American Depositary Shares, each representing (i)&nbsp;one common share, with respect to any period on or after August&nbsp;17, 2011; or (ii)&nbsp;one non-voting preferred share, with respect to any period prior to August&nbsp;17, 2011;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;AmPm&#8221; are to Ipiranga&#8217;s convenience stores franchise network that operate under the brand AmPm, managed by AmPm Comest&#237;veis Ltda.;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-family: 'times new roman', times;"><font style="font-size: 10.0pt;">&#8220;ANFAVEA&#8221; are to </font><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;">Associa&#231;&#227;o Nacional dos Fabricantes de Ve&#237;culos Automotores</font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">, the Brazilian association of vehicle producers;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">&#8220;ANP&#8221; are to the </font><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;">Ag&#234;ncia Nacional do Petr&#243;leo, G&#225;s Natural e Biocombust&#237;veis</font><font style="font-size: 10.0pt;">, the Brazilian oil, natural gas and biofuels regulatory agency; </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-family: 'times new roman', times;"><font style="font-size: 10.0pt;">&#8220;ANVISA&#8221; are to the </font><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;">Ag&#234;ncia Nacional de Vigil&#226;ncia Sanit&#225;ria</font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">, the Brazilian health surveillance agency;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;ARLA&#8221; are to Automotive Liquid Reducing Agent;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;B3&#8221; are to the B3 S.A.&#8212;Brasil, Bolsa, Balc&#227;o, the S&#227;o Paulo Stock Exchange;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;Braskem&#8221; are to Braskem S.A.;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;Brazil&#8221; are to the Federative Republic of Brazil;</font> </font></p>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;Brazilian Corporate Law&#8221; are to Law No.&nbsp;6,404 enacted in December 1976, as amended by Law No.&nbsp;9,457 enacted in May 1997, by Law No.&nbsp;10,303 enacted in October 2001, by Law No.&nbsp;11,638 enacted in December 2007, by Law No.&nbsp;11,941 enacted in May 2009, by Law No.&nbsp;12,431 enacted in June 2011, by Law No.&nbsp;12,810 enacted in May 2013, by Law No.&nbsp;13,129 enacted in May 2015, by Law No.&nbsp;13,818 enacted in April 2019, by Law No.&nbsp;13,874 enacted in September 2019, and by Law No.&nbsp;14,030 enacted in July 2020;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;Brazilian GAAP&#8221; are accounting practices adopted in Brazil that comprise the Brazilian Corporate Law and the Pronouncements, Guidelines and Interpretations issued by the Accounting Pronouncements Committee (&#8220;CPC&#8221;) and approved by the Federal Accounting Council (&#8220;CFC&#8221;) and the Brazilian Securities and Exchange Commission (&#8220;CVM&#8221;);</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">&#8220;Brazilian government&#8221; are to the federal government of the Federative Republic of Brazil; </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-family: 'times new roman', times;"><font style="font-size: 10.0pt;">&#8220;CADE&#8221; are to </font><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;">Conselho Administrativo de Defesa Econ&#244;mica</font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">, the Brazilian Antitrust Authority;</font></font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;Canamex&#8221; are to the chemical business formerly owned by the Berci Group, a company that was acquired by Oxiteno in 2003, currently Oxiteno Mexico;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;CBL&#8221; are to Chevron Brasil Ltda. (currently IPP), a former subsidiary of Chevron that, together with Galena, held Texaco;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;CBLSA&#8221; are to Chevron Brasil Lubrificantes S.A., now called Iconic;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-family: 'times new roman', times;"><font style="font-size: 10.0pt;">&#8220;CBPI&#8221; are to Companhia Brasileira de Petr&#243;leo Ipiranga</font><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;">, </font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">a company that was merged into IPP in November 2009;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-family: 'times new roman', times;"><font style="font-size: 10.0pt;">&#8220;Central Bank&#8221; are to the </font><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;">Banco Central do Brasil</font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">, the Brazilian central bank;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;Chevron&#8221; are to Chevron Latin America Marketing LLC and Chevron Amazonas LLC;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol; mso-ansi-language: PT-BR;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font lang="PT-BR" style="font-size: 10.0pt; mso-ansi-language: PT-BR;"><font style="font-family: 'times new roman', times;">&#8220;Cia. Ultragaz&#8221; are to Companhia Ultragaz S.A.;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;Code&#8221; are to the U.S. Internal Revenue Code of 1986, as amended;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;Commodity Exception&#8221; are to gains derived from &#8220;qualified active sales&#8221; of commodities and &#8220;qualified hedging transactions&#8221; involving commodities, within the meaning of the applicable U.S. Treasury regulations;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-family: 'times new roman', times;"><font style="font-size: 10.0pt;">&#8220;CONAMA&#8221; are to </font><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;">Conselho Nacional do Meio Ambiente &#8211; </font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">the National Council of the Environment;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;ConectCar&#8221; are to ConectCar Solu&#231;&#245;es de Mobilidade Eletr&#244;nica S.A., a joint-venture initially formed by Ipiranga and OTP (Odebrecht Transport S.A.), which started its operations in 2012. In 2016, Redecard S.A. acquired OTP&#8217;s interest in ConectCar;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;Conversion&#8221; are to the conversion of all preferred shares issued by the company into common shares, at a ratio of 1&nbsp;(one) preferred share for 1&nbsp;(one) common share, as approved at the extraordinary general shareholders&#8217; meeting and the special preferred shareholders&#8217; meeting, both held on June&nbsp;28, 2011;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">&#8220;CVM&#8221; are to </font><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;">Comiss&#227;o de Valores Mobili&#225;rios</font><font style="font-size: 10.0pt;">, the Securities and Exchange Commission of Brazil; </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;Deposit Agreement&#8221; are to the Deposit Agreement between Ultrapar Participa&#231;&#245;es S.A. and the Bank of New York Mellon, dated September&nbsp;16, 1999, and all subsequent amendments thereto;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">&#8220;DI&#8221; are to the Brazilian money market interest rate </font><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;">(Certificados de Dep&#243;sito Interbanc&#225;rio)</font><font style="font-size: 10.0pt;">; </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;DNP&#8221; are to Distribuidora Nacional de Petr&#243;leo Ltda., a company that was acquired by Ipiranga in 2010 and was merged into IPP in 2011;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;DPPI&#8221; are to Distribuidora de Produtos de Petr&#243;leo Ipiranga S.A., a company that was merged into CBPI in 2008;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol; mso-ansi-language: PT-BR;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt; mso-ansi-language: PT-BR;"><font style="mso-spacerun: yes;">&nbsp;</font><font lang="PT-BR"><font style="font-family: 'times new roman', times;">&#8220;EMCA&#8221; are to Empresa Carioca de Produtos Qu&#237;micos S.A.;</font> </font></font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol; mso-ansi-language: PT-BR;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font lang="PT-BR" style="font-size: 10.0pt; mso-ansi-language: PT-BR;"><font style="font-family: 'times new roman', times;">&#8220;Extrafarma&#8221; are to Imifarma Produtos Farmac&#234;uticos e Cosm&#233;ticos S.A.;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;Extrafarma Transaction&#8221; are to the exchange of shares of Extrafarma for Ultrapar&#8217;s shares on January&nbsp;31, 2014, as described in &#8220;Item&nbsp;4.A. Information on the Company&#8212;History and Development of the Company&#8212;Extrafarma&#8221;;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-family: 'times new roman', times;"><font style="font-size: 10.0pt;">&#8220;FGTS&#8221; are to </font><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;">Fundo de Garantia do Tempo de Servi&#231;o,</font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;"> the Brazilian government severance indemnity fund;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">&#8220;Galena&#8221; are to Sociedade An&#244;nima de &#211;leo Galena Signal, a former subsidiary of Chevron that, together with CBL, held Texaco; </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">&#8220;<font style="font-family: 'times new roman', times;">IAS&#8221; are to International Accounting Standards;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;IASB&#8221; are to International Accounting Standards Board;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;Iconic&#8221; are to Iconic Lubrificantes S.A., formerly CBLSA, an association formed by Ipiranga and Chevron, which started its operations in 2017</font>; </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;"><font style="mso-spacerun: yes;">&nbsp;</font>&#8220;IFRS&#8221; are to International Financial Reporting Standards, as issued by IASB;</font> </font></p>
<p style="margin: 0px; text-indent: 0px; font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif;"><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;"><br></font></font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>2</font></font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-family: 'times new roman', times;"><font style="font-size: 10.0pt;">&#8220;IGP-M&#8221; are to General Index of Market Prices of Brazilian inflation (</font><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;">&#205;ndice Geral de Pre&#231;os &#8211; Mercado</font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">), calculated by the Getulio Vargas Foundation;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;IpiLubs&#8221; are to Ipiranga Lubrificantes S.A., a company that was merged into CBLSA in November 2018;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;Ipiranga&#8221; are to Ultrapar&#8217;s subsidiaries that operate in the fuel distribution business and related activities;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol; mso-ansi-language: PT-BR;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font lang="PT-BR" style="font-size: 10.0pt; mso-ansi-language: PT-BR;">&#8220;<font style="font-family: 'times new roman', times;">Ipiranga Group&#8221; are to RPR, DPPI, CBPI, Ipiranga Qu&#237;mica S.A. (&#8220;IQ&#8221;), Ipiranga Petroqu&#237;mica S.A. (&#8220;IPQ&#8221;), Companhia Petroqu&#237;mica do Sul S.A. (&#8220;Copesul&#8221;) and their respective subsidiaries prior to their sale to Ultrapar, Petrobras and Braskem;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;Ipiranga Group SPA&#8221; are to the Share Purchase Agreement entered into and among Ultrapar, with the consent of Petrobras and Braskem, and the Key Shareholders on March&nbsp;18, 2007;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">&#8220;Ipiranga Group Transaction Agreements&#8221; are to agreements related to the acquisition of Ipiranga Group by Ultrapar, Petrobras and Braskem. Each Ipiranga Group Transaction Agreement is incorporated by reference to Exhibits 2.5, 2.6, 2.7, 4.4, 4.5, 4.6 and 4.7 to Form 20-F of Ultrapar Participa&#231;&#245;es S.A. filed on June&nbsp;7, 2007; </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol; mso-ansi-language: PT-BR;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font lang="PT-BR" style="font-size: 10.0pt; mso-ansi-language: PT-BR;"><font style="font-family: 'times new roman', times;">&#8220;IPP&#8221; are to Ipiranga Produtos de Petr&#243;leo S.A., formerly CB</font>L;</font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;IQVIA&#8221;, are to the merger of Quintiles and IMS Health, Inc.;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;IRS&#8221; are to U.S. Internal Revenue Service;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;Key Shareholders&#8221; are to Ipiranga Group&#8217;s former controlling shareholders prior to the closing of the Ipiranga Group SPA;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;KMV&#8221; are to Km de Vantagens (Km of Advantages Program) loyalty program;</font></font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;Latin America&#8221; are to countries in America other than the United States and Canada;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol; mso-ansi-language: PT-BR;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font lang="PT-BR" style="font-size: 10.0pt; mso-ansi-language: PT-BR;"><font style="font-family: 'times new roman', times;">&#8220;Liquig&#225;s&#8221; are to Liquig&#225;s Distribuidora S.A.;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">&#8220;LPG&#8221; are to liquefied petroleum gas; </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;LPG International&#8221; are to LPG International Inc.;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;NAFTA&#8221; are to North American Free Trade Agreement, formed by the United States, Canada and Mexico. A revised version of NAFTA has been agreed to by all three countries for approval under a new name, the United States Mexico Canada Agreement, or USMCA, and is awaiting legislative approval before it comes into force;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;Northern Distribution Business&#8221; are to former CBPI&#8217;s fuel and lubricant distribution businesses located in the North, Northeast and Midwest regions of Brazil;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol; mso-ansi-language: PT-BR;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-family: 'times new roman', times;"><font lang="PT-BR" style="font-size: 10.0pt; mso-ansi-language: PT-BR;">&#8220;</font><font lang="PT-BR" style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt; mso-ansi-language: PT-BR;">Novo Mercado</font><font lang="PT-BR" style="font-size: 10.0pt; mso-ansi-language: PT-BR;">&#8221; are to </font><font lang="PT-BR" style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt; mso-ansi-language: PT-BR;">Novo Mercado</font></font><font lang="PT-BR" style="font-size: 10.0pt; mso-ansi-language: PT-BR;"><font style="font-family: 'times new roman', times;"> listing segment of B3;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;NYSE&#8221; are to the New York Stock Exchange;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol; mso-ansi-language: PT-BR;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font lang="PT-BR" style="font-size: 10.0pt; mso-ansi-language: PT-BR;">&#8220;Oleoqu&#237;mica&#8221; are to Oleoqu&#237;mica Ind&#250;stria e Com&#233;rcio de Produtos Qu&#237;micos Ltda.; </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;Oxiteno&#8221; are to Oxiteno S.A. &#8211; Ind&#250;stria e Com&#233;rcio, our wholly-owned subsidiary and its subsidiaries that produce ethylene oxide and its principal derivatives, fatty alcohols and other specialty chemicals;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">&#8220;Oxiteno Andina&#8221; are to the business of Oxiteno that was carried out in Venezuela until October 2019. In October 2019, Oxiteno Andina was sold to a buyer in Venezuela; </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;Oxiteno Mexico&#8221; are to the business of Oxiteno carried out in Mexico;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;Oxiteno Nordeste&#8221; are to Oxiteno Nordeste S.A. Ind&#250;stria e Com&#233;rcio, which was merged into Oxiteno in December 2019;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">&#8220;<font style="font-family: 'times new roman', times;">Oxiteno Uruguay&#8221; are to the business of Oxiteno carried out in Uruguay;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">&#8220;<font style="font-family: 'times new roman', times;">Oxiteno USA&#8221; are to the business of Oxiteno carried out in the United States;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="mso-spacerun: yes;">&nbsp;</font><font style="font-family: 'times new roman', times;">&#8220;Parth&#8221; are to Parth do Brasil Participa&#231;&#245;es Ltda., an investment company controlled by Mrs.&nbsp;Daisy Igel&#8217;s family and owner of 8% of Ultrapar&#8217;s capital stock;</font> </font></p>
<p style="margin: 0px; text-indent: 0px; font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif;"><font lang="PT-BR" style="font-size: 10.0pt; mso-ansi-language: PT-BR;"><font style="font-family: 'times new roman', times;"><br></font></font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>3</font></font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">&#8220;P&#225;tria&#8221; are to P&#225;tria Private Equity VI FIP Multiestrat&#233;gia, an investment company, an indirect shareholder of Ultrapar; </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol; mso-ansi-language: PT-BR;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font lang="PT-BR" style="font-size: 10.0pt; mso-ansi-language: PT-BR;"><font style="font-family: 'times new roman', times;">&#8220;Petrobras&#8221; are to Petrobras &#8211; Petr&#243;leo Brasileiro S.A.;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;Petrochemical Business&#8221; are to IQ, IPQ and IPQ&#8217;s stake in Copesul;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;PFIC&#8221; are to passive foreign investment company;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-family: 'times new roman', times;"><font style="font-size: 10.0pt;">&#8220;PIS and COFINS taxes&#8221; are to </font><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;">Programa de Integra&#231;&#227;o Social</font><font style="font-size: 10.0pt;"> (Integration Program Taxes) and </font><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;">Contribui&#231;&#227;o para o Financiamento da Securidade Social</font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;"> (Contribution for the Financing of Social Security Taxes), respectively;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="mso-spacerun: yes;">&nbsp;</font><font style="font-family: 'times new roman', times;">&#8220;</font></font><font style="font-family: 'times new roman', times;"><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;">Real</font><font style="font-size: 10.0pt;">&#8221;, &#8220;</font><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;">Reais</font><font style="font-size: 10.0pt;">&#8221; or &#8220;R$&#8221; are to Brazilian </font><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;">Reais</font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">, the official currency of Brazil;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;Refap&#8221; are to the Alberto Pasqualini refinery;</font></font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 12.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">&#8220;<font style="font-family: 'times new roman', times;">Repsol&#8221; are to Repsol G&#225;s Brasil S.A., a company that was acquired by Ultragaz in 2011 and was merged into Cia. </font></font><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;"><font style="font-family: 'times new roman', times;">Ultragaz in 2012;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol; mso-ansi-language: PT-BR;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font lang="PT-BR" style="font-size: 10.0pt; mso-ansi-language: PT-BR;"><font style="font-family: 'times new roman', times;">&#8220;RPR&#8221; are to Refinaria de Petr&#243;leo Riograndense S.A. (formerly Refinaria de Petr&#243;leo Ipiranga S.A.), a joint-venture owned by Petrobras, Braskem and Ultrapar;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;SEC&#8221; are to the U.S. Securities and Exchange Commission;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">&#8220;<font style="font-family: 'times new roman', times;">Securities Act&#8221; are to the U.S. Securities Act of 1933, as amended;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">&#8220;Selic&#8221; are to the Brazilian base interest rate; </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol; mso-ansi-language: PT-BR;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-family: 'times new roman', times;"><font lang="PT-BR" style="font-size: 10.0pt; mso-ansi-language: PT-BR;">&#8220;Serma&#8221; are to </font><font lang="PT-BR" style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt; mso-ansi-language: PT-BR;">Associa&#231;&#227;o dos Usu&#225;rios de Equipamentos de Processamento de Dados e Servi&#231;os Correlatos</font></font><font lang="PT-BR" style="font-size: 10.0pt; mso-ansi-language: PT-BR;"><font style="font-family: 'times new roman', times;">, our wholly owned company, responsible for providing IT services to Ultrapar and its subsidiaries;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;Share Exchange&#8221; are to the exchanges of RPR&#8217;s, DPPI&#8217;s and CBPI&#8217;s preferred shares and any remaining common shares for Ultrapar&#8217;s preferred shares in connection with the acquisition of Ipiranga Group;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;Sindicom&#8221; are to the Brazilian association of fuel distributors;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;Sindig&#225;s&#8221; are to the Brazilian association of LPG distributors;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;Southern Distribution Business&#8221; are to Ipiranga Group&#8217;s fuel and lubricant distribution businesses located in the South and Southeast regions of Brazil and their related activities;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-family: 'times new roman', times;"><font style="font-size: 10.0pt;">&#8220;STF&#8221; are to </font><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;">Supremo Tribunal Federal</font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">, the Brazilian Supreme Federal Court;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">&#8220;SUDENE&#8221; are to Superintend&#234;ncia do Desenvolvimento do Nordeste, the development agency of the Northeast of Brazil;</font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;TEAS&#8221; are to TEAS &#8211; Terminal Exportador de &#193;lcool de Santos Ltda., a company acquired by Ultracargo in March 2018;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">&#8220;Temmar&#8221; are to Terminal Mar&#237;timo do Maranh&#227;o S.A., a company that was acquired by Ultracargo in 2012 and was merged into Tequimar in 2013; </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">&#8220;Tequimar&#8221; are to Terminal Qu&#237;mico de Aratu S.A., Ultracargo&#8217;s subsidiary that operates in the liquid bulk storage segment; </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;Texaco&#8221; are to the Texaco-branded fuel marketing business in Brazil, previously carried-out by CBL and Galena, companies that were acquired by Ipiranga in 2009;</font><br></font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol; mso-ansi-language: PT-BR;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font lang="PT-BR" style="font-size: 10.0pt; mso-ansi-language: PT-BR;"><font style="font-family: 'times new roman', times;">&#8220;Tropical&#8221; are to Tropical Transportes Ipiranga Ltda.;</font> </font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>4</font></font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;TRR&#8221; are to Retail Wholesale Resellers, specialized resellers in the fuel distribution;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;Ultra S.A.&#8221; are to Ultra S.A. Participa&#231;&#245;es, a holding company owned by members of the founding family and senior management of Ultrapar. Ultra S.A. is the largest shareholder of Ultrapar, holding 25% of its total capital stock;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;Ultracargo&#8221; are to Ultracargo Opera&#231;&#245;es Log&#237;sticas e Participa&#231;&#245;es Ltda., our wholly owned subsidiary and its subsidiaries that provide storage, handling and logistics services for liquid bulk cargo;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;Ultragaz&#8221; are to Ultrapar&#8217;s subsidiaries that operate in the distribution of LPG;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol; mso-ansi-language: PT-BR;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font lang="PT-BR" style="font-size: 10.0pt; mso-ansi-language: PT-BR;"><font style="font-family: 'times new roman', times;">&#8220;Ultrapar International&#8221; are to Ultrapar International S.A.;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">&#8220;<font style="font-family: 'times new roman', times;">Uni&#227;o Terminais&#8221; are to Uni&#227;o Terminais e Armaz&#233;ns Gerais Ltda., a company that was merged into Tequimar in 2008;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">&#8220;<font style="font-family: 'times new roman', times;">Uni&#227;o Vopak&#8221; are to Uni&#227;o Vopak Armaz&#233;ns Gerais Ltda., a joint-venture in which Ultracargo has a 50% stake;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol; mso-ansi-language: PT-BR;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font lang="PT-BR" style="font-size: 10.0pt; mso-ansi-language: PT-BR;">&#8220;<font style="font-family: 'times new roman', times;">Unipar&#8221; are to Uni&#227;o das Ind&#250;strias Petroqu&#237;micas S.A.;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;U.S. Holder&#8221; has the meaning given in &#8220;Item&nbsp;10. Additional Information&#8212;E. Taxation&#8212;U.S. Federal Income Tax Considerations&#8221;;</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;US$&#8221;, &#8220;dollar&#8221;, &#8220;dollars&#8221; or &#8220;U.S. dollars&#8221; are to the United States dollar; and</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">&#8220;<font style="font-family: 'times new roman', times;">2018 Shareholders&#8217; Agreement&#8221; has the meaning given in &#8220;Item&nbsp;4.A. Information on the Company&#8212;History and Development of the Company&#8212;Corporate Events&#8221;, &#8220;Item&nbsp;7.A. Major Shareholders and Related Party Transactions&#8212;Major Shareholders&#8221; and &#8220;Item&nbsp;10.C. Additional Information&#8212;Material Contracts&#8221;.</font> </font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">&#8220;2020 Shareholders&#8217; Agreement&#8221; has the meaning given in &#8220;Item&nbsp;4.A. Information on the Company&#8212;History and Development of the Company&#8212;Corporate Events&#8221;, &#8220;Item&nbsp;7.A. Major Shareholders and Related Party Transactions&#8212;Major Shareholders&#8221; and &#8220;Item&nbsp;10.C. Additional Information&#8212;Material Contracts&#8221;.</font></font></p>
<p style="margin: 0px; text-indent: 0px; font-size: 12pt; font-family: &quot;Times New Roman&quot;, serif;"><font style="font-size: 10pt; font-family: &quot;times new roman&quot;, times;"><br></font></p>
<p style="font-size: 12pt;font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;">Unless otherwise specified, data related to (i)&nbsp;the Brazilian petrochemical industry included in this annual report were obtained from ABIQUIM, (ii)&nbsp;the LPG business were obtained from Sindig&#225;s and ANP, (iii)&nbsp;the fuel distribution business were obtained from Sindicom and ANP, (iv)&nbsp;the liquid bulk storage industry were obtained from ABTL, and (v)&nbsp;the retail pharmacy business were obtained from ABRAFARMA and IQVIA.<br></font></p>
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<p align="center" style="margin: 0in; text-align: center; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><b><font style="font-size: 10.0pt;">PRESENTATION OF FINANCIAL INFORMATION </font></b><font style="mso-bookmark: _DMBM_3918;"><font style="font-size: 10.0pt;"></font></font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10.0pt;">Our audited consolidated financial statements included in Item 18 were prepared in accordance with IFRS as issued by the IASB and include our consolidated Statements of Financial Position, as of December&nbsp;31, 2020 and 2019 and the related Statements of Profit or Loss, Statements of Comprehensive Income, Statements of Changes in Equity and Statements of Cash Flows for the years ended December&nbsp;31, 2020, 2019 and 2018, as well as notes thereto. </font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10.0pt;">There are no IFRS standards, amendments or interpretations adopted by us, as issued by IASB, which became effective in 2020 and which had a material impact on the measurement and on the financial statements.</font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10.0pt;">The following standards became effective on January&nbsp;1, 2019: </font></font></p>
<p style="margin: 6pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10.0pt;">(i) IFRS 16&#8212;Leases: IFRS 16 establishes principles for the recognition, measurement, presentation and disclosure of leases and requires lessees to account for all leases under a single on-balance sheet model similar to the accounting for finance leases under IAS&nbsp;17. IFRS&nbsp;16&#8212;Leases replaced the previous lease accounting requirements and introduced significant changes in the accounting, removing the distinction between operating and finance leases under IAS&nbsp;17&#8212;Leases and related interpretations, and requires a lessee to recognize a right-of-use asset and a lease liability at lease commencement date. The impact to the consolidated financial statements is demonstrated in the recognition of right-of-use assets and lease liabilities in the balance sheet. </font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3918;"><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">Accordingly, leases entered into by the Company and its subsidiaries, identified and effective at the date of transition and with maturities of more than 12 months, were accounted in the consolidated financial statements as follows:</font> </font></font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3918;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">recognition of right-of-use assets and lease liabilities in financial position, initially measured at the present value of future lease payments; and </font></font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3918;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">recognition of amortization expenses of right-of-use assets and interest expenses on the lease payable in the financial result in the statements of profits or loss. </font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3918;"><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">The Company selected as transition method the modified retrospective approach, with the cumulative effect of initial application of this new pronouncement recorded as an adjustment to the opening balance of equity and without restatement of comparative periods.</font> </font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3918;"><font style="font-size: 10.0pt;">(ii) IFRIC 23&#8212;Uncertainty Over Income Tax Treatments: IFRIC&nbsp;23 clarifies how to apply the recognition and measurement requirements in IAS&nbsp;12 &#8211; when there is uncertainty over income tax treatments. In such circumstance, an entity shall recognize and measure its current or deferred tax asset or liability applying the requirements in IAS&nbsp;12 based on taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates, applying this interpretation. </font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3918;"><font style="font-size: 10.0pt;">The adoption of IFRIC 23 by the Company did not have a significant impact on the Company&#8217;s consolidated financial statements, since all the procedures adopted for the determination and collection of income taxes by the Company and its subsidiaries are supported by the legislation and precedents from administrative and judicial courts. </font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3918;"><font style="font-size: 10.0pt;">The following standards became effective on January&nbsp;1, 2018: </font></font></p>
<p style="margin: 6pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3918;"><font style="font-size: 10.0pt;">(i) IFRS 9&#8212;Financial instrument classification and measurement that includes new requirements for the classification and measurement of financial assets and liabilities, derecognition requirements, new impairment methodology for financial instruments, and new hedge accounting guidance. </font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3918;"><font style="font-size: 10.0pt;">(ii) IFRS 15&#8212;Revenue from contracts with customers, which establishes the principles of nature, amount, timing and uncertainty of revenue and cash flow arising from a contract with a customer. </font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3918;"><font style="font-size: 10.0pt;">The financial information presented in this annual report should be read in conjunction with our consolidated financial statements. </font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3918;"><font style="font-size: 10.0pt;">Segment information for our businesses is presented on an unconsolidated basis. See note&nbsp;32 to our consolidated financial statements for further information on segment information. Consequently, intercompany transactions have not been eliminated in segment information, and such information may differ from consolidated financial information provided elsewhere in this annual report. See &#8220;Item&nbsp;7.B. Major Shareholders and Related Party Transactions&#8212;Related Party Transactions&#8221; for more information on intercompany transactions. </font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3918;"><font style="font-size: 10.0pt;">Certain figures included in this annual report have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables and charts may not be an arithmetic aggregation of the figures that precede them.</font></font><br></p>
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<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><font style="mso-bookmark: _CSF_TOC_1_1;"><font style="font-size: 10.0pt;">On</font></font></font><font style="font-size: 10.0pt; mso-bookmark: _CSF_TOC_1_1; font-family: 'times new roman', times;"> April&nbsp;28, 2021,</font><font style="font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3919;"><font style="mso-bookmark: _CSF_TOC_1_1;"><font style="font-size: 10pt; margin: 12pt 0in 0in; text-indent: 24.5pt;"><font style="font-size: 10.0pt; mso-bookmark: _CSF_TOC_1_1; font-family: 'times new roman', times;"> t</font>he exchange rate for <i>Reais</i> into U.S. dollars was 5.400</font></font></font><font style="mso-bookmark: _DMBM_3919;"><font style="mso-bookmark: _CSF_TOC_1_1;"><font style="font-size: 10.0pt;">&nbsp;to US$1.00, based on the commercial selling rate as reported by the Central Bank. The commercial selling rate was R$5.197 to US$1.00 on December&nbsp;31, 2020, R$4.031 to US$1.00 on December&nbsp;31, 2019, and R$3.875 to US$1.00 on December&nbsp;31, 2018. The <i>Real</i>/dollar exchange rate fluctuates widely, and the current commercial selling rate may not be indicative of future exchange rates. See &#8220;Item 3.A. Key Information&#8212;Selected Consolidated Financial Data&#8212;Exchange Rates&#8221; for information regarding exchange rates for the Brazilian currency. Solely for the convenience of the reader, we have translated some amounts included in &#8220;Item&nbsp;3.A. Key Information&#8212;Selected Consolidated Financial Data&#8221; and elsewhere in this annual report from <i>Reais</i> into U.S. dollars using the commercial selling rate as reported by the Central Bank on December&nbsp;31, 2020 of R$5.197 to US$1.00. These translations should not be considered representations that any such amounts have been, could have been or could be converted into U.S. dollars at that or at any other exchange rate. Such translations should not be construed as representations that the <i>Real</i> amounts represent or have been or could be converted into U.S. dollars as of that or any other date. </font></font></font></font></p>
<p style="margin: 8pt 0pt 0pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3919;"><font style="mso-bookmark: _CSF_TOC_1_1;"><b><i><font style="font-size: 10.0pt;">Market share and economic information </font></i></b></font></font><font style="mso-bookmark: _DMBM_3919;"><font style="mso-bookmark: _CSF_TOC_1_1;"><font style="font-size: 10.0pt;"></font></font></font></font></p>
<p style="margin: 6pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><font style="mso-bookmark: _CSF_TOC_1_1;"><font style="font-size: 10.0pt;">All market share information, unless otherwise specified, related to (i)&nbsp;the LPG business was obtained from ANP, (ii)&nbsp;the fuel distribution business was obtained from Sindicom and ANP, (iii)&nbsp;the liquid bulk storage industry was obtained from ABTL and (iv)&nbsp;the retail pharmacy business was obtained from ABRAFARMA and IQVIA. Unless otherwise specified, all macroeconomic data are obtained from the <i>Instituto Brasileiro de Geografia e Estat&#237;stica</i>&#8212;IBGE, <i>Funda&#231;&#227;o Getulio Vargas</i>&#8212;FGV and the Central Bank. Although we do not have any reason to believe any of this information is inaccurate in any material respect, we have not independently verified any such information. </font></font></font></p>
<p style="margin: 8pt 0pt 0pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0pt;"><font style="font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3919;"><font style="mso-bookmark: _CSF_TOC_1_1;"><b><font style="font-size: 10.0pt;">FORWARD-LOOKING STATEMENTS </font></b></font></font><font style="mso-bookmark: _DMBM_3919;"><font style="mso-bookmark: _CSF_TOC_1_1;"><font style="font-size: 10.0pt;"></font></font></font></font></p>
<p style="margin: 8pt 0in 0in; text-indent: 24.5pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3919;"><font style="mso-bookmark: _CSF_TOC_1_1;"><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">This annual report contains forward-looking statements within the meaning of Section&nbsp;27A of the Securities Act subject to risks and uncertainties, including our estimates, plans, forecasts and expectations regarding future events, strategies and projections. Forward-looking statements speak only as of the date they were made, and we undertake no obligation to update publicly or revise any forward-looking statements after we distribute this annual report because of new information, future events and other factors. Words such as &#8220;believe&#8221;, &#8220;expect&#8221;, &#8220;may&#8221;, &#8220;will&#8221;, &#8220;plan&#8221;, &#8220;strategy&#8221;, &#8220;prospect&#8221;, &#8220;foresee&#8221;, &#8220;estimate&#8221;, &#8220;project&#8221;, &#8220;anticipate&#8221;, &#8220;can&#8221;, &#8220;intend&#8221; and similar words are intended to identify forward-looking statements. We have made forward-looking statements with respect to, among other things, our:</font> </font></font></font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3919;"><font style="mso-bookmark: _CSF_TOC_1_1;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">strategy for marketing and operational expansion; </font></font></font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3919;"><font style="mso-bookmark: _CSF_TOC_1_1;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">capital expenditures forecasts; and </font></font></font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3919;"><font style="mso-bookmark: _CSF_TOC_1_1;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">development of additional sources of revenue. </font></font></font></p>
<p style="margin: 6pt 0in 0in 55.05pt; text-indent: -24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3919;"><font style="mso-bookmark: _CSF_TOC_1_1;"><font style="font-size: 10.0pt;">The risks and uncertainties described above include, but are not limited to: </font></font></font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3919;"><font style="mso-bookmark: _CSF_TOC_1_1;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</font></font></font><font style="font-size: 10.0pt;">general business, economic and political conditions, including the price of crude oil and other commodities, refining margins and prevailing foreign exchange rates and the effect of such conditions on the economies of Brazil and other Latin American countries; </font></font></font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3919;"><font style="mso-bookmark: _CSF_TOC_1_1;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</font></font></font><font style="font-size: 10.0pt;">risks beyond our control, including geopolitical crises, natural disasters, epidemics or pandemics (such as the ongoing outbreak of coronavirus, or COVID-19, its developments and the vaccination roll-out in the markets we have business, suppliers or customers), cyber-attacks, acts of terrorism or other catastrophic events, including the economic, financial and business impacts of such events; </font></font></font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3919;"><font style="mso-bookmark: _CSF_TOC_1_1;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">competition; </font></font></font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3919;"><font style="mso-bookmark: _CSF_TOC_1_1;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">ability to produce and deliver products on a timely basis; </font></font></font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3919;"><font style="mso-bookmark: _CSF_TOC_1_1;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">ability to anticipate trends in the LPG, fuels, chemicals, logistics and retail pharmacy industries, including changes in capacity and industry price movements; </font></font></font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3919;"><font style="mso-bookmark: _CSF_TOC_1_1;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">changes in official regulations; </font></font></font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3919;"><font style="mso-bookmark: _CSF_TOC_1_1;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">receipt of official authorizations and licenses; </font></font></font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3919;"><font style="mso-bookmark: _CSF_TOC_1_1;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">political, economic and social events in Brazil and the other countries in which we have operations; </font></font></font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3919;"><font style="mso-bookmark: _CSF_TOC_1_1;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">access to sources of financing and our level of indebtedness; </font></font></font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3919;"><font style="mso-bookmark: _CSF_TOC_1_1;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">ability to integrate acquisitions; </font></font></font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3919;"><font style="mso-bookmark: _CSF_TOC_1_1;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">regulatory issues relating to acquisitions; </font></font></font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3919;"><font style="mso-bookmark: _CSF_TOC_1_1;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">instability and volatility in the financial markets; </font></font></font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3919;"><font style="mso-bookmark: _CSF_TOC_1_1;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">availability of tax benefits; and </font></font></font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3919;"><font style="mso-bookmark: _CSF_TOC_1_1;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">other factors contained in this annual report under &#8220;Item&nbsp;3.D. Key Information&#8212;Risk Factors&#8221;.</font></font></font></p>
<p style="margin: 8pt 0in 0in; text-indent: 24.5pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><font style="mso-bookmark: _CSF_TOC_1_1;"><font lang="PT-BR" style="font-size: 10pt; line-height: 107%;">Forward-looking statements involve risks and uncertainties and are not a guarantee of future results. Considering the risks and uncertainties described above, the forward-looking events and circumstances discussed in this annual report might not occur and our future results may differ materially from those expressed in or suggested by these forward-looking statements.</font></font></font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>7</font></font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin: 13.5pt 0in 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#" name="Bp1_DUDQGYBD0W00000000000000000000" class="customBookmark"><font style="mso-bookmark: _DMBM_3921;"><b><font style="font-size: 10.0pt;">PART I </font></b></font></a><font style="mso-bookmark: _DMBM_3921;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;"></font></b></font></font></p>
<p style="margin: 0.25in 0in 0in 55pt; text-indent: -55pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#" name="Bi1_DGMWUR7SAO00000000000000000000" class="customBookmark"><font style="mso-bookmark: _DMBM_3921;"><b><font style="font-size: 10.0pt;">ITEM <font style="border-left: none; border-right: none;">1</font>.<font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS </font></b></font></a><font style="mso-bookmark: _DMBM_3921;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;"></font></b></font></font></p>
<p style="margin: 6pt 0in 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10.0pt;">Not applicable. </font></font></p>
<p style="margin: 0.25in 0in 0in 55pt; text-indent: -55pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#" name="Bi2_UNQRAD9PWW00000000000000000000" class="customBookmark"><font style="mso-bookmark: _DMBM_3921;"><b><font style="font-size: 10.0pt;">ITEM <font style="border-left: none; border-right: none;">2</font>.<font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>OFFER STATISTICS AND EXPECTED TIMETABLE </font></b></font></a><font style="mso-bookmark: _DMBM_3921;"><font style="font-size: 10.0pt;"></font></font></font></p>
<p style="margin: 6pt 0in 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3921;"><font style="font-size: 10.0pt;">Not applicable.</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 10.0pt;"></font></font></font></p>
<p style="margin: 0.25in 0in 0in 55pt; text-indent: -55pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#" name="Bi3_YHV3UEV5U800000000000000000000" class="customBookmark"><font style="mso-bookmark: _DMBM_3924;"><b><font style="font-size: 10.0pt;">ITEM <font style="border-left: none; border-right: none;">3</font>.<font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>KEY INFORMATION </font></b></font></a><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;"></font></b></font></font></p>
<p style="margin: 6pt 0in 0in 24.45pt; text-indent: -24.5pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="font-size: 10.0pt;">A.<font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Selected Consolidated Financial Data </font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 10.0pt;"></font></font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 10.0pt;"><font style="font-family: 'times new roman', times;">We have selected the following consolidated financial data from our audited consolidated financial statements, for the years indicated. You should read our selected consolidated financial data in conjunction with &#8220;Item <font>5</font>. Operating and Financial Review and Prospects&#8221; and our audited consolidated financial statements and notes thereto included in this annual report. Our consolidated financial statements are prepared in <i>Reais</i> and in accordance with IFRS. The consolidated Statements of Financial Position as of December 31, 2020 and <font>2019</font> and the consolidated Statements of Profit or Loss and Statements of Cash Flows as of and for the years ended December 31, 2020, <font>2019</font> and <font>2018</font> are derived from our audited consolidated financial statements included in this annual report. See &#8220;Presentation of Financial Information&#8221; and &#8220;Item <font>5</font>.A. Operating and Financial Review and Prospects &#8212; Operating Results &#8212; Critical accounting policies and estimates&#8221;. The following table presents our selected financial information in accordance with IFRS at the dates and for each of the periods indicated.</font> </font></font></p>
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<p style="line-height: normal; break-after: avoid; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> &nbsp; </font></p>
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<td valign="top" style="padding: 0px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; height: 20px; margin: 0px; text-indent: 0px; width: 8.03938%;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="line-height: 107%;"><font>2020</font><b style="color: #000000; font-family: 'times new roman', times; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><sup>(<font style="border-left: none; border-right: none;">1)</font></sup></b></font></b></font><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="line-height: 107%;"></font></b></font></font></p>
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<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="line-height: 107%;"><font>2020</font></font></b></font></font></p>
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<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="line-height: 107%;"><font>2019</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="line-height: 107%;"> </font></font></font></p>
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<td style="padding: 0px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; height: 20px; margin: 0px; text-indent: 0px; width: 0.984413%;"><br></td>
<td valign="bottom" style="padding: 0px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; height: 20px; margin: 0px; text-indent: 0px; width: 7.95734%;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="line-height: 107%;"><font>2018</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="line-height: 107%;"> </font></font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3924;">&nbsp;</font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 20px; width: 0.984413%;"><br></td>
<td style="padding: 0px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; height: 20px; margin: 0px; text-indent: 0px; width: 0.984413%;"><br></td>
<td valign="bottom" style="padding: 0px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; height: 20px; margin: 0px; text-indent: 0px; width: 7.95734%;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="line-height: 107%;"><font>2017</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="line-height: 107%;"> </font></font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3924;">&nbsp;</font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 20px; width: 0.984413%;"><br></td>
<td style="padding: 0px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; height: 20px; margin: 0px; text-indent: 0px; width: 0.984413%;"><br></td>
<td valign="bottom" style="padding: 0px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; height: 20px; margin: 0px; text-indent: 0px; width: 7.95734%;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="line-height: 107%;"><font>2016</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="line-height: 107%;"> </font></font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3924;">&nbsp;</font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 20px; width: 0.984413%;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 17px;">
<td style="padding: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 40.0328%; vertical-align: bottom;" valign="bottom">
<p style="line-height: normal; break-after: avoid; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> &nbsp; &nbsp;&nbsp; </font></p>
</td>
<td style="padding: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td colspan="16" style="padding: 0px; height: 17px; margin: 0px; text-indent: 0px; width: 57.8343%; vertical-align: bottom;" valign="bottom">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="line-height: 107%;">(in millions, except per share data)</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="line-height: 107%;"></font></font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px;">
<td nowrap="nowrap" style="padding: 0px; border-bottom: 1pt solid #000000; height: 10px; margin: 0px; text-indent: 0px; width: 40.0328%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3924;"><b>Statements of Profit or Loss data:</b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; border-bottom: 1pt solid #000000; height: 10px; margin: 0px; text-indent: 0px; width: 8.03938%; vertical-align: bottom;" valign="bottom">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px; font-weight: bold;"><font style="font-weight: bold; mso-bidi-font-weight: normal; mso-bookmark: _DMBM_3924; font-size: 8pt; font-family: 'times new roman', times;"><font><b>US$</b></font><font><b></b></font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; border-bottom: 1pt solid #000000; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px; font-weight: bold;"><font style="font-weight: bold; mso-bidi-font-weight: normal; mso-bookmark: _DMBM_3924; font-size: 8pt; font-family: 'times new roman', times;"><font><b>R$</b></font><font></font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; border-bottom: 1pt solid #000000; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;">R$</b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; border-bottom: 1pt solid #000000; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;">R$</b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; border-bottom: 1pt solid #000000; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;">R$</b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; border-bottom: 1pt solid #000000; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;">R$</b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
</tr>


<tr style="break-inside: avoid; height: 10px; background-color: #cceeff;">
<td style="padding: 0px; height: 10px; background-color: #cceeff; width: 40.0328%; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;">Net revenue from sales and services</b></font></p>
</td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.03938%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3924;"><b><font>15,633.2</font></b></font><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"></b></font></font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.06645%; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3924;"><b><font>81,241.1</font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3924;"><b><font>89,298</font></b></font><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font>.0</font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3924;"><b><font>90,698</font></b></font><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font>.0</font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3924;"><b><font>79,230</font></b></font><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font>.0</font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3924;"><b><font>76,740.0</font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px;">
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 40.0328%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> Cost of products and services sold </font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; border-bottom: 1pt solid #000000; height: 10px; margin: 0px; text-indent: 0px; width: 8.03938%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> (<font>14,553.1</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; border-bottom: 1pt solid #000000; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> (<font>75,628.2</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; border-bottom: 1pt solid #000000; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> (<font>83,187.1</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; border-bottom: 1pt solid #000000; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> (<font>84,537.4</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; border-bottom: 1pt solid #000000; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> (<font>72,431.5</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; border-bottom: 1pt solid #000000; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> (<font>70,196.9</font> </font></p>
</td>
<td style="padding: 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
</tr>
<tr style="break-inside: avoid; height: 10px; background-color: #cceeff;">
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 40.0328%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;">Gross profit</b></font></p>
</td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.03938%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font>1</font>,</b></font><font style="mso-bookmark: _DMBM_3924;"><b><font>080</font></b></font><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font>.1</font></b></font></font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3924;"><b><font>5,612</font></b></font><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font>.9</font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font>6</font>,</b></font><font style="mso-bookmark: _DMBM_3924;"><b><font>110.9</font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font>6</font>,</b></font><font style="mso-bookmark: _DMBM_3924;"><b><font>160.6</font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font>6</font>,</b></font><font style="mso-bookmark: _DMBM_3924;"><b><font>798.5</font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font>6</font>,</b></font><font style="mso-bookmark: _DMBM_3924;"><b><font>543.1</font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px;">
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 40.0328%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;">Operating income (expenses)</b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td colspan="16" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 57.8343%; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px; background-color: #cceeff;">
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 40.0328%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> Selling and marketing </font></p>
</td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.03938%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> (<font>493.0</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> (<font>2,561.8</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> (<font>2,640.4</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> (<font>2,670.9</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> (<font>2,486.4</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> (<font>2,220.2</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
</tr>
<tr style="break-inside: avoid; height: 10px;">
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 40.0328%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> General and administrative </font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 8.03938%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> (<font>295.7</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> (<font>1,536.6</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> (<font>1,726.3</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> (<font>1,625.8</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> (<font>1,576.5</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> (<font>1,445.9</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
</tr>
<tr style="break-inside: avoid; height: 10px; background-color: #cceeff;">
<td style="padding: 0px; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px; width: 40.0328%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> Gain (loss) on disposal of property, plant and equipment and intangibles </font></p>
</td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.03938%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> <font>14.7</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> <font>76.1</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> (<font>30.0</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> (<font>22.1</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> (<font>2.2</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> (<font>6.1</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
</tr>
<tr style="break-inside: avoid; height: 10px;">
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 40.0328%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> Other operating income, net </font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 8.03938%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> <font>42.6</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> <font>221.4</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> <font>179.6</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> <font>57.5</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> <font>59.4</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> <font>199.0</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px; background-color: #cceeff;">
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 40.0328%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> Impairment of assets. </font></p>
</td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.03938%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#8212;</font><br></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#8212;</font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> (<font>593.3</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font> &#8212; </font></font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font> &#8212; </font></font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font> &#8212; </font></font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px;">
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 40.0328%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> Financial result, net </font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 8.03938%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> (<font>51.8</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> (<font>269.4</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> (<font>506.9</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> (<font>113.5</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> (<font>474.3</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> (<font>842.6</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
</tr>
<tr style="break-inside: avoid; height: 10px; background-color: #cceeff;">
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 40.0328%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> Share of profit (loss) of joint-ventures and associates. </font></p>
</td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.03938%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> (<font>8.4</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> (<font>43.6</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> (<font>12.1</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> (<font>14.8</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> <font>20.7</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> <font>7.5</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px;">
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 40.0328%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;">Income before income and social contribution taxes</b></font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"></td>
<td style="padding: 0px; height: 10px; border-top: 1pt solid #000000; margin: 0px; text-indent: 0px; width: 8.03938%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3924;"><b><font>288.5</font></b></font><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"></b></font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; border-top: 1pt solid #000000; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3924;"><b><font>1,499.1</font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; border-top: 1pt solid #000000; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3924;"><b><font>781.6</font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; border-top: 1pt solid #000000; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font>1</font></b></font><font style="mso-bookmark: _DMBM_3924;"><b>,<font>771.0</font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; border-top: 1pt solid #000000; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font>2</font>,</b></font><font style="mso-bookmark: _DMBM_3924;"><b><font>339.1</font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; border-top: 1pt solid #000000; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font>2</font>,</b></font><font style="mso-bookmark: _DMBM_3924;"><b><font>234.8</font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; border-top: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px; background-color: #cceeff;">
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 40.0328%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> Income and social contribution taxes </font></p>
</td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.03938%; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px;">
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 40.0328%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> Current </font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 8.03938%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> (<font>126.9</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> (<font>659.3</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> (<font>476.1</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> (<font>476.3</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> (<font>922.5</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> (<font>800.5</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
</tr>
<tr style="break-inside: avoid; height: 10px; background-color: #cceeff;">
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 40.0328%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> Deferred </font></p>
</td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.03938%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> <font>16.9</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> <font>87.9</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> <font>97.5</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> (<font>162.4</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> <font>109.2</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> <font>112.5</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px;">
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 40.0328%; vertical-align: bottom;" valign="bottom"></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; width: 8.03938%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3924;"><b>(<font>109</font></b></font><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font>.9</font></b></font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3924;"><b>(<font>571.4</font></b></font><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;">(</b></font><font style="mso-bookmark: _DMBM_3924;"><b><font>378.6</font></b></font><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;">(</b></font><font style="mso-bookmark: _DMBM_3924;"><b><font>638.7</font></b></font><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;">(</b></font><font style="mso-bookmark: _DMBM_3924;"><b><font>813.3</font></b></font><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;">(</b></font><font style="mso-bookmark: _DMBM_3924;"><b><font>688.0</font></b></font><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
</tr>
<tr style="break-inside: avoid; height: 10px; background-color: #cceeff;">
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 40.0328%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;">Net income for the year</b></font></p>
</td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.03938%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3924;"><b><font>178.5</font></b></font><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"></b></font></font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3924;"><b><font>927.7</font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3924;"><b><font>402.9</font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font>1</font>,</b></font><font style="mso-bookmark: _DMBM_3924;"><b><font>132.3</font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font>1</font>,</b></font><font style="mso-bookmark: _DMBM_3924;"><b><font>525.9</font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font>1</font>,</b></font><font style="mso-bookmark: _DMBM_3924;"><b><font>546.8</font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px;">
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 40.0328%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> Net income for the year attributable to: </font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 8.03938%; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px; background-color: #cceeff;">
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 40.0328%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> Shareholders of the Company </font></p>
</td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.03938%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> <font>171.9</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> <font>893.4</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> <font>373.5</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> <font>1,150.4</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> <font>1,526.5</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> <font>1,537.8</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px;">
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 40.0328%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> Non-controlling interests in subsidiaries </font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 8.03938%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> <font>6.6</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> <font>34.3</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> <font>29.4</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> (<font>18.1</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> (<font>0.6</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> <font>9.0</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px; background-color: #cceeff;">
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 40.0328%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;">Earnings per share<sup>(<font>2</font>)</sup></font></p>
</td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.03938%; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px;">
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 40.0328%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> Basic </font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 8.03938%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> <font>0.16</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> <font>0.82</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> <font>0.34</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> <font>1.06</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> <font>1.41</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> <font>1.42</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px; background-color: #cceeff;">
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 40.0328%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> Diluted </font></p>
</td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 8.03938%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> <font>0.16</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> <font>0.82</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> <font>0.34</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> <font>1.05</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> <font>1.40</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> <font>1.41</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px; margin: 0px; text-indent: 0px;">
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 40.0328%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;">Dividends per share<sup>(<font>3</font>)&nbsp;</sup></font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 8.03938%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> <font>0.08</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 1.06645%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> <font>0.44</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> <font>0.44</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> <font>0.63</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> <font>0.88</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.95734%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> <font>0.84</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.984413%; vertical-align: bottom;" valign="bottom"><br></td>
</tr>

</table>
</div>
</div>
<p style="border: none; margin: 0in 5in 3pt 0in; font-size: 6pt; font-family: 'Times New Roman', serif; line-height: 6pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;">&nbsp;</font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 12.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; font-family: 'times new roman', times;" class="pageno"><font class='pageno'>8</font></font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><font style="font-family: 'times new roman', times;"><a href="#TOC">Table of Contents</a></font></div>
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<td style="width: 11.1611%; border-bottom: 1pt solid #000000;"><br></td>
<td style="width: 88.8389%;"><br></td>
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<p style="border: none; margin: 0in 5in 3pt 0in; font-size: 6pt; font-family: 'Times New Roman', serif; line-height: 6pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><br></font></p>
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<td style="width: 2%; vertical-align: top; height: 10px;" valign="top"><sup><font style="font-family: 'times new roman', times;">(<font style="border-left: none; border-right: none;">1</font>)</font></sup></td>
<td style="width: 2.05642%; height: 10px;"><br></td>
<td style="width: 95.9436%; height: 10px;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="text-indent: -24.4667px;">The figures in&nbsp;</font><i style="text-indent: -24.4667px;">Reais</i><font style="text-indent: -24.4667px;">&nbsp;for December 31, 2020 have been converted into U.S. dollars using the exchange rate of US$<font>1.00</font> = R$<font>5.1967</font>, which is the commercial rate reported by the Central Bank on that date. This information is presented solely for the convenience of the reader. You should not interpret the currency conversions in this annual report as a statement that the amounts in&nbsp;</font><i style="text-indent: -24.4667px;">Reais</i><font style="text-indent: -24.4667px;">&nbsp;currently represent such values in U.S. dollars. Additionally, you should not interpret such conversions as statements that the amounts in&nbsp;</font><i style="text-indent: -24.4667px;">Reais</i><font style="text-indent: -24.4667px;">&nbsp;have been, could have been or could be converted into U.S. dollars at this or any other foreign exchange rates. See &#8220;Item <font>3</font>.A. Key&nbsp;</font>Information&#8212;Selected<font style="text-indent: -24.4667px;">&nbsp;Consolidated Financial&nbsp;</font>Data&#8212;Exchange<font style="text-indent: -24.4667px;">&nbsp;Rates&#8221;.</font></font><br></td>
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<tr style="height: 68px;">
<td style="vertical-align: top; height: 68px; width: 2%;" valign="top"><sup><font style="font-family: 'times new roman', times;">(<font>2</font>)</font></sup></td>
<td style="height: 68px; width: 2.05642%;"><br></td>
<td style="height: 68px; width: 95.9436%;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><font style="text-indent: -24.4667px;">Earnings per share are calculated based on the net income attributable to&nbsp;</font>Ultrapar&#8217;s<font style="text-indent: -24.4667px;">&nbsp;shareholders and the weighted average shares outstanding during each of the years presented. For each of the years presented, the earnings per share was adjusted retrospectively due to the approval of the stock split on April 10, 2019 and the implementation of the stock split on April 24, 2019. The number of shares used in the earnings per share calculation has not been retrospectively adjusted to reflect the issuance of <font>2,108,542</font>, <font>86,978</font> and <font>70,939</font> new common shares that occurred in February 2020, August 2020 and February 2021, respectively, as a result of the partial exercise of the subscription warrants issued to the former&nbsp;</font>Extrafarma<font style="text-indent: -24.4667px;">&nbsp;shareholders. See &#8220;Item <font>4</font>.A. Information on the&nbsp;</font>Company&#8212;History<font style="text-indent: -24.4667px;">&nbsp;and Development of the&nbsp;</font>Company&#8212;Corporate<font style="text-indent: -24.4667px;">&nbsp;Events&#8221; and note <font>31</font> to our consolidated financial statements for further information on earnings per share.</font></font><br></td>
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<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px; width: 2%;" valign="top"><sup><font style="font-family: 'times new roman', times;">(<font>3</font>)</font></sup></td>
<td style="height: 10px; width: 2.05642%;"><br></td>
<td style="height: 10px; width: 95.9436%;">
<p style="margin: 0pt; text-indent: 0pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8pt; font-family: 'times new roman', times;"> For each of the years presented, dividends per share take into account the stock split approved on April 10, 2019 and implemented on April 24, 2019. The number of shares used in the dividends per share calculation has not been retrospectively adjusted to reflect the issuance of <font>2,108,542</font>, <font>86,978</font> and <font>70,939</font> new common shares that occurred in February 2020, August 2020 and February 2021, respectively, as a result of the partial exercise of the subscription warrants issued to the former&nbsp;Extrafarma&nbsp;shareholders. &nbsp; </font></p>
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</table>
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<p style="margin: 0pt 0in 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 1.0pt;">&nbsp;</font></font></p>
<p style="margin: 0pt 0in 0in; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 30px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 1.0pt;"></font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 10.0pt;">The following table presents other financial data information at the dates and for each of the periods indicated. </font></font></p>
<p style="margin: 0in; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;">&nbsp;</font></p>
<div align="center">
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<table border="0" cellspacing="0" cellpadding="0" width="100%" style="height: 177px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin: 0px; text-indent: 0px;">

<tr style="break-inside: avoid; height: 20px; /* background-color: #cceeff;">
<td valign="bottom" style="padding: 0px; height: 20px; width: 39.9847%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; height: 20px; width: 1.07444%; margin: 0px; text-indent: 0px;"><br></td>
<td colspan="16" valign="bottom" style="padding: 0px; height: 20px; width: 57.8665%; margin: 0px; text-indent: 0px;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="line-height: 107%; font-family: 'Times New Roman', serif;">Years Ended December 31,</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="line-height: 107%; font-family: 'Times New Roman', serif;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="line-height: 107%; font-family: 'Times New Roman', serif;"></font></font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;">&nbsp;</font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; width: 0.997698%; height: 20px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px;">
<td valign="bottom" style="padding: 0px; height: 10px; width: 39.9847%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; height: 10px; width: 1.07444%; margin: 0px; text-indent: 0px;"><br></td>
<td valign="bottom" style="padding: 0px; height: 10px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; width: 7.98158%; margin: 0px; text-indent: 0px;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="line-height: 107%; font-family: 'Times New Roman', serif;"><font>2020</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><sup><font style="line-height: 107%; font-family: 'Times New Roman', serif;">(<font style="border-left: none; border-right: none;">1</font>)</font></sup></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="line-height: 107%; font-family: 'Times New Roman', serif;"></font></font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;">&nbsp;</font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; width: 0.997698%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; height: 10px; width: 0.997698%; margin: 0px; text-indent: 0px;"><br></td>
<td valign="bottom" style="padding: 0px; height: 10px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; width: 7.98158%; margin: 0px; text-indent: 0px;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="line-height: 107%; font-family: 'Times New Roman', serif;"><font>2020</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="line-height: 107%; font-family: 'Times New Roman', serif;"></font></font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;">&nbsp;</font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; width: 0.997698%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; height: 10px; width: 0.997698%; margin: 0px; text-indent: 0px;"><br></td>
<td valign="bottom" style="padding: 0px; height: 10px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; width: 7.98158%; margin: 0px; text-indent: 0px;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="line-height: 107%; font-family: 'Times New Roman', serif;"><font>2019</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="line-height: 107%; font-family: 'Times New Roman', serif;"> </font></font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;">&nbsp;</font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; width: 0.997698%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; height: 10px; width: 0.997698%; margin: 0px; text-indent: 0px;"><br></td>
<td valign="bottom" style="padding: 0px; height: 10px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; width: 7.98158%; margin: 0px; text-indent: 0px;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="line-height: 107%; font-family: 'Times New Roman', serif;"><font>2018</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="line-height: 107%; font-family: 'Times New Roman', serif;"> </font></font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;">&nbsp;</font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; width: 0.997698%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; height: 10px; width: 0.997698%; margin: 0px; text-indent: 0px;"><br></td>
<td valign="bottom" style="padding: 0px; height: 10px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; width: 7.98158%; margin: 0px; text-indent: 0px;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="line-height: 107%; font-family: 'Times New Roman', serif;"><font>2017</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="line-height: 107%; font-family: 'Times New Roman', serif;"> </font></font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;">&nbsp;</font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; width: 0.997698%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; height: 10px; width: 0.997698%; margin: 0px; text-indent: 0px;"><br></td>
<td valign="bottom" style="padding: 0px; height: 10px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; width: 7.98158%; margin: 0px; text-indent: 0px;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="line-height: 107%; font-family: 'Times New Roman', serif;"><font>2016</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="line-height: 107%; font-family: 'Times New Roman', serif;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="line-height: 107%; font-family: 'Times New Roman', serif;"></font></font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;">&nbsp;</font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; width: 0.997698%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 17px; /* background-color: #cceeff;">
<td valign="bottom" style="padding: 0px; height: 17px; width: 39.9847%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; height: 17px; width: 1.07444%; margin: 0px; text-indent: 0px;"><br></td>
<td colspan="16" valign="bottom" style="padding: 0px; height: 17px; width: 57.8665%; margin: 0px; text-indent: 0px;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="line-height: 107%; font-family: 'Times New Roman', serif;">(in millions, except share data)</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="line-height: 107%; font-family: 'Times New Roman', serif;"></font></font></font></p>
</td>
<td style="padding: 0px; width: 0.997698%; height: 17px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px;">
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; border-bottom: 1pt solid #000000; width: 39.9847%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;"><b>Other financial data</b></font>&nbsp;</font></p>
</td>
<td style="padding: 0px; height: 10px; width: 1.07444%; margin: 0px; text-indent: 0px;"><br></td>
<td valign="bottom" style="padding: 0px; height: 10px; border-bottom: 1pt solid #000000; width: 7.98158%; margin: 0px; text-indent: 0px;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="line-height: 107%; font-family: 'Times New Roman', serif;">US$</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="line-height: 107%; font-family: 'Times New Roman', serif;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="line-height: 107%; font-family: 'Times New Roman', serif;"></font></font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;">&nbsp;</font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; width: 0.997698%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; height: 10px; width: 0.997698%; margin: 0px; text-indent: 0px;"><br></td>
<td valign="bottom" style="padding: 0px; height: 10px; border-bottom: 1pt solid #000000; width: 7.98158%; margin: 0px; text-indent: 0px;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="line-height: 107%; font-family: 'Times New Roman', serif;">R$</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="line-height: 107%; font-family: 'Times New Roman', serif;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="line-height: 107%; font-family: 'Times New Roman', serif;"></font></font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;">&nbsp;</font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; width: 0.997698%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; height: 10px; width: 0.997698%; margin: 0px; text-indent: 0px;"><br></td>
<td valign="bottom" style="padding: 0px; height: 10px; border-bottom: 1pt solid #000000; width: 7.98158%; margin: 0px; text-indent: 0px;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="line-height: 107%; font-family: 'Times New Roman', serif;">R$</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="line-height: 107%; font-family: 'Times New Roman', serif;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="line-height: 107%; font-family: 'Times New Roman', serif;"></font></font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;">&nbsp;</font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; width: 0.997698%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; height: 10px; width: 0.997698%; margin: 0px; text-indent: 0px;"><br></td>
<td valign="bottom" style="padding: 0px; height: 10px; border-bottom: 1pt solid #000000; width: 7.98158%; margin: 0px; text-indent: 0px;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="line-height: 107%; font-family: 'Times New Roman', serif;">R$</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="line-height: 107%; font-family: 'Times New Roman', serif;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="line-height: 107%; font-family: 'Times New Roman', serif;"></font></font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;">&nbsp;</font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; width: 0.997698%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; height: 10px; width: 0.997698%; margin: 0px; text-indent: 0px;"><br></td>
<td valign="bottom" style="padding: 0px; height: 10px; border-bottom: 1pt solid #000000; width: 7.98158%; margin: 0px; text-indent: 0px;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="line-height: 107%; font-family: 'Times New Roman', serif;">R$</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="line-height: 107%; font-family: 'Times New Roman', serif;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="line-height: 107%; font-family: 'Times New Roman', serif;"></font></font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;">&nbsp;</font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; width: 0.997698%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; height: 10px; width: 0.997698%; margin: 0px; text-indent: 0px;"><br></td>
<td valign="bottom" style="padding: 0px; height: 10px; border-bottom: 1pt solid #000000; width: 7.98158%; margin: 0px; text-indent: 0px;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="line-height: 107%; font-family: 'Times New Roman', serif;">R$</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="line-height: 107%; font-family: 'Times New Roman', serif;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="line-height: 107%; font-family: 'Times New Roman', serif;"></font></font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;">&nbsp;</font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; border-bottom: 1pt solid #000000; width: 0.997698%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
</tr>


<tr style="break-inside: avoid; height: 20px; background-color: #cceeff;">
<td valign="top" style="padding: 0px; height: 20px; background-color: #cceeff; width: 39.9847%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> Net cash provided by operating activities</font></p>
</td>
<td style="padding: 0px; height: 20px; background-color: #cceeff; width: 1.07444%; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 20px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> <font>603.9</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%; height: 20px;"><br></td>
<td style="padding: 0px; height: 20px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 20px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> <font>3,138.1</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%; height: 20px;"><br></td>
<td style="padding: 0px; height: 20px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 20px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> <font>2,924.9</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%; height: 20px;"><br></td>
<td style="padding: 0px; height: 20px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 20px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> <font>2,889.0</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%; height: 20px;"><br></td>
<td style="padding: 0px; height: 20px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 20px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> <font>1,739.0</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%; height: 20px;"><br></td>
<td style="padding: 0px; height: 20px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 20px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> <font>1,988.9</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%; height: 20px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px;">
<td valign="top" style="padding: 0px; height: 10px; width: 39.9847%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> Net cash used in investing activities </font></p>
</td>
<td style="padding: 0px; height: 10px; width: 1.07444%; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> (<font>411.1</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; width: 0.997698%; height: 10px;"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> (<font>2,136.4</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; width: 0.997698%; height: 10px;"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> (<font>1,835.3</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; width: 0.997698%; height: 10px;"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> (<font>3,177.6</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; width: 0.997698%; height: 10px;"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> (<font>1,371.8</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; width: 0.997698%; height: 10px;"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> (<font>1,324.0</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; width: 0.997698%; height: 10px;"><font style="font-size: 8pt;">)</font></td>
</tr>
<tr style="break-inside: avoid; height: 10px; background-color: #cceeff;">
<td valign="top" style="padding: 0px; height: 10px; background-color: #cceeff; width: 39.9847%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> Net cash provided by (used in) financing activities </font></p>
</td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; width: 1.07444%; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> (<font>114.0</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.997698%; height: 10px;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.98158%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> (<font>592.3</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%; vertical-align: bottom; height: 10px;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.98158%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> (<font>2,922.2</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%; vertical-align: bottom; height: 10px;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.98158%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> (<font>801.0</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%; vertical-align: bottom; height: 10px;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> <font>340.3</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> <font>928.4</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%; height: 10px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px;">
<td valign="top" style="padding: 0px; height: 10px; width: 39.9847%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;">Depreciation and amortization</font><font style="mso-bookmark: _DMBM_3924;"><sup>(<font>2</font>)</sup></font></font></p>
</td>
<td style="padding: 0px; height: 10px; width: 1.07444%; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> <font>180.7</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; width: 0.997698%; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> <font>938.8</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; width: 0.997698%; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> <font>844.6</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; width: 0.997698%; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> <font>812.5</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; width: 0.997698%; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> <font>704.5</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; width: 0.997698%; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> <font>628.2</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; width: 0.997698%; height: 10px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px; background-color: #cceeff;">
<td valign="top" style="padding: 0px; height: 10px; background-color: #cceeff; width: 39.9847%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;">Amortization of contractual assets with customers &#8211; exclusive rights (Ipiranga and Ultragaz)</font><font style="mso-bookmark: _DMBM_3924;"><sup>(<font>3</font>)</sup></font></font></p>
</td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; width: 1.07444%; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> <font>55.7</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> <font>289.4</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> <font>355.2</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> <font>371.8</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> <font>463.0</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> <font>463.5</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%; height: 10px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px;">
<td valign="top" style="padding: 0px; height: 10px; width: 39.9847%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;">Amortization of right-of<font style="color: #000000;">-</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="color: #000000;">use assets</font></font><font style="mso-bookmark: _DMBM_3924;"><sup>(<font>4</font>)</sup></font></font></p>
</td>
<td style="padding: 0px; height: 10px; width: 1.07444%; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> <font>63.2</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; width: 0.997698%; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> <font>328.3</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; width: 0.997698%; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> <font>300.1</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; width: 0.997698%; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font> &#8212; </font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; width: 0.997698%; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font> &#8212; </font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; width: 0.997698%; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font> &#8212; </font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; width: 0.997698%; height: 10px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px; background-color: #cceeff;">
<td valign="top" style="padding: 0px; height: 10px; background-color: #cceeff; width: 39.9847%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;"><b>Net income</b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; width: 1.07444%; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font>178.5</font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font>927.7</font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font>402.9</font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font>1</font>,</b></font><font style="mso-bookmark: _DMBM_3924;"><b><font>132.3</font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font>1</font>,</b></font><font style="mso-bookmark: _DMBM_3924;"><b><font>525.9</font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font>1</font>,</b></font><font style="mso-bookmark: _DMBM_3924;"><b><font>546.8</font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%; height: 10px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px;">
<td valign="bottom" style="padding: 0px; height: 10px; width: 39.9847%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;">Adjusted EBITDA</font><font style="mso-bookmark: _DMBM_3924;"><sup>(<font>5</font>)</sup></font></font></p>
</td>
<td style="padding: 0px; height: 10px; width: 1.07444%; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> <font>669.4</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; width: 0.997698%; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> <font>3,478.5</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; width: 0.997698%; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> <font>2,800.3</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; width: 0.997698%; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> <font>3,068.9</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; width: 0.997698%; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> <font>3,981.0</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; width: 0.997698%; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> <font>4,169.0</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; width: 0.997698%; height: 10px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px; background-color: #cceeff;">
<td valign="bottom" style="padding: 0px; height: 10px; background-color: #cceeff; width: 39.9847%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;">Gross debt</font><font style="mso-bookmark: _DMBM_3924;"><sup>(<font>6</font>)</sup></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; width: 1.07444%; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.98158%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> (<font>3,343.7</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%; vertical-align: bottom; height: 10px;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.98158%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> (<font>17,376.2</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%; vertical-align: bottom; height: 10px;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.98158%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> (<font>14,392.7</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%; vertical-align: bottom; height: 10px;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.98158%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> (<font>15,206.1</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%; vertical-align: bottom; height: 10px;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.98158%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> (<font>13,590.6</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%; vertical-align: bottom; height: 10px;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.98158%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> (<font>11,417.1</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%; vertical-align: bottom; height: 10px;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
</tr>
<tr style="break-inside: avoid; height: 10px;">
<td valign="top" style="padding: 0px; height: 10px; width: 39.9847%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;">Net debt</font><font style="mso-bookmark: _DMBM_3924;"><sup>(<font>6</font>)</sup></font></font></p>
</td>
<td style="padding: 0px; height: 10px; width: 1.07444%; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.98158%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> (<font>1,674.9</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; width: 0.997698%; vertical-align: bottom; height: 10px;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.997698%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.98158%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> (<font>8,704.1</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; width: 0.997698%; vertical-align: bottom; height: 10px;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.997698%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.98158%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> (<font>8,680.6</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; width: 0.997698%; vertical-align: bottom; height: 10px;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.997698%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.98158%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> (<font>8,211.7</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; width: 0.997698%; vertical-align: bottom; height: 10px;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.997698%; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.98158%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> (<font>7,220.7</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; width: 0.997698%; vertical-align: bottom; height: 10px;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td nowrap="nowrap" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 7.98158%; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> (<font>5,715.3</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; width: 0.997698%; vertical-align: bottom; height: 10px;" valign="bottom"><font style="font-size: 8pt;">)</font></td>
</tr>
<tr style="break-inside: avoid; height: 10px; background-color: #cceeff;">
<td valign="top" style="padding: 0px; height: 10px; background-color: #cceeff; width: 39.9847%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;">Number of common shares (in thousands)<sup>(<font>7</font>)</sup><font style="mso-tab-count: 1;"> </font></font></p>
</td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; width: 1.07444%; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> <font>1,115,005.7</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> <font>1,115,005.7</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> <font>1,112,810.2</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> <font>1,112,810.2</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> <font>1,112,810.2</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 7.98158%;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"> <font>1,112,810.2</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 0.997698%; height: 10px;"><br></td>
</tr>

</table>
</div>
</div>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 11.6517%; border-bottom: 1pt solid #000000;"><br></td>
<td style="width: 88.3483%;"><br></td>
</tr>

</table>
<p style="margin: 6pt 0in 0in 24.45pt; text-indent: -18.35pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 7.0pt;">(<font>1</font>)</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;<font style="mso-tab-count: 1;">&nbsp; &nbsp; T</font>he figures in <i>Reais</i> for December 31, 2020 have been converted into U.S. dollars using the exchange rate of US$<font>1.00</font> = R$<font>5.1967</font>, which is the commercial rate reported by the Central Bank on that date. This information is presented solely for the convenience of the reader. You should not interpret the currency conversions in this annual report as a statement that the amounts in <i>Reais</i> currently represent such values in U.S. dollars. Additionally, you should not interpret such conversions as statements that the amounts in <i>Reais</i> have been, could have been or could be converted into U.S. dollars at this or any other foreign exchange rates. See &#8220;Item <font>3</font>.A. Key Information&#8212;Selected Consolidated Financial Data&#8212;Exchange Rates&#8221;. </font></font></p>
<p style="margin: 0in 0in 0in 24.45pt; text-indent: -18.35pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 7.0pt;">(<font>2</font>)</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;<font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;</font>Represents depreciation and amortization expenses included in cost of products and services sold and in selling, marketing, general and administrative expenses. </font></font></p>
<p style="margin: 0in 0in 0in 24.45pt; text-indent: -18.35pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 7.0pt;">(<font>3</font>)</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;<font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;</font>Represents amortization of contractual assets with customers &#8211; exclusive rights (Ipiranga and Ultragaz) recorded as a reduction of revenue in accordance with IFRS <font>15</font>. See &#8220;Presentation of Financial Information. See notes <font>2</font>.a, <font>2</font>.f and <font>11</font> to our consolidated financial statements for further information. </font></font></p>
<p style="margin: 0in 0in 0in 24.45pt; text-indent: -18.35pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 7.0pt;">(<font>4</font>)</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;<font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;</font>Represents amortization of right-of-use assets included in selling, marketing, general and administrative expenses. See &#8220;Presentation of Financial Information&#8221;. See notes <font>2</font>.h and <font>13</font> to our consolidated financial statements for further information.</font></font></p>
<p style="margin: 0px; text-indent: 0px; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;"><br></font></font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>9</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="#TOC">Table of Contents</a></font></div>
</div>
<p style="margin: 0px; text-indent: 0px; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;"><br></font></font></p>
<p style="margin: 0in 0in 0in 24.45pt; text-indent: -18.35pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 7.0pt;">(<font>5</font>)</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;<font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;</font>The purpose of including Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization adjusted for cash flow hedge from bonds and amortization of contractual assets with customers&#8212;exclusive rights) information is to provide a measure used by management for internal assessment of our operating results, and because part of our employee profit sharing plan is linked directly or indirectly to Adjusted EBITDA performance. It is also a financial indicator widely used by investors and analysts to measure our ability to generate cash from operations and our operating performance. We also calculate Adjusted EBITDA in connection with covenants related to some of our financing, as described in note <font>16</font> to our consolidated financial statements. We believe Adjusted EBITDA allows a better understanding not only of our financial performance but also of our capacity of meeting the payment of interest and principal from our debt and of obtaining resources for our investments and working capital. Our definition of Adjusted EBITDA may differ from, and, therefore, may not be comparable with similarly titled measures used by other companies, thereby limiting its usefulness as a comparative measure. Because Adjusted EBITDA excludes net financial expense (income), income and social contribution taxes, depreciation and amortization and also excludes cash flow hedge from bonds and amortization of contractual assets with customers&#8212;exclusive rights, it provides an indicator of general economic performance that is not affected by debt restructurings, fluctuations in interest rates or changes in income and social contribution taxes, depreciation and amortization. Adjusted EBITDA is not measure of financial performance under IFRS and should not be considered in isolation, or as substitute for net income, as measure of operating performance, as substitute for cash flows from operations or as measure of liquidity. Adjusted EBITDA has material limitations that impair its value as a measure of a company&#8217;s overall profitability since it does not address certain ongoing costs of our businesses that could significantly affect profitability such as financial expense (income), income and social contribution taxes, depreciation and amortization and also excludes cash flow hedge from bonds and amortization of contractual assets with customers&#8212;exclusive rights.</font></font></p>
<p style="margin: 0in 0in 0in 24.45pt; text-indent: -18.35pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 7.0pt;">(<font>6</font>)</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;<font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;</font>Gross debt and net debt are included in this annual report in order to provide the reader with information relating to our overall indebtedness and financial position. Net debt is not a measure of financial performance or liquidity under IFRS. In managing our businesses, we rely on net debt as a means of assessing our financial condition. We believe that this type of measurement is useful for comparing our financial condition from period to period and making related management decisions. Net debt is also used in connection with covenants related to some of our financings. </font></font></p>
<p style="margin: 0in 0in 0in 24.45pt; text-indent: -18.35pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 7.0pt;">(<font>7</font>)</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;<font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;</font>The number of shares corresponds to all of shares issued by the Company, including those held in treasury. These numbers have been retrospectively adjusted to reflect the stock split that was approved on April 10, 2019 and implemented on April 24, 2019, but have not been retrospectively adjusted to reflect the issuance of <font>2,108,542</font>, <font>86,978</font> and <font>70,939</font> new common shares that occurred in February 2020, August 2020 and February 2021, respectively, as a result of the partial exercise of the subscription warrants issued to the former Extrafarma shareholders. </font></font></p>
<p style="margin: 0px; text-indent: 0px; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 10.0pt;"><br></font></font></p>
<p style="margin: 0in; text-indent: 24.4pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 10.0pt;">The tables below provide a reconciliation of net income and operating income before financial income (expenses) and share of profit (loss) of joint-ventures and associates to EBITDA and Adjusted EBITDA for Ultrapar and a reconciliation of operating income before financial income (expenses) and share of profit (loss) of joint-ventures and associates to Adjusted EBITDA for Ipiranga, Oxiteno and Ultragaz segments and to EBITDA for Ultracargo, Extrafarma and abastece a&#237; segments for the years ended December 31, 2020, <font>2019</font>, <font>2018</font>, <font>2017</font> and <font>2016</font>. </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 12.0pt;"></font></font></p>
<p style="margin: 0in; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;">&nbsp;</font></font></p>
<div align="center">
<div>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="height: 322px; width: 100%; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; margin: 0px; text-indent: 0px;">

<tr style="break-inside: avoid; height: 20px;">
<td valign="bottom" style="padding: 0in 0px; height: 20px; margin: 0px; text-indent: 0px;">
<p style="line-height: normal; break-after: avoid; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
</td>
<td colspan="9" style="padding: 0in 0px; height: 20px; vertical-align: bottom; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px;" valign="bottom">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">Ultrapar</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 20px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="bottom" style="padding: 0in 0px; height: 20px; margin: 0px; text-indent: 0px;">
<p style="line-height: normal; break-after: avoid; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
</td>
<td colspan="9" valign="bottom" style="padding: 0in 0px; height: 20px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">Reconciliation&nbsp;of&nbsp;net&nbsp;income&nbsp;to&nbsp;EBITDA&nbsp;and&nbsp;Adjusted&nbsp;EBITDA</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; height: 20px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="bottom" style="padding: 0in 0px; height: 20px; margin: 0px; text-indent: 0px;">
<p style="line-height: normal; break-after: avoid; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
</td>
<td colspan="9" valign="bottom" style="padding: 0in 0px; height: 20px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">Years ended December 31,</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; height: 20px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="bottom" style="padding: 0in 0px; height: 20px; margin: 0px; text-indent: 0px;">
<p style="line-height: normal; break-after: avoid; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
</td>
<td valign="bottom" style="padding: 0in 0px; height: 20px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2020</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"></font></font></p>
<p align="right" style="margin: 0px; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; height: 20px; margin: 0px; text-indent: 0px;"><br></td>
<td valign="bottom" style="padding: 0in 0px; height: 20px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2019</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font></p>
<p align="right" style="margin: 0px; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; height: 20px; margin: 0px; text-indent: 0px;"><br></td>
<td valign="bottom" style="padding: 0in 0px; height: 20px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2018</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font></p>
<p align="right" style="margin: 0px; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; height: 20px; margin: 0px; text-indent: 0px;"><br></td>
<td valign="bottom" style="padding: 0in 0px; height: 20px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2017</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font></p>
<p align="right" style="margin: 0px; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; height: 20px; margin: 0px; text-indent: 0px;"><br></td>
<td valign="bottom" style="padding: 0in 0px; height: 20px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2016</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font></p>
<p align="right" style="margin: 0px; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; height: 20px; text-indent: 0px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px;">
<td valign="bottom" style="padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p style="line-height: normal; break-after: avoid; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
</td>
<td colspan="9" valign="bottom" style="padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p align="center" style="text-align: center; margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">(in millions of <i style="mso-bidi-font-style: normal;">Reais</i>)</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
</td>
<td style="padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
</tr>


<tr style="break-inside: avoid; height: 20px; background-color: #cceeff;">
<td valign="top" style="padding: 0in 0px; height: 20px; background-color: #cceeff; width: 40%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><b>Net income</b></font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 20px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><b><font>927.7</font></b></font></p>
</td>
<td style="padding: 0in 0px; height: 20px; background-color: #cceeff; width: 2%; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 20px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>402.9</font><font style="mso-tab-count: 1;"> </font></b></font></p>
</td>
<td style="padding: 0in 0px; height: 20px; background-color: #cceeff; width: 2%; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 20px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="mso-spacerun: yes;">&nbsp;</font><font>1,132.3</font><font style="mso-tab-count: 1;"> </font></b></font></p>
</td>
<td style="padding: 0in 0px; height: 20px; background-color: #cceeff; width: 2%; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 20px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="mso-spacerun: yes;">&nbsp;</font><font>1,525.9</font><font style="mso-tab-count: 1;"> </font></b></font></p>
</td>
<td style="padding: 0in 0px; height: 20px; background-color: #cceeff; width: 2%; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 20px; background-color: #cceeff; width: 10%; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp; </font><font style="mso-spacerun: yes;">&nbsp;</font><font>1,546.8</font></b></font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; width: 2%; height: 20px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="top" style="padding: 0in 0px; height: 20px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Net financial expenses </font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 20px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>269.4</font> </font></p>
</td>
<td style="padding: 0in 0px; height: 20px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 20px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>506.9</font> </font></p>
</td>
<td style="padding: 0in 0px; height: 20px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 20px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>113.5</font> </font></p>
</td>
<td style="padding: 0in 0px; height: 20px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 20px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>474.3</font> </font></p>
</td>
<td style="padding: 0in 0px; height: 20px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 20px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>842.6</font> </font></p>
</td>
<td style="padding: 0in 0px; height: 20px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px; background-color: #cceeff;">
<td valign="top" style="padding: 0in 0px; height: 20px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Income and social contribution taxes </font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 20px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>571.4</font> </font></p>
</td>
<td style="padding: 0in 0px; height: 20px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 20px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>378.6</font> </font></p>
</td>
<td style="padding: 0in 0px; height: 20px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 20px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>638.7</font> </font></p>
</td>
<td style="padding: 0in 0px; height: 20px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 20px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>813.3</font> </font></p>
</td>
<td style="padding: 0in 0px; height: 20px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 20px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>688.0</font> </font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; height: 20px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="top" style="padding: 0in 0px; height: 20px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Depreciation and amortization </font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 20px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>938.8</font> </font></p>
</td>
<td style="padding: 0in 0px; height: 20px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 20px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>844.6</font> </font></p>
</td>
<td style="padding: 0in 0px; height: 20px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 20px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>812.5</font> </font></p>
</td>
<td style="padding: 0in 0px; height: 20px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 20px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>704.5</font> </font></p>
</td>
<td style="padding: 0in 0px; height: 20px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 20px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>628.2</font> </font></p>
</td>
<td style="padding: 0in 0px; height: 20px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px; background-color: #cceeff;">
<td valign="top" style="padding: 0in 0px; height: 20px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Amortization of right-of-use assets </font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 20px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>328.3</font> </font></p>
</td>
<td style="padding: 0in 0px; height: 20px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 20px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>300.1</font> </font></p>
</td>
<td style="padding: 0in 0px; height: 20px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 20px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0in 0px; height: 20px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 20px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0in 0px; height: 20px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 20px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; height: 20px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 24px;">
<td valign="bottom" style="padding: 0in 0px; height: 24px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;">EBITDA</font><font style="mso-bookmark: _DMBM_3924;"><sup>(<font>1</font>)</sup></font></font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 24px; border-bottom: 2.8pt double #000000; border-top: 1pt solid #000000; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>3,035.6</font> </font></p>
</td>
<td style="padding: 0in 0px; height: 24px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 24px; border-bottom: 2.8pt double #000000; border-top: 1pt solid #000000; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;<font>2,433.1</font> </font></p>
</td>
<td style="padding: 0in 0px; height: 24px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 24px; border-bottom: 2.8pt double #000000; border-top: 1pt solid #000000; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>2,697.1</font> </font></p>
</td>
<td style="padding: 0in 0px; height: 24px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 24px; border-bottom: 2.8pt double #000000; border-top: 1pt solid #000000; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>3,518.0</font> </font></p>
</td>
<td style="padding: 0in 0px; height: 24px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 24px; border-bottom: 2.8pt double #000000; border-top: 1pt solid #000000; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp; <font>3,705.5</font> </font></p>
</td>
<td style="padding: 0in 0px; height: 24px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px; background-color: #cceeff;">
<td valign="top" style="padding: 0in 0px; height: 20px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Adjustments </font></p>
</td>
<td valign="bottom" style="padding: 0in 0px; height: 20px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0px; height: 20px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
<td valign="bottom" style="padding: 0in 0px; height: 20px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0px; height: 20px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
<td valign="bottom" style="padding: 0in 0px; height: 20px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0px; height: 20px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
<td valign="bottom" style="padding: 0in 0px; height: 20px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0px; height: 20px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
<td valign="bottom" style="padding: 0in 0px; height: 20px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; height: 20px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 24px;">
<td valign="top" style="padding: 0in 0px; height: 24px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;">Cash flow hedge from bonds (Oxiteno)</font><font style="mso-bookmark: _DMBM_3924;"><sup>(<font>2</font>)</sup></font></font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 24px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>153.5</font> </font></p>
</td>
<td style="padding: 0in 0px; height: 24px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 24px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>11.9</font> </font></p>
</td>
<td style="padding: 0in 0px; height: 24px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 24px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0in 0px; height: 24px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 24px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0in 0px; height: 24px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 24px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0in 0px; height: 24px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 40px; background-color: #cceeff;">
<td valign="top" style="padding: 0in 0px; height: 40px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Amortization of contractual assets with customers&#8212;exclusive rights (Ipiranga and Ultragaz) </font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 40px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>289.4</font> </font></p>
</td>
<td style="padding: 0in 0px; height: 40px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 40px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>355.2</font> </font></p>
</td>
<td style="padding: 0in 0px; height: 40px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 40px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>371.8</font> </font></p>
</td>
<td style="padding: 0in 0px; height: 40px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 40px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>463.0</font> </font></p>
</td>
<td style="padding: 0in 0px; height: 40px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 40px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>463.5</font> </font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; height: 40px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 24px;">
<td valign="bottom" style="padding: 0in 0px; height: 24px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;">Adjusted EBITDA</font><font style="mso-bookmark: _DMBM_3924;"><sup>(<font style="border-left: none; border-right: none;">1</font>)</sup></font></font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 24px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>3,478.5</font> </font></p>
</td>
<td style="padding: 0in 0px; height: 24px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 24px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>2,800.3</font> </font></p>
</td>
<td style="padding: 0in 0px; height: 24px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 24px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>3,068.9</font> </font></p>
</td>
<td style="padding: 0in 0px; height: 24px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 24px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>3,981.0</font> </font></p>
</td>
<td style="padding: 0in 0px; height: 24px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 24px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font>4,169.0</font></font></p>
</td>
<td style="padding: 0in 0px; height: 24px; margin: 0px; text-indent: 0px;"><br></td>
</tr>

</table>
</div>
</div>
<p style="margin: 0in; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;">&nbsp;</font></font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>10</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<div align="center">
<div style="border-left: none; border-right: none;">
<p style="margin: 0px; text-indent: 0px;"><br></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; margin: 0px; text-indent: 0px; width: 100%; height: 212px;">

<tr style="break-inside: avoid; height: 10px;">
<td valign="bottom" style="padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p style="line-height: normal; break-after: avoid; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
</td>
<td colspan="12" valign="bottom" style="padding: 0in 0px; height: 10px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">Ultrapar</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px;">
<td valign="bottom" style="padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p style="line-height: normal; break-after: avoid; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
</td>
<td colspan="12" valign="bottom" style="padding: 0in 0px; height: 10px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">Reconciliation&nbsp;of&nbsp;operating&nbsp;income&nbsp;to&nbsp;Adjusted EBITDA</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px;">
<td valign="bottom" style="padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p style="line-height: normal; break-after: avoid; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
</td>
<td colspan="12" valign="bottom" style="padding: 0in 0px; height: 10px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">Years ended December 31,</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px;">
<td valign="bottom" style="padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p style="line-height: normal; break-after: avoid; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
</td>
<td valign="bottom" style="padding: 0in 0px; height: 10px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2020</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"></font></font></p>
<p align="right" style="margin: 0px; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td valign="bottom" style="padding: 0in 0px; height: 10px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2019</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font></p>
<p align="right" style="margin: 0px; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td valign="bottom" style="padding: 0in 0px; height: 10px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2018</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font></p>
<p align="right" style="margin: 0px; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td valign="bottom" style="padding: 0in 0px; height: 10px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2017</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font></p>
<p align="right" style="margin: 0px; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td valign="bottom" style="padding: 0in 0px; height: 10px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2016</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font></p>
<p align="right" style="margin: 0px; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 18px;">
<td valign="bottom" style="padding: 0in 0px; height: 18px; margin: 0px; text-indent: 0px;">
<p style="line-height: normal; break-after: avoid; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
</td>
<td colspan="12" valign="bottom" style="padding: 0in 0px; height: 18px; margin: 0px; text-indent: 0px;">
<p align="center" style="text-align: center; margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">(in millions of <i style="mso-bidi-font-style: normal;">Reais</i>)</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 18px;"><br></td>
</tr>


<tr style="background-color: #cceeff; height: 34px;">
<td style="padding: 0in 0px; background-color: #cceeff; width: 40%; margin: 0px; text-indent: 0px; height: 34px;"><font style="font-size: 10pt; font-weight: bold;">Operating income before financial income (expenses) and share of profit (loss) of joint-ventures and associates</font></td>
<td style="padding: 0in 0px; background-color: #cceeff; text-align: right; width: 10%; margin: 0px; text-indent: 0px; height: 34px;"><font>1,812.1</font></td>
<td style="padding: 0in 0px; background-color: #cceeff; text-align: right; margin: 0px; text-indent: 0px; width: 1%; height: 34px;"><br></td>
<td style="padding: 0in 0px; background-color: #cceeff; text-align: right; margin: 0px; text-indent: 0px; width: 1%; height: 34px;"><br></td>
<td style="padding: 0in 0px; background-color: #cceeff; text-align: right; width: 10%; margin: 0px; text-indent: 0px; height: 34px;"><font>1,300.6</font></td>
<td style="padding: 0in 0px; background-color: #cceeff; text-align: right; margin: 0px; text-indent: 0px; width: 1%; height: 34px;"><br></td>
<td style="padding: 0in 0px; background-color: #cceeff; text-align: right; margin: 0px; text-indent: 0px; width: 1%; height: 34px;"><br></td>
<td style="padding: 0in 0px; background-color: #cceeff; text-align: right; width: 10%; margin: 0px; text-indent: 0px; height: 34px;"><font>1,899.4</font></td>
<td style="padding: 0in 0px; background-color: #cceeff; text-align: right; margin: 0px; text-indent: 0px; width: 1%; height: 34px;"><br></td>
<td style="padding: 0in 0px; background-color: #cceeff; text-align: right; margin: 0px; text-indent: 0px; width: 1%; height: 34px;"><br></td>
<td style="padding: 0in 0px; background-color: #cceeff; text-align: right; width: 10%; margin: 0px; text-indent: 0px; height: 34px;"><font>2,792.7</font></td>
<td style="padding: 0in 0px; background-color: #cceeff; text-align: right; width: 2%; margin: 0px; text-indent: 0px; height: 34px;"><br></td>
<td style="padding: 0in 0px; background-color: #cceeff; text-align: right; width: 10%; margin: 0px; text-indent: 0px; height: 34px;"><font>3,069.9</font></td>
<td style="padding: 0in 0px; background-color: #cceeff; text-align: right; width: 2%; margin: 0px; text-indent: 0px; height: 34px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px;">
<td valign="top" style="padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Depreciation and amortization </font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>938.8</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>844.6</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>812.5</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>704.5</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>628.2</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 11px; background-color: #cceeff;">
<td valign="top" style="padding: 0in 0px; height: 11px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Amortization of right-of-use assets </font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 11px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>328.3</font> </font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 11px;"><br></td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 11px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 11px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>300.1</font> </font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 11px;"><br></td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 11px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 11px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 11px;"><br></td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 11px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 11px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 11px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 11px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 11px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 23px;">
<td valign="top" style="padding: 0in 0px; height: 23px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Share of profit (loss) of joint-ventures and associates </font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 23px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> (<font>43.6</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 23px;" valign="bottom">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 23px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 23px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>12.1</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 23px;" valign="bottom">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 23px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 23px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>14.8</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 23px;" valign="bottom">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 23px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 23px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>20.7</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 23px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 23px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>7.5</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 23px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px; background-color: #cceeff;">
<td valign="bottom" style="padding: 0in 0px; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;">EBITDA</font><font style="mso-bookmark: _DMBM_3924;"><sup>(<font>1</font>)</sup></font></font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 10px; background-color: #cceeff; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>3.035.6</font> </font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 10px; background-color: #cceeff; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>2,433.1</font> </font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 10px; background-color: #cceeff; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>2,697.1</font> </font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 10px; background-color: #cceeff; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>3,518.0</font> </font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 10px; background-color: #cceeff; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font>3,705.5</font></font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px;">
<td valign="top" style="padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Adjustments </font></p>
</td>
<td valign="bottom" style="padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td valign="bottom" style="padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td valign="bottom" style="padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td valign="bottom" style="padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td valign="bottom" style="padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 11px; background-color: #cceeff;">
<td valign="top" style="padding: 0in 0px; height: 11px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;">Cash flow hedge from bonds (Oxiteno)</font><font style="font-weight: bold;"><b><sup>(<font>2</font>)</sup></b></font></font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 11px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>153.5</font> </font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 11px;"><br></td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 11px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 11px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>11.9</font> </font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 11px;"><br></td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 11px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 11px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 11px;"><br></td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 11px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 11px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 11px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 11px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 11px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 34px;">
<td valign="top" style="padding: 0in 0px; height: 34px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Amortization of contractual assets with customers&#8212;exclusive rights (Ipiranga and Ultragaz) </font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 34px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>289.4</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 34px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 34px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 34px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>355.2</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 34px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 34px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 34px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>371.8</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 34px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 34px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 34px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>463.0</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 34px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 34px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>463.5</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 34px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 11px; background-color: #cceeff;">
<td valign="bottom" style="padding: 0in 0px; height: 11px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;">Adjusted EBITDA</font><font style="mso-bookmark: _DMBM_3924;"><sup>(<font>1</font>)</sup></font></font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 11px; background-color: #cceeff; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>3,478.5</font> </font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 11px;"><br></td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 11px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 11px; background-color: #cceeff; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>2,800.3</font> </font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 11px;"><br></td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 11px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 11px; background-color: #cceeff; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>3,068.9</font> </font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 11px;"><br></td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 11px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 11px; background-color: #cceeff; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>3,981.0</font> </font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 11px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 11px; background-color: #cceeff; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font>4,169.0</font></font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 11px;"><br></td>
</tr>

</table>
</div>
</div>
<p style="margin: 0in; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;">&nbsp;</font></font></p>
<div align="center">
<div>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin: 0px; text-indent: 0px; height: 253px;">

<tr style="break-inside: avoid; height: 10px;">
<td valign="bottom" style="padding: 0in 0px; width: 39.9847%; margin: 0px; text-indent: 0px; height: 10px;">
<p style="line-height: normal; break-after: avoid; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
</td>
<td colspan="11" valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; width: 57.9432%; margin: 0px; text-indent: 0px; height: 10px;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">Ultragaz</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; width: 1.9954%; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="bottom" style="padding: 0in 0px; width: 39.9847%; margin: 0px; text-indent: 0px; height: 20px;">
<p style="line-height: normal; break-after: avoid; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
</td>
<td colspan="11" valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; width: 57.9432%; margin: 0px; text-indent: 0px; height: 20px;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">Reconciliation&nbsp;of&nbsp;operating&nbsp;income&nbsp;to&nbsp;Adjusted EBITDA</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; width: 1.9954%; margin: 0px; text-indent: 0px; height: 20px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="bottom" style="padding: 0in 0px; width: 39.9847%; margin: 0px; text-indent: 0px; height: 20px;">
<p style="line-height: normal; break-after: avoid; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
</td>
<td colspan="11" valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; width: 57.9432%; margin: 0px; text-indent: 0px; height: 20px;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">Years ended December 31,</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; width: 1.9954%; margin: 0px; text-indent: 0px; height: 20px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="bottom" style="padding: 0in 0px; width: 39.9847%; margin: 0px; text-indent: 0px; height: 20px;">
<p style="line-height: normal; break-after: avoid; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
</td>
<td valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; width: 10.0537%; margin: 0px; text-indent: 0px; height: 20px;">
<p align="right" style="margin: 0px; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2020</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"></font></font></p>
<p align="right" style="margin: 0px; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; width: 0.997698%; margin: 0px; text-indent: 0px; height: 20px;"><br></td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; width: 0.997698%; margin: 0px; text-indent: 0px; height: 20px;"><br></td>
<td valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; width: 9.97698%; margin: 0px; text-indent: 0px; height: 20px;">
<p align="right" style="margin: 0px; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2019</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p align="right" style="margin: 0px; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; width: 0.997698%; margin: 0px; text-indent: 0px; height: 20px;"><br></td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; width: 0.997698%; margin: 0px; text-indent: 0px; height: 20px;"><br></td>
<td valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; width: 9.97698%; margin: 0px; text-indent: 0px; height: 20px;">
<p align="right" style="margin: 0px; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2018</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font></p>
<p align="right" style="margin: 0px; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; width: 1.9954%; margin: 0px; text-indent: 0px; height: 20px;"><br></td>
<td style="padding: 0in 0px; text-align: right; border-bottom: 1pt solid #000000; width: 9.97698%; margin: 0px; text-indent: 0px; height: 20px;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">2017<sup>(3)</sup></font></b></td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; width: 1.9954%; margin: 0px; text-indent: 0px; height: 20px;"><br></td>
<td valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; width: 9.97698%; margin: 0px; text-indent: 0px; height: 20px;">
<p align="right" style="margin: 0px; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2016</font><sup>(3)</sup></font></b></font></p>
<p align="right" style="margin: 0px; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; width: 1.9954%; margin: 0px; text-indent: 0px; height: 20px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 17px;">
<td valign="bottom" style="padding: 0in 0px; width: 39.9847%; margin: 0px; text-indent: 0px; height: 17px;">
<p style="line-height: normal; break-after: avoid; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
</td>
<td colspan="11" valign="bottom" style="padding: 0in 0px; width: 57.9432%; margin: 0px; text-indent: 0px; height: 17px;">
<p align="center" style="text-align: center; margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">(in millions of <i style="mso-bidi-font-style: normal;">Reais</i>)</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
</td>
<td style="padding: 0in 0px; width: 1.9954%; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
</tr>


<tr style="background-color: #cceeff; height: 34px;">
<td style="padding: 0in 0px; background-color: #cceeff; width: 39.9847%; margin: 0px; text-indent: 0px; height: 34px; vertical-align: bottom;" valign="bottom"><font style="font-size: 10pt; font-weight: bold;">Operating income before financial income (expenses) and share of profit (loss) of associates</font></td>
<td style="padding: 0in 0px; text-align: right; background-color: #cceeff; width: 10.0537%; margin: 0px; text-indent: 0px; height: 34px; vertical-align: bottom;" valign="bottom"><font>494.2</font></td>
<td style="padding: 0in 0px; text-align: right; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 0.997698%; height: 34px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; text-align: right; background-color: #cceeff; width: 0.997698%; margin: 0px; text-indent: 0px; height: 34px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; text-align: right; background-color: #cceeff; width: 9.97698%; margin: 0px; text-indent: 0px; height: 34px; vertical-align: bottom;" valign="bottom"><font>369.0</font></td>
<td style="padding: 0in 0px; text-align: right; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 0.997698%; height: 34px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; text-align: right; background-color: #cceeff; width: 0.997698%; margin: 0px; text-indent: 0px; height: 34px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; text-align: right; background-color: #cceeff; width: 9.97698%; margin: 0px; text-indent: 0px; height: 34px; vertical-align: bottom;" valign="bottom"><font>52.6</font></td>
<td style="padding: 0in 0px; text-align: right; background-color: #cceeff; width: 1.9954%; margin: 0px; text-indent: 0px; height: 34px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; text-align: right; background-color: #cceeff; width: 9.97698%; margin: 0px; text-indent: 0px; height: 34px; vertical-align: bottom;" valign="bottom"><font>255.9</font></td>
<td style="padding: 0in 0px; text-align: right; background-color: #cceeff; width: 1.9954%; margin: 0px; text-indent: 0px; height: 34px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; text-align: right; background-color: #cceeff; width: 9.97698%; margin: 0px; text-indent: 0px; height: 34px; vertical-align: bottom;" valign="bottom"><font>267.3</font></td>
<td style="padding: 0in 0px; text-align: right; background-color: #cceeff; width: 1.9954%; margin: 0px; text-indent: 0px; height: 34px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td style="padding: 0in 0px; width: 39.9847%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Depreciation and amortization</font></p>
</td>
<td nowrap="nowrap" style="padding: 0in 0px; width: 10.0537%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font>192.2</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 0.997698%; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; width: 0.997698%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; width: 9.97698%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font>186.2</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 0.997698%; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; width: 0.997698%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; width: 9.97698%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font>222.5</font></font></p>
</td>
<td style="padding: 0in 0px; width: 1.9954%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; text-align: right; width: 9.97698%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>182.8</font></font></td>
<td style="padding: 0in 0px; width: 1.9954%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; width: 9.97698%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font>158.2</font> </font></p>
</td>
<td style="padding: 0in 0px; width: 1.9954%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff; height: 20px;">
<td style="padding: 0in 0px; background-color: #cceeff; width: 39.9847%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Amortization of right-of-use assets</font></p>
</td>
<td nowrap="nowrap" style="padding: 0in 0px; background-color: #cceeff; width: 10.0537%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font>41.0</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 0.997698%; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; background-color: #cceeff; width: 0.997698%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; background-color: #cceeff; width: 9.97698%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font>31.3</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 0.997698%; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; background-color: #cceeff; width: 0.997698%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; background-color: #cceeff; width: 9.97698%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font> &#8212; </font></font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; width: 1.9954%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; background-color: #cceeff; text-align: right; width: 9.97698%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>&#8212;</font></font></td>
<td style="padding: 0in 0px; background-color: #cceeff; width: 1.9954%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; background-color: #cceeff; width: 9.97698%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font> &#8212; </font></font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.9954%; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px;">
<td style="padding: 0in 0px; width: 39.9847%; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Share of profit (loss) of associates</font></p>
</td>
<td nowrap="nowrap" style="padding: 0in 0px; width: 10.0537%; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> (<font>0.1</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 0.997698%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="padding: 0in 0px; width: 0.997698%; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; width: 9.97698%; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> (<font>0.0</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 0.997698%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="font-size: 10pt; font-family: 'times new roman', times;">)</font></td>
<td style="padding: 0in 0px; width: 0.997698%; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; width: 9.97698%; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font>0.0</font> </font></p>
</td>
<td style="padding: 0in 0px; width: 1.9954%; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; text-align: right; width: 9.97698%; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><font>1.2</font></td>
<td style="padding: 0in 0px; width: 1.9954%; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; width: 9.97698%; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> (<font>0.0</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 1.9954%; height: 10px; vertical-align: bottom;" valign="bottom"><font style="font-size: 9pt;">)</font></td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff; height: 21px;">
<td style="padding: 0in 0px; background-color: #cceeff; width: 39.9847%; margin: 0px; text-indent: 0px; height: 21px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;">EBITDA</font><font style="mso-bookmark: _DMBM_3924;"><sup>(<font>1</font>)</sup></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td nowrap="nowrap" style="padding: 0in 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; background-color: #cceeff; width: 10.0537%; margin: 0px; text-indent: 0px; height: 21px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font>727.4</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 0.997698%; height: 21px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; background-color: #cceeff; width: 0.997698%; margin: 0px; text-indent: 0px; height: 21px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; background-color: #cceeff; width: 9.97698%; margin: 0px; text-indent: 0px; height: 21px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font>586.5</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 0.997698%; height: 21px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; background-color: #cceeff; width: 0.997698%; margin: 0px; text-indent: 0px; height: 21px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; background-color: #cceeff; width: 9.97698%; margin: 0px; text-indent: 0px; height: 21px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font>275.1</font> </font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; width: 1.9954%; margin: 0px; text-indent: 0px; height: 21px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; background-color: #cceeff; text-align: right; width: 9.97698%; margin: 0px; text-indent: 0px; height: 21px; vertical-align: bottom;" valign="bottom"><font>440.0</font></td>
<td style="padding: 0in 0px; background-color: #cceeff; width: 1.9954%; margin: 0px; text-indent: 0px; height: 21px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; background-color: #cceeff; width: 9.97698%; margin: 0px; text-indent: 0px; height: 21px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font>425.4</font> </font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; width: 1.9954%; margin: 0px; text-indent: 0px; height: 21px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td style="padding: 0in 0px; width: 39.9847%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Adjustments </font></p>
</td>
<td style="padding: 0in 0px; width: 10.0537%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 0.997698%; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; width: 0.997698%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; width: 9.97698%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 0.997698%; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; width: 0.997698%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; width: 9.97698%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0px; width: 1.9954%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; width: 9.97698%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; width: 1.9954%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; width: 9.97698%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0px; width: 1.9954%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff; height: 20px;">
<td style="padding: 0in 0px; background-color: #cceeff; width: 39.9847%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Amortization of contractual assets with customers &#8211; exclusive rights</font></p>
</td>
<td nowrap="nowrap" style="padding: 0in 0px; background-color: #cceeff; width: 10.0537%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font>1.6</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 0.997698%; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; background-color: #cceeff; width: 0.997698%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; background-color: #cceeff; width: 9.97698%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font>0.2</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 0.997698%; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; background-color: #cceeff; width: 0.997698%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; background-color: #cceeff; width: 9.97698%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font> &#8212; </font></font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; width: 1.9954%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; background-color: #cceeff; text-align: right; width: 9.97698%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>&#8212;</font></font></td>
<td style="padding: 0in 0px; background-color: #cceeff; width: 1.9954%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; background-color: #cceeff; width: 9.97698%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font> &#8212; </font></font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; width: 1.9954%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 21px;">
<td style="padding: 0in 0px; width: 39.9847%; margin: 0px; text-indent: 0px; height: 21px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;">Adjusted EBITDA</font><font style="mso-bookmark: _DMBM_3924;"><sup>(<font>1</font>)</sup></font></font></p>
</td>
<td nowrap="nowrap" style="padding: 0in 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; width: 10.0537%; margin: 0px; text-indent: 0px; height: 21px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font>729.1</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 0.997698%; height: 21px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; width: 0.997698%; margin: 0px; text-indent: 0px; height: 21px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; width: 9.97698%; margin: 0px; text-indent: 0px; height: 21px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font>586.7</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 0.997698%; height: 21px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; width: 0.997698%; margin: 0px; text-indent: 0px; height: 21px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; width: 9.97698%; margin: 0px; text-indent: 0px; height: 21px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font>275.1</font> </font></p>
</td>
<td style="padding: 0in 0px; width: 1.9954%; margin: 0px; text-indent: 0px; height: 21px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; text-align: right; width: 9.97698%; margin: 0px; text-indent: 0px; height: 21px; vertical-align: bottom;" valign="bottom">440.0</td>
<td style="padding: 0in 0px; width: 1.9954%; margin: 0px; text-indent: 0px; height: 21px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; width: 9.97698%; margin: 0px; text-indent: 0px; height: 21px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;"> <font>425.4</font> </font></p>
</td>
<td style="padding: 0in 0px; width: 1.9954%; margin: 0px; text-indent: 0px; height: 21px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>

</table>
</div>
</div>
<p style="margin: 0in; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;">&nbsp;</font></font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>11</font></font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2.05423%; height: 17px;"><br></td>
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<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 9.94248%; height: 17px;"></td>
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<p style="line-height: normal; break-after: avoid; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
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<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">Ultracargo</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
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<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; width: 1.97206%; height: 20px;"><br></td>
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<td valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 40.0164%; height: 20px;">
<p style="line-height: normal; break-after: avoid; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
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<td colspan="9" valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; width: 57.9294%; height: 20px;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">Reconciliation&nbsp;of&nbsp;operating&nbsp;income&nbsp;to&nbsp;EBITDA</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
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<p style="line-height: normal; break-after: avoid; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
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<td colspan="9" valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; width: 57.9294%; height: 20px;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">Years ended December 31,</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
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<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; width: 1.97206%; height: 20px;"><br></td>
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<tr style="break-inside: avoid; height: 20px;">
<td valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 40.0164%; height: 20px;">
<p style="line-height: normal; break-after: avoid; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
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<td valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; width: 10.0247%; height: 20px;">
<p align="right" style="margin: 0px; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2020</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"></font></font></font></p>
<p align="right" style="margin: 0px; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></font></p>
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<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; width: 2.05423%; height: 20px;"><br></td>
<td valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; width: 10.0247%; height: 20px;">
<p align="right" style="margin: 0px; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2019</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></font></p>
<p align="right" style="margin: 0px; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><br></p>
</td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; width: 2.05423%; height: 20px;"><br></td>
<td valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; width: 9.94248%; height: 20px;">
<p align="right" style="margin: 0px; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2018</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font></font></p>
<p align="right" style="margin: 0px; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></font></p>
</td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; width: 1.97206%; height: 20px;"><br></td>
<td valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; width: 9.94248%; height: 20px;">
<p align="right" style="margin: 0px; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2017</font><sup>(3)</sup></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; width: 1.97206%; height: 20px;"><br></td>
<td valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; width: 9.94248%; height: 20px;">
<p align="right" style="margin: 0px; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2016</font><sup>(3)</sup></font></b></font></p>
<p align="right" style="margin: 0px; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
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<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; width: 1.97206%; height: 20px;"><br></td>
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<tr style="break-inside: avoid; height: 17px;">
<td valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 40.0164%; height: 17px;">
<p style="line-height: normal; break-after: avoid; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
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<td colspan="9" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 57.9294%; height: 17px;">
<p align="center" style="text-align: center; margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">(in millions of <i style="mso-bidi-font-style: normal;">Reais</i>)</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
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<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 1.97206%; height: 17px;"><br></td>
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<tr style="break-inside: avoid; background-color: #cceeff; height: 40px;">
<td valign="top" style="padding: 0in 0px; width: 40.0164%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 40px;">
<p style="margin: 0px; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b>Operating income (expenses) before financial income (expenses) and share of profit (loss) of joint-ventures and associates</b></font></font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; width: 10.0247%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 40px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><b><font>251.8</font></b></font></p>
</td>
<td style="padding: 0in 0px; width: 2.05423%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 40px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; width: 10.0247%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 40px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>83.2</font></b></font></p>
</td>
<td style="padding: 0in 0px; width: 2.05423%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 40px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; width: 9.94248%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 40px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>129.5</font><font style="mso-tab-count: 1;"> </font></b></font></p>
</td>
<td style="padding: 0in 0px; width: 1.97206%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 40px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; width: 9.94248%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 40px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>75.0</font><font style="mso-tab-count: 1;"> </font></b></font></p>
</td>
<td style="padding: 0in 0px; width: 1.97206%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 40px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; width: 9.94248%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 40px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>127.7</font><font style="mso-tab-count: 1;"> </font></b></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 1.97206%; background-color: #cceeff; height: 40px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="top" style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 40.0164%; height: 20px;">
<p style="margin: 0px; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Depreciation and amortization</font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 10.0247%; height: 20px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>65.8</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2.05423%; height: 20px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 10.0247%; height: 20px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>59.6</font> </font></p>
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<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2.05423%; height: 20px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 9.94248%; height: 20px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>52.4</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 1.97206%; height: 20px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 9.94248%; height: 20px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>47.7</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 1.97206%; height: 20px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 9.94248%; height: 20px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>43.4</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 1.97206%; height: 20px;"><br></td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff; height: 20px;">
<td valign="top" style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 40.0164%; height: 20px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Amortization of right-of-use assets</font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10.0247%; height: 20px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>19.5</font> </font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.05423%; height: 20px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10.0247%; height: 20px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>20.7</font> </font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.05423%; height: 20px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.94248%; height: 20px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.97206%; height: 20px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.94248%; height: 20px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.97206%; height: 20px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.94248%; height: 20px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.97206%; height: 20px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px;">
<td valign="top" style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 40.0164%; height: 10px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Share of profit (loss) of joint-ventures and associates</font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 10.0247%; height: 10px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>0.4</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2.05423%; height: 10px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 10.0247%; height: 10px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>1.4</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2.05423%; height: 10px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 9.94248%; height: 10px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>1.3</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 1.97206%; height: 10px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 9.94248%; height: 10px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>1.6</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 1.97206%; height: 10px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 9.94248%; height: 10px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>0.0</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; width: 1.97206%; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff; height: 10px;">
<td valign="bottom" style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 40.0164%; height: 10px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;">EBITDA</font><font style="mso-bookmark: _DMBM_3924;"><sup>(<font>1</font>)</sup></font></font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10.0247%; height: 10px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>337.5</font> </font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.05423%; height: 10px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 10.0247%; height: 10px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;<font>164.8</font> </font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 2.05423%; height: 10px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.94248%; height: 10px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;<font>183.3</font> </font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.97206%; height: 10px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.94248%; height: 10px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;<font>124.3</font> </font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.97206%; height: 10px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 9.94248%; height: 10px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font>171.1</font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.97206%; height: 10px;"><br></td>
</tr>

</table>
</div>
</div>
<p style="margin: 0in; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 10.0pt;">&nbsp;</font></font></p>
<div align="center">
<div>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100%; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; margin: 0px; text-indent: 0px; height: 191px;">

<tr style="break-inside: avoid; height: 20px;">
<td valign="bottom" style="height: 20px; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="line-height: normal; break-after: avoid; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
</td>
<td colspan="10" valign="bottom" style="padding: 0px; border-bottom: 1pt solid #000000; height: 20px; margin: 0px; text-indent: 0px;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">Oxiteno</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0px; height: 20px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="bottom" style="padding: 0px; height: 20px; margin: 0px; text-indent: 0px;">
<p style="line-height: normal; break-after: avoid; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
</td>
<td colspan="10" valign="bottom" style="padding: 0px; border-bottom: 1pt solid #000000; height: 20px; margin: 0px; text-indent: 0px;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">Reconciliation&nbsp;of&nbsp;operating&nbsp;income&nbsp;to&nbsp;Adjusted EBITDA</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0px; height: 20px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px;">
<td valign="bottom" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p style="line-height: normal; break-after: avoid; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
</td>
<td colspan="10" valign="bottom" style="padding: 0px; border-bottom: 1pt solid #000000; height: 10px; margin: 0px; text-indent: 0px;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">Years ended December 31,</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px;">
<td valign="bottom" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p style="line-height: normal; break-after: avoid; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
</td>
<td valign="bottom" style="padding: 0px; border-bottom: 1pt solid #000000; height: 10px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2020</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"></font></font></p>
<p align="right" style="margin: 0px; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0px; border-bottom: 1pt solid #000000; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td valign="bottom" style="padding: 0px; border-bottom: 1pt solid #000000; height: 10px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2019</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p align="right" style="margin: 0px; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0px; border-bottom: 1pt solid #000000; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; border-bottom: 1pt solid #000000; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td valign="bottom" style="padding: 0px; border-bottom: 1pt solid #000000; height: 10px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2018</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font></p>
<p align="right" style="margin: 0px; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0px; border-bottom: 1pt solid #000000; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td valign="bottom" style="padding: 0px; border-bottom: 1pt solid #000000; height: 10px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2017</font><sup>(3)</sup></font></b></font></p>
<p align="right" style="margin: 0px; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0px; border-bottom: 1pt solid #000000; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td valign="bottom" style="padding: 0px; border-bottom: 1pt solid #000000; height: 10px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2016</font><sup>(3)</sup></font></b></font></p>
<p align="right" style="margin: 0px; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px;">
<td valign="bottom" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p style="line-height: normal; break-after: avoid; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;">&nbsp;&nbsp;</font></p>
</td>
<td colspan="10" valign="bottom" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p align="center" style="text-align: center; margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">(in millions of <i style="mso-bidi-font-style: normal;">Reais</i>)</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
</tr>


<tr style="break-inside: avoid; background-color: #cceeff; height: 10px;">
<td valign="top" style="padding: 0px; width: 41%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b>Operating income before financial income (expenses) and share of profit (loss) of associates</b></font></font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; width: 10%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><b><font>355.9</font></b></font></p>
</td>
<td style="padding: 0px; width: 2%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; width: 10%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>(<font>12.8</font><font style="mso-tab-count: 1;"> </font></b></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; vertical-align: bottom; height: 10px;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 10px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; width: 10%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>471.9</font><font style="mso-tab-count: 1;"> </font></b></font></p>
</td>
<td style="padding: 0px; width: 2%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; width: 10%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>141.4</font><font style="mso-tab-count: 1;"> </font></b></font></p>
</td>
<td style="padding: 0px; width: 2%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; width: 10%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp; </font><font>311.5</font><font style="mso-tab-count: 1;"> </font></b></font></p>
</td>
<td style="padding: 0px; width: 1%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px;">
<td valign="top" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Depreciation and amortization</font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>260.8</font> </font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>212.3</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>167.4</font> </font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>153.1</font> </font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp; <font>149.7</font> </font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff; height: 20px;">
<td valign="top" style="padding: 0px; background-color: #cceeff; height: 20px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Amortization of right-of-use assets</font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; background-color: #cceeff; height: 20px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>14.3</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; height: 20px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; background-color: #cceeff; height: 20px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>9.7</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; background-color: #cceeff; height: 20px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; height: 20px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; background-color: #cceeff; height: 20px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; height: 20px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; background-color: #cceeff; height: 20px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; height: 20px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="top" style="padding: 0px; height: 20px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Share of profit (loss) of associates</font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 20px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>0.4</font> </font></p>
</td>
<td style="padding: 0px; height: 20px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 20px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>0.5</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 20px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>0.9</font> </font></p>
</td>
<td style="padding: 0px; height: 20px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 20px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>1.4</font> </font></p>
</td>
<td style="padding: 0px; height: 20px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; height: 20px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>1.0</font> </font></p>
</td>
<td style="padding: 0px; height: 20px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff; height: 21px;">
<td valign="bottom" style="padding: 0px; background-color: #cceeff; height: 21px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;">EBITDA</font><font style="mso-bookmark: _DMBM_3924;"><sup>(<font>1</font>)</sup></font></font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 21px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>631.3</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; height: 21px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 21px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;<font>209.7</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 21px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 21px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 21px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;<font>640.2</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; height: 21px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 21px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;<font>295.9</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; height: 21px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 21px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font>462.2</font></font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; height: 21px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="top" style="padding: 0px; height: 20px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Adjustments </font></p>
</td>
<td valign="bottom" style="padding: 0px; height: 20px; margin: 0px; text-indent: 0px;">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 20px; margin: 0px; text-indent: 0px;"><br></td>
<td valign="bottom" style="padding: 0px; height: 20px; margin: 0px; text-indent: 0px;">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px;"><br></td>
<td valign="bottom" style="padding: 0px; height: 20px; margin: 0px; text-indent: 0px;">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 20px; margin: 0px; text-indent: 0px;"><br></td>
<td valign="bottom" style="padding: 0px; height: 20px; margin: 0px; text-indent: 0px;">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 20px; margin: 0px; text-indent: 0px;"><br></td>
<td valign="bottom" style="padding: 0px; height: 20px; margin: 0px; text-indent: 0px;">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; height: 20px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff; height: 10px;">
<td valign="top" style="padding: 0px; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;">Cash flow hedge from bonds<sup>(2)</sup></font></font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>153.5</font> </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>11.9</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px;">
<td valign="bottom" style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;">Adjusted EBITDA</font><font style="mso-bookmark: _DMBM_3924;"><sup>(<font>1</font>)</sup></font></font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; height: 10px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>784.8</font> </font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; height: 10px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>221.6</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; height: 10px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>640.2</font> </font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; height: 10px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>295.9</font> </font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; height: 10px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font>462.2</font></font></p>
</td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
</tr>

</table>
</div>
</div>
<p style="margin: 0in; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 10.0pt;">&nbsp;</font></font></p>
<div align="center">
<div>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin: 0px; text-indent: 0px;">

<tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes;">
<td style="padding: 0in;"></td>
<td style="padding: 0in;"></td>
<td style="padding: 0in;"><br></td>
<td style="padding: 0in;"><br></td>
<td style="padding: 0in;"></td>
<td style="padding: 0in;"><br></td>
<td style="padding: 0in;"></td>
<td style="padding: 0in;"><br></td>
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<td style="padding: 0in;"><br></td>
<td style="padding: 0in;"></td>
<td style="padding: 0in;"><br></td>
</tr>
<tr style="mso-yfti-irow: 1; page-break-inside: avoid;">
<td valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p style="break-after: avoid; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
</td>
<td colspan="10" valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">Ipiranga</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="mso-yfti-irow: 2; page-break-inside: avoid;">
<td valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p style="break-after: avoid; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
</td>
<td colspan="10" valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">Reconciliation&nbsp;of&nbsp;operating&nbsp;income&nbsp;to&nbsp;Adjusted EBITDA</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="mso-yfti-irow: 3; page-break-inside: avoid;">
<td valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p style="break-after: avoid; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
</td>
<td colspan="10" valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">Years ended December 31,</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="mso-yfti-irow: 4; page-break-inside: avoid;">
<td valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p style="break-after: avoid; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
</td>
<td valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font style="border-left: none; border-right: none;">2020</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"></font></font></p>
<p align="right" style="margin: 0px; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px;"><br></td>
<td valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font style="border-left: none; border-right: none;">2019</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p align="right" style="margin: 0px; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px;"><br></td>
<td valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font style="border-left: none; border-right: none;">2018</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font></p>
<p align="right" style="margin: 0px; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px;"><br></td>
<td valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font style="border-left: none; border-right: none;">2017<sup>(3)</sup></font></font></b></font></p>
<p align="right" style="margin: 0px; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px;"><br></td>
<td valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font style="border-left: none; border-right: none;">2016<sup>(3)</sup></font></font></b></font></p>
<p align="right" style="margin: 0px; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="mso-yfti-irow: 5; page-break-inside: avoid;">
<td valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p style="break-after: avoid; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
</td>
<td colspan="10" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p align="center" style="text-align: center; margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">(in millions of <i style="mso-bidi-font-style: normal;">Reais</i>)</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
</tr>


<tr style="break-inside: avoid; background-color: #cceeff;">
<td valign="top" style="padding: 0in 0px; width: 41%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b>Operating income before financial income (expenses) and share of profit (loss) of associates</b></font></font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><b><font>915.4</font></b></font></p>
</td>
<td style="padding: 0in 0px; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0in 0px; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>1,674.4</font></b></font></p>
</td>
<td style="padding: 0in 0px; width: 2%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><b><font>1,461.5</font></b></font></p>
</td>
<td style="padding: 0in 0px; width: 2%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>2,357.1</font><font style="mso-tab-count: 1;"> </font></b></font></p>
</td>
<td style="padding: 0in 0px; width: 2%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; width: 10%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp; </font><font>2,364.0</font><font style="mso-tab-count: 1;"> </font></b></font></p>
</td>
<td style="padding: 0in 0px; width: 1%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="break-inside: avoid;">
<td valign="top" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Depreciation and amortization</font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>314.5</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>290.7</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>283.4</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>245.4</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>220.3</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff;">
<td valign="top" style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Amortization of right-of-use assets</font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>177.0</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>164.5</font> </font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font> &#8212; </font></font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="break-inside: avoid;">
<td valign="top" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Share of profit (loss) of associates</font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> (<font>0.9</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>1.8</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>0.6</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>1.2</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>1.2</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff;">
<td valign="bottom" style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;">EBITDA</font><font style="mso-bookmark: _DMBM_3924;"><sup>(<font>1</font>)</sup></font></font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>1,406.1</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;<font>2,131.5</font> </font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;<font>1,745.5</font> </font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;<font>2,603.8</font> </font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font>2,585.5</font></font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="break-inside: avoid;">
<td valign="top" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Adjustment </font></p>
</td>
<td valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff;">
<td valign="top" style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Amortization of contractual assets with customers &#8211; exclusive rights</font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>287.8</font> </font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>355.1</font> </font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>371.8</font> </font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>463.0</font> </font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>463.5</font> </font></p>
</td>
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="break-inside: avoid;">
<td valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;">Adjusted EBITDA</font><font style="mso-bookmark: _DMBM_3924;"><sup>(<font>1</font>)</sup></font></font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>1,693.9</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>2,486.6</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>2,117.3</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>3,066.8</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font>3,049.0</font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
</tr>

</table>
</div>
</div>
<p style="margin: 0in; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;">&nbsp;</font></font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>12</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<div align="center">
<div>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100%; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; margin: 0px; text-indent: 0px; height: 137px;">

<tr style="height: 17px;">
<td style="padding: 0in 0px; height: 17px; margin: 0px; text-indent: 0px; width: 40.9823%;"><br></td>
<td style="padding: 0in 0px; height: 17px; margin: 0px; text-indent: 0px; width: 10.0537%;"></td>
<td style="padding: 0in 0px; height: 17px; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td style="padding: 0in 0px; height: 17px; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td style="padding: 0in 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.97698%;"></td>
<td style="padding: 0in 0px; height: 17px; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td style="padding: 0in 0px; height: 17px; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td style="padding: 0in 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.97698%;"></td>
<td style="padding: 0in 0px; height: 17px; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td style="padding: 0in 0px; height: 17px; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td style="padding: 0in 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.97698%;"></td>
<td style="padding: 0in 0px; height: 17px; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td style="padding: 0in 0px; height: 17px; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td style="padding: 0in 0px; height: 17px; margin: 0px; text-indent: 0px; width: 9.97698%;"></td>
<td style="padding: 0in 0px; height: 17px; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px;">
<td valign="bottom" style="padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px; width: 40.9823%;"><br></td>
<td colspan="13" valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; height: 10px; margin: 0px; text-indent: 0px; width: 57.9432%;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="line-height: 107%;">Extrafarma</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="line-height: 107%;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="line-height: 107%;"></font></font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;">&nbsp;</font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px;">
<td valign="bottom" style="padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px; width: 40.9823%;"><br></td>
<td colspan="13" valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; height: 10px; margin: 0px; text-indent: 0px; width: 57.9432%;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="line-height: 107%;">Reconciliation&nbsp;of&nbsp;operating&nbsp;income&nbsp;to&nbsp;EBITDA</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="line-height: 107%;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="line-height: 107%;"></font></font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;">&nbsp;</font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px;">
<td valign="bottom" style="padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px; width: 40.9823%;"><br></td>
<td colspan="13" valign="bottom" style="padding: 0px; border-bottom: 1pt solid #000000; height: 10px; margin: 0px; text-indent: 0px; width: 57.9432%;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="line-height: 107%;">Years ended December 31,</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="line-height: 107%;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="line-height: 107%;"></font></font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;">&nbsp;</font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px;">
<td valign="bottom" style="padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px; width: 40.9823%;"><br></td>
<td valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; height: 10px; margin: 0px; text-indent: 0px; width: 10.0537%;">
<p align="right" style="margin: 0px; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="line-height: 107%;"><font>2020</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="line-height: 107%;"></font></font></font></p>
<p align="right" style="margin: 0px; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;">&nbsp;</font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; height: 10px; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; height: 10px; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; height: 10px; margin: 0px; text-indent: 0px; width: 9.97698%;">
<p align="right" style="margin: 0px; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="line-height: 107%;"><font>2019</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="line-height: 107%;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="line-height: 107%;"></font></font></font></p>
<p align="right" style="margin: 0px; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;">&nbsp;</font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; height: 10px; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; height: 10px; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; height: 10px; margin: 0px; text-indent: 0px; width: 9.97698%;">
<p align="right" style="margin: 0px; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="line-height: 107%;"><font>2018</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="line-height: 107%;"> </font></font></font></p>
<p align="right" style="margin: 0px; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;">&nbsp;</font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; height: 10px; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; height: 10px; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; height: 10px; margin: 0px; text-indent: 0px; width: 9.97698%;">
<p align="right" style="margin: 0px; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="line-height: 107%;"><font>2017</font><font style="line-height: 11.4133px; font-family: 'Times New Roman', serif;"><sup>(3)</sup></font></font></b></font></font></p>
<p align="right" style="margin: 0px; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;">&nbsp;</font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; height: 10px; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; height: 10px; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
<td valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; height: 10px; margin: 0px; text-indent: 0px; width: 9.97698%;">
<p align="right" style="margin: 0px; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="line-height: 107%;"><font>2016</font><font style="line-height: 11.4133px; font-family: 'Times New Roman', serif;"><sup>(3)</sup></font></font></b></font></font></p>
<p align="right" style="margin: 0px; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;">&nbsp;</font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px;">
<td valign="bottom" style="padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px; width: 40.9823%;">
<p style="break-after: avoid; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; /* line-height: 2pt; */padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="13" valign="bottom" style="padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px; width: 57.9432%;">
<p align="center" style="text-align: center; margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 7pt;"><font style="font-size: 8pt;"><b style="mso-bidi-font-weight: normal;"><font style="line-height: 107%;">(in millions of <i style="mso-bidi-font-style: normal;">Reais</i>)</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="line-height: 107%;"></font></font></font></p>
</td>
<td style="padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px; width: 0.997698%;"><br></td>
</tr>


<tr style="break-inside: avoid; background-color: #cceeff; height: 20px;">
<td valign="top" style="padding: 0in 0px; width: 40.9823%; background-color: #cceeff; height: 20px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b>Operating income (expenses) before financial income (expenses)</b></font></font></p>
</td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 10.0537%; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><b>(<font>69.7</font></b></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 0.997698%; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 0.997698%; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 9.97698%; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>(<font>720.3</font><font style="mso-tab-count: 1;"> </font></b></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 0.997698%; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 0.997698%; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 9.97698%; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>(<font>113.8</font><font style="mso-tab-count: 1;"> </font></b></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 0.997698%; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 0.997698%; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 9.97698%; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>(<font>37.7</font><font style="mso-tab-count: 1;"> </font></b></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 0.997698%; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 0.997698%; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 9.97698%; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp; </font>(<font>3.8</font><font style="mso-tab-count: 1;"> </font></b></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 0.997698%; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">)</td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="top" style="padding: 0in 0px; height: 20px; margin: 0px; text-indent: 0px; width: 40.9823%;">
<p style="margin: 0px; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Depreciation and amortization</font></p>
</td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom; width: 10.0537%;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>82.5</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom; width: 0.997698%;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom; width: 0.997698%;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom; width: 9.97698%;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>80.6</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom; width: 0.997698%;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom; width: 0.997698%;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom; width: 9.97698%;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>71.6</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom; width: 0.997698%;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom; width: 0.997698%;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom; width: 9.97698%;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>60.8</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom; width: 0.997698%;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom; width: 0.997698%;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom; width: 9.97698%;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp; <font>42.7</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom; width: 0.997698%;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff; height: 20px;">
<td valign="top" style="padding: 0in 0px; background-color: #cceeff; height: 20px; margin: 0px; text-indent: 0px; width: 40.9823%;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Amortization of right-of-use assets</font></p>
</td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom; width: 10.0537%;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>71.4</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom; width: 0.997698%;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom; width: 0.997698%;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom; width: 9.97698%;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>73.8</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom; width: 0.997698%;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom; width: 0.997698%;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom; width: 9.97698%;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom; width: 0.997698%;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom; width: 0.997698%;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom; width: 9.97698%;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom; width: 0.997698%;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom; width: 0.997698%;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom; width: 9.97698%;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom; width: 0.997698%;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px;">
<td valign="bottom" style="padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px; width: 40.9823%;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;">EBITDA</font><sup><font style="mso-bookmark: _DMBM_3924;">(<font style="border-left: none; border-right: none;">1</font>)</font></sup></font></p>
</td>
<td nowrap="nowrap" style="padding: 0in 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 10.0537%;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>84.2</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 0.997698%;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 0.997698%;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 9.97698%;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;(<font>565.9</font> </font></p>
</td>
<td style="padding: 0px 0px 1px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 0.997698%;" valign="bottom">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 0.997698%;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 9.97698%;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;(<font>42.2</font> </font></p>
</td>
<td style="padding: 0px 0px 1px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 0.997698%;" valign="bottom">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 0.997698%;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 9.97698%;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;<font>23.1</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 0.997698%;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 0.997698%;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 9.97698%;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font>38.8</font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom; width: 0.997698%;" valign="bottom"><br></td>
</tr>

</table>
</div>
</div>
<p style="margin: 0in; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><br></p>
<div align="center">
<div>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100%; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; margin: 0px; text-indent: 0px; height: 161px;">

<tr style="break-inside: avoid; height: 14px;">
<td valign="bottom" style="padding: 0in 0px; height: 14px; margin: 0px; text-indent: 0px;">
<p style="break-after: avoid; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
</td>
<td colspan="10" valign="bottom" style="padding: 0in 0px; height: 14px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">abastece a&#237;</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"></font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;<b></b></font></font></p>
</td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 14px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px;">
<p style="break-after: avoid; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
</td>
<td colspan="10" valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 20px;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">Reconciliation&nbsp;of&nbsp;operating&nbsp;income&nbsp;to&nbsp;EBITDA</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 20px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px;">
<p style="break-after: avoid; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
</td>
<td colspan="10" valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 20px;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">Years ended December 31,</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 20px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px;">
<p style="break-after: avoid; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
</td>
<td valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 20px;">
<p align="right" style="margin: 0px; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2020</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"></font></font></p>
<p align="right" style="margin: 0px; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 20px;"><br></td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 20px;"><br></td>
<td valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 20px;">
<p align="right" style="margin: 0px; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2019</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font></p>
<p align="right" style="margin: 0px; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 20px;"><br></td>
<td valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 20px;">
<p align="right" style="margin: 0px; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2018</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font></p>
<p align="right" style="margin: 0px; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 20px;"><br></td>
<td valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 20px;">
<p align="right" style="margin: 0px; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2017</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font></p>
<p align="right" style="margin: 0px; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 20px;"><br></td>
<td valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 20px;">
<p align="right" style="margin: 0px; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2016</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font></p>
<p align="right" style="margin: 0px; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 20px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 17px;">
<td valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="break-after: avoid; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
</td>
<td colspan="10" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p align="center" style="text-align: center; margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">(in millions of <i>Reais</i>)</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
</tr>


<tr style="break-inside: avoid; background-color: #cceeff; height: 20px;">
<td style="padding: 0in 0px; width: 41%; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><b>Operating income (expenses) before financial income (expenses)</b></font></p>
</td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 10%; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><b>(<font>29.0</font></b></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 10%; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>&#8212;</font></b></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2%; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 10%; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>&#8212;</font></b></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2%; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 10%; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>&#8212;</font></b></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2%; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 10%; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>&#8212;</font></b></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 20px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Depreciation and amortization</font></p>
</td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>4.1</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font> &#8212; </font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font> &#8212; </font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font> &#8212; </font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font> &#8212; </font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px;"><br></td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff; height: 20px;">
<td style="padding: 0in 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Amortization of right-of-use assets</font></p>
</td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font> &#8212; </font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font> &#8212; </font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font> &#8212; </font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font> &#8212; </font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font> &#8212; </font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px;">
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;">EBITDA</font><font style="mso-bookmark: _DMBM_3924;"><sup>(<font>1</font>)</sup></font></font></p>
</td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> (24.9&nbsp;</font></p>
</td>
<td style="padding: 0px 0px 1px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font> &#8212; </font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font> &#8212; </font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font> &#8212; </font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-size: 10pt;"><font> &#8212; </font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
</tr>

</table>
</div>
</div>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 11.6517%; border-bottom: 1pt solid #000000;"><br></td>
<td style="width: 88.3483%;"><br></td>
</tr>

</table>
<p style="margin: 0in 0in 0in 24.45pt; text-indent: -18.35pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;">(<font>1</font>)</font><font style="mso-bookmark: _DMBM_3924;">&nbsp;&nbsp;<font style="mso-tab-count: 1;">&nbsp;&nbsp;</font>See footnote <font>5</font> under &#8220;Item <font>3</font>.A. Key Information&#8212;Selected Consolidated Financial Data&#8221; for a more complete discussion of EBITDA and Adjusted EBITDA and its reconciliation to information in our consolidated financial statements. </font></font></p>
<p style="margin: 0in 0in 0in 24.45pt; text-indent: -18.35pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;">(<font>2</font>)</font><font style="mso-bookmark: _DMBM_3924;">&nbsp;<font style="mso-tab-count: 1;">&nbsp; &nbsp;</font>Cash flow hedge from bonds adjustment relates to the hedge accounting designation in <font>2016</font>, whose object of protection was firm commitments and highly probable future export sales generated by Oxiteno and its subsidiaries. When a future sale of exported products occurs, it is recorded in the income statement at the exchange rate of the initial designation of the hedge (R$/US$<font>3.2270</font>). </font></font></p>
<p style="margin: 0in 0in 0in 24.7pt; text-indent: -18.45pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 8pt;"><font style="mso-bookmark: _DMBM_3924;">(<font>3</font>)</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;"><font style="font-family: 'times new roman', times;"><font style="mso-tab-count: 1;">&nbsp; &nbsp;&nbsp;</font>The results of </font><font style="border-left: none; border-right: none;">2016</font><font style="font-family: 'times new roman', times;"> and </font><font style="border-left: none; border-right: none;">2017</font><font style="font-family: 'times new roman', times;"> have not been retrospectively adjusted to reflect the segregation of the Holding expenses. For more information, see &#8220;Item </font><font style="border-left: none; border-right: none;">5</font><font style="font-family: 'times new roman', times;">.A. Operating and Financial Review and prospects &#8211; Operating results &#8211; Summary of the changes due to the segregation of the Holding expenses&#8221;.</font></font></font></p>
<p style="margin: 0px; text-indent: 0px; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font></p>
<div>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>13</font></font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin: 0in; text-indent: 24.4pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><font style="mso-tab-count: 1;">&nbsp;&nbsp;</font></font></p>
<p style="margin: 0in; text-indent: 24.4pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><font style="mso-tab-count: 1;">&nbsp; </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 10.0pt;">The reconciliation of Adjusted EBITDA to cash flows from operating activities for the years ended December 31, 2020, <font>2019</font>, <font>2018</font>, <font>2017</font> and <font>2016</font> is presented in the table below: </font></font></p>
<p style="margin: 0in; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;">&nbsp;</font></p>
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<td valign="bottom" style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;">
<p style="break-after: avoid; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
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<td valign="bottom" style="padding: 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 10px;">
<p align="right" style="margin: 0px; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2020</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"></font></font></p>
<p align="right" style="margin: 0px; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
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<td style="padding: 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td valign="bottom" style="padding: 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 10px;">
<p align="right" style="margin: 0px; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2019</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font></p>
<p align="right" style="margin: 0px; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td valign="bottom" style="padding: 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 10px;">
<p align="right" style="margin: 0px; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2018</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font></p>
<p align="right" style="margin: 0px; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td valign="bottom" style="padding: 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 10px;">
<p align="right" style="margin: 0px; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2017</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font></p>
<p align="right" style="margin: 0px; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
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<td style="padding: 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td valign="bottom" style="padding: 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 10px;">
<p align="right" style="margin: 0px; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2016</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font></p>
<p align="right" style="margin: 0px; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 17px;">
<td valign="bottom" style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="break-after: avoid; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
</td>
<td colspan="13" valign="bottom" style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p align="center" style="text-align: center; margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">(in millions of<i style="mso-bidi-font-style: normal;"> Reais</i>)</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
</tr>


<tr style="break-inside: avoid; height: 20px; background-color: #cceeff;">
<td valign="top" style="padding: 0px 0px 0px 15px; width: 41%; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff;">
<p style="margin: 0px; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b>Net income for the year</b></font></font></p>
</td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; width: 10%; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="color: #000000;"><font>927.7</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; width: 1%; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; width: 1%; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; width: 10%; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>402.9</font><font style="mso-tab-count: 1;"> </font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; width: 1%; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; width: 1%; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; width: 10%; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>1,132.3</font><font style="mso-tab-count: 1;"> </font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; width: 1%; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; width: 1%; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; width: 10%; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>1,525.9</font><font style="mso-tab-count: 1;"> </font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; width: 1%; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; width: 1%; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; width: 10%; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp; </font><font>1,546.8</font><font style="mso-tab-count: 1;"> </font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; width: 1%; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="top" style="padding: 0px 0px 0px 15px; margin: 0px; text-indent: 0px; height: 20px;">
<p style="margin: 0px; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b>Adjustments to reconcile net income to Adjusted EBITDA:</b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px; background-color: #cceeff;">
<td valign="top" style="padding: 0px 0px 0px 50px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Depreciation and amortization</font></p>
</td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>938.8</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>844.6</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>812.5</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>704.5</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>628.2</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="top" style="padding: 0px 0px 0px 50px; margin: 0px; text-indent: 0px; height: 20px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Amortization of right-of-use assets</font></p>
</td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>328.3</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>300.1</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px; background-color: #cceeff;">
<td valign="top" style="padding: 0px 0px 0px 50px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Amortization of contractual assets with customers&#8212;exclusive rights</font></p>
</td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>289.4</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>355.2</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>371.8</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>463.0</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>463.5</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="top" style="padding: 0px 0px 0px 50px; margin: 0px; text-indent: 0px; height: 20px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Financial result, net</font></p>
</td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>269.4</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>506.9</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>113.5</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>474.3</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>842.6</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px; background-color: #cceeff;">
<td valign="top" style="padding: 0px 0px 0px 50px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Cash flow hedge from bonds (Oxiteno)</font></p>
</td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>153.5</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>11.9</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="top" style="padding: 0px 0px 0px 50px; margin: 0px; text-indent: 0px; height: 20px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Income and social contribution taxes</font></p>
</td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>571.4</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>378.6</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>638.7</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>813.3</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>688.0</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px; background-color: #cceeff;">
<td valign="top" style="padding: 0px 0px 0px 15px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;">Adjusted EBITDA</font><font style="mso-bookmark: _DMBM_3924;"><sup>(1)</sup></font></font></p>
</td>
<td nowrap="nowrap" style="padding: 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><font>3,478.5</font></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="mso-spacerun: yes;">&nbsp;</font><font>2,800.3</font><font style="mso-tab-count: 1;"> </font></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="mso-spacerun: yes;">&nbsp;</font><font>3,068.9</font><font style="mso-tab-count: 1;"> </font></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="mso-spacerun: yes;">&nbsp;</font><font>3,981.0</font><font style="mso-tab-count: 1;"> </font></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b></b></font></font><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><font>4,169.0</font></font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="top" style="padding: 0px 0px 0px 15px; margin: 0px; text-indent: 0px; height: 20px;">
<p style="margin: 0px; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b>Adjustments to reconcile Adjusted EBITDA to cash provided by operating activities:</b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px; background-color: #cceeff;">
<td valign="top" style="padding: 0px 0px 0px 50px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Financial result that affected the cash flow from operating activities</font></p>
</td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>482.1</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>729.9</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>913.0</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>380.4</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>78.8</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">)</td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="top" style="padding: 0px 0px 0px 50px; margin: 0px; text-indent: 0px; height: 20px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Current income and social contribution taxes</font></p>
</td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> (<font>659.3</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>476.1</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>476.3</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> (<font>922.5</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>800.5</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">)</td>
</tr>
<tr style="break-inside: avoid; height: 20px; background-color: #cceeff;">
<td valign="top" style="padding: 0px 0px 0px 50px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> PIS and COFINS credits on depreciation</font></p>
</td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>15.7</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>14.9</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>15.7</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>13.1</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>12.6</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="top" style="padding: 0px 0px 0px 50px; margin: 0px; text-indent: 0px; height: 20px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Assets retirement obligation</font></p>
</td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font> &#8212; </font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px; background-color: #cceeff;">
<td valign="top" style="padding: 0px 0px 0px 50px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Impairment of assets</font></p>
</td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font> &#8212; </font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>593.3</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="top" style="padding: 0px 0px 0px 50px; margin: 0px; text-indent: 0px; height: 20px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Provision of decarbonization - CBIO </font></p>
</td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>124.3</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font> &#8212; </font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font> &#8212; </font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font> &#8212; </font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font> &#8212; </font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px; background-color: #cceeff;">
<td valign="top" style="padding: 0px 0px 0px 50px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Provision for tax, civil and labor risks </font></p>
</td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>18.8</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>6.6</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>48.8</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> (<font>40,5</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>108,5</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="top" style="padding: 0px 0px 0px 50px; margin: 0px; text-indent: 0px; height: 20px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Others</font></p>
</td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> (<font>31.6</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>92.1</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>109.3</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>129.0</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>85.9</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px; background-color: #cceeff;">
<td valign="top" style="padding: 0px 0px 0px 15px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b>(Increase) decrease in current assets</b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="top" style="padding: 0px 0px 0px 50px; margin: 0px; text-indent: 0px; height: 20px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Trade receivables and reseller financing</font></p>
</td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>209.5</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>361.6</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>355.9</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> (<font>725.2</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>372.9</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">)</td>
</tr>
<tr style="break-inside: avoid; height: 20px; background-color: #cceeff;">
<td valign="top" style="padding: 0px 0px 0px 50px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Inventories</font></p>
</td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> (<font>125.0</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>357.6</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>168.7</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> (<font>606.5</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>267.5</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">)</td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="top" style="padding: 0px 0px 0px 50px; margin: 0px; text-indent: 0px; height: 20px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Recoverable taxes</font></p>
</td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>36.7</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>550.8</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>11.5</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> (<font>334.2</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>87.0</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px; background-color: #cceeff;">
<td valign="top" style="padding: 0px 0px 0px 50px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Dividends received from subsidiaries and joint-ventures</font></p>
</td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>4.8</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>4.1</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>42.4</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>29.4</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>7.9</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="top" style="padding: 0px 0px 0px 50px; margin: 0px; text-indent: 0px; height: 20px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Insurance and other receivables</font></p>
</td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> (<font>20.2</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>21.7</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>14.5</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>358.7</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>309.7</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">)</td>
</tr>
<tr style="break-inside: avoid; height: 20px; background-color: #cceeff;">
<td valign="top" style="padding: 0px 0px 0px 50px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Prepaid expenses</font></p>
</td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> (<font>74.6</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>15.5</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>37.5</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> (<font>23.0</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>40.0</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">)</td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="top" style="padding: 0px 0px 0px 15px; margin: 0px; text-indent: 0px; height: 20px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b>Increase (decrease) in current liabilities</b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px; background-color: #cceeff;">
<td valign="top" style="padding: 0px 0px 0px 50px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Trade payables</font></p>
</td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>1,147.5</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>31.6</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>576.2</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>412.4</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>249.1</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="top" style="padding: 0px 0px 0px 50px; margin: 0px; text-indent: 0px; height: 20px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Salaries and related charges</font></p>
</td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>63.0</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>22.6</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>40.1</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>7.1</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>41.6</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">)</td>
</tr>
<tr style="break-inside: avoid; height: 20px; background-color: #cceeff;">
<td valign="top" style="padding: 0px 0px 0px 50px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Taxes payable</font></p>
</td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>16.1</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>1.9</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>46.5</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>33.1</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>4.0</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="top" style="padding: 0px 0px 0px 50px; margin: 0px; text-indent: 0px; height: 20px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Income and social contribution taxes</font></p>
</td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>347.2</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>250.5</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>166.5</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>783.7</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>567.3</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px; background-color: #cceeff;">
<td valign="top" style="padding: 0px 0px 0px 50px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Post-employment benefits</font></p>
</td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> (<font>1.9</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>16.7</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>15.6</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>5.1</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>11.2</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="top" style="padding: 0px 0px 0px 50px; margin: 0px; text-indent: 0px; height: 20px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Insurance and other payables</font></p>
</td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>0.3</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>66.8</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>59.2</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> (<font>49.4</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>54.0</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px; background-color: #cceeff;">
<td valign="top" style="padding: 0px 0px 0px 50px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Deferred revenue</font></p>
</td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> (<font>9.3</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>1.1</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>8.2</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> (<font>3.9</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>2.1</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">)</td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="top" style="padding: 0px 0px 0px 15px; margin: 0px; text-indent: 0px; height: 20px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b>(Increase) decrease in non-current assets</b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px; background-color: #cceeff;">
<td valign="top" style="padding: 0px 0px 0px 50px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Trade receivables and reseller financing</font></p>
</td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> (<font>73.0</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>11.4</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>99.6</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> (<font>102.9</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>74.8</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">)</td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="top" style="padding: 0px 0px 0px 50px; margin: 0px; text-indent: 0px; height: 20px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Recoverable taxes</font></p>
</td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> (<font>863.7</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>19.5</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>539.5</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> (<font>130.2</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>47.2</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">)</td>
</tr>
<tr style="break-inside: avoid; height: 20px; background-color: #cceeff;">
<td valign="top" style="padding: 0px 0px 0px 50px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Escrow deposits</font></p>
</td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> (<font>28.4</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>39.9</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>58.8</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> (<font>39.8</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>37.9</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">)</td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="top" style="padding: 0px 0px 0px 50px; margin: 0px; text-indent: 0px; height: 20px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Other receivables</font></p>
</td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> (<font>27.8</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>0.8</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>6.4</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> (<font>4.4</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>13.8</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px; background-color: #cceeff;">
<td valign="top" style="padding: 0px 0px 0px 50px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Prepaid expenses</font></p>
</td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>15.0</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>4.4</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>58.7</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> (<font>116.7</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>65.8</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">)</td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="top" style="padding: 0px 0px 0px 15px; margin: 0px; text-indent: 0px; height: 20px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b>Increase (decrease) in non-current liabilities</b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px; background-color: #cceeff;">
<td valign="top" style="padding: 0px 0px 0px 50px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Post-employment benefits</font></p>
</td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>12.1</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>15.4</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>8.5</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> (<font>0.8</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>7.7</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">)</td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="top" style="padding: 0px 0px 0px 50px; margin: 0px; text-indent: 0px; height: 20px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Provision for tax, civil and labor risks</font></p>
</td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font> &#8212; </font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font> &#8212; </font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font> &#8212; </font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px; background-color: #cceeff;">
<td valign="top" style="padding: 0px 0px 0px 50px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Other payables</font></p>
</td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> (<font>49.3</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>27.7</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>4.4</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>88.0</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>19.3</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">)</td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="top" style="padding: 0px 0px 0px 50px; margin: 0px; text-indent: 0px; height: 20px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Deferred revenue</font></p>
</td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font> &#8212; </font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>11.9</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>1.0</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>0.4</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>1.5</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px; background-color: #cceeff;">
<td valign="top" style="padding: 0px 0px 0px 50px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> CBIO acquisition</font></p>
</td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> (<font>125.3</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 20px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px;">
<td valign="top" style="padding: 0px 0px 0px 15px; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Payments of contractual assets with customers&#8212;exclusive rights</font></p>
</td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> (<font>356.0</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>330.1</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>390.2</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> (<font>529.7</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp; (<font>514.3</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
</tr>
<tr style="break-inside: avoid; height: 10px; background-color: #cceeff;">
<td valign="top" style="padding: 0px 0px 0px 15px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Payments of provision for tax, civil and labor risks </font></p>
</td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> (<font>45.4</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> (<font>25.1</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>23.7</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>15,9</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>58,7</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">)</td>
</tr>
<tr style="break-inside: avoid; height: 10px;">
<td valign="top" style="padding: 0px 0px 0px 15px; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Income and social contribution taxes paid</font></p>
</td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> (<font>342.7</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>141.2</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>197.9</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>836.8</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp; (<font>644.2</font> </font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">)</td>
</tr>
<tr style="break-inside: avoid; height: 10px; background-color: #cceeff;">
<td valign="top" style="padding: 0px 0px 0px 15px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b>Net cash provided by operating activities</b></font></font></p>
</td>
<td nowrap="nowrap" style="padding: 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font>3,138.1</font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>2,924.9</font><font style="mso-tab-count: 1;"> </font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>2,889.0</font><font style="mso-tab-count: 1;"> </font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>1,739.0</font><font style="mso-tab-count: 1;"> </font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp; </font><font>1,988.9</font><font style="mso-tab-count: 1;"> </font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
</tr>

</table>
</div>
</div>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 11.6517%; border-bottom: 1pt solid #000000;"><br></td>
<td style="width: 88.3483%;"><br></td>
</tr>

</table>
<p style="margin: 0in 0in 0in 21.45pt; text-indent: -18.35pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 7.0pt; mso-bidi-font-size: 8.0pt;"><font style="mso-list: Ignore;">(<font>1</font>)<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 8.0pt;">See footnote <font>5</font> under &#8220;Item <font>3</font>.A. Key Information&#8212;Selected Consolidated Financial Data&#8221; for a more complete discussion of EBITDA and Adjusted EBITDA and its reconciliation to information in our consolidated financial statements. </font></font></p>
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>14</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 10.0pt;"><br></font></font></p>
<p style="margin: 0in; text-indent: 24.5pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 10.0pt;">The table below provides a reconciliation of our consolidated statement of financial position data to the net debt positions shown in the table: </font></font></p>
<p style="margin: 0in; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;">&nbsp;</font></p>
<div align="center">
<div>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin: 0px; text-indent: 0px; margin-left: 0.1px;">

<tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes;">
<td style="padding: 0in;"></td>
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<tr style="mso-yfti-irow: 1; page-break-inside: avoid;">
<td valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p style="break-after: avoid; margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
</td>
<td colspan="13" valign="bottom" style="padding: 0in 0in 0in 0.1in; border-bottom: 1pt solid #000000;">
<p align="center" style="margin: 0in; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">Ultrapar</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p style="margin: 0in; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; border-bottom: 1pt solid #000000;"><br></td>
</tr>
<tr style="mso-yfti-irow: 2; page-break-inside: avoid;">
<td valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p style="break-after: avoid; margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
</td>
<td colspan="13" valign="bottom" style="padding: 0in 0in 0in 0.1in; border-bottom: 1pt solid #000000;">
<p align="center" style="margin: 0in; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">As of December 31,</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p style="margin: 0in; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; border-bottom: 1pt solid #000000;"><br></td>
</tr>
<tr style="mso-yfti-irow: 3; page-break-inside: avoid;">
<td valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p style="break-after: avoid; margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
</td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; border-bottom: 1pt solid #000000;">
<p align="right" style="margin: 0in; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2020</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"></font></font></p>
<p align="right" style="margin: 0in; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; border-bottom: 1pt solid #000000;"><br></td>
<td style="padding: 0in 0in 0in 0.1in; border-bottom: 1pt solid #000000;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; border-bottom: 1pt solid #000000;">
<p align="right" style="margin: 0in; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2019</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font></p>
<p align="right" style="margin: 0in; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; border-bottom: 1pt solid #000000;"><br></td>
<td style="padding: 0in 0in 0in 0.1in; border-bottom: 1pt solid #000000;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; border-bottom: 1pt solid #000000;">
<p align="right" style="margin: 0in; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2018</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font></p>
<p align="right" style="margin: 0in; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; border-bottom: 1pt solid #000000;"><br></td>
<td style="padding: 0in 0in 0in 0.1in; border-bottom: 1pt solid #000000;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; border-bottom: 1pt solid #000000;">
<p align="right" style="margin: 0in; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2017</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font></p>
<p align="right" style="margin: 0in; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; border-bottom: 1pt solid #000000;"><br></td>
<td style="padding: 0in 0in 0in 0.1in; border-bottom: 1pt solid #000000;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; border-bottom: 1pt solid #000000;">
<p align="right" style="margin: 0in; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2016</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font></p>
<p align="right" style="margin: 0in; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; border-bottom: 1pt solid #000000;"><br></td>
</tr>
<tr style="mso-yfti-irow: 4; page-break-inside: avoid;">
<td valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p style="break-after: avoid; margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
</td>
<td colspan="13" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="center" style="margin: 0in; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">(in millions of <i style="mso-bidi-font-style: normal;">Reais</i>)</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
</tr>


<tr style="break-inside: avoid; background-color: #cceeff;">
<td valign="top" style="padding: 0in; width: 51%; background-color: #cceeff;">
<p style="margin: 0in 0in 0in 12pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Current loans and hedging instruments</font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 8%; background-color: #cceeff;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> (<font>2,306.0</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff;">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 8%; background-color: #cceeff;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>867.9</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff;">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 8%; background-color: #cceeff;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>2,010.3</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff;">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 8%; background-color: #cceeff;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>1,822.5</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff;">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 8%; background-color: #cceeff;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp; (<font>1,824.0</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; width: 1%; background-color: #cceeff;">)</td>
</tr>
<tr style="mso-yfti-irow: 6; page-break-inside: avoid;">
<td valign="top" style="padding: 0in;">
<p style="margin: 0in 0in 0in 12pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Current debentures</font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> (<font>949.9</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>249.6</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>263.7</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>1,681.2</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>651.6</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;">)</td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff;">
<td valign="top" style="padding: 0in; background-color: #cceeff;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Non-current loans and hedging instruments</font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> (<font>8,526.1</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>6,907.1</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>6,530.6</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>6,159.4</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp; (<font>6,846.2</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">)</td>
</tr>
<tr style="mso-yfti-irow: 8; page-break-inside: avoid;">
<td valign="top" style="padding: 0in;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Non-current debentures</font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> (<font>5,594.2</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>6,368.2</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>6,401.5</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>3,927.6</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp; (<font>2,095.3</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;">)</td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff;">
<td valign="bottom" style="padding: 0in; background-color: #cceeff;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><b>Gross debt position</b></font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; border-top: 1pt solid #000000; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b>(<font>17,376.2</font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; border-top: 1pt solid #000000; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp; </font>(<font>14,392.7</font><font style="mso-tab-count: 1;"> </font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; border-top: 1pt solid #000000; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp; </font>(<font>15,206.1</font><font style="mso-tab-count: 1;"> </font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; border-top: 1pt solid #000000; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp; </font>(<font>13,590.6</font><font style="mso-tab-count: 1;"> </font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; border-top: 1pt solid #000000; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="mso-tab-count: 1;">&nbsp; </font>(<font>11,417.1</font><font style="mso-tab-count: 1;"> </font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">)</td>
</tr>
<tr style="mso-yfti-irow: 11; page-break-inside: avoid;">
<td valign="top" style="padding: 0in;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Cash and cash equivalents</font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>2,661.5</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>2,115.4</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>3,939.0</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>5,002.0</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>4,274.2</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff;">
<td valign="top" style="padding: 0in; background-color: #cceeff;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Current financial investments</font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>5,033.3</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>3,090.2</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>2,853.1</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>1,283.5</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>1,412.6</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
</tr>
<tr style="mso-yfti-irow: 13; page-break-inside: avoid;">
<td valign="top" style="padding: 0in;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Non-current financial investments</font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>977.4</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>506.5</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>202.3</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>84.4</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>15.1</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff;">
<td valign="bottom" style="padding: 0in; background-color: #cceeff;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><b>Net debt (excluding leases payable)</b></font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; border-top: 1pt solid #000000; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b>(<font>8,704.1</font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; border-top: 1pt solid #000000; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>(<font>8,680.6</font><font style="mso-tab-count: 1;"> </font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; border-top: 1pt solid #000000; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>(<font>8,211.7</font><font style="mso-tab-count: 1;"> </font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; border-top: 1pt solid #000000; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>(<font>7,220.7</font><font style="mso-tab-count: 1;"> </font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; border-top: 1pt solid #000000; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp; </font>(<font>5,715.3</font><font style="mso-tab-count: 1;"> </font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">)</td>
</tr>
<tr style="mso-yfti-irow: 16; page-break-inside: avoid;">
<td valign="bottom" style="padding: 0in;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Leases payable</font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;">(<font>1,833.3</font><b></b></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;">(<font>1,588.7</font><b></b></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font>&#8212;</font><b></b></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font>&#8212;</font><b></b></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font>&#8212;</font><b></b></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff;">
<td valign="bottom" style="padding: 0in; background-color: #cceeff;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><b>Net debt</b></font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><b>(<font>10,537.3</font></b></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><b>(<font>10,269.3</font></b></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font> &#8212; </font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font> &#8212; </font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font> &#8212; </font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
</tr>

</table>
</div>
</div>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 10.0pt;">The following tables present our consolidated statements of financial position in accordance with IFRS as of the dates indicated. </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 10.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
<p style="margin: 0in; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;">&nbsp;</font></p>
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<p style="break-after: avoid; margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
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<td colspan="11" valign="bottom" style="padding: 0in 0in 0in 0.1in; border-bottom: 1pt solid #000000;">
<p align="center" style="margin: 0in; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">As of December 31,</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p style="margin: 0in; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
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<p style="break-after: avoid; margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
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<p align="right" style="margin: 0in; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2020</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><sup><font style="font-size: 7.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">(<font>1</font>)</font></sup></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font></p>
<p align="right" style="margin: 0in; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
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<td style="padding: 0in 0in 0in 0.1in; border-bottom: 1pt solid #000000;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; border-bottom: 1pt solid #000000;">
<p align="right" style="margin: 0in; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2020</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"></font></font></p>
<p align="right" style="margin: 0in; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
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<td style="padding: 0in 0in 0in 0.1in; border-bottom: 1pt solid #000000;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; border-bottom: 1pt solid #000000;">
<p align="right" style="margin: 0in; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2019</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font></p>
<p align="right" style="margin: 0in; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
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<td style="padding: 0in 0in 0in 0.1in; border-bottom: 1pt solid #000000;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; border-bottom: 1pt solid #000000;">
<p align="right" style="margin: 0in; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2018</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font></p>
<p align="right" style="margin: 0in; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
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<td style="padding: 0in 0in 0in 0.1in; border-bottom: 1pt solid #000000;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; border-bottom: 1pt solid #000000;">
<p align="right" style="margin: 0in; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2017</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font></p>
<p align="right" style="margin: 0in; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; border-bottom: 1pt solid #000000;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; border-bottom: 1pt solid #000000;">
<p align="right" style="margin: 0in; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2016</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font></p>
<p align="right" style="margin: 0in; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; border-bottom: 1pt solid #000000;"><br></td>
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<tr style="mso-yfti-irow: 3; page-break-inside: avoid;">
<td valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p style="break-after: avoid; margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
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<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td colspan="11" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="center" style="margin: 0in; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">(in millions)</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
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<td style="padding: 0in 0in 0in 0.1in;"><br></td>
</tr>
<tr style="mso-yfti-irow: 4; page-break-inside: avoid;">
<td nowrap="nowrap" valign="bottom" style="padding: 0in; border-bottom: 1pt solid #000000;">
<p style="margin: 0in; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="font-size: 8.0pt;">Consolidated Statements of Financial Position Data:</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
<p style="break-after: avoid; border: none; margin: 1pt 0in 0in; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font></p>
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<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; border-bottom: 1pt solid #000000;">
<p align="right" style="margin: 0in; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">US$</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p align="right" style="margin: 0in; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; border-bottom: 1pt solid #000000;">
<p align="right" style="margin: 0in; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">R$</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p align="right" style="margin: 0in; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; border-bottom: 1pt solid #000000;">
<p align="right" style="margin: 0in; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">R$</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p align="right" style="margin: 0in; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; border-bottom: 1pt solid #000000;">
<p align="right" style="margin: 0in; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">R$</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p align="right" style="margin: 0in; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; border-bottom: 1pt solid #000000;">
<p align="right" style="margin: 0in; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">R$</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p align="right" style="margin: 0in; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; border-bottom: 1pt solid #000000;">
<p align="right" style="margin: 0in; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">R$</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p align="right" style="margin: 0in; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
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<td style="padding: 0in 0in 0in 0.1in; border-bottom: 1pt solid #000000;"><br></td>
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<tr style="break-inside: avoid; background-color: #cceeff;">
<td valign="top" style="padding: 0in; background-color: #cceeff;">
<p style="margin: 0in 0in 0in 12pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b>Current assets</b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p style="margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p style="margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p style="margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p style="margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p style="margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p style="margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
</tr>
<tr style="mso-yfti-irow: 6; page-break-inside: avoid;">
<td valign="top" style="padding: 0in; width: 39%;">
<p style="margin: 0in 0in 0in 12pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Cash and cash equivalents</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; width: 2%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; width: 8%;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>512.2</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; width: 2%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; width: 8%;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>2,661.5</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; width: 2%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; width: 8%;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>2,115.4</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; width: 2%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; width: 8%;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>3,939.0</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; width: 2%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; width: 8%;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>5,002.0</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; width: 2%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; width: 8%;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp; <font>4,274.2</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; width: 1%;"><br></td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff;">
<td valign="top" style="padding: 0in; background-color: #cceeff;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Financial investments and hedging instruments </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>968.5</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>5,033.3</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>3,090.2</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>2,853.1</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>1,283.5</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp; <font>1,412.6</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
</tr>
<tr style="mso-yfti-irow: 8; page-break-inside: avoid;">
<td valign="top" style="padding: 0in;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Trade receivables</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>638.7</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>3,318.9</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>3,635.8</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>4,069.3</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>3,861.3</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp; <font>3,177.1</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff;">
<td valign="top" style="padding: 0in; background-color: #cceeff;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Reseller financing</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>105.7</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>549.1</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>436.2</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>367.3</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>286.6</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>211.1</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
</tr>
<tr style="mso-yfti-irow: 10; page-break-inside: avoid;">
<td valign="top" style="padding: 0in;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Inventories</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>740.1</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>3,846.2</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>3,715.6</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>3,354.5</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>3,513.7</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp; <font>2,781.4</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff;">
<td valign="top" style="padding: 0in; background-color: #cceeff;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Recoverable taxes</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>201.1</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>1,044.9</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>1,122.3</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>639.7</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>665.0</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>382.4</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
</tr>
<tr style="break-inside: avoid;">
<td valign="top" style="padding: 0in;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Recoverable income and social contribution taxes</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>70.4</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>366.1</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>325.3</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>257.2</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>216.6</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>159.4</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff;">
<td valign="top" style="padding: 0in; background-color: #cceeff;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Other receivables</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>11.2</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>58.1</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>40.4</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>59.6</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>55.2</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>395.9</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
</tr>
<tr style="break-inside: avoid;">
<td valign="top" style="padding: 0in;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Prepaid expenses</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>25.4</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>132.1</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>111.4</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>187.6</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>150.0</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>123.9</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff;">
<td valign="top" style="padding: 0in; background-color: #cceeff;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Contractual assets with customers &#8211; exclusive rights</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>92.2</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>478.9</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>465.5</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>484.5</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>456.2</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>448.3</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
</tr>
<tr style="break-inside: avoid;">
<td valign="bottom" style="padding: 0in;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><b>Total current assets</b></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font>3,365.4</font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font>17,489.1</font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp; </font><font>15,058.1</font><font style="mso-tab-count: 1;"> </font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp; </font><font>16,211.7</font><font style="mso-tab-count: 1;"> </font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp; </font><font>15,490.1</font><font style="mso-tab-count: 1;"> </font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="mso-tab-count: 1;">&nbsp; </font><font>13,366.1</font><font style="mso-tab-count: 1;"> </font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff;">
<td valign="top" style="padding: 0in; background-color: #cceeff;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b>Non-current assets</b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="text-align: right; margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="text-align: right; margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="text-align: right; margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="text-align: right; margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="text-align: right; margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="text-align: right; margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
</tr>
<tr style="break-inside: avoid;">
<td valign="top" style="padding: 0in;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Financial investments and hedging instruments </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>188.1</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>977.4</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>506.5</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>202.3</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>84.4</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>15.1</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff;">
<td valign="top" style="padding: 0in; background-color: #cceeff;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Trade receivables</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>13.9</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>72.2</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>53.7</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>81.6</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>46.3</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>49.6</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
</tr>
<tr style="break-inside: avoid;">
<td valign="top" style="padding: 0in;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Reseller financing</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>80.7</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>419.3</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>364.7</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>348.3</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>283.7</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>177.5</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff;">
<td valign="top" style="padding: 0in; background-color: #cceeff;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Related parties</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>0.5</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>2.8</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>0.5</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>0.5</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>0.5</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>0.5</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
</tr>
<tr style="break-inside: avoid;">
<td valign="top" style="padding: 0in;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Deferred income and social contribution taxes</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>187.6</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>974.7</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>653.7</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>514.2</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>614.1</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>459.6</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff;">
<td valign="top" style="padding: 0in; background-color: #cceeff;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Recoverable taxes, net</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>283.8</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>1,474.8</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>767.4</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>747.2</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>234.7</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>146.8</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
</tr>
<tr style="break-inside: avoid;">
<td valign="top" style="padding: 0in;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Recoverable income and social contribution taxes</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>50.3</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>261.2</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>104.9</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>105.6</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>78.5</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>35.9</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff;">
<td valign="top" style="padding: 0in; background-color: #cceeff;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Escrow deposits</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>182.8</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>949.8</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>921.4</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>881.5</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>822.7</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>778.8</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
</tr>
<tr style="break-inside: avoid;">
<td valign="top" style="padding: 0in;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Indemnity asset &#8211; business combination</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>39.3</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>204.4</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>193.5</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>194.7</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>202.4</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff;">
<td valign="top" style="padding: 0in; background-color: #cceeff;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Other receivables</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>3.9</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>20.2</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>3.4</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>1.4</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>7.9</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>2.7</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
</tr>
<tr style="break-inside: avoid;">
<td valign="top" style="padding: 0in;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Prepaid expenses</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>13.6</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>70.5</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>69.2</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>399.1</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>346.9</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>222.5</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff;">
<td valign="top" style="padding: 0in; background-color: #cceeff;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Contractual assets with customers &#8211; exclusive rights</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>236.2</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>1,227.4</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>1,000.5</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>1,034.0</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>1,046.1</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>989.8</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
</tr>
<tr style="break-inside: avoid;">
<td valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p style="break-after: avoid; margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; border-top: 1pt solid #000000;">
<p align="right" style="margin: 0in; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-family: 'Times New Roman', serif;"><font>1</font>,<font style="mso-bidi-font-weight: bold;"><font>280.6</font></font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-family: 'Times New Roman', serif;"></font></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; border-top: 1pt solid #000000;">
<p align="right" style="margin: 0in; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="font-family: 'Times New Roman', serif;"><font>6,654.8</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-family: 'Times New Roman', serif;"></font></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; border-top: 1pt solid #000000;">
<p align="right" style="margin: 0in; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-family: 'Times New Roman', serif;"><font>4</font>,<font style="mso-bidi-font-weight: bold;"><font>639.5</font></font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-family: 'Times New Roman', serif;"></font></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; border-top: 1pt solid #000000;">
<p align="right" style="margin: 0in; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="font-family: 'Times New Roman', serif;"><font>4,510.4</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-family: 'Times New Roman', serif;"></font></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; border-top: 1pt solid #000000;">
<p align="right" style="margin: 0in; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="font-family: 'Times New Roman', serif;"><font>3,768</font>.</font></b></font><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-family: 'Times New Roman', serif;"><font>2</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-family: 'Times New Roman', serif;"></font></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; border-top: 1pt solid #000000;">
<p align="right" style="margin: 0in; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-family: 'Times New Roman', serif;"><font>2</font><font style="mso-bidi-font-weight: bold;">,<font>878.6</font></font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-family: 'Times New Roman', serif;"></font></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
</tr>

</table>
</div>
</div>
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>15</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<div align="center">
<div>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%;">

<tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes;">
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<td style="padding: 0in;"><br></td>
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<td style="padding: 0in;"><br></td>
<td style="padding: 0in;"></td>
<td style="padding: 0in;"><br></td>
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<td style="padding: 0in;"><br></td>
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<p style="break-after: avoid; margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td colspan="11" valign="bottom" style="padding: 0in 0in 0in 0.1in; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p align="center" style="margin: 0in; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">As of December 31,</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p style="margin: 0in; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
</tr>
<tr style="mso-yfti-irow: 2; page-break-inside: avoid;">
<td valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p style="break-after: avoid; margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p align="right" style="margin: 0in; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2020</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><sup><font style="font-size: 7.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">(<font>1</font>)</font></sup></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font></p>
<p align="right" style="margin: 0in; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p align="right" style="margin: 0in; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2020</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"></font></font></p>
<p align="right" style="margin: 0in; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p align="right" style="margin: 0in; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2019</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font></p>
<p align="right" style="margin: 0in; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p align="right" style="margin: 0in; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2018</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font></p>
<p align="right" style="margin: 0in; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p align="right" style="margin: 0in; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2017</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font></p>
<p align="right" style="margin: 0in; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p align="right" style="margin: 0in; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2016</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font></p>
<p align="right" style="margin: 0in; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
</tr>
<tr style="break-inside: avoid;">
<td valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p style="break-after: avoid; margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td colspan="11" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="center" style="margin: 0in; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">(in millions)</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
</tr>
<tr style="mso-yfti-irow: 4; page-break-inside: avoid;">
<td valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p style="break-after: avoid; border: none; margin: 1pt 0in 0in; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p align="right" style="margin: 0in; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">US$</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p align="right" style="margin: 0in; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p align="right" style="margin: 0in; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">R$</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p align="right" style="margin: 0in; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p align="right" style="margin: 0in; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">R$</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p align="right" style="margin: 0in; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p align="right" style="margin: 0in; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">R$</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p align="right" style="margin: 0in; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p align="right" style="margin: 0in; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">R$</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p align="right" style="margin: 0in; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p align="right" style="margin: 0in; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">R$</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p align="right" style="margin: 0in; text-align: right; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
</tr>


<tr style="break-inside: avoid; background-color: #cceeff;">
<td valign="top" style="padding: 0in; border-top: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0in 0in 0in 12pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Investments</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="text-align: right; margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="text-align: right; margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="text-align: right; margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="text-align: right; margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="text-align: right; margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="text-align: right; margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
</tr>
<tr style="mso-yfti-irow: 6; page-break-inside: avoid;">
<td valign="top" style="padding: 0in; width: 40%;">
<p style="margin: 0in 0in 0in 0.5in; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> In joint-ventures</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; width: 1%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; width: 8%;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>26.8</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; width: 2%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; width: 8%;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>139.1</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; width: 2%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; width: 8%;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>153.1</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; width: 2%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; width: 8%;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>102.0</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; width: 2%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; width: 8%;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>122.1</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; width: 2%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; width: 8%;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>116.1</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; width: 1%;"><br></td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff;">
<td valign="top" style="padding: 0in; background-color: #cceeff;">
<p style="margin: 0in 0in 0in 0.5in; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> In associates</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>4.9</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>25.6</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>25.8</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>24.3</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>25.3</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>22.7</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
</tr>
<tr style="mso-yfti-irow: 8; page-break-inside: avoid;">
<td valign="top" style="padding: 0in;">
<p style="margin: 0in 0in 0in 0.5in; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Other</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>0.5</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>2.8</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>2.8</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>2.8</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>2.8</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>2.8</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff;">
<td valign="top" style="padding: 0in; background-color: #cceeff;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Right to use assets</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>413.8</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>2,150.3</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>1,980.9</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
</tr>
<tr style="mso-yfti-irow: 10; page-break-inside: avoid;">
<td valign="top" style="padding: 0in;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Property, plant and equipment, net</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>1,540.6</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>8,005.9</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>7,572.8</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>7,278.9</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>6,637.8</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>5,796.4</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff;">
<td valign="top" style="padding: 0in; background-color: #cceeff;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Intangible assets, net</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>343.0</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>1,782.7</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>1,762.6</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>2,369.4</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>2,238.0</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>1,891.6</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
</tr>
<tr style="mso-yfti-irow: 13; page-break-inside: avoid;">
<td valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p style="break-after: avoid; margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p align="right" style="margin: 0in; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-family: 'Times New Roman', serif;"><font>2</font>,<font style="mso-bidi-font-weight: bold;"><font>329</font></font><font>.6</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-family: 'Times New Roman', serif;"></font></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p align="right" style="margin: 0in; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="font-family: 'Times New Roman', serif;"><font>12,106.3</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-family: 'Times New Roman', serif;"></font></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p align="right" style="margin: 0in; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="font-family: 'Times New Roman', serif;"><font>11,497</font>.</font></b></font><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-family: 'Times New Roman', serif;"><font>9</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-family: 'Times New Roman', serif;"></font></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p align="right" style="margin: 0in; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-family: 'Times New Roman', serif;"><font>9</font>,<font style="mso-bidi-font-weight: bold;"><font>777.3</font></font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-family: 'Times New Roman', serif;"></font></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p align="right" style="margin: 0in; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="font-family: 'Times New Roman', serif;"><font>9,026.1</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-family: 'Times New Roman', serif;"></font></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p align="right" style="margin: 0in; text-align: right; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="font-family: 'Times New Roman', serif;"><font>7,829.7</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-family: 'Times New Roman', serif;"></font></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff;">
<td valign="bottom" style="padding: 0in; background-color: #cceeff;">
<p style="margin: 0in 0in 0in 12pt; text-indent: -12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><b>Total non-current assets</b></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font>3,610.2</font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font>18,761.1</font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp; </font><font>16,137.4</font><font style="mso-tab-count: 1;"> </font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp; </font><font>14,287.7</font><font style="mso-tab-count: 1;"> </font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp; </font><font>12,794.2</font><font style="mso-tab-count: 1;"> </font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp; </font><font>10,708.4</font><font style="mso-tab-count: 1;"> </font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
</tr>
<tr style="mso-yfti-irow: 16; mso-yfti-lastrow: yes; page-break-inside: avoid;">
<td valign="bottom" style="padding: 0in;">
<p style="margin: 0in 0in 0in 12pt; text-indent: -12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><b>TOTAL ASSETS</b></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font>6,975.6</font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font>36,250.2</font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp; </font><font>31,195.5</font><font style="mso-tab-count: 1;"> </font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp; </font><font>30,499.4</font><font style="mso-tab-count: 1;"> </font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp; </font><font>28,284.3</font><font style="mso-tab-count: 1;"> </font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp; </font><font>24,074.5</font><font style="mso-tab-count: 1;"> </font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
</tr>

</table>
</div>
</div>
<p style="margin: 0in; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;">&nbsp;</font><font style="mso-bookmark: _DMBM_3924;"><font style="mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
<div align="center">
<div>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="height: 701px; border-collapse: collapse; width: 99.9231%; font-family: 'times new roman'; font-size: 10pt; margin: 0px 0px 0px 0.1px; text-indent: 0px;">

<tr style="height: 17px;">
<td style="padding: 0in; height: 17px;"></td>
<td style="padding: 0in;"><br></td>
<td style="padding: 0in; height: 17px;"></td>
<td style="padding: 0in;"><br></td>
<td style="padding: 0in; height: 17px;"></td>
<td style="padding: 0in;"><br></td>
<td style="padding: 0in; height: 17px;"></td>
<td style="padding: 0in;"><br></td>
<td style="padding: 0in; height: 17px;"></td>
<td style="padding: 0in;"><br></td>
<td style="padding: 0in; height: 17px;"></td>
<td style="padding: 0in;"><br></td>
<td style="padding: 0in; height: 17px;"></td>
<td style="padding: 0in;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p style="break-after: avoid; margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td colspan="11" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; border-bottom: 1pt solid #000000;">
<p align="center" style="margin: 0in; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">As of December 31,</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p style="margin: 0in; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; border-bottom: 1pt solid #000000;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 25px;">
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 25px;">
<p style="break-after: avoid; margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 25px; border-bottom: 1pt solid #000000;">
<p align="center" style="margin: 0in; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2020</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><b><sup><font style="font-size: 7.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">(<font>1</font>)</font></sup></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font></p>
<p style="margin: 0in; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; border-bottom: 1pt solid #000000;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 25px; border-bottom: 1pt solid #000000;">
<p align="center" style="margin: 0in; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2020</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"></font></font></p>
<p style="margin: 0in; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; border-bottom: 1pt solid #000000;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 25px; border-bottom: 1pt solid #000000;">
<p align="center" style="margin: 0in; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2019</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font></p>
<p style="margin: 0in; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; border-bottom: 1pt solid #000000;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 25px; border-bottom: 1pt solid #000000;">
<p align="center" style="margin: 0in; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2018</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font></p>
<p style="margin: 0in; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; border-bottom: 1pt solid #000000;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 25px; border-bottom: 1pt solid #000000;">
<p align="center" style="margin: 0in; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2017</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font></p>
<p style="margin: 0in; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; border-bottom: 1pt solid #000000;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 25px; border-bottom: 1pt solid #000000;">
<p align="center" style="margin: 0in; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2016</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font></p>
<p style="margin: 0in; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; border-bottom: 1pt solid #000000;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 17px;">
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 17px;">
<p style="break-after: avoid; margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td colspan="11" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 17px;">
<p align="center" style="margin: 0in; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">(in millions)</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 24px;">
<td nowrap="nowrap" valign="bottom" style="padding: 0in; height: 24px; border-bottom: 1pt solid #000000;">
<p style="margin: 0in; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="font-size: 8.0pt;">Consolidated Statements of Financial Position Data:</font></b></font></p>
<p style="break-after: avoid; border: none; margin: 1pt 0in 0in; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 24px; border-bottom: 1pt solid #000000;">
<p align="center" style="margin: 0in; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">US$</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p style="margin: 0in; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 24px; border-bottom: 1pt solid #000000;">
<p align="center" style="margin: 0in; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">R$</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p style="margin: 0in; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 24px; border-bottom: 1pt solid #000000;">
<p align="center" style="margin: 0in; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">R$</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p style="margin: 0in; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 24px; border-bottom: 1pt solid #000000;">
<p align="center" style="margin: 0in; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">R$</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p style="margin: 0in; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 24px; border-bottom: 1pt solid #000000;">
<p align="center" style="margin: 0in; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">R$</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p style="margin: 0in; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 24px; border-bottom: 1pt solid #000000;">
<p align="center" style="margin: 0in; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">R$</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p style="margin: 0in; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; border-bottom: 1pt solid #000000;"><br></td>
</tr>


<tr style="break-inside: avoid; height: 20px; background-color: #cceeff;">
<td valign="top" style="padding: 0in; height: 20px; background-color: #cceeff;">
<p style="margin: 0in 0in 0in 12pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b>Current liabilities</b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p style="margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p style="margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p style="margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p style="margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p style="margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p style="margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="top" style="padding: 0in; height: 20px; width: 40%;">
<p style="margin: 0in 0in 0in 12pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Loans and hedging instruments</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; width: 1%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; width: 8%;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>443.7</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; width: 2%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; width: 8%;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>2,306.0</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; width: 2%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; width: 8%;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>867.9</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; width: 2%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; width: 8%;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>2,007.4</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; width: 2%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; width: 8%;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>1,819.8</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; width: 2%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; width: 8%;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>1,821.4</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; width: 1%;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px; background-color: #cceeff;">
<td valign="top" style="padding: 0in; height: 20px; background-color: #cceeff;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Debentures</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>182.8</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>949.9</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>249.6</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>263.7</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>1,681.2</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>651.6</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="top" style="padding: 0in; height: 20px;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Leases payable</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>50.1</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>260.2</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>206.4</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>2.8</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>2.7</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>2.6</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px; background-color: #cceeff;">
<td valign="top" style="padding: 0in; height: 20px; background-color: #cceeff;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Trade payables</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>777.5</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>4,040.7</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>2,700.1</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>2,731.7</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>2,155.5</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>1,709.7</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="top" style="padding: 0in; height: 20px;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Salaries and related charges</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>90.2</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>468.6</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>405.6</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>428.2</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>388.1</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>362.7</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px; background-color: #cceeff;">
<td valign="top" style="padding: 0in; height: 20px; background-color: #cceeff;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Taxes payable</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>55.0</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>286.0</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>269.9</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>268.0</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>221.5</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>168.4</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="top" style="padding: 0in; height: 20px;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Dividends payable</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>85.1</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>442.1</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>16.7</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>284.0</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>338.8</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>320.9</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px; background-color: #cceeff;">
<td valign="top" style="padding: 0in; height: 20px; background-color: #cceeff;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Income and social contribution taxes payable</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>32.6</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>169.3</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>164.8</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>55.5</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>86.8</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>140.0</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="top" style="padding: 0in; height: 20px;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Post-employment benefits</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>5.2</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>27.1</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>29.0</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>45.7</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>30.1</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>24.9</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px; background-color: #cceeff;">
<td valign="top" style="padding: 0in; height: 20px; background-color: #cceeff;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Provision for asset retirement obligation</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>0.8</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>4.3</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>3.8</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>4.4</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>4.8</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>4.6</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="top" style="padding: 0in; height: 20px;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Provision for tax, civil and labor risks</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>8.4</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>43.7</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>40.5</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>77.8</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>64.6</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>52.7</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px; background-color: #cceeff;">
<td valign="top" style="padding: 0in; height: 20px; background-color: #cceeff;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Other payables</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>43.2</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>224.7</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>213.3</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>141.0</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>197.4</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>202.6</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="top" style="padding: 0in; height: 20px;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Deferred revenue</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>3.5</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>18.3</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>27.6</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>26.6</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>18.4</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>22.3</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px; background-color: #cceeff;">
<td valign="bottom" style="padding: 0in; height: 20px; background-color: #cceeff;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><b>Total current liabilities</b></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font>1,778.2</font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font>9,240.8</font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>5,195.1</font><font style="mso-tab-count: 1;"> </font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>6,336.8</font><font style="mso-tab-count: 1;"> </font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>7,009.7</font><font style="mso-tab-count: 1;"> </font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>5,484.3</font><font style="mso-tab-count: 1;"> </font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="top" style="padding: 0in; height: 20px;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b>Non-current liabilities</b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="text-align: right; line-height: normal; margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="text-align: right; line-height: normal; margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="text-align: right; line-height: normal; margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="text-align: right; line-height: normal; margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="text-align: right; line-height: normal; margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="text-align: right; line-height: normal; margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px; background-color: #cceeff;">
<td valign="top" style="padding: 0in; height: 20px; background-color: #cceeff;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Loans and hedging instruments</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>1,640.7</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>8,526.1</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>6,907.1</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>6,487.4</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>6,113.5</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>6,800.1</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="top" style="padding: 0in; height: 20px;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Debentures</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>1,076.5</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>5,594.2</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>6,368.2</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>6,401.5</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>3,927.6</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>2,095.3</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px; background-color: #cceeff;">
<td valign="top" style="padding: 0in; height: 20px; background-color: #cceeff;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Leases payable</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>302.7</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>1,573.1</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>1,382.3</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>43.2</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>45.8</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>46.1</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="top" style="padding: 0in; height: 20px;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Related parties</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>0.7</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>3.7</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>3.9</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>4.1</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>4.2</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>4.3</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px; background-color: #cceeff;">
<td valign="top" style="padding: 0in; height: 20px; background-color: #cceeff;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Deferred income and social contribution taxes </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>2.5</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>12.7</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>7.5</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>9.3</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>83.6</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>7.6</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="top" style="padding: 0in; height: 20px;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Provision for tax, civil and labor risks</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>164.4</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>854.4</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>884.1</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>865.2</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>861.2</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>727.1</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px; background-color: #cceeff;">
<td valign="top" style="padding: 0in; height: 20px; background-color: #cceeff;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Post-employment benefits</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>49.6</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>257.6</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>243.9</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>204.2</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>207.5</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>119.8</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="top" style="padding: 0in; height: 20px;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Provision for assets retirement obligation</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>9.5</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>49.2</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>47.4</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>50.3</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>60.0</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>73.0</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px; background-color: #cceeff;">
<td valign="top" style="padding: 0in; height: 20px; background-color: #cceeff;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Subscription warrants &#8211; indemnification</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>16.6</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>86.4</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>130.7</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>123.1</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>171.5</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>153.4</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="top" style="padding: 0in; height: 20px;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Other payables</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>27.2</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> <font>141.6</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>190.1</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>162.4</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>162.8</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>74.9</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px; background-color: #cceeff;">
<td valign="top" style="padding: 0in; height: 20px; background-color: #cceeff;">
<p style="margin: 0in 0in 0in 12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> Deferred revenue</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="color: #000000; font-family: 'Times New Roman', serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-right; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#8212;</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="color: #000000; font-family: 'Times New Roman', serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-right; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#8212;</font><br></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&#8212;</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>11.9</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>12.9</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; height: 20px; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>12.5</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="bottom" style="padding: 0in 0px; height: 20px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><b>Total non-current liabilities</b></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 20px; margin: 0px; text-indent: 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'times new roman', times;"><b><font>3,290.4</font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 20px; margin: 0px; text-indent: 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font>17,099.1</font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 20px; margin: 0px; text-indent: 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp; </font><font>16,165.2</font><font style="mso-tab-count: 1;"> </font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 20px; margin: 0px; text-indent: 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp; </font><font>14,362.6</font><font style="mso-tab-count: 1;"> </font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 20px; margin: 0px; text-indent: 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp; </font><font>11,650.6</font><font style="mso-tab-count: 1;"> </font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 20px; margin: 0px; text-indent: 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp; </font><font>10,114.2</font><font style="mso-tab-count: 1;"> </font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px; background-color: #cceeff;">
<td valign="bottom" style="padding: 0in 0px; height: 20px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><b>TOTAL LIABILITIES</b></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 20px; margin: 0px; text-indent: 0px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font>5,068.6</font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 20px; margin: 0px; text-indent: 0px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font>26,339.9</font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 20px; margin: 0px; text-indent: 0px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp; </font><font>21,360.3</font><font style="mso-tab-count: 1;"> </font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 20px; margin: 0px; text-indent: 0px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp; </font><font>20,699.4</font><font style="mso-tab-count: 1;"> </font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 20px; margin: 0px; text-indent: 0px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp; </font><font>18,660.3</font><font style="mso-tab-count: 1;"> </font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; height: 20px; margin: 0px; text-indent: 0px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp; </font><font>15,598.5</font><font style="mso-tab-count: 1;"> </font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"><br></td>
</tr>

</table>
</div>
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>16</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
</div>
<div align="center">
<div>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100%; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; margin: 0px; text-indent: 0px; height: 380px;">

<tr style="height: 17px;">
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 17px;"></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 17px;"></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 17px;"></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 17px;"></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 17px;"></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 17px;"></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 17px;"></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px;">
<p style="break-after: avoid; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
</td>
<td colspan="16" valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 20px;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">As of December 31,</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 20px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 25px;">
<td valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 25px;">
<p style="break-after: avoid; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
</td>
<td valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 25px;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2020</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><b><sup><font style="font-size: 7.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">(<font>1</font>)</font></sup></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 25px;"><br></td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 25px;"><br></td>
<td valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 25px;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2020</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"></font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 25px;"><br></td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 25px;"><br></td>
<td valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 25px;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2019</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 25px;"><br></td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 25px;"><br></td>
<td valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 25px;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2018</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 25px;"><br></td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 25px;"><br></td>
<td valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 25px;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2017</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 25px;"><br></td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 25px;"><br></td>
<td valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 25px;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font>2016</font></font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 25px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 17px;">
<td valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="break-after: avoid; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
</td>
<td colspan="16" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">(in millions)</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 10px;">
<td valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 10px;">
<p style="break-after: avoid; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"> &nbsp; </font></p>
</td>
<td valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 10px;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">US$</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 10px;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">R$</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 10px;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">R$</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 10px;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">R$</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 10px;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">R$</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td valign="bottom" style="padding: 0in 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; height: 10px;">
<p align="center" style="margin: 0px; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">R$</font></b></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<p style="margin: 0px; border: none; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; padding: 0in 0px; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
</tr>


<tr style="break-inside: avoid; background-color: #cceeff; height: 20px;">
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b>Equity</b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td style="padding: 0in 0px; width: 41%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Share capital</font></p>
</td>
<td nowrap="nowrap" style="padding: 0in 0px; width: 8%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>995.2</font> </font></p>
</td>
<td style="padding: 0in 0px; width: 1%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; width: 1%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; width: 8%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>5,171.8</font> </font></p>
</td>
<td style="padding: 0in 0px; width: 1%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; width: 1%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; width: 8%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>5,171.8</font> </font></p>
</td>
<td style="padding: 0in 0px; width: 1%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; width: 1%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; width: 8%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>5,171.8</font> </font></p>
</td>
<td style="padding: 0in 0px; width: 1%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; width: 1%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; width: 8%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>5,171.8</font> </font></p>
</td>
<td style="padding: 0in 0px; width: 1%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; width: 1%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; width: 8%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>3,838.7</font> </font></p>
</td>
<td style="padding: 0in 0px; width: 1%; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff; height: 20px;">
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Equity instrument granted</font></p>
</td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>4.3</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>22.4</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>12.0</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>4.3</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>0.5</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#8212; </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Capital reserve</font></p>
</td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>114.3</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>594.0</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>542.4</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>542.4</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>549.8</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>552.0</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff; height: 20px;">
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Treasury shares</font></p>
</td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> (<font>94.1</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> (<font>489.1</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>485.4</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>485.4</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>482.3</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>483.9</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">)</td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Revaluation reserve on subsidiaries</font></p>
</td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>0.8</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>4.3</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>4.5</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>4.7</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>4.9</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>5.3</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff; height: 20px;">
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Profit reserves</font></p>
</td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>848.3</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>4,408.3</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>3,995.4</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>4,099.1</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>3,629.9</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>4,384.0</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Additional dividends to the minimum mandatory dividends</font></p>
</td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>10.7</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>55.4</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>261.5</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>109.4</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>163.7</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>165.5</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff; height: 20px;">
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Valuation adjustments</font></p>
</td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> (<font>89.5</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> (<font>465.0</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>146.3</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>64.0</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>154.8</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (<font>24.0</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">)</td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Cumulative translation adjustments</font></p>
</td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; border-top: 1pt solid #000000; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>44.6</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; border-top: 1pt solid #000000; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>231.6</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; border-top: 1pt solid #000000; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>102.4</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; border-top: 1pt solid #000000; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>65.9</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; border-top: 1pt solid #000000; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>53.1</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td nowrap="nowrap" style="padding: 0in 0px; margin: 0px; text-indent: 0px; border-top: 1pt solid #000000; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>7.5</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff; height: 20px;">
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Equity attributable to: </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom">
<p align="right" style="text-align: right; line-height: normal; margin: 0px; font-size: 4pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="break-inside: avoid; height: 20px;">
<td valign="top" style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Shareholders of the Company</font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>1,834.6</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>9,533.7</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>9,458.3</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>9,448.1</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>9,246.2</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>8,445.2</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 20px;"><br></td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff; height: 20px;">
<td valign="top" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> Non-controlling interest in subsidiaries</font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>72.5</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> <font>376.5</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>376.9</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>351.9</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>377.8</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>30.9</font> </font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 20px;"><br></td>
</tr>
<tr style="break-inside: avoid; height: 21px;">
<td valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 21px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><b>TOTAL EQUITY</b></font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; border-bottom: 2.8pt double #000000; border-top: 1pt solid #000000; height: 21px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font>1,907.0</font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 21px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 21px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; border-bottom: 2.8pt double #000000; border-top: 1pt solid #000000; height: 21px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font>9,910.3</font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 21px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 21px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; border-bottom: 2.8pt double #000000; border-top: 1pt solid #000000; height: 21px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>9,835.2</font><font style="mso-tab-count: 1;"> </font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 21px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 21px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; border-bottom: 2.8pt double #000000; border-top: 1pt solid #000000; height: 21px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>9,800.0</font><font style="mso-tab-count: 1;"> </font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 21px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 21px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; border-bottom: 2.8pt double #000000; border-top: 1pt solid #000000; height: 21px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>9,624.0</font><font style="mso-tab-count: 1;"> </font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 21px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 21px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; border-bottom: 2.8pt double #000000; border-top: 1pt solid #000000; height: 21px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>8,476.1</font><font style="mso-tab-count: 1;"> </font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; height: 21px;"><br></td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff; height: 10px;">
<td valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;">
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><b>TOTAL LIABILITIES AND EQUITY</b></font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 10px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font>6,975.6</font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 10px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font>36,250.2</font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 10px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp; </font><font>31,195.5</font><font style="mso-tab-count: 1;"> </font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 10px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp; </font><font>30,499.4</font><font style="mso-tab-count: 1;"> </font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 10px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp; </font><font>28,284.3</font><font style="mso-tab-count: 1;"> </font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0px; margin: 0px; text-indent: 0px; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 10px;">
<p align="right" style="margin: 0px; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3924;"><b><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp; </font><font>24,074.5</font><font style="mso-tab-count: 1;"> </font></b></font><font style="mso-bookmark: _DMBM_3924;"></font></font></p>
</td>
<td style="padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px;"><br></td>
</tr>

</table>
</div>
</div>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 11.6517%; border-bottom: 1pt solid #000000;"><br></td>
<td style="width: 88.3483%;"><br></td>
</tr>

</table>
<p style="margin: 0in 0in 0in 21.45pt; text-indent: -18.35pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 7.0pt;">(<font>1</font>)</font></font><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;<font style="mso-tab-count: 1;">&nbsp; &nbsp; </font>The figures in <i>Reais</i> for December 31, 2020 have been converted into dollars using the exchange rate of US$<font>1.00</font> = R$<font>5.1967</font>, which is the commercial rate reported by the Central Bank on that date. This information is presented solely for the convenience of the reader. You should not interpret the currency conversions in this annual report as a statement that the amounts in <i>Reais </i>currently represent such values in U.S. dollars. Additionally, you should not interpret such conversions as statements that the amounts in <i>Reais</i> have been, could have been or could be converted into U.S. dollars at this or any other foreign exchange rates. See &#8220;Item <font>3</font>.A. Key Information&#8212;Selected Consolidated Financial Data&#8212;Exchange Rates&#8221;. </font></font></p>
</div>
<div style="page: WordSection2;">
<p style="margin: 0.25in 0in 0in; text-indent: 24.4pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><b><i><font style="font-size: 10.0pt;">Exchange Rates </font></i></b><font style="mso-bookmark: _DMBM_3925;"><font style="font-size: 10.0pt;"></font></font></p>
<p style="margin: 6pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3925;"><font style="font-size: 10.0pt;">In <font>2016</font>, the <i>Real</i> appreciated <font>17</font>% against the U.S. dollar, marking the first year that it has appreciated against the U.S. dollar since <font>2011</font>, despite residual political instability and continuing signs that the Brazilian economy was shrinking. This was mostly due to improvements in the Brazilian political environment, following the impeachment of former president Dilma Rousseff and certain stabilizing measures proposed by former President Michel Temer as well as ongoing efforts by the government&#8217;s economic team to curb public spending and debt. In <font>2017</font>, the <i>Real</i> depreciated <font>2</font>% against the U.S. dollar, reflecting the continued political instability and diminished expectations of the pension reform despite a slight improvement in the Brazilian economic scenario. In <font>2018</font>, the <i>Real</i> depreciated <font>17</font>%, pressured mainly by the global instability, result of economic crises in developed countries, and the increase of interest rates by the Federal Reserve System. The domestic scenario, characterized by political instability due to the presidential elections and the slow progress of fiscal and pension reforms, also influenced the <i>Real </i>depreciation during the year. In <font>2019</font>, the <i>Real </i>depreciated <font>4</font>% against the U.S. dollar as a result of the worldwide trade tensions particularly between China and the United States and uncertainties relating to the Brazilian pension reform. In <font>2020</font>, the <i>Real</i> depreciated <font>29</font>% against the U.S. dollar in a year marked by (i)</font> </font><font style="mso-bookmark: _DMBM_3925;"><font style="font-size: 10.0pt;">uncertainties about the COVID-<font>19</font> health crisis, (ii) reduction of the interest rate in Brazil and (iii) aggravation of Brazil&#8217;s fiscal and political risks. </font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3925;"><font style="font-size: 10.0pt;">On <font style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">April 28, 2021</font>, the exchange rate for <i>Reais</i> into U.S. dollars was 5.400 to US$<font>1.00</font>, based on the commercial selling rate as reported by the Central Bank. From December 31, 2020 to <font style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">April 28, 2021</font>, the <i>Real</i> depreciated 4%&nbsp;against the U.S. dollar, mainly due to the low interest rate environment in Brazil coupled with local and international market conditions, including the economic, political and other impacts of the ongoing COVID-<font>19</font> pandemic.</font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3925;"><font style="font-size: 10.0pt;">The average <i>Real</i>/U.S. dollar of the monthly exchange rate in <font>2020</font> was R$<font>5.156</font> per US$<font>1.00</font> compared with R$<font>3.945</font> per US$<font>1.00</font> in <font>2019</font>, a depreciation of <font>31</font>%. The following table sets forth information on prevailing commercial foreign exchange selling rates for the periods indicated, as published by the Central Bank on its electronic information system, SISBACEN, using PTAX <font>800</font>, Option <font>5</font>. </font></font></p>
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>17</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font></p>
<p style="margin: 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3925;"><font style="font-size: 10.0pt;">It is not possible to predict future changes in the <i>Real</i>-U.S. dollar exchange rate and what impact the Brazilian macroeconomic scenario and the Brazilian government&#8217;s exchange rate policies may have on us. </font></font></p>
<p style="margin: 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3925;"><font style="font-size: 10.0pt;">&nbsp;</font></font></p>
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<p style="break-after: avoid; margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt;"><font style="mso-bookmark: _DMBM_3925;"> &nbsp; </font></p>
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<td colspan="7" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="center" style="margin: 0in; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3925;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">Exchange&nbsp;rates&nbsp;of&nbsp;nominal<i style="mso-bidi-font-style: normal;">&nbsp;Reais</i>&nbsp;per&nbsp;US$<font>1.00</font></font></b></font><font style="mso-bookmark: _DMBM_3925;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3925;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
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<p style="margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; border: none; padding: 0in;"><font style="mso-bookmark: _DMBM_3925;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3925;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
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<p style="break-after: avoid; margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt;"><font style="mso-bookmark: _DMBM_3925;"> &nbsp; </font></p>
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<p align="center" style="margin: 0in; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3925;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">High</font></b></font><font style="mso-bookmark: _DMBM_3925;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3925;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<div style="border-right: none; border-bottom: none; border-left: none; border-image: initial; border-top: 1pt solid windowtext; padding: 1pt 0in 0in;">
<p style="margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; border: none; padding: 0in;"><font style="mso-bookmark: _DMBM_3925;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3925;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
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<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="center" style="margin: 0in; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3925;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">Low</font></b></font><font style="mso-bookmark: _DMBM_3925;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3925;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<div style="border-right: none; border-bottom: none; border-left: none; border-image: initial; border-top: 1pt solid windowtext; padding: 1pt 0in 0in;">
<p style="margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; border: none; padding: 0in;"><font style="mso-bookmark: _DMBM_3925;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3925;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
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<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="center" style="margin: 0in; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3925;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">Average</font></b></font><font style="mso-bookmark: _DMBM_3925;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3925;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<div style="border-right: none; border-bottom: none; border-left: none; border-image: initial; border-top: 1pt solid windowtext; padding: 1pt 0in 0in;">
<p style="margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; border: none; padding: 0in;"><font style="mso-bookmark: _DMBM_3925;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3925;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
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<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="center" style="margin: 0in; text-align: center; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3925;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">Period-End</font></b></font><font style="mso-bookmark: _DMBM_3925;"><font style="font-size: 8.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"> </font></font><font style="mso-bookmark: _DMBM_3925;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-fareast-font-family: 'Times New Roman'; mso-ansi-language: EN-US;"></font></font></p>
<div style="border-right: none; border-bottom: none; border-left: none; border-image: initial; border-top: 1pt solid windowtext; padding: 1pt 0in 0in;">
<p style="margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; text-align: center; line-height: 1pt; border: none; padding: 0in;"><font style="mso-bookmark: _DMBM_3925;"><font style="font-size: 8.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3925;"><font style="font-size: 8.0pt; mso-fareast-font-family: 'Times New Roman'; mso-fareast-theme-font: minor-fareast;"></font></font></p>
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<tr style="break-inside: avoid; background-color: #cceeff;">
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<p style="margin: 0in 0in 0in 12pt; text-indent: -12pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3925;"><b>Year Ended</b></font><font style="mso-bookmark: _DMBM_3925;"></font></font></p>
</td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p style="margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p style="margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p style="margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p style="margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif; line-height: 2pt;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="mso-yfti-irow: 3; page-break-inside: avoid;">
<td valign="top" style="padding: 0in; width: 54%;">
<p style="margin: 0in 0in 0in 12pt; text-indent: -12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> December 31, 2016</font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; width: 10%;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp; <font>4.156</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; width: 2%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; width: 10%;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp; <font>3.119</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; width: 2%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; width: 10%;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3925;"><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>3.450</font><font style="mso-tab-count: 1;"> </font></font><font style="mso-bookmark: _DMBM_3925;"><sup>(<font>1</font>) </sup></font><font style="mso-bookmark: _DMBM_3925;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; width: 2%;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; width: 10%;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>3.259</font> </font></p>
</td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff;">
<td valign="top" style="padding: 0in; background-color: #cceeff;">
<p style="margin: 0in 0in 0in 12pt; text-indent: -12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> December 31, 2017</font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp; <font>3.381</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp; <font>3.051</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3925;"><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>3.203</font><font style="mso-tab-count: 1;"> </font></font><font style="mso-bookmark: _DMBM_3925;"><sup>(<font>1</font>) </sup></font><font style="mso-bookmark: _DMBM_3925;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>3.308</font> </font></p>
</td>
</tr>
<tr style="mso-yfti-irow: 5; page-break-inside: avoid;">
<td valign="top" style="padding: 0in;">
<p style="margin: 0in 0in 0in 12pt; text-indent: -12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> December 31, 2018</font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp; <font>4.188</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp; <font>3.139</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3925;"><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>3.680</font><font style="mso-tab-count: 1;"> </font></font><font style="mso-bookmark: _DMBM_3925;"><sup>(<font>1</font>) </sup></font><font style="mso-bookmark: _DMBM_3925;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>3.875</font> </font></p>
</td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff;">
<td valign="top" style="padding: 0in; background-color: #cceeff;">
<p style="margin: 0in 0in 0in 12pt; text-indent: -12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> December 31, 2019</font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp; <font>4.260</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp; <font>3.652</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3925;"><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>3.944</font><font style="mso-tab-count: 1;"> </font></font><font style="mso-bookmark: _DMBM_3925;"><sup>(<font>1</font>) </sup></font><font style="mso-bookmark: _DMBM_3925;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>4.031</font> </font></p>
</td>
</tr>
<tr style="break-inside: avoid;">
<td valign="top" style="padding: 0in;">
<p style="margin: 0in 0in 0in 12pt; text-indent: -12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> December 31, 2020</font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp; <font>5.937</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp; <font>4.021</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3925;"><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>5.243</font><font style="mso-tab-count: 1;"> </font></font><font style="mso-bookmark: _DMBM_3925;"><sup>(<font>1</font>) </sup></font><font style="mso-bookmark: _DMBM_3925;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>5.197</font> </font></p>
</td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff;">
<td valign="top" style="padding: 0in; background-color: #cceeff;">
<p style="margin: 0in 0in 0in 12pt; text-indent: -12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3925;"><b>Month Ended</b></font><font style="mso-bookmark: _DMBM_3925;"></font></font></p>
</td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="text-align: right; line-height: normal; margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="text-align: right; line-height: normal; margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="text-align: right; line-height: normal; margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="text-align: right; line-height: normal; margin: 0in; font-size: 4pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="break-inside: avoid;">
<td valign="top" style="padding: 0in;">
<p style="margin: 0in 0in 0in 12pt; text-indent: -12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> December 31, 2020</font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp; <font>5.279</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp; <font>5.058</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3925;"><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>5.168</font><font style="mso-tab-count: 1;"> </font></font><font style="mso-bookmark: _DMBM_3925;"><sup>(<font>2</font>) </sup></font><font style="mso-bookmark: _DMBM_3925;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>5.197</font> </font></p>
</td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff;">
<td valign="top" style="padding: 0in; background-color: #cceeff;">
<p style="margin: 0in 0in 0in 12pt; text-indent: -12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3925;"> January 31. 2021</font></font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp; <font>5.509</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp; <font>5.163</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3925;"><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>5.336</font><font style="mso-tab-count: 1;"> </font></font><font style="mso-bookmark: _DMBM_3925;"><sup>(<font>2</font>) </sup></font><font style="mso-bookmark: _DMBM_3925;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>5.476</font> </font></p>
</td>
</tr>
<tr style="break-inside: avoid;">
<td valign="top" style="padding: 0in;">
<p style="margin: 0in 0in 0in 12pt; text-indent: -12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> February 28, 2021</font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp; <font>5.530</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp; <font>5.342</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3925;"><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>5.436</font><font style="mso-tab-count: 1;"> </font></font><font style="mso-bookmark: _DMBM_3925;"><sup>(<font>2</font>) </sup></font><font style="mso-bookmark: _DMBM_3925;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>5.530</font> </font></p>
</td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff;">
<td valign="top" style="padding: 0in; background-color: #cceeff;">
<p style="margin: 0in 0in 0in 12pt; text-indent: -12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> March 31, 2021</font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp; <font>5.840</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp; <font>5.495</font> </font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font style="mso-bookmark: _DMBM_3925;"><font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>5.667</font><font style="mso-tab-count: 1;"> </font></font><font style="mso-bookmark: _DMBM_3925;"><sup>(<font>2</font>) </sup></font><font style="mso-bookmark: _DMBM_3925;"></font></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in; background-color: #cceeff;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>5.697</font> </font></p>
</td>
</tr>
<tr style="break-inside: avoid;">
<td valign="top" style="padding: 0in;">
<p style="margin: 0in 0in 0in 12pt; text-indent: -12pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"> April 28, 2021</font></p>
</td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;">5.456</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;">5.344</font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;">5.400&nbsp;<sup><font style="color: #000000; font-family: 'Times New Roman', serif; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(2</font></sup><sup><font style="color: #000000; font-family: 'Times New Roman', serif; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: nowrap; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></sup></font></p>
</td>
<td style="padding: 0in 0in 0in 0.1in;"><br></td>
<td nowrap="nowrap" valign="bottom" style="padding: 0in 0in 0in 0.1in;">
<p align="right" style="margin: 0in; text-align: right; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;">5.400</font></p>
</td>
</tr>

</table>
</div>
</div>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 11.6517%; border-bottom: 1pt solid #000000;"><br></td>
<td style="width: 88.3483%;"><br></td>
</tr>

</table>
<p style="margin: 0in 0in 0in 24.45pt; text-indent: -18.35pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3925;"><font style="font-size: 7.0pt;"><sup>(<font style="border-left: none; border-right: none;">1</font>)</sup><font style="color: #000000; font-family: 'Times New Roman', serif; font-size: 9.33333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24.4667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp; &nbsp; &nbsp; &nbsp;</font></font></font><font style="mso-bookmark: _DMBM_3925;"><font style="font-size: 8.0pt;">Average of the foreign exchange rates on the last day of each month in the period. </font></font></p>
<p style="margin: 0in 0in 0in 24.45pt; text-indent: -18.35pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3925;"><font style="font-size: 7.0pt;"><sup style="color: #000000; font-family: 'Times New Roman', serif; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -24.4667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">(<font style="border-left: none; border-right: none;">2</font>)</sup>&nbsp; &nbsp; &nbsp; &nbsp;</font></font><font style="mso-bookmark: _DMBM_3925;"><font style="font-size: 8.0pt;">Average of the high and low foreign exchange rates for each month.</font></font></p>
</div>
<div style="page: WordSection3;">
<p style="margin: 12pt 0in 0in 24.5pt; text-indent: -24.5pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><b><font style="font-size: 10.0pt;">B.<font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Capitalization and Indebtedness</font></b><font style="mso-bookmark: _DMBM_3927;"><font style="font-size: 10.0pt;"></font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3927;"><font style="font-size: 10.0pt;">Not applicable. </font></font></p>
<p style="margin: 12pt 0in 0in 24.5pt; text-indent: -24.5pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3927;"><b><font style="font-size: 10.0pt;">C.<font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Reasons for the Offer and Use of Proceeds </font></b></font><font style="mso-bookmark: _DMBM_3927;"><font style="font-size: 10.0pt;"></font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3927;"><font style="font-size: 10.0pt;">Not applicable. </font></font></p>
</div>
<div style="page: WordSection4;">
<p style="margin: 0.25in 0in 0in 24.45pt; text-indent: -24.5pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3930;"><b><font style="font-size: 10.0pt;">D.<font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Risk Factors </font></b></font><font style="mso-bookmark: _CSF_TOC_1_2;"><font style="mso-bookmark: _DMBM_3930;"><font style="font-size: 10.0pt;"></font></font></font></p>
<p style="margin: 6pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_2;"><font style="mso-bookmark: _DMBM_3930;"><i><font style="font-size: 10.0pt;">Investing in our shares and ADSs involves a high degree of risk. </font></i></font></font><font style="mso-bookmark: _CSF_TOC_1_2;"><font style="mso-bookmark: _DMBM_3930;"><i><font style="font-size: 10.0pt;">You should carefully consider the risks described below and the other information contained in this annual report in evaluating an investment in our shares or ADSs. Our business, results of operations, cash flow, liquidity and financial condition could be harmed if any of these risks materializes and, as a result, the trading price of the shares or the ADSs could decline and you could lose a substantial part or even all your investment. </font></i></font></font><font style="mso-bookmark: _CSF_TOC_1_2;"><font style="mso-bookmark: _DMBM_3930;"><font style="font-size: 10.0pt;"></font></font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_2;"><font style="mso-bookmark: _DMBM_3930;"><i><font style="font-size: 10.0pt;">We have included information in these risk factors concerning Brazil based on information that is publicly available. Other risks that we do not presently know about or deem as immaterial could also cause adverse effects on our businesses, operations, financial condition and results of operations. </font></i></font></font><font style="mso-bookmark: _CSF_TOC_1_2;"><font style="mso-bookmark: _DMBM_3930;"><font style="font-size: 10.0pt;"></font></font></font></p>
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>18</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin: 0.25in 0in 0in; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_2;"><font style="mso-bookmark: _DMBM_3930;"><b><font style="font-size: 10.0pt;">Risks Relating to Ultrapar and Its Industries </font></b></font></font><font style="mso-bookmark: _CSF_TOC_1_2;"><font style="mso-bookmark: _DMBM_3930;"><font style="font-size: 10.0pt;"></font></font></font></p>
<p style="margin: 6pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_2;"><font style="mso-bookmark: _DMBM_3930;"><b><i><font style="font-size: 10.0pt;">Petrobras is the main supplier of LPG and oil-based fuels in Brazil. Fuel and LPG distributors in Brazil, including Ipiranga and Ultragaz, have formal contracts with Petrobras for the supply of oil-derivatives. Any material delay or interruption in the supply of LPG or oil-based fuels from Petrobras would immediately affect Ultragaz or Ipiranga&#8217;s ability to provide LPG and oil-based fuels to their customers. </font></i></b></font></font><font style="mso-bookmark: _CSF_TOC_1_2;"><font style="mso-bookmark: _DMBM_3930;"><font style="font-size: 10.0pt;"></font></font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_2;"><font style="mso-bookmark: _DMBM_3930;"><font style="font-size: 10.0pt;">Prior to <font>1995</font>, Petrobras held a constitutional monopoly for the production and importation of petroleum products in Brazil. Although this constitutional monopoly was formally terminated pursuant to an amendment to the Brazilian constitution enacted in <font>1995</font>, Petrobras effectively remains the main provider of LPG and oil-based fuels in Brazil. Currently, Ultragaz and all other LPG distributors in Brazil purchase all or nearly all LPG from Petrobras. Ultragaz&#8217;s net revenue from sales and services represented <font>9</font>% of our consolidated net revenue from sales and services for the year ended December 31, 2020. The procedures for ordering and purchasing LPG from Petrobras are generally common to all LPG distributors&#8212;including Ultragaz. For more details, see &#8220;Item <font>4</font>.B. Information on the Company&#8212;Business Overview&#8212;Distribution of Liquefied Petroleum Gas&#8212;Ultragaz&#8212;Supply of LPG&#8221;. </font></font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_2;"><font style="mso-bookmark: _DMBM_3930;"><font style="font-size: 10.0pt;">With respect to fuel distribution, Petrobras also supplied the majority of Ipiranga and other distributors&#8217; oil-based fuel requirements in <font>2020</font>. Petrobras&#8217; supply to Ipiranga is governed by an annual contract, under which the supply volume is established based on the volume purchased in the previous year. Ipiranga&#8217;s net revenue from sales and services represented <font>81</font>% of our consolidated net revenue from sales and services for the year ended December 31, 2020. For further information, see &#8220;Item <font>4</font>.B. Information on the Company&#8212;Business Overview&#8212;Fuel Distribution&#8212;Ipiranga&#8212;Supply of fuels&#8221;. </font></font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_2;"><font style="mso-bookmark: _DMBM_3930;"><font style="font-size: 10.0pt;">Significant interruptions or delays of LPG and oil-based fuel supply from Petrobras may occur in the future. Any interruption in the supply of LPG or oil-based fuels from Petrobras would immediately affect Ultragaz or Ipiranga&#8217;s respective ability to provide LPG or oil-based fuels to its customers, and material delays in the supply could also impact our operations. If we are not able to obtain an adequate supply of LPG or oil-based fuels from Petrobras under acceptable terms, we may seek to meet our demands through LPG or oil-based fuels purchased in the international market. The logistics infrastructure for LPG and oil-based fuel imports in Brazil is limited and is substantially controlled by Petrobras. Any such interruption or material delays could increase our purchase costs and reduce our sales volume, consequently, adversely affecting our operating margins. </font></font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_2;"><font style="mso-bookmark: _DMBM_3930;"><font style="font-size: 10.0pt;">Petrobras is currently under investigation by the CVM, the Brazilian Federal Police and other Brazilian public authorities in connection with corruption allegations (so called <i>Lava Jato</i> investigations) consisting, among other things, of illegal payments made to officers, directors and other employees of Petrobras to influence commercial decisions. Petrobras was under investigation by the SEC and the US Department of Justice and announced a settlement of those investigations in September 2018. In addition, Petrobras was previously subject to a class action in the United States, which was also settled in <font>2018</font>. As disclosed by Petrobras, it is currently party to a collective action commenced in the Netherlands, an arbitration proceeding in Argentina, and arbitration and judicial proceedings commenced in Brazil. In each case, the proceedings were brought by investors (or entities that allegedly represent investors&#8217; interests) who purchased shares of Petrobras traded on the B<font>3</font> or other securities issued by Petrobras outside of the United States, alleging damages caused by facts uncovered in the <i>Lava</i> <i>Jato</i> investigations. Such investigations and proceedings have had a destabilizing effect on Petrobras, and it is difficult to ascertain what further impact such matters will have on Petrobras&#8217; supply of LPG and oil-based fuels to market players. </font></font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_2;"><font style="mso-bookmark: _DMBM_3930;"><font style="font-size: 10.0pt;">In addition, Petrobras has made several changes to the composition of its management team and has undertaken a long-term divestment plan. It is not clear how these changes or any future changes in management may impact price adjustment policy and how the divestment plan may change the structure and long-term outlook of the fuel market. We cannot predict the outcome that the <i>Lava Jato</i> investigations will have on the fuel market and, specifically, on the availability of, and our ability to access, the LPG and oil-based fuel supply from Petrobras. </font></font></font></p>
<p style="margin: 0.25in 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_2;"><font style="mso-bookmark: _DMBM_3930;"><b><i><font style="font-size: 10.0pt;">Our businesses may be materially and adversely affected by the outbreak of communicable diseases, such as the ongoing COVID-<font>19</font> pandemic, or other epidemics or pandemics. </font></i></b></font></font><font style="mso-bookmark: _CSF_TOC_1_2;"><font style="mso-bookmark: _DMBM_3930;"><font style="font-size: 10.0pt;"></font></font></font></p>
<p style="margin: 6pt 0in 0in; text-indent: 24.4pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_2;"><font style="mso-bookmark: _DMBM_3930;"><font style="font-size: 10.0pt;">A novel strain of coronavirus, COVID-<font>19</font>, was first identified in China in December 2019 and became a global pandemic in March 2020. Our businesses may be materially and adversely affected by the ongoing COVID-<font>19</font> pandemic or the outbreak of other communicable diseases, including epidemics and pandemics. </font></font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_2;"><font style="mso-bookmark: _DMBM_3930;"><font style="font-size: 10.0pt;">The COVID-<font>19</font> pandemic has had, and continues to have, a material impact on businesses around the world, including ours, and the economic and political environments in which businesses operate. There is a number of factors associated with the ongoing COVID-<font>19</font> pandemic and its impact on global economies that could have a material adverse effect on our business, financial condition, results of operations, cash flows, prospects and the market price of our securities. </font></font></font></p>
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font></p>
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<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_2;"><font style="mso-bookmark: _DMBM_3930;"><font style="font-size: 10.0pt;">A number of countries, states or areas where we operate have implemented policies in response to the COVID-<font>19</font> pandemic, including declaring states of emergency, implementing severe restrictions on the movement and activities of people and/or implementing restrictions on the operations of certain businesses. These restrictions are determined by the central or local governments of individual jurisdictions (including through the implementation of emergency powers) and impacts (including the timing of implementation and any subsequent lifting of restrictions) may vary from jurisdiction to jurisdiction. Restrictions on the movement of people and on business operations have a significant impact on economic activity in the relevant countries, states or areas and could adversely affect our operational capacity or productivity, could disrupt transportation networks and supply and distribution chains causing disruptions in our businesses operations, and could significantly reduce customer demand or result in unfavorable changes in consumer behavior. In addition, governmental and regulatory actions and support measures taken in response to the COVID-<font>19</font> outbreak may impose restrictions or obligations on our businesses and may limit management&#8217;s flexibility in managing our business. </font></font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; line-height: normal; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_2;"><font style="mso-bookmark: _DMBM_3930;"><font style="mso-bookmark: _cp_text_1_28;"><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US; mso-fareast-language: PT-BR;">In <font>2020</font>, particularly between March and July, the COVID-<font>19</font> pandemic adversely affected our revenue as a result of (i) a decrease in demand for certain of our products, principally reduced demand for fuel as a result of the restrictions imposed by states of Brazil on movement of people and the operation of businesses in many parts of Brazil (which has also prompted us to relax certain contractual clauses with Ipiranga's resellers) and (ii) reduced sales in Extrafarma as a result of the temporary closure of drugstores located in shopping malls in connection with the COVID-<font>19</font> pandemic. </font></font></font></font><font style="mso-bookmark: _CSF_TOC_1_2;"><font style="mso-bookmark: _DMBM_3930;"><font style="mso-bookmark: _cp_text_1_28;"><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt; font-family: 'Times New Roman',serif; color: red; mso-ansi-language: EN-US; mso-fareast-language: PT-BR;"><font style="mso-spacerun: yes;">&nbsp;</font></font></font></font></font><font style="mso-bookmark: _CSF_TOC_1_2;"><font style="mso-bookmark: _DMBM_3930;"><font style="mso-bookmark: _cp_text_1_28;"><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt; mso-ansi-language: EN-US;"></font></font></font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_2;"><font style="mso-bookmark: _DMBM_3930;"><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;">The dissemination of COVID-<font>19</font> made us change our business practices (including additional hygienic practices for workplaces and employees, in addition to canceling in-person meetings, events and conferences) during the pandemic. In addition, we also created a crisis committee to identify and monitor the main developments and risks relating to COVID-<font>19</font> and to adopt preventive and emergency measures to reduce their effects. We may take additional actions, as required by government authorities or as determined by management, considering the best interests of our employees, customers and business partners. We cannot guarantee that these measures will be sufficient to mitigate the risks posed by the pandemic or that they will meet the demands of government authorities.</font></font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_2;"><font style="mso-bookmark: _DMBM_3930;"><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt; mso-fareast-language: PT-BR;">The COVID-<font>19</font> pandemic has caused disruption to our customers, suppliers, personnel and resellers in Brazil and in all other countries in which we operate. Nonetheless, </font></font></font><font style="mso-bookmark: _CSF_TOC_1_2;"><font style="mso-bookmark: _DMBM_3930;"><font style="font-size: 10.0pt;">pursuant to Federal Decree No. <font>10,282</font>/<font>20</font>, which was issued in the context of Federal Law No. <font>13,979</font>/<font>20</font>, the activities of the subsidiaries of Ultrapar are considered essential during the ongoing COVID-<font>19</font> pandemic. As a result, our subsidiaries have continued to operate and have ensured a continuous supply of their products and services to their clients. However, we cannot assure that our subsidiaries will not be impacted by external factors, such as the limitation of access by our subsidiaries to operational inputs, clients, and financial resources. </font></font></font><font style="mso-bookmark: _CSF_TOC_1_2;"><font style="mso-bookmark: _DMBM_3930;"><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;">We also cannot assure that the current legal framework will not be altered. If it happens, all or some of our subsidiaries' activities may no longer be considered essential and might be subject to restrictions that could materially affect the results of our operations and businesses.</font></font></font><font style="mso-bookmark: _CSF_TOC_1_2;"><font style="mso-bookmark: _DMBM_3930;"><font style="font-size: 10.0pt;"></font></font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_2;"><font style="mso-bookmark: _DMBM_3930;"><font style="font-size: 10.0pt;">In addition, the COVID-<font>19</font> pandemic has affected business and economic sentiment, causing significant volatility in global markets and affecting the outlook of the economy of Brazil and of the other countries in which we operate. Such affects include significant volatility in the price of crude oil, the price of LPG and the price of other commodities, as well as significant volatility in foreign exchange rates, borrowing costs and the availability of credit. A continuation or worsening of the levels of market disruption and volatility seen in the recent past could have an adverse effect on our ability to access funding and on our ability to negotiate and enter into any amendments that may be required in the future to the terms of our existing indebtedness. The COVID-<font>19</font> pandemic has led to a weakening in gross domestic product in several countries around the world, including in the countries in which we operate, and the probability of a more adverse economic scenario for at least the short term is substantially higher than the outlook that existed before March 2020.</font></font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_2;"><font style="mso-bookmark: _DMBM_3930;"><font style="font-size: 10.0pt;">As noted above, oil prices declined sharply as a result of a significant and rapid decrease in demand for fuels caused by the outbreak of the ongoing COVID-<font>19</font> pandemic. Brent crude oil prices dropped <font>34</font>% from US$<font>64</font> per barrel in the end of December 2019 to US$<font>42</font> per barrel in the end of December 2020, thus reducing prices of gasoline and diesel worldwide. Gasoline and diesel sales prices in Brazil are directly influenced by international prices and, as such, in <font>2020</font> prices of diesel decreased <font>14</font>% and prices of gasoline decreased <font>3</font>% in Brazil. In addition, the volatility in the prices of oil and oil products since the end of March, combined with an fall in the price of ethanol in April, caused inventories losses in the second quarter <font>2020</font>. If our competitors have the ability to access imported diesel and gasoline at a lower cost than our average cost, our competitiveness may be impacted and, consequently, this could adversely affect our results of operations. </font></font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_2;"><font style="mso-bookmark: _DMBM_3930;"><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;">In addition to general effects on the economy and the businesses of our suppliers and clients, the COVID-<font>19</font> pandemic &#8211; and any other communicable disease &#8211; imposes risks to our operations directly. For instance, if a group of employees of the same division is infected simultaneously, such division may have its activities and businesses affected. If this occurs to a strategic division &#8211; or to more than <font>one</font> division simultaneously, it can adversely affect our operation and businesses, and results as a consequence.</font></font></font><font style="mso-bookmark: _CSF_TOC_1_2;"><font style="mso-bookmark: _DMBM_3930;"><font style="font-size: 10.0pt;"></font></font></font></p>
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<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_2;"><font style="mso-bookmark: _DMBM_3930;"><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;">New variants and mutations of the virus that causes COVID-<font>19</font> have been emerging in different countries, including in Brazil, and new waves were spotted in the past months. Events like new waves of mutated coronavirus can add even more uncertainty to the economic scenario, rapidly changing predictions and forecasts. </font></font></font><font style="mso-bookmark: _CSF_TOC_1_2;"><font style="mso-bookmark: _DMBM_3930;"><font style="font-size: 10.0pt;">In addition, we cannot predict the potential severity of the economic downturn or recession and we cannot predict the post-crisis recovery environment which, from a commercial, economic, political, regulatory and risk perspective, could be significantly different to past crises and could persist for a prolonged period. </font></font></font><font style="mso-bookmark: _CSF_TOC_1_2;"><font style="mso-bookmark: _DMBM_3930;"><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;">The extent to which the COVID-<font>19</font> outbreak will affect our business, financial condition, results of operations or cash flows will depend on present and future developments, which are highly uncertain and unpredictable. These developments include, among others, the duration and geographic distribution of the outbreak and new waves, its severity, actions to contain the virus or minimize its impact, and how quickly and to what extent normal economic and operational conditions can be resumed. Even after containing the outbreak of COVID-<font>19</font>, our business may continue to suffer adverse and material impacts due to the global or regional economic impact, including recession and economic slowdown, which may affect the purchasing power of our customers.</font></font></font><font style="mso-bookmark: _CSF_TOC_1_2;"><font style="mso-bookmark: _DMBM_3930;"><font style="font-size: 10.0pt;"></font></font></font></p>
<p style="text-indent: 24.5pt; margin-right: 0in; margin-left: 0in; font-size: 12pt; font-family: 'Times New Roman', serif; margin-top: 10pt;"><font style="mso-bookmark: _DMBM_3930;"><font style="font-size: 10.0pt;">Also, it remains uncertain to what extent the financial information, after December 31, 2020, may still be affected by the commercial, operational and financial impacts of the pandemic, because it will depend on its duration and the impacts on economic activities, as well as government, and businesses in response to the crisis. In this context, some financial risk assessments, projections and impairment tests, in connection with the preparation of these financial statements, may be impacted by the pandemic, and may adversely affect the financial position of the Company and its subsidiaries. In addition, the increased volatility in financial markets may impact our financial results where a fair value approach is required.</font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3930;"><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;">As there are no comparable recent events that can provide us with guidance regarding the effect of a severe global pandemic, we cannot predict the final impact of the COVID-<font>19</font> outbreak. Finally, the impact of the COVID-<font>19</font> pandemic can also precipitate or exacerbate the other risks described in this annual report. </font></font><font style="mso-bookmark: _DMBM_3930;"><font style="font-size: 10.0pt;"></font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3930;"><font style="font-size: 10.0pt;">For the impact of ongoing COVID-<font>19</font> pandemic on our results and operations in <font>2020</font> see &#8220;Item <font>5</font>.A. Operating and Financial Review and Prospects&#8212;</font> </font><font style="mso-bookmark: _DMBM_3930;"><font style="font-size: 10.0pt;">Operating Results&#8212;Impact of ongoing COVID-<font>19</font> pandemic&#8221;, and other risk factors included herein and &#8220;&#8212;Trend Information&#8221; below. </font></font></p>
<p style="margin: 0.25in 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><b><i><font style="font-size: 10.0pt;">Intense competition is generally inherent to distribution markets, including the LPG, the fuel distribution and the retail pharmacy markets and may affect our operating margins. </font></i></b><font style="mso-bookmark: _DMBM_3931;"><font style="font-size: 10.0pt;"></font></font></p>
<p style="margin: 6pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3931;"><font style="font-size: 10.0pt;">The Brazilian LPG market is very competitive in all segments&#8212;residential, commercial and industrial. Intense competition in the LPG distribution market could lead to lower sales volumes and increased marketing expenses, which may have a material adverse effect on our operating margins. See &#8220;Item <font>4</font>.B. Information on the Company&#8212;Business Overview&#8212;Distribution of Liquefied Petroleum Gas&#8212;Industry and Regulatory Overview&#8212;The role of Petrobras&#8221; and &#8220;Item <font>4</font>.B. Information on the Company&#8212;Business Overview&#8212;Distribution of Liquefied Petroleum Gas&#8212;Ultragaz&#8212;Competition&#8221;. </font></font><font style="font-size: 10.0pt;"></font></p>
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<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3932;"><font style="font-size: 10.0pt;">The Brazilian fuel distribution market is highly competitive as well, in both retail and wholesale segments, with companies with significant resources participating in the Brazilian fuel distribution market. Furthermore, small, local and regional distributors, as well as some important international players have increased their market share in recent years. Intense competition in the fuel distribution market could lead to lower sales volumes and increased marketing expenses, which may have a material adverse effect on our operating margins. See &#8220;Item <font>4</font>.B. Information on the Company&#8212;Business Overview&#8212;Fuel Distribution&#8212;Industry and Regulatory Overview&#8212;The role of Petrobras&#8221; and &#8220;Item <font>4</font>.B. Information on the Company&#8212;Business Overview&#8212;Fuel Distribution&#8212;Ipiranga&#8212;Competition&#8221;. </font></font><font style="mso-bookmark: _DMBM_3932;"><font style="font-size: 10.0pt;"></font></font></p>
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<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10.0pt;">Likewise, the Brazilian drugstore market is highly competitive. Extrafarma competes with national, regional and local drugstore chains, independent drugstores, prescription-only pharmacies, internet purveyors of pharmaceutical and beauty products, and other retailers such as supermarkets, beauty products&#8217; store and convenience stores. In addition, new retailers may enter the market and compete with us. Competition in the retail pharmacy market is shaped by a variety of factors, such as location, range of products, advertising, commercial practices, price, quality of services and strength of brand name, among others. If we are unable to anticipate, predict and meet the preferences of our customers, we may lose revenue and market share to our competitors. </font><font style="font-size: 10.0pt;"></font></p>
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<p style="margin: 0.25in 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><b><i><font style="font-size: 10.0pt;">Anticompetitive practices in the fuel distribution sector may distort market prices. </font></i></b><font style="mso-bookmark: _DMBM_3934;"><font style="font-size: 10.0pt;"></font></font></p>
<p style="margin: 6pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3934;"><font style="font-size: 10.0pt;">In the recent past, anticompetitive practices have been <font>one</font> of the main problems affecting fuels distributors in Brazil, including Ipiranga. Generally, these practices have involved a combination of tax evasion and fuels adulteration, such as the dilution of gasoline by mixing solvents or adding anhydrous ethanol in an amount greater than that permitted by applicable law. </font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3934;"><font style="font-size: 10.0pt;">Taxes constitute a significant portion of the cost of fuels sold in Brazil. For this reason, tax evasion by some fuel distributors has been prevalent, allowing them to lower the prices they charge compared to large distributors such as Ipiranga. As the final prices for the products sold by distributors, including Ipiranga, are calculated based on, among other factors, the amount of taxes levied on the purchase and sale of these fuels, anticompetitive practices such as tax evasion may reduce Ipiranga&#8217;s sales volume and could have a material adverse effect on our operating margins. Should there be any increase in the taxes levied on fuel, tax evasion may increase, resulting in a greater distortion of the prices of fuels sold and further adversely affecting our results of operations. </font></font><font style="font-size: 10.0pt;"></font></p>
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<p style="margin: 0.25in 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><b><i><font style="font-size: 10.0pt;">LPG and oil-based fuels compete with alternative sources of energy. Competition with and the development of alternative sources of energy in the future may adversely affect the LPG and oil-based fuels market. </font></i></b><font style="mso-bookmark: _DMBM_3935;"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;"></font></i></b></font></p>
<p style="margin: 6pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3935;"><font style="font-size: 10.0pt;">LPG competes with alternative sources of energy, such as natural gas, wood, diesel, fuel oil and electricity. Natural gas is currently the main source of energy that we compete with. Currently, natural gas is less expensive than LPG for large industrial consumers, but more expensive for most of residential consumers. Changes in relative prices or the development of alternative sources of energy in the future may adversely affect the LPG market and consequently our business, financial results and results of operations. Oil-based fuels also compete with alternative sources of energy, such as electricity. See &#8220;Item <font>4</font>.B. Information on the Company&#8212;Business Overview&#8212;Distribution of Liquefied Petroleum Gas&#8212;Ultragaz&#8212;Competition&#8221;. </font></font><font style="font-size: 10.0pt;"></font></p>
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<p style="margin: 0.25in 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><b><i><font style="font-size: 10.0pt;">Ethylene, <font>one</font> of the main raw materials used in our petrochemical operations, comes from limited supply sources. Any reduction in the supply of ethylene would have an immediate impact on Oxiteno&#8217;s production and results of operations. </font></i></b><font style="mso-bookmark: _DMBM_3936;"><font style="font-size: 10.0pt;"></font></font></p>
<p style="margin: 6pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3936;"><font style="font-size: 10.0pt;">All second-generation petrochemical producers in Brazil that use ethylene as their key raw material, including Oxiteno, purchase ethylene from Brazilian suppliers. Approximately <font>3</font>% of our net revenue from sales and services in <font>2020</font> were derived from the sale of chemical products manufactured in Brazil that require ethylene. Oxiteno purchases ethylene from <font>two</font> of Brazil&#8217;s <font>three</font> naphtha cracker units, which are the sole sources of ethylene in Brazil. Pursuant to long-term contracts, Braskem is the sole supplier of all ethylene required at our plants located in Cama&#231;ari and Mau&#225;. For more detailed information about these contracts see &#8220;Item <font>4</font>.B. Information on the Company&#8212;Business Overview&#8212;Petrochemicals and Chemicals&#8212;Oxiteno&#8212;Raw materials&#8221; and &#8220;Item <font>5</font>.F. Operating and Financial Review and Prospects&#8212;Tabular Disclosure of Contractual Obligations&#8221;. Given its characteristics, ethylene is difficult and expensive to store and transport, and cannot be easily imported to Brazil. Therefore, Oxiteno is almost totally dependent on ethylene produced by Braskem. For the year ended December 31, 2020, Brazil&#8217;s ethylene imports totaled <font>19</font> tons, representing less than <font>0.001</font>% of Brazil&#8217;s installed capacity. </font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3936;"><font style="font-size: 10.0pt;">Due to ethylene&#8217;s chemical characteristics, Oxiteno does not store any quantity of ethylene, and reductions or interruptions in supply from Braskem, Oxiteno&#8217;s sole supplier of ethylene in Brazil, would have an immediate impact on our production and results of operations. If we further expand our production capacity, there is no assurance that we will be able to obtain additional ethylene from Braskem. In addition, Petrobras is the main supplier of naphtha to crackers in Brazil, and any interruption in the supply of naphtha from Petrobras to the crackers could adversely impact their ability to supply ethylene to Oxiteno. </font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3936;"><font style="font-size: 10.0pt;">Members of the Brazilian federal government and of the legislative branch, as well as former senior officers of Petrobras, have faced allegations of political corruption from the ongoing <i>Lava Jato</i> and other investigations. These government officials and senior officers allegedly accepted bribes by means of kickbacks on contracts granted by Petrobras to several infrastructure, oil and gas and construction companies, including Odebrecht S.A., Braskem&#8217;s controlling shareholder. We cannot currently predict how the investigations and any future decisions and actions by authorities in relation to Braskem&#8217;s shareholders may impact Braskem or, consequently, Oxiteno&#8217;s supply of ethylene. </font></font></p>
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font></p>
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<p style="margin: 0.25in 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3936;"><b><i><font style="font-size: 10.0pt;">The prices of ethylene and palm kernel oil, Oxiteno&#8217;s main raw materials, are subject to fluctuations in international markets. </font></i></b></font><font style="mso-bookmark: _DMBM_3936;"><font style="font-size: 10.0pt;"></font></font></p>
<p style="margin: 6pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3936;"><font style="font-size: 10.0pt;">The price of ethylene, which is the main component of Oxiteno&#8217;s cost of sales and services, is directly linked to the price of naphtha, which, in turn, is largely linked to the price of crude oil. Consequently, ethylene prices are subject to fluctuations in international oil prices. A significant increase in the price of crude oil and, consequently, naphtha and ethylene, could increase our costs, which could have a material adverse effect on Oxiteno&#8217;s results of operations, particularly in Brazil. </font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3936;"><font style="font-size: 10.0pt;">Palm kernel oil is <font>one</font> of Oxiteno&#8217;s main raw materials, used to produce fatty alcohols and its by-products in the oleochemical unit. Oxiteno imports the palm kernel oil from the main producing countries, especially Malaysia and Indonesia, and therefore palm kernel oil prices are subject to the effects of foreign exchange rate variation. Palm kernel oil is a vegetable oil, also commonly used by the food industry. Consequently, palm kernel oil prices are subject to the effects of environmental and climatic variations that affect the palm plantations, fluctuations of harvest periods, economic environment in major producing countries and fluctuations in the demand for its use in the food industry. A significant increase in the price of palm kernel oil combined with foreign exchange rate variations of the <i>Real</i> could increase our costs, which could have a material adverse effect on Oxiteno&#8217;s results of operations. </font></font></p>
<p style="margin: 0.25in 0in 0in; text-indent: 24.4pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3936;"><font style="font-size: 1.0pt;">&nbsp;</font></font><font style="mso-bookmark: _DMBM_3936;"><b><i><font style="font-size: 10.0pt;">New natural gas reserves, primarily in North America, may reduce the global prices of natural gas-based ethylene, which could affect Oxiteno&#8217;s competitiveness with imported petrochemical products. </font></i></b></font></p>
<p style="margin: 6pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3936;"><font style="font-size: 10.0pt;">The ethylene used in the chemical and petrochemical industries can be obtained either from ethane, which is derived from natural gas, or naphtha, which is derived from oil. During the last few years, naphtha-based ethylene has been more expensive than natural gas-based ethylene, as oil prices have been higher than those of natural gas. The discovery of new shale gas reserves in North America and improvements in the technology to extract natural gas from shale gas have intensified the difference between naphtha and natural gas-based ethylene prices. Most of the ethylene produced in Brazil is derived from naphtha. As Oxiteno competes in the Brazilian market largely with imported products, declining feedstock costs of international players could affect the competitiveness of Oxiteno, which could materially affect our results. </font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3936;"><font style="font-size: 10.0pt;">In respect of Oxiteno&#8217;s competition in the international market, since <font>2018</font>, Oxiteno has operated an industrial facility in Pasadena, Texas, of ethylene oxide derivatives and purchases the raw material from local producers located in the Mexican Gulf, with ethylene oxide price referenced at the cost of natural gas in North America. </font></font></p>
<p style="margin: 0.25in 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3936;"><b><i><font style="font-size: 10.0pt;">The Brazilian petrochemical industry is influenced by the performance of the international petrochemical industry and its cyclical behavior. </font></i></b></font><font style="mso-bookmark: _DMBM_3936;"><font style="font-size: 10.0pt;"></font></font></p>
<p style="margin: 6pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3936;"><font style="font-size: 10.0pt;">The international petrochemical market is cyclical by nature, with alternating periods typically characterized by tight supply, increased prices and high margins, or by overcapacity, declining prices and low margins. The decrease in Brazilian import tariffs on petrochemical products, the increase in demand for such products in Brazil, and the ongoing integration of regional and world markets for commodities have contributed to the increasing integration of the Brazilian petrochemical industry into the international petrochemical marketplace. In addition, to the extent that Petrobras' price adjustment policy is aligned with international market price variation, those variations are relevant for the Brazilian petrochemical industry. Consequently, events affecting the petrochemical industry worldwide could have a material adverse effect on our business, financial condition and results of operations. </font></font></p>
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<p style="margin: 0.25in 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3936;"><b><i><font style="font-size: 10.0pt;">The reduction in import tariffs on petrochemical products can reduce our competitiveness in relation to imported products</font></i></b></font><font style="mso-bookmark: _DMBM_3936;"><b><i><font style="font-size: 10.0pt;">. </font></i></b></font><font style="mso-bookmark: _DMBM_3936;"><font style="font-size: 10.0pt;"></font></font></p>
<p style="margin: 6pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3936;"><font style="font-size: 10.0pt;">Final prices paid by importers of petrochemical products include import tariffs. Consequently, import tariffs imposed by the Brazilian government and any changes in those tariffs affect the prices we can charge for our products. The Brazilian government&#8217;s negotiation of commercial and other intergovernmental agreements may result in reductions in the Brazilian import tariffs on petrochemical products, which range between <font>0</font>% and <font>20</font>% (mainly concentrated between <font>2</font>% and <font>14</font>%) and may reduce the competitiveness of Oxiteno&#8217;s products <i>vis-&#224;-vis </i>imported petrochemical products. Additionally, Oxiteno&#8217;s competitiveness may also be reduced in case of higher import tariffs imposed by countries to which the company exports its products. Furthermore, governmental responses to periods of increased political and economic global uncertainty can increase the extent to which sudden and unpredictable changes may occur in trade policy and tariffs. </font></font></p>
<p style="margin: 0.25in 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _Hlk33801963;"><b><i><font style="font-size: 10.0pt;">Regulatory, political, economic and social conditions in the countries where we have operations or projects&nbsp;could adversely impact our businesses and the market price of our securities. </font></i></b></font><font style="mso-bookmark: _CSF_TOC_1_4;"><font style="mso-bookmark: _Hlk33801963;"><font style="font-size: 10.0pt;"></font></font></font></p>
<p style="margin: 6pt 0in 0in; text-indent: 24.5pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_4;"><font style="mso-bookmark: _Hlk33801963;"><font style="font-size: 10.0pt;">Our financial and operational performance may be negatively affected by regulatory, political, economic and social conditions in countries where we have operations or projects. In some of these jurisdictions, we are exposed to various risks such as potential renegotiation, nullification or forced modification of existing contracts, expropriation or nationalization of property, foreign exchange controls, changes in local laws, regulations and policies, trade controls and tariffs, global trade uncertainties and political instability. We also face the risk of having to submit to the jurisdiction of a foreign court or arbitration panel or having to enforce a judgment against a sovereign nation within its own territory. Furthermore, we operate in labor-intensive industries that are subject to the effects of instabilities in the labor market, including strikes, work stoppages, protests and changes in employment regulations, increases in wages and the conditions of collective bargaining agreements that, individually or in the aggregate, could have a material adverse effect on our results. The industries in which we operate have experienced these types of instabilities in the past and we cannot assure that these instabilities will not occur again. </font></font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_4;"><font style="mso-bookmark: _Hlk33801963;"><font style="font-size: 10.0pt;">Actual or potential political or social changes and changes in economic policy may undermine investor confidence, which may hamper investment and thereby reduce economic growth, and otherwise may adversely affect the economic and other conditions under which we operate in ways that could have a materially negative effect on our businesses. </font></font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_4;"><font style="mso-bookmark: _Hlk33801963;"><font style="font-size: 10.0pt;">We are also exposed to risks relating to the ongoing COVID-<font>19</font> pandemic and the regulatory, political, economic and social impacts of that outbreak. See </font></font></font><font style="mso-bookmark: _CSF_TOC_1_4;"><font style="mso-bookmark: _Hlk33801963;"><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;">&#8220;&#8212;Our businesses may be materially and adversely affected by the outbreak of communicable diseases, such as the ongoing COVID-<font>19</font> pandemic, or other epidemics or pandemics</font></font></font><font style="mso-bookmark: _CSF_TOC_1_4;"><font style="mso-bookmark: _Hlk33801963;"><font style="font-size: 10.0pt;">&#8221;. </font></font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_4;"><font style="mso-bookmark: _Hlk33801963;"><b><i><font style="font-size: 10.0pt;">Our businesses would be materially adversely affected if operations at our transportation and distribution facilities experienced significant interruptions. </font></i></b></font></font><font style="mso-bookmark: _CSF_TOC_1_4;"><font style="mso-bookmark: _Hlk33801963;"><font style="font-size: 10.0pt;"></font></font></font></p>
<p style="margin: 6pt 0in 0in; text-indent: 24.5pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_4;"><font style="mso-bookmark: _Hlk33801963;"><font style="font-size: 10.0pt;">The distribution of LPG, fuels, petrochemicals and pharmaceutical products is subject to inherent risks, including interruptions or disturbances in the distribution system which may be caused by accidents or force majeure events, including the ongoing COVID-<font>19</font> pandemic. Our operations are dependent upon the uninterrupted operation of our terminals, storage and distribution facilities and various means of transportation. We are also dependent upon the uninterrupted operation of certain facilities owned or operated by our suppliers. Operations at our facilities and at the facilities owned or operated by our suppliers could be partially or completely shut down, temporarily or permanently, as the result of any number of circumstances that are not within our control, such as: </font></font></font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_4;"><font style="mso-bookmark: _Hlk33801963;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">catastrophic events, including hurricanes and floods; </font></font></font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_4;"><font style="mso-bookmark: _Hlk33801963;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">epidemics and pandemics, such as the ongoing COVID-<font>19</font> pandemic (see &#8220;&#8212;Our business may be materially and adversely affected by the outbreak of communicable diseases, such as the ongoing COVID-<font>19</font> pandemic, or other epidemics or pandemics&#8221;); </font></font></font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_4;"><font style="mso-bookmark: _Hlk33801963;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">environmental matters (including environmental licensing processes or environmental incidents, contamination, and others); </font></font></font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_4;"><font style="mso-bookmark: _Hlk33801963;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">labor difficulties (including work stoppages, strikes and other events); and </font></font></font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_4;"><font style="mso-bookmark: _Hlk33801963;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">disruptions in our means of transportation, affecting the supply of our products. </font></font></font></p>
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font></p>
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<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_4;"><font style="mso-bookmark: _Hlk33801963;"><font style="font-size: 10.0pt;">Any significant interruption at these facilities or inability to transport products to or from these facilities or to our customers for any reason could subject us to liability in judicial, administrative or other proceedings, including for disruptions caused by events outside of our control, which could materially affect our businesses and results. </font></font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_4;"><font style="mso-bookmark: _Hlk33801963;"><font style="font-size: 10.0pt;">For example, on May 21, 2018, Brazilian truck drivers announced a nationwide strike, which lasted <font>10</font> days, demanding a reduction in taxes imposed on diesel and an amendment to the fuel pricing methodology adopted by Petrobras. The nationwide strike also involved the blockage of some of our facilities, obstruction of highways and other public roadways all over the country which have affected the delivery of various types of cargos and prevented us from carrying out our activities and operations in a normal manner. Amongst the impacts caused by the nationwide strike, the ANP issued a series of exceptional measures to remain in effect while the strike was ongoing to avoid fuel shortages. The Brazilian Federal Government also announced the implementation of measures to meet the demands made by the truck drivers to end the nationwide strike. Our results for <font>2018</font> were negatively impacted by the truck drivers&#8217; strike, mainly due to losses of sales volume during the period of the strike in Ipiranga, Oxiteno, Ultragaz and Extrafarma and inventory losses at Ipiranga due to the reduction of R$<font>0.46</font> on the price of diesel. At Ipiranga, blockades at the distribution terminals during the strike prevented delivery of products. At Oxiteno, the strike caused a temporary stoppage at <font>four</font> production units due to impossibility of delivering products. At Ultragaz, difficulties of product delivery centered round the bulk segment. At Extrafarma, there were logistical problems in receiving and distributing products. </font></font></font></p>
<p style="margin: 0.25in 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_4;"><font style="mso-bookmark: _Hlk33801963;"><b><i><font style="font-size: 10.0pt;">We may be adversely affected by changes to specific laws and regulations in our operating sectors. </font></i></b></font></font><font style="mso-bookmark: _CSF_TOC_1_4;"><font style="mso-bookmark: _Hlk33801963;"><font style="font-size: 10.0pt;"></font></font></font></p>
<p style="margin: 6pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_4;"><font style="mso-bookmark: _Hlk33801963;"><font style="font-size: 10.0pt;">We are subject to extensive federal, state and local legislation and regulation by government agencies and sector associations in the industries we operate. Rules related to quality of products, product storage, staff working hours, among others, may become more stringent or be amended overtime, and require new investments or the increase in expenses so our operations are in compliance with the applicable rules. Changes in specific laws and regulations in the sectors we operate may adversely affect the conditions under which we operate in ways that could have a materially negative effect on our businesses and our results. </font></font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_4;"><font style="mso-bookmark: _Hlk33801963;"><font style="font-size: 10.0pt;">For example, as a consequence of the nationwide truck drivers&#8217; strike, the ANP issued a series of exceptional measures to remain in effect while the strike was ongoing to avoid fuel shortages. The Brazilian Federal Government also announced the implementation of measures to meet the demands made by the truck drivers to end the nationwide strike. </font></font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_4;"><font style="mso-bookmark: _Hlk33801963;"><font style="font-size: 10.0pt;">The nationwide strike and the measures adopted in response had a direct impact on our businesses and results. Further strikes and any additional measures to be implemented by the Brazilian Federal Government and regulatory agencies in response may also affect our operations and further adversely impact our results.</font></font></font></p>
<p style="margin: 12pt 0in 0in; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font><font><b><i><font style="font-size: 10pt;">We</font></i></b></font></font><font style="mso-bookmark: _CSF_TOC_1_4;"><font style="mso-bookmark: _Hlk33801963;"><b><i><font style="font-size: 10.0pt;"> may be adversely affected by the imposition and enforcement of more stringent environmental laws and regulations, including as a result of rising climate change concerns, that may result in increased costs of operation and compliance, as well as a decrease in demand for our products. </font></i></b></font></font><font style="mso-bookmark: _CSF_TOC_1_4;"><font style="mso-bookmark: _Hlk33801963;"><font style="font-size: 10.0pt;"></font></font></font></p>
<p style="margin: 6pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_4;"><font style="mso-bookmark: _Hlk33801963;"><font style="font-size: 10.0pt;">We are subject to extensive federal and state legislation and regulation by government agencies responsible for the implementation of environmental and health laws and policies in Brazil, Mexico, the Unites States and Uruguay. Companies like ours are required to obtain licenses for their manufacturing facilities from environmental authorities which may also regulate their operations by prescribing specific environmental standards in their operating licenses. Environmental regulations apply particularly to the discharge, handling and disposal of gaseous, liquid and solid products and by-products from manufacturing activities. </font></font></font></p>
<p style="margin: 6pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_4;"><font style="mso-bookmark: _Hlk33801963;"><font style="font-size: 10.0pt;">Changes in these laws and regulations, or changes in their enforcement, could adversely affect us by increasing our cost of compliance or operations. In addition, new laws or additional regulations, or more stringent interpretations of existing laws and regulations, could require us to spend additional funds on related matters in order to stay in compliance, thus increasing our costs and having an adverse effect on our results. Due to concern over the risk of climate change, a number of countries, including Brazil, have adopted or are considering the adoption of regulatory frameworks to, among other things, reduce greenhouse gas emissions. These include adoption of cap and trade regimes, carbon taxes, increased efficiency standards, prohibition of oil-based fuels vehicles, and incentives or mandates for renewable energy. These requirements could reduce demand for hydrocarbons in different rhythm aces and different levels in countries where our customers are located, as well as shifting hydrocarbon demand toward relatively lower-carbon sources. In addition, many governments are providing tax advantages and other subsidies and mandates to make alternative energy sources more competitive against oil and gas, what can disincentivize the sale of certain products supplied by our subsidiaries. Governments are also promoting research into new technologies to reduce the cost and increase the scalability of alternative energy sources, all of which could lead to a decrease in demand for our products. In addition, current and pending greenhouse gas regulations may substantially increase our compliance costs and, as a result, increase the price of the products we produce or distribute. </font></font></font></p>
<p style="margin: 6pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_4;"><font style="mso-bookmark: _Hlk33801963;"><font style="font-size: 10.0pt;">For more information on environmental laws and regulation within our businesses, see &#8220;Item <font>4</font>.B. Information on the Company&#8212;Business Overview&#8212;Distribution of Liquefied Petroleum Gas&#8212;Industry and Regulatory Overview&#8212;Environmental, health and safety standards&#8221;, &#8220;Item <font>4</font>.B. Information on the Company&#8212;Business Overview&#8212;Fuel Distribution&#8212;Industry and Regulatory Overview&#8212;Environmental, health and safety standards&#8221; and &#8220;Item <font>4</font>.B. Information on the Company&#8212;Business Overview&#8212;Petrochemicals and Chemicals&#8212;Industry and Regulatory Overview&#8212;Environmental, health and safety standards&#8221;. </font></font></font></p>
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font></p>
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<p style="margin: 0.25in 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_4;"><font style="mso-bookmark: _Hlk33801963;"><b><i><font style="font-size: 10.0pt;">The production, storage and transportation of LPG, fuels and petrochemicals are inherently hazardous. </font></i></b></font></font><font style="mso-bookmark: _CSF_TOC_1_4;"><font style="mso-bookmark: _Hlk33801963;"><font style="font-size: 10.0pt;"></font></font></font></p>
<p style="margin: 6pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_4;"><font style="mso-bookmark: _Hlk33801963;"><font style="font-size: 10.0pt;">The operations we perform at our plants involve safety risks and other operating risks, including the handling, production, storage and transportation of highly inflammable, explosive and toxic materials. These risks could result in personal injury and death, severe damage to or destruction of property and equipment and environmental damage. A sufficiently large accident at <font>one</font> of our plants, service stations or storage facilities could force us to suspend our operations in the facility temporarily and result in significant remediation costs, loss of revenues and contingent liabilities. In addition, insurance proceeds may not be available on a timely basis and may be insufficient to cover all losses. Equipment breakdowns, natural disasters and delays in obtaining imports or required replacement parts or equipment can also affect our manufacturing operations and consequently our results from operations, and our reputation.</font></font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_4;"><font style="mso-bookmark: _Hlk33801963;"><font style="font-size: 10.0pt;">For example, on April 2, 2015, part of the storage facilities operated by Ultracargo in Santos, in the state of S&#227;o Paulo, endured a <font>nine</font>-day fire surrounding <font>six</font> ethanol and gasoline tanks. There were no casualties in this accident and, following an investigation by the State and Federal Police into the accident and its impact on the region, the cause of the accident was determined to be inconclusive. See &#8220;Item <font>4</font>.A. Information on the Company&#8212;History and Development of the Company&#8212;Ultracargo &#8211; Fire at storage facilities in Santos&#8221;. </font></font></font></p>
<p style="margin: 0.25in 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_4;"><font style="mso-bookmark: _Hlk33801963;"><b><i><font style="font-size: 10.0pt;">Our level of indebtedness may require us to use a significant portion of our cash flow to service such indebtedness. </font></i></b></font></font><font style="mso-bookmark: _CSF_TOC_1_4;"><font style="mso-bookmark: _Hlk33801963;"><font style="font-size: 10.0pt;"></font></font></font></p>
<p style="margin: 6pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_4;"><font style="mso-bookmark: _Hlk33801963;"><font style="font-size: 10.0pt;">As of December 31, 2020, our consolidated gross debt (consisting of loans and hedging instruments and debentures recorded as current and non-current liabilities) totaled R$<font>17,376.2</font>&nbsp;million (US$<font>3,343.7</font> million), our consolidated net debt (consisting of loans and hedging instruments, debentures and leases payable recorded as current and non-current liabilities, net of cash and cash equivalents and financial investments and hedging instruments) was R$<font>10,537.3</font>&nbsp;million (US$<font>2,027.7</font> million) and our cash flow generated from operating activities was R$<font>3,138.1</font>&nbsp;million (US$<font>603.9</font> million). See &#8220;Selected Consolidated Financial Data&#8221;. The level and composition of our indebtedness could have significant consequences for us, including requiring a portion of our cash flow from operations to be committed to the payment of principal and interest on our indebtedness, thereby reducing the available cash to finance our working capital and investments. </font></font></font><font style="font-size: 10.0pt;"></font></p>
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<p style="margin: 0.25in 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><b><i><font style="font-size: 10.0pt;">Our insurance coverage may be insufficient to cover losses that we might incur. </font></i></b><font style="mso-bookmark: _DMBM_3938;"><font style="font-size: 10.0pt;"></font></font></p>
<p style="margin: 6pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3938;"><font style="font-size: 10.0pt;">The operation of any chemical manufacturing plant and the specialized distribution and retail, as well as the operations of logistics of oil, chemical products, LPG, fuel and pharmaceuticals distribution involve substantial risks of property damage and personal injury and may result in material costs and liabilities. Although we maintain insurance policies, the occurrence of losses or other liabilities that are not covered by insurance or that exceed the limits of our insurance coverage could result in significant unexpected additional costs. </font></font></p>
<p style="margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3938;"><font style="font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font style="mso-spacerun: yes;">&nbsp;</font></font></font><font style="font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"></font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>26</font></font></td>
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<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font></p>
<div style="page: WordSection11;">
<p style="margin: 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><b><i><font style="font-size: 10.0pt;">The suspension, cancellation or non-renewal of certain federal tax benefits may adversely affect our results of operations. </font></i></b><font style="mso-bookmark: _DMBM_3939;"><font style="font-size: 10.0pt;"></font></font></p>
<p style="margin: 6pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3939;"><font style="font-size: 10.0pt;">Currently, we are entitled to federal tax benefits providing for income tax reduction for our activities in the Northeast region of Brazil, subject to certain conditions. Conversely, if the corresponding tax authorities understand that we have not complied with any of the tax benefit requirements or if the current tax programs from which we benefit are modified, suspended, cancelled, not renewed or renewed under terms that are substantially less favorable than expected, we may become liable for the payment of related taxes at the full tax rates and our results of operations may be adversely affected. Income tax exemptions amounted to R$<font>83.9</font>&nbsp;million, R$<font>43.2</font>&nbsp;million and R$<font>107.7</font>&nbsp;million, for the years ended December 31, 2020, <font>2019</font> and <font>2018</font>, respectively. See &#8220;Item <font>4</font>.B. Information on the Company&#8212;Business Overview&#8212;Distribution of Liquefied Petroleum Gas&#8212;Ultragaz&#8212;Income tax exemption status&#8221;, &#8220;Item <font>4</font>.B. Information on the Company&#8212;Business Overview&#8212;Petrochemicals and Chemicals&#8212;Oxiteno&#8212;Income tax exemption status&#8221; and &#8220;Item <font>4</font>.B. Information on the Company&#8212;Business Overview&#8212;Storage services for liquid bulk &#8212;Ultracargo&#8212;Income tax exemption status&#8221;. </font></font></p>
<p style="margin: 0in 0in 8pt; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3939;"><font style="font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;"><font style="mso-spacerun: yes;">&nbsp;</font></font></font></p>
<p style="text-indent: 24.5pt; margin: 0in 0in 8pt; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3940;"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><font style="font-size: 10.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; font-family: 'Times New Roman',serif; mso-ansi-language: EN-US;">No single shareholder or group of shareholders holds more than <font>50</font>% of our capital stock, which may increase the opportunity for alliances between shareholders and other events that may occur as a result thereof. </font></i></b></font><font style="mso-bookmark: _DMBM_3940;"><font style="font-size: 10.0pt; mso-bidi-font-size: 11.0pt; line-height: 107%; mso-ansi-language: EN-US;"></font></font></p>
<p style="margin: 6pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3940;"><font style="font-size: 10.0pt;">No single shareholder or group of shareholders holds more than <font>50</font>% of our capital stock. Due to the absence of a controlling shareholder, we may be subject to future alliances or agreements between shareholders, which may result in the exercise of a relevant influence over our Company by them. In the event a controlling group is formed and decides to exercise its influence over our Company, we may be subject to unexpected changes in our corporate governance and strategies, including the replacement of key executive officers. Any unexpected change in our management team, business policy or strategy, any dispute between our shareholders, or any attempt to acquire control of our Company may have an adverse impact on us. The term of office of our current members of our Board of Directors, who were elected at the annual and extraordinary general shareholders&#8217; meeting held on April 14, 2021, will expire in the annual general shareholders&#8217; meeting to be held in <font>2023</font>. </font></font><font style="font-size: 10.0pt;"></font></p>
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<div style="page: WordSection12;">
<p style="margin: 0.25in 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3941;"><font style="mso-bookmark: _CSF_TOC_1_5;"><b><i><font style="font-size: 10.0pt;">As a result of acquisitions, Ultrapar has assumed and may assume in the future certain liabilities related to the businesses acquired or to be acquired and risks associated with the transactions, including regulatory risks. </font></i></b></font></font><font style="mso-bookmark: _Hlk17470756;"><font style="mso-bookmark: _DMBM_3941;"><font style="mso-bookmark: _CSF_TOC_1_5;"><font style="font-size: 10.0pt;"></font></font></font></font></p>
<p style="margin: 6pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _Hlk17470756;"><font style="mso-bookmark: _DMBM_3941;"><font style="mso-bookmark: _CSF_TOC_1_5;"><font style="font-size: 10.0pt;">Ultrapar has assumed certain liabilities of previously acquired businesses; therefore, certain existing financial obligations, legal liabilities or other known and unknown contingent liabilities or risks of the businesses acquired have become Ultrapar&#180;s responsibility. Ultrapar may acquire new businesses in the future and, as a result, it may be subject to additional liabilities, obligations and risks. See &#8220;Item <font>4</font>.A. Information on the Company&#8212;History and Development of the Company&#8221; for more information in connection with these acquisitions. </font></font></font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _Hlk17470756;"><font style="mso-bookmark: _DMBM_3941;"><font style="mso-bookmark: _CSF_TOC_1_5;"><font style="font-size: 10.0pt;">In addition, Ultrapar is subject to risks relating to acquisitions that it enters into from time to time. Such risks include that the approval of such transactions may ultimately be refused by the relevant regulatory bodies, including CADE. See &#8220;Item <font>8</font>.A. Financial Information&#8212;Consolidated Statements and Other Financial Information&#8212;Legal Proceedings&#8221;. </font></font></font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _Hlk17470756;"><font style="mso-bookmark: _DMBM_3941;"><font style="mso-bookmark: _CSF_TOC_1_5;"><font style="font-size: 10.0pt;">These liabilities may cause Ultrapar to be required to make payments (including indemnifications and future claims in judicial and arbitral proceedings), incur charges or take other actions that may adversely affect Ultrapar&#8217;s financial position and results of operations and the price of Ultrapar&#8217;s shares. </font></font></font></font></p>
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font></p>
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<p style="margin: 0.25in 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _Hlk17470756;"><font style="mso-bookmark: _DMBM_3941;"><font style="mso-bookmark: _CSF_TOC_1_5;"><b><i><font style="font-size: 10.0pt;">Our founding family and part of our senior management, through their ownership interest in Ultra S.A. and Parth, own a significant portion of our shares and may influence the management, direction and policies of Ultrapar, including the outcome of any matter submitted to the vote of shareholders. </font></i></b></font></font></font><font style="mso-bookmark: _Hlk17470756;"><font style="mso-bookmark: _DMBM_3941;"><font style="mso-bookmark: _CSF_TOC_1_5;"><font style="font-size: 10.0pt;"></font></font></font></font></p>
<p style="margin: 6pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _Hlk17470756;"><font style="mso-bookmark: _DMBM_3941;"><font style="mso-bookmark: _CSF_TOC_1_5;"><font style="font-size: 10.0pt;">Although there is no controlling shareholder of Ultrapar, our founding family and part of our senior management, through their ownership interest in Ultra S.A., beneficially own <font>25</font>% of our outstanding common stock. Ultra S.A., together with Parth, another branch of the Igel family, entered into a shareholders&#8217; agreement on May 2, 2018 </font></font></font></font><font style="mso-bookmark: _CSF_TOC_1_5;"><font style="mso-bookmark: _DMBM_3941;"><font style="mso-bookmark: _Hlk17470756;"><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;">relating to their Ultrapar shares. </font></font></font></font><font style="mso-bookmark: _cp_text_1_48;"><font style="mso-bookmark: _CSF_TOC_1_5;"><font style="mso-bookmark: _DMBM_3941;"><font style="mso-bookmark: _Hlk17470756;"><font style="font-size: 10.0pt;">On August 18, 2020, Ultra S.A. and Parth entered into the <font>2020</font> Shareholders&#8217; Agreement to include P&#225;tria, in its capacity as Ultra S.A.'s shareholder then holding a <font>20</font>% stake in Ultra S.A.'s capital stock, as consenting intervening party, therefore bound by the provisions of the <font>2020</font> Shareholders' Agreement. The <font>2020</font> Shareholders&#8217; Agreement replaced the <font>2018</font> Shareholders&#8217; Agreement in its entirety, and the terms and conditions remain substantially the same of the latter. As of the date of this annual report, the </font></font></font></font></font><font style="mso-bookmark: _CSF_TOC_1_5;"><font style="mso-bookmark: _DMBM_3941;"><font style="mso-bookmark: _Hlk17470756;"><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;"><font style="mso-spacerun: yes;">&nbsp;</font><font>2020</font> Shareholders' Agreement </font></font></font></font><font style="mso-bookmark: _CSF_TOC_1_5;"><font style="mso-bookmark: _DMBM_3941;"><font style="mso-bookmark: _Hlk17470756;"><font style="font-size: 10.0pt;">binds a total of shares representing <font>34.5</font>% of the Company&#8217;s capital stock.&nbsp;See &#8220;Item <font>4</font>.A. Information on the Company&#8212;History and Development of the Company&#8221;, &#8220;Item <font>7</font>.A. Major Shareholders and Related Party Transactions&#8212;Major Shareholders&#8212;Shareholders&#8217; Agreements&#8221; and &#8220;Exhibit <font>2.13</font>&#8212;<font>2020</font> Shareholders&#8217; Agreement, dated as of August 18, 2020&#8221;. Accordingly, these shareholders, acting together through Ultra S.A. and Parth, may exercise significant influence over all matters requiring shareholder approval, including the election of our directors.</font></font></font></font></p>
<p style="margin: 0px; text-indent: 0px; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_5;"><font style="mso-bookmark: _DMBM_3941;"><font style="mso-bookmark: _Hlk17470756;"><font style="font-size: 10.0pt;">&nbsp;</font></font></font></font></p>
<p style="margin: 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_5;"><font style="mso-bookmark: _DMBM_3941;"><b><i><font style="font-size: 10.0pt;">Our status as a holding company may limit our ability to pay dividends on the shares and consequently, on the ADSs. </font></i></b></font></font><font style="mso-bookmark: _CSF_TOC_1_5;"><font style="mso-bookmark: _DMBM_3941;"><font style="font-size: 10.0pt;"></font></font></font></p>
<p style="margin: 6pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', serif;">As a holding company, we have no significant operating assets other than the ownership of shares of our subsidiaries. Substantially all of our operating income comes from our subsidiaries, and therefore we depend on the distribution of dividends or interest on shareholders&#8217; equity from our subsidiaries. Consequently, our ability to pay dividends depends solely upon our dividends and other cash flows from our subsidiaries.</font></p>
<p style="margin: 0px; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 12pt; font-family: 'Times New Roman', serif;"><font><font><font><font style="font-size: 10pt;">&nbsp;</font></font></font></font></p>
<p style="margin: 0in; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><b><i><font style="font-size: 10pt; line-height: inherit;">Our governance and compliance processes may fail to prevent regulatory penalties and reputational harm. </font></i></b><font style="line-height: inherit;"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><font style="font-size: 10pt; line-height: inherit;"></font></i></b></font></p>
<p style="margin: 6pt 0in 0in; text-indent: 24.5pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3942;"><font style="font-size: 10.0pt;">We are committed to conduct our businesses in a legal and ethical manner in compliance with the local and international statutory requirements and standards applicable to our activities. However, our governance and compliance processes, which include reviewing internal controls over financial reporting, may not prevent future violations of applicable legal, including anti-corruption, antitrust and conflicts of interest laws and regulations, accounting or governance standards. Although we have implemented what we understand to be a robust compliance and ethics program to detect and prevent violations of applicable anti-corruption, antitrust and conflicts of interest laws, we may be subject to breaches of our Code of Ethics, anti-corruption policies and commercial conduct protocols, and to instances of fraudulent behavior, corrupt, anticompetitive and unethical practices and dishonesty by our employees, contractors or other agents. In the recent past, anticompetitive practices have been <font>one</font> of the main problems affecting fuels and LPG distributors in Brazil, including Ipiranga and Ultragaz. There are allegations of cartels involved in price fixing in the fuel distribution and LPG sectors, and CADE has been targeting players of these sectors in different regions of Brazil. CADE has recently been actively investigating these sectors and the outcome of the ongoing investigations, administrative proceedings and lawsuits could have a material adverse effect on Ipiranga and Ultragaz. Our failure to comply with applicable laws and other standards could subject us to, among others, litigation, investigations, expenses, fines, loss of operating licenses and reputational harm. </font></font><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;"></font></p>
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<p style="margin: 0.25in 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_6;"><b><i><font style="font-size: 10.0pt;">Information technology failures, including those that affect the privacy and security of personal data, as a result of cyber-attacks or other causes, could adversely affect our businesses and the market price of our shares and ADSs. </font></i></b></font><font style="mso-bookmark: _DMBM_3943;"><font style="mso-bookmark: _CSF_TOC_1_6;"><font style="font-size: 10.0pt;"></font></font></font></p>
<p style="margin: 6pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3943;"><font style="mso-bookmark: _CSF_TOC_1_6;"><font style="font-size: 10.0pt;">We increasingly rely on information technology systems to process, transmit, and store electronic information. A significant portion of the communication between our personnel, customers, and suppliers depends on information technology. In addition, our billing systems relies heavily on technology infrastructure. As with all large systems, our information systems may be vulnerable to a variety of interruptions due to events beyond our control, including, but not limited to, natural disasters, terrorist attacks, telecommunications failures, computer viruses, hacker attacks, human errors or other security issues. </font></font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3943;"><font style="mso-bookmark: _CSF_TOC_1_6;"><font style="font-size: 10.0pt;">We depend on information technology to enable us to operate efficiently and interface with customers, as well as to maintain in-house management and control. We also collect and store non-public personal information that customers provide to purchase products or services, including personal information and payment information. </font></font></font></p>
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font></p>
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<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3943;"><font style="mso-bookmark: _CSF_TOC_1_6;"><font style="font-size: 10.0pt;">In addition, the concentration of processes in shared services centers means that any technology disruption could impact a large portion of our business within the operating regions we serve. Any transitions of processes to, from or within shared services centers as well as other transformational projects, could lead to business disruptions. If we do not allocate, and effectively manage, the resources necessary to build and sustain the proper technology infrastructure, we could be subject to transaction errors, processing inefficiencies, loss of customers, operations disruptions, or the loss of or damage to intellectual property caused by security breach. As with all information technology systems, our system could also be penetrated by outside parties with the purpose of extracting information, corrupting information or disrupting business processes. </font></font></font></p>
<p style="text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif; margin: 10pt 0in;"><font style="mso-bookmark: _DMBM_3943;"><font style="mso-bookmark: _CSF_TOC_1_6;"><font style="font-size: 10.0pt;">In Brazil, we are subject to laws and regulations relating to data protection and data privacy, including Brazilian Law No. <font>13,709</font> (LGPD). LGPD, which came into force in September 2020,<font style="color: #000000;"> except for its administrative sanctions (Articles <font>52</font>, <font>53</font> and <font>54</font>), which will only come into force on August 1, 2021, pursuant to Law No. <font>14,010</font></font>, sets out the rights of data holders and, among others, creates a legal framework for the processing of personal data. LGPD requires mandatory breach notification in case of relevant risk or damage to the data holder and authorizes regulatory investigations that could lead to fines and other sanctions in case of non-compliance. To date, there are no ongoing regulatory investigations and sanctions are not yet in effect. However, we cannot assure that we will not be subject to any such investigations and any resulting sanctions in the future, should any breaches take place. </font></font></font></p>
<p style="text-align: justify; text-indent: 24.5pt; margin-right: 0in; margin-left: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3943;"><font style="mso-bookmark: _CSF_TOC_1_6;"><font style="font-size: 10.0pt;">LGPD, as well as any other changes to existing personal data protection laws and the introduction of such laws in other jurisdictions in which we operate, may subject us to, among other measures, additional costs and expenses, which would require costly changes to our business practices and security systems, policies, procedures and practices.</font></font></font></p>
<p style="margin: 12pt 0in 0in; text-align: justify; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3943;"><font style="mso-bookmark: _CSF_TOC_1_6;"><font style="font-size: 10.0pt;">As a result of our activities, Ultra Group processes personal data, including data of employees, dealers, customers and consumers. Therefore, in order to comply with the applicable laws and regulations, we have designed and implemented a privacy program, which, among others, aims to ensure that our businesses will put in place the procedures required to provide the appropriate legal basis for the processing of personal data and the adequate handling of said personal data.</font></font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3943;"><font style="mso-bookmark: _CSF_TOC_1_6;"><font style="font-size: 10.0pt;">We</font> </font></font><font style="mso-bookmark: _DMBM_3943;"><font style="mso-bookmark: _CSF_TOC_1_6;"><font style="font-size: 10.0pt;">have implemented security measures to protect our databases and prevent cyberattacks, thereby reducing risks of exposure to data breaches and IT security incidents and we have adopted various actions aiming to minimize potential technology disruptions, such as tools, controls and procedures in the management and monitoring of internal and perimeter security, periodic analysis of vulnerabilities, an information security and cybersecurity awareness program, contingency plans for critical processes, a secondary environment for physical disaster recovery and respective periodic tests, tools for continuous monitoring and correlation of events, a dedicated team responsible for maintaining and continuously improving the information security management system, incident response plans and other best practices and tools, but all of these protections may be compromised as a result of third-party security breaches, burglaries, cyberattack, errors by employees or employees of third-party vendors, of contractors, misappropriation of data by employees, vendors or unaffiliated third parties, or other irregularities that may result in persons obtaining unauthorized access to company data or otherwise disrupting our business.</font></font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;">For example, on January 11, 2021, an unauthorized party disrupted access to our IT systems, which caused a temporary interruption to our operations and resulted in the theft of certain proprietary data. On January 14, 2021, we began restoring the systems that were affected by this incident, consistent with our cybersecurity guidelines and policies. Although our investigation of the data theft remains ongoing, all critical information systems of the Company and its subsidiaries have been fully operational since February. We are still evaluating the impact of this incident to our businesses and third parties, but no material adverse effect has been identified so far. For further information, see note </font><font>35</font><font style="font-size: 10pt;"> to our consolidated financial statements and our </font><font>6</font><font style="font-size: 10pt;">-Ks furnished to the SEC on January 12, 2021, and January 25, 2021.</font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3943;"><font style="mso-bookmark: _CSF_TOC_1_6;"><font style="font-size: 10.0pt;">Similar interruptions, data breaches or any noncompliance with LGPD could have an adverse effect on our businesses, reputation, results of operations, cash flows or financial condition, or result in proceedings or actions against us, including or imposition of fines.</font></font></font></p>
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font></p>
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<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font></p>
<p style="margin-right: 0in; margin-left: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_7;"><b><font style="font-size: 10.0pt;">Risks Relating to Brazil </font></b></font><font style="mso-bookmark: _DMBM_3945;"><font style="mso-bookmark: _CSF_TOC_1_7;"><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;"></font></b></font></font></p>
<p style="margin: 6pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3945;"><font style="mso-bookmark: _CSF_TOC_1_7;"><b><i><font style="font-size: 10.0pt;">The Brazilian government has exercised, and continues to exercise, significant influence over the Brazilian economy. Brazilian political and economic conditions, including ongoing political instability and perceptions of these conditions in the international markets, could adversely affect our businesses and the market price of our shares and ADSs. </font></i></b></font></font><font style="mso-bookmark: _DMBM_3945;"><font style="mso-bookmark: _CSF_TOC_1_7;"><font style="font-size: 10.0pt;"></font></font></font></p>
<p style="margin: 6pt 0in 0in; text-indent: 24.5pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3945;"><font style="mso-bookmark: _CSF_TOC_1_7;"><font style="font-size: 10.0pt;">The Brazilian government frequently intervenes in the Brazilian economy and occasionally makes substantial changes in policy and regulations. The Brazilian government&#8217;s actions to control inflation and affect other policies and regulations have involved price and wage controls, currency devaluations, capital controls, strong fiscal adjustments and limits on imports, among other measures. Our businesses, financial condition and results of operations may be adversely affected by changes in policy or regulations involving or affecting tariffs, exchange controls and other matters, as well as factors such as: </font></font></font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3945;"><font style="mso-bookmark: _CSF_TOC_1_7;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">currency fluctuations; </font></font></font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3945;"><font style="mso-bookmark: _CSF_TOC_1_7;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">inflation; </font></font></font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3945;"><font style="mso-bookmark: _CSF_TOC_1_7;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">interest rates; </font></font></font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3945;"><font style="mso-bookmark: _CSF_TOC_1_7;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">exchange rate policies; </font></font></font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3945;"><font style="mso-bookmark: _CSF_TOC_1_7;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">liquidity available in the domestic capital, credit and financial markets; </font></font></font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3945;"><font style="mso-bookmark: _CSF_TOC_1_7;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">oil and gas sector regulations, including price policies; </font></font></font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3945;"><font style="mso-bookmark: _CSF_TOC_1_7;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">petrochemical and chemical sectors regulations; </font></font></font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3945;"><font style="mso-bookmark: _CSF_TOC_1_7;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">retail pharmacy business regulations; </font></font></font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3945;"><font style="mso-bookmark: _CSF_TOC_1_7;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">payment business regulations;</font></font></font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3945;"><font style="mso-bookmark: _CSF_TOC_1_7;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">the impact of epidemics and pandemics, such as the ongoing COVID-<font>19</font> pandemic; </font></font></font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3945;"><font style="mso-bookmark: _CSF_TOC_1_7;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">price instability; </font></font></font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3945;"><font style="mso-bookmark: _CSF_TOC_1_7;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">social and political instability; </font></font></font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3945;"><font style="mso-bookmark: _CSF_TOC_1_7;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">energy and water shortages and rationing; </font></font></font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3945;"><font style="mso-bookmark: _CSF_TOC_1_7;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">liquidity of domestic capital and lending markets; </font></font></font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3945;"><font style="mso-bookmark: _CSF_TOC_1_7;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">fiscal policy; and </font></font></font></p>
<p style="margin: 6pt 0in 0in 46.2pt; text-indent: -17.85pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3945;"><font style="mso-bookmark: _CSF_TOC_1_7;"><font style="font-size: 8.0pt; mso-bidi-font-size: 10.0pt; font-family: Symbol; mso-fareast-font-family: Symbol; mso-bidi-font-family: Symbol;"><font style="mso-list: Ignore;">&#183;<font style="font: 7.0pt 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></font><font style="font-size: 10.0pt;">other political, economic, social, trade and diplomatic developments in or affecting Brazil. </font></font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3945;"><font style="mso-bookmark: _CSF_TOC_1_7;"><font style="font-size: 10.0pt;">Uncertainty over whether the Brazilian government may implement changes in policy or regulation affecting these or other factors in the future may contribute to economic uncertainty in Brazil and to heightened volatility in the Brazilian securities markets and securities issued abroad by Brazilian issuers, as well as heightened volatility in the Brazilian <i>Real</i>. These and other future developments in the Brazilian economy or government policies may adversely affect us and our businesses as well as our results of operations and may adversely affect the trading price of our ADSs and shares. Furthermore, the Brazilian government may enact new regulations that may adversely affect our businesses and us. </font></font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3945;"><font style="mso-bookmark: _CSF_TOC_1_7;"><font style="font-size: 10.0pt;">Political instability in Brazil has been growing in recent years and can adversely affect the economy. In January 2019, Mr.&nbsp;Jair Messias Bolsonaro, a former member of the lower house of Congress, took office as president for a <font>4</font>-year term, from <font>2019</font> to <font>2022</font>. We have no control over and cannot predict what policies or actions the Brazilian government may take. </font></font></font></p>
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font></p>
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<p style="text-indent: 24.5pt; margin-right: 0in; margin-left: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3945;"><font style="mso-bookmark: _CSF_TOC_1_7;"><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt; mso-fareast-language: PT-BR;">Brazilian markets have registered an increase in volatility due to uncertainties resulting from ongoing investigations conducted by the Brazilian Federal Police and the Brazilian Federal Public Prosecutor&#8217;s Office with respect to high-ranking members of the government, including President Jair Bolsonaro. Such investigations have impacted the country&#8217;s economy and political environment. The potential outcome of these and other investigations is uncertain, but they have already had a negative impact on the market general perception regarding the Brazilian economy and have adversely affected and may continue to affect our business, financial condition and results of operations, as well as the market price of our common shares. We cannot predict whether the ongoing investigations, including those involving President Jair Bolsonaro, will lead to further political and economic instability, nor whether new allegations against government officials and executives and/or private companies will emerge in the future. We are also unable to foresee the results of these investigations, nor the impact on the Brazilian economy or the Brazilian stock market.</font></font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3945;"><font style="mso-bookmark: _CSF_TOC_1_7;"><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt; mso-fareast-language: PT-BR;">In addition, in March 2021 the Brazilian Supreme Court decided an appeal challenging the conviction of former President Luiz Inacio </font></font></font><font style="mso-bookmark: _DMBM_3945;"><font style="mso-bookmark: _CSF_TOC_1_7;"><font style="font-size: 10.0pt;">Lula</font></font></font><font style="mso-bookmark: _DMBM_3945;"><font style="mso-bookmark: _CSF_TOC_1_7;"><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt; mso-fareast-language: PT-BR;"> da Silva, and ruled that certain corruption and money laundering charges faced by him should be redistributed to a different court and judged again. As a result, former President Luiz Inacio Lula da Silva has been granted his political rights back, adding uncertainty to the local political scenario for the <font>2022</font> presidential elections and further questioning the stability of judicial proceedings locally.</font></font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3945;"><font style="mso-bookmark: _CSF_TOC_1_7;"><font style="font-size: 10.0pt;">Furthermore</font></font></font><font style="mso-bookmark: _DMBM_3945;"><font style="mso-bookmark: _CSF_TOC_1_7;"><font style="mso-bookmark: _cp_text_1_97;"><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt; mso-fareast-language: PT-BR;">, President Bolsonaro has been criticized both in Brazil and internationally, with the destabilizing effects of the COVID-<font>19</font> pandemic increasing political uncertainty and stability in Brazil, particularly after the departure of several high-ranked federal ministers and the allegations of corruption against President Bolsonaro.</font></font></font></font><font style="mso-bookmark: _DMBM_3945;"><font style="mso-bookmark: _CSF_TOC_1_7;"><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt; mso-fareast-language: PT-BR;"></font></font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3945;"><font style="mso-bookmark: _CSF_TOC_1_7;"><font style="font-size: 10.0pt;">The Brazilian government may be subject to internal pressure to change its current macroeconomic policies in order to achieve higher rates of economic growth. The Central Bank of Brazil may, in the future, be pressured to increase them, thereby restricting the availability of credit, increasing its cost and reducing economic growth. On February 2021, the Congress approved the autonomy of Central Bank of Brazil, minimizing the possibility of government interference in Brazilian monetary policy.</font></font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3945;"><font style="mso-bookmark: _CSF_TOC_1_7;"><font style="font-size: 10.0pt;">Brazil&#8217;s federal budget has been in deficit since <font>2014</font>. Similarly, the governments of Brazil&#8217;s constituent states are also facing fiscal concerns due to their high debt burdens, declining revenues and inflexible expenditures. The Brazilian Congress has approved a ceiling on government spending that limits primary public expenditure growth to the prior year&#8217;s inflation for a period of at least <font>10</font> years. In <font>2019</font>, Congress approved the reform of Brazil&#8217;s pension system, which is expected to contribute towards complying with the spending limit. However, discussions in the Brazilian Congress relating to a tax and an administrative reform remain ongoing as of the date of this annual report. In addition, governmental responses to the ongoing COVID-<font>19</font> pandemic may have significant effect on the fiscal position in Brazil, including reduced tax revenue and increased governmental spending to combat COVID-<font>19</font> and its impacts. The Brazilian Congress has approved a legislative decree that recognizes the state of public calamity in Brazil due to the COVID-<font>19</font> pandemic and such state of calamity was effective until December 31, 2020. Due to the state of public calamity, the government is not required to meet the fiscal primary balance target for <font>2020</font>. In addition, a constitutional amendment has been approved by the Congress to allow the separation of expenses incurred to combat COVID-<font>19</font> from the budget of the Federal Government, creating an extraordinary regime to allow the increase in public expenditures during the ongoing COVID-<font>19</font> pandemic without the constitutional barriers that currently restrict federal spending. The proposed constitutional amendment exempts the Federal Government from the so-called fiscal &#8220;golden rule&#8221; of balancing the budget through the end of <font>2020</font> and proposals under consideration may also include significant financial support to the budgets of states and municipalities, further increasing government spending, which is expected to further increase the fiscal deficit in Brazil. </font></font></font><font style="mso-bookmark: _CSF_TOC_1_7;"><font style="mso-bookmark: _DMBM_3945;"><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt; mso-fareast-language: PT-BR;">This deficit may further increase if the Brazilian government approves </font></font></font><font style="mso-bookmark: _CSF_TOC_1_7;"><font style="mso-bookmark: _DMBM_3945;"><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt; mso-fareast-language: PT-BR;">a new wave of financial stimulus.</font></font></font><font style="mso-bookmark: _CSF_TOC_1_7;"><font style="mso-bookmark: _DMBM_3945;"><font style="font-size: 10.0pt;"></font></font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_7;"><font style="mso-bookmark: _DMBM_3945;"><font style="font-size: 10.0pt;">Diminished confidence in the Brazilian government&#8217;s budgetary condition and fiscal stance could result in downgrades of Brazil&#8217;s sovereign debt by credit rating agencies and the rise of risk premium, negatively impacting Brazil&#8217;s economy, lead to further depreciation of the<i> Real</i> and an increase in inflation and interest rates. In addition, negative ratings actions could be taken by rating agencies as a result of economic and political uncertainties or other factors in connection with the COVID-<font>19</font> pandemic (see &#8220;&#8212;Risks Relating to Ultrapar and Its Industries&#8212;Our businesses may be materially and adversely affected by the outbreak of communicable diseases, such as the ongoing COVID-<font>19</font> pandemic, or other epidemics or pandemics&#8221;, and other risk factors included herein). The occurrence of any of these factors could adversely affect our businesses, results of operations and financial condition.</font></font></font></p>
<p style="margin: 10pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_7;"><font style="mso-bookmark: _DMBM_3945;"><font style="font-size: 10.0pt;">We cannot predict which policies will be adopted by the Brazilian government,<font>&nbsp;</font><font style="font-size: 10pt;">including with respect to the oil and gas industry or Petrobras&#8217; pricing policies</font>. Moreover, in the past, the Brazilian economy has been affected by the country&#8217;s political events, which have also affected the confidence of investors and the public in general, thereby adversely affecting the performance of the Brazilian economy. Furthermore, any indecisiveness by the Brazilian government in implementing changes to certain policies or regulations may contribute to economic uncertainty in Brazil and heightened volatility for the Brazilian securities markets and securities issued abroad by Brazilian companies. We are not able to fully estimate the impact of global and Brazilian political and macroeconomic developments on our businesses. In addition, there is substantial uncertainty regarding future economic policies, and we cannot predict which policies will be adopted by the Brazilian government and whether these policies will negatively affect the economy or our businesses or financial performance. Recent economic and political instability has led to a negative perception of the Brazilian economy and higher volatility in the Brazilian securities markets, which also may adversely affect our securities and us. Any continued economic instability and political uncertainty which results in reduced availability of credit and reduced economic growth may materially and adversely affect our businesses.<br></font></font></font></p>
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<p style="margin: 0.25in 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><b><i><font style="font-size: 10.0pt;">Inflation and certain governmental measures to curb inflation may contribute significantly to economic uncertainty in Brazil and could harm our businesses and the market value of the ADSs and our shares. </font></i></b><font style="mso-bookmark: _DMBM_3946;"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;"></font></i></b></font></p>
<p style="margin: 6pt 0in 0in; text-indent: 24.5pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3946;"><font style="font-size: 10.0pt;">In the past, Brazil has experienced extremely high rates of inflation. Inflation and some of the Brazilian government&#8217;s measures taken in an attempt to curb inflation have had significant negative effects on the Brazilian economy. Since the introduction of the <i>Real</i> in <font>1994</font>, Brazil&#8217;s inflation rate has been substantially lower than that in previous periods. However, in the recent past, the economy has experienced increasing inflation rates and actions taken in an effort to curb inflation, coupled with economic and political impacts derived from COVID-<font>19</font> crisis and speculation about possible future governmental actions, have contributed to economic uncertainty in Brazil and heightened volatility in the Brazilian securities market. According to the <i>&#205;ndice Geral de Pre&#231;os-Mercado</i>, or IGP-M, an inflation index, the Brazilian general price inflation rates were <font>23.1</font>% in <font>2020</font>, <font>7.3</font>% in <font>2019</font>, <font>7.5</font>% in <font>2018</font>, -<font>0.5</font>% in <font>2017</font> and <font>7.2</font>% in <font>2016</font>. According to the <i>&#205;ndice Nacional de Pre&#231;os ao Consumidor Amplo</i>, or IPCA, an inflation index to which Brazilian government&#8217;s inflation targets are linked, inflation in Brazil was <font>4.5</font>% in <font>2020</font>, <font>4.3</font>% in <font>2019</font>, <font>3.7</font>% in <font>2018</font>, <font>2.9</font>% in <font>2017</font> and <font>6.3</font>% in <font>2016</font>. Brazil may experience high levels of inflation in the future. Our operating expenses are substantially in <i>Reais</i> and tend to increase with Brazilian inflation. Inflationary pressures may also hinder our ability to access foreign financial markets or may lead to further government intervention in the economy, including the introduction of government policies that could harm our businesses or adversely affect the market value of our shares and, as a result, our ADSs. </font></font></p>
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<p style="margin: 0.25in 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _CSF_TOC_1_8;"><b><i><font style="font-size: 10.0pt;">Exchange rate instability may adversely affect our financial condition, results of operations and the market price of the ADSs and our shares. </font></i></b></font><font style="mso-bookmark: _DMBM_3947;"><font style="mso-bookmark: _CSF_TOC_1_8;"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;"></font></i></b></font></font></p>
<p style="text-indent: 24.5pt; margin-right: 0in; margin-left: 0in; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3947;"><font style="mso-bookmark: _CSF_TOC_1_8;"><font style="font-size: 10.0pt;">Although a substantial portion of our sales is denominated in <i>Reais</i>, prices and certain costs in the chemical business (including but not limited to ethylene and palm kernel oil, purchased by our subsidiary Oxiteno) are benchmarked to prices prevailing in the international markets, mainly denominated in U.S. dollars. In addition, a significant portion of the products that we distribute, including LPG and fuel, have prices linked to commodity prices denominated in U.S. dollars. Therefore, we are exposed to foreign exchange rate risks that could materially adversely affect our business, financial condition and results of operations as well as our capacity to service our debt. See &#8220;Item <font>11</font>. Quantitative and Qualitative Disclosures about Market Risk&#8221;. </font></font></font></p>
<p style="margin: 6pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3947;"><font style="mso-bookmark: _CSF_TOC_1_8;"><font style="font-size: 10.0pt;">During the last decades, the Brazilian government has implemented various economic plans and a number of exchange rate policies, including sudden devaluations, periodic mini-devaluations during which the frequency of adjustments has ranged from daily to monthly, floating exchange rate systems, exchange controls and dual exchange rate markets. Although over long periods depreciation of the Brazilian currency has been generally correlated with the rate of inflation in Brazil, there have historically been observed shorter periods of significant fluctuations in the exchange rate between the Brazilian currency and the U.S. dollar and other currencies, in particular in the last <font>10</font> years. </font></font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3947;"><font style="mso-bookmark: _CSF_TOC_1_8;"><font style="font-size: 10.0pt;">In <font>2016</font>, the Real appreciated <font>17</font>% against the U.S. dollar, marking the first year that it has appreciated against the U.S. dollar since <font>2011</font>, despite residual political instability and continuing signs of shrinking of the Brazilian economy. This was due mostly to improvements in the Brazilian political environment, following the impeachment of former president Dilma Rouseff and certain stabilizing measures proposed by President Michel Temer as well as ongoing efforts by the government&#8217;s economic team to curb public spending and debt. In <font>2017</font>, the <i>Real</i> depreciated <font>2</font>% against the U.S. dollar reflecting the continued political instability and deterioration of the expectation of the pension reform approval, despite the slight improvement in the Brazilian macroeconomic scenario. In <font>2018</font>, the <i>Real</i> depreciated <font>17</font>%, pressured mainly by the global instability, result of economic crises in developed countries and the increase of interest rates by the Federal Reserve System in the United States. The domestic scenario, characterized by political instability due to the presidential election and the slow progress of fiscal and pension reforms, also influenced the <i>Real </i>depreciation during the year. In <font>2019</font>, the Brazilian Central Bank reduced the interest rate to boost economic momentum after indications of low inflation. The reduction in interest rates, along with geopolitical instability &#8211; mainly the commercial conflict between the United States and China, led to pressures on the <i>Real </i>exchange rate in <font>2019</font>. Despite the pension reform approval by the Brazilian Congress and other events that caused periods of appreciation during the year, the <i>Real</i> depreciated <font>4</font>% against the U.S. dollar in <font>2019</font>. In <font>2020</font>, the <i>Real</i> depreciated <font>29</font>% against the U.S. dollar, mainly due to the low interest rate environment in Brazil coupled with local and international market conditions, including the economic, political and other impacts of the ongoing COVID-<font>19</font> pandemic. From December 31, 2020 to <font style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">April 28, 2021</font>, the<i> Real</i>&nbsp;depreciated 4%&nbsp;against the U.S. dollar, because of the same reasons mentioned above<font style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">.</font> See &#8220;Item <font>3</font>.A. Key Information&#8212;Selected Consolidated Financial Data&#8212;Exchange Rates&#8221;. </font></font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3947;"><font style="mso-bookmark: _CSF_TOC_1_8;"><font style="font-size: 10.0pt;">There are no guarantees that the exchange rate between the <i>Real </i>and the U.S. dollar will stabilize at current levels, and the <i>Real </i>and the U.S. dollar exchange rate may be adversely impacted by the economic and fiscal scenario caused by the ongoing COVID-<font>19</font> pandemic and governmental responses to this. Although we have contracted hedging instruments with respect to part of our existing U.S. dollar debt obligations, in order to reduce our exposure to fluctuations in the dollar/<i>Real</i> exchange rate, we cannot guarantee that such instruments will be adequate to fully protect us against further devaluation of the <i>Real</i>, and we could in the future experience monetary losses as a result. See &#8220;Item <font>11</font>. Quantitative and Qualitative Disclosures about Market Risk&#8221; for information about our foreign exchange risk hedging policy. </font></font></font></p>
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<p style="margin: 0px; text-indent: 0px; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3947;"><font style="mso-bookmark: _CSF_TOC_1_8;"><font style="font-size: 1.0pt;">&nbsp;</font></font></font></p>
<p style="margin: 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3947;"><font style="mso-bookmark: _CSF_TOC_1_8;"><font style="font-size: 10.0pt;">Depreciations of the <i>Real</i> relative to the U.S. dollar can create additional inflationary pressures in Brazil that may negatively affect us. Depreciations generally curtail access to foreign financial markets and may prompt government intervention, including recessionary governmental policies. Depreciations also reduce the U.S. dollar value of distributions and dividends on the ADSs and the U.S. dollar equivalent of the market price of our shares and, as a result, the ADSs. On the other hand, appreciation of the <i>Real</i> against the U.S. dollar may lead to a deterioration of the country&#8217;s current account and the balance of payments, as well as to a dampening of export-driven growth. </font></font></font></p>
<p style="margin: 0.25in 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3947;"><font style="mso-bookmark: _CSF_TOC_1_8;"><b><i><font style="font-size: 10.0pt;">Economic and market conditions in other countries, including in the United States and emerging market countries, may materially and adversely affect the Brazilian economy and, therefore, our financial condition and the market price of the shares and ADSs. </font></i></b></font></font><font style="mso-bookmark: _DMBM_3947;"><font style="mso-bookmark: _CSF_TOC_1_8;"><font style="font-size: 10.0pt;"></font></font></font></p>
<p style="margin: 6pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3947;"><font style="mso-bookmark: _CSF_TOC_1_8;"><font style="font-size: 10.0pt;">The market for securities issued by Brazilian companies is influenced by economic and market conditions in Brazil, and, to varying degrees, market conditions in other countries, including the United States, other Latin American and emerging market countries. Although economic conditions are different in each country, the reaction of investors to developments in <font>one</font> country may cause the capital markets in other countries to fluctuate. Developments or conditions in other countries, including the United States and other emerging market countries, have at times significantly affected the availability of credit in the Brazilian economy and resulted in considerable outflows of funds and declines in the amount of foreign currency invested in Brazil, as well as limited access to international capital markets, all of which may materially and adversely affect our ability to borrow funds at an acceptable interest rate or to raise equity capital when and if we should have such a need. </font></font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3947;"><font style="mso-bookmark: _CSF_TOC_1_8;"><font style="font-size: 10.0pt;">In <font>2018</font>, <font>2019</font> and <font>2020</font>, the Brazilian market remained volatile due to, among other factors, uncertainties about the political, commercial and trading relationships between the United States and China, the increasing risk aversion to emerging market countries, and the uncertainties regarding Brazilian macroeconomic and political conditions. These uncertainties adversely affected us and the market value of our securities. In addition, we continue to be exposed to disruptions and volatility in the global financial markets because of their effects on the financial and economic environment, particularly in Brazil, such as a slowdown in the economy, an increase in the unemployment rate, a decrease in the purchasing power of consumers and the lack of credit availability. In addition, since the beginning of <font>2020</font>, the ongoing COVID-<font>19</font> pandemic has resulted in significant financial market volatility and uncertainty around the globe. See &#8220;Our businesses may be materially and adversely affected by the outbreak of communicable diseases, such as the ongoing COVID-<font>19</font> pandemic, or other epidemics or pandemics&#8221;. </font></font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3947;"><font style="mso-bookmark: _CSF_TOC_1_8;"><font style="font-size: 10.0pt;">Disruption or volatility in the global financial markets could further increase negative effects on the financial and economic environment in Brazil, which could have a material adverse effect on our businesses, results of operations and financial condition. </font></font></font></p>
<p style="margin: 0.25in 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3947;"><font style="mso-bookmark: _CSF_TOC_1_8;"><b><i><font style="font-size: 10.0pt;">Our businesses, financial condition and results of operations may be materially and adversely affected by a general economic downturn and by instability and volatility in the financial markets. </font></i></b></font></font><font style="mso-bookmark: _DMBM_3947;"><font style="mso-bookmark: _CSF_TOC_1_8;"><font style="font-size: 10.0pt;"></font></font></font></p>
<p style="margin: 6pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3947;"><font style="mso-bookmark: _CSF_TOC_1_8;"><font style="font-size: 10.0pt;">The turmoil of the global financial markets and the scarcity of credit in the past led to lack of consumer confidence, increased market volatility and widespread reduction of business activity. An economic downturn could materially and adversely affect the liquidity, businesses and/or financial conditions of our customers, which could in turn result not only in decreased demand for our products, but also increased delinquencies in our accounts receivable. Furthermore, an eventual new global financial crisis could have a negative impact on our cost of borrowing and on our ability to obtain future borrowings. The disruptions in the financial markets could also lead to a reduction in available trade credit due to counterparties&#8217; liquidity concerns. If we experience a decrease in demand for our products or an increase in delinquencies in our accounts receivable, or if we are unable to obtain borrowings our businesses, financial condition and results of operations could be materially adversely affected. </font></font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3947;"><font style="mso-bookmark: _CSF_TOC_1_8;"><font style="font-size: 10.0pt;">The rapid escalation of COVID-<font>19</font> pandemic across the world since the beginning of <font>2020</font> has had, </font></font></font><font style="mso-bookmark: _DMBM_3947;"><font style="mso-bookmark: _CSF_TOC_1_8;"><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;">and </font></font></font><font style="mso-bookmark: _DMBM_3947;"><font style="mso-bookmark: _CSF_TOC_1_8;"><font style="font-size: 10.0pt;">can</font></font></font><font style="mso-bookmark: _DMBM_3947;"><font style="mso-bookmark: _CSF_TOC_1_8;"><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;"> continue to have</font></font></font><font style="mso-bookmark: _DMBM_3947;"><font style="mso-bookmark: _CSF_TOC_1_8;"><font style="font-size: 10.0pt;">, a number of negative impacts on our businesses, financial condition and results of operations. See &#8220;&#8212;Our businesses may be materially and adversely affected by the outbreak of communicable diseases, such as the ongoing COVID-<font>19</font> pandemic, or other epidemics or pandemics&#8221;. </font></font></font><font style="font-size: 10.0pt;"></font></p>
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<p style="margin: 0.25in 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><b><i><font style="font-size: 10.0pt;">Holders of our ADSs may face difficulties in serving process on or enforcing judgments against us and other relevant persons. </font></i></b><font style="mso-bookmark: _DMBM_3948;"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;"></font></i></b></font></p>
<p style="margin: 6pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3948;"><font style="font-size: 10.0pt;">We are a company incorporated under the laws of Brazil. All members of our Board of Directors, executive officers and experts named in this annual report are residents of Brazil or have business address in Brazil. All or a substantial part of the assets pertaining to these individuals and to Ultrapar are located outside the United States. As a result, it is possible that investors may not be able to effect service of process upon these individuals or us in the United States or other jurisdictions outside Brazil, or enforce judgments against us or these other persons obtained in the United States or other jurisdictions outside Brazil, including for civil liability based upon United States federal securities laws or otherwise. In addition, because judgments of United States courts for civil liabilities based upon the United States federal securities laws may only be enforced in Brazil if certain conditions are met, holders may face greater difficulties in protecting their interests in the case of actions against us or our Board of Directors or executive officers than would shareholders of a United States corporation. </font></font><font style="font-size: 10.0pt;"></font></p>
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<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font></p>
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<p style="margin: 0px; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px;"><font style="font-size: 10.0pt;"><font style="mso-spacerun: yes;">&nbsp;</font><b>Risks Relating to the Shares and the American Depositary Shares </b></font></p>
<p style="margin: 0.25in 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3950;"><b><i><font style="font-size: 10.0pt;">Asserting limited voting rights as a holder of ADSs may prove more difficult than for holders of our common shares. </font></i></b></font><font style="mso-bookmark: _DMBM_3950;"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;"></font></i></b></font></p>
<p style="margin: 6pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3950;"><font style="font-size: 10.0pt;">Under the Brazilian Corporate Law, only shareholders registered as such in our corporate books may attend shareholders&#8217; meetings. All common shares underlying the ADSs are registered in the name of the depositary bank. A holder of ADSs, accordingly, is not entitled to attend shareholders&#8217; meetings. A holder of ADSs is entitled to instruct the depositary bank as to how to exercise the voting rights of its common shares underlying the ADSs in accordance with procedures provided for in the Deposit Agreement, but a holder of ADSs will not be able to vote directly at a shareholders&#8217; meeting or appoint a proxy to do so. In addition, a holder of ADSs may not have sufficient or reasonable time to provide such voting instructions to the depositary bank in accordance with the mechanisms set forth in the Deposit Agreement and custody agreement, and the depositary bank will not be held liable for failure to deliver any voting instructions to such holders. </font></font></p>
<p style="margin: 0.25in 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3950;"><b><i><font style="font-size: 10.0pt;">Holders of our shares or ADSs may not receive dividends. </font></i></b></font><font style="mso-bookmark: _DMBM_3950;"><font style="font-size: 10.0pt;"></font></font></p>
<p style="margin: 6pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3950;"><font style="font-size: 10.0pt;">Under our bylaws, unless otherwise proposed by the Board of Directors and approved by the voting shareholders at our annual shareholders&#8217; meeting, we must generally pay our shareholders a mandatory distribution equal to at least <font>50</font>% of our adjusted net profit, after the allocation of <font>5</font>% of the net profit to the legal reserve. However, our net income may be used to increase our capital stock, used to set off losses and/or otherwise retained in accordance with the Brazilian Corporate Law and may not be available for the payment of dividends, including in the form of interest on shareholders&#8217; equity. Therefore, whether you receive a dividend or not depends on the amount of the mandatory distribution, if any, and whether the Board of Directors and the voting shareholders exercise their discretion to suspend these payments. See &#8220;Item <font>8</font>.A. Financial Information&#8212;Consolidated Statements and Other Financial Information&#8212;Dividends and Distribution Policy&#8212;Dividend Policy&#8221; for a more detailed discussion of mandatory distributions. </font></font></p>
<p style="margin: 0.25in 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3950;"><b><i><font style="font-size: 10.0pt;">Holders of our shares may be unable to exercise preemptive rights with respect to the shares. </font></i></b></font><font style="mso-bookmark: _DMBM_3950;"><font style="font-size: 10.0pt;"></font></font></p>
<p style="margin: 6pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3950;"><font style="font-size: 10.0pt;">In the event that we issue new shares pursuant to a capital increase or offer rights to purchase our shares, shareholders would have preemptive rights to subscribe for the newly issued shares or rights, as the case may be, corresponding to their respective interest in our share capital, allowing them to maintain their existing shareholder percentage. </font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3950;"><font style="font-size: 10.0pt;">However, our bylaws establish that the Board of Directors may exclude preemptive rights to the current shareholders or reduce the time our shareholders have to exercise their rights, in the case of an offering of new shares to be sold on a registered stock exchange or otherwise through a public offering. </font></font></p>
<p style="margin: 12pt 0in 0in; text-indent: 24.5pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3950;"><font style="font-size: 10.0pt;">The holders of our shares or ADSs may be unable to exercise their preemptive rights in relation to the shares represented by the ADSs, unless we file a registration statement for the offering of rights or shares with the SEC pursuant to the United States Securities Act or an exemption from the registration requirements applies. We are not obliged to file registration statements in order to facilitate the exercise of preemptive rights and, therefore, we cannot assure ADS holders that such a registration statement will be filed. As a result, the equity interest of such holders in our Company may be diluted. If the rights or shares, as the case may be, are not registered as required, the depositary will try to sell the preemptive rights held by holder of the ADSs and you will have the right to the net sale value, if any. However, the preemptive rights will expire without compensation to you should the depositary not succeed in selling them. </font></font></p>
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<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font></p>
<p style="margin: 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3950;"><b><i><font style="font-size: 10.0pt;">If shareholders exchange ADSs for shares, they may lose certain foreign currency remittance and Brazilian tax advantages. </font></i></b></font><font style="mso-bookmark: _DMBM_3950;"><font style="font-size: 10.0pt;"></font></font></p>
<p style="margin: 6pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3950;"><font style="font-size: 10.0pt;">The ADSs benefit from the depositary&#8217;s certificate of foreign capital registration, which permits the depositary to convert dividends and other distributions with respect to the shares into foreign currency and remit the proceeds abroad. In order to surrender ADSs for the purpose of withdrawing the shares represented thereby, investors are required to comply with National Monetary Council (&#8220;CMN&#8221;) Resolution <font>4,373</font> of September 29, 2014 (&#8220;CMN Resolution <font>4,373</font>&#8221;), which requires, among other things, that investors appoint a legal representative in Brazil. If the investors fail to comply with CMN Resolution <font>4,373</font>, or the legal representative appointed by the investors fail to comply with CMN Resolution <font>4,373</font> or to take action when required to do so, it could affect the investors&#8217; ability to receive dividends or distributions relating to our shares or the return of their capital in a timely manner. Investors that are registered as CMN Resolution <font>4,373</font> investors may buy and sell their shares on the Brazilian stock exchanges without obtaining separate certificates of registration. If investors do not qualify under CMN Resolution <font>4,373</font>, they will generally be subject to less favorable tax treatment on distributions with respect to the shares. The depositary&#8217;s certificate of registration or any certificate of foreign capital registration obtained by the investor may be affected by future legislative or regulatory changes, and additional Brazilian law restrictions applicable to their investment in the ADSs may be imposed in the future. For a more complete description of Brazilian tax regulations, see &#8220;Item <font>10</font>.E. Additional Information&#8212;Taxation&#8212;Brazilian Tax Consequences&#8221;. </font></font></p>
<p style="margin: 0.25in 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3950;"><b><i><font style="font-size: 10.0pt;">Controls and restrictions on the remittance of foreign currency could negatively affect your ability to convert and remit dividends, distributions or the proceeds from the sale of our shares, Ultrapar&#8217;s capacity to make dividend payments to non-Brazilian investors and the market price of our shares and ADSs. </font></i></b></font><font style="mso-bookmark: _DMBM_3950;"><font style="font-size: 10.0pt;"></font></font></p>
<p style="margin: 6pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3950;"><font style="font-size: 10.0pt;">Brazilian law provides that, whenever there is a serious imbalance in the Brazilian balance of payments or reasons for believing that there will be a serious imbalance in the future, the Brazilian government can impose temporary restrictions on remittances of proceeds from investments to foreign investors, including ADS holders and holders of Ultrapar shares that reside outside Brazil. The probability that the Brazilian government might impose such restrictions is related to the level of the country&#8217;s foreign currency reserves, the availability of currency in the foreign exchange markets on the date a payment is due, the amount of the Brazilian debt servicing requirement in relation to the economy as a whole, and the Brazilian policy towards the International Monetary Fund, among other factors. We are unable to give assurances that the Central Bank will not modify its policies or that the Brazilian government will not introduce restrictions or cause delays in payments by Brazilian entities of dividends relating to securities issued in the overseas capital markets. Such restrictions or delays could negatively affect your ability to convert and remit dividends, distributions or the proceeds from the sale of our shares, Ultrapar&#8217;s capacity to make dividend payments to non-Brazilian investors and the market price of our shares and the ADSs. </font></font></p>
<p style="margin: 0.25in 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3950;"><b><i><font style="font-size: 10.0pt;">Changes in Brazilian tax laws may have an adverse impact on the taxes applicable to a disposition of our ADSs. </font></i></b></font><font style="mso-bookmark: _DMBM_3950;"><font style="font-size: 10.0pt;"></font></font></p>
<p style="margin: 6pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3950;"><font style="font-size: 10.0pt;">According to Law No. <font>10,833</font>, enacted on December 29, 2003, the disposition of assets located in Brazil by a non-resident to either a Brazilian resident or a non-resident is subject to taxation in Brazil, regardless of whether the disposal occurs outside or within Brazil. In the event that the disposal of assets is interpreted to include a disposal of our ADSs, this tax law could result in the imposition of the withholding income tax on a disposal of our ADSs between non-residents of Brazil. See &#8220;Item <font>10</font>.E. Additional Information&#8212;Taxation&#8212;Brazilian Tax Consequences&#8212;Taxation of Gains&#8221;. </font></font></p>
<p style="margin: 0.25in 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3950;"><b><i><font style="font-size: 10.0pt;">Substantial sales of our shares or our ADSs could cause the price of our shares or our ADSs to decrease. </font></i></b></font><font style="mso-bookmark: _DMBM_3950;"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;"></font></i></b></font></p>
<p style="margin: 6pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="mso-bookmark: _DMBM_3950;"><font style="font-size: 10.0pt;">Shareholders of Ultra S.A. and Parth, which own <font>34.5</font>% of our outstanding shares, have the right to exchange their shares of Ultra S.A. and Parth for shares of Ultrapar and freely trade them in the market as more fully described under &#8220;Item <font>7</font>.A. Major Shareholders and Related Party Transactions&#8212;Major Shareholders&#8212;Shareholders&#8217; Agreements&#8221;. Other shareholders, who may freely sell their respective shares, hold a substantial portion of our remaining shares. A sale of a significant number of shares could negatively affect the market value of the shares and ADSs. The market price of our shares and the ADSs could drop significantly if the holders of shares or the ADSs sell them or the market perceives that they intend to sell them.</font></font></p>
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<p style="margin: 0.25in 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><font style="mso-bookmark: _CSF_TOC_1_9;"><b><i><font style="font-size: 10.0pt;">There may be adverse U.S. federal income tax consequences to U.S. Holders if we are or become a PFIC under the Code. </font></i></b></font><font style="mso-bookmark: _DMBM_3951;"><font style="mso-bookmark: _CSF_TOC_1_9;"><font style="font-size: 10.0pt;"></font></font></font></font></p>
<p style="margin: 6pt 0in 0in; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;"><font style="mso-bookmark: _CSF_TOC_1_9;"><font lang="PT-BR" style="font-size: 10pt; line-height: 107%;">If we were characterized as a PFIC, in any year during which a U.S. Holder holds our shares or ADSs, certain adverse U.S. federal tax income consequences could apply to that person. Based on the manner in which we currently operate our businesses, the projected composition of our income and valuation of our assets, and the current interpretation of the PFIC rules, including the Commodity Exception, we do not believe that we were a PFIC in <font>2020</font> and we do not expect to be a PFIC in the foreseeable future. However, because PFIC classification is a factual determination made annually and is subject to change and differing interpretations, there can be no assurance that we will not be considered a PFIC for the current taxable year or any subsequent taxable year. U.S. Holders should carefully read &#8220;Item <font>10</font>.E. Additional Information &#8212; Taxation &#8212; U.S. Federal Income Tax Considerations&#8221; for a description of the PFIC rules and consult their tax advisors regarding the likelihood and consequences of us being treated as a PFIC for U.S. federal income tax purposes.</font></font></font></p>
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<div style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#" name="Bi4_YV9741JG7400000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">ITEM</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">4.</font><font style="width: 18.33pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">INFORMATION ON THE COMPANY </font></a></div>
<p style="margin-top: 6pt; margin-left: 24.5pt; margin-bottom: 0pt; text-indent: -24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">A.</font><font style="width: 14.78pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">History and Development of the Company </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We were incorporated on December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">20, 1953, with our origins going back to 1937, when Ernesto Igel founded Ultragaz and pioneered the use of LPG as cooking gas in Brazil, using bottles acquired from Companhia Zeppelin. The gas stove began to replace the traditional wood stove</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> and to a lesser degree, kerosene and coal, which dominated Brazilian kitchens at the time. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We are a company incorporated under the laws of Brazil. Our principal executive office is located at Brigadeiro Luis Ant&#244;nio Avenue, 1343, 9</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">th</font><font style="font-family: 'Times New Roman';"> Floor, 01317-910, S&#227;o Paulo, SP, Brazil. Our telephone number is +55 (11)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">3177 7014. Our internet website address is http://ri.ultra.com.br. Unless expressly incorporated by reference into this annual report, including the exhibits and schedules filed herewith, the contents of our website are not incorporated by reference into this annual report. Our agent for service of process in the United States is C.T. Corporation System, located at 111 Eighth Avenue, New York, New York 10011. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our </font><font style="font-family: 'Times New Roman';">main businesses </font><font style="font-family: 'Times New Roman';">are described as follows:</font><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Ultragaz </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">When Ultragaz began its operations, it served only the Southeast region of Brazil. Currently, Ultragaz operates nationwide in the distribution of both bottled and bulk LPG, including the most highly populated states in Brazil, such as S&#227;o Paulo, Rio de Janeiro and Bahia, and may sell bottled LPG through independent dealers. Bulk LPG is serviced through Ultragaz own infrastructure. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 1995, Ultragaz introduced UltraSystem &#8211; a small bulk distribution system &#8211; to residential, commercial and industrial segments, and started the process of geographical expansion through the construction of new LPG filling and satellite plants. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2003, Ultragaz acquired Shell G&#225;s, Royal Dutch Shell plc&#8217;s LPG operations in Brazil. With this acquisition, Ultragaz became the Brazilian market leader in LPG, with a 24% share of the Brazilian market on that date. In 2011, Ultragaz acquired Repsol&#8217;s LPG distribution business in Brazil. </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Ultracargo </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In the decade of 1960, t</font><font style="font-family: 'Times New Roman';">he market demand for high-quality and safe transportation services led to our entrance in the transportation of chemicals, petrochemicals and LPG segment. In 1978, Tequimar was founded for the purpose of operating the </font><font style="font-family: 'Times New Roman';">terminals </font><font style="font-family: 'Times New Roman';">business. Later, Tequimar was acquired by Ultracargo, which is currently the largest provider of liquid bulk storage in Brazil. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2005, Ultracargo started up a new terminal in Santos, its second port terminal</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> that integrates road, rail and maritime transportation systems. In 2008, Ultracargo acqui</font><font style="font-family: 'Times New Roman';">red</font><font style="font-family: 'Times New Roman';"> 100% of the shares of Uni&#227;o Terminais held by Unipar</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">with</font><font style="font-family: 'Times New Roman';"> port terminals in Santos and Rio de Janeiro</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as well as the </font><font style="font-family: 'Times New Roman';">50% </font><font style="font-family: 'Times New Roman';">stake held by Unipar </font><font style="font-family: 'Times New Roman';">in</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Uni&#227;o Vopak</font><font style="font-family: 'Times New Roman';"> total capital stock, the owner of</font><font style="font-family: 'Times New Roman';"> a port terminal in Paranagu&#225;. The combination of its operations with those of Uni&#227;o Terminais doubled the size of Ultracargo in terms of EBITDA and made it the largest liquid bulk storage company in Brazil, strengthening its operating scale. With this acquisition, Ultracargo increased its presence at the port of Santos, the largest Brazilian port, and is now strategically positioned in the ports of Rio de Janeiro and Paranagu&#225;, where the company did not previously have operations. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2009, Ultracargo acquired Puma Storage do Brasil Ltda., a storage terminal for liquid bulk located at the port of Suape, in the state of Pernambuco. In 2012, Ultracargo acquired Temmar from Temmar Netherlands B.V. and Noble Netherlands B.V., subsidiaries of Noble Group. Temmar owned a terminal in the port of Itaqui, in the state of Maranh&#227;o. </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In </font><font style="font-family: 'Times New Roman';">March </font><font style="font-family: 'Times New Roman';">2018, Tequimar </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">cqui</font><font style="font-family: 'Times New Roman';">red</font><font style="font-family: 'Times New Roman';"> 100% of the quotas of TEAS, owned by Ra&#237;zen Energia S.A. and Ra&#237;zen Araraquara A&#231;&#250;car e &#193;lcool Ltda., whose assets had already been operated by Tequimar in the port of Santos.</font><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In April 2019, </font><font style="font-family: 'Times New Roman';">as a result of the completion of a public bid process, </font><font style="font-family: 'Times New Roman';">Ultracargo </font><font style="font-family: 'Times New Roman';">was awarded </font><font style="font-family: 'Times New Roman';">the concession </font><font style="font-family: 'Times New Roman';">rights </font><font style="font-family: 'Times New Roman';">of a specific area in the port of Vila do Conde, in Barcarena</font><font style="font-family: 'Times New Roman';">, state of Par&#225;</font><font style="font-family: 'Times New Roman';">, with the commitment that Ultracargo builds and operates a minimum storage capacity of 59</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand cubic meters. The new terminal is expected to start its operations in </font><font style="font-family: 'Times New Roman';">early </font><font style="font-family: 'Times New Roman';">2022, </font><font style="font-family: 'Times New Roman';">enhancing </font><font style="font-family: 'Times New Roman';">our presence</font><font style="font-family: 'Times New Roman';"> in the North region </font><font style="font-family: 'Times New Roman';">of Brazil in </font><font style="font-family: 'Times New Roman';">a </font><font style="font-family: 'Times New Roman';">strategic location </font><font style="font-family: 'Times New Roman';">with </font><font style="font-family: 'Times New Roman';">privileged infrastructure. Ultracargo is expected to invest approximately R$300</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in the construction of the Vila do Conde terminal.</font></p>
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<p style="margin-top: 14pt; margin-bottom: 14pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Oxiteno </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We were also one of the pioneers in developing the Brazilian petrochemicals industry with the creation of Oxiteno in 1970, whose first plant was </font><font style="font-family: 'Times New Roman';">located </font><font style="font-family: 'Times New Roman';">in the Mau&#225; petrochemical complex in S&#227;o Paulo metropolitan area. In 1974, Oxiteno inaugurated its second industrial unit, in the Cama&#231;ari petrochemical complex in Bahia. In 1986, Oxiteno established its own research and development center in order to respond to specific customer needs. In 2002, Oxiteno completed a tender offer for the acquisition of the shares of its subsidiary Oxiteno Nordeste, through the acquisition of approximately 73.3% of the shares held by minority shareholders. Oxiteno increased its share ownership in Oxiteno Nordeste from 97% to 98.9%. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2003, we concluded the acquisition of Canamex, later renamed Oxiteno Mexico, a Mexican specialty chemicals company. In 2004, we acquired the operational assets of Rhodia Especialidades S.A. de C.V. in Mexico. Both acquisitions had the target of establishing a stronger presence in the Mexican petrochemical market and to create a production and distribution platform to serve the United States market. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2007, Oxiteno acquired Arch </font><font style="font-family: 'Times New Roman';">Qu&#237;mica Andina, C.A.</font><font style="font-family: 'Times New Roman';">, at such time, the sole producer of ethoxylates in Venezuela, which had been the only ethylene oxide producing country in Latin America where Oxiteno did not have operations. The company was later renamed Oxiteno Andina. In October 2019, Oxiteno Andina was sold to a buyer in Venezuela, motivated by the operational and economic environment in the country. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2012, Oxiteno acquired a specialty chemicals plant in the United States. The plant is located in Pasadena, Texas, one of the most important chemical hubs in the world, benefiting from attractive feedstock conditions, including competitive natural gas-based raw materials, and highly efficient logistics infrastructure. In September 2018, Oxiteno completed the construction of the new alkoxylation unit in the same site in Texas, US. The unit expand</font><font style="font-family: 'Times New Roman';">ed</font><font style="font-family: 'Times New Roman';"> Oxiteno&#8217;s footprint in the United States, focusing on local markets of agrochemicals, personal care, household and industrial cleaning, coatings and oil and gas. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2012, Oxiteno acquired American Chemical</font><font style="font-family: 'Times New Roman';"> I.C.S.A.</font><font style="font-family: 'Times New Roman';"> (currently Oxiteno Uruguay), a Uruguayan specialty chemicals company. Oxiteno Uruguay&#8217;s production capacity is 81</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand tons per year, particularly sulfonate and sulfate surfactants for the home and personal care industries. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As of December 2019, Oxiteno Nordeste was merged into Oxiteno. All activities of Oxiteno Nordeste were assumed by Oxiteno. </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24.4pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Oxiteno continued the expansion of its international activities, initiated in 2003 with the opening of commercial offices outside Brazil. In 2006, Oxiteno opened its first commercial office outside Brazil, in Buenos Aires, Argentina &#8211; Oxiteno Argentina S.R.L. In 2008, Oxiteno inaugurated its first sales office in Europe and the third outside Brazil in Brussels, Belgium, as part of Oxiteno&#8217;s internationalization strategy. In 2012, Oxiteno opened a commercial office in Shanghai, China &#8211; Oxiteno Shanghai Trading LTD. </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Ipiranga </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2007, Ultrapar, Petrobras and Braskem announced their intent to acquire the Ipiranga Group, and Ultrapar entered into, and Petrobras and Braskem acknowledged, the Ipiranga Group SPA with the Key Shareholders of the principal companies comprising the Ipiranga Group. </font><font style="font-family: 'Times New Roman';">Later in</font><font style="font-family: 'Times New Roman';"> 2007, Ultrapar acquired the control of the Southern Distribution Business, EMCA and a one-third stake in RPR, in connection with the acquisition of the Ipiranga Group. Following the acquisition, Ultrapar, which was already Brazil&#8217;s largest LPG distributor, became the second largest fuel distributor in the country, with a 14% market share in 2007, according to ANP. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">After the completion of the acquisition of Ipiranga Group, its businesses were divided among Petrobras, Ultrapar and Braskem. Ultrapar retained the fuel and lubricant distribution businesses located in the South and Southeast regions of Brazil; Petrobras received the fuel and lubricant distribution businesses located in the North, Northeast and Midwest regions of Brazil; Petrobras and Braskem received the Petrochemical Business, in the proportion of 60% for Braskem and 40% for Petrobras. For a more detailed discussion of the acquisition of Ipiranga Group, see our Form F-4 filed with the Commission on December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">17, 2007. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2008, Ipiranga entered into a sale and purchase agreement with Chevron for the acquisition of 100% of the shares of CBL and Galena. The combination with Texaco created a nationwide fuel distribution business, strengthening its competitiveness through a larger operational scale. After completion of the acquisition, Ipiranga implemented its business plan, which consisted of two main work streams (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the integration of operations, administrative and financial functions of Texaco, and (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the implementation of Ipiranga&#8217;s business model in the expanded network, with a wider range of products and services and a </font><font style="font-family: 'Times New Roman';">differentiated approach to its resellers. </font><font style="font-family: 'Times New Roman';">By the end of</font><font style="font-family: 'Times New Roman';"> 2012, Ipiranga had also converted all the acquired Texaco branded stations into the Ipiranga brand. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2009, a capital increase of R$15</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million was approved at an </font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">xtraordinary </font><font style="font-family: 'Times New Roman';">general shareholders&#8217; meeting</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">of RPR through the issuance of 15</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million new common and preferred shares and the admission of new shareholders in its capital stock, as part of the acquisition of the Ipiranga Group. As a result, RPR ceased to be a wholly</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">owned subsidiary of Ultrapar. Ultrapar retains a non-controlling equity interest of 33% in RPR. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2010, Ipiranga acquired 100% of the shares of DNP. DNP distributed fuels in the states of Amazonas, Rond&#244;nia, Roraima, Acre, Par&#225; and Mato Grosso through a network of 110 service stations, with 4% market share in 2009 in the North of Brazil. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2012, Ipiranga entered the segment of electronic payment for tolls, parking and fuels through ConectCar. ConectCar fits into Ipiranga&#8217;s strategy of differentiation, offering more products and services in its service station network focused on convenience and practicality, generating benefits for its clients, retailers and for the company itself. In 2015, Redecard S.A. acquired 50% of ConectCar from a former partner. This new partner provided opportunities to ConectCar expand its services to new markets, continuing with its purpose of offering customers mobility, convenience, flexibility and, above all, differentiated benefits. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2016, Ipiranga entered into an association agreement with Chevron to create a new company in the lubricants business, Iconic; of which Ipiranga and Chevron hold 56% and 44%, respectively. Operations commenced on December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">1, 2017. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In March 2019, Ipiranga was awarded the concession of specific areas in Vit&#243;ria (ES) and Cabedelo (PB) through the consortia Nordeste and Navegantes, in which Ipiranga holds one third of the total participation, together with BR and Ra&#237;zen. The concessions require the consortia to build and operate a minimum storage capacity for the Nordeste consortium of 64</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand cubic meters and </font><font style="font-family: 'Times New Roman';">initial operations are expected to </font><font style="font-family: 'Times New Roman';">start in 2021</font><font style="font-family: 'Times New Roman';">, while the minimum storage capacity of the Navegantes consortium is 66</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand cubic meters, with initial operation currently expected during 2022. In April 2019, Ipiranga won two concessions in the port of Miramar, in Bel&#233;m (PA): (i) area BEL02A, through a consortium 50% owned by Ipiranga and 50% owned by Ra&#237;zen, with a minimum storage capacity of 41</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand cubic meters, and (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">area BEL04A, which is currently operated by Ipiranga, therefore maintaining its operation in the region, with minimum storage capacity of 23</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand cubic meters. These were strategic moves for Ipiranga, which improves logistics efficiency of fuels distribution through its own storage capacity and contributes to better quality services in the respective regions. </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2020, </font><font style="font-family: 'Times New Roman';">Ipiranga&#8217;s convenience stores </font><font style="font-family: 'Times New Roman';">AmPm </font><font style="font-family: 'Times New Roman';">began the implementation of </font><font style="font-family: 'Times New Roman';">a comprehensive project for reviewing </font><font style="font-family: 'Times New Roman';">their</font><font style="font-family: 'Times New Roman';"> business model, involving the repositioning of the brand, a revision of the product sales mix, new store layout and the development of sales through digital channels. In addition to the </font><font style="font-family: 'Times New Roman';">existing </font><font style="font-family: 'Times New Roman';">franchise model, AmPm began to manage its company-operated stores during the year. Th</font><font style="font-family: 'Times New Roman';">ese</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">initiative</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">re intended </font><font style="font-family: 'Times New Roman';">to strengthen the franchise model, achieve operational excellence, boost </font><font style="font-family: 'Times New Roman';">profits</font><font style="font-family: 'Times New Roman';"> of </font><font style="font-family: 'Times New Roman';">AmPm operations </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">test new trends in the business model</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Extrafarma </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Benefitting from </font><font style="font-family: 'Times New Roman';">almost 6</font><font style="font-family: 'Times New Roman';">0 years of activity in the wholesale and retail of pharmaceutical products, Extrafarma is a leading drugstore chain in the main regions in which it operates. In 2013, Ultrapar and the former shareholders of Extrafarma entered into an association agreement with Extrafarma, one of Brazil&#8217;s top ten drugstores chains, marking our entry in the retail pharmacy business. According to the terms of the agreement, Ultrapar and Extrafarma entered into a merger of shares, pursuant to which Ultrapar acquired 100% of the shares of Extrafarma in exchange for up to 2.9% of shares issued by Ultrapar to Extrafarma&#8217;s shareholders. Extrafarma became a wholly</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">owned subsidiary of Ultrapar from February</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">1, 2014 onwards. The total consideration of the Extrafarma transaction consisted of the issuance of up to 32,056,262 shares of Ultrapar and the assumption by Ultrapar of Extrafarma&#8217;s net debt of R$106</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2012. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar received from the former seven shareholders of Extrafarma all of the shares of Extrafarma in exchange for 24,042,200 newly issued shares of Ultrapar, in accordance with Art. 252 of the Brazilian Corporate Law, increasing our issued share capital to 1,112,810,192 shares. In addition, as a mechanism for possible adjustments related to contingencies whose triggering events occurred prior to the closing of the transaction, we issued subscription warrants to the former Extrafarma shareholders that, if exercised, could potentially lead to the issuance of up to 8,014,062 shares, subject to adjustment based on numerous factors. Of the total possible shares that could be issued to the former Extrafarma shareholders upon exercise of the subscription warrants, they could receive up to 6,411,244 shares of Ultrapar based on absence of indemnification obligations. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In February </font><font style="font-family: 'Times New Roman';">2020,</font><font style="font-family: 'Times New Roman';"> August </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';"> and February 2021</font><font style="font-family: 'Times New Roman';">, the subscription warrants were partially exercised, with an issuance of 2,108,542</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> 86,978 </font><font style="font-family: 'Times New Roman';">and 70,939 </font><font style="font-family: 'Times New Roman';">common shares</font><font style="font-family: 'Times New Roman';">, respectively,</font><font style="font-family: 'Times New Roman';"> to former Extrafarma shareholders</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Therefore, as of the date of this annual report, the exercise of the remaining subscription warrants by the former Extrafarma shareholders could potentially lead to </font><font style="font-family: 'Times New Roman';">issuance of up to </font><font style="font-family: 'Times New Roman';">3,567,069 </font><font style="font-family: 'Times New Roman';">additional shares of Ultrapar. </font><font style="font-family: 'Times New Roman';">The </font><font style="font-family: 'Times New Roman';">number of shares were adjusted to reflect the stock split issued by the Company on April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">10, 2019. </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">abastece a&#237;</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In July 2020, </font><font style="font-family: 'Times New Roman';">Ultrapar</font><font style="font-family: 'Times New Roman';"> announced the creation of a business in the digital payment segment, combining the abastece a&#237; (&#8220;fill up here&#8221;) app and the loyalty program &#8220;</font><font style="font-family: 'Times New Roman'; font-style: italic;">Km de Vantagens</font><font style="font-family: 'Times New Roman';">&#8221; (Km of Advantages Program). The application also offers discounts and cashback </font><font style="font-family: 'Times New Roman';">at</font><font style="font-family: 'Times New Roman';"> a growing network of retail partners. This initiative is designed to accelerate the </font><font style="font-family: 'Times New Roman';">value creation</font><font style="font-family: 'Times New Roman';"> of these platforms and </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">expansion </font><font style="font-family: 'Times New Roman';">of </font><font style="font-family: 'Times New Roman';">the services provided, with the potential for creating a digital ecosystem of sizeable proportions and capillarity. From August 2020, when the new app was launched, to December 2020</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> more than 2.3 million digital accounts have been created with the total number of transactions processed surpassing R$3.5 billion, </font><font style="font-family: 'Times New Roman';">indicating </font><font style="font-family: 'Times New Roman';">rapid consumer acceptance, as well as the growth potential of the business.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As a result of this initiative, </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">abastece a&#237;</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">app </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> the</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman'; font-style: italic;">Km de Vantagens</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">program </font><font style="font-family: 'Times New Roman';">became part of a new independent company of the Ultra Group, </font><font style="font-family: 'Times New Roman';">that operates</font><font style="font-family: 'Times New Roman';"> under the brand abastece a&#237;.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Corporate events </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">On October</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">6, 1999, we concluded our initial public offering, listing our shares simultaneously on B3 and NYSE. In 2000, Ultra S.A.&#8217;s shareholders signed an agreement, assuring equal treatment of all shareholders (holders of both common and/or preferred shares) in the event of any change in control &#8211; tag along rights. The agreement determined that any transfer of control of Ultrapar, either directly or indirectly, would only be executed in conjunction with a public offer by the acquiring entity to purchase the shares of all shareholders in the same proportion and under the same price and payment terms as those offered to the controlling shareholders. In December 2002, we completed a corporate restructuring process that had begun in October 2002. The effects of the corporate restructuring were (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the merger of Gip&#243;ia Ltda., a company which held a 23% direct stake in Ultragaz and was owned by Ultra S.A., into Ultrapar, increasing our ownership in Ultragaz to 99.6% and (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the exchange of shares issued by Oxiteno for shares issued by Ultrapar. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In January 2008, Ultrapar significantly increased the liquidity of its shares through the issuance of 55</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million preferred shares, as a consequence of the Share Exchange. The Share Exchange increased Ultrapar&#8217;s free float from 32</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million shares to 87</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million shares, with the free float reaching 64% of the Company&#8217;s total capital. The significant increase in the size of the free float helped Ultrapar to become part of Ibovespa, one of B3 index. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In April 2011, our Board of Directors approved the submission to our shareholders a proposal to (a)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">convert any and all shares of preferred stock issued by the Company into common shares, on a 1:1 conversion ratio; (b)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">amend the Company&#8217;s bylaws, modifying several of its provisions, aiming to strengthen the Company&#8217;s corporate governance; and (c)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">adhere to the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';"> segment rules. Our shareholders approved all the proposals and, in August 2011, Ultrapar&#8217;s shares began trading on the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';"> under ticker symbol UGPA3. Simultaneously, Ultrapar&#8217;s ADSs, formerly represented by preferred shares, began representing Ultrapar&#8217;s common shares and began trading on the NYSE under this new format. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In April 2019, the Company&#8217;s Extraordinary and Annual General Meeting approved a stock split of Ultrapar&#8217;s common shares, whereby one existing share now represents two shares of the same class and type. The stock split did not alter</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Ultrapar&#8217;s total share capital and was effective on April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">24, 2019. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">During 2019, we created a Shared Services Center to centralize certain activities that were previously executed by our holding company operations and to include new activities that were previously executed by our businesses. This Shared Services Center, located in the city of Campinas (SP), started operating in January 2020 </font><font style="font-family: 'Times New Roman';">to</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">deliver </font><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman';">high quality</font><font style="font-family: 'Times New Roman';"> services (with </font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">ervice </font><font style="font-family: 'Times New Roman';">l</font><font style="font-family: 'Times New Roman';">evel </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">greements) to the businesses</font><font style="font-family: 'Times New Roman';"> while</font><font style="font-family: 'Times New Roman';"> reducing the costs of our back-office activities</font><font style="font-family: 'Times New Roman';"> and allowing our businesses to focus on their core activities</font><font style="font-family: 'Times New Roman';">. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In March 2020, we announced the creation of Ultra Venture Capital. Ultrapar intends to invest </font><font style="font-family: 'Times New Roman';">up to </font><font style="font-family: 'Times New Roman';">R$150</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million</font><font style="font-family: 'Times New Roman';"> in start-ups</font><font style="font-family: 'Times New Roman';">, to be called over a </font><font style="font-family: 'Times New Roman';">5-year</font><font style="font-family: 'Times New Roman';"> period</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">W</font><font style="font-family: 'Times New Roman';">e believe that Ultra Venture Capital will help us to have greater access to </font><font style="font-family: 'Times New Roman';">innovative and </font><font style="font-family: 'Times New Roman';">disruptive technologies, </font><font style="font-family: 'Times New Roman';">as well as </font><font style="font-family: 'Times New Roman';">entrepreneurial mindset</font><font style="font-family: 'Times New Roman';"> and talent</font><font style="font-family: 'Times New Roman';">, among other benefits. </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In August 2020, Ultra S.A. and Parth entered into </font><font style="font-family: 'Times New Roman';">the 2020 Shareholders</font><font style="font-family: 'Times New Roman';">&#8217;</font><font style="font-family: 'Times New Roman';"> Agreement to include P</font><font style="font-family: 'Times New Roman';">&#225;</font><font style="font-family: 'Times New Roman';">tria, in its capacity as Ultra S.A.'s shareholder then holding a 20% stake in Ultra S.A.'s capital stock, as consenting intervening party, therefore bound by the provisions of the 2020 Shareholders' Agreement. The 2020 Shareholders&#8217; Agreement replaced the 2018 Shareholders&#8217; Agreement in its entirety, and the terms and conditions remain substantially the same of the latter</font><font style="font-family: 'Times New Roman';">. The agreement sets forth a set of rules to govern the relationship between </font><font style="font-family: 'Times New Roman';">Ultra S.A. and Parth</font><font style="font-family: 'Times New Roman';"> and binds a total of shares representing 34.5% of the Company&#8217;s capital stock. The agreement aims to reinforce the principles that have been governing the actions </font><font style="font-family: 'Times New Roman';">of </font><font style="font-family: 'Times New Roman';">Ultra S.A. and Parth, in their capacity of Ultrapar&#8217;s</font><font style="font-family: 'Times New Roman';"> shareholders</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and to allow</font><font style="font-family: 'Times New Roman';"> the Company </font><font style="font-family: 'Times New Roman';">to be</font><font style="font-family: 'Times New Roman';"> managed in a professional and independent manner. See &#8220;Item 7.A. Major Shareholders and Related Party Transactions&#8212;Major Shareholders&#8212;Shareholders&#8217; Agreements&#8221;. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The COVID-19 pandemic has had, and continues to have, a material impact on businesses around the world, including ours, and the economic and political environments in which businesses operate. Our results of operations </font><font style="font-family: 'Times New Roman';">had been and still may be</font><font style="font-family: 'Times New Roman';"> impacted by the ongoing COVID-19 pandemic. See &#8220;Item 3.D. Key Information&#8212;Risk Factors&#8212;Risks Relating to Ultrapar and Its Industries&#8212; Our businesses may be materially and adversely affected by the outbreak of communicable diseases, such as the ongoing COVID-19 pandemic, or other epidemics or pandemics&#8221;, and other risk factors included herein and &#8220; Item 5.D. Operating and Financial Review and Prospects&#8212;Trend Information&#8221; below. </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Leadership</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"> </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In June 2017, Ultrapar announced changes to its executive officers approved by its Board of Directors. As of October 2017, Frederico Curado replaced Thilo Mannhardt and assumed the position of Chief Executive Officer. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As part of a planned succession process</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> consistent with the Company&#8217;s governance, in May 2018, Paulo Guilherme Aguiar Cunha, after </font><font style="font-family: 'Times New Roman';">more than four </font><font style="font-family: 'Times New Roman';">decades of contributions, resigned as a member of the Board of Directors and Pedro Wongtschowski, Vice-Chairman of the Board of Directors and Chief Executive Officer of Ultrapar between 2007 and 2012, was elected Chairman. Mr.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Lucio de Castro Andrade Filho, who joined the Company in 1977 and has been a member of the Board of Directors since 1998, was </font><font style="font-family: 'Times New Roman';">elected</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">for the position of Vice-Chairman of the Board of Directors. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Other important succession movements took place at the senior management level, with the nomination of </font><font style="font-family: 'Times New Roman';">Rodrigo de Almeida Pizzinatto, </font><font style="font-family: 'Times New Roman';">Tabajara Bertelli Costa</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> Marcelo Pereira Malta de Ara&#250;jo </font><font style="font-family: 'Times New Roman';">and D&#233;cio de Sampaio Amaral </font><font style="font-family: 'Times New Roman';">as Presidents of </font><font style="font-family: 'Times New Roman';">Extrafarma, </font><font style="font-family: 'Times New Roman';">Ultragaz</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> Ipiranga</font><font style="font-family: 'Times New Roman';"> and Ultracargo</font><font style="font-family: 'Times New Roman';">, respectively, equally aligned to a planned succession process which blended internal promotions with the attraction of external talents. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In September 2020, the Board of Directors elected Rodrigo Pizzinatto</font><font style="font-family: 'Times New Roman';">, Chief Executive Officer of Extrafarma at that time,</font><font style="font-family: 'Times New Roman';"> as </font><font style="font-family: 'Times New Roman';">our </font><font style="font-family: 'Times New Roman';">Chief Financial and Investor Relations Officer</font><font style="font-family: 'Times New Roman';">, after the resignation of Andr&#233; Pires de Oliveira Dias</font><font style="font-family: 'Times New Roman';">. In October</font><font style="font-family: 'Times New Roman';"> 2020</font><font style="font-family: 'Times New Roman';">, Marcelo Bazzali was </font><font style="font-family: 'Times New Roman';">nominate</font><font style="font-family: 'Times New Roman';">d as Chief Executive Officer of Extrafarma. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Ultracargo&#8212;Fire at storage facilities in Santos </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2015, a fire occurred in six ethanol and gasoline tanks operated by Ultracargo in Santos, which represented 4% of the subsidiary&#8217;s overall capacity as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2014. The Civil and Federal Police</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> investigated the accident and its impacts, and concluded that it was not possible to determine the cause of the accident or to individualize active or passive conduct related to the cause, and there was no criminal charge against either any individual or Ultracargo, by </font><font style="font-family: 'Times New Roman';">either authority</font><font style="font-family: 'Times New Roman';">. Notwithstanding, on February</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">21, 2018, the Federal </font><font style="font-family: 'Times New Roman';">Criminal </font><font style="font-family: 'Times New Roman';">Court </font><font style="font-family: 'Times New Roman';">of Santos</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">accepted a criminal indictment filed by the Federal Public Prosecutor&#8217;s Office against Tequimar, which has already presented its defense against these charges, after being summoned in June 2018. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2017, Ultracargo obtained the licensing required for the return to operation of 67.5</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand cubic meters of the total of 151.5</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand cubic meters affected by the fire. The remaining tanks (84</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand cubic meters) resumed operations between July and September 2019. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2019, Ultracargo signed a partial Conduct Adjustment Agreement (&#8220;TAC&#8221;) with the Federal Public Prosecutor&#8217;s Office and the State Public Prosecutor&#8217;s Office in the amount of R$67.5</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million for the implementation of actions to offset the impacts caused to the Santos estuary following the fire at the Ultracargo terminal in 2015. Negotiations of indemnification for other alleged environmental damages are still in progress with the Federal Public Prosecutor&#8217;s Office and the State Public Prosecutor&#8217;s Office and, once finalized, Ultracargo may need to make future disbursements that are not currently provisioned, which may adversely affect our results of operations. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In addition, Ultracargo agreed to a deferred prosecution agreement on September</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">12, 2019. Pursuant to the terms of the deferred prosecution agreement, the prosecution by the 5th Federal Criminal Court of Santos was initially suspended until September 2021 and Ultracargo agreed to an additional compensation of R$13</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million to a social project in Santos. At the end of the suspension period ending in September 2021, if the conditions specified in the deferred prosecution agreement are complied with (comprising compliance with the TAC and the payment of the R$13</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in respect of the social project), then the criminal proceeding will be closed by the court. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Therefore, as of the date of this annual report, a suspension of the criminal proceeding is in effect, and the measures pursuant to an agreement signed between Ultracargo and the Public Prosecutor&#180;s Office in relation to certain alleged environmental damages are in the process of being implemented. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As a result of the evolution of the regulation process with insurers, as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2016, the Company recorded insurance receivables in the amount of R$366.7</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million and indemnities to customers and third parties in the amount of R$99.9</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in its balance sheet. In the first quarter of 2017, Ultracargo received the full amount from the insurers. On December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 20</font><font style="font-family: 'Times New Roman';">20 and December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2019</font><font style="font-family: 'Times New Roman';">, there w</font><font style="font-family: 'Times New Roman';">ere</font><font style="font-family: 'Times New Roman';"> no remaining amount for indemnities to customers and third parties recorded in its balance sheet. In addition, on December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, there were contingent liabilities not recognized related to </font><font style="font-family: 'Times New Roman';">lawsuits in the amount of R$</font><font style="font-family: 'Times New Roman';">4</font><font style="font-family: 'Times New Roman';">.4</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million (R$</font><font style="font-family: 'Times New Roman';">11.4</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">), and no remaining amount of contingent liabilities related to extrajudicial lawsuits </font><font style="font-family: 'Times New Roman';">as of December 31, 2020 and December 31, 2019.</font><font style="font-family: 'Times New Roman';"> </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">See &#8220;Item 8.A. Financial Information</font><font style="font-family: 'Times New Roman';">&#8212;</font><font style="font-family: 'Times New Roman';">Consolidated Statements and Other Financial Information&#8212;Legal Proceedings&#8221;. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Recent Developments </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Issuance of common shares </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">On February</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">24, 2021, our Board of Directors approved the issuance of 70,939 common shares within the limits of the authorized capital stock pursuant to Article 6 of the Company&#8217;s Bylaws, due to the partial exercise of the subscription warrants issued by the Company to the former Extrafarma shareholders in connection with the merger of shares of Extrafarma in 2014. As of the date of this annual report, the Company&#8217;s capital stock is represented by 1</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';">115</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';">076</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';">651 common shares, all of them nominative and with no par value.</font><font style="font-family: 'Times New Roman';"> </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Issuance of debentures</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">On </font><font style="font-family: 'Times New Roman';">March 19, 2021, </font><font style="font-family: 'Times New Roman';">our </font><font style="font-family: 'Times New Roman';">subsidiary Tequimar Vila do Conde Log&#237;stica Portu&#225;ria S.A. </font><font style="font-family: 'Times New Roman';">completed </font><font style="font-family: 'Times New Roman';">its first issuance of </font><font style="font-family: 'Times New Roman';">R$36</font><font style="font-family: 'Times New Roman';">0</font><font style="font-family: 'Times New Roman';"> million </font><font style="font-family: 'Times New Roman';">nonconvertible unsecured debentures due on March 15, 2028</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">The debentures bear </font><font style="font-family: 'Times New Roman';">semiannual </font><font style="font-family: 'Times New Roman';">interest </font><font style="font-family: 'Times New Roman';">of IPCA </font><font style="font-family: 'Times New Roman';">plus </font><font style="font-family: 'Times New Roman';">4.04%. The issuer hedged it</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> exposition </font><font style="font-family: 'Times New Roman';">by </font><font style="font-family: 'Times New Roman';">swapping the IPCA to 111.4% of DI. </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">On </font><font style="font-family: 'Times New Roman';">March 26, 2021, </font><font style="font-family: 'Times New Roman';">our </font><font style="font-family: 'Times New Roman';">subsidiary Terminal Qu&#237;mico de Aratu S.A. &#8211; Tequimar </font><font style="font-family: 'Times New Roman';">completed </font><font style="font-family: 'Times New Roman';">its second issuance of R$100 million </font><font style="font-family: 'Times New Roman';">nonconvertible unsecured </font><font style="font-family: 'Times New Roman';">debentures due on March 15, 2028</font><font style="font-family: 'Times New Roman';">. The debentures bear </font><font style="font-family: 'Times New Roman';">semiannual </font><font style="font-family: 'Times New Roman';">interest </font><font style="font-family: 'Times New Roman';">of IPCA </font><font style="font-family: 'Times New Roman';">plus </font><font style="font-family: 'Times New Roman';">4.37%. The issuer hedged it</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> exposition </font><font style="font-family: 'Times New Roman';">by </font><font style="font-family: 'Times New Roman';">swapping the IPCA to 111.4% of DI.</font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Port concessions </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">On April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">9, 202</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">, Ultracargo</font><font style="font-family: 'Times New Roman';"> was awarded</font><font style="font-family: 'Times New Roman';"> the concession of IQI13 area in the Itaqui port, state of Maranh&#227;o, for storage and handling of liquid bulk products, specially fuels. The minimum installed capacity will be 79</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand cubic meters. The area will be operated by Ultracargo for at least 20</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">years, according to the auction notice. The estimated investments regarding this port concession is approximately R$310</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million, to be disbursed throughout the next six</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">years.</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Investments</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">For a description of our principal capital expenditures and divestitures for the last three financial years ended December 31, 2020, please see "Item 5.B. Operating and Financial Review and Prospects &#8211; Business Overview &#8211; Liquidity and Capital Resources".</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">B.</font><font style="width: 26.33pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Business Overview </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar is a Brazilian company with its origins in 1937 when Ernesto Igel founded Ultragaz. Since then, Ultrapar has grown and expanded </font><font style="font-family: 'Times New Roman';">to new</font><font style="font-family: 'Times New Roman';"> markets</font><font style="font-family: 'Times New Roman';">, becoming</font><font style="font-family: 'Times New Roman';"> one of the largest corporate groups in Brazil. As of the date of this annual report, Ultrapar owns the following main businesses: Ipiranga, Ultragaz and Ultracargo (oil</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&amp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">gas</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">downstream</font><font style="font-family: 'Times New Roman';"> segment</font><font style="font-family: 'Times New Roman';">), Oxiteno (specialty chemicals)</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> Extrafarma (retail pharmacy)</font><font style="font-family: 'Times New Roman';"> and abas</font><font style="font-family: 'Times New Roman';">t</font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">c</font><font style="font-family: 'Times New Roman';">e a&#237; (digital payments)</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following chart simplifies our organizational structure as of the date hereof, showing our </font><font style="font-family: 'Times New Roman';">main </font><font style="font-family: 'Times New Roman';">business units. For more detailed information about our current organizational structure, see &#8220;Item 4.C. Information on the Company&#8212;Organizational Structure&#8221;.</font><font style="font-family: 'Times New Roman';"> </font></p>
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<p style="margin-top: 6pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Leading market positions across </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">our </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">main </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">businesses </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultragaz is the largest LPG distributor in Brazil. In 2020, Ultragaz&#8217;s market share was 23.1%, according to ANP, and served approximately 11</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million </font><font style="font-family: 'Times New Roman';">households</font><font style="font-family: 'Times New Roman';"> in the bottled segment through a network of approximately 5.1 thousand independent retailers and 58</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand customers in the bulk segment. For the year ended December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020, Ultragaz&#8217;s total volume of LPG sold was 1.7</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million tons.</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultracargo is the largest private company </font><font style="font-family: 'Times New Roman';">in the</font><font style="font-family: 'Times New Roman';"> liquid bulk storage </font><font style="font-family: 'Times New Roman';">industry </font><font style="font-family: 'Times New Roman';">in Brazil, with six terminals and storage capacity of 838</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand cubic meters as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020, providing it with leading positions in the main ports in Brazil in which it operates. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Oxiteno is a major producer of specialty chemicals and one of the largest producers of ethylene oxide and its principal derivatives in Latin America, according to IHS Chemical. Oxiteno has eleven industrial units: six in Brazil, three in Mexico, one in the United States and one in Uruguay and commercial offices in Argentina, Belgium, China and Colombia. Our chemical operations supply a broad range of market segments, particularly crop protection chemicals, food, cosmetics, detergents, packaging for beverages, thread and polyester filaments, brake fluids, </font><font style="font-family: 'Times New Roman';">o</font><font style="font-family: 'Times New Roman';">il</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&amp; </font><font style="font-family: 'Times New Roman';">g</font><font style="font-family: 'Times New Roman';">as and paints and coatings. For the year ended December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020, Oxiteno sold 753</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand tons of chemical products. In Brazil, Oxiteno competes mainly against imports.</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ipiranga is one of the largest fuel distributors in Brazil with a 1</font><font style="font-family: 'Times New Roman';">8</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">5</font><font style="font-family: 'Times New Roman';">% market share in 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, according to ANP, and a network of 7,</font><font style="font-family: 'Times New Roman';">107</font><font style="font-family: 'Times New Roman';"> service stations as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">. In addition to the service stations, Ipiranga&#8217;s network has </font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';">804</font><font style="font-family: 'Times New Roman';"> AmPm convenience stores and 1,</font><font style="font-family: 'Times New Roman';">17</font><font style="font-family: 'Times New Roman';">2 Jet Oil franchises. In 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, Ipiranga&#8217;s strategy was focused on strengthening its resale operations and increasing its performance. The implementation of Ipiranga&#8217;s business model&#8212;including its network of convenience stores and loyalty programs&#8212;in its network of service stations allows it to offer a wide range of products and services, benefiting consumers and resellers. The volume of fuel sold (ethanol, gasoline and diesel) by Ipiranga in 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> was 20.8</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million cubic meters. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Robust </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">and resilient </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">business portfolio </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our operations encompass LPG and fuel distribution, liquid bulk storage services, the production of ethylene oxide and its derivatives and operation of a drugstore chain. We believe our businesses provide us with increased financial capability and flexibility. </font><font style="font-family: 'Times New Roman';">We also believe that our </font><font style="font-family: 'Times New Roman';">businesses mix makes us less vulnerable to economic fluctuations and allows us to pursue growth opportunities as they arise in any of our business segments. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar&#8217;s businesses are simultaneously resilient and leveraged on Brazilian economic growth. Some of Ultrapar&#8217;s businesses, such as the sale of LPG for residential use and fuels for light vehicles, are relatively resilient due to their inelastic demand profile and, therefore, are less volatile in economic downturns. Bottled LPG is an essential good, as it is mainly used for cooking, and, therefore, is generally less correlated to economic performance. Volume of fuels for light vehicles tends to grow linked to the number of light vehicles in Brazil. The Brazilian light vehicle fleet grew at rates ranging from 0.5% to 2.</font><font style="font-family: 'Times New Roman';">4</font><font style="font-family: 'Times New Roman';">%</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">per year during the last five years, despite the volatility in the economic growth during this period.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">On the other hand, other businesses of Ultrapar, such as sales of diesel fuel, specialty chemicals and bulk LPG are linked to </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">economic performance and tend to experience higher sales volumes during periods of strong economic growth. Sales growth of these products have been historically correlated to the performance of the Brazilian economy. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Highly efficient LPG distribution network </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultragaz maintains an exclusive network of independent dealers, which has enabled </font><font style="font-family: 'Times New Roman';">it</font><font style="font-family: 'Times New Roman';"> to control the quality and productivity of its dealers</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> leading to a recognition that we believe is associated with quality, safety and efficiency, and also to have frequent contact with LPG customers. This network constituted approximately 5</font><font style="font-family: 'Times New Roman';">.1 thousand</font><font style="font-family: 'Times New Roman';"> resellers that sell Ultragaz LPG bottles</font><font style="font-family: 'Times New Roman';"> as of December 31, 2020</font><font style="font-family: 'Times New Roman';">. In addition, in April 1995, Ultragaz was the first player to introduce LPG small bulk delivery in Brazil, with lower distribution costs than bottled distribution. Over the years, it has built a strong client base in this segment. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Flexibility across the petrochemical cycle </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Oxiteno is one of the largest producers of ethylene oxide and its principal derivatives in Latin America. In 2020, 99% of its ethylene oxide production was used domestically in the production of ethylene oxide derivatives, which can be roughly classified in two groups: specialty and commodity chemicals. Oxiteno is a major producer of specialty chemicals, which have traditionally higher margins and less exposure to petrochemical cycles than commodity chemicals. Oxiteno has also been heavily investing in the development of products derived from renewable raw materials, aiming at reducing its dependence on oil-based feedstock and expanding its product portfolio. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Efficiencies in retail network logistics in addition to resale management know-how </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; break-after: avoid; font-size: 10pt; padding-left: 30px;"><font style="font-family: 'Times New Roman'; margin: 0pt; text-indent: 24.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">W</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">e believe that the expertise in logistics and resale management that we have gained at Ultragaz is complemented by Ipiranga&#8217;s know-how in the same areas, thus maximizing efficiency and profitability at both companies. </font></font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Robust</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"> retail network </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar&#8217;s</font><font style="font-family: 'Times New Roman';"> strategy for its retail operations is strongly focused on profitability and productivity through the expansion of Ipiranga&#8217;s logistics infrastructure coupled with differentiation and innovation initiatives. At Ipiranga, this focus has translated </font><font style="font-family: 'Times New Roman';">to</font><font style="font-family: 'Times New Roman';"> the creation of new market niches through its </font><font style="font-family: 'Times New Roman';">reseller</font><font style="font-family: 'Times New Roman';"> network characterized by customer service and convenience, thus contributing to high levels of customer loyalty. We believe these initiatives result in a better value </font><font style="font-family: 'Times New Roman';">proposition </font><font style="font-family: 'Times New Roman';">for customers and resellers, </font><font style="font-family: 'Times New Roman';">creating</font><font style="font-family: 'Times New Roman';"> benefits for the </font><font style="font-family: 'Times New Roman';">whole</font><font style="font-family: 'Times New Roman';"> chain &#8211; the </font><font style="font-family: 'Times New Roman';">client</font><font style="font-family: 'Times New Roman';"> has </font><font style="font-family: 'Times New Roman';">access to</font><font style="font-family: 'Times New Roman';"> differentiated</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> more convenient products and services; the reseller has a more attractive business; and the service station has a differentiated </font><font style="font-family: 'Times New Roman';">positioning</font><font style="font-family: 'Times New Roman';">, contributing to the evolution of the </font><font style="font-family: 'Times New Roman';">company&#8217;s</font><font style="font-family: 'Times New Roman';"> results.</font><font style="font-family: 'Times New Roman';"> </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">A</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s part of its differentiation strategy, Ipiranga launched in 2010 bakeries within its </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">AmPm</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> stores</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Our bakeries serve fresh </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">products like</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> bread, coffee, snacks and hot meals through more than </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">150</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> items, including </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">AmPm</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> branded products. As of December</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">31, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">2020</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">810</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">bakeries were operating within Ipiranga&#8217;s AmPm stores.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2014, Ipiranga launched a vertical and integrated supply solution, concentrating logistics, sales and </font><font style="font-family: 'Times New Roman';">service</font><font style="font-family: 'Times New Roman';"> of </font><font style="font-family: 'Times New Roman';">AmPm </font><font style="font-family: 'Times New Roman';">convenience stores under a single corporate structure: </font><font style="font-family: 'Times New Roman'; font-style: italic;">AmPm Suprimentos</font><font style="font-family: 'Times New Roman';">. This initiative aims to streamline </font><font style="font-family: 'Times New Roman';">AmPm</font><font style="font-family: 'Times New Roman';"> operations, improve the </font><font style="font-family: 'Times New Roman';">franchisees&#8217; </font><font style="font-family: 'Times New Roman';">competitiveness and ensure a higher quality </font><font style="font-family: 'Times New Roman';">product assortment</font><font style="font-family: 'Times New Roman';">, creating value for </font><font style="font-family: 'Times New Roman';">clients</font><font style="font-family: 'Times New Roman';"> and franchisees. </font><font style="font-family: 'Times New Roman';">As of</font><font style="font-family: 'Times New Roman';"> December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, </font><font style="font-family: 'Times New Roman'; font-style: italic;">AmPm</font><font style="font-family: 'Times New Roman';">2020, AmPm</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman'; font-style: italic;">Suprimentos</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">operated four</font><font style="font-family: 'Times New Roman';"> distribution centers located in the states of Rio de Janeiro, S&#227;o Paulo, Paran&#225; and Rio Grande do Sul, which </font><font style="font-family: 'Times New Roman';">supply AmPm</font><font style="font-family: 'Times New Roman';"> convenience stores in </font><font style="font-family: 'Times New Roman';">those</font><font style="font-family: 'Times New Roman';"> states with the main categories of products, except tobacco and ice cream.</font><font style="font-family: 'Times New Roman';"> </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Also</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> in 2014, Ipiranga launched Beer Cave, a new beer </font><font style="font-family: 'Times New Roman';">purchase</font><font style="font-family: 'Times New Roman';"> experience </font><font style="font-family: 'Times New Roman';">at</font><font style="font-family: 'Times New Roman';"> its </font><font style="font-family: 'Times New Roman';">AmPm</font><font style="font-family: 'Times New Roman';"> convenience stores. </font><font style="font-family: 'Times New Roman';">The </font><font style="font-family: 'Times New Roman';">Beer Cave is a </font><font style="font-family: 'Times New Roman';">walk-in refrigerated </font><font style="font-family: 'Times New Roman';">container </font><font style="font-family: 'Times New Roman';">aimed at</font><font style="font-family: 'Times New Roman';"> the retail consumer that stores more than 100 national and international brands of cold beers ready for consumption. As of December</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">31, </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">, there were </font><font style="font-family: 'Times New Roman';">480</font><font style="font-family: 'Times New Roman';"> Beer Caves installed in </font><font style="font-family: 'Times New Roman';">Ipiranga&#8217;s</font><font style="font-family: 'Times New Roman';"> franchisees. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In addition, in 2015, Ipiranga opened a new </font><font style="font-family: 'Times New Roman';">AmPm </font><font style="font-family: 'Times New Roman';">configuration in S&#227;o Paulo: an expanded concept of convenience comparable to small neighborhood </font><font style="font-family: 'Times New Roman';">supermarkets </font><font style="font-family: 'Times New Roman';">for urban service stations, with supply of fresh products &#8211; </font><font style="font-family: 'Times New Roman';">like</font><font style="font-family: 'Times New Roman';"> fruits, vegetables, meats, flowers and a </font><font style="font-family: 'Times New Roman';">wider</font><font style="font-family: 'Times New Roman';"> range of </font><font style="font-family: 'Times New Roman';">fast</font><font style="font-family: 'Times New Roman';"> meals. Ipiranga also launched </font><font style="font-family: 'Times New Roman';">a flagship</font><font style="font-family: 'Times New Roman';"> store, </font><font style="font-family: 'Times New Roman'; font-style: italic;">AmPm</font><font style="font-family: 'Times New Roman';"> Esta&#231;&#227;o, in the state of S&#227;o Paulo, a model developed for </font><font style="font-family: 'Times New Roman';">highway</font><font style="font-family: 'Times New Roman';"> service stations to provide long</font><font style="font-family: 'Times New Roman';"> distances</font><font style="font-family: 'Times New Roman';"> travelers with a </font><font style="font-family: 'Times New Roman';">broader array</font><font style="font-family: 'Times New Roman';"> of convenience and personal care products.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Distinguished positioning in the fuel distribution sector </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We believe that Ipiranga differentiates itself from its competition in the sector by having a more diverse array of products and services and thereby being a more convenient choice for customers. These services and products include convenience stores, lubricant-changing service shops, electronic payment, bakeries, loyalty program, Ipiranga-branded credit cards, and a set of initiatives that aim at enhancing customer&#8217;s convenience and loyalty. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Cost-efficient operations </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Oxiteno&#8217;s operations have a high degree of production efficiency derived from a scale that we believe is similar to the largest producers in the world. Ultragaz has significant market presence in densely populated areas, which allows it to operate its filling plants and distribution system with a high level of capacity utilization and efficiency with depth and capillarity. Ipiranga also has a significant market presence in the South and Southeast regions of Brazil, which allows it to operate its extensive network of primary and secondary storage terminals and its distribution system in a cost-efficient manner. </font><font style="font-family: 'Times New Roman';">Also, </font><font style="font-family: 'Times New Roman';">the increased scale of Ipiranga allowed improve</font><font style="font-family: 'Times New Roman';">ment</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> in</font><font style="font-family: 'Times New Roman';"> efficiency and competitiveness in the distribution and sales processes, dilution of advertising, marketing and new product development expenses, and gains from economies of scale in administrative functions. Ultracargo is the largest independent liquid bulk storage company in Brazil and the only player in the liquid bulk storage sector present in more than </font><font style="font-family: 'Times New Roman';">six </font><font style="font-family: 'Times New Roman';">major ports. Such position provides Ultracargo with increased operational flexibility, operational efficiency and economies of scale. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Strong </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">corporate </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">governance structure</font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We are led by a strong and experienced management team with a proven track record in the LPG and fuel distribution, retail, petrochemical and specialized logistics industries. Our senior management team has on average 15 years of experience in the Company. </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our </font><font style="font-family: 'Times New Roman';">Board of Directors</font><font style="font-family: 'Times New Roman';"> consist of </font><font style="font-family: 'Times New Roman';">11 members. Since April </font><font style="font-family: 'Times New Roman';">2019</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">our </font><font style="font-family: 'Times New Roman';">Board of Directors </font><font style="font-family: 'Times New Roman';">has been </font><font style="font-family: 'Times New Roman';">subject to </font><font style="font-family: 'Times New Roman';">an important renewal</font><font style="font-family: 'Times New Roman';"> process that resulted in</font><font style="font-family: 'Times New Roman';"> the election of seven new members</font><font style="font-family: 'Times New Roman';">. We believe these new members</font><font style="font-family: 'Times New Roman';"> bring complementary </font><font style="font-family: 'Times New Roman';">exper</font><font style="font-family: 'Times New Roman';">tise and</font><font style="font-family: 'Times New Roman';"> experience</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">for the discussions and decisions </font><font style="font-family: 'Times New Roman';">of </font><font style="font-family: 'Times New Roman';">our Board of Directors</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">In September 2020 the Board of Directors&#8217; size was increased by one additional seat. </font><font style="font-family: 'Times New Roman';">All members of the Board of Directors have previous experience serving on boards of other </font><font style="font-family: 'Times New Roman';">large </font><font style="font-family: 'Times New Roman';">companies</font><font style="font-family: 'Times New Roman';"> in Brazil</font><font style="font-family: 'Times New Roman';"> such as Embraer S.A., Ita&#250; Unibanco Holding S.A., </font><font style="font-family: 'Times New Roman';">Lojas Renner S.A. </font><font style="font-family: 'Times New Roman';">among</font><font style="font-family: 'Times New Roman';"> others.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Also, </font><font style="font-family: 'Times New Roman';">we</font><font style="font-family: 'Times New Roman';"> strengthened </font><font style="font-family: 'Times New Roman';">our </font><font style="font-family: 'Times New Roman';">management structure and governance. In addition to the People Committee in place since 2011, we </font><font style="font-family: 'Times New Roman';">also set up </font><font style="font-family: 'Times New Roman';">a Strategy Committee</font><font style="font-family: 'Times New Roman';"> in 2019</font><font style="font-family: 'Times New Roman';"> and restructured the Audit and Risks Committee</font><font style="font-family: 'Times New Roman';"> in the same year</font><font style="font-family: 'Times New Roman';">, which </font><font style="font-family: 'Times New Roman';">since then</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">has independent </font><font style="font-family: 'Times New Roman';">board </font><font style="font-family: 'Times New Roman';">members. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">At the business level, we have</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">installed in</font><font style="font-family: 'Times New Roman';"> 2019</font><font style="font-family: 'Times New Roman';"> Advisory Boards,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">formed by Ultrapar&#8217;s CEO and CFO and </font><font style="font-family: 'Times New Roman';">at least one</font><font style="font-family: 'Times New Roman';"> external specialist in the respective sector of activity. The Advisory Boards have contributed to raise the quality of supervision and monitoring of each business through deeper analysis of strategy, investments, people and results. This structure allowed for a better organization of the strategic agenda and a deeper understanding of the issues for decision making.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Alignment of interests </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">M</font><font style="font-family: 'Times New Roman';">embers of Ultrapar&#8217;s management receive variable short-term compensation linked to performance based on EBITDA and operating cash flow goals defined for each business and for Ultrapar, in addition to individual goals associated with the business' operational and commercial performance, the development of people, projects</font><font style="font-family: 'Times New Roman';"> and</font><font style="font-family: 'Times New Roman';"> other objectives, always </font><font style="font-family: 'Times New Roman';">in line </font><font style="font-family: 'Times New Roman';">with the strategic plan </font><font style="font-family: 'Times New Roman';">approved by the Board of Directors. The Economic Value Added (EVA</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">&#174;</font><font style="font-family: 'Times New Roman';">) continues to be our key metric for long-term compensation plan, </font><font style="font-family: 'Times New Roman';">in addition to our stock plan, through which </font><font style="font-family: 'Times New Roman';">the Company's executives are also shareholders of Ultrapar. </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Moreover, Ultrapar has consistently implemented improvements in corporate governance, such as being the first Brazilian company to grant 100% tag along rights to all its shareholders, the segregation of the roles of Chief Executive Officer and Chairman of the Board of Directors and its emphasis on maintaining transparency and consistency in its interactions with investors. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2011, Ultrapar completed the implementation of a new corporate governance structure, further aligning our shareholders&#8217; interests by converting all preferred shares into common voting shares. The conversion resulted in all of our shares having identical voting rights, which allows our shareholders to actively participate in the decisions of shareholders&#8217; meetings, without (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">any limitations on voting rights, (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">special treatment to current shareholders, (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">mandatory public tender offers at a premium to market prices once a certain beneficial ownership threshold is crossed or (iv)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">any other poison pill provisions. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Strong operational track record </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our Company has exhibited a solid operational track record. Our EBITDA presented an average compound annual growth of 15% from 1998 to 2020, despite the overall macroeconomic volatility in Brazil and in the world during this same period. See &#8220;Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">3.A. Key Information&#8212;Selected Consolidated Financial Data&#8221; for more information about EBITDA. Our net income attributable to shareholders of the Company presented an average compound annual growth of 15% from 1998 to 2020. </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Our Strategies </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Continue to invest in the oil &amp; gas value chain in Brazil</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We </font><font style="font-family: 'Times New Roman';">plan</font><font style="font-family: 'Times New Roman';"> to invest in opportunities in the oil &amp; gas value chain in Brazil </font><font style="font-family: 'Times New Roman';">in</font><font style="font-family: 'Times New Roman';"> the next years.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';"> We believe that our experience as a leading player in three segments of the oil &amp; gas</font><font style="font-family: 'Times New Roman';"> downstream</font><font style="font-family: 'Times New Roman';"> industry represents </font><font style="font-family: 'Times New Roman';">a key</font><font style="font-family: 'Times New Roman';"> advantage. On January 19, 2021, Petrobras announced the approval of </font><font style="font-family: 'Times New Roman';">our</font><font style="font-family: 'Times New Roman';"> proposal for the acquisition of </font><font style="font-family: 'Times New Roman';">Refap</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> We</font><font style="font-family: 'Times New Roman';"> are currently negotiating the terms and conditions of </font><font style="font-family: 'Times New Roman';">Refap&#8217;s sale with Petrobras, and the closing of this transaction is</font><font style="font-family: 'Times New Roman';"> subject to several factors and conditions </font><font style="font-family: 'Times New Roman';">beyond</font><font style="font-family: 'Times New Roman';"> our control. Accordingly, we cannot assure that we will be able to complete the acquisition of Refap on attractive terms or at all.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In </font><font style="font-family: 'Times New Roman';">addition, in </font><font style="font-family: 'Times New Roman';">March 2021, Brazil&#8217;s lower house of Congress approved a new regulatory framework for the natural gas sector, in order to increase competition in the sector. The proposed new regulation intends to further open up the natural gas market to private competition and to foster investments in the segment. The pre-salt oil fields in Brazil have substantial proven reserves of natural gas, which will require investments in infrastructure, distribution, processing facilities and commercialization. </font><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The potential acquisition of Refap and further investments in the natural gas sector may present opportunities for Ultrapar to strengthen its position in the industry. We believe these opportunities may contribute to a more complementary and synergistic businesses portfolio with increased efficiency, potential to generate value to the whole chain and benefits for our consumers.</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Build on the strength of our brands </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We believe that our businesses have a high brand recognition associated with quality, safety and efficiency that we continually strive to deliver. We intend to reinforce this market perception by continuing to supply high-quality products and services and to introduce new services and distribution channels. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Invest in building a succession pipeline for key business positions </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We remain committed to building a pipeline of </font><font style="font-family: 'Times New Roman';">entrepreneur</font><font style="font-family: 'Times New Roman';">ial</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">leaders at Ultrapar as well as in our businesses. Through a combination of promoting internal talent, internal horizontal transfers and external hires, there has been a relevant renovation in senior management positions, covering all the senior management. These movements have been carried out in a gradual, planned and constructive manner. </font><font style="font-family: 'Times New Roman';">In</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">the last years</font><font style="font-family: 'Times New Roman';">, we worked to strengthen our management structure and governance, consolidating the pillars supporting the growth and longevity of Ultrapar. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Maintain a strong relationship with our resellers in the LPG and fuel distribution businesses </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We intend to preserve our strong relationship with dealers by keeping their distribution exclusivity and continuing to implement our differentiated incentive programs in Ultragaz and Ipiranga. We plan to continue to invest in training our dealers, in order to maximize efficiency, to further strengthen our relationship and to promote the high standards of our distribution network. In parallel, we plan to continue to increase our operational efficiency and productivity at Ultragaz and Ipiranga. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Continuously improve cost and capital efficiency in the LPG and fuel distribution businesses </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We plan to continue investing in the cost and capital efficiency of our distribution systems. Current initiatives include enhanced discipline with respect to our capital allocations and other programs designed to control our costs in both the LPG and fuel distribution businesses units.</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Increase investments in logistics infrastructure to sustain and expand our market share and efficiency in fuel distribution </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our strategy is to continue to invest in Ipiranga&#8217;s logistics infrastructure in order to expand our capillarity and strengthen our national footprint. Such investments </font><font style="font-family: 'Times New Roman';">aim to enhance</font><font style="font-family: 'Times New Roman';"> our logistics efficiency of fuel distribution through increased proprietary storage capacity in strategic locations, </font><font style="font-family: 'Times New Roman';">contributing to improve</font><font style="font-family: 'Times New Roman';"> service</font><font style="font-family: 'Times New Roman';"> quality</font><font style="font-family: 'Times New Roman';"> in the </font><font style="font-family: 'Times New Roman';">relevant </font><font style="font-family: 'Times New Roman';">regions. In addition, we aim to </font><font style="font-family: 'Times New Roman';">soli</font><font style="font-family: 'Times New Roman';">dify</font><font style="font-family: 'Times New Roman';"> our network in service stations with larger throughput (volume sold per station), therefore increasing the sales volume at Ipiranga. </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In March 2019, Ipiranga </font><font style="font-family: 'Times New Roman';">was awarded a</font><font style="font-family: 'Times New Roman';"> concession of specific areas in Vit&#243;ria (ES) and Cabedelo (PB) through the special purpose </font><font style="font-family: 'Times New Roman';">vehicles </font><font style="font-family: 'Times New Roman';">Nordeste and Navegantes, in which Ipiranga holds one third of the total </font><font style="font-family: 'Times New Roman';">capital stock</font><font style="font-family: 'Times New Roman';">, together with BR Distribuidora and Ra&#237;zen. Also, in April 2019, Ipiranga </font><font style="font-family: 'Times New Roman';">was awarded </font><font style="font-family: 'Times New Roman';">two concessions in the port of Miramar, in Bel&#233;m (PA): (i) area BEL02A, through a consortium 50% owned by Ipiranga and 50% owned by Ra&#237;zen, and (ii) area BEL04A, which is currently operated by Ipiranga, therefore maintaining its operation in the region. For more information, see &#8220;Item 4.B. Information on the Company&#8212;Business Overview&#8212;Fuel Distribution&#8212;Ipiranga&#8212;Storage of fuels&#8221;.</font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We expect that investing in logistics infrastructure and focusing our service stations network in higher throughput stations will </font><font style="font-family: 'Times New Roman';">allow us</font><font style="font-family: 'Times New Roman';"> to sustain and even expand our market share in the fuel distribution market, as well as to reduce our operating costs and improve our productivity gains. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Promote and benefit from the formalization of the fuel distribution market </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We plan to continue to collaborate with the competent authorities to promote improvements to legislation and to enhance regulatory enforcements in the fuel distribution sector as means of creating a level playing field in the market, increasing sales volume in the formal market and improving our gross margin, thus reducing the competitiveness of players which benefited from cost advantages derived from unfair practices. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Invest in niche segments for LPG distribution </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultragaz is strengthening its presence in the North and Northeast regions of Brazil by focusing on expanding to states where it previously did not have significant operations. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">For the bulk segment, Ultragaz strategy is focused on two areas. The first area is offering its clients mainly in industrial and agribusiness segments new applications and services for LPG. As a result, Ultragaz aims at expanding its </font><font style="font-family: 'Times New Roman';">market share in</font><font style="font-family: 'Times New Roman';"> LPG </font><font style="font-family: 'Times New Roman';">used </font><font style="font-family: 'Times New Roman';">for home and personal care and localized heating, such as preheating of industrial furnaces, especially in steel, lead, asphalt manufacturing and metallurgical plants; and in new applications in agribusiness, such as drying grains and seeds, with greater operational and economic efficiency. </font><font style="font-family: 'Times New Roman';">We believe that some of Ultragaz&#8217;s new applications and services provide environmental </font><font style="font-family: 'Times New Roman';">benefits</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and cost savings </font><font style="font-family: 'Times New Roman';">such as reduction in water consumption, from car washing and recycling of organic waste, and fall in carbon dioxide and pollutants, from asphalt plant and cotton production. </font><font style="font-family: 'Times New Roman';">The second area is to invest in the expansion of the bulk LPG distribution to small-and-medium-sized businesses, such as laundry shops, restaurants, bakeries, residential condominiums and steam car wash, through agile and convenience services. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Maintain our capacity </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">at Oxiteno </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">ahead of domestic demand </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We intend to maintain Oxiteno&#8217;s production capacity ahead of demand in Brazil. We also plan to continue our efforts to apply the best global practices to Oxiteno&#8217;s plants and production processes with a view to remain technologically competitive. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In</font><font style="font-family: 'Times New Roman';"> 2015, Ultrapar&#8217;s Board of Directors approved the expansion of Oxiteno&#8217;s specialty chemicals&#8217; capacity in Pasadena (Texas) in the United States, by building an alkoxylation unit at its current site, which started operating in September 2018. The plant is located in one of the world&#8217;s most important chemical hubs, taking advantage of attractive conditions of raw materials, as well as highly efficient logistics infrastructure. The investment expands Oxiteno&#8217;s footprint in the United States, focusing on local markets of agrochemicals, personal care, household and industrial cleaning, coatings and oil and gas. The new unit&#8217;s capacity is 120</font><font style="font-family: 'Times New Roman';"> thousand</font><font style="font-family: 'Times New Roman';"> tons per year at its initial stage. Until December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">, the total amount invested in this plant was US$</font><font style="font-family: 'Times New Roman';">194</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Continue to enhance product mix at Oxiteno </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We increased Oxiteno&#8217;s capacity to produce a variety of value-added ethylene oxide derivatives and other specialty chemicals in order to optimize its sales mix across petrochemical cycles. Oxiteno&#8217;s investments in </font><font style="font-family: 'Times New Roman';">research and development have resulted in the introduction of </font><font style="font-family: 'Times New Roman';">128 </font><font style="font-family: 'Times New Roman';">new products during the last three years</font><font style="font-family: 'Times New Roman';">. Oxiteno will continue to invest in research and development focused on developing new products to meet clients&#8217; needs across all target markets. </font><font style="font-family: 'Times New Roman';">In </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">, Oxiteno&#8217;s research and development expenditures </font><font style="font-family: 'Times New Roman';">totalized </font><font style="font-family: 'Times New Roman';">R$60</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million</font><font style="font-family: 'Times New Roman';">. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Expand our convenience store business model</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2020, </font><font style="font-family: 'Times New Roman';">AmPm concluded a comprehensive </font><font style="font-family: 'Times New Roman';">review of</font><font style="font-family: 'Times New Roman';"> its business model, </font><font style="font-family: 'Times New Roman';">including the renewal of its brick and mortar stores&#8217;</font><font style="font-family: 'Times New Roman';"> layout to provide consumer</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> with a more fluid and intuitive purchas</font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';"> experience and larger area</font><font style="font-family: 'Times New Roman';">s within each store</font><font style="font-family: 'Times New Roman';"> for consuming products. AmPm created a digital section in the </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">bastece </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">&#237; application, as well as proprietary solutions via WhatsApp and QR Code and developed partnerships with leading delivery platforms. Th</font><font style="font-family: 'Times New Roman';">is review</font><font style="font-family: 'Times New Roman';"> also involved </font><font style="font-family: 'Times New Roman';">AmPm&#8217;s rebranding</font><font style="font-family: 'Times New Roman';">, exploring proximity marketing concepts and new habits of consumption, co</font><font style="font-family: 'Times New Roman';">upled</font><font style="font-family: 'Times New Roman';"> with </font><font style="font-family: 'Times New Roman';">a </font><font style="font-family: 'Times New Roman';">new</font><font style="font-family: 'Times New Roman';"> product mix, expanding the offer of food service (bakeries and ready-to-eat meals), groceries and home and personal care products. In order to accelerate the growth of the business, AmPm started to operate 55 stores during 2020 and expects to further expand the number of company-operated stores going forward. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Accelerate abastece a&#237;</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"> </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">value creation</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In July 2020, we created a new company in the digital payments and electronic retailing segment combining the abastece a&#237; (&#8220;fill up here&#8221;) app and the loyalty program Km de Vantagens (Km of Advantages Program)</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">This initiative </font><font style="font-family: 'Times New Roman';">was</font><font style="font-family: 'Times New Roman';"> designed to accelerate the value </font><font style="font-family: 'Times New Roman';">creation </font><font style="font-family: 'Times New Roman';">of these platforms and expansion in the services provided, with the potential for creating a digital ecosystem of sizeable proportions and capillarity. Since August</font><font style="font-family: 'Times New Roman';"> 2020</font><font style="font-family: 'Times New Roman';">, when the new app was launched, more than 2.3 million digital accounts have been created with the total number of transactions processed surpassing R$3.5 billion, demonstrating rapid consumer acceptance, as well as the growth potential of the business. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Maintain financial strength </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We seek to maintain a solid financial position to allow us to pursue investment opportunities and enhance our shareholders&#8217; return on their investment in our Company. As of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020, our net debt (consisting of loans and hedging instruments</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> debentures </font><font style="font-family: 'Times New Roman';">and leases payable </font><font style="font-family: 'Times New Roman';">recorded as current and non-current liabilities, net of cash and cash equivalents and financial investments and hedging instruments) was R$</font><font style="font-family: 'Times New Roman';">10,537.3</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million, representing a </font><font style="font-family: 'Times New Roman';">3.0</font><font style="font-family: 'Times New Roman';"> times net debt to EBITDA ratio. We have been consistently distributing dividends to our shareholders. During the five years ended December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020, we have declared yearly dividends representing an average of approximately </font><font style="font-family: 'Times New Roman';">60</font><font style="font-family: 'Times New Roman';">% of our net income. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Key Financial Information </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The table below sets forth certain financial information for us:&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;&nbsp;</font></p>
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<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Year ended December</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">31,</font><font style="font-family: 'Times New Roman';"> </font></p>
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<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font><font style="font-family: 'Times New Roman';"> </font></p>
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<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: middle; height: 15px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000;" valign="middle">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2017</font><font style="font-family: 'Times New Roman';"> </font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: middle; height: 15px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000;"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: middle; height: 15px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000;"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: middle; height: 15px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000;"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: middle; height: 15px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000;" valign="middle">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2016</font><font style="font-family: 'Times New Roman';"> </font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: middle; height: 15px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: middle; height: 17px;" valign="middle">
<p style="margin: 0px; break-after: avoid; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: middle; height: 17px;"><br></td>
<td colspan="17" style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: middle; height: 17px;" valign="middle">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(in millions of </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman'; font-weight: bold;">)</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: middle; height: 17px;"><br></td>
</tr>


<tr style="height: 17px; margin-left: 0.1px; background-color: #cceeff;">
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 51%; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Net revenue from sales and services</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7%; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">81,241.1</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7%; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">89,298.0</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7%; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">90,698.0</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7%; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">79,230.0</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7%; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">76,740.0</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%; vertical-align: middle;" valign="middle"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Net income attributable to Ultrapar&#8217;s shareholders</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">893.4</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">373.5</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1,150.4</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1,526.5</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1,537.8</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Gross debt</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(17,376.2</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(14,392.7</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(15,206.1</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(13,590.6</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(11,417.1</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Cash, cash equivalents and financial investments and hedging instruments</font><font style="width: 22.73pt; text-indent: 0pt; display: inline-block;">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">8,672.2</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">5,712.1</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">6,994.4</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">6,369.9</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">5,701.8</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Net debt</font><font style="font-family: 'Times New Roman';"> (excluding </font><font style="font-family: 'Times New Roman';">leases payable</font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(8,704.1</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(8,680.6</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle">)</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(8,211.7</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(7,220.7</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(5,715.3</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Leases payable</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(1,833.3</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(1,588.7</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Net debt </font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(10,537.3</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(10,269.3</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">-</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: middle;" valign="middle"><br></td>
</tr>

</table>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt; height: 17px;">

<tr style="height: 17px;">
<td style="width: 9.36222%; border-bottom: 1pt solid #000000; height: 17px;"><br></td>
<td style="width: 90.6378%; height: 17px;"><br></td>
</tr>

</table>
<p style="margin-top: 0pt; margin-left: 24.85pt; margin-bottom: 0pt; text-indent: -18.75pt; font-size: 8pt;"><sup><font style="font-family: 'Times New Roman';">(1)</font></sup><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;"><sup>&nbsp;&nbsp;&nbsp;</sup>&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">See footnote 6 under &#8220;Item 3.A. Key Information&#8212;Selected Consolidated Financial Data&#8221; for a more complete discussion of net debt and its reconciliation to information in our financial statements.</font><font style="font-family: 'Times New Roman';"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The table below sets forth the net revenue from sales and services for our businesses:</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="height: 167px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin: 0px; text-indent: 0px; margin-left: 0.1px;" width="100%">

<tr style="height: 14px;">
<td style="height: 14px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="height: 14px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="height: 14px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" colspan="17" valign="middle"><br></td>
<td style="height: 14px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="padding-left: 0px; height: 14px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 14px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td colspan="17" style="padding-left: 0px; height: 14px; border-bottom: 1pt solid #000000; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Year ended December</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">31,</font><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 14px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; border-bottom: 1pt solid #000000; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2020</font></p>
</td>
<td style="padding-left: 0px; height: 10px; border-bottom: 1pt solid #000000; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; border-bottom: 1pt solid #000000; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; height: 10px;"><br></td>
<td style="padding-left: 0px; height: 10px; border-bottom: 1pt solid #000000; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; border-bottom: 1pt solid #000000; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font></p>
</td>
<td style="padding-left: 0px; height: 10px; border-bottom: 1pt solid #000000; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; border-bottom: 1pt solid #000000; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; border-bottom: 1pt solid #000000; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; border-bottom: 1pt solid #000000; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2018</font></p>
</td>
<td style="padding-left: 0px; height: 10px; border-bottom: 1pt solid #000000; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; border-bottom: 1pt solid #000000; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; border-bottom: 1pt solid #000000; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; border-bottom: 1pt solid #000000; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2017</font></p>
</td>
<td style="padding-left: 0px; height: 10px; border-bottom: 1pt solid #000000; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; border-bottom: 1pt solid #000000; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; border-bottom: 1pt solid #000000; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; border-bottom: 1pt solid #000000; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2016</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; break-after: avoid; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td colspan="17" style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(in millions of </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman'; font-weight: bold;">)</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; padding-right: 0px;"><br></td>
</tr>


<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; width: 51%;" valign="middle">
<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Net revenue from sales and services</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; font-weight: bold; vertical-align: super;">(1)&nbsp;</font></p>
</td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; width: 1%;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; width: 7%;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">81,241.1</font></p>
</td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; width: 1%;" valign="middle"><br></td>
<td style="padding-left: 0px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; width: 1%; height: 17px;"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; width: 1%;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; width: 7%;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">89,298.0</font></p>
</td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; width: 1%;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; width: 1%;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; width: 1%;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; width: 7%;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">90,698.0</font></p>
</td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; width: 1%;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; width: 1%;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; width: 1%;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; width: 7%;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">79,230.0</font></p>
</td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; width: 1%;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; width: 1%;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; width: 1%;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; width: 7%;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">76,740.0</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt; padding-left: 30px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Ultragaz</font></p>
</td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">7,408.3</font></p>
</td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; height: 17px;"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">7,094.8</font></p>
</td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">7,043.2</font></p>
</td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">6,071.0</font></p>
</td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">5,365.1</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt; padding-left: 30px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Ultracargo</font></p>
</td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">644.2</font></p>
</td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; height: 17px;"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">540.8</font></p>
</td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">493.6</font></p>
</td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">438.4</font></p>
</td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">355.4</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt; padding-left: 30px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Oxiteno</font></p>
</td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">5,210.7</font></p>
</td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; height: 17px;"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">4,254.2</font></p>
</td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">4,748.4</font></p>
</td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">3,959.4</font></p>
</td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">3,701.4</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 30px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Ipiranga</font></p>
</td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">66,133.0</font></p>
</td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; height: 17px;"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">75,452.5</font></p>
</td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">76,473.4</font></p>
</td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">66,950.5</font></p>
</td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">65,793.7</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 30px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Extrafarma</font></p>
</td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1,988.4</font></p>
</td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; height: 17px;"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">2,060.6</font></p>
</td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">2,028.0</font></p>
</td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1,868.9</font></p>
</td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1,578.6</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 30px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">abastece a&#237;</font></p>
</td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">17.2</font></p>
</td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; height: 17px;"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&#8212; </font></p>
</td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&#8212; </font></p>
</td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&#8212; </font></p>
</td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">&#8212; </font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
</tr>

</table>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt; height: 17px;">

<tr style="height: 17px;">
<td style="width: 9.36222%; border-bottom: 1pt solid #000000; height: 17px;"><br></td>
<td style="width: 90.6378%; height: 17px;"><br></td>
</tr>

</table>
<p style="margin: 0pt; font-size: 8pt; text-indent: 10pt;"><sup><font style="margin: 0pt; text-indent: -18.75pt;"><font style="font-family: 'Times New Roman';">(1)</font><font>&nbsp; &nbsp;&nbsp;</font></font></sup><font style="font-family: 'Times New Roman'; margin: 0pt; text-indent: -18.75pt;"><font style="font-size: 8pt;">Segment in</font>formation for Ultragaz, Ultracargo, Oxiteno, Ipiranga</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Extrafarma</font><font style="font-family: 'Times New Roman';"> and abastece a&#237;</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">is presented on an unconsolidated basis. See &#8220;Presentation of Financial Information&#8221; for more information. </font></p>
<p style="margin: 0px; text-align: justify; font-size: 10pt; text-indent: 0px;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>48</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The tables below set forth Adjusted EBITDA for Ultragaz, Oxiteno and Ipiranga and EBITDA for Ultracargo</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> Extrafarma</font><font style="font-family: 'Times New Roman';"> and abastece a&#237;</font><font style="font-family: 'Times New Roman';">:</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="height: 148px; margin: 0px 0px 0px 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">

<tr style="height: 10px;">
<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;" colspan="17"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 0px; vertical-align: bottom; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td colspan="17" style="padding-left: 0px; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Year ended December</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">31,</font></font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; border-bottom: 1pt solid #000000; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;">2020</font></p>
</td>
<td style="padding: 0px; border-bottom: 1pt solid #000000; margin: 0px; text-indent: 0px; vertical-align: middle; height: 10px;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; border-bottom: 1pt solid #000000; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; border-bottom: 1pt solid #000000; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; border-bottom: 1pt solid #000000; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;">2019</font></p>
</td>
<td style="padding-left: 0px; height: 10px; border-bottom: 1pt solid #000000; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; border-bottom: 1pt solid #000000; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; border-bottom: 1pt solid #000000; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; border-bottom: 1pt solid #000000; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;">2018</font></p>
</td>
<td style="padding-left: 0px; height: 10px; border-bottom: 1pt solid #000000; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; border-bottom: 1pt solid #000000; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; border-bottom: 1pt solid #000000; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; border-bottom: 1pt solid #000000; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2017</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&#178;</font></font></p>
</td>
<td style="padding-left: 0px; height: 10px; border-bottom: 1pt solid #000000; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; border-bottom: 1pt solid #000000; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; border-bottom: 1pt solid #000000; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; border-bottom: 1pt solid #000000; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2016</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&#178;</font></font></p>
</td>
<td style="padding-left: 0px; vertical-align: middle; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td colspan="17" style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(in millions of </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman'; font-weight: bold;">)</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
</tr>


<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 51%; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Adjusted EBITDA</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; font-weight: bold; vertical-align: super;">(1)</font></p>
</td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; width: 7%; vertical-align: middle;" valign="middle">
<p style="margin: 0px; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%; vertical-align: middle; height: 17px;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; width: 7%; vertical-align: middle;" valign="middle">
<p style="margin: 0px; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; width: 7%; vertical-align: middle;" valign="middle">
<p style="margin: 0px; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; width: 7%; vertical-align: middle;" valign="middle">
<p style="margin: 0px; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; width: 7%; vertical-align: middle;" valign="middle">
<p style="margin: 0px; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%; height: 17px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 30px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Ultragaz</font></p>
</td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">729.1</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; height: 10px;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 17.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 40pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">586.7</font></p>
</td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 17.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 40pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">275.1</font></p>
</td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">440.0</font></p>
</td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">425.4</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 30px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Oxiteno</font></p>
</td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">784.8</font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: middle; height: 17px;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 17.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 40pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">221.6</font></p>
</td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 17.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 40pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">640.2</font></p>
</td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 17.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 40pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">295.9</font></p>
</td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 17.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 40pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">462.2</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 30px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Ipiranga</font></p>
</td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1,693.9</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; height: 10px;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">2,486.6</font></p>
</td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 10pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 40pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">2,117.3</font></p>
</td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 10pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 40pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">3,066.8</font></p>
</td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 10pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 40pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">3,049.0</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="height: 10px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">EBITDA</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; font-weight: bold; vertical-align: super;">(1)</font></p>
</td>
<td style="padding-left: 0px; height: 10px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: middle; height: 10px;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; height: 10px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; height: 10px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; height: 10px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 30px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Ultracargo</font></p>
</td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">337.5</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; height: 17px;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 17.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 40pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">164.8</font></p>
</td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 17.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 40pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">183.3</font></p>
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<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 17.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 40pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">124.3</font></p>
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<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 17.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 40pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">171.1</font></p>
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<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
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<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 30px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Extrafarma</font></p>
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<td style="padding-left: 0px; height: 10px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">84.2</font></p>
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<td style="padding: 0px; background-color: #cceeff; margin: 0px; text-indent: 0px; vertical-align: middle; height: 10px;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 10.84pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 40pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">(565.9</font></p>
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<td style="padding-left: 0px; height: 10px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font><br></td>
<td style="padding-left: 0px; height: 10px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 15.84pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 40pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">(42.2</font></p>
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<td style="padding-left: 0px; height: 10px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font><br></td>
<td style="padding-left: 0px; height: 10px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 22.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 40pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">23.1</font></p>
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<td style="padding-left: 0px; height: 10px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 22.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 40pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">38.8</font></p>
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<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 30px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">abastece a&#237;</font></p>
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<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(</font><font style="font-family: 'Times New Roman';">24.9</font></p>
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<td style="padding: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; height: 17px;" valign="middle"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&#8212; </font></p>
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<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&#8212; </font></p>
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<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&#8212; </font></p>
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<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">&#8212; </font></p>
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<td style="padding-left: 0px; vertical-align: top; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
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<td style="width: 9.36222%; border-bottom: 1pt solid #000000; height: 17px;"><br></td>
<td style="width: 90.6378%; height: 17px;"><br></td>
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<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 4.67pt; vertical-align: super;">(1)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="width: 8.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">See footnote 5 under &#8220;Item 3.A. Key Information&#8212;Selected Consolidated Financial Data&#8221; for a more complete discussion of EBITDA and Adjusted EBITDA and its reconciliation to information in our financial statements. </font></p>
<p style="margin-top: 0pt; margin-left: 24.7pt; margin-bottom: 0pt; text-indent: -18.45pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 4.67pt; vertical-align: super;">(</font><font style="font-family: 'Times New Roman'; font-size: 4.67pt; vertical-align: super;">2</font><font style="font-family: 'Times New Roman'; font-size: 4.67pt; vertical-align: super;">)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="width: 8.29pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">The results of 2016 and 2017 have not been retrospectively adjusted to reflect the segregation of the Holding expenses. For more information, see &#8220;Item 5.A. Operating and Financial Review and prospects &#8211; Operating results &#8211; Summary of the changes due to the segregation of the Holding expenses&#8221;.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt; text-align: justify;">Distribution of Liquefied Petroleum Gas</font><br></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-align: justify; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Industry and Regulatory Overview </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Liquefied petroleum gas (LPG) is a fuel derived from the oil or natural gas refining process. In Brazil, 73% of local demand in 2020 was produced in local refineries and the remaining 27% was imported. LPG has the following primary uses in Brazil: </font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Bottled LPG &#8212; used primarily by residential consumers for cooking; and </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Bulk LPG &#8212; used primarily for cooking and water heating in shopping malls, hotels, residential buildings, restaurants, laundries, hospitals and industries, with several other specific applications to each industrial process, such as furnace heating, asphalt production, among others. </font></li>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>49</font></font></td>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following chart shows the process of LPG distribution: </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 12pt;"><img src="imggdjehkdsq1a11450992.jpg" style="-aw-left-pos: 0pt; -aw-rel-hpos: column; -aw-rel-vpos: paragraph; -aw-top-pos: 0pt; -aw-wrap-type: inline;" alt="Image2"></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Historically, bottled LPG has represented a substantial portion of the LPG distributed in Brazil and is primarily used for cooking. The use of LPG for domestic heating in Brazil is immaterial compared with its use in other developed and emerging countries, primarily because of Brazil&#8217;s generally warm climate. Consequently, demand seasonality throughout the year is relatively small. In addition, because LPG is not used to a significant extent for domestic heating in Brazil, overall consumption of LPG per capita is lower in Brazil compared to countries where domestic heating is a major element of LPG demand, making low distribution costs a major competitive differential in the Brazilian LPG market. </font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>50</font></font></td>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The primary international suppliers of LPG are major oil companies and independent producers of both liquefied natural gas and oil. However, due to Petrobras&#8217; market dominance over the production and import of petroleum and petroleum products, a result of its legal monopoly that was abolished only in 1997, following Constitutional Amendment No.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">09/1995 and the enactment of Federal Law No.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">9,478/97, Petrobras is currently the </font><font style="font-family: 'Times New Roman'; font-style: italic;">de facto</font><font style="font-family: 'Times New Roman';"> sole supplier of LPG in Brazil. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Currently, the LPG distribution industry in Brazil consists of </font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> LPG distribution companies or groups of companies and is regulated by the National Petroleum Agency (ANP). The LPG distribution industry includes purchasing nearly all its LPG requirements from Petrobras, filling LPG bottles and bulk delivery trucks at filling stations, selling LPG to dealers and end users, controlling product quality and providing technical assistance to LPG consumers. See &#8220;&#8212; Industry and Regulatory Overview &#8212; The role of the ANP&#8221; and &#8220;&#8212; Industry and Regulatory Overview &#8212; The role of Petrobras&#8221;. </font><font style="font-family: 'Times New Roman';">LPG produced by Petrobras, which represented 73% of total LPG sold in Brazil in 2020</font><font style="font-family: 'Times New Roman';">, is transported in pipelines and by trucks from Petrobras&#8217; production and storage facilities to filling stations maintained by LPG distributors. The balance is imported by Petrobras into Brazil and stored in large storage facilities mostly maintained by Petrobras. The imported LPG is then transported from the storage facilities by pipelines and trucks to the LPG distributors&#8217; filling stations. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">LPG can be delivered to end users either in bottles or in bulk. The bottles are filled in the LPG distributors&#8217; filling stations. Distribution of bottled LPG is conducted via two main channels: </font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">home delivery of LPG bottles; and </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">the sale of LPG bottles in retail stores and at filling stations. </font></li>
</ul>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In both cases, the bottles are either delivered by the LPG distributors themselves or by independent dealers. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Bulk delivery is the main delivery method to large volume consumers, such as residential buildings, hospitals, small-and-medium-sized businesses and industries. In the case of bulk delivery, LPG is pumped directly into tanker trucks at filling stations, transported to customers and pumped into a bulk storage tank located at the customer&#8217;s premises. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">The role of the Brazilian government.</font><font style="font-family: 'Times New Roman';"> The Brazilian government historically regulated the sale and distribution of LPG in Brazil. The period from 1960 to 1990 was characterized by heavy governmental regulation, including price controls, regulation of the geographical areas in which each LPG distributor could operate, regulation of the services offered by distributors and governmental quotas for the LPG sold by distributors, thus restricting the growth of larger LPG distributors. In 1990, the Brazilian government started a deregulation process of the LPG market. This process included easing the requirements for the entry into the market of new distribution companies, reducing certain administrative burdens and removing restrictions on the areas in which distributors could conduct their business and on sales quotas. There are currently no restrictions on foreign ownership of LPG companies in Brazil. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">From 2008 to 2016, Petrobras increased LPG refinery prices for commercial and industrial usage sporadically. From 2017 to 2019, LPG refinery prices were adjusted more frequently. In the recent past, Petrobras&#8217; practice was not to immediately reflect in its oil derivatives prices in Brazil the volatility of international prices of oil and oil derivatives. However, in June 2017, the dynamic of LPG prices supplied to the distributors was modified to reflect international price volatility and exchange rate variation. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In January 2018, the pricing policy for LPG acquisition at refineries was adjusted to soften the transfer of price volatility in the international market to the domestic price. The monitoring period for international prices and currency rates, which dictate the percentages of price adjustment, was the average of the preceding twelve months, rather than monthly variation, and price adjustments became quarterly, rather than monthly. In August 2019, Petrobras terminated the existing policy and price differentiation was ended in November 2019, which resulted in domestic prices for all segments being converted into one single price. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">The role of Petrobras.</font><font style="font-family: 'Times New Roman';"> Petrobras, Brazil&#8217;s national oil and oil products company, had a legal monopoly in the exploration, production, refining, importing and transporting of crude oil and oil products in Brazil and Brazil&#8217;s continental waters since its establishment in 1953. This monopoly was confirmed in Brazil&#8217;s federal constitution enacted in 1988. As a result, Petrobras was historically the sole supplier in Brazil of oil and oil-related products, including LPG. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">I</font><font style="font-family: 'Times New Roman';">n 2004, Petrobras entered the LPG distribution market in Brazil through the acquisition of Liquig&#225;s, one of the main players in the market. </font><font style="font-family: 'Times New Roman';">I</font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';"> August 2019,</font><font style="font-family: 'Times New Roman';"> Copagaz, Ita&#250;sa</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> Nacional G&#225;s</font><font style="font-family: 'Times New Roman';"> and Fog&#225;s</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">entered into an agreement with Petrobras to acquire Liquig&#225;s.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">I</font><font style="font-family: 'Times New Roman';">n </font><font style="font-family: 'Times New Roman';">November 2020, </font><font style="font-family: 'Times New Roman';">CADE </font><font style="font-family: 'Times New Roman';">approved Liquig</font><font style="font-family: 'Times New Roman';">&#225;</font><font style="font-family: 'Times New Roman';">s sale to a consortium composed by Copagaz, Ita&#250;sa</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> Nacional G&#225;s</font><font style="font-family: 'Times New Roman';"> and Fog&#225;s</font><font style="font-family: 'Times New Roman';">, and Petrobras communicated the process completion </font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">n December 2020.</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">The role of the ANP.</font><font style="font-family: 'Times New Roman';"> The ANP is responsible for the control, supervision and implementation of the government&#8217;s oil, gas and biofuels policies. The ANP regulates all aspects of the production, distribution and sale of oil and oil products in Brazil, including product quality standards and minimum storage capacities required to be maintained by distributors. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In order to operate in Brazil, an LPG distributor must be licensed with the ANP and must comply with certain minimum operating requirements, including: </font></p>
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<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">maintenance of sufficient LPG storage capacity; </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">maintenance of an adequate quantity of LPG bottles; </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">use of bottles stamped with the distributor&#8217;s own brand name; </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">possession of its own filling plant; </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">appropriate maintenance of LPG filling units; </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">distribution of LPG exclusively in areas where it can provide technical assistance to the consumer either directly or indirectly through an authorized dealer; and </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">full compliance with the Unified Suppliers Registration System (</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Sistema de Cadastramento Unificado de Fornecedores</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8211; SICAF). </font></li>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">LPG distributors are required to provide the ANP with monthly reports showing their sales in the previous month and the volume of LPG ordered from Petrobras for the next four months. The ANP limits the volume of LPG that may be ordered by each distributor based on the number of bottles and infrastructure owned by the distributor. Based on the information provided by the </font><font style="font-family: 'Times New Roman';">distributors, Petrobras supplies the volume of LPG ordered, since that LPG production and imports are enough to meet the demand. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">LPG distribution to the final consumer may be carried out by independent or exclusive resellers, according to ANP Resolution 49/2016 and 51/2016. Each LPG distributor must provide the ANP with information regarding its contracted independent resellers on a monthly basis. The construction of LPG filling plants and storage facilities is subject to the prior approval of the ANP and may only begin its operations after ANP inspection. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">The self-regulatory code/ANP Resolution 49/2016 and 51/2016.</font><font style="font-family: 'Times New Roman';"> In 1996, most of the Brazilian LPG distributors, representing more than 90% of the market, bottle manufacturers, LPG transportation companies and certain LPG retail stores, under the supervision of the Brazilian government, entered into a statement of intent regarding the establishment of a program for &#8220;requalifying&#8221; LPG bottles (a process under which they undergo safety and quality checks) and other safety procedures, known as the &#8220;Self-Regulatory Code&#8221; or &#8220;</font><font style="font-family: 'Times New Roman'; font-style: italic;">C&#243;digo de Autorregulamenta&#231;&#227;o</font><font style="font-family: 'Times New Roman';">&#8221;. See &#8220;&#8212;Ultragaz&#8212;Bottle swapping centers&#8221; and &#8220;&#8212; Ultragaz&#8212;Requalification of bottles&#8221;. Before the Self-Regulatory Code came into effect, certain LPG distributors, not including Ultragaz, would fill bottles stamped with another distributor&#8217;s brand. This practice resulted in a low level of investment in new bottles, giving rise to concerns regarding the safety of older bottles. The Self-Regulatory Code provides, among other things, that: </font></p>
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<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">each LPG distributor may only fill and sell bottles that are stamped with its own trademark; </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">each LPG distributor is responsible for the quality and safety control of its bottles; and </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">each LPG distributor must maintain enough bottles to service its sales volume. </font></li>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Self-Regulatory Code was replaced by ANP Resolution 49/2016 and 51/2016, which regulates the distribution of LPG activities. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultragaz had to requalify 2.4</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million bottles, 2.</font><font style="font-family: 'Times New Roman';">5</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million bottles and 2.5 million bottles in 2018, 2019 and 2020, respectively. In 2021, Ultragaz expects to requalify approximately 2.2</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million bottles.</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Environmental, health and safety standards.</font><font style="font-family: 'Times New Roman';"> LPG distributors are regulated by ANP and subject to Brazilian federal, state and local laws and regulations relating to the protection of the environment, public health and safety. The CONAMA, the Ministry of Economy (</font><font style="font-family: 'Times New Roman'; font-style: italic;">Minist&#233;rio da Economia</font><font style="font-family: 'Times New Roman';">), and the Ministry of Infrastructure (</font><font style="font-family: 'Times New Roman'; font-style: italic;">Minist&#233;rio da Infraestrutura</font><font style="font-family: 'Times New Roman';">) are the primary regulators of LPG distribution at the federal level. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Brazilian regulations require LPG distributors to obtain operating permits from the environmental agencies, from municipal authorities and from the fire department. In order to obtain and maintain the validity of such permits, distributors must satisfy regulatory authorities that the operation of facilities are in compliance with regulations and are not prejudicial to the environment and the community. In addition, regulations establish standard procedures for transporting, delivering and storing LPG and for testing and requalification of LPG bottles. Civil, administrative and criminal sanctions, including fines and the revocation of licenses, may apply to violations of regulations. Under applicable law, distributors are strictly and jointly liable for environmental damages. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The LPG industry and market are also subject to occupational health and safety standards, including labor laws, social security laws and consumer protection laws. In addition, the company also has a sustainability policy that describes the </font><font style="font-family: 'Times New Roman';">best</font><font style="font-family: 'Times New Roman';"> management practices for health, safety and the environment (HSE).</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2020, Ultragaz carried out an extensive HSE plan to improve its performance. This plan was base</font><font style="font-family: 'Times New Roman';">d</font><font style="font-family: 'Times New Roman';"> on different projects</font><font style="font-family: 'Times New Roman';"> intended</font><font style="font-family: 'Times New Roman';"> to develop and improve management skills </font><font style="font-family: 'Times New Roman';">of</font><font style="font-family: 'Times New Roman';"> its plant managers and coordinators, increase safety behavior based on risk perception and internal safety procedures improvement. As part of a governance system, HSE local committee and its</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">executive committee </font><font style="font-family: 'Times New Roman';">adopt</font><font style="font-family: 'Times New Roman';"> governance</font><font style="font-family: 'Times New Roman';"> practices to reach the targets pursuant to the</font><font style="font-family: 'Times New Roman';"> HSE indicators. As result, in 2020 the total recordable </font><font style="font-family: 'Times New Roman';">accident </font><font style="font-family: 'Times New Roman';">rate has decreased 49% compared to 2019.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultragaz also conducts annual HSE audits to verify the performance and compliance with HSE legislation, HSE internal standards and its sustainability policy.&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
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<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Ultragaz </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Founded in 1937, we were the first LPG distributor in Brazil. At that time, Brazilians used wood stoves and, to a lesser extent, alcohol, kerosene and coal stoves. Ultragaz was the leading company by sales volume in the Brazilian LPG market as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020, according to ANP. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultragaz operates nationwide in the distribution of both bottled and bulk LPG, including the most highly populated states in Brazil, such as S&#227;o Paulo, Rio de Janeiro and Bahia, and may sell bottled LPG through independent dealers. Bulk LPG is serviced through Ultragaz own infrastructure. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2003, Ultragaz acquired Shell G&#225;s, Royal Dutch Shell&#8217;s LPG operations in Brazil. Shell G&#225;s had about a 4.5% market share in Brazilian LPG distribution according to ANP, selling 287</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand tons of LPG in 2002. With this acquisition, Ultragaz became the national market leader in LPG, with a 24% share of the Brazilian market in 2003. In 2011, Ultragaz acquired Repsol, which sold approximately 22</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand tons of LPG </font><font style="font-family: 'Times New Roman';">in </font><font style="font-family: 'Times New Roman';">that year</font><font style="font-family: 'Times New Roman';">. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultragaz is comprised of the following operating subsidiaries: </font></p>
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<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Cia. Ultragaz, the company that pioneered our LPG operations; </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Bahiana, which primarily operates in the Northeast region of Brazil; and </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Uting&#225;s, a storage services provider that operates two facilities in S&#227;o Paulo and Paran&#225;. Uting&#225;s was incorporated in 1967 when Ultragaz and other LPG distributors joined to construct LPG storage facilities based in the states of S&#227;o Paulo and Paran&#225;. Ultragaz currently indirectly owns 57% of Uting&#225;s. See &#8220;&#8212;Storage of LPG&#8221;. </font></li>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Markets and marketing.</font><font style="font-family: 'Times New Roman';"> When Ultragaz began its operations, it served only the Southeast region of Brazil. Currently, Ultragaz is present in almost all of Brazil&#8217;s significant population centers. In recent years, Ultragaz strengthened its presence in the North and Northeast of Brazil, where it did not have significant operations. Distribution of bottled LPG includes mainly retail stores, carried out by Ultragaz&#8217;s dealership network mainly using 13 kg ANP approved bottles. In the case of Ultragaz, the bottles are painted blue. Ultragaz&#8217;s operating margins for bottled LPG vary from region to region and reflect the distribution channel in the region. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Before Shell G&#225;s&#8217; acquisition, Ultragaz&#8217;s sales strategy for bottled LPG delivery was to increase market share through geographical expansion as well as protecting and incrementing market participation in regions where it already operated. With the acquisition of Shell G&#225;s, Ultragaz became the Brazilian market leader in LPG, and the focus of its marketing strategy evolved to protecting market share and strengthening its position in certain regions where it does not have a significant presence. The LPG bottled market in Brazil is mature and Ultragaz believes that growth in demand in the long term will be a function of an increasing number of households consuming the product as well as an increasing level of household income. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Distribution of bulk LPG is largely carried out through 190 kg storage tanks installed on the clients&#8217; premises. Since 1995, Ultragaz </font><font style="font-family: 'Times New Roman';">operates</font><font style="font-family: 'Times New Roman';"> small-and-medium-sized bulk delivery facilities with bob-tail trucks, which deliver LPG in bulk mainly to residential buildings, commercial and industrial clients. Ultragaz&#8217;s clients in the commercial sector include shopping centers, hotels, residential buildings, restaurants, laundries and hospitals. Ultragaz&#8217;s trucks supply clients&#8217; stationary tanks using a system that is quick, safe and cost effective. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultragaz&#8217;s bulk sales include large industrial clients, including companies in the food, metallurgical, steel and home and personal care sectors that have large fixed tanks at their plants. In the case of large volume consumers, Ultragaz is competing with other highly competitive energy sources such as natural gas, diesel, wood, fuel oil and electricity.</font><font style="font-family: 'Times New Roman';"> </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultragaz&#8217;s strategy for bulk LPG distribution is to continue its process of product and service innovation. Ultragaz has a team to identify the needs of each bulk LPG client and to develop technical solutions for using LPG as an energy source. Furthermore, in 2015, Ultragaz started operating under a new concept for the small and medium business clients, named </font><font style="font-family: 'Times New Roman'; font-style: italic;">Ultrapronto</font><font style="font-family: 'Times New Roman';">. As an innovative concept in the LPG industry, </font><font style="font-family: 'Times New Roman'; font-style: italic;">Ultrapronto</font><font style="font-family: 'Times New Roman';"> represents a more agile and complete service to the client, including prospecting of clients, setup of equipment, logistics and after-sale service</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">. It permeates the entire value chain of the bulk segment, based on: (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">differentiated value proposition for the client, (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">standardization of processes, in order to enable the service to client, and (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">rationalization of the installation process.&nbsp;</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The table below shows Ultragaz&#8217;s sales of LPG to clients of bottled and bulk LPG:</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="margin: 0px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 170px; width: 100%; text-indent: 0px;" width="100%">

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<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td colspan="5" style="padding-left: 0px; border-bottom: 1pt solid #000000; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Year ended December</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">31,</font></p>
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<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: middle;"><br></td>
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<p style="margin: 0px; break-after: avoid; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Client category</font><br></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2020</font></p>
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<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: middle;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: middle;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2018</font></p>
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<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: middle;"><br></td>
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<td style="padding-left: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-right: 0px; height: 17px; vertical-align: middle;" valign="middle"><br></td>
<td colspan="5" style="padding-left: 0px; border-top: 1pt solid #000000; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(in thousands of tons)</font></p>
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<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: middle;"><br></td>
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<td style="background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle; width: 74%;" valign="middle">
<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Bottled LPG</font></p>
</td>
<td style="padding-left: 0px; background-color: #cceeff; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle; width: 7%;" valign="middle">
<p style="margin: 0px; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; background-color: #cceeff; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: middle; width: 2%;"><br></td>
<td style="padding-left: 0px; background-color: #cceeff; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle; width: 7%;" valign="middle">
<p style="margin: 0px; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; background-color: #cceeff; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: middle; width: 2%;"><br></td>
<td style="padding-left: 0px; background-color: #cceeff; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle; width: 7%;" valign="middle">
<p style="margin: 0px; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; background-color: #cceeff; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: middle; width: 1%;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding: 0px 0px 0px 15px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Residential delivery by Ultragaz / Ultragaz owned retail stores</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">39.</font><font style="font-family: 'Times New Roman';">2</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: middle;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 22.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 40pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">52.4</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: middle;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 22.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 40pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">56.3</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: middle;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="background-color: #cceeff; padding: 0px 0px 0px 15px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Independent </font><font style="font-family: 'Times New Roman';">resellers </font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="padding-left: 0px; border-bottom: 1pt solid #000000; background-color: #cceeff; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1,158.7</font></p>
</td>
<td style="padding-left: 0px; background-color: #cceeff; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: middle;"><br></td>
<td style="padding-left: 0px; border-bottom: 1pt solid #000000; background-color: #cceeff; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 10pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 40pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">1,121.8</font></p>
</td>
<td style="padding-left: 0px; background-color: #cceeff; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: middle;"><br></td>
<td style="padding-left: 0px; border-bottom: 1pt solid #000000; background-color: #cceeff; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 10pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 40pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">1,141.5</font></p>
</td>
<td style="padding-left: 0px; background-color: #cceeff; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: middle;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Total bottled LPG</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1,197.</font><font style="font-family: 'Times New Roman';">9</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: middle;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 10pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 40pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">1,174.2</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: middle;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 10pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 40pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">1,197.7</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: middle;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Total bulk LPG</font></p>
</td>
<td style="padding-left: 0px; border-bottom: 1pt solid #000000; background-color: #cceeff; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">534.</font><font style="font-family: 'Times New Roman';">4</font></p>
</td>
<td style="padding-left: 0px; background-color: #cceeff; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: middle;"><br></td>
<td style="padding-left: 0px; border-bottom: 1pt solid #000000; background-color: #cceeff; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 17.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 40pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">531.7</font></p>
</td>
<td style="padding-left: 0px; background-color: #cceeff; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: middle;"><br></td>
<td style="padding-left: 0px; border-bottom: 1pt solid #000000; background-color: #cceeff; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 17.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 40pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">527.2</font></p>
</td>
<td style="padding-left: 0px; background-color: #cceeff; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: middle;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Total tons delivered</font></p>
</td>
<td style="padding-left: 0px; border-bottom: 2.8pt double #000000; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-right: 0px; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">1,732.</font><font style="font-family: 'Times New Roman'; font-weight: bold;">3</font></p>
</td>
<td style="padding-left: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-right: 0px; vertical-align: middle;"><br></td>
<td style="padding-left: 0px; border-bottom: 2.8pt double #000000; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-right: 0px; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">1,706.0</font></p>
</td>
<td style="padding-left: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-right: 0px; vertical-align: middle;"><br></td>
<td style="padding-left: 0px; border-bottom: 2.8pt double #000000; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-right: 0px; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">1,724.9</font></p>
</td>
<td style="padding-left: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-right: 0px; vertical-align: middle;"><br></td>
</tr>

</table>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt; height: 17px;">

<tr style="height: 17px;">
<td style="width: 9.36222%; border-bottom: 1pt solid #000000; height: 17px;"><br></td>
<td style="width: 90.6378%; height: 17px;"><br></td>
</tr>

</table>
<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><sub><font style="font-family: 'Times New Roman'; vertical-align: super;">(1)</font></sub><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="width: 8.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Includes residential deliveries and distribution through retailers&#8217; stores. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Residential delivery has evolved during the last years from primarily door-to-door to a scheduled, order by phone or app. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">LPG distribution is a dynamic retail market where consumers&#8217; habits change constantly, thus creating opportunities for the company. In order to track market developments more closely and differentiate itself from its competitors, Ultragaz has developed and enhanced sales channels and payment methods. In 2020, Ultragaz started developing new solutions for residential customers, such as Botij&#227;o Leve, a new technology which produces lighter LPG cylinders. In the last decade, the company expanded the participation of Disk G&#225;s (sale of LPG bottles by telephone) and, more recently, introduced ordering through a smartphone app (APP Ultragaz), through a website (</font><font style="font-family: 'Times New Roman'; font-style: italic;">Pedido Online</font><font style="font-family: 'Times New Roman';">) and </font><font style="font-family: 'Times New Roman';">cell phone messages (</font><font style="font-family: 'Times New Roman';">Whatsapp</font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';">. Ultragaz </font><font style="font-family: 'Times New Roman';">entered into</font><font style="font-family: 'Times New Roman';"> sales partnerships with apps from companies such as </font><font style="font-family: 'Times New Roman';">iF</font><font style="font-family: 'Times New Roman';">ood. These initiatives provide customers with greater convenience, add further value and generate logistic optimization to Ultragaz. The same principles have been extended to the bulk segment, in which Ultragaz is a pioneer and has a leading position. Ultragaz has been developing new technologies for different markets, such as factories, agribusiness, small and medium business and residential buildings. Ultragaz has created and is testing a vending machine for LPG cylinders, called Ultradrive, which will work 24/7 and accept many payment methods. For industries, such as the craft breweries, Ultragaz has developed a new system to control the whole process using Internet of Things (IoT) connectivity to provide high levels of quality standards. Ultragaz has also expanded LPG uses portfolio to agribusiness, such as a solution for cotton moisture control, increasing productivity. Finally, tracking consumption trends in the bulk segment, Ultragaz has created a steam car wash solution, which reduces 90% of water consumption in the vehicle cleaning process. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Contracts.</font><font style="font-family: 'Times New Roman';"> Ultragaz supplies its bulk clients </font><font style="font-family: 'Times New Roman';">based on</font><font style="font-family: 'Times New Roman';"> contracts with terms ranging typically from two to five years. This type of contract limits fluctuations in sales given that the installation of the tanks is carried out by Ultragaz, and any change in supplier would imply the client&#8217;s reimbursing Ultragaz&#8217;s investments. The contract also requires that any tank supplied by Ultragaz may only be filled with LPG delivered by the company. When the bulk delivery contract expires, it can be renegotiated</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> or the tank is removed. Since the installation of the tank represents a significant investment for Ultragaz, it seeks to achieve a return on its investment within the term of the contract.</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Social </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">i</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">nitiatives. </font><font style="font-family: 'Times New Roman';">Given Ultragaz&#8217;s network and reach to the most remote communities in Brazil, it has engaged in a series of initiatives and partnerships to promote social inclusion, education and culture. The table below shows the most relevant ones: </font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>54</font></font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 8pt;"><font style="text-decoration: underline;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Project</font></font></p>
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<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Year</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">of</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">launch</font><font style="font-family: 'Times New Roman';"> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Brief</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> description</font></p>
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<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultragaz</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Cultural</font></p>
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<td style="width: 8.50194%; padding-left: 6.82pt; background-color: #cceeff; height: 10px; vertical-align: top;" valign="top">
<p style="margin-top: 0pt; margin-bottom: 8pt; text-align: center; line-height: 108%; font-size: 10pt;"><font style="font-family: 'Times New Roman';">2000</font></p>
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<td style="width: 2.03183%; padding-left: 6.82pt; background-color: #cceeff; vertical-align: top; height: 10px;"><br></td>
<td style="width: 68.4522%; background-color: #cceeff; height: 10px; vertical-align: top;" valign="top">
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 8.68pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Series of shows, movies, theater, literature, music and educational workshops</font></li>
<li style="margin-left: 8.68pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">2000-2019: served more than 279</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">thousand children in 22 states in Brazil. </font></li>
<li style="margin-left: 8.68pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In 2020, exceptionally, due to the COVID-19, the project did not happen.</font>&nbsp;</li>
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<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Educational Campaigns</font></p>
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<td style="width: 8.50194%; padding-left: 6.82pt; height: 85px; vertical-align: top;" valign="top">
<p style="margin-top: 0pt; margin-bottom: 8pt; text-align: center; line-height: 108%; font-size: 10pt;"><font style="font-family: 'Times New Roman';">2008</font></p>
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<td style="width: 2.03183%; padding-left: 6.82pt; vertical-align: top; height: 85px;"><br></td>
<td style="width: 68.4522%; height: 85px; vertical-align: top;" valign="top">
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 8.68pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Awareness and educational campaigns to address diseases prevention, in partnership with Ministry of Health, such as dengue, Zika virus, H1N1 and yellow fever, as well as other basic health concerns, like fighting against the sexual exploitation of children (Childhood Brasil).</font></li>
<li style="margin-left: 8.68pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">2009 &#8211; 2020: reached more than 100</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">million people in national campaigns. </font></li>
<li style="margin-left: 8.68pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In 2020, the focus of the campaigns was fighting against COVID-19. There were organized 5 campaigns related to the topic, reaching around 24 million people: preventive care; fighting against domestic violence; maintaining learning at home; voting safely; and care for babies.</font></li>
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<td style="width: 20.9323%; background-color: #cceeff; height: 34px; vertical-align: top;" valign="top">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">United Nations Partnership</font></p>
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<td style="width: 8.50194%; padding-left: 6.82pt; background-color: #cceeff; height: 34px; vertical-align: top;" valign="top">
<p style="margin-top: 0pt; margin-bottom: 8pt; text-align: center; line-height: 108%; font-size: 10pt;"><font style="font-family: 'Times New Roman';">2009</font></p>
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<td style="width: 2.03183%; padding-left: 6.82pt; background-color: #cceeff; vertical-align: top; height: 34px;"><br></td>
<td style="width: 68.4522%; background-color: #cceeff; height: 34px; vertical-align: top;" valign="top">
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 8.68pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Ultragaz is a signatory of the UN Global Compact since 2009</font></li>
<li style="margin-left: 8.68pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In 2016, Ultragaz joined the 17 Objectives of Sustainable Development</font></li>
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<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Volunteering Program&nbsp;</font></p>
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<td style="width: 8.50194%; padding-left: 6.82pt; height: 51px; vertical-align: top;" valign="top">
<p style="margin-top: 0pt; margin-bottom: 8pt; text-align: center; line-height: 108%; font-size: 10pt;"><font style="font-family: 'Times New Roman';">2009</font></p>
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<td style="width: 2.03183%; padding-left: 6.82pt; vertical-align: top; height: 51px;"><br></td>
<td style="width: 68.4522%; height: 51px; vertical-align: top;" valign="top">
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 8.68pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Junior Achievement: teaching entrepreneurship and sustainability to public school students. </font></li>
<li style="margin-left: 8.68pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&#8220;Ler &#233; Presente&#8221;: Aims to develop the creativity and imagination of children from public institutions and schools, through voluntary reading.</font></li>
<li style="margin-left: 8.68pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">2020: 200 volunteers were involved in the program</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">due to the COVID-19</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> pandemic</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, the projects happened remotely</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></li>
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<td style="width: 20.9323%; background-color: #cceeff; height: 25px; vertical-align: top;" valign="top">
<p style="margin-top: 0pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Educational projects</font></p>
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<td style="width: 8.50194%; padding-left: 6.82pt; background-color: #cceeff; height: 25px; vertical-align: top;" valign="top">
<p style="margin-top: 0pt; margin-bottom: 8pt; text-align: center; line-height: 108%; font-size: 10pt;"><font style="font-family: 'Times New Roman';">2009</font></p>
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<td style="width: 2.03183%; padding-left: 6.82pt; background-color: #cceeff; vertical-align: top; height: 25px;"><br></td>
<td style="width: 68.4522%; background-color: #cceeff; height: 25px; vertical-align: top;" valign="top">
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 8.68pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Near to its production bases, Ultragaz sponsors several projects that aim to promote quality education to children and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">teenagers</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Some of these partners are: Escola de M&#250;sica e Inform&#225;tica Ultragaz, Voca&#231;&#227;o, Olga KOS, Pluga Cuca and ASA.</font></li>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; font-style: italic;">Pega Pilhas, Baterias e Celulares</font><font style="font-family: 'Times New Roman';">&#8221;</font></p>
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<td style="width: 8.50194%; padding-left: 6.82pt; height: 28px; vertical-align: top;" valign="top">
<p style="margin-top: 0pt; margin-bottom: 8pt; text-align: center; line-height: 108%; font-size: 10pt;"><font style="font-family: 'Times New Roman';">2012</font></p>
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<td style="width: 2.03183%; padding-left: 6.82pt; vertical-align: top; height: 28px;"><br></td>
<td style="width: 68.4522%; height: 28px; vertical-align: top;" valign="top">
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 8.68pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Collection and disposal of used batteries in Ultragaz&#8217;s consumers&#8217; households</font></li>
<li style="margin-left: 8.68pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">2020: 824 kg of batteries collected in 5 states in Brazil</font></li>
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<td style="width: 20.9323%; background-color: #cceeff; height: 51px; vertical-align: top;" valign="top">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; font-style: italic;">Campanha</font><font style="font-family: 'Times New Roman'; font-style: italic;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-style: italic;">Junte &#211;leo:</font><font style="font-family: 'Times New Roman'; font-style: italic;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-style: italic;">Ultragaz Coleta e Soya Recicla</font><font style="font-family: 'Times New Roman';">&#8221;</font></p>
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<td style="width: 8.50194%; padding-left: 6.82pt; background-color: #cceeff; height: 51px; vertical-align: top;" valign="top">
<p style="margin-top: 0pt; margin-bottom: 8pt; text-align: center; line-height: 108%; font-size: 10pt;"><font style="font-family: 'Times New Roman';">2013</font></p>
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<td style="width: 2.03183%; padding-left: 6.82pt; background-color: #cceeff; vertical-align: top; height: 51px;"><br></td>
<td style="width: 68.4522%; background-color: #cceeff; height: 51px; vertical-align: top;" valign="top">
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 8.68pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Cooking oil recycle campaign to avoid its disposal into drinkable water sources. Partnership with Bunge.</font></li>
<li style="margin-left: 8.68pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">2020: the project won the LPG Innovation and Technology Award </font></li>
<li style="margin-left: 8.68pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">2020: </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">+</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">129</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">thousand liters of oil collected, reaching 83</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">thousand Brazilian households with approximately 390 resellers involved</font></li>
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<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman'; font-style: italic;">Somar Sustentabilidade</font><font style="font-family: 'Times New Roman';">&#8221;</font></p>
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<td style="width: 8.50194%; padding-left: 6.82pt; height: 34px; vertical-align: top;" valign="top">
<p style="margin-top: 0pt; margin-bottom: 8pt; text-align: center; line-height: 108%; font-size: 10pt;"><font style="font-family: 'Times New Roman';">2014</font></p>
</td>
<td style="width: 2.03183%; padding-left: 6.82pt; vertical-align: top; height: 34px;"><br></td>
<td style="width: 68.4522%; height: 34px; vertical-align: top;" valign="top">
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 8.68pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">A project that aims to foster sustainability concept and practices among its resellers</font></li>
<li style="margin-left: 8.68pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">By the end of 2019, more than 480 resellers had participated. In 2020, exceptionally, due to the COVID-19, the project did not happen.</font></li>
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<tr style="background-color: #cceeff; height: 51px;">
<td style="width: 20.9323%; background-color: #cceeff; height: 51px; vertical-align: top;" valign="top">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">CDP Partnership</font></p>
</td>
<td style="width: 8.50194%; padding-left: 6.82pt; background-color: #cceeff; height: 51px; vertical-align: top;" valign="top">
<p style="margin-top: 0pt; margin-bottom: 8pt; text-align: center; line-height: 108%; font-size: 10pt;"><font style="font-family: 'Times New Roman';">2015</font></p>
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<td style="width: 2.03183%; padding-left: 6.82pt; background-color: #cceeff; vertical-align: top; height: 51px;"><br></td>
<td style="width: 68.4522%; background-color: #cceeff; height: 51px; vertical-align: top;" valign="top">
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 8.68pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">With the support of CDP, Ultragaz promotes training with its critical suppliers about CO</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">2</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> emissions and water resources, encouraging them to develop action plans</font></li>
<li style="margin-left: 8.68pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">2020: 32 suppliers were involved with CO2 emissions program and 23 involved with the water resources program.</font></li>
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<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Female Empowerment</font></p>
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<td style="width: 8.50194%; padding-left: 6.82pt; height: 119px; vertical-align: top;" valign="top">
<p style="margin-top: 0pt; margin-bottom: 8pt; text-align: center; line-height: 108%; font-size: 10pt;"><font style="font-family: 'Times New Roman';">2018</font></p>
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<td style="width: 2.03183%; padding-left: 6.82pt; vertical-align: top; height: 119px;"><br></td>
<td style="width: 68.4522%; height: 119px; vertical-align: top;" valign="top">
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<li style="margin-left: 8.68pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Partnership with the Feminine Association for Social and University Studies (Afesu) focused in supporting socially vulnerable women by offering training schemes for entry into the labor market. 2020: 140 girls (between 12-17 years old) were benefited</font></li>
<li style="margin-left: 8.68pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">With the support of Woman Entrepreneur Network (</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Rede Mulher Empreendedora</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">), Ultragaz offers opportunities and fosters entrepreneurship and redeeming self-esteem among women who are victims of domestic violence. 2018-2019: 92 women were involved</font></li>
<li style="margin-left: 8.68pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In 2020, in partnership with Rede ASTA, we donated 30 thousand masks in the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">cities</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> of Bel&#233;m (PA) and S&#227;o Lu&#237;s (MA). The positive aspect of this action is that, in addition to collaborating with the protection and health of the population, it generated income for women from the local communities, who sewed the masks.</font></li>
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<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">"Mem&#243;ria Local</font><font style="font-family: 'Times New Roman';">&#8221;</font></p>
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<td style="width: 8.50194%; padding-left: 6.82pt; background-color: #cceeff; height: 68px; vertical-align: top;" valign="top">
<p style="margin-top: 0pt; margin-bottom: 8pt; text-align: center; line-height: 108%; font-size: 10pt;"><font style="font-family: 'Times New Roman';">2019</font></p>
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<td style="width: 2.03183%; padding-left: 6.82pt; background-color: #cceeff; vertical-align: top; height: 68px;"><br></td>
<td style="width: 68.4522%; background-color: #cceeff; height: 68px; vertical-align: top;" valign="top">
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 8.68pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The project aims to preserve the memory of communities, through integrated activities between elementary and high school students, teachers and communities. Partnership with &#8220;Museu da Pessoa&#8221;.</font></li>
<li style="margin-left: 8.68pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">2019: 1,474 people benefited. </font></li>
<li style="margin-left: 8.68pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In 2020, exceptionally, due to the COVID-19, the project did not happen</font></li>
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<p style="margin-top: 0pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">C</font><font style="font-family: 'Times New Roman';">OVID</font><font style="font-family: 'Times New Roman';">-19 </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">ctions</font></p>
<p style="margin-top: 14pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<td style="width: 8.50194%; padding-left: 6.82pt; height: 67px; vertical-align: top;" valign="top">
<p style="margin-top: 0pt; margin-bottom: 8pt; text-align: center; line-height: 108%; font-size: 10pt;"><font style="font-family: 'Times New Roman';">2020</font></p>
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<td style="width: 2.03183%; padding-left: 6.82pt; vertical-align: top; height: 67px;"><br></td>
<td style="width: 68.4522%; height: 67px; vertical-align: top;" valign="top">
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 8.68pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In partnership with the Ministry of Health, Ultragaz supported the preventive campaign to fight the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">c</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">oronavirus (COVID-19). About 10 million people were impacted by information distributed in 19 states in more than 57 cities.</font></li>
<li style="margin-left: 8.68pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Ultragaz also donated</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> 650</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> thousand</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> bars of biodegradable soap to less favored communities, 6</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> thousand</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> basic food baskets to communities around our bases in Bahia, R$1 million to S&#237;rio Liban&#234;s Graja&#250; field hospital and 8</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> thousand</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> bottled LPG to po</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">o</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">r communities.</font></li>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Distribution infrastructure. </font><font style="font-family: 'Times New Roman';">Ultragaz&#8217;s distribution strategy includes having its own distribution infrastructure for bulk LPG, since it believes proximity to customers is a significant factor in successful distribution and sales strategies. Ultragaz also maintains a large independent reseller network for the bottled LPG. See &#8220;Independent resellers&#8221;. For both bottled and bulk LPG, deliveries are made by a staff wearing Ultragaz uniforms and driving vehicles with Ultragaz&#8217;s logo. Ultragaz has also invested in information technology for improving its process, such as logistics optimization and production efficiency. Ultragaz delivers bottled LPG, using a distribution network, which included 5.1</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand independent resellers and a fleet of 92 vehicles for the delivery of gas bottles and 306 for bulk delivery as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020.</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"> </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Bottled sales capacity derives from the number of bottles bearing Ultragaz&#8217;s brands. Ultragaz estimates that, as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020, there were 24.4</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million 13 kg bottles stamped with Ultragaz&#8217;s brands in the market.</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Independent resellers.</font><font style="font-family: 'Times New Roman';"> Ultragaz&#8217;s independent distribution network ranges from large resellers, which carry out extensive home delivery, to single retail stores, which sell small quantities of LPG bottles. ANP Rule 51, enacted on November</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">30, 2016, that repealed the ANP Rule 297, sets that the independent resellers must be registered with ANP and comply with a list of prerequisites contained in such rule, as well as those required by law for the storage of bottles up to 90 kg. Also, each municipality sets forth its own safety regulations applicable to stores that sell LPG, including a minimum distance from certain locations, such as schools. For the year ended December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020, 97% of Ultragaz&#8217;s bottled LPG sales were made through resellers. The agreements entered between Ultragaz and independent resellers require the use of the Ultragaz brand and the display of the Ultragaz logo in the delivery vehicles and on the uniforms worn by delivery personnel. Proprietary rights of the trademark and the logo are retained by Ultragaz and are duly registered with the National Institute of Industrial Property (INPI &#8211; </font><font style="font-family: 'Times New Roman'; font-style: italic;">Instituto Nacional de Propriedade Industrial</font><font style="font-family: 'Times New Roman';">). All contracted resellers are Ultragaz&#8217;s exclusive representatives. Under the terms of the respective contracts, each dealer agrees not to deliver non-Ultragaz LPG bottles. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultragaz understands that investing in the efficiency of its reseller network is key for staying ahead of competition and at the same time aligned with market demand for LPG. Accordingly, Ultragaz has developed several programs aimed at improving resellers&#8217; management quality and standards. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The main </font><font style="font-family: 'Times New Roman';">program</font><font style="font-family: 'Times New Roman';"> is the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Desafio Lapidar</font><font style="font-family: 'Times New Roman';"> (an </font><font style="font-family: 'Times New Roman';">exclusive</font><font style="font-family: 'Times New Roman';"> program for </font><font style="font-family: 'Times New Roman';">resellers</font><font style="font-family: 'Times New Roman';">), which seeks to standardize Ultragaz&#8217;s resellers&#8217; best management practices, including brand standardization, management quality, customer experience and strict compliance with the laws applicable to the industry. Through an assessment process, resellers are classified into categories (blue </font><font style="font-family: 'Times New Roman';">diamond, golden, silver, bronze and blue), allowing the participants to check their performance compared to Ultragaz&#8217;s excellence standards and stimulating constant improvement. In 2019, approximately 3.9</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand resellers participated in the program. Out of the resellers that participated in the program in 2019, 65% (or 2.6 thousand) were qualified as bronze or above, attesting their compliance with most of Ultragaz&#8217;s quality requirements. In 2020, Ultragaz reviewed the entire program with the </font><font style="font-family: 'Times New Roman';">goal</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">of making it more attractive, </font><font style="font-family: 'Times New Roman';">contributing to an evolution in its resellers</font><font style="font-family: 'Times New Roman';"> network</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">on a continuous basis</font><font style="font-family: 'Times New Roman';"> and</font><font style="font-family: 'Times New Roman';"> bringing excellence in execution and a better experience for the client.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In addition to the Reseller Qualification Program, Ultragaz has been deploying new initiatives to improve the efficiency of its resellers, such as the pre-operation training programs, aiming to accelerate their maturing process and anticipate financial results, increasing success rates among the new resellers, comprised of courses focused on key aspects of LPG operations, marketing and cash flows, among others.</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultragaz offers to its new resellers a complete training program: </font><font style="font-family: 'Times New Roman'; font-style: italic;">Pr&#233;-Opera&#231;&#227;o</font><font style="font-family: 'Times New Roman';"> (Pre-operation), for resellers with no previous experience in LPG, and </font><font style="font-family: 'Times New Roman'; font-style: italic;">Cultura Azul</font><font style="font-family: 'Times New Roman';"> (Blue Culture), which aims to insert resellers who already have experience in the segment and in the Company&#8217;s culture. The objective is to accelerate the process of maturing new resellers, by sharing best market practices, financial, operating and marketing knowledge and team management. Before starting operating, our resellers receive a complete branding guideline package in order to guarantee the visual standard of the brand, in addition to a good experience for our customers. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2020, Ultragaz created a digital relationship channel with its dealers called MAP &#8211; </font><font style="font-family: 'Times New Roman'; font-style: italic;">Meu Aplicativo Parceiro</font><font style="font-family: 'Times New Roman';">. In this app, the reseller</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> ha</font><font style="font-family: 'Times New Roman';">ve</font><font style="font-family: 'Times New Roman';"> access to features that </font><font style="font-family: 'Times New Roman';">improve its working process</font><font style="font-family: 'Times New Roman';"> such as: status of orders placed, access to invoices and receipt, exclusive training program</font><font style="font-family: 'Times New Roman';"> and</font><font style="font-family: 'Times New Roman';"> marketing content, among others.</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Distribution channels to bulk consumers.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Bulk</font><font style="font-family: 'Times New Roman';"> distribution is made </font><font style="font-family: 'Times New Roman';">directly to customers </font><font style="font-family: 'Times New Roman';">by </font><font style="font-family: 'Times New Roman';">delivering LPG </font><font style="font-family: 'Times New Roman';">to </font><font style="font-family: 'Times New Roman';">storage tanks located at </font><font style="font-family: 'Times New Roman';">customers' facilities.</font><font style="font-family: 'Times New Roman';"> Small bulk distribution, </font><font style="font-family: 'Times New Roman';">consisting</font><font style="font-family: 'Times New Roman';"> of residential buildings and commercial users, and smaller industrial users, is </font><font style="font-family: 'Times New Roman';">mainly </font><font style="font-family: 'Times New Roman';">made by bob-tail trucks. </font><font style="font-family: 'Times New Roman';">Large bulk distribution, consisting mainly of industrial users, is made </font><font style="font-family: 'Times New Roman';">directly to customers </font><font style="font-family: 'Times New Roman';">by bob-tail trucks or</font><font style="font-family: 'Times New Roman';"> third-party </font><font style="font-family: 'Times New Roman';">tanker trucks</font><font style="font-family: 'Times New Roman';">.</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Payment terms.</font><font style="font-family: 'Times New Roman';"> Ultragaz&#8217;s sales through its retail stores and through home delivery are made mainly on a cash basis. Ultragaz&#8217;s sales to independent resellers and to industrial and commercial users have payment terms of 20 days on average.&nbsp;&nbsp;</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Bottle swapping centers.</font><font style="font-family: 'Times New Roman';"> Pursuant to the Self-Regulatory Code, established in 1996 and approved by ANP, the LPG distributors have established 9 operating swapping centers to facilitate the return of the bottles to the appropriate distributor. Under the Self-Regulatory Code, while LPG distributors may pick up any empty LPG bottles tendered by customers in exchange for full LPG bottles, whether or not such empty bottles were put in circulation by that distributor, after October 1997, LPG distributors were not permitted to refill third-party bottles. Accordingly, LPG distributors may deliver third-party bottles to a swapping center where such bottles may be exchanged for bottles placed in circulation by such LPG distributor. The swapping centers currently charge a fee of R$0.62 (De</font><font style="font-family: 'Times New Roman';">c</font><font style="font-family: 'Times New Roman';">/20)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">per exchanged LPG bottle. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Requalification of bottles.</font><font style="font-family: 'Times New Roman';"> The </font><font style="font-family: 'Times New Roman';">lifetime</font><font style="font-family: 'Times New Roman';"> of a bottle </font><font style="font-family: 'Times New Roman';">depends </font><font style="font-family: 'Times New Roman';">on several factors, the most important </font><font style="font-family: 'Times New Roman';">being the exposure of</font><font style="font-family: 'Times New Roman';"> the bottle to corrosion from the atmosphere and whether the bottle has been damaged. The Self-Regulatory Code and ANP regulation provides that all bottles must be requalified after their first 15 years of use, and every ten years thereafter. Each bottle is visually inspected for damage and corrosion to determine if it can be requalified or if it should be scrapped. In the case of bottles which pass the quality and safety checks, several procedures are followed before the bottles are stamped with the year of requalification and the next term in which they are due for requalification. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Supply</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"> of LPG.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Currently, Ultragaz and all other LPG distributors in Brazil purchase all or nearly all LPG from Petrobras. Ultragaz has a formal contract with Petrobras for the supply of LPG. The procedures for ordering and purchasing LPG from Petrobras are generally common to all LPG distributors, including Ultragaz, which basically consist of sending an estimate of our needs to Petrobras four months in advance and a more precise estimate of our needs one month in advance. There have been no significant interruptions in the supply of LPG by Petrobras to the distributors since an interruption in 1995 due to a 15-day strike by Petrobras employees. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 12pt; line-height: 1.1;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic; line-height: inherit;">Prices of LPG.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> From 2017 </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">on</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, LPG refinery prices </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">were</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">adjusted more frequently. In the last few years, Petrobras&#8217; practice has been not to immediately reflect in its oil derivatives prices in Brazil the volatility of international prices of oil and oil derivatives. However, in June 2017, the dynamic of LPG prices supplied by the distributors was modified to reflect international price volatility and exchange rate variation</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In January 2018, the pricing policy for LPG acquisition at refineries was adjusted to soften the transfer of price volatility in the international market to the domestic price. The monitoring period for international prices and currency rates, which dictate the percentages of price adjustment, was the average of the preceding twelve months, rather than monthly variation, and price adjustments became quarterly, rather than monthly. In August 2019, Petrobras terminated the existing</font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">policy and price differentiation was ended in November 2019, which resulted in domestic prices for all segments being converted into one single price, as shown below.</font></p>
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<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
</div>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table shows </font><font style="font-family: 'Times New Roman';">monthly price adjustments for </font><font style="font-family: 'Times New Roman';">residential and commercial and industrial LPG of the three years</font><font style="font-family: 'Times New Roman';"> ended December 31,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="height: 503px; margin: 0px auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 60%;" width="60%">

<tr style="height: 17px;">
<td colspan="5" style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">% Petrobras LPG prices readjustments</font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Date</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Residential</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Commercial and Industrial</font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 16%;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Jan-18</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2%;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 40%;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-5.0%</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 2%;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px; width: 40%;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-</font><font style="font-family: 'Times New Roman';">6.3</font><font style="font-family: 'Times New Roman';">%</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Feb-18</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-4.6%</font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Mar-18</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-4.2% and 4.7%</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Apr-18</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-4.4%</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-</font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">May-18</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">7.1% and 3.6%</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Jul-18</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">4.4%</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">4.4%</font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Sep-18</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">5.0%</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Nov-18</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">8</font><font style="font-family: 'Times New Roman';">.5</font><font style="font-family: 'Times New Roman';">%</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-5.6% and -9.2%</font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Dec-18</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-4.7%</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Jan-</font><font style="font-family: 'Times New Roman';">19</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-3.4%</font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Feb-19</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">.0%</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-3.0%</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Mar-19</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">6.0%</font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Apr-19</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">6.0%</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">May-19</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">3.5%</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-</font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Jul-19</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-9.8%</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Aug-19</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-</font><font style="font-family: 'Times New Roman';">8</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman';">%</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-</font><font style="font-family: 'Times New Roman';">13</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">5</font><font style="font-family: 'Times New Roman';">%</font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Oct-19</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">5.0</font><font style="font-family: 'Times New Roman';">%</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">3.0</font><font style="font-family: 'Times New Roman';">%</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Nov-19</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">4.0</font><font style="font-family: 'Times New Roman';">%</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">0.6</font><font style="font-family: 'Times New Roman';">%</font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Dec-19</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td colspan="3" style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">5.0%</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Feb-20</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td colspan="3" style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-2.9%</font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Mar-20</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td colspan="3" style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-20.1%</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">May-20</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td colspan="3" style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">5.0%</font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Jun-20</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td colspan="3" style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">5.3%</font><font style="font-family: 'Times New Roman';"> and 5.0%</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Jul-20</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td colspan="3" style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">5.0%</font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Aug-20</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td colspan="3" style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">10.0%</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Oct-20</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td colspan="3" style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">5.0%</font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Nov-20</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td colspan="3" style="padding-right: 0px; padding-left: 0px; vertical-align: top; background-color: #cceeff; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">5.0%</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Dec-20</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td colspan="3" style="padding-right: 0px; padding-left: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">5.5%</font></p>
</td>
</tr>

</table>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2017 and 2018, Petrobras&#8217; average refinery price was US$484 per ton and US$560 per ton, respectively, compared with the average international price of US$409 per ton and US$459 per ton, respectively. In 2019, Petrobras&#8217; average refinery price was US$528 per ton compared with the average international price of US$287 per ton. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As a result of the ongoing COVID-19 pandemic, there has been significant volatility in oil prices</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">I</font><font style="font-family: 'Times New Roman';">n 2020, Petrobras&#8217; average refinery price was US$412 per ton compared with the average international price of US$240 per ton. </font></p>
<p style="margin: 0px; text-align: justify; font-size: 10pt; text-indent: 0px;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>58</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Storage of LPG.</font><font style="font-family: 'Times New Roman';"> On December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020, Ultragaz&#8217;s storage capacity was approximately 20,0</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand tons, including Uting&#225;s&#8217; storage capacity. Based on its 2020 average LPG sales, Ultragaz could store approximately </font><font style="font-family: 'Times New Roman';">3.5</font><font style="font-family: 'Times New Roman';"> days of LPG supply. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultragaz stores its LPG in large tanks at each of its filling plants located throughout the regions in which it operates. Primary filling plants receive LPG directly from Petrobras by pipeline; secondary filling plants are supplied by truck; and satellite plants primarily hold LPG which is used to fill bob-tail trucks for small bulk distribution to customers that are not located near a primary or secondary filling plant. See &#8220;Item 4.D. Information on the Company &#8212; Property, Plants and Equipment&#8221;.</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
</div>
<div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Competition. </font><font style="font-family: 'Times New Roman';">Ultragaz&#8217;s main competitors are:</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"> </font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Liquig&#225;s, which was </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">owned by Petrobras until </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">December 2020</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and acquired by a consortium formed by Ita&#250;sa S.A., Copagaz</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Nacional G&#225;s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and Fog&#225;s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and has been operating in the Brazilian LPG distribution sector for more than 60 years; </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Supergasbras, formed by the merger of Minasg&#225;s S.A., founded in 1955, and Supergasbras S.A., founded in 1946, and controlled by SHV Energy, a major multinational LPG distributor; and </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Nacional G&#225;s, a Brazilian LPG distributor, which has been present in the market for more than 60 years. </font></li>
</ul>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table sets forth the market share of Ultragaz and its competitors in terms of volume according to ANP:</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="margin: 0px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 170px; width: 99.8983%; text-indent: 0px;" width="100%">

<tr style="background-color: #ffffff; margin-left: 0.1px;">
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #ffffff;"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #ffffff;"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #ffffff;"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #ffffff;"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #ffffff;"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #ffffff;"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #ffffff;"><br></td>
</tr>
<tr style="background-color: #ffffff; margin-left: 0.1px;">
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #ffffff;"><br></td>
<td colspan="5" style="padding: 0px; vertical-align: bottom; border-bottom: 1pt solid #000000; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #ffffff;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Year</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">ended</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">December</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">31,</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #ffffff;"><br></td>
</tr>
<tr style="background-color: #ffffff; margin-left: 0.1px;">
<td style="vertical-align: bottom; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #ffffff;">
<p style="margin: 0px; break-after: avoid; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="text-decoration: underline;"><font style="font-family: 'Times New Roman'; font-weight: bold;">LPG Distributor</font></font><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; border-bottom: 1pt solid #000000; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #ffffff;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">20</font><font style="font-family: 'Times New Roman'; font-weight: bold;">20</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; border-bottom: 1pt solid #000000; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #ffffff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; border-bottom: 1pt solid #000000; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #ffffff;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; border-bottom: 1pt solid #000000; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #ffffff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; border-bottom: 1pt solid #000000; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #ffffff;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2018</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #ffffff;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 74%;">
<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Ultragaz</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 7%;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">23.1%</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 2%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 7%;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">23.</font><font style="font-family: 'Times New Roman';">4</font><font style="font-family: 'Times New Roman';">%</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 2%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 7%;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">23.5%</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 1%; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Liquig&#225;s</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">21.2%</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">21.</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">%</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">21.4%</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Supergasbras</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">20.0%</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">20.0</font><font style="font-family: 'Times New Roman';">%</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">20.1%</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Nacional G&#225;s Butano</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">18.5%</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">18.9%</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">19.4%</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Copagaz</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">8.7</font><font style="font-family: 'Times New Roman';">%</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">8.7</font><font style="font-family: 'Times New Roman';">%</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">8.4</font><font style="font-family: 'Times New Roman';">%</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Others</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">8.5</font><font style="font-family: 'Times New Roman';">%</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">7.9</font><font style="font-family: 'Times New Roman';">%</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">7.2</font><font style="font-family: 'Times New Roman';">%</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="vertical-align: bottom; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Total</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; border-bottom: 2.8pt double #000000;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 9.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 42pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">100.0%</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; border-bottom: 2.8pt double #000000;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 9.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 42pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">100.0%</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; border-bottom: 2.8pt double #000000;">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="width: 9.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 42pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">100.0%</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
</tr>

</table>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Considering that the bottled market for LPG is mature with relatively low consumption growth, the competition is largely based upon attempts by LPG distributors to increase market share at the expense of their competitors. Since </font><font style="font-family: 'Times New Roman'; font-style: italic;">per capita</font><font style="font-family: 'Times New Roman';"> consumption is small, low distribution cost is the critical factor in dictating profitability. Therefore, LPG distributors largely compete based on efficiencies in distribution and delivery as all LPG distributors currently purchase nearly all their LPG requirements from Petrobras, and as Petrobras&#8217; refinery price charged to the distributors is the same to all LPG distributors. Ultragaz&#8217;s main markets, including the cities of S&#227;o Paulo, Salvador and Recife, are highly populated areas and therefore distribution to this market can be carried out with great economies of scale resulting in lower distribution costs to Ultragaz. Additionally, Ultragaz </font><font style="font-family: 'Times New Roman';">benefits from</font><font style="font-family: 'Times New Roman';"> low bulk LPG distribution costs through UltraSystem. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In addition to competing with other LPG distributors, Ultragaz competes with companies that offer alternative energy sources to LPG, mainly natural gas, and other sources such as wood, diesel, fuel oil and electricity. Natural gas is currently the principal source of energy against which we compete. The supply of natural gas requires significant investments in pipelines. While fuel oil is less expensive than LPG, LPG has performance and environmental advantages over fuel oil in most uses. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2018, the Brazilian LPG market decreased by 1.0% compared to 2017, mainly driven by the decrease of 1.4% in the bottled segment. In 2019, the Brazilian LPG market decreased by 0.3% compared to 2018. The bottled segment decreased by 0.5%, and the bulk segment increased by 0.4%. In 2020, the Brazilian LPG market increased </font><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">% compared to 2019. The bottled segment increased by </font><font style="font-family: 'Times New Roman';">3</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">8</font><font style="font-family: 'Times New Roman';">%</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">due to</font><font style="font-family: 'Times New Roman';"> the lockdown effect of </font><font style="font-family: 'Times New Roman';">COVID</font><font style="font-family: 'Times New Roman';">-19</font><font style="font-family: 'Times New Roman';">, and the bulk segment </font><font style="font-family: 'Times New Roman';">remained stable.</font></p>
<p style="margin: 0px; text-align: justify; font-size: 10pt; text-indent: 0px;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>59</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2020, Liquig&#225;s, the second biggest LPG distributor of Brazil, was bought by </font><font style="font-family: 'Times New Roman';">Ita&#250;sa, </font><font style="font-family: 'Times New Roman';">Copagaz, Nacional G&#225;s Butano and Fog</font><font style="font-family: 'Times New Roman';">&#225;</font><font style="font-family: 'Times New Roman';">s. The buyers will initially own, respectively, 79%, 20% and 1% of Liquig&#225;s current assets and customers</font><font style="font-family: 'Times New Roman';">, according to Sindig&#225;s</font><font style="font-family: 'Times New Roman';">. The following graph shows LPG sales volume for the Brazilian market and Ultragaz</font><font style="font-family: 'Times New Roman';"> for the periods indicated</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 12pt;"><img src="imge4qlhmr0tc111450994.jpg" alt="Graphics"></p>
<div style="margin-right: 820pt; margin-bottom: 3pt; border-bottom: 0.75pt solid #000000; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 6pt; padding-bottom: 3pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 6pt; padding-bottom: 1pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt; -aw-import: ignore;">&nbsp;</font></p>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Source: ANP</font><font style="font-family: 'Times New Roman';"> </font></p>
</div>
<div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Quality</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> We were the first Brazilian LPG distributor to receive ISO (International Standards Organization) certification for excellence in quality management, the first LPG distributor in Brazil to receive the </font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">tate of S&#227;o Paulo Quality Award (</font><font style="font-family: 'Times New Roman'; font-style: italic;">Pr&#234;mio Paulista de Qualidade</font><font style="font-family: 'Times New Roman';">), a recognized quality award in Brazil, and the Best in Management, the highest quality management award in Brazil. We started the search for continuous improvement of processes more effectively, delivering value to the customer through a lean culture.</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
</div>
<div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Income tax exemption status.</font><font style="font-family: 'Times New Roman';"> Brazilian legislation provides a 75% income tax reduction for businesses located in the Northeast region of Brazil, which depends of SUDENE&#8217;s formal and previous approval. Ultragaz is entitled to this tax benefit at its filling plants located at Mataripe, Caucaia, Juazeiro, Aracaju and Suape until 2024, 2025, 2026, 2027 and 2027, respectively. The total amount of SUDENE&#8217;s income tax exemption for Ultragaz for the years ended December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020 and 2019 was R$23.1</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million and R$17.1</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million, respectively. For further information, see </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ote 9.c to our consolidated financial statements.</font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Storage services for liquid bulk </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Industry and Regulatory Overview</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Port infrastructure and efficiency are </font><font style="font-family: 'Times New Roman';">key</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">factors in economic development, especially to international</font><font style="font-family: 'Times New Roman';"> and regional</font><font style="font-family: 'Times New Roman';"> trade</font><font style="font-family: 'Times New Roman';"> development</font><font style="font-family: 'Times New Roman';">. In Brazil, the most common port management system is the Landlord Port model. Under this model, terminals are leased to private companies </font><font style="font-family: 'Times New Roman';">through</font><font style="font-family: 'Times New Roman';"> concession agreement</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">. Companies are granted long-term leases, associated with rights to operate the terminal, in exchange for fixed and/or variable payments. Under the Landlord port model, the Public Port is responsible for maintenance and investments in infrastructure and for acting as a local regulator, whereas the private companies are responsible for maintenance and investments in superstructure and for providing storage services to users.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Port infrastructure and services in Brazil are regulated by </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> federal agency ANTAQ (</font><font style="font-family: 'Times New Roman'; font-style: italic;">Ag&#234;ncia Nacional dos Transportes Aquavi&#225;rios</font><font style="font-family: 'Times New Roman';">), which was created in 2001 to implement, regulate and enforce guidelines established by the infrastructure ministry. The agency dedicates efforts to ensure an adequate level of competition, tariffs, and to balance the interests of clients and service providers. The port administration and supervision of operators is regionally performed by a local port authority.</font></p>
<p style="margin: 0px; text-align: justify; font-size: 10pt; text-indent: 0px;"><br></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>60</font></font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Brazilian infrastructure ministry classifies cargo into the following categories, according to the National Port Logistic Plan (PNLP):&nbsp;</font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Solid </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">b</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ulk</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">: s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ugar, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">oil beans, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">c</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">orn, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">l</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">umber, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">c</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ereals;</font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Mineral </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">olid </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">b</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ulk</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">:</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">f</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ertilizer, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">c</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">oal, metals, salt;</font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Liquid </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">b</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ulk (</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">f</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">uel and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">c</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">hemicals)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> o</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">il, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">a</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">lcohol, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">c</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">hemicals, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">f</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">uel</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">;</font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Liquid </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">b</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ulk (</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">v</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">egeta</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ble</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">:</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">o</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">il, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">f</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ood, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">j</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">uice;</font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Containerized and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">g</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">eneral </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">c</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">argo</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">:</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">m</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">achines, equipment, furniture, food, clothing, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">v</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ehicles, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">l</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ivestock</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font></li>
</ul>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">According to the </font><font style="font-family: 'Times New Roman';">latest available information presented by</font><font style="font-family: 'Times New Roman';"> the</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Brazilian infrastructure ministry, in 2018, </font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">olid </font><font style="font-family: 'Times New Roman';">b</font><font style="font-family: 'Times New Roman';">ulk accounted for 64% of all cargo handled in Brazilian ports, followed by </font><font style="font-family: 'Times New Roman';">l</font><font style="font-family: 'Times New Roman';">iquid </font><font style="font-family: 'Times New Roman';">b</font><font style="font-family: 'Times New Roman';">ulk (21%) and </font><font style="font-family: 'Times New Roman';">c</font><font style="font-family: 'Times New Roman';">ontainerized and </font><font style="font-family: 'Times New Roman';">g</font><font style="font-family: 'Times New Roman';">eneral </font><font style="font-family: 'Times New Roman';">c</font><font style="font-family: 'Times New Roman';">argo (15%). </font><font style="font-family: 'Times New Roman';">The PNLP projects that by 2060, the participation of liquid bulk is expected to rise to 24%.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; -aw-import: ignore;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Ultracargo </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultracargo is the largest </font><font style="font-family: 'Times New Roman';">private </font><font style="font-family: 'Times New Roman';">provider of liquid bulk storage in Brazil. The company stores and handles liquid bulk, mainly fuels</font><font style="font-family: 'Times New Roman';">, chemicals</font><font style="font-family: 'Times New Roman';"> and vegetable oil</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">. Ultracargo also offers ship loading and unloading services, operation of pipelines, logistics programming and installation engineering. Ultracargo&#8217;s ten largest clients accounted for 66% of its revenues in 2020, with its three largest clients, Ipiranga (a related party), Braskem and Ra&#237;zen accounting for 14%, 12% and 9%, respectively, of Ultracargo&#8217;s revenues.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Terminal </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">i</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">nfrastructure</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">As of December 31, 2020, </font><font style="font-family: 'Times New Roman';">Ultracargo operate</font><font style="font-family: 'Times New Roman';">d</font><font style="font-family: 'Times New Roman';"> 6 terminals, along the Brazilian coast, with a total capacity of 838 </font><font style="font-family: 'Times New Roman';">thousand cubic meters</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultracargo&#8217;s strategic location of its operations, close to the main Brazilian port terminals, railroad junctions and roads, is one of the company&#8217;s main strengths and a key driver for integrated services profitability. Ultracargo&#8217;s history is one of pioneering logistics solutions in the Brazilian market. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table sets forth </font><font style="font-family: 'Times New Roman';">the volumes sold </font><font style="font-family: 'Times New Roman';">at</font><font style="font-family: 'Times New Roman';"> Ultracargo&#8217;s port terminals </font><font style="font-family: 'Times New Roman';">during 2020.</font><font style="font-family: 'Times New Roman'; font-size: 8pt; text-indent: -18.35pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="height: 173px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;" width="100%">

<tr style="height: 21px;">
<td style="height: 21px;">
<p style="margin-top: 0pt; margin-bottom: 8pt; line-height: 108%; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="height: 21px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td><br></td>
</tr>
<tr style="height: 33px;">
<td style="vertical-align: bottom; height: 33px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 8pt;"><font style="text-decoration: underline;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Facility</font></font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 33px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 108%; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Volume sold </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 108%; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(in thousand </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 108%; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">cubic meters)</font><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom;"><br></td>
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<tr style="background-color: #cceeff; height: 17px;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px; width: 89%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Santos (S&#227;o Paulo)</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">3,805</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Aratu (Bahia)</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">2,758</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Suape (Pernambuco)</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">2,830</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Itaqui (Maranh&#227;o)</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">2,450</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Rio de Janeiro (Rio de Janeiro)</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">209</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Paranagu&#225; (Paran&#225;)</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">192</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Total</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; background-color: #cceeff; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">12,244</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>

</table>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Regulation</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> Seaport infrastructure and services in Brazil are regulated by a federal agency named ANTAQ, which was created in 2001 to implement, regulate and enforce guidelines established by the infrastructure ministry. The agency dedicates efforts to ensure an adequate level of competition, tariffs, and to balance the interests of clients and service providers.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Storage facilities</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> Ultracargo primarily provides storage services for liquid bulk, especially fuels</font><font style="font-family: 'Times New Roman';">, chemicals</font><font style="font-family: 'Times New Roman';"> and vegetable oil</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">. Ultracargo provides storage facilities to Braskem and most of the second-generation petrochemical companies in the Northeastern Petrochemical Complex, including Oxiteno (a related party). Transactions between Ultracargo and Oxiteno are carried out strictly on an arm&#8217;s-length basis. </font></p>
<p style="margin: 0px; text-align: justify; font-size: 10pt; text-indent: 0px;"><br></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>61</font></font></td>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">At the end of 2003, Ultracargo maintained four liquid bulk storage terminals&#8212;in Aratu in the state of Bahia, in Paul&#237;nia and Santos in the state of S&#227;o Paulo, and in Suape in the state of Pernambuco. In 2004, Ultracargo completed the construction of an intermodal terminal in Montes Claros, in the state of Minas Gerais, which was sold to Ipiranga in 2012. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultracargo completed the construction of another intermodal terminal in Santos in 2005. This project is Ultracargo&#8217;s second port installation to integrate road, rail and maritime transportation systems, the first being Aratu. The terminal occupies an area of approximately 64</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand square meters that hosts 38</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand cubic meters of tankage space for chemical products, 40</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand cubic meters for ethanol and 38</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand cubic meters for vegetable oils. In 2007, Ultracargo also expanded its liquid storage capacity with the addition of 10</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand cubic meters to Aratu. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2008, Ultracargo added 184</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand cubic meters to its liquid bulk storage capacity through: (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the acquisition of Uni&#227;o Terminais, which added 170</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand cubic meters and (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the expansion of its terminal in Aratu, adding 14</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand cubic meters. In 2009, Ultracargo added 95</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand cubic meters to its liquid bulk storage capacity through (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the acquisition of Puma&#8217;s assets in Suape, adding 83</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand cubic meters and (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the expansion of its terminal in Aratu, adding 12</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand cubic meters. With the acquisition of Uni&#227;o Terminais, Ultracargo started to operate in Paranagu&#225;, in the state of Paran&#225;, and in Rio de Janeiro, in the state of Rio de Janeiro.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2010, Ultracargo added 16</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand cubic meters to its liquid bulk storage in the terminal of Santos. Additionally, in 2010, Ultrapar sold Ultracargo&#8217;s in-house logistics, solid bulk storage and road transportation businesses, with the transfer of shares of AGT and Petrolog to Aqces</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Log&#237;stica Internacional Ltda</font><font style="font-family: 'Times New Roman';">. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2011, Ultracargo added 26</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand cubic meters to its liquid bulk storage capacity in the Suape terminal. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2012, Ultracargo added 55</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand cubic meters to its liquid bulk storage capacity through the acquisition of a terminal in Itaqui, in the </font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">tate of Maranh&#227;o. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2013, Ultracargo concluded an expansion in the terminal of Santos, adding 46</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand cubic meters (42</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand cubic meters in 2012 and 4</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand cubic meters in 2013), and in the terminal of Aratu, adding 26</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand cubic meters (4</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand cubic meters in 2012 and 22</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand cubic meters in 2013). This project was part of Ultracargo&#8217;s expansion plan started in 2010 and increased its total storage capacity by 15%. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2015, Ultracargo&#8217;s terminal in Paul&#237;nia was permanently closed and, in 2017, it was sold to a third party.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2019, Ultracargo&#8217;s operational capacity in Santos increased by 84 thousand cubic meters as a result of the retrofit of 38 thousand in July and the repair of 46 thousand cubic meters in September 2019. In October 2019, Ultracargo added 30 thousand cubic meters to Itaqui&#8217;s capacity through the implementation of the first phase, out of three phases, of its expansion. Also, in 2019, Ultracargo won a bid for a greenfield terminal in Vila do Conde&#8217;s port, located in Barcarena, state of Par&#225;. Vila do Conde is considered a strategic position for Ultracargo, since it will allow the company to meet the increasing demand for fuel at the state of Par</font><font style="font-family: 'Times New Roman';">&#225;</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">Ultracargo incorporated Tequimar Vila do Conde Log&#237;stica Portu&#225;ria S.A. in 2019 in connection with Vila do Conde&#8217;s concession. </font><font style="font-family: 'Times New Roman';">The construction of the terminal remains on track, as we expect it to be fully operational in 2022. </font><font style="font-family: 'Times New Roman';">See &#8220;Item 4.A. Information on the Company &#8212; History and Development of the Company &#8212; Ultracargo&#8221;. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2020, Ultracargo&#8217;s operational capacity in Itaqui increased by 24 thousand cubic meters (8 thousand in February</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> 10 thousand in March, and 6 thousand in July), through the full implementation of the second phase and beginning of the third phase </font><font style="font-family: 'Times New Roman';">of its expansion. We expect to complete the third phase in 2021, increasing the capacity in Itaqui by 46 thousand cubic meters consolidating the position as leader at Itaqui&#8217;s port.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultracargo </font><font style="font-family: 'Times New Roman';">adopted </font><font style="font-family: 'Times New Roman';">in 2020 two innovative and strategic initiatives: CONECTA</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">a digital transformation program</font><font style="font-family: 'Times New Roman';"> designed</font><font style="font-family: 'Times New Roman';"> to develop and improve processes </font><font style="font-family: 'Times New Roman';">across the various areas of the </font><font style="font-family: 'Times New Roman';">company</font><font style="font-family: 'Times New Roman';"> and </font><font style="font-family: 'Times New Roman';">enhance</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">operational </font><font style="font-family: 'Times New Roman';">efficiency</font><font style="font-family: 'Times New Roman';"> based on a</font><font style="font-family: 'Times New Roman';"> new software architecture</font><font style="font-family: 'Times New Roman';">;</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">nd </font><font style="font-family: 'Times New Roman';">SOUL</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">a new operational management model </font><font style="font-family: 'Times New Roman';">designed to optimize the terminal&#8217;s operations. The</font><font style="font-family: 'Times New Roman';">se</font><font style="font-family: 'Times New Roman';"> project</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">are</font><font style="font-family: 'Times New Roman';"> expected to impact the existing and new facilities, such as Vila do Conde terminal, with a greater level of automation</font><font style="font-family: 'Times New Roman';">, which we expect to</font><font style="font-family: 'Times New Roman';"> result in more efficient </font><font style="font-family: 'Times New Roman';">deployment </font><font style="font-family: 'Times New Roman';">of company resources.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Competition. </font><font style="font-family: 'Times New Roman';">Ultracargo remains among the leaders in all the ports in which we operate. </font><font style="font-family: 'Times New Roman';">According to ABLT, o</font><font style="font-family: 'Times New Roman';">ur market share in product storage in 2020 was 100% in Rio de Janeiro, 70% in Aratu, 52% in Itaqui, 47% in Suape, and 22% in Santos. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultracargo operates in a highly regulated and </font><font style="font-family: 'Times New Roman';">capital-intensive</font><font style="font-family: 'Times New Roman';"> market. Terminal lease contracts are usually long term, as well as contracts with clients. Port competitiveness and overall structure are important factors to determine the most efficient route for each product. At the same time, the terminal&#8217;s operational efficiency, quality of service, capacity, and price level are factors to determine which operator will be more competitive within the port.</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultracargo&#8217;s main competitors are:</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"> </font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Cattalini, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">which is the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">largest </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">l</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">iquid </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">b</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ulk operator in the Paranagu&#225; port, with 610 thousand cubic meters of storage capacity</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">;</font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Ageo, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">which is the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">largest </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">l</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">iquid </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">b</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ulk operator in the Santos port, with 510 thousand cubic meters of storage capacity</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">;</font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Vopak, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">which is </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">one of the world leaders in tank storage</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Vopak operates terminal</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in Santos, Aratu and a in a </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">j</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">oint</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">-</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">v</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">enture with Ultracargo in Paranagu&#225;.</font></li>
</ul>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table sets forth the market share of Ultracargo and its competitors in terms of volume</font><font style="font-family: 'Times New Roman';"> handled</font><font style="font-family: 'Times New Roman';"> according to ABTL in 2020:</font></p>
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<td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; width: 23.7056%;"><br></td>
<td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; width: 21.3674%;"><br></td>
<td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; width: 54.8451%;"><br></td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; width: 21.3674%;"><br></td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; break-after: avoid; font-size: 10pt; text-align: center;"><font style="font-size: 8pt; font-weight: bold;"><font style="font-family: 'Times New Roman';">Market share </font><font style="font-family: 'Times New Roman';">&#8211;</font><font style="font-family: 'Times New Roman';"> Volume</font><font style="font-family: 'Times New Roman';"> handled </font><font style="font-family: 'Times New Roman';">(</font><font style="font-family: 'Times New Roman';">cubic meter)</font></font></p>
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<td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; width: 23.7056%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultracargo</font></p>
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<td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; width: 21.3674%; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; width: 54.8451%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">24</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">0</font><font style="font-family: 'Times New Roman';">%</font></p>
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<td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; width: 23.7056%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Cattalini</font></p>
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<td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; width: 21.3674%;"><br></td>
<td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; width: 54.8451%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">16</font><font style="font-family: 'Times New Roman';">.0</font><font style="font-family: 'Times New Roman';">%</font></p>
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<td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; width: 23.7056%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ageo-Copage</font></p>
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<td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; width: 21.3674%; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; width: 54.8451%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">14</font><font style="font-family: 'Times New Roman';">.2</font><font style="font-family: 'Times New Roman';">%</font></p>
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<td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; width: 23.7056%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">TFB S/A</font></p>
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<td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; width: 21.3674%;"><br></td>
<td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; width: 54.8451%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">8.7</font><font style="font-family: 'Times New Roman';">%</font></p>
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<td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; width: 23.7056%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Vopak</font></p>
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<td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; width: 21.3674%; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; width: 54.8451%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">7.8</font><font style="font-family: 'Times New Roman';">%</font></p>
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<td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; width: 23.7056%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Odfjell</font></p>
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<td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; width: 21.3674%;"><br></td>
<td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; width: 54.8451%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">7.6</font><font style="font-family: 'Times New Roman';">%</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Others*</font></p>
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<td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; width: 21.3674%; background-color: #cceeff;"><br></td>
<td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; width: 54.8451%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman';">1.7</font><font style="font-family: 'Times New Roman';">%</font></p>
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<p style="margin-top: 0pt; margin-left: 56.7pt; margin-bottom: 0pt; text-indent: 35.45pt; page-break-after: avoid; font-size: 7pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman';">* Others: Oiltanking, Adonai, APPA, CBL, Pandenor, Stolthaven, Temape </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> Terin.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Maintenance and quality control</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> During the design phase of each terminal, Ultracargo determines </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">capacity, accounting for a preventive maintenance program, considering a schedule for rotational tank shutdowns, to ensure storage supply, meeting all clients&#8217; needs. </font><font style="font-family: 'Times New Roman';">As of December 31, 2020,</font><font style="font-family: 'Times New Roman';"> p</font><font style="font-family: 'Times New Roman';">reventive maintenance </font><font style="font-family: 'Times New Roman';">was performed by </font><font style="font-family: 'Times New Roman';">94 </font><font style="font-family: 'Times New Roman';">Ultracargo&#8217;s own employees, </font><font style="font-family: 'Times New Roman';">in addition to</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">61 </font><font style="font-family: 'Times New Roman';">third-party contractors</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">In addition, Ultracargo has a team of employees dedicated to </font><font style="font-family: 'Times New Roman';">ensuring</font><font style="font-family: 'Times New Roman';"> appropriate levels of quality in our services and compliance with safety standards. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Environmental, health and safety standards</font><font style="font-family: 'Times New Roman';">. Ultracargo is subject to Brazilian federal, state</font><font style="font-family: 'Times New Roman';"> and</font><font style="font-family: 'Times New Roman';"> local laws and regulations relating to environmental protection, safety, and occupational health and safety licensing by the fire department. CONAMA (National Environmental Council) is the main responsible for ruling and accepting matters with respect to the environment. Environmental state agencies and municipal departments are also responsible for establishing and supervising complementary laws and regulations. Ultracargo, also must obtain authorizations and/or licenses from federal, state, and/or municipal environmental agencies and fire departments to implement and operate their facilities. Ultracargo is required to develop and implement programs to control air and water pollution and hazardous waste, emergency plans for its terminals and headquarters, involving communities, public companies, and other private companies. Some of the products stored in Ultracargo&#8217;s terminals such as fuel and some chemicals may be classified as hazardous by The International Maritime Dangerous Goods Code (IMDG), which is also used by ANTAQ. The storage and transport of these products may be subject to specific regulation and authorization by the port authority. Ultracargo is in compliance with international standards as ISO 9001, ISO 14001 and OHSAS 18001</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> which will </font><font style="font-family: 'Times New Roman';">shortly </font><font style="font-family: 'Times New Roman';">migrate to ISO 45001.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Quality</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> In 2002, Santos and Rio de Janeiro&#8217;s terminals obtained the ISO 14001 certification and the OHSAS 18001 certificate in the next year. In 2007, Ultracargo&#8217;s terminal in Aratu obtained an ISO 14001 certification and then, in 2012, obtained the OHSAS 18001 certificate. In 2011, Suape terminal obtained an ISO 14001 certification and the OHSAS 18001 certificate in the next year. In 2015, Itaqui terminal obtained both ISO 14001 and OHSAS 18001 certifications. Since then, Ultracargo&#8217;s terminals have undergone several re-certification processes, most recently in 2020. </font><font style="font-family: 'Times New Roman';">Also,</font><font style="font-family: 'Times New Roman';"> in 2020, all terminals were </font><font style="font-family: 'Times New Roman';">evaluated </font><font style="font-family: 'Times New Roman';">according to the first </font><font style="font-family: 'Times New Roman';">stage of certification by ISO 45001. The evaluation process occurred under a unified Quality Management System for the entire country. In 2014 and 2016, the Aratu terminal was recognized for its performance in Health, Safety and the Environment by Industrial Development Committee of Cama&#231;ari (Cofic)</font><font style="font-family: 'Times New Roman';">.</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Income tax exemption status.</font><font style="font-family: 'Times New Roman';"> Brazilian legislation provides a 75% income tax reduction for businesses located in the Northeast region of Brazil, which depends on SUDENE formal and previous approval. Ultracargo&#8217;s terminals at Aratu, Suape and Itaqui are entitled to the tax benefit up to 2022, 2020 and 2025, respectively. The total amount of SUDENE&#8217;s income tax exemption for the years ended on December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020 and 2019 was </font><font style="font-family: 'Times New Roman';">R$2</font><font style="font-family: 'Times New Roman';">3</font><font style="font-family: 'Times New Roman';">.0</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million and </font><font style="font-family: 'Times New Roman';">R$8</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million, respectively. For further information, see </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ote 9.c to our consolidated financial statements. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Based on the </font><font style="font-family: 'Times New Roman';">current</font><font style="font-family: 'Times New Roman';"> legislation, Ultracargo </font><font style="font-family: 'Times New Roman';">operations are</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">part </font><font style="font-family: 'Times New Roman';">of</font><font style="font-family: 'Times New Roman';"> the </font><font style="font-family: 'Times New Roman';">prioritized </font><font style="font-family: 'Times New Roman';">activities</font><font style="font-family: 'Times New Roman';"> for the development of the Northeast region of Brazil. According to Ultracargo's successful </font><font style="font-family: 'Times New Roman';">track record </font><font style="font-family: 'Times New Roman';">in requirements for maintenance and renewal of the incentive, </font><font style="font-family: 'Times New Roman';">given </font><font style="font-family: 'Times New Roman';">the fact that several investments have been made in the business modernization, the company </font><font style="font-family: 'Times New Roman';">has</font><font style="font-family: 'Times New Roman';"> file</font><font style="font-family: 'Times New Roman';">d</font><font style="font-family: 'Times New Roman';"> in 2021 </font><font style="font-family: 'Times New Roman';">a plea for the</font><font style="font-family: 'Times New Roman';"> extension of the incentive for another 10 years. That renewal application is usually made in </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">year</font><font style="font-family: 'Times New Roman';"> after the</font><font style="font-family: 'Times New Roman';"> incentive expir</font><font style="font-family: 'Times New Roman';">es</font><font style="font-family: 'Times New Roman';"> and </font><font style="font-family: 'Times New Roman';">has</font><font style="font-family: 'Times New Roman';"> retroactive effects </font><font style="font-family: 'Times New Roman';">to</font><font style="font-family: 'Times New Roman';"> January of the year </font><font style="font-family: 'Times New Roman';">when</font><font style="font-family: 'Times New Roman';"> the application was filed.</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Petrochemicals and Chemicals </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Industry and Regulatory Overview </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The petrochemical industry transforms crude oil or natural gas into widely used consumer and industrial goods. The Brazilian petrochemical industry is generally divided in three sectors, depending on the stage of transformation of the petrochemical raw materials. The companies that operate in these different stages are known as first, second and third-generation companies. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">First-generation companies.</font><font style="font-family: 'Times New Roman';"> Brazil&#8217;s first-generation companies, which are referred to as &#8220;crackers&#8221;, break down or &#8220;crack&#8221; naphtha (a by-product of the oil refining process), their principal feedstock, into basic petrochemicals. In Brazil, the crackers supply their naphtha requirements from Petrobras and through imports. Currently, Petrobras is the major Brazilian producer of naphtha. The basic petrochemicals produced by the crackers include olefins, primarily ethylene, propylene and butadiene, and aromatics, such as benzene, toluene and xylenes. Braskem has three naphtha-cracker plants, located in Cama&#231;ari, Triunfo and Mau&#225;. Brazil&#8217;s naphtha cracker units sell these basic petrochemicals to second-generation companies. The basic petrochemicals, which are in the form of either gases or liquids, are transported to the second-generation companies through pipelines for further processing. This sector passed through a restructuring process, with the emergence of Braskem as the main player and Petrobras as a relevant minority shareholder. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Second-generation companies.</font><font style="font-family: 'Times New Roman';"> Second-generation companies process the basic petrochemicals produced by the crackers to obtain intermediate petrochemicals, such as: </font></p>
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<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">polyethylene, ethylene oxide, polystyrene and polyvinyl chloride (PVC), each produced from ethylene; </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">polypropylene, oxo-alcohols and acrylonitrile, each produced from propylene; </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">styrene butadiene rubber (SBR), and polybutadiene, each produced from butadiene; </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">caprolactam, produced from benzene; and </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">purified terepht</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">h</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">alic acid (PTA), produced from p-xylene. </font></li>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The intermediate petrochemicals are produced in solid form (as plastic pellets or powders) and in liquid form and are transported through roads, railroads or by ship to third-generation companies. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Third-generation companies.</font><font style="font-family: 'Times New Roman';"> Third-generation companies, known as transformers, purchase the intermediate petrochemicals from the second-generation companies and transform them into final products, including: </font></p>
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<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">polyester&#8212;produced from PTA and ethylene glycol (ethylene glycols produced from ethylene oxide); </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">plastics produced from polyethylene, polypropylene and PVC; </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">elastomers produced from butadiene; </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">acrylic fibers produced from acrylonitrile; and </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">nylon produced from caprolactam. </font></li>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Third-generation companies produce a variety of consumer and industrial goods, including containers and packaging materials, such as bags, film and bottles, textiles, detergents and paints as well as automobile parts, toys and consumer electronic goods. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Petrochemical complexes.</font><font style="font-family: 'Times New Roman';"> The production of first- and second- generation petrochemicals in Brazil centers around three complexes: the Northeast petrochemical complex, the S&#227;o Paulo petrochemical complex and the Southern petrochemical complex. Each complex has a single first-generation producer or cracker and several second-generation companies. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Northeast complex, located in the municipality of Cama&#231;ari in the state of Bahia, began operations in 1978. Braskem currently has an ethylene production capacity of 1.28</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million tons per annum. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The S&#227;o Paulo complex, located in the municipality of Santo Andr&#233; and Mau&#225; in the state of S&#227;o Paulo, was created in 1972 and is the oldest petrochemical complex in Brazil. Braskem has an ethylene production capacity of 700</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand tons per annum. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Southern complex, located in the municipality of Triunfo in the state of Rio Grande do Sul, is based around the raw materials cracker from Braskem. Braskem&#8217;s plant in Triunfo has an ethylene production capacity of 1.25</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million tons per annum. Oxiteno does not purchase ethylene from Braskem in Triunfo, but purchases C4, a raw material used in the production of Methyl-ethyl-ketone (MEK). </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Rio Pol&#237;meros S.A. (RioPol), a subsidiary of Braskem located in the state of Rio de Janeiro, has an ethylene production plant based on natural gas. RioPol has an ethylene production capacity of 520</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand tons per year. All RioPol&#8217;s ethylene production is used in its own polyethylene production. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Role of Petrobras</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> Naphtha is the raw material used in Brazil to produce basic petrochemicals such as ethylene and propylene. Petrobras is still the most important naphtha supplier in Brazil, even though its legal monopoly ended in 2000. See &#8220;Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">4.B. Information on the Company&#8212;Business Overview&#8212;Distribution of Liquefied Petroleum Gas&#8212;</font><font style="font-family: 'Times New Roman';"> Industry and Regulatory Overview&#8212;</font><font style="font-family: 'Times New Roman';">The role of Petrobras&#8221; for a discussion of the termination of the Petrobras monopoly. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Environmental, health and safety standards</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> Petrochemical companies are subject to Brazilian federal, state and local laws and regulations governing the protection of the environment. At the federal level, the main regulators are CONAMA and the Ministry of Economy. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In accordance with environmental laws and regulations, petrochemical companies are required to obtain licenses for their manufacturing facilities from competent environmental authorities, which may also regulate their operations by prescribing specific environmental standards in their operating licenses. In order to obtain and maintain valid such licenses, petrochemical companies must satisfy regulatory authorities that the operation, maintenance, and reclaiming of facilities comply with regulations and do not cause damage to the environment. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Environmental regulations apply particularly to the discharge, handling and disposal of gaseous, liquid and solid products and by-products from manufacturing activities. Technical rules issued by CONAMA and by state authorities also prescribe preventive measures relating to environmental pollution and waste treatment requirements. In addition, the transportation, storage and supply of products are subject to specific standards designed to prevent spills, leakages and other accidents. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Historically, environmental regulations have imposed increasingly stricter standards, higher fines, and greater exposure to liability and increased operating costs and capital expenditures. In addition, civil, administrative and criminal sanctions, including fines and the revocation of licenses may apply to violations of environmental regulations. Under the Brazilian environmental law, companies are strictly and jointly liable for environmental damages. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Petrochemical companies are also subject to federal, state and local laws and regulations that establish occupational health and safety standards. In accordance with such laws and regulations, these companies are also required to report on their occupational, health and safety records on a yearly basis to the local office of the Ministry of Economy in each of the states in which they operate. They are also subject to all federal, state and local government regulation and supervision generally applicable to companies doing business in Brazil, including labor laws, social security laws, public health, consumer protection, securities laws and antitrust laws. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Moreover, petrochemical companies are subject to the United Nations international treaties and conventions applicable to the jurisdictions where they operate due to the potential use of their products (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">as controlled substances, as defined by various legislations in several jurisdictions, (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">in the illicit production of narcotic drugs and psychotropic substances under international control, and (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">in the production of chemical weapons. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The specific controls and the respective enforcement agents may vary from jurisdiction to jurisdiction, but generally include permits, licenses and certificates that are issued by several local authorities. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The sanctions that can be imposed in case of noncompliance with the applicable laws and/or regulations concerning controlled substances may vary at each jurisdiction, but generally include warnings, fines, interdiction, apprehension of products, suspension, cancellation or forfeiture of the corresponding permits, certificates and licenses. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Oxiteno </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We operate in the chemical sector through </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">second-generation company, Oxiteno, a wholly owned subsidiary of Ultrapar and major producer of specialty chemicals. Oxiteno is the only producer of ethylene oxide, ethylene glycols, ethanolamines, glycol ethers and methyl-ethyl-ketone in Brazil, as well as the only producer of fatty alcohol in Latin America. Besides a plant in Venezuela, Oxiteno is the only ethylene oxide producer in South America. Its products are used in a broad range of industrial sectors, such as cosmetics, detergents, crop </font><font style="font-family: 'Times New Roman';">solutions</font><font style="font-family: 'Times New Roman';">, polyester, packaging, coatings and oil industry. During the year ended December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020, Oxiteno sold 753</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand tons of chemical and petrochemical products. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Oxiteno&#8217;s strategic focus is to provide a broad coverage of the ethylene oxide and derivatives, maintaining a leading position in these markets that strengthens its market positioning in Brazil. We intend to maintain Oxiteno&#8217;s production capacity ahead of demand in Brazil. Oxiteno&#8217;s strategy is to increase its specialty chemical production capacity and its geographic reach.&nbsp;</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Products and markets</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">For ease of understanding, </font><font style="font-family: 'Times New Roman';">Oxiteno&#8217;s products </font><font style="font-family: 'Times New Roman';">can be</font><font style="font-family: 'Times New Roman';"> divided into two </font><font style="font-family: 'Times New Roman';">main </font><font style="font-family: 'Times New Roman';">groups: (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">commodity chemicals, which are generally higher-volume products, with standard specifications, and (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">specialty chemicals, which tend to be lower-volume products sold on the basis of chemical features and suitability to meet a particular end-use requirement. Oxiteno&#8217;s principal commodity chemicals are ethylene oxide and ethylene glycol. Oxiteno&#8217;s principal specialty chemicals include a wide variety of products that are used as surfactants, softeners, dispersants, emulsifiers and hydraulic fluids. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following chart outlines the principal raw materials used by Oxiteno and their intermediate and final products.&nbsp;</font></p>
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<p style="margin-top: 9pt; margin-bottom: 0pt; font-size: 12pt;"><img src="imgmtvvw4wkc0f11451009.jpg" style="display: block; margin-left: auto; margin-right: auto;" alt="Image8"><font style="font-family: 'Times New Roman'; font-weight: bold; color: #f2f2f2;">,</font><font style="font-family: 'Times New Roman';"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Specialty chemicals.</font><font style="font-family: 'Times New Roman';"> The following table sets forth Oxiteno&#8217;s main specialty chemical products and their main uses and</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">markets.</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
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<p style="margin: 0px; break-after: avoid; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Major </font><font style="font-family: 'Times New Roman'; font-weight: bold;">m</font><font style="font-family: 'Times New Roman'; font-weight: bold;">arkets</font></p>
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<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Detergents</font></p>
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<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Alkylbenzene sulfonic acids, alkylsulfates, alkyl ether sulfates, ethoxylated alkylphenols, ethoxylated fatty alcohols, polyethyleneglycols, alkanolamides, betaines, sulphosuccinates, block copolymers EO/PO.</font></p>
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<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Used in detergents, the specialty chemicals are added mainly to improve cleaning power and foaming and to reduce skin irritability.</font></p>
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<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Cosmetics</font></p>
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<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Alkylsulfates, alkyl ether sulfates, betaines, ethoxylated fatty alcohols, polyethyleneglycols, alkanolamides, ethoxylated sorbitan esters, sorbitan fatty</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">esters.</font></p>
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<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Used in cosmetics as moisturizers, detergents for foaming and residue removal, and reduction of eye irritation in</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">shampoos.</font></p>
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<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Crop</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">protection</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">chemicals</font><font style="width: 0.83pt; text-indent: 0pt; display: inline-block;">&nbsp;</font></p>
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<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Ethoxylated fatty amines, ethoxylated alkylphenols, alkyl ether sulfates, blends, naphthalene sulfonate, ethoxylated vegetable oil, copolymers EO/PO.</font></p>
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<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Used as part of the composition of</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">crop</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">protection chemical, such as herbicides. Increases their efficiency, by improving soil penetration and adherence of</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the products to plant</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">surfaces.</font></p>
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<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Foods</font></p>
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<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Sorbitan fatty esters, ethoxylated sorbitan esters, emulsifiers, stabilizers, dispersants</font></p>
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<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Principally used as additives for breads and</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">cakes, improving their texture and consistency, and as an emulsifier responsible for ice cream</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">creaminess.</font></p>
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<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Textiles</font></p>
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<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Ethoxylated alkylphenols, ethoxylated fatty alcohols, ethoxylated vegetable oils, ethoxylated fatty amines, antistatic agents, lubricants, softeners, emulsifiers, antifoamers, mercerizing additives, humectants, low foam</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">detergents.</font></p>
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<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Used in the processing of textiles, improving spinning and weaving performance. Permits greater evenness in the mixing of fibers, dyeing, bleaching and improving the softness of the final</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">cloth.</font></p>
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<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Hydraulic fluids</font></p>
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<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Ethylene glycol ethers, ethylene glycols, corrosion inhibitors.</font></p>
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<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Used directly as hydraulic fluids in vehicles. Brake fluids guarantee brake system performance and safe braking. Cooling liquids help to cool the motor and maintain the correct operating temperature.</font></p>
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<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Oil field chemicals</font></p>
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<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Additives, emulsion breaker, mutual solvent, surfactant, antifouling, glycols, ethanolamines and</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">dispersants.</font></p>
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<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Chemical inputs applied in all stages of the production of oil and gas, such as drilling, cementing, completion, stimulation, production and refining, each one with specific</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">characteristics.</font></p>
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<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Coatings</font></p>
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<td style="height: 76px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top">
<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Acetates, alcohols, glycols ethers, glycols, ketones, alkyl ether sulfates, ethoxylated alkylphenols, ethoxylated fatty alcohols,</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">block copolymers EO/PO.</font></p>
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<td style="height: 76px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top"><br></td>
<td style="height: 76px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top">
<p style="margin: 0px; line-height: 108%; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Solvents and surfactants are used in the preparation of paints and coatings, adhesives and inks. Solvents serve multiple functions in</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">solvent borne paints and coatings: solubilization of the resin or polymer forming the continuous coating phase, pigment wetting and viscosity reduction to facilitate the application of the coating. Surfactants are used in emulsion polymerization and also as additive: thickeners, antifoaming agents, additives used to control rheological properties and others.</font></p>
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<p style="margin-top: 9pt; margin-bottom: 0pt; font-size: 1pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>68</font></font></td>
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<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Commodity products</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> The following are Oxiteno&#8217;s main commodity products and their principal uses and markets: </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Ethylene oxide</font><font style="font-family: 'Times New Roman';">. Ethylene oxide is a colorless and highly flammable gas at room temperature and atmospheric pressure. Ethylene oxide is produced in a continuous production process by gaseous phase catalytic partial oxidation of ethylene by oxygen at high temperature and pressure. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Ethylene glycols</font><font style="font-family: 'Times New Roman';">. The principal ethylene glycol produced by Oxiteno is mono-ethylene glycol, known as MEG. Oxiteno also produces di- and tri-ethylene glycol. Mono-ethylene glycol is a clear, non-flammable, non-volatile liquid at room temperature and atmospheric pressure. Ethylene glycols are produced in a continuous process from an ethylene oxide solution and principally sold to chemical companies for the manufacture of polyester fibers and polyethylene terephthalate, known as PET, with the remainder sold for use in the production of antifreeze, brake fluids, solvent and other chemicals.</font><font style="font-family: 'Times New Roman';"> </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Domestic sales.</font><font style="font-family: 'Times New Roman';"> The Brazilian petrochemicals industry seeks to prioritize demand from the domestic market, where there is greater value added, although sales are also made to the </font><font style="font-family: 'Times New Roman';">international </font><font style="font-family: 'Times New Roman';">market. While Oxiteno sells the larger part of its commodities and specialty chemicals in Brazil, production capacity exceeds domestic market demand, with Oxiteno exporting surplus production to more than 50 countries in Asia, America, Europe, Africa and Oceania. Oxiteno maintains production capacity above local demand for strategic reasons. For the years ended December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, </font><font style="font-family: 'Times New Roman';">2020, </font><font style="font-family: 'Times New Roman';">2019, </font><font style="font-family: 'Times New Roman';">and </font><font style="font-family: 'Times New Roman';">2018, </font><font style="font-family: 'Times New Roman';">33%, </font><font style="font-family: 'Times New Roman';">31</font><font style="font-family: 'Times New Roman';">% and </font><font style="font-family: 'Times New Roman';">29% of Oxiteno&#8217;s net revenue from sales and services, respectively, were from sales outside Brazil. For the years ended December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, </font><font style="font-family: 'Times New Roman';">2020, </font><font style="font-family: 'Times New Roman';">2019</font><font style="font-family: 'Times New Roman';"> and</font><font style="font-family: 'Times New Roman';"> 2018, </font><font style="font-family: 'Times New Roman';">29%, 28% and </font><font style="font-family: 'Times New Roman';">28% of</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Oxiteno&#8217;s sales volume</font><font style="font-family: 'Times New Roman';">, respectively,</font><font style="font-family: 'Times New Roman';"> were from sales outside Brazil. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table shows Oxiteno&#8217;s domestic market sales volume by market segment for the period indicated:</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="margin: 0px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 223px; width: 100.365%; text-indent: 0px;" width="100%">

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<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" colspan="5"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom;"><br></td>
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<tr style="height: 10px;">
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td colspan="5" style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Year Ended</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">December</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">31,</font></p>
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<td style="padding-left: 7.2pt; vertical-align: bottom; height: 10px;"><br></td>
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<tr style="height: 10px; background-color: #cceeff;">
<td style="height: 10px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="middle">
<p style="margin: 0px; break-after: avoid; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Market sector</font></p>
</td>
<td style="height: 10px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2020</font></p>
</td>
<td style="padding-left: 0px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; height: 10px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font></p>
</td>
<td style="padding-left: 0px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; height: 10px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2018</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
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<tr style="height: 10px;">
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td colspan="5" style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(in thousand tons)</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 10px;"><br></td>
</tr>


<tr style="height: 18px; background-color: #cceeff;">
<td style="height: 18px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; width: 75%;" valign="middle">
<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Polyester</font></p>
</td>
<td style="height: 18px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; width: 1%;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 18px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; width: 7%;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">12</font><font style="font-family: 'Times New Roman';">6</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">0</font></p>
</td>
<td style="padding-left: 0px; height: 18px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; width: 1%;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 18px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; width: 7%;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">141.7</font></p>
</td>
<td style="padding-left: 0px; height: 18px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; width: 1%;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 18px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; width: 7%;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">150.5</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1%;"><br></td>
</tr>
<tr style="height: 18px;">
<td style="height: 18px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Cosmetics and detergents</font></p>
</td>
<td style="height: 18px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 18px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">123.8</font></p>
</td>
<td style="padding-left: 0px; height: 18px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 18px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">105.9</font></p>
</td>
<td style="padding-left: 0px; height: 18px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 18px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">108.9</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 18px;"><br></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="height: 18px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Crop protection</font></p>
</td>
<td style="height: 18px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 18px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">85.0</font></p>
</td>
<td style="padding-left: 0px; height: 18px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 18px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">79.5</font></p>
</td>
<td style="padding-left: 0px; height: 18px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 18px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">86.5</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 18px;">
<td style="height: 18px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Distributors</font></p>
</td>
<td style="height: 18px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 18px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">53</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">4</font></p>
</td>
<td style="padding-left: 0px; height: 18px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 18px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">50.6</font></p>
</td>
<td style="padding-left: 0px; height: 18px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 18px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">50.6</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 18px;"><br></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="height: 18px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Coatings</font></p>
</td>
<td style="height: 18px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 18px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">45.7</font></p>
</td>
<td style="padding-left: 0px; height: 18px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 18px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">47.8</font></p>
</td>
<td style="padding-left: 0px; height: 18px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 18px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">46.7</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 18px;">
<td style="height: 18px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">EO / DOT (brake fluids)</font></p>
</td>
<td style="height: 18px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 18px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">28.1</font></p>
</td>
<td style="padding-left: 0px; height: 18px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 18px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">30.6</font></p>
</td>
<td style="padding-left: 0px; height: 18px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 18px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">31.0</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 18px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Performance </font><font style="font-family: 'Times New Roman';">p</font><font style="font-family: 'Times New Roman';">roducts</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="height: 17px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">23.7</font></p>
</td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">25.2</font></p>
</td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">27.4</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Oil and </font><font style="font-family: 'Times New Roman';">g</font><font style="font-family: 'Times New Roman';">as</font></p>
</td>
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">23.4</font></p>
</td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">20.6</font></p>
</td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">25.9</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Glycols</font></p>
</td>
<td style="height: 17px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman';">0</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">9</font></p>
</td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">21.6</font></p>
</td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">24.3</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Others</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(2)</font></p>
</td>
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; border-bottom: 1pt solid #000000; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">4.8</font></p>
</td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; border-bottom: 1pt solid #000000; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">4.4</font></p>
</td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; border-bottom: 1pt solid #000000; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">5.4</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Total Brazilian market</font></p>
</td>
<td style="height: 17px; background-color: #cceeff; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; border-bottom: 2.8pt double #000000; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">534.7</font></p>
</td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; border-bottom: 2.8pt double #000000; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">527.9</font></p>
</td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle"><br></td>
<td style="padding-left: 0px; height: 17px; background-color: #cceeff; border-bottom: 2.8pt double #000000; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">557.3</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>

</table>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt; height: 17px;">

<tr style="height: 17px;">
<td style="width: 9.36222%; border-bottom: 1pt solid #000000; height: 17px;"><br></td>
<td style="width: 90.6378%; height: 17px;"><br></td>
</tr>

</table>
<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><sub><font style="font-family: 'Times New Roman'; vertical-align: super;">(1)</font></sub><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="width: 8.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Includes food, civil construction, textiles, leather and paper. </font></p>
<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><sub><font style="font-family: 'Times New Roman'; vertical-align: super;">(2)</font></sub><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="width: 8.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Includes mineral oils and polymers. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Many of Oxiteno&#8217;s commodity product prices in the Brazilian market are set by reference to international contract prices in U.S.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">dollars, although the prices are denominated in </font><font style="font-family: 'Times New Roman'; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman';">. For specialty products, sales are individually negotiated and sometimes made pursuant to contracts. Specialty chemicals are designed to meet specific customer needs and </font><font style="font-family: 'Times New Roman';">face </font><font style="font-family: 'Times New Roman';">less </font><font style="font-family: 'Times New Roman';">competition from</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">imported products. Accordingly, specialty chemicals have a higher value added and Oxiteno has more flexibility in pricing for these</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">products. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Sales outside Brazil.</font><font style="font-family: 'Times New Roman';"> Oxiteno&#8217;s export sales are made mainly to customers in the Mercosur, Far East, Europe and NAFTA. In Europe, Oxiteno exports its products mainly to Belgium, the Netherlands, Italy, Germany and France. In the Far East, Oxiteno exports its products mainly to China, Japan, Thailand</font><font style="font-family: 'Times New Roman';">, India</font><font style="font-family: 'Times New Roman';"> and Taiwan. </font></p>
<p style="margin: 0px; text-align: justify; font-size: 10pt; text-indent: 0px;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>69</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table sets forth Oxiteno&#8217;s sales by volume for each geographic market served by Oxiteno in the periods indicated:</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="height: 492px; margin: 0px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">

<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; line-height: 108%; font-size: 11pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle"></td>
<td colspan="11" style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; border-bottom: 1pt solid #000000; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Year Ended December</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">31,</font><font style="font-family: 'Times New Roman';"> </font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-bottom: 1pt solid #000000; vertical-align: middle; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; break-after: avoid; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Breakdown of sales volume outside Brazil</font></p>
</td>
<td colspan="3" style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; border-bottom: 1pt solid #000000; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2020</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-bottom: 1pt solid #000000; vertical-align: middle; height: 17px;"><br></td>
<td colspan="3" style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; border-bottom: 1pt solid #000000; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font><font style="font-family: 'Times New Roman';"> </font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-bottom: 1pt solid #000000; vertical-align: middle; height: 17px;"><br></td>
<td colspan="3" style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; border-bottom: 1pt solid #000000; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2018</font><font style="font-family: 'Times New Roman';"> </font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-bottom: 1pt solid #000000; vertical-align: middle; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; break-after: avoid; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td colspan="11" style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(in</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">thousand</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">metric</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">tons</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">and</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">percentage</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">of</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">the</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">total)</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: middle; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">From Oxiteno Brazil</font></p>
</td>
<td colspan="3" style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td colspan="7" style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 10px;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 58%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Mercosur (not including Brazil)</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 6%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">51.9</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 6%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">24%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 6%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">41.2</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 6%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 16.67pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">20%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 6%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 14.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">37.1</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 6%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 16.67pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">18%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 1%; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 10px; background-color: #cceeff;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Asia</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">20.8</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">9%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 14.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">19.9</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 16.67pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">10%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 14.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">24.1</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 16.67pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">11%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 10px;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Europe</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">15.1</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">7%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 14.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">19.4</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 21.67pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">9%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 14.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">17.3</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 21.67pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">8%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 10px; background-color: #cceeff;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">NAFTA</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">8.6</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">4%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 19.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">6.9</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 21.67pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">3%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 14.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">14.0</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 21.67pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">7%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 10px;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Other</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">16.4</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">8%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 14.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">14.2</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 21.67pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">7%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 14.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">15.5</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 21.67pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">7%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Sub-Total</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">112.8</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">52%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 9.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">101.5</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 15pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">49%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 9.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">108.0</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 15pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">51%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">From Oxiteno Mexico</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td colspan="3" style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td colspan="3" style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Mexico</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">33.0</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">15%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 14.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">38.9</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 16.67pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">19%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 14.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">36.8</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 16.67pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">17%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">USA</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">6.8</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">3%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 14.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">10.6</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 21.67pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">5%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 14.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">19.1</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 21.67pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">9%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Other</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">7.0</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">3%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 19.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">7.6</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 21.67pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">4%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 19.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">5.0</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 21.67pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">2%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Sub-Total</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">46.8</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">21%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 14.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">57.2</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 15pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">28%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 14.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">60.9</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 15pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">29%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">From Oxiteno Andina</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; font-weight: bold; vertical-align: super;">(1)</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td colspan="3" style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td colspan="3" style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Venezuela</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">0.0</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">0%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 19.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">0.1</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 21.67pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">0%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 19.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">1.2</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 21.67pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">1%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Other</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">0.0</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">0%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 19.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">0.0</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 21.67pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">0%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 19.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">0.6</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 21.67pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">0%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Sub-Total</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">0.0</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">0%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 19.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">0.1</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 20pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">0%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 19.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">1.8</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 20pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">1%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">From Oxiteno Uruguay</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td colspan="3" style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td colspan="3" style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Brazil</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">13.6</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">6%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 14.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">14.5</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 21.67pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">7%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 14.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">16.2</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 21.67pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">8%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Uruguay</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">3.6</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">2%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 19.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">6.3</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 21.67pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">3%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 19.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">9.4</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 21.67pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">4%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">USA</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1.8</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 19.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">1.0</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 21.67pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">0%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 19.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">1.1</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 21.67pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">1%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Other</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">20.7</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">9%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 14.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">17.9</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 21.67pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">9%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 14.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">19.2</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 21.67pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">9%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Sub-Total</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">39.7</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">18%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 14.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">39.7</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 15pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">19%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 14.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">45.9</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 15pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">22%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">From Oxiteno USA</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td colspan="3" style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td colspan="3" style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">USA</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">44.2</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">20%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 14.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">33.7</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 16.67pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">16%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 14.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">31.8</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 16.67pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">15%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Other</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">2.1</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 19.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">1.6</font><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 21.67pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">1%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 19.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">1.2</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 21.67pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">1%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Sub-Total</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">46.3</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">21%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 14.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">35.3</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 15pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">17%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 14.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">33.0</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 15pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">16%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="margin: 0px; height: 17px; background-color: #cceeff; text-indent: 0px;">
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Total</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; font-weight: bold; vertical-align: super;">(1)(2)</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">218.5</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">100%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 9.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">205.7</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 10pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">100%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 9.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">211.5</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font></p>
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<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right;" valign="bottom"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">100%</font><br></td>
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<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><font style="font-size: 8pt;"><sub><font style="font-family: 'Times New Roman'; vertical-align: super;">(1)</font></sub><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="width: 8.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">In October 2019, Oxiteno Andina was sold to a buyer in Venezuela. </font></font></p>
<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><font style="font-size: 8pt;"><sub><font style="font-family: 'Times New Roman'; vertical-align: super;">(2)</font></sub><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="width: 8.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Does not include intercompany sales volume.</font></font></p>
<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><font style="font-size: 8pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>70</font></font></td>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Oxiteno exports a wide variety of chemical products including glycols, MEK, ethoxylated alkylphenols, glycol ether acetates, glycol ethers, ethanolamines and surfactants. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In most cases, Oxiteno&#8217;s sales prices for its commodity chemicals in the export markets are based on international prices. International spot prices are established by reference to published data regarding the price at which industry participants have sold the relevant product. In general, Oxiteno&#8217;s operating margins on products manufactured in Brazil and sold in the international market are lower than operating margins for similar products sold in the domestic market. Oxiteno intends to shift sales to the domestic market as local demand for its products increases but will continue to export and will maintain its presence in the international market</font><font style="font-family: 'Times New Roman';">, as Oxiteno is focused on expanding its presence in other specialty chemicals markets by opening international commercial offices.</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Customers. </font><font style="font-family: 'Times New Roman';">Oxiteno&#8217;s most important customers for its commodity chemicals are chemical companies, surface coating producers and polyester producers. In turn, the customers for specialty chemicals constitute a variety of industrial and commercial enterprises including brake fluid distributors, agrochemical producers, manufacturers of food additives and manufacturers of </font><font style="font-family: 'Times New Roman';">detergents and cosmetics. Oxiteno believes that by distributing specialty chemical products to a variety of markets, it is thereby able to protect itself, to a certain extent, from the effects of a decrease in economic activity in any particular market. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">, Oxiteno&#8217;s main customers in the domestic market included Monsanto, which mainly purchases ethanolamines, Unilever and Syngenta, which mainly purchase surfactants, MEGlobal and PQS, which mainly purchases glycols</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> and Brenntag</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> a third-party distributor. In the international market, Oxiteno sells both to industrial customers, including Unilever and Procter&amp;Gamble, as well as trading companies and other third-party distributors. In 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, Oxiteno&#8217;s ten largest customers accounted for </font><font style="font-family: 'Times New Roman';">35</font><font style="font-family: 'Times New Roman';">% of its net revenue from sales and services. No single customer accounted for more than </font><font style="font-family: 'Times New Roman';">8</font><font style="font-family: 'Times New Roman';">% of Oxiteno&#8217;s net sales in such year.</font><font style="font-family: 'Times New Roman';"> </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Competition</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> Oxiteno has a competitive environment market in Brazil due to imports from international and transnational petrochemical industries. As imported products are mostly commodity chemicals, competition is based mainly on price. Importers incur additional costs when selling their products in the Brazilian market, due to import tariffs, which range between 0% and 20% (mainly between 2% and 14%), and additional freight charges. However, factors such as product quality, timely delivery, reliability of supply and technical service and support are also important competitive factors. Because it is a local producer, Oxiteno believes it has a competitive advantage over imports regarding timely delivery and reliability of supply. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In the case of specialty chemicals, pricing is a less decisive competitive factor than with true commodity chemicals, while conformity with specifications, product performance and reliability of service are comparatively more important. Access to technology, technical assistance and research and development are important factors regarding conformity to specifications and product performance, especially in the development of new products to meet customers&#8217; needs. Oxiteno&#8217;s strategy involves ensuring access to technology through its own research and development activity, licensing and joint</font><font style="font-family: 'Times New Roman';">-</font><font style="font-family: 'Times New Roman';">ventures, if appropriate opportunities become available. In Mexico, Uruguay and in the USA, Oxiteno produces and sells only specialty chemicals. </font></p>
<p style="margin-top: 9pt; margin-bottom: 0pt; font-size: 1pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Oxiteno&#8217;s main competitors are Shell Chemical, Dow Chemical, Clariant, BASF, Solvay and Stepan. </font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>71</font></font></td>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Research and development</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> Oxiteno carries on a wide range of research and development activities, principally related to the application of specialty chemicals and improvements in production processes. As of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020, 156</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">employees of Oxiteno were engaged in research and development and engineering activities. Oxiteno&#8217;s research and development expenditures in 2020, 2019 and 2018 were R$60 million, R$60</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million and R$57</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million, respectively. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Oxiteno&#8217;s investments in research and development have resulted in the introduction of 128 new applications for its products during the last three years. Oxiteno will continue to invest in research and development focused on developing new product applications to meet clients&#8217; needs.</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Raw materials</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> Oxiteno&#8217;s principal raw material is ethylene. For the year ended December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020, ethylene was responsible for 25% of Oxiteno&#8217;s variable costs of production and 21% of its total cost of sales and services. Among Oxiteno&#8217;s other raw materials, the principal materials include palm kernel oil, C4, butyl alcohol, primary fatty amine and phenol. Supply of ethylene constitutes an entry barrier for new ethylene oxide producers in Brazil since the current production capacity of ethylene by Brazilian crackers is committed to existing second-generation companies, including Oxiteno, and significant investments are needed for the construction of a new cracker. Additionally, ethylene&#8217;s transport and storage are complex and expensive because it must be kept at a temperature below -200 degrees Fahrenheit (-100 degrees Celsius) during transportation and storage, therefore importing and exporting of ethylene is generally uneconomical. Accordingly, the naphtha crackers, such as Braskem, are largely dependent for their sales upon the second-generation petrochemical companies, such as Oxiteno, located in the respective petrochemical complexes. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Ethylene supply</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> Ethylene is used to produce ethylene oxide at the Cama&#231;ari plant and the Mau&#225; plant. Braskem supplies all of Oxiteno&#8217;s ethylene requirements for the Cama&#231;ari plant and Mau&#225; plant, through pipelines, thus minimizing the costs of delivery of ethylene and helping to ensure the reliability of supply. See &#8220;Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">4.B. Information on the Company&#8212;Business Overview&#8212;Petrochemicals and Chemicals&#8212;Industry and Regulatory Overview&#8221;. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Oxiteno has a supply agreement with Braskem, which establishes a minimum annual consumption level of ethylene and conditions for the supply of ethylene until 2021 at the Cama&#231;ari plant. The minimum purchase commitment clause is 205</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand tons of ethylene per year. Should the minimum purchase commitment not be met, Oxiteno would be liable for a penalty of 40% of the current ethylene price for the quantity not purchased. The minimum purchase commitment is subject to proportional reduction in the case of scheduled shutdowns in the supplier&#8217;s or Oxiteno&#8217;s facilities. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In addition, Oxiteno has a supply agreement with Braskem that expires in 2023 at the Mau&#225; plant. The contract establishes and regulates the conditions for the supply of ethylene to Oxiteno based on the international market for this product. The minimum purchase commitment clause is 44</font><font style="font-family: 'Times New Roman';">.1</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">thousand </font><font style="font-family: 'Times New Roman';">tons of ethylene annually. Should the minimum purchase commitment not be met, Oxiteno would be liable for a penalty of 30% of the current ethylene price for the quantity not purchased. The minimum purchase commitment is subject to proportional reduction in the case of scheduled shutdowns in the supplier&#8217;s and/or Oxiteno&#8217;s facilities. For further information, see &#8220;Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">5.F. Operating and Financial Reviews and Prospects&#8212;Tabular Disclosure of Contractual Obligations&#8221;. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Oxiteno does not maintain storage of ethylene and any unexpected interruptions in supply from the crackers would have an immediate impact on Oxiteno&#8217;s production. See &#8220;Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">3.D. Key Information&#8212; Risk Factors&#8212;Risks Relating to Ultrapar and Its Industries&#8221;. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">First-generation petrochemical companies undergo scheduled maintenance shutdowns. Oxiteno anticipates these shutdowns by building up inventory. Oxiteno also uses these planned shutdowns for regular maintenance work on its own plants or eventual substitution of catalysts or for expansion of installed capacity.</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Price of ethylene</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> The price of ethylene supplied by Braskem to Oxiteno for the production of goods to be sold in Brazil is linked to ethylene contract prices referenced to the North-Western Europe (NWE) markets to our plants in Cama&#231;ari and in Mau&#225;. </font></p>
<p style="margin-top: 9pt; margin-bottom: 0pt; font-size: 1pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table shows the average ethylene prices referenced to the North-Western Europe (NWE) contract prices:</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
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<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">NWE</font><font style="font-family: 'Times New Roman';"> </font></p>
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<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(US$/ton)</font><font style="font-family: 'Times New Roman';"> </font></p>
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<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Equivalent</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">to</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">(R$/ton)</font><font style="font-family: 'Times New Roman'; font-size: 4.67pt; font-weight: bold; vertical-align: super;">(&#185;)</font><font style="font-family: 'Times New Roman';"> </font></p>
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<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2020</font></p>
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<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">First Quarter</font></p>
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<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1,051</font></p>
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<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">5,417</font></p>
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<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Second Quarter&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">0,740</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">3,814</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Third Quarter</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">0,908</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">4,682</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="height: 10px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Fourth Quarter</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">0,930</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">4,796</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Maximum Price in Year</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1,083</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">5,585</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Minimum Price in Year</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">0,671</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">3,459</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Year Average</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">0,907</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">4,677</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="height: 10px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">First Quarter</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 19.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 42pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">1,133</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 32.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 55pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">4,468</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Second Quarter</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 19.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 42pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">1,197</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 32.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 55pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">4,721</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Third Quarter</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 19.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 42pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">1,113</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 32.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 55pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">4,390</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Fourth Quarter</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 19.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 42pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">1,077</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 32.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 55pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">4,250</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Maximum Price in Year</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 19.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 42pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">1,218</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 32.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 55pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">4,804</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Minimum Price in Year</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 19.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 42pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">1,058</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 32.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 55pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">4,174</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Year Average</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 19.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 42pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">1,130</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 32.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 55pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">4,457</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="height: 10px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">2018</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 10px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">First Quarter</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 19.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 42pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">1,308</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 17px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 32.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 55pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">5,069</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="height: 18px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Second Quarter</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 18px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 19.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 42pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">1,291</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 18px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 32.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 55pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">5,001</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="height: 18px;">
<td style="height: 18px; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Third Quarter</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 18px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 18px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 19.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 42pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">1,319</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 18px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 18px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 32.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 55pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">5,111</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 18px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="height: 18px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Fourth Quarter</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 18px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 19.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 42pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">1,248</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 18px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 32.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 55pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">4,837</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="height: 18px;">
<td style="height: 18px; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Maximum Price in Year</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 18px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 18px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 19.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 42pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">1,354</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 18px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 18px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 32.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 55pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">5,245</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 18px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="height: 18px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Minimum Price in Year</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 18px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 19.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 42pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">1,120</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 18px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 32.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 55pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">4,340</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="height: 18px;">
<td style="height: 18px; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Year Average</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 18px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 18px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 19.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 42pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">1,292</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 18px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; height: 18px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="width: 32.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 55pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">5,005</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 18px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>

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<td style="width: 90.6378%; height: 17px;"><br></td>
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<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><sub><font style="font-family: 'Times New Roman'; vertical-align: super;">(1)</font></sub><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="width: 8.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">The figures in U.S. dollars have been converted into </font><font style="font-family: 'Times New Roman'; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman';"> using the exchange rate of US$1.00 = 5.156; US$1.00 = R$3.945 and US$1.00 = R$3.875 for 2020, 2019 and 2018, respectively, which is the commercial rate reported by the Central Bank on that date. This information is presented solely for the convenience of the reader. </font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>73</font></font></td>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As naphtha is the main raw material to produce ethylene in Brazil, fluctuations in the price of naphtha strongly influence fluctuations in the price of ethylene. Because the main determinant of the price of naphtha is the price of crude oil, the price of naphtha, and thus ethylene, is subject to fluctuations based on changes in the international oil price. The increases in the price of ethylene could affect Oxiteno&#8217;s competitiveness in the petrochemical market. See &#8220;Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">3.D. Key Information&#8212;Risk Factors&#8212;Risks Relating to Ultrapar and Its Industr</font><font style="font-family: 'Times New Roman';">ies</font><font style="font-family: 'Times New Roman';">&#8221;.&nbsp;</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2013, the Brazilian government announced a reduction in the PIS and COFINS taxes levied on certain raw materials for the petrochemical industry (first- and second- generation), including ethylene. </font><font style="font-family: 'Times New Roman';">As of December 31,</font><font style="font-family: 'Times New Roman';"> 2020, the PIS and COFINS taxes levied on the acquisition of ethylene was 5.6%. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Other raw materials</font><font style="font-family: 'Times New Roman'; font-style: italic;">.</font><font style="font-family: 'Times New Roman';"> For the year ended December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020, other raw materials, such as palm kernel oil, C4, butyl alcohol, acetic acid, nonene, phenol, primary fatty amine, ethanol, oxygen, base oils, ammonium and other accounted for approximately 44% of Oxiteno&#8217;s variable costs and 36% of its total costs of sales and services. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Oxiteno generally obtains these other raw materials from a variety of sources, except for phenol, which Oxiteno purchases principally from a single supplier, Rhodia Poliamida Especialidades Ltda., and for C4, which is supplied by Braskem in Triunfo.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Utilities.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> </font><font style="font-family: 'Times New Roman';">Electric power, steam and natural gas are the main utilities required for Oxiteno&#8217;s production. Part of the electricity and steam used by Oxiteno is generated internally and part is purchased from electricity companies and third-party suppliers of steam in the regions where Oxiteno&#8217;s plants are located. Natural gas is purchased from local companies. In 2020, electric power represented 2% of Oxiteno&#8217;s variable costs.</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Maintenance and quality control</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> Oxiteno carries out a program of preventive maintenance at each of its plants and uses statistical analysis to help predict production problems. The shutdowns due to the maintenance program usually take place at the same time as the shutdowns for the change of the ethylene oxide catalyst. In the case of the ethylene oxide and ethylene glycol units at the Mau&#225; and Cama&#231;ari plants, which have continuous production processes, maintenance is preferably scheduled for periods when the relevant cracker, which supplies ethylene to the plant, is scheduled to be shut down for maintenance. Each cracker is typically shut down for maintenance for a period of approximately 20 days every 36 to 48</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">months. The same happens to the Triunfo plant, which receives C4 from Braskem. In the case of the other production units at such plants and the Trememb&#233; plants, maintenance is performed during scheduled breaks in production, and the frequency and period for maintenance vary depending on the nature of the product. Oxiteno uses its own employees for specialized maintenance and uses third-party contractors for routine maintenance. In addition, Oxiteno has a team of employees responsible for quality control that operates continuously. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Environmental, health and safety matters</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> Oxiteno continuously monitors its compliance with federal, state and municipal legislation applicable to its various places of operation. In accordance with applicable law, Oxiteno is strictly and jointly liable for losses and damages of an environmental nature. See &#8220;Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">4.B. Information on the Company&#8212;Business Overview&#8212;Petrochemicals and Chemicals&#8212;Industry and Regulatory Overview&#8212;</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"> </font><font style="font-family: 'Times New Roman';">Environmental, health and safety standards&#8221;. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Each of Oxiteno&#8217;s plants is licensed by the competent environmental authorities. Licenses granted are valid for a fixed period of time and then must be renewed. The other terms of the licenses vary according to the applicable legislation and to the periodic inspections performed by environmental authorities. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Waste products from Oxiteno&#8217;s industrial plants are discharged in accordance with legal requirements. Effluents are discharged and treated in Oxiteno&#8217;s own treatment centers or by petrochemical complexes where it has activities. Oxiteno seeks to reprocess solid waste products in cement furnaces. Where reprocessing is not possible, these products are mainly incinerated. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Oxiteno&#8217;s health and safety indicators are comparable to relevant international standards and are a priority in Oxiteno&#8217;s activities and in the action plans for the upcoming years. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In addition to the legal requirements, Oxiteno voluntarily complies with other requirements, such as those related to the Responsible Care Program, issued by ABIQUIM, which sets forth international standards for environmental protection and occupational health as well as safety measures to be followed by chemical product producers. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Oxiteno developed an important project to increase the use of renewable raw materials, the oleochemical unit, which uses palm kernel oil, extracted from the palm seed, to produce fatty alcohols and its by-products. After the start-up of the oleochemical unit, the share of renewable raw materials in Oxiteno&#8217;s raw materials total costs reached 29% in 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">. Oxiteno belongs to the Roundtable on Sustainable Palm Oil, an organization that works to regulate the sustainable plantation of palm, aiming to strengthen its regional leadership and its sustainability practices. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Sustainability.</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> </font><font style="font-family: 'Times New Roman';">Oxiteno</font><font style="font-family: 'Times New Roman';">&#8217;s</font><font style="font-family: 'Times New Roman';"> Strategic Sustainability Plan 2030 </font><font style="font-family: 'Times New Roman';">is </font><font style="font-family: 'Times New Roman';">based on eight pillars with objectives and goals that help to overcome the challenges balancing economic prosperity, ethical governance, people care, the protection of the environment and generating value for all stakeholders. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;Oxiteno's formula is good&#8221; is an internal campaign that the company recognizes not only the importance of the business, but also its impacts. Thus, the work is guided by the creation of increasingly innovative solutions, while valuing the people and the environment care.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">One of the pillars of the Strategic Sustainability Plan</font><font style="font-family: 'Times New Roman';"> 2030</font><font style="font-family: 'Times New Roman';"> is the </font><font style="font-family: 'Times New Roman';">v</font><font style="font-family: 'Times New Roman';">alue</font><font style="font-family: 'Times New Roman';"> of the </font><font style="font-family: 'Times New Roman';">workforce</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">I</font><font style="font-family: 'Times New Roman';">n 2020, </font><font style="font-family: 'Times New Roman';">we</font><font style="font-family: 'Times New Roman';"> foc</font><font style="font-family: 'Times New Roman';">us</font><font style="font-family: 'Times New Roman';">ed on seeking</font><font style="font-family: 'Times New Roman';"> the health and safety of our workforce in all regions where we operate. </font><font style="font-family: 'Times New Roman';">Following ou</font><font style="font-family: 'Times New Roman';">r</font><font style="font-family: 'Times New Roman';"> plans adopted</font><font style="font-family: 'Times New Roman';"> in 2019, </font><font style="font-family: 'Times New Roman';">Oxiteno set up</font><font style="font-family: 'Times New Roman';"> programs </font><font style="font-family: 'Times New Roman';">to support</font><font style="font-family: 'Times New Roman';"> the evolution of the company's organizational culture, preparation of leaders and talents, as well as promoting engagement in the various stages of the professional cycle. Oxiteno </font><font style="font-family: 'Times New Roman';">created</font><font style="font-family: 'Times New Roman';"> a multifunctional diversity committee that met virtually throughout the year to discuss topics aimed at developing a Diversity and Inclusion Policy (D&amp;I), and the launch of the OxiEducation platform </font><font style="font-family: 'Times New Roman';">focusing on</font><font style="font-family: 'Times New Roman';"> training employees in disciplines such as: customer focus, innovation and development of skills, and high performance teams.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Another important </font><font style="font-family: 'Times New Roman';">initiative </font><font style="font-family: 'Times New Roman';">is the partnership between Oxiteno and Specialisterne, a social company that supports the inclusion of people with autism in the market, resulting in the contracting of autists for the company's IT staff.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Social problems also increased in 2020 due to the pandemic of the new coronavirus, bringing more difficulties for those who live in the peripheries and slums of Brazil. </font><font style="font-family: 'Times New Roman';">To</font><font style="font-family: 'Times New Roman';"> support vulnerable families, Oxiteno </font><font style="font-family: 'Times New Roman';">became</font><font style="font-family: 'Times New Roman';"> a partner in the &#8220;Corona no </font><font style="font-family: 'Times New Roman';">Pared&#227;o. Fome n&#227;o&#8221; campaign, created by the NGO</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">&#8220;Gerando Falc&#245;es&#8221;, which collects and donates digital basic food baskets to registered families. Oxiteno helped more than 200 families, with basic food baskets that were sent to communities </font><font style="font-family: 'Times New Roman';">near</font><font style="font-family: 'Times New Roman';"> their industrial units.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2020, many innovative projects were developed, such as the development of a tool to assess the sustainability performance of Oxiteno&#8217; s portfolio, in order to leverage the development of innovative and more sustainable solutions.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Oxiteno also </font><font style="font-family: 'Times New Roman';">promoted</font><font style="font-family: 'Times New Roman';"> discussions with its main clients </font><font style="font-family: 'Times New Roman';">in 2020</font><font style="font-family: 'Times New Roman';"> to identify potential </font><font style="font-family: 'Times New Roman';">joint </font><font style="font-family: 'Times New Roman';">projects and opportunities that can accelerate positive environmental and social impacts.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The search for the reduction of environmental impacts, such as the use of water, energy, waste and GHG emissions, necessarily undergo optimization and process efficiency, directly resulting in cost savings and productivity increase. A</font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';"> example is the project to reduce greenhouse gas emissions generated by the transport of Oxiteno's products. This initiative aims to optimize cargo and logistics routes, benefiting not only the environment but also promoting cost reduction and productivity.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In order </font><font style="font-family: 'Times New Roman';">to positively influence and promote sustainable development also in the value chain, Oxiteno became the first Brazilian chemical industry to stablish a partnership with EcoVadis. The company is a global leader in supply chain sustainability assessment. Thus, the objective is to promote the theme and create stable and long-term business relationships with our partners.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Income tax exemption status.</font><font style="font-family: 'Times New Roman';"> Brazilian legislation provides a 75% income tax reduction for businesses located in the Northeast region of Brazil, which depends of SUDENE&#8217;s formal and previous approval. Oxiteno is entitled to this tax benefit at Oxiteno S/A and EMCA until 2026 and Oleoqu&#237;mica until 2021. The total amount of SUDENE&#8217;s income tax reduction for Oxiteno for the years ended December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020 and 2019 was R$37.9 million</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">and R$18.0</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million, respectively. For further information, see </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ote 9.c to our consolidated financial statements. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The request for renewal of incentive from Oleoqu&#237;mica will be filed in 2022. </font><font style="font-family: 'Times New Roman';">That renewal application is usually made in the year after the incentive expires and has retroactive effects to January of the year when the application was filed.</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
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<p style="margin-top: 6pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Industry and Regulatory Overview </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Brazilian fuels market comprises the distribution and marketing of gasoline, ethanol, diesel, fuel oil, kerosene and natural gas for vehicles (NGV). In 2020, diesel represented 49% of the fuels distributed in Brazil, followed by gasoline, ethanol, NGV, fuel oils and kerosene, each of which represented 31%, 17%, 2%, 2% and less than 0.01%, respectively. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Growth in the fuel</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> distribution sector has been directly influenced by GDP growth rates and size of light vehicle fleet. GDP growth is the main driver for diesel volume, given that diesel in Brazil is highly used for buses, trucks and agricultural engines. The size of the light vehicle fleet influences the growth in the combined volumes of gasoline, ethanol and NGV, which are basically used for light vehicles. The growth in the size of the car fleet in turn, is highly correlated with credit availability and disposable income. In recent years, the economic recession has affected the credit availability and levels of disposable income in Brazil. See &#8220;Item 5.D. Operating and Financial Review and Prospects&#8212;Trend Information&#8221;. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In December </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">, credit in Brazil reached </font><font style="font-family: 'Times New Roman';">54%</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">of GDP, compared to </font><font style="font-family: 'Times New Roman';">48% in December 2019,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">47% in December 2018, 47% in December 2017, </font><font style="font-family: 'Times New Roman';">and </font><font style="font-family: 'Times New Roman';">49% in December 2016</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> Disposable income grew in Brazil in 2020, although</font><font style="font-family: 'Times New Roman';"> unemployment rates</font><font style="font-family: 'Times New Roman';"> remained high. As a result, sales of vehicles declined in 2020</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">According to ANFAVEA, approximately 2.</font><font style="font-family: 'Times New Roman';">0 </font><font style="font-family: 'Times New Roman';">million new </font><font style="font-family: 'Times New Roman';">light vehicles</font><font style="font-family: 'Times New Roman';"> were registered in Brazil in </font><font style="font-family: 'Times New Roman';">2020, a reduction</font><font style="font-family: 'Times New Roman';"> of </font><font style="font-family: 'Times New Roman';">26</font><font style="font-family: 'Times New Roman';">% compared to </font><font style="font-family: 'Times New Roman';">2019</font><font style="font-family: 'Times New Roman';">. The average </font><font style="font-family: 'Times New Roman';">light vehicle fleet </font><font style="font-family: 'Times New Roman';">increased by </font><font style="font-family: 'Times New Roman';">0</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">5</font><font style="font-family: 'Times New Roman';">% in </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">, reaching more than 43</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">million at the end of the year. </font><font style="font-family: 'Times New Roman';">Among</font><font style="font-family: 'Times New Roman';"> t</font><font style="font-family: 'Times New Roman';">he total vehicles sold in </font><font style="font-family: 'Times New Roman';">2020, 85</font><font style="font-family: 'Times New Roman';">% were flex</font><font style="font-family: 'Times New Roman';">-</font><font style="font-family: 'Times New Roman';">fuel</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">vehicles</font><font style="font-family: 'Times New Roman';">, which have engines adapted to operate using </font><font style="font-family: 'Times New Roman';">either</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">gasoline or ethanol, or by any combination of the two,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">3% were</font><font style="font-family: 'Times New Roman';"> gasoline-only fueled vehicles</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">11</font><font style="font-family: 'Times New Roman';">% were diesel</font><font style="font-family: 'Times New Roman';">-</font><font style="font-family: 'Times New Roman';">only and </font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">% were</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">electric</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">vehicles. Since the </font><font style="font-family: 'Times New Roman';">launch</font><font style="font-family: 'Times New Roman';"> of flex-fuel vehicles in Brazil in 2003, </font><font style="font-family: 'Times New Roman';">37 </font><font style="font-family: 'Times New Roman';">million </font><font style="font-family: 'Times New Roman';">flex-fuel cars were sold in Brazil.</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Moreover, recent changes to legislation and inspection in the fuel</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> distribution sector have helped to progressively curb unfair competition, creating a level playing field. These improvements should benefit the formal market by capturing the volume from the grey market. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">According to ANP, the distribution of fuels (gasoline, ethanol and diesel) is made mainly through three channels, as follows: </font></p>
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<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Service stations, which serve final retail consumers; </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Large consumers, mainly industries and fleets; and </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Retail&#8212;wholesale resellers&#8212;TRR, specialized resellers that distribute diesel to medium and small volume end-users.</font></li>
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<p style="margin: 0pt; font-size: 12pt; text-indent: 24.4pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The following chart shows the oil-derivative fuel distribution process in Brazil:</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following chart shows the ethanol distribution process in Brazil: </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 12pt;"><img src="imgkzcr324zwgi11451010.jpg" style="-aw-left-pos: 0pt; -aw-rel-hpos: column; -aw-rel-vpos: paragraph; -aw-top-pos: 0pt; -aw-wrap-type: inline;" alt="Image10"></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Distribution of oil-derivative products is carried out through an extensive network of primary and secondary storage terminals. Primary storage terminals are generally located near refineries and are used to store products to be sold to customers (service stations, large consumers and TRRs) and to be transported to secondary storage terminals. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 12pt;"><font style="width: 11.05pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Oil-derivative products are transported from refineries and port terminals to storage terminals via pipelines, coastal or river shipment and trucks. Transportation of oil-derivative products between primary and secondary storage terminals is provided by pipeline, railroads, trucks and coastal or river barges. Ethanol is transported from the many distilleries to primary and secondary storage bases by trucks and railroads. Delivery to service stations, large consumers and TRRs is made exclusively by trucks. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">All gasoline sold in Brazil must contain a certain proportion of anhydrous ethanol that can vary from 18% to 27%. Currently, the percentage of anhydrous ethanol mixed with gasoline is 27%. The Brazilian Sugar and Alcohol Interministerial Council (</font><font style="font-family: 'Times New Roman'; font-style: italic;">Conselho Interministerial do A&#231;&#250;car e &#193;lcool</font><font style="font-family: 'Times New Roman';">) establishes the percentage of anhydrous ethanol that must be used as an additive to gasoline (currently, at 27% in regular gasoline and 25% in additive/premium gasoline). </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Gasoline &#8220;A&#8221;, as it is known in its unmixed form, is mixed with anhydrous ethanol at primary storage terminals or at secondary storage terminals. Gasoline &#8220;A&#8221; mixed with anhydrous ethanol, forms gasoline &#8220;C&#8221;, which is delivered directly to service stations and large consumers by truck. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Since 2008, under the Biodiesel Program, distributors have been required to include a percentage of biodiesel in the volume of diesel sold, in order to reduce greenhouse gas emissions. In March 2016, the government enacted Law No.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">13,263, which increased the required percentage of biodiesel mix to diesel to 8% until March 2017. On October</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">29, 2018, the National Council of Energy Policy published CNPE 16/2018 Resolution authorizing ANP to increase the biodiesel mix requirement to 15% until 2023, subject to technical testing of engines. </font><font style="font-family: 'Times New Roman';">The percentage of biodiesel mix to diesel reached 12% in 2020 and increased to 13% in March 2021. </font><font style="font-family: 'Times New Roman';">As of February 5, 2021, there were 10</font><font style="font-family: 'Times New Roman';">3</font><font style="font-family: 'Times New Roman';"> fuel distributors</font><font style="font-family: 'Times New Roman';"> authorized by the ANP to operate in Brazil. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Supply. </font><font style="font-family: 'Times New Roman';">Petrobras is currently the only relevant domestic supplier of oil derivatives, accounting for 99% of Brazilian production. There are currently 19 oil refineries in Brazil, of which Petrobras owns 15. Petrobras&#8217;s total refining capacity in 2020 was</font><font style="font-family: 'Times New Roman';"> around</font><font style="font-family: 'Times New Roman';"> 280</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand cubic meters per day. Brazilian refineries are located predominantly in the Southeast, Northeast, and South regions of Brazil. </font><font style="font-family: 'Times New Roman';">The overall product yield for these refineries in </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';"> was 39% diesel, </font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">% gasoline, </font><font style="font-family: 'Times New Roman';">16</font><font style="font-family: 'Times New Roman';">% fuel oil, 7% LPG and </font><font style="font-family: 'Times New Roman';">18</font><font style="font-family: 'Times New Roman';">% other products, including naphtha. In </font><font style="font-family: 'Times New Roman';">2020, 79</font><font style="font-family: 'Times New Roman';">% of oil derivates was supplied by local refineries and the remaining </font><font style="font-family: 'Times New Roman';">21</font><font style="font-family: 'Times New Roman';">% was imported.</font><font style="font-family: 'Times New Roman';"> </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ethanol is purchased from various producers. In 2020, approximately 32.8</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million cubic meters of ethanol were produced, 31% of which was anhydrous ethanol and </font><font style="font-family: 'Times New Roman';">69%</font><font style="font-family: 'Times New Roman';"> was hydrated ethanol. Brazil&#8217;s supply of anhydrous and hydrated ethanol is seasonal and depends mostly on the sugarcane harvest. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Biodiesel is purchased from the many producers of biofuels in Brazil, and its main raw materials are tallow and soy seeds. As of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020, there were 49 biodiesel producers, located predominantly in the Midwestern region. Brazil&#8217;s biodiesel production in 2020 was 6.4</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">billion of liters. Since 2008, which was the first year of the Biodiesel Program, Petrobras has been required to purchase biofuels in auctions promoted by ANP and supply distributors with amounts of biodiesel corresponding to the proportional volume of diesel purchased. This policy aims to prevent distributors from selling diesel without including the minimum required amount of biodiesel.</font><font style="font-family: 'Times New Roman';"> </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">The role of the Brazilian government.</font><font style="font-family: 'Times New Roman';"> The Brazilian government has historically regulated the pricing of oil and oil-derivative products, ethanol, natural gas and electric energy. From 1990 onwards, the Brazilian oil and gas sector has been significantly deregulated. Until the adoption of the Petroleum Law, the Brazilian government maintained strict control over the prices that could be charged by (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">refineries to distributors, (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">distributors to service stations and other channels and (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">service stations to end-users. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Currently there is no legislation or regulation in force giving the Brazilian government power to set oil-derivative and ethanol fuel prices. However, given that Petrobras is a state-controlled company and the dominant supplier in this market, prices of oil-derivative fuels are still subject to indirect government influence, resulting in potential differences between international prices and domestic oil-derivative prices.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2016, a new pricing for gasoline and diesel was established with the objective of, among other aspects, controlling fluctuating prices according to international references on a monthly basis. Therefore, gasoline and diesel prices became directly influenced by the international prices and the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Real</font><font style="font-family: 'Times New Roman';">/U.S. dollar exchange rate. Under the new pricing dynamic, gasoline prices were reduced by 3.2% and 3.1% and increased by 8.1% in October, November and December 2016, respectively. On the same occasions, diesel prices were reduced by 2.7% and 10.4% and increased by</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">9.5%. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2017, the new price dynamic was updated in order to make daily price adjustments based on international references and the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Real</font><font style="font-family: 'Times New Roman';">/U.S. dollar exchange rates. Also, in 2017, Brazilian Government announced an increase in PIS and COFINS taxes for gasoline and diesel. On gasoline the taxes levied increased from R$381.6 to R$792.5 per cubic meter, while for diesel it jumped from R$248.0 to R$461.5 per cubic meter. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2018, fuel costs increased in Brazil as oil prices rose globally and the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Real</font><font style="font-family: 'Times New Roman';"> depreciated. </font><font style="font-family: 'Times New Roman';">Consequently</font><font style="font-family: 'Times New Roman';">, at the end of May 2018, the truck drivers started a nationwide strike claiming for a decrease on diesel prices, exemption from tolls on passages without goods, a legal reform among others demands. The strike caused fuels and other consumer goods shortages all over the country. Therefore, the Brazilian government reacted by establishing emergency measures, such as minimum freight price table, reduction of R$460 per cubic meter (or R$0.46 per liter) in diesel price, being R$160 per cubic meter (or R$0.16 per liter) in CIDE and PIS and COFINS tax exemptions and R$300 per cubic meter (or R$0.30 per liter) by the subvention program up to December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2018. Initially, prices were maintained for 60 days, and after this period, they were monthly adjusted according to a parametric formula established by the ANP. The program ended on December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2018. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2019, Petrobras returned to the previous adjustment policy according to the international market. Therefore, gasoline and diesel prices are set by Petrobras taking into account the international parity price, including international prices and the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Real</font><font style="font-family: 'Times New Roman';"> exchange rate, together with </font><font style="font-family: 'Times New Roman';">logistics costs and </font><font style="font-family: 'Times New Roman';">margins to </font><font style="font-family: 'Times New Roman';">compensate </font><font style="font-family: 'Times New Roman';">Petrobras for the risks inherent in its business. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2020, Petrobras maintained a price adjustment policy with international </font><font style="font-family: 'Times New Roman';">parity </font><font style="font-family: 'Times New Roman';">for diesel and gasoline. However, in the last months of 2020, the readjustments practiced by company had longer intervals and domestic prices remained below the international price parity.</font><font style="font-family: 'Times New Roman';"> In addition, gasoline and diesel sales prices</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">decreased 3% and 14%</font><font style="font-family: 'Times New Roman';"> in 2020</font><font style="font-family: 'Times New Roman';">, respectively, due to the significant volatility in the price of crude oil seen this year, as a result of the COVID-19 (See </font><font style="font-family: 'Times New Roman';">&#8220;Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">3.D. Key Information&#8212;Risk </font><font style="font-family: 'Times New Roman';">Factors&#8212;Risks Relating to Ultrapar and Its Industries&#8212;</font><font style="font-family: 'Times New Roman';">Our businesses may be materially and adversely affected by the outbreak of communicable diseases, such as the ongoing COVID-19 pandemic, or other epidemics or pandemics</font><font style="font-family: 'Times New Roman';">&#8221; , and &#8220;</font><font style="font-family: 'Times New Roman';">Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">5.A. Operating and Financial Review and Prospects&#8212; Operating Results &#8212; Impact of ongoing COVID-19 pandemic</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> In addition, in 2021, the Brazilian federal government, the controlling shareholder of Petrobras, called a general shareholders&#8217; meeting for the replacement of Roberto da Cunha Castello Branco by Joaquim Silva e Luna as Petrobras' CEO. </font><font style="font-family: 'Times New Roman';">After this announcement, o</font><font style="font-family: 'Times New Roman';">ther members of Petrobras' senior management </font><font style="font-family: 'Times New Roman';">resigned</font><font style="font-family: 'Times New Roman';">. Although media reports have suggested that the decision to replace Mr. Castello Branco was related to February 2021 announcement of increases in prices for diesel and gasoline products, it remains unclear how changes in Petrobras' senior management will impact its price adjustment policy for diesel and gasoline.</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following graphs show the price volatility of fuels acquired by the distributors from the refineries: </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Source: Petrobras </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ethanol prices are deregulated, being freely charged by the ethanol producers. In order to curb unfair competitive practices in the ethanol sales, some measures have been taken by the government, supported by Sindicom members. In January 2017, PIS and COFINS taxes for ethanol producers were reestablished at R$120 per cubic meter, without any corresponding credit. In July 2017, the Brazilian Government announced an increase in PIS and COFINS taxes for ethanol. For ethanol producers, taxes levied increased from R$120.0 to R$130.9 per cubic meter and for ethanol distributers went from zero to R$110.9 per cubic meter. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In accordance with the publication of Law No.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">11,097 </font><font style="font-family: 'Times New Roman';">in</font><font style="font-family: 'Times New Roman';"> 2005, the National Biodiesel Program (</font><font style="font-family: 'Times New Roman'; font-style: italic;">Programa Nacional de Biodiesel</font><font style="font-family: 'Times New Roman';">) was created. Since 2008, a certain amount of biodiesel has been required to be added to diesel. In addition, some changes were required in the distributors&#8217; facilities, as well as the restructuring of its logistics. In March 2016, the government enacted Law No.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">13,263, which increased the required percentage of biodiesel mix to diesel to 8% until March 2017, reaching 10% up to 2019. On October</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">29, 2018, the National Council of Energy Policy published CNPE 16/2018 Resolution authorizing the ANP to increase the biodiesel mix requirement to 15% until 2023, subject to technical testing of engines. </font><font style="font-family: 'Times New Roman'; font-size: 1pt;">&nbsp;</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">The role of Petrobras.</font><font style="font-family: 'Times New Roman';"> Since its establishment in 1953, Petrobras maintained a legal monopoly in the exploration, production, refining, importing and transporting of crude oil and oil products in Brazil and its continental waters. This monopoly was confirmed in</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Brazil&#8217;s federal constitution enacted in 1988. As a result, Petrobras has historically been the sole supplier of oil and oil-derivatives in</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Brazil. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 1995, Petrobras&#8217; monopoly was removed from the federal constitution by a constitutional amendment approved by the Brazilian Congress. According to this amendment, other state and private companies are permitted to compete against Petrobras in </font><font style="font-family: 'Times New Roman';">virtually all fields in which Petrobras operates. This amendment was also reflected in Law No.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">9,478, dated August</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">6, 1997, which limited Petrobras&#8217; monopoly to a maximum period of three years. Law No.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">9,478 prescribed that the termination of Petrobras&#8217; monopoly would be accompanied by the deregulation of oil, gas and oil-derivative product prices, and created a new regulatory agency, the ANP, to oversee all oil-related activities. However, in practice, Petrobras still remains basically the largest domestic oil-derivative supplier of oil and oil-related products, including naphtha, LPG and oil-derivative fuels in Brazil, even though there are no legal restrictions on the operations of other suppliers or to imports. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">From 1971 until 2019, Petrobras acted in the Brazilian fuel distribution market through its subsidiary BR. Since 2019, BR became a private company. BR is the leader in the fuel distribution market, with market share (for gasoline, ethanol and diesel) of 24.6% in 2020, according to ANP. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">With the discovery of the pre-salt reservoirs, the Brazilian government adopted a series of measures in the regulatory environment, establishing a new legal framework for the oil industry, which may result in a series of regulations, such as production-sharing and concession contracts, among others. This discovery may bring a new scenario for the sector, creating major investments and adaptations in infrastructure such as new refineries, highways, pipelines, platforms, ports and ships, among others. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">The role of the ANP.</font><font style="font-family: 'Times New Roman';"> The ANP is responsible for the control, supervision and implementation of the Brazilian government&#8217;s policies with respect to activities related to oil, natural gas and biofuels. The ANP regulates all aspects of the industry, from the exploration and/or production, transportation to the sale of these products, including product quality standards, to the minimum storage capacities required to be maintained by distributors with respect to oil and oil products in Brazil. Prior to 1999, there were no formal requirements imposed by the Brazilian government on the fuel distribution segment. Distributors were only required to register with the national department of fuels or the national Petroleum Agent or the National Agency prior to starting operations. The Resolution ANP No 58/2014 establishes that a fuel distributor, in order to operate in Brazil, must obtain an operating authorization and meet certain minimum requirements of operation, including: </font></p>
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<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">minimum paid-in capital of R$4,500,000.00; and </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">proof of financial capacity equivalent to expected volumes to be sold (proof of such capacity may include proof of ownership of assets, insurance or a bank guarantee). </font></li>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">ANP is also responsible for establishing the limits of oil-based fuel volume purchased by distributors based on their storage capacity. Fuel distributors are required to provide the ANP with monthly reports showing their previous month</font><font style="font-family: 'Times New Roman';">ly</font><font style="font-family: 'Times New Roman';"> sales. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Fuel distribution for service stations and large consumers must be carried out only by a registered distributor. TRRs are allowed to trade only diesel, lubricants and grease to small</font><font style="font-family: 'Times New Roman';">-</font><font style="font-family: 'Times New Roman';">end</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">consumers. Each distributor must provide </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">ANP with information regarding its contracted independent dealers on a monthly basis. The construction of storage facilities and approval for new retail sellers to operate is subject to the prior approval of the ANP. Service stations and storage facilities may only begin operations after ANP inspections. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Regulation</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> Distributors are prohibited from operating service stations, other than for training purposes or for the development and testing of new products and services, and therefore, service stations are operated by independent resellers. Three types of arrangements between distributors and service station operators are generally used in the fuels industry: (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the distributor owns land, equipment and buildings for a service station and leases to an operator, (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">a third party owns land, leases it to a distributor who constructs a service station facility or makes improvements to an existing facility and leases the station to an operator and (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the operator or a third party owns the land and constructs a service station facility or makes improvements to an existing facility, which is typically financed by the distributor (the most common practice in Brazil). Agreements between distributors and operators of service stations are generally exclusive for a given period. In exchange for being an exclusive reseller, the operator is granted the right to operate under the distributor&#8217;s brand name. The agreement might also include provisions related to the leasing of pumps and tanks, layout standards, training, quality control, technical and financial support, marketing and advertising support and franchises for complementary services, such as convenience stores (</font><font style="font-family: 'Times New Roman';">AmPm</font><font style="font-family: 'Times New Roman';">) and lubricant servicing franchises (Jet Oil). </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Sindicom is the association that represents the interests of major Brazilian fuel distributors, with its members </font><font style="font-family: 'Times New Roman';">accounting for</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">6</font><font style="font-family: 'Times New Roman';">4.3</font><font style="font-family: 'Times New Roman';">% of the Brazilian fuel market in 2020. The association was formed in 1941 and its primary purpose is to promote uniform standards for industry regulation and to provide a forum in which members can discuss matters affecting the industry. Sindicom represents its members in discussions </font><font style="font-family: 'Times New Roman';">before </font><font style="font-family: 'Times New Roman';">federal and state governmental bodies and presents its members perspectives on relevant laws and regulations, including those relating to taxation, operations, industrial and occupational safety and environmental protection. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">During the 1990s, when the process of deregulation began in the fuel distribution sector in Brazil, a number of parties entered the market with a business model based on cost advantages derived from anticompetitive practices through fuel adulteration and tax evasion, including (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">diluting gasoline by mixing solvents or adding anhydrous ethanol in an amount greater than the permitted by applicable law (anhydrous ethanol has its taxation incorporated into gasoline &#8220;A&#8221; and is historically cheaper than gasoline), (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">non-payment of federal taxes on fuels, taxes on gross revenues and state value-added taxes and (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">selling </font><font style="font-family: 'Times New Roman';">anhydrous ethanol mixed with water as hydrated ethanol. Such practices have enabled these players, all of them non-Sindicom distributors, to increase their market share by charging artificially lower prices also based on artificially lower costs. Sindicom distributors, including Ipiranga, have taken, individually and collectively, a number of actions targeted at reducing or eliminating the effects of these anticompetitive and illegal practices.&nbsp;</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Among the actions taken were: (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">significant interaction with the Brazilian judiciary, including holding seminars for judges and prosecutors concerning the problems facing the industry and directly participating in tax litigation involving distributors that are not Sindicom members, (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">sponsorship of the development of a chemical coloring solvent that is added to anhydrous ethanol, in order to prevent the addition of water (and later to be sold as hydrated ethanol), (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">support of ANP resolution that restricts the sale of hydrated ethanol by producers to distributors and prohibits sales by producers to resellers or end-consumers; (iv)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">support of ANP resolution that forbids distributors to sell fuels to resellers operating under another brand, except for white-flag dealers, who operate without a brand; (v)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">contribution to the development of CODIF, a system that electronically controls the collection of value-added taxes on fuel sales, (vi)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">support in the implementation of electronic invoices at the federal level, concluded in 2008, (vii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">support for ANP regulation which established brand definition and the obligation of disclosing the origin of the fuels in order to inhibit certain distributors from using a fake brand (known as cloned stations); and (viii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the suggestion of several other measures, supported by ANP, including focusing the collection of PIS and COFINS on distilleries and the installation of flow meters, which were included in Law No.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">11,727/2008. As a result of these efforts, the more regulated market </font><font style="font-family: 'Times New Roman';">has contributed</font><font style="font-family: 'Times New Roman';"> to the weakening of the business model of lower prices based on artificially lower costs and unfair practices, creating a level playing field and increasing sales volume of the formal market.&nbsp;</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Environmental, health and safety standards.</font><font style="font-family: 'Times New Roman';"> Fuel distributors are subject to Brazilian federal, state and local laws and regulations relating to environmental protection, safety and occupational health and safety licensing by the fire department and transportation. The CONAMA is the principal responsible for ruling and accepting matters with respect to the environment. Environmental state agencies and municipal departments are also responsible for establishing and supervising complementary laws and regulations within its areas of operation. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Fuel distributors must obtain authorizations and/or licenses from federal, state and/or municipal environmental agencies and fire departments to implement and operate their facilities. They are required to develop programs to control air and water pollution and hazardous waste. Emergency plans for its plants and headquarters, involving communities, public companies and other private companies must also be implemented. Additionally, fuel distributors must also comply with laws from the Ministry of Economy, which prescribes occupational health and safety standards. To maintain a safe and healthy workplace, companies must carry out comprehensive occupational health and safety programs. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Fuels may be transported only under special conditions. In Brazil, transportation of dangerous products is regulated, and the regulations cover all modes of transport.&nbsp;</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Decarbonization credits.</font><font style="font-family: 'Times New Roman';"> The RenovaBio Program </font><font style="font-family: 'Times New Roman';">wa</font><font style="font-family: 'Times New Roman';">s designed to support Brazil&#8217;s COP21 goals and was launched in 2016 by the Ministry of Mines and Energy (MME), instituted as the &#8220;National Biofuels Policy&#8221;. RenovaBio</font><font style="font-family: 'Times New Roman';">&#8217;s goal</font><font style="font-family: 'Times New Roman';"> is to reduce carbon emissions and encourage the consumption and production of biofuels in Brazil, contributing to a higher share of renewable fuels of Brazil&#8217;s energy matrix. This program foresees that biofuel producers will generate CBIO&#8217;s (biofuel decarbonization credit) in an amount related to the volume produced, and distributors receives decarbonization targets according to the volume of oil products sold, to their share of</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: sub;"> </font><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman';">CO2 emissions in gasoline and diesel, and then they are required to acquire CBIO&#8217;s to achieve those targets. The CBIO acquired are recorded at acquisition cost and are retired in the year to fulfill the individual target set by </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">ANP.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In December 2019, the Renova</font><font style="font-family: 'Times New Roman';">B</font><font style="font-family: 'Times New Roman';">io </font><font style="font-family: 'Times New Roman';">P</font><font style="font-family: 'Times New Roman';">rogram </font><font style="font-family: 'Times New Roman';">was fully implemented</font><font style="font-family: 'Times New Roman';">. Despite coming into effect in 2019, Ipiranga was not required to buy CBIOs that year as the target for 2019 was required to be purchased in 2020. In 2020, the </font><font style="font-family: 'Times New Roman';">total target </font><font style="font-family: 'Times New Roman';">pursuant to</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">RenovaBio Program</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">was 14.5 million CBIOs, and Ipiranga </font><font style="font-family: 'Times New Roman';">acquired 2.9 million CBIOs, </font><font style="font-family: 'Times New Roman';">in connection with </font><font style="font-family: 'Times New Roman';">its</font><font style="font-family: 'Times New Roman';"> own</font><font style="font-family: 'Times New Roman';"> individual target </font><font style="font-family: 'Times New Roman';">under</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">RenovaBio Program.</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>81</font></font></td>
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<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Ipiranga </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ipiranga was established in 1937 and is one of the largest fuel distributors in Brazil</font><font style="font-family: 'Times New Roman';">, with </font><font style="font-family: 'Times New Roman';">18.5</font><font style="font-family: 'Times New Roman';">% </font><font style="font-family: 'Times New Roman';">market share in terms of sales volume in</font><font style="font-family: 'Times New Roman';"> ethanol, gasoline and diesel in</font><font style="font-family: 'Times New Roman';"> 2020, according to ANP. Ipiranga distributes diesel, gasoline, ethanol, NGV, fuel oil, kerosene, ARLA 32 (liquid agent to reduce nitrogen oxides emissions from heavy vehicles), lubricants and greases nationwide through its network of </font><font style="font-family: 'Times New Roman';">7,</font><font style="font-family: 'Times New Roman';">107</font><font style="font-family: 'Times New Roman';"> service stations and </font><font style="font-family: 'Times New Roman';">85</font><font style="font-family: 'Times New Roman';"> storage terminals as of December</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">31, </font><font style="font-family: 'Times New Roman';">2020.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ipiranga has implemented a differentiation strategy by offering a broad range of products and services throughout its service station network. This strategy has led to a significant and growing convenience store business, branded </font><font style="font-family: 'Times New Roman';">AmPm</font><font style="font-family: 'Times New Roman';">, including the expansion of the bakery network and private label products under the same brand, as well as lubricant servicing businesses, Jet Oil and the consolidation of other related products and services. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ipiranga </font><font style="font-family: 'Times New Roman';">conducts its commercial operations through </font><font style="font-family: 'Times New Roman';">four business </font><font style="font-family: 'Times New Roman';">units, as follows:</font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Network</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> of Service Stations</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">- fuel distribution through retail service stations;</font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Business to </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">B</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">usiness </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">- large consumers and TRRs; </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">AmPm</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> - convenience store; </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">a</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">nd</font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Jet Oil - oil exchange service centers.</font></li>
</ul>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10.5pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: spaces;">&nbsp;</font><font style="width: 8.55pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">In 2016, Ipiranga entered into a joint-venture agreement with Chevron to create a new company in the lubricants business, Iconic, of which Ipiranga and Chevron hold 56% and 44% respectively. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">The operation began</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">in the end of</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> 2017. The JV combines two complementary and experienced companies in this business, aiming at value creation by sharing best practices and strengthening its position in the competitive Brazilian lubricants market. The combination of the two businesses increases the capillarity of the sales channels in Brazil through Ipiranga&#8217;s network, as well as through Ipiranga&#8217;s and Chevron&#8217;s lubricant distributors network. Currently, Iconic serves more than </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">100</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> thousand</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> customers among industries, retail and large consumers</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in Brazil through </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">more than 30</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> authorized distributors. The company operates three </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">plants</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, two in the state of Rio de Janeiro and one in S&#227;o Paulo. Iconic sells lubricants, greases and coolants under Ipiranga and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Texaco</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> brands. For the year ended December</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">31, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">2020, Iconic's</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> sales volume was </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">approximately</font><font style="font-family: 'Times New Roman'; color: #202124; background-color: #ffffff;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">2</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">67 </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">thousand cubic meters. </font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Fuel distribution </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ipiranga operates in the retail segment of the fuel distribution market through a network of service stations operating under the Ipiranga brand throughout Brazil. Sales volume from service stations network accounted for 7</font><font style="font-family: 'Times New Roman';">5</font><font style="font-family: 'Times New Roman';">% of total sales in</font><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> Ipiranga also operates in the business-to-business (B2B) segment with more than </font><font style="font-family: 'Times New Roman';">five thousand</font><font style="font-family: 'Times New Roman';"> customers</font><font style="font-family: 'Times New Roman';">, such as state and municipal governments, industries and cargo </font><font style="font-family: 'Times New Roman';">and passenger transportation fleet owners</font><font style="font-family: 'Times New Roman';">. Distribution to B2B </font><font style="font-family: 'Times New Roman';">accounted for 2</font><font style="font-family: 'Times New Roman';">5</font><font style="font-family: 'Times New Roman';">% of </font><font style="font-family: 'Times New Roman';">Ipiranga's</font><font style="font-family: 'Times New Roman';"> sales in </font><font style="font-family: 'Times New Roman';">2020.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">the fuel volume sold by Ipiranga decreased </font><font style="font-family: 'Times New Roman';">8</font><font style="font-family: 'Times New Roman';">.7</font><font style="font-family: 'Times New Roman';">%, </font><font style="font-family: 'Times New Roman';">with sales volume of diesel decreasing </font><font style="font-family: 'Times New Roman';">3.</font><font style="font-family: 'Times New Roman';">2%. The</font><font style="font-family: 'Times New Roman';"> volume of gasoline, ethanol and </font><font style="font-family: 'Times New Roman';">NGV</font><font style="font-family: 'Times New Roman';"> was</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">14.3% lower compared to the previous</font><font style="font-family: 'Times New Roman';"> year</font><font style="font-family: 'Times New Roman';">, with a reduction of 13.1%, 16.0% and 24.3% in gasoline, ethanol and NGV, respectively.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The table below shows Ipiranga&#8217;s sales of fuels by products: </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.8365%; margin-left: auto; margin-right: auto; height: 131px;" width="100%">

<tr style="height: 10px;">
<td style="height: 10px;">
<p>&nbsp;</p>
</td>
<td colspan="5" style="height: 10px;">
<p style="text-align: center;"><font style="font-size: 8pt; font-weight: bold;">The year ended December 31,</font><font style="font-size: 8pt; font-weight: bold;">&nbsp;</font></p>
</td>
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<p><font style="font-size: 8pt; font-weight: bold;">2020</font></p>
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<td style="text-align: center; height: 10px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000;">
<p><font style="font-size: 8pt; font-weight: bold;">2019</font></p>
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<td style="text-align: center; height: 10px; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000;"><br></td>
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<p><font style="font-size: 8pt; font-weight: bold;">2018</font><font style="font-size: 8pt; font-weight: bold;">&nbsp;</font></p>
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<td style="text-align: center; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;"><br></td>
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<p>&nbsp;</p>
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<td colspan="5" style="height: 10px;">
<p style="text-align: center;"><font style="font-size: 8pt; font-weight: bold;">(in thousand cubic meters)</font></p>
</td>
<td><br></td>
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<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff; width: 71%;">
<p>Diesel</p>
</td>
<td style="text-align: center; height: 17px; background-color: #cceeff; width: 8%;">
<p>&nbsp;11,164.2&nbsp;</p>
</td>
<td style="text-align: center; height: 17px; background-color: #cceeff; width: 2%;"><br></td>
<td style="text-align: center; height: 17px; background-color: #cceeff; width: 8%;">
<p>&nbsp;11,533.3&nbsp;</p>
</td>
<td style="text-align: center; height: 17px; background-color: #cceeff; width: 2%;"><br></td>
<td style="text-align: center; height: 17px; background-color: #cceeff; width: 8%;">
<p>&nbsp;11,964.5&nbsp;</p>
</td>
<td style="text-align: center; background-color: #cceeff; width: 1%;"><br></td>
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<tr style="height: 17px;">
<td style="height: 17px;">
<p>Gasoline</p>
</td>
<td style="text-align: center; height: 17px;">
<p style="text-align: center;">&nbsp;6,417.2</p>
</td>
<td style="text-align: center; height: 17px;"><br></td>
<td style="text-align: center; height: 17px;">
<p>&nbsp;7,380.8&nbsp;</p>
</td>
<td style="text-align: center; height: 17px;"><br></td>
<td style="text-align: center; height: 17px;">
<p>&nbsp;7,589.0</p>
</td>
<td style="text-align: center;"><br></td>
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<td style="height: 17px; background-color: #cceeff;">
<p>Ethanol</p>
</td>
<td style="text-align: center; height: 17px; background-color: #cceeff;">
<p>&nbsp;3,247.4&nbsp;</p>
</td>
<td style="text-align: center; height: 17px; background-color: #cceeff;"><br></td>
<td style="text-align: center; height: 17px; background-color: #cceeff;">
<p>&nbsp;3,864.7&nbsp;</p>
</td>
<td style="text-align: center; height: 17px; background-color: #cceeff;"><br></td>
<td style="text-align: center; height: 17px; background-color: #cceeff;">
<p>&nbsp;3,375.5</p>
</td>
<td style="text-align: center; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>Lubricants</p>
</td>
<td style="text-align: center; height: 17px;">
<p>266.7</p>
</td>
<td style="text-align: center; height: 17px;"><br></td>
<td style="text-align: center; height: 17px;">
<p>&nbsp;279.8</p>
</td>
<td style="text-align: center; height: 17px;"><br></td>
<td style="text-align: center; height: 17px;">
<p>&nbsp;292.4</p>
</td>
<td style="text-align: center;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p>Others<sup>(1)</sup></p>
</td>
<td style="text-align: center; height: 17px; background-color: #cceeff;">
<p>&nbsp;365.5</p>
</td>
<td style="text-align: center; height: 17px; background-color: #cceeff;"><br></td>
<td style="text-align: center; height: 17px; background-color: #cceeff;">
<p>&nbsp;435.6</p>
</td>
<td style="text-align: center; height: 17px; background-color: #cceeff;"><br></td>
<td style="text-align: center; height: 17px; background-color: #cceeff;">
<p>&nbsp;458.2</p>
</td>
<td style="text-align: center; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 16px;">
<td style="height: 16px;">
<p><font style="font-weight: bold;">Total volume sold</font></p>
</td>
<td style="text-align: center; height: 16px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000;">
<p><font style="font-weight: bold;">&nbsp;21,461.0&nbsp;</font></p>
</td>
<td style="text-align: center; height: 16px;"><br></td>
<td style="text-align: center; height: 16px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000;">
<p><font style="font-weight: bold;">&nbsp;23,494.1&nbsp;</font></p>
</td>
<td style="text-align: center; height: 16px;"><br></td>
<td style="text-align: center; height: 16px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000;">
<p><font style="font-weight: bold;">23,679.6&nbsp;</font></p>
</td>
<td style="text-align: center;"><br></td>
</tr>

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<td style="width: 90%;"><br></td>
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<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><font style="font-size: 8pt;"><font style="font-family: 'Times New Roman'; vertical-align: super;"><sub>(1)</sub> </font><font style="width: 8.44pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Includes NGV, fuel oil, kerosene and ARLA</font><font style="font-family: 'Times New Roman';"> 32</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';"><br></font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>82</font></font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><font style="font-size: 10pt;"><a href="#TOC">Table of Contents</a></font></div>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Network of Service Stations</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">.</font><font style="font-family: 'Times New Roman';"> Responsible</font><font style="font-family: 'Times New Roman';"> for </font><font style="font-family: 'Times New Roman';">7</font><font style="font-family: 'Times New Roman';">5</font><font style="font-family: 'Times New Roman';">% of total sales in </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">the retail segment of the fuel distribution market has a network of 7,</font><font style="font-family: 'Times New Roman';">107</font><font style="font-family: 'Times New Roman';"> service stations operating under the Ipiranga brand throughout Brazil.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">, Ipiranga prioritized the return on investment (ROI) in its service </font><font style="font-family: 'Times New Roman';">station</font><font style="font-family: 'Times New Roman';"> assets, </font><font style="font-family: 'Times New Roman';">targeting new service stations with higher </font><font style="font-family: 'Times New Roman';">return </font><font style="font-family: 'Times New Roman';">potential, </font><font style="font-family: 'Times New Roman';">which resulted in </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">increase</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">of </font><font style="font-family: 'Times New Roman';">17</font><font style="font-family: 'Times New Roman';"> stations in its network during the year. As of December</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">31, </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">, there were 7,</font><font style="font-family: 'Times New Roman';">107</font><font style="font-family: 'Times New Roman';"> service stations,</font><font style="font-family: 'Times New Roman';"> of which</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">902</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">had the land either owned by Ipiranga or under a long-term lease to Ipiranga and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">6,</font><font style="font-family: 'Times New Roman';">205</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">owned by third parties</font><font style="font-family: 'Times New Roman';">. In </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">, 90% of these service stations were located in urban areas, with the remaining 10% located </font><font style="font-family: 'Times New Roman';">on</font><font style="font-family: 'Times New Roman';"> highways.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ipiranga generally enters into three types of arrangements with resellers in which: (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Ipiranga owns the land, the service station and its equipment and leases it to an operator, (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">a third party owns the land and leases it to Ipiranga and it constructs a service station facility or make improvements to an existing facility and further leases the station to an operator and (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the operator or a third party owns the land and constructs a service station facility or makes improvements to an existing facility that is typically financed by Ipiranga. Under the terms of the contracts and in accordance with applicable law, each reseller operating under Ipiranga&#8217;s brand must purchase fuels exclusively from us. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ipiranga has created incentive programs over the years in order to strengthen brand loyalty and its relationship with its resellers&#8217; network, in order to differentiate itself from its competitors. These incentive programs include annual rewards to its </font><font style="font-family: 'Times New Roman';">resellers, such as international trips through the relationship program </font><font style="font-family: 'Times New Roman'; font-style: italic;">Clube do Milh&#227;o</font><font style="font-family: 'Times New Roman';"> (Million Club), upon the accomplishment of pre-established goals. Ipiranga also establishes relationship programs with resellers&#8217; employees, such as </font><font style="font-family: 'Times New Roman'; font-style: italic;">Clube Vip</font><font style="font-family: 'Times New Roman';"> (VIP Club), to encourage the sale of added-value products and services, including credit cards, such as </font><font style="font-family: 'Times New Roman'; font-style: italic;">Cart&#227;o Ipiranga</font><font style="font-family: 'Times New Roman';"> (Ipiranga private label credit card), </font><font style="font-family: 'Times New Roman'; font-style: italic;">Cart&#227;o Ipiranga Carbono Zero</font><font style="font-family: 'Times New Roman';"> (Ipiranga Zero Carbon Card), premium gasoline and lubricants. Training programs are provided to these employees focusing on developing their knowledge about the business and their capacity for selling products and services. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">B2B.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> </font><font style="font-family: 'Times New Roman';">Ipiranga operates in the B2B segment with more than five thousand clients, such as state and municipal governments, industries and cargo and passenger transportation fleet owners. In 2020, Ipiranga&#8217;s ten largest clients in B2B segment accounted for 16% of its revenue and no single customer accounted for more than 4%. Distribution to B2B represented 2</font><font style="font-family: 'Times New Roman';">5</font><font style="font-family: 'Times New Roman';">% of Ipiranga&#8217;s sales in 2020. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; font-style: italic;">Contracts.</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">The relationship between Ipiranga and its clients is generally governed by exclusive supply contracts with terms ranging from 1 to 5 years. The types of contracts change according to the distribution channel. For service stations,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">contracts usually have terms of 3 to 5 years. Our commercial strategy includes the concession of bonuses agreements, which can be paid upfront (received on the signing of the contract) and/or post-paid (through the achievement of certain targets defined in contract). For the B2B segment, Ipiranga sell</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">s</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> fuels in the spot market or under exclusive supply contracts, with the terms ranging from 1 to 3 years on average. Ipiranga has been working to increase the percentage of supply of fuels in the B2B segment under exclusive supply contracts by providing additional services and generating value to its clients.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Distribution infrastructure.</font><font style="font-family: 'Times New Roman';"> Ipiranga operated through </font><font style="font-family: 'Times New Roman';">85</font><font style="font-family: 'Times New Roman';"> storage terminals as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';"> that were strategically located to facilitate fast and efficient delivery of its products. There are two types of facilities: primary storage terminals, generally located near the coast and major cities, which are supplied by refineries through pipelines, and secondary storage terminals, which are mainly located inland, and are supplied by primary terminals by railroad or through road transportation for locations not accessible by railroad. Ethanol is supplied to the terminals mostly by road.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ipiranga has its own fleet of trucks through its transportation company, Tropical, which was responsible for transporting 32% of the volume of fuels sold by Ipiranga in 2020, with the remaining portion of the transportation provided by third parties.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Supply of fuels.</font><font style="font-family: 'Times New Roman';"> Currently, Ipiranga and its competitors purchase the majority of oil-derivative fuels from Petrobras under a formal supply contract that establishes the volume and the terms of supply. The contract with Petrobras is renewed annually and the volume contracted is based on the volume estimated for the year. The procedures for ordering and purchasing fuels from Petrobras are generally common to all distributors, including Ipiranga. There have been no significant interruptions in the supply of fuels by Petrobras to the distributors, except for an interruption in 1995 due to a 15-day strike by Petrobras employees. </font><font style="font-family: 'Times New Roman';">In </font><font style="font-family: 'Times New Roman';">2020, 79</font><font style="font-family: 'Times New Roman';">% of oil derivates was supplied by local refineries and the remaining </font><font style="font-family: 'Times New Roman';">21</font><font style="font-family: 'Times New Roman';">% was imported.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The ethanol fuel market in Brazil consists of corn and sugarcane mills, producing sugar, ethanol and Dried Distillers Grains (DDG). Ethanol production from sugarcane occurs approximately eight months per year and ethanol from corn runs through the whole year. A portion of the production is stored in the distilleries to meet demand during the inter-harvest season. Distilleries produce two types of ethanol: (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">anhydrous ethanol, which must be blended with gasoline and (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">hydrated ethanol, which is essentially used for flex fuel vehicles. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ethanol in Brazil is substantially based on sugarcane that can either be used to produce ethanol or sugar. </font><font style="font-family: 'Times New Roman';">As of December </font><font style="font-family: 'Times New Roman';">31, </font><font style="font-family: 'Times New Roman';">202</font><font style="font-family: 'Times New Roman';">0</font><font style="font-family: 'Times New Roman';">, t</font><font style="font-family: 'Times New Roman';">here </font><font style="font-family: 'Times New Roman';">were</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">359</font><font style="font-family: 'Times New Roman';"> ethanol production facility, concentrated mainly in the Southeast and Midwest regions. From an ethanol producer&#8217;s perspective, the production ratio between ethanol and sugar is determined based on the respective prices of ethanol in the Brazilian market and of sugar in the international markets, such choice being fundamental for leveraging the profitability of their plant. Although ethanol production is subject to favorable climate conditions, the risk of interruptions in supply is primarily confined to the end of the harvest. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ethanol producers have been investing in production capacity based on higher fuel consumption and prices, also encouraged by the Brazilian decarbonization program, RenovaBio. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Storage of fuels.</font><font style="font-family: 'Times New Roman';"> Ipiranga stores its fuels in large tanks at each of its facilities located throughout the regions in which it operates. Primary facilities receive fuels directly from Petrobras by pipeline and from distilleries by railroad and road transportation, while secondary facilities are supplied by railroad and trucks. See &#8220;Item 4.D. Information on the Company&#8212;Property, Plant and Equipment&#8221;. In 2020, </font><font style="font-family: 'Times New Roman';">Ipiranga&#8217;s storage capacity was </font><font style="font-family: 'Times New Roman';">852.2 </font><font style="font-family: 'Times New Roman';">thousand cubic meters</font><font style="font-family: 'Times New Roman';">. Based on its 2020 average sales, Ipiranga can store approximately eleven days of fuel supply. Accordingly, an interruption in the production of oil-based fuels for longer than that time period could result in shortages, such as the one that occurred during the Petrobras strike in 1995. See &#8220;&#8212;The role of Brazilian government&#8221;.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In March 2019, Ipiranga was awarded the concession of specific areas in Vit&#243;ria (ES) and Cabedelo (PB) through the consortia Navegantes</font><font style="font-family: 'Times New Roman';"> and Nordeste</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">respectively, </font><font style="font-family: 'Times New Roman';">in which Ipiranga holds one third of the total participation, together with BR and Ra&#237;zen. The concessions require the consortia to build and operate a minimum storage capacity for the Nordeste consortium of 45</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand cubic meters at the start of operations, currently expected to 2021, and after two years expanding to a total of 64 </font><font style="font-family: 'Times New Roman';">thousand cubic meters, while the minimum storage capacity of the Navegantes consortium is 66</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand cubic meters, with initial operation currently expected during 2023. In April 2019, Ipiranga won two concessions in the port of Miramar, in Bel&#233;m (PA): (i) area BEL02A, through a consortium 50% owned by Ipiranga and 50% owned by Ra&#237;zen, with a minimum storage capacity of 16.7</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand cubic meters at the start of operations and after two years expanding to a total of 49 thousand cubic meters, and (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">area BEL04A, which is currently operated by Ipiranga, therefore maintaining its operation in the region, with minimum storage capacity of 23</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand cubic meters. These were strategic moves for Ipiranga, which improves logistics efficiency of fuels distribution through its own storage capacity and contributes to better quality services in the respective regions.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">AmPm</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"> </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">AmPm</font><font style="font-family: 'Times New Roman';"> convenience store is the</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">fifth</font><font style="font-family: 'Times New Roman';"> largest franchise network in the country, according to ABF&#8217;s (Brazilian franchising association) ranking</font><font style="font-family: 'Times New Roman';"> in 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> with </font><font style="font-family: 'Times New Roman';">1,804</font><font style="font-family: 'Times New Roman';"> stores, a penetration of </font><font style="font-family: 'Times New Roman';">25</font><font style="font-family: 'Times New Roman';">% in the total service stations as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Through its </font><font style="font-family: 'Times New Roman';">AmPm</font><font style="font-family: 'Times New Roman';"> convenience stores, Ipiranga has been developing initiatives to increase product offerings. In 2010, we announced the launch of private label products, including energy drinks and snacks, and the expansion of the </font><font style="font-family: 'Times New Roman';">AmPm</font><font style="font-family: 'Times New Roman';"> bakeries, providing to resellers an additional source of income, as well as strengthening the </font><font style="font-family: 'Times New Roman';">AmPm</font><font style="font-family: 'Times New Roman';"> brand. </font><font style="font-family: 'Times New Roman';">In 2020</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">we expanded</font><font style="font-family: 'Times New Roman';"> the bakery foodservice mix and items related to grocery, health and beauty care categories</font><font style="font-family: 'Times New Roman';">, following our new product mix management policy</font><font style="font-family: 'Times New Roman';">. The AmPm private label portfolio </font><font style="font-family: 'Times New Roman';">is also under ongoing review to create</font><font style="font-family: 'Times New Roman';"> new premium product lines with </font><font style="font-family: 'Times New Roman';">higher </font><font style="font-family: 'Times New Roman';">value for customers and differentiated margins for franchisees.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">With nationwide presence, our bakeries serve fresh products</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> such as bread, coffee, snacks and hot meals through more than 1</font><font style="font-family: 'Times New Roman';">5</font><font style="font-family: 'Times New Roman';">0 items, including </font><font style="font-family: 'Times New Roman';">AmPm</font><font style="font-family: 'Times New Roman';"> branded products. A convenience store with a bakery has the potential to increase revenues by 100% compared to a regular </font><font style="font-family: 'Times New Roman';">AmPm</font><font style="font-family: 'Times New Roman';"> by offering more products of daily consumption and increasing the flow of costumers in the store. Ipiranga ended </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';"> with </font><font style="font-family: 'Times New Roman';">810</font><font style="font-family: 'Times New Roman';"> bakeries. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2014, Ipiranga launched a new beer purchase experience through its Beer Cave, which is a walk-in refrigerated </font><font style="font-family: 'Times New Roman';">area </font><font style="font-family: 'Times New Roman';">that stores more than 100 </font><font style="font-family: 'Times New Roman';">premium </font><font style="font-family: 'Times New Roman';">brands of beer. Ipiranga ended </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';"> with </font><font style="font-family: 'Times New Roman';">480</font><font style="font-family: 'Times New Roman';"> Beer Caves. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In order to strengthen the </font><font style="font-family: 'Times New Roman';">AmPm</font><font style="font-family: 'Times New Roman';"> convenience stores&#8217; product offerings and operations, Ipiranga launched in 2014 its own supply solution. The </font><font style="font-family: 'Times New Roman'; font-style: italic;">AmPm</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Suprimentos</font><font style="font-family: 'Times New Roman';"> concentrates logistics, sales and customer service of the convenience store main products in just one structure &#8211; </font><font style="font-family: 'Times New Roman';">covering </font><font style="font-family: 'Times New Roman';">42</font><font style="font-family: 'Times New Roman';">% of the products basket and serving approximately 1.4</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand stores</font><font style="font-family: 'Times New Roman';">. This initiative aims to streamline the </font><font style="font-family: 'Times New Roman';">AmPm</font><font style="font-family: 'Times New Roman';"> convenience store&#8217;s operation, increase the competitiveness of franchisees and ensure higher-quality product range and higher standardization of products assortment and availability. </font><font style="font-family: 'Times New Roman';">This model allows the entry of a wider range of suppliers, who are unable to deliver to each store individually, and eliminates the effort required for franchisees to keep their stores stocked.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">At the end of </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman'; font-style: italic;">AmPm</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Suprimentos</font><font style="font-family: 'Times New Roman';"> operated four distribution centers located in Rio de Janeiro, S&#227;o Paulo, Paran&#225; and Rio Grande do Sul states, which supply the stores in those states with the main categories of products, except tobacco and ice cream. </font></p>
<p style="margin-top: 10pt; margin-bottom: 5pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ipiranga presented in S&#227;o Paulo new configurations of the </font><font style="font-family: 'Times New Roman';">AmPm</font><font style="font-family: 'Times New Roman';"> store concept in 2015</font><font style="font-family: 'Times New Roman';">, called AmPm Super Store from 300</font><font style="font-family: 'Times New Roman';"> m</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: super;">2</font><font style="font-family: 'Times New Roman';"> to 600 m</font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: super;">2</font><font style="font-family: 'Times New Roman';">, with a</font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';"> extended mix of products.</font><font style="font-family: 'Times New Roman';"> The new </font><font style="font-family: 'Times New Roman';">AmPm</font><font style="font-family: 'Times New Roman';"> store models increase the options for complementary revenues to resellers. As of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">, there were 5 stores with these new concepts installed in the states of Santa Catarina, </font><font style="font-family: 'Times New Roman';">Paran&#225;, </font><font style="font-family: 'Times New Roman';">S&#227;o Paulo and Rio de Janeiro. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In September 2020, a new criteri</font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';"> was adopted for franchises write-off</font><font style="font-family: 'Times New Roman';">s. We began to write off</font><font style="font-family: 'Times New Roman';"> franchises that have</font><font style="font-family: 'Times New Roman';"> not</font><font style="font-family: 'Times New Roman';"> been </font><font style="font-family: 'Times New Roman';">operating</font><font style="font-family: 'Times New Roman';"> for at least 6 months</font><font style="font-family: 'Times New Roman';">, franchises that formally ceased operations as agreed with us</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">or franchises that are located on sites that are</font><font style="font-family: 'Times New Roman';"> no longer an Ipiranga branded service station. </font><font style="font-family: 'Times New Roman';">We also</font><font style="font-family: 'Times New Roman';"> promoted a significant evolution in our physical store concept, removing the AmPm brand from stores that we</font><font style="font-family: 'Times New Roman';"> believe were no longer</font><font style="font-family: 'Times New Roman';"> suitable for this new </font><font style="font-family: 'Times New Roman';">o</font><font style="font-family: 'Times New Roman';">mnichannel model for structural or operational reasons.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In order to expand our franchise network, we also started operating our own AmPm stores. As of December 31, 2020, we already owned 55 AmPm units. AmPm's company-owned operation are intended to (i) strengthen the franchise model, (ii) achieve operational excellence, (iii) boost the profit of the business model, (iv) test the business model, and (v) work as a transitional operation model when franchisees withdraw or until we believe the franchise model is sufficient to lead to critical mass and turnover in the region where own stores are located</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The company-operated stores ha</font><font style="font-family: 'Times New Roman';">ve</font><font style="font-family: 'Times New Roman';"> a management model </font><font style="font-family: 'Times New Roman';">focused on</font><font style="font-family: 'Times New Roman';"> business results, efficient management controls and a specialized team with experience in retail management.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">The location choices are </font><font style="font-family: 'Times New Roman';">determined </font><font style="font-family: 'Times New Roman';">by an expansion committee </font><font style="font-family: 'Times New Roman';">that</font><font style="font-family: 'Times New Roman';"> analyze</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> the trade with indicators</font><font style="font-family: 'Times New Roman';"> and</font><font style="font-family: 'Times New Roman';"> decide </font><font style="font-family: 'Times New Roman';">whether</font><font style="font-family: 'Times New Roman';"> to go ahead with the venue in question.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">This allows </font><font style="font-family: 'Times New Roman';">the Company </font><font style="font-family: 'Times New Roman';">to accelerate the expansion </font><font style="font-family: 'Times New Roman';">of AmPm </font><font style="font-family: 'Times New Roman';">in a more strategic and secure way aiming the financial return of each business.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In January 2020, AmPm released a new store model, developed with</font><font style="font-family: 'Times New Roman';"> what we believe to be</font><font style="font-family: 'Times New Roman';"> the most up-to-date concepts in the global C-Store market. This new store </font><font style="font-family: 'Times New Roman';">focuse</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> on </font><font style="font-family: 'Times New Roman';">&#8203;&#8203;a more fluid and less frictional consumer journey, emphasizing foodservice. </font><font style="font-family: 'Times New Roman';">As </font><font style="font-family: 'Times New Roman';">a result</font><font style="font-family: 'Times New Roman';">, the first stores </font><font style="font-family: 'Times New Roman';">using</font><font style="font-family: 'Times New Roman';"> this concept show an average growth in </font><font style="font-family: 'Times New Roman';">sales</font><font style="font-family: 'Times New Roman';"> of food category </font><font style="font-family: 'Times New Roman';">products</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> We believe this new store concept changes the way customer shop in AmPm by allowing customers to be closer to walk-in coolers, including a beer cave format, and to have a digital experience, including a digital drive thru pursuant to which </font><font style="font-family: 'Times New Roman';">customers</font><font style="font-family: 'Times New Roman';"> can purchase products in the app without leaving their own cars. As of December 31, 2020, AmPm had 25 stores in the new concept</font><font style="font-family: 'Times New Roman';">, being 10 company-operated stores and 15 franchises</font><font style="font-family: 'Times New Roman';">. We expect to implement this new omnichannel concept as part of our plan to achieve operational excellence of our AmPm stores.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The table below shows the highlights of </font><font style="font-family: 'Times New Roman';">AmPm</font><font style="font-family: 'Times New Roman';"> stores: </font></p>
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<p>&nbsp;</p>
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<p><font style="font-size: 8pt; font-weight: bold;">2020</font></p>
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<p><font style="font-size: 8pt; font-weight: bold;">2019&nbsp;</font></p>
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<p><font style="font-weight: bold;">Number of gas stations</font></p>
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<p>7,107</p>
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<td style="text-align: center; height: 17px; background-color: #cceeff; width: 2%;"><br></td>
<td style="height: 17px; text-align: center; background-color: #cceeff; width: 8%;">
<p>&nbsp;7,090</p>
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<td style="text-align: center; background-color: #cceeff; width: 1%;"><br></td>
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<p><font style="font-weight: bold;">Number of stores</font></p>
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<p>1,804</p>
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<p>&nbsp;2,377</p>
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<p><font style="font-weight: bold;">Penetration</font></p>
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<p>25%</p>
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<p>&nbsp;34%</p>
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<p><font style="font-weight: bold;">Revenues </font>(in millions of Reais)</p>
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<p>1,738.6</p>
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<td style="height: 17px; text-align: center;">
<p>&nbsp;1,980.6</p>
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<p><font style="font-weight: bold;">SKUs</font></p>
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<p>1,563</p>
</td>
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<td style="height: 17px; text-align: center; background-color: #cceeff;">
<p>&nbsp;1,300</p>
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<td style="text-align: center; background-color: #cceeff;"><br></td>
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<p><font style="font-weight: bold;">Average area </font>(in square meters)</p>
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<p>60.1</p>
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<p>&nbsp;58.5</p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">AmPm</font><font style="font-family: 'Times New Roman';"> revenues include a fixed franchising fee and a percentage of total revenues, which generally range between 4% and 8%. We also receive merchandising fees linked to contracts with suppliers, which establish trade agreements for the convenience stores. The model of convenience stores integrated with service stations is complementary, increasing fuel sales by 18%, on average. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Service stations convenience stores&#8217; revenues in the Brazilian markets were R$7.5</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">billion in 2018 (last data available), a 1.5% growth compared to 2017, according to Sindicom.</font><font style="font-family: 'Times New Roman';"> We believe the sector has potential for continued growth, mainly due to the shifts in cultural and household habits, such as (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">higher participation of women in the labor market, (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the increase of single-person households and smaller apartments, (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">urbanization, increasing population density and logistical complexity, among others. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The convenience proposal increasingly adapts to the needs of consumers who seek practicality and speed in their routine, trying to solve their demands in a single stop. Thus, convenience stores fit the ideal model, adapting a complete service in one place. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">These strategic differentiation initiatives implemented by Ipiranga resulted in a better value proposition for customers and resellers, generating benefits for the whole chain &#8211; the consumer gets access to differentiated products and services, the reseller earns higher revenues, and the service station obtains a differentiated positioning, turning Ipiranga into a convenience business platform for facilitating people&#8217;s daily routine and mobility. </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;<br></font><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; font-size: 10pt;">Jet Oil</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Jet Oil business unit, Ipiranga&#8217;s lubricant-changing and automotive specialized service network, is the </font><font style="font-family: 'Times New Roman';">twelfth </font><font style="font-family: 'Times New Roman';">in ABF (</font><font style="font-family: 'Times New Roman'; font-style: italic;">Associa&#231;&#227;o Brasileira de Franquias</font><font style="font-family: 'Times New Roman';"> &#8211; Brazilian Franchise Association) ranking among all kind of franchises. Jet Oil ended 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> with 1,</font><font style="font-family: 'Times New Roman';">172</font><font style="font-family: 'Times New Roman';"> franchises. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">More than s</font><font style="font-family: 'Times New Roman';">ix</font><font style="font-family: 'Times New Roman';"> thousand oil changes </font><font style="font-family: 'Times New Roman';">were</font><font style="font-family: 'Times New Roman';"> made at Jet Oil units per day and 65% of the products sold </font><font style="font-family: 'Times New Roman';">were</font><font style="font-family: 'Times New Roman';"> premium products</font><font style="font-family: 'Times New Roman';"> in 2020</font><font style="font-family: 'Times New Roman';">. Jet Oil units offer an oil change service that features technology and safety, unifying quality products and expert services. These attributes translate Jet Oil&#8217;s slogan for consumers: &#8220;The full care that your car deserves&#8221;. </font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>85</font></font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><font style="font-size: 10pt;"><a href="#TOC">Table of Contents</a></font></div>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; font-size: 10pt;"><br>Competition</font><br></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ipiranga&#8217;s main competitors in 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> were: </font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Petrobras Distribuidora S.A. (&#8220;BR&#8221;), a subsidiary of Petrobras, which has been operating in the Brazilian fuel distribution sector since 1971. BR is the Brazilian market leader and operates throughout the entire country. In 2017, BR concluded its initial public offering, listing the shares on B3. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Since</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> 2019, as disclosed by BR, Petrobras is no longer the controlling shareholder of BR, even though it continues to hold a significant stake in BR. </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Ra&#237;zen Combust&#237;veis S.A. (&#8220;Ra&#237;zen&#8221;), a joint-venture between Cosan S.A. (&#8220;Cosan&#8221;) and Shell International Petroleum Company Limited (&#8220;Shell&#8221;), a subsidiary of Royal Dutch Shell. Cosan, through its subsidiaries, is the largest producer of sugar and ethanol in Brazil, having entered the fuel distribution market in 2008, when it acquired Esso&#8217;s fuel distribution business in Brazil. In 2011, Cosan established Ra&#237;zen, a joint-venture with Shell by combining certain of their respective assets, including their respective distribution businesses. </font></li>
</ul>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In addition, a number of small local and regional distributors entered the Brazilian fuel distribution market in the late 1990&#8217;s, after the market was deregulated, which further increased competition in such market. Moreover, in 2018, some important international players entered the Brazilian fuel distribution market: (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Glencore Oil Participa&#231;&#245;es Ltda., a Swiss company, through the acquisition of 78% of Alesat</font><font style="font-family: 'Times New Roman';"> Combust&#237;veis S.A.</font><font style="font-family: 'Times New Roman';">; (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Total, a French company, through the acquisition of 100%</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">of</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Zema; (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">PetroChina, a Chinese company, through the acquisition of 30% of TT Work and (iv)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Vitol, a Dutch company, acquired 50% of Rodoil and, subsequently, Rodoil acquired 100% of MegaPetro Petr&#243;leo Brasil S.A.. In 2019, Vitol also acquired 50% of Dislub Equador (a company based in Recife in the Northeast of Brazil) and therefore became a nationwide player in the distribution market. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table sets forth the market share of Ipiranga and its main competitors based on volume of gasoline, ethanol and diesel sold, according to ANP and Sindicom data: </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<p>&nbsp;</p>
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<p style="text-align: center;"><font style="font-size: 8pt; font-weight: bold;">Year&nbsp;ended&nbsp;December&nbsp;31, </font></p>
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<td style="height: 17px; background-color: #cceeff; width: 71%;">
<p><font style="font-size: 8pt; font-weight: bold;">Distributor<sup>(1)</sup></font></p>
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<p><font style="font-size: 8pt; font-weight: bold;">2020</font></p>
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<td style="text-align: center; height: 17px; background-color: #cceeff; width: 2%;"><br></td>
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<p><font style="font-size: 8pt; font-weight: bold;">2019</font></p>
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<td style="text-align: center; height: 17px; background-color: #cceeff; width: 2%;"><br></td>
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<p><font style="font-size: 8pt; font-weight: bold;">2018</font></p>
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<p>BR Distribuidora</p>
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<p>&nbsp;24.6%</p>
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<td style="text-align: center; height: 17px;"><br></td>
<td style="text-align: center; height: 17px;">
<p>&nbsp;24.8%</p>
</td>
<td style="text-align: center; height: 17px;"><br></td>
<td style="text-align: center; height: 17px;">
<p>&nbsp;26.3%</p>
</td>
<td style="text-align: center;"><br></td>
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<p>Ra&#237;zen</p>
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<td style="text-align: center; height: 17px; background-color: #cceeff;">
<p>&nbsp;20.8%</p>
</td>
<td style="text-align: center; height: 17px; background-color: #cceeff;"><br></td>
<td style="text-align: center; height: 17px; background-color: #cceeff;">
<p>&nbsp;21.0%</p>
</td>
<td style="text-align: center; height: 17px; background-color: #cceeff;"><br></td>
<td style="text-align: center; height: 17px; background-color: #cceeff;">
<p>&nbsp;20.6%</p>
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<td style="text-align: center; background-color: #cceeff;"><br></td>
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<p>Ipiranga</p>
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<td style="text-align: center; height: 17px;">
<p>&nbsp;18.5%</p>
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<td style="text-align: center; height: 17px;">
<p>&nbsp;19.3%</p>
</td>
<td style="text-align: center; height: 17px;"><br></td>
<td style="text-align: center; height: 17px;">
<p>&nbsp;20.2%</p>
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<td style="text-align: center;"><br></td>
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<p>Others</p>
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<p>&nbsp;36.1%</p>
</td>
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<td style="text-align: center; height: 17px; background-color: #cceeff;">
<p>&nbsp;34.9%</p>
</td>
<td style="text-align: center; height: 17px; background-color: #cceeff;"><br></td>
<td style="text-align: center; height: 17px; background-color: #cceeff;">
<p>&nbsp;32.9%</p>
</td>
<td style="text-align: center; background-color: #cceeff;"><br></td>
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<td style="height: 17px;">
<p><font style="font-weight: bold;">Total</font></p>
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<p>&nbsp;100.0%</p>
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<p>&nbsp;100.0%</p>
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<p>&nbsp;100.0%</p>
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<p style="margin-top: 0pt; margin-left: 24.85pt; margin-bottom: 0pt; text-indent: -18.75pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">(1)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">Volume sold of gasoline, ethanol and diesel. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The retail market for gasoline, diesel and ethanol in Brazil is highly competitive, with similar products and relatively low margins. Therefore, our strategy is to differentiate ourselves in the market by offering value-added services to complement our main products, </font><font style="font-family: 'Times New Roman';">aiming to be</font><font style="font-family: 'Times New Roman';"> the preferred choice of customers. For more information on Ipiranga&#8217;s strategy see &#8220;Item 4.B. Information on the Company&#8212;Business Overview&#8212;Our Strateg</font><font style="font-family: 'Times New Roman';">ies</font><font style="font-family: 'Times New Roman';">&#8212;Enhance retail network&#8221;. The following graphs show sales volumes for the Brazilian market and Ipiranga for the periods indicated: </font></p>
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<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><font style="font-size: 8pt;"><font style="font-family: 'times new roman', times;"><sub>&#185;</sub></font><font style="width: 15.95pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Diesel, gasoline, ethanol (Source: ANP and Sindicom) and NGV (Source: Abeg&#225;s). Information provided by ANP and Sindicom are subject to retroactive adjustments and, therefore, can differ from the information contained herein. </font></font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Socio-environmental responsibility and quality.</font><font style="font-family: 'Times New Roman';"> Since 2013, Ipiranga is a signatory of the UN Global Compact, an initiative sponsored by the United Nations formed by companies, institutions and the society. Its main goal is to mobilize the international business community to adopt internationally accepted business practices in the areas of human rights, labor relations, environment and anti-corruption intended to promote sustainable growth and civic awareness. Ipiranga annually publishes a Communication of Progress&#8212;COP&#8212;showing projects and actions taken during the year to comply with the UN Global Compact. </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In</font><font style="font-family: 'Times New Roman';"> 2020, Ipiranga developed its Sustainability Policy with strategic </font><font style="font-family: 'Times New Roman';">sustainability </font><font style="font-family: 'Times New Roman';">guidelines </font><font style="font-family: 'Times New Roman';">contemplating the following topics and corresponding</font><font style="font-family: 'Times New Roman';"> structured action plans: act with ethics and integrity; data privacy; be a reference in eco efficiency in the value chain through the efficient use of natural resources and materials; soil and water contamination; climate change; labor relations; diversity; health and safety; conscious consumption; urban mobility; supply chain; proximity with the network and consumers; and relationship in the neighborhood.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ipiranga has adopted its own environmental management system through a program named SIGA+ (Ipiranga&#8217;s management system applied to health, safety, environment, quality and social responsibility), which applies what we believe to be the highest international standards to its policies and practices. Ipiranga&#8217;s Betim terminal also has ISO 9001 and ISO 14001 certifications and in for 2021 aims a recertification under ISO 45001, for the replacement of OHSAS 18001 (Safety and Occupational Health Management System) certificate. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In order to minimize the impact of its activities, through SIGA +, Ipiranga monitors and manages the units' performance indicators to </font><font style="font-family: 'Times New Roman';">seek</font><font style="font-family: 'Times New Roman';"> alignment with the reference standards for integrated management and continuous improvement. The data are audited annually to categorize the performance of the operating units into five levels. The system has been restructured in order to </font><font style="font-family: 'Times New Roman';">provide </font><font style="font-family: 'Times New Roman';">greater efficiency and agility. In addition, Ipiranga has been implementing energy efficiency and,</font><font style="font-family: 'Times New Roman';"> since 2007, has had the Ipiranga Zero Carbon Program, which offers to its clients the possibility of offsetting emissions from burned fuel on vehicles and also includes Ipiranga&#8217;s </font><font style="font-family: 'Times New Roman';">greenhouse gas </font><font style="font-family: 'Times New Roman';">direct emissions offsetting. </font><font style="font-family: 'Times New Roman';">The </font><font style="font-family: 'Times New Roman';">program has been </font><font style="font-family: 'Times New Roman';">submitted to third-party</font><font style="font-family: 'Times New Roman';"> independent</font><font style="font-family: 'Times New Roman';"> auditing since 2012</font><font style="font-family: 'Times New Roman';">.</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">To promote </font><font style="font-family: 'Times New Roman';">our</font><font style="font-family: 'Times New Roman';"> culture of </font><font style="font-family: 'Times New Roman';">work </font><font style="font-family: 'Times New Roman';">safety</font><font style="font-family: 'Times New Roman';"> policy</font><font style="font-family: 'Times New Roman';">, Ipiranga has a program that seeks to </font><font style="font-family: 'Times New Roman';">offer </font><font style="font-family: 'Times New Roman';">adequate physical conditions, efficient procedures and safe </font><font style="font-family: 'Times New Roman';">employee </font><font style="font-family: 'Times New Roman';">behavior in its operations. The Security Program </font><font style="font-family: 'Times New Roman';">incentivizes</font><font style="font-family: 'Times New Roman';"> engagement and training of </font><font style="font-family: 'Times New Roman';">collaborators</font><font style="font-family: 'Times New Roman';">, to make them agents of change. Through the &#8220;360&#186; Security&#8221; Communication Plan, the company engages employees</font><font style="font-family: 'Times New Roman';"> and</font><font style="font-family: 'Times New Roman';"> third parties through cultural actions throughout the year. Ipiranga also follows the evolution of the safety culture in all business areas, through internationally recognized behavioral analysis methodologies. In 2020, one of the main concerns was to ensure the health and protection of employees and </font><font style="font-family: 'Times New Roman';">collaborators </font><font style="font-family: 'Times New Roman';">of the operational units against </font><font style="font-family: 'Times New Roman';">COVID-19</font><font style="font-family: 'Times New Roman';">. This year, the new Business Continuity Plan improved the guidelines to support crisis and emergency management and developed the contingency plan to minimize impacts on operations.</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
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<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Retail Pharmacy </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Industry Overview </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The retail pharmacy business in Brazil is responsible for the purchase, distribution and resale of medicines to end consumers through drugstores. It is also a common practice in this industry to sell beauty and personal care products as well as certain convenience products at drugstores. Its main suppliers are pharmaceutical producers and beauty and personal care producers. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The retail pharmacy business is a highly regulated industry. In Brazil, the regulation of the sector is executed by the Federal Government, the State and Municipalities. The Federal Government enacts laws and regulations of general applicability, which are enforced and complemented by actions of the States and Municipalities. At the federal level, the health and pharmaceutical sectors are regulated and supervised by the Ministry of Health, through ANVISA, a public agency established by Federal Law No.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">9,782/99 and regulated by Decree No.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">3,029/99. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In addition, pursuant to Law No.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">10,742/03 and Decree No.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">4,766/03, the regulation of standards and criteria for setting and adjusting the prices of medicines in Brazil is established by the Drug Market Regulation Chamber (&#8220;CMED&#8221;), which fixes a capped price for sales from pharmaceutical companies to their distributors, and for final sales to consumers. This capped-price is based on the mechanism which comprises essentially: (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">an inflation rate measured by the IPCA; (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">factor of productiveness, which is a percentage calculated based on future earnings of productivity by the pharmaceutical industry; and (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">factor of price adjustments, which is a percentage calculated based on the input costs applicable among market sector prices and to intra-sector prices. The medicines are readjusted in April of every year. However, some pharmaceutical products, such as herbal and homeopathic medicines are not currently subject to CMED&#8217;s price regulation. In Brazil, the front-store area occupied by drugstores is usually smaller than 300 square meters.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Brazilian drugstores&#8217; total revenues, according to data from IQVIA, were R$1</font><font style="font-family: 'Times New Roman';">39</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">billion in 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, a </font><font style="font-family: 'Times New Roman';">16</font><font style="font-family: 'Times New Roman';">% growth compared to 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">. We believe the sector has potential for continued growth, mainly </font><font style="font-family: 'Times New Roman';">because of</font><font style="font-family: 'Times New Roman';"> the aging population,</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">greater access to medicines, especially due to the growing prominence of generic drugs, the growing demand for personal care, wellness and beauty products in drugstores, and higher levels of disposable income among consumers in the longer term. In addition, consolidation of the sector, supported by increasing market formalization and consequent investments, is in its early stages, with the top five drugstore chains in Brazil accounting historically for approximately 30% of the overall market revenues, according to ABRAFARMA. According to IQVIA, there were approximately </font><font style="font-family: 'Times New Roman';">81</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand drugstores in Brazil in 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The main types of pharmaceutical products sold in Brazil are listed below: </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Branded medicine </font><font style="font-family: 'Times New Roman';">&#8212; Innovative products, registered at the federal agency responsible for sanitary surveillance and marketed in the country whose efficacy, safety and quality have been scientifically proven by the federal competent body upon registration. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Generic medicine</font><font style="font-family: 'Times New Roman';"> &#8212; Contain the same active ingredient, in the same strength and dosage form, being administered by the same route and with the same therapeutic indication as the reference drug in the country, showing the same safety as the reference drug in the country, and which can be interchangeable with the latter. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Similar medicine </font><font style="font-family: 'Times New Roman';">&#8212; Contain the same active ingredients, has the same concentration, pharmaceutical form, method of administration, dosage and therapeutic instructions, and is equivalent to a medicine registered with the Federal agency responsible for sanitary surveillance, differing only as regard the characteristics of size and form of the product, period of validity, packaging, labelling, excipients and vehicle. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">OTC medicines </font><font style="font-family: 'Times New Roman';">&#8212; Over the Counter (&#8220;OTC&#8221;) medicines that do not need a prescription to be sold. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">According to ABRAFARMA, the sale of medicines accounted for 68% of the total sales of its members in the retail pharmacy business in Brazil in 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, and products other than medicines accounted for the remaining 32% of the sales. Sales of OTC products during the winter are usually higher than in warmer seasons, while sales of personal care products during the summer are usually higher than in other seasons. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following chart shows the supply process of retail pharmacy in Brazil: </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.4pt; text-align: center; font-size: 10pt;"><img src="imgvryu0zzvnu011451026.jpg" style="-aw-left-pos: 0pt; -aw-rel-hpos: column; -aw-rel-vpos: paragraph; -aw-top-pos: 0pt; -aw-wrap-type: inline;" alt="Image13"></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Extrafarma </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Benefitting from </font><font style="font-family: 'Times New Roman';">almost</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">6</font><font style="font-family: 'Times New Roman';">0</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">years of activity in the wholesale and retail of pharmaceutical products, Extrafarma is a leading drugstore chain in</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the regions in which it operates. Extrafarma operates in areas where recent sales growth rates have been above the national average, which we believe presents attractive potential for future growth. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, Extrafarma operated 4</font><font style="font-family: 'Times New Roman';">05</font><font style="font-family: 'Times New Roman';"> drugstores in </font><font style="font-family: 'Times New Roman';">ten </font><font style="font-family: 'Times New Roman';">states of Brazil (12</font><font style="font-family: 'Times New Roman';">4</font><font style="font-family: 'Times New Roman';"> in Par&#225;, 11 in Amap&#225;, 3 in Tocantins, 91 in Cear&#225;, 5</font><font style="font-family: 'Times New Roman';">7</font><font style="font-family: 'Times New Roman';"> in Maranh&#227;o, 35 in Pernambuco, 20 in Bahia, 16 in Rio Grande do Norte, </font><font style="font-family: 'Times New Roman';">4</font><font style="font-family: 'Times New Roman';"> in Para&#237;ba and 4</font><font style="font-family: 'Times New Roman';">4</font><font style="font-family: 'Times New Roman';"> in S&#227;o Paulo). Extrafarma operates three distribution centers: Benevides, in the state of Par&#225;; Aquiraz, in the state of Cear&#225;; and Guarulhos, in the state of S&#227;o Paulo, which are responsible for supplying all of our stores. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; text-align: center; font-size: 10pt;"><img src="imgptfwzdtk2pz11451030.jpg" style="-aw-left-pos: 0pt; -aw-rel-hpos: column; -aw-rel-vpos: paragraph; -aw-top-pos: 0pt; -aw-wrap-type: inline;" alt="Image14"></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Extrafarma operates both in the retail and wholesale of pharmaceutical products. In 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, Extrafarma&#8217;s </font><font style="font-family: 'Times New Roman';">net</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">revenues reached R$2.</font><font style="font-family: 'Times New Roman';">0</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">billion, of which the retail business represented </font><font style="font-family: 'Times New Roman';">95</font><font style="font-family: 'Times New Roman';">% and the wholesale business represented </font><font style="font-family: 'Times New Roman';">5</font><font style="font-family: 'Times New Roman';">%. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Extrafarma&#8217;s main strategy is focused on the retail business, which is responsible for the larger share of its revenues. Within this business, Extrafarma&#8217;s product mix consists of all the main types of pharmaceutical products (branded medicine, generic medicine, similar medicine and OTC) in addition to personal care products and convenience products. In 2020, out of Extrafarma&#8217;s revenues in the retail business, branded medicines represented 33%, generic/similar medicines represented 15%, OTC 14%, personal care products represented 18% and convenience products represented 19%. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">On the wholesale side, Extrafarma operates as a distributor of both pharmaceutical and personal care products. It purchases the products from manufacturers and sells them to other drugstore chains and independent retailers, which are serviced through Extrafarma&#8217;s own and leased truck fleet. As of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020, the average payment term of Extrafarma&#8217;s sales to independent retailers was 46 days. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2016, Extrafarma remodeled its loyalty program and renamed it </font><font style="font-family: 'Times New Roman'; font-style: italic;">Clube Extrafarma</font><font style="font-family: 'Times New Roman';">. The program provides immediate discounts on purchases, in addition to accumulating 1</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">point for each R$1 spent. Points received by Extrafarma&#8217;s customers may be exchanged during the period of 6 months for significant discounts in store products, pre-paid mobile phone credits, KMV and </font><font style="font-family: 'Times New Roman'; font-style: italic;">Multiplus Fidelidade</font><font style="font-family: 'Times New Roman';">. As of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020, </font><font style="font-family: 'Times New Roman'; font-style: italic;">Clube Extrafarma</font><font style="font-family: 'Times New Roman';"> had 10.8</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million clients registered. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Competition</font><font style="font-family: 'Times New Roman'; font-weight: bold;">. </font><font style="font-family: 'Times New Roman';">The consolidation process of the retail pharmacy business is in its early stages. The drugstore chains associated with ABRAFARMA represented an estimated 44% of the total revenue in the sector in 2020. There were more than 20 drugstore chains associated with ABRAFARMA in 2020. According to ABRAFARMA, the main players in Brazil are Raia Drogasil</font><font style="font-family: 'Times New Roman';"> S.A.</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">Pague Menos S.A.</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">DPSP S.A.</font><font style="font-family: 'Times New Roman';">, S&#227;o Jo&#227;o</font><font style="font-family: 'Times New Roman';"> Farm&#225;cias</font><font style="font-family: 'Times New Roman';"> and Panvel</font><font style="font-family: 'Times New Roman';"> Farm&#225;cias</font><font style="font-family: 'Times New Roman';">. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Innovation. </font><font style="font-family: 'Times New Roman';">Extrafarma accelerated </font><font style="font-family: 'Times New Roman';">its </font><font style="font-family: 'Times New Roman';">digitization process with the launch of the delivery</font><font style="font-family: 'Times New Roman'; font-style: italic;"> </font><font style="font-family: 'Times New Roman';">service via WhatsApp as well as</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> </font><font style="font-family: 'Times New Roman';">e-commerce (sales via the internet), including the possibility of buying over the web and withdrawing from stores. In addition, the company has expanded its partnership with delivery applications. The digital channels </font><font style="font-family: 'Times New Roman';">are expected to </font><font style="font-family: 'Times New Roman';">contribute to the expansion of the company's revenue and are in line with the current strategy, which provides for more selectivity in the opening of new stores. In 2020, </font><font style="font-family: 'Times New Roman';">the company launched</font><font style="font-family: 'Times New Roman';"> a personalized discount coupon </font><font style="font-family: 'Times New Roman';">program for</font><font style="font-family: 'Times New Roman';"> all stores seeking to increase the average ticket and customer loyalty. Extrafarma also </font><font style="font-family: 'Times New Roman';">expanded</font><font style="font-family: 'Times New Roman';"> its </font><font style="font-family: 'Times New Roman';">private label</font><font style="font-family: 'Times New Roman';"> Be better</font><font style="font-family: 'Times New Roman';"> through the</font><font style="font-family: 'Times New Roman';"> launch</font><font style="font-family: 'Times New Roman';"> of</font><font style="font-family: 'Times New Roman';"> new lines of basic care products and vitamins. In line with the strategy of expanding the offer of pharmaceutical services to customers, Extrafarma started a partnership with the largest vaccination clinic in the state of Par&#225;. Also</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> in 2020, all cash and counter systems were replaced</font><font style="font-family: 'Times New Roman';"> to provide</font><font style="font-family: 'Times New Roman';"> a better shopping experience and greater productivity at points of sale. New digital wallets were also included as possible means of payment. See &#8220;Item 4.A. Information on the Company &#8212; History and Development of the Company &#8212; Extrafarma&#8221;.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Eco-efficient operations.</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> </font><font style="font-family: 'Times New Roman';">Extrafarma started an operation of two biogas plants in the state of Maranh&#227;o and Pernambuco, guaranteeing renewable energy to 85 stores and, in 2021, two solar energy plants will be inaugurated in the state of Par&#225; and Cear&#225;, which </font><font style="font-family: 'Times New Roman';">are</font><font style="font-family: 'Times New Roman';"> expected to supply around 200 stores. Among the goals related to energy efficiency, the company established that 90% of stores will be supplied by renewable energy sources and that all </font><font style="font-family: 'Times New Roman';">D</font><font style="font-family: 'Times New Roman';">Cs will be supplied by the Free Energy Market by 2025.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Extrafarma started working on structuring </font><font style="font-family: 'Times New Roman';">collection</font><font style="font-family: 'Times New Roman';"> centers, for sorting, segregating and disposing of waste and aims to dedicate in the reverse logistics project for medicine tha</font><font style="font-family: 'Times New Roman';">t</font><font style="font-family: 'Times New Roman';"> are expired or out-of-use, which covers all pharmaceutical retailers and manufacturers.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"><br>Digital </font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">payments</font><br></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">abastece a&#237;</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">abastece a&#237; is a digital payments company </font><font style="font-family: 'Times New Roman';">created </font><font style="font-family: 'Times New Roman';">in 2020 to leverage the benefits of the </font><font style="font-family: 'Times New Roman';">loyalty program </font><font style="font-family: 'Times New Roman';">Km de Vantagens (Km of Advantages Program) and the abastece a&#237; (&#8220;fill up here&#8221;) app that were previously </font><font style="font-family: 'Times New Roman';">offered by Ipiranga. The company offers</font><font style="font-family: 'Times New Roman';"> the development of </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';"> unified ecosystem of advantages and benefits to the clients, </font><font style="font-family: 'Times New Roman';">especially</font><font style="font-family: 'Times New Roman';"> car drivers</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> integrated with a digital payment solution and great acceptance capillarity, including adoption by other business partners outside service stations.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">KMV was created in 2009 and is a pioneer customer loyalty program in the fuel industry through which customers and resellers may redeem rewards and benefits in areas of entertainment, tourism, magazines, airline tickets, car rental and others. With over 3</font><font style="font-family: 'Times New Roman';">4</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million participants</font><font style="font-family: 'Times New Roman';"> in December</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> 2020</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">KMV has served as an important platform, strengthening relationships with Ipiranga&#8217;s customers. In </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">, more than </font><font style="font-family: 'Times New Roman';">33</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million </font><font style="font-family: 'Times New Roman';">transaction</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">were redeemed at KMV. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ipiranga developed and launched </font><font style="font-family: 'Times New Roman';">abastece a&#237;</font><font style="font-family: 'Times New Roman'; font-style: italic;"> </font><font style="font-family: 'Times New Roman';">in 2016, a mobile payment service app, that seeks to maximize advantages from the integration of platforms to offer even greater convenience and benefits to customers. Through the </font><font style="font-family: 'Times New Roman';">abastece a&#237;</font><font style="font-family: 'Times New Roman'; font-style: italic;"> </font><font style="font-family: 'Times New Roman';">app, customers can obtain discounts in exchange for KMV points. </font><font style="font-family: 'Times New Roman';">In addition, they can receive rewards of their preference and finalize the refueling process by using a unique KMV password in a safe payment method. In 2020, more than 2.</font><font style="font-family: 'Times New Roman';">3</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million customers created a digital account. </font><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp;</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Context and </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">m</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">arket </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Digital wallets are a global trend that involve a very diverse range of businesses. Between 2018 and 2020, the number of users of digital wallets grew by 30%, reaching more than 2.3 billion active users worldwide. According to a recent study by Bain &amp; Company, &#8220;e-wallets&#8221; will represent 28% of total payments made in the world and almost 50% of all payments made in the sphere of e-commerce by 2022. In Brazil, this market is still very young, with great space for growth and development. The highly regulated and concentrated national banking system is the main obstacle to the current low participation of digital portfolios. </font><font style="font-family: 'Times New Roman';">However, due to recent changes in legislation, reduced technological costs, the entry of major international players in the market and the democratization of access to technology, digital wallets are expected to have an accelerate growth over the next few years.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The difficult and bureaucratic access to banks, combined with the mass use of smartphones, also contributes to the rise of digital wallets. Consequently, e-wallets emerge as a viable option to take care of people's financial organization, by offering a low cost and high efficiency service.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2020, the Central Bank of Brazil announced a new instant payment system with potential to profoundly transform the country's payment industry. The PIX is a tool that allows the transaction of resources in a few seconds at any time of the day and on all days of the year. In addition, PIX have a much lower transaction cost when compared to other payment methods such as Bank slip, TED or DOC. In order to use it, it is not necessary to have a bank account, just register it in any of the institutions approved by the</font><font style="font-family: 'Times New Roman';"> Central Bank</font><font style="font-family: 'Times New Roman';"> to offer this service, which includes abastece</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">a&#237;. Thus, by eliminating the need for intermediaries in the transfer process, </font><font style="font-family: 'Times New Roman';">we believe that </font><font style="font-family: 'Times New Roman';">PIX </font><font style="font-family: 'Times New Roman';">intensify</font><font style="font-family: 'Times New Roman';"> the strengthening of digital wallets. It is extremely important to mention that the PIX is not only a substitute for traditional forms of payment, but it is also a mean to meet other financial demands, with the possibility of making payments in commercial establishments. Until December 2020, the PIX had already been registered by more than 56 million users, handling a volume of approximately R$151 billion.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As of December 31, 2020</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Brazil already ha</font><font style="font-family: 'Times New Roman';">d</font><font style="font-family: 'Times New Roman';"> more than 600 different digital portfolios. These portfolios include players operating in a big range of segments, such as: payments and receipts via cards, cashback, marketplace, digital transfers, partner discounts, among others. This new payment system allows the customer to manage much more efficiently and secure his money, in addition to enabling the use of different services in the same ecosystem.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Operation </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">bastece</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">a&#237; is a relevant ecosystem of advantages</font><font style="font-family: 'Times New Roman';"> for the </font><font style="font-family: 'Times New Roman';">vehicles&#8217;</font><font style="font-family: 'Times New Roman';"> drivers</font><font style="font-family: 'Times New Roman';">, integrated with a financial platform that expands the purchasing power of its users. The application offers a varied range of services for its clients, such as: cashbacks on purchases from partner companies, payment of slips, transfers, functions of cash in/cash out on digital wallet and various financial products. Currently, the </font><font style="font-family: 'Times New Roman';">main revenue stream</font><font style="font-family: 'Times New Roman';"> for abastece</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">a&#237; derives from Ipiranga gas stations. When filling your car using the app at Ipiranga, the customer has the possibility to reverse a portion of the amount spent on several benefits, including: the accumulation of kilometers of advantage, cashback reversed in the portfolio, among others.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">During the first year of operation as an independent company, the biggest challenge was to migrate the entire customer base from the old platform to the new digital platform. The new application was already available for download at the end of August 2020, for both IOS and Android. </font><font style="font-family: 'Times New Roman';">In just two months of operation, more than 1.3 million users had already been migrated. </font><font style="font-family: 'Times New Roman';">As of</font><font style="font-family: 'Times New Roman';"> December 2020, that number had jumped to 2.3 million users. </font><font style="font-family: 'Times New Roman';">After the consolidation of the new platform, abastece</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">a&#237; started to offer more integrated and wide marketplace services and cashbacks. Currently, abastece</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">a&#237; has more than </font><font style="font-family: 'Times New Roman';">90 </font><font style="font-family: 'Times New Roman';">partner companies which operate in various sectors. Among them, we can mention: LATAM P</font><font style="font-family: 'Times New Roman';">ass</font><font style="font-family: 'Times New Roman';">, Magazine Luiza, Netshoes and Movida.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2020, the contribution margin of abastece a&#237; was concentrated around the revenues from the association fee with partner companies. As of December 31, 2020, there were more than 2.7 million active participants. </font><font style="font-family: 'Times New Roman';">As a result of</font><font style="font-family: 'Times New Roman';"> the development of new financial products, which dilute operating costs and strengthen </font><font style="font-family: 'Times New Roman';">our</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">digital portfolio</font><font style="font-family: 'Times New Roman';">, abastece a&#237; contribution margin is expected to increase and diversify</font><font style="font-family: 'Times New Roman';">. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Marketplace </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">m</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">odel</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">.</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> </font><font style="font-family: 'Times New Roman';">It is a virtual shopping mall, where partner companies advertise their products by paying an association fee. The partner exposes its products to a larger number of people, the consumer can access products from various segments and the company providing the </font><font style="font-family: 'Times New Roman';">m</font><font style="font-family: 'Times New Roman';">arketplace receives a percentage of each transaction.</font><font style="font-family: 'Times New Roman';"> </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Cashback </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">m</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">odel</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">.</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> </font><font style="font-family: 'Times New Roman';">This model works when the user makes a purchase through the application and receives a percentage of the money spent back. In this case, abastece</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">a&#237; </font><font style="font-family: 'Times New Roman';">serves</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as an intermediary between the company that will </font><font style="font-family: 'Times New Roman';">pay for</font><font style="font-family: 'Times New Roman';"> cashback and the final consumer. abastece</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">a&#237; </font><font style="font-family: 'Times New Roman';">works as </font><font style="font-family: 'Times New Roman';">the payment method</font><font style="font-family: 'Times New Roman';"> in</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">these cases and a platform to announce </font><font style="font-family: 'Times New Roman';">the products of </font><font style="font-family: 'Times New Roman';">its </font><font style="font-family: 'Times New Roman';">partners.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We constantly adopt initiatives to diversify </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">bastece</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">a&#237;</font><font style="font-family: 'Times New Roman';">&#8217;s</font><font style="font-family: 'Times New Roman';"> sources of revenue. For 2021, </font><font style="font-family: 'Times New Roman';">we expect</font><font style="font-family: 'Times New Roman';"> to continue expanding its partners base and to boost its financial products. Some of these products are already in testing and development phase. In addition, the company has been working to expand the services offered by the platform's current partners. The expectation is to make all partners on the platform start offering cashback and to incorporate abastece</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">a&#237; as a means of payment.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">New initiatives were adopted in 2021 due to our learning experience resulting from the challenges in 2020, including </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">expansion of our financial product portfolio, </font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">ncrease frequency and recurrence of app us</font><font style="font-family: 'Times New Roman';">e and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">w</font><font style="font-family: 'Times New Roman';">ork in leaner and more dynamic teams</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Work methodology</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> The abastece</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">a&#237; operation is based on three main pillars: technological know-how, data intelligence and agile culture. The first involves the entire user experience of the application, its functionality and facilities. The company works to maintain an application with simple and intuitive interface, constantly improving the users experience.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In data intelligence, the company promotes the activation and growth of the customer base, identifying the main suggestions and criticisms to the functioning of the APP. Also, it is critical to improve statistical and artificial intelligence models to personalize promotional campaigns, recognize potential customers and activate old users.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The agile culture is the factor that guarantees the continuous innovation and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">competitiveness of the company. Its fintech structure makes processes less bureaucratic, facilitating quick problem resolution. This also allows for rapid market launches and tests to understand brand positioning in a short period</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> of time</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. To make agile culture possible, employees are divided into squads, which are multifunctional groups composed of people from different areas with full autonomy to develop, test and launch new products. Each squad is coordinated by a product manager, whose role is to ensure quality and constant improvement. Chapters are teams with members of different squads, created to ensure alignment between all squads. The tribes are a set of squads that work better together and have a high level of interaction. This dynamic work system allows for constant interaction between different sectors of the company.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 35.4pt; text-align: justify; font-size: 10pt;"><img src="imgxy1z30fq1i011451033.jpg" style="-aw-left-pos: 0pt; -aw-rel-hpos: column; -aw-rel-vpos: paragraph; -aw-top-pos: 0pt; -aw-wrap-type: inline;" alt="Image15"></p>
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<p style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Oil Refining </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">RPR consists of a refinery in the city of Rio Grande, in the state of Rio Grande do Sul, in the Southern region of Brazil. The refinery&#8217;s nominal capacity is 17</font><font style="font-family: 'Times New Roman';"> thousand</font><font style="font-family: 'Times New Roman';"> barrels per day, and its principal products include gasoline, diesel, naphtha, fuel oil, LPG, special oils, pentanes and solvents. In 2020, the average production of the refinery was 1</font><font style="font-family: 'Times New Roman';">2 thousand</font><font style="font-family: 'Times New Roman';"> barrels per day, which represented 71% of its nominal capacity and less than 1% of the total Brazilian oil refining capacity, according to ANP data. Ultrapar currently owns approximately one third of the capital of RPR. See &#8220;Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">4.A. Information on the Company&#8212;History and Development of the Company&#8212;Ipiranga&#8221;. RPR&#8217;s results are accounted for using the equity method, as share of profit of joint-ventures and associates. Results generated by the oil refining operations are not significant to Ultrapar. In 2020, RPR ended the year at a loss of R$21.8 million, mainly impacted by the COVID-19 pandemic (explained below).</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Gasoline and diesel sales prices in Brazil are directly influenced by international prices. In 2020, sales prices of diesel decreased 1</font><font style="font-family: 'Times New Roman';">4</font><font style="font-family: 'Times New Roman';">% and sales price of gasoline decreased 3%, as a result of a significant and rapid decrease in demand for fuels caused by the ongoing COVID-19 pandemic and the actions being taken to combat the effects of the pandemic. In addition to lower sales demand for fuels, the rapid decrease in the price of gasoline and diesel has impacted the selling margins of RPR because the price of gasoline and diesel outputs is determined based on current market prices, whereas the crude oil purchased as the input for the refinery process was purchased earlier at a higher price prior to when the significant price decreases occurred.</font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Insurance </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We maintain insurance policies covering all the facilities of our wholly owned subsidiaries, which we consider appropriate to cover the risks to which we believe we are exposed, including but not limited to loss and damage from fire, lightning, explosion of any nature, windstorm, plane crash and electrical damage. The maximum compensation values based on the maximum possible loss that could result from specific location, as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">, are shown below: </font></p>
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<p><font style="font-size: 8pt; font-weight: bold;">Maximum&nbsp;compensation&nbsp;value<sup>(*) </sup></font></p>
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<p>Oxiteno</p>
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<td style="text-align: right; background-color: #cceeff; width: 8%;">
<p>&nbsp;US$1,142</p>
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<p>Ipiranga</p>
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<p>&nbsp;R$1,530</p>
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<p>Ultracargo</p>
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<p>&nbsp;R$1,000</p>
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<p>Ultragaz</p>
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<p>&nbsp;R$354</p>
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<p>Extrafarma</p>
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<p>&nbsp;R$160</p>
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<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><font style="font-size: 8pt;"><font style="font-family: 'Times New Roman'; vertical-align: super; font-size: 7pt;">(*)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="width: 8.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">In millions. In accordance with our policies terms and conditions. </font></font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We maintain general liability insurance that covers all our wholly-owned subsidiaries with a maximum coverage of US$</font><font style="font-family: 'Times New Roman';">250</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million for losses and damage incurred by third parties as a result of any accidents that occur in connection with our commercial/industrial operations and/or the distribution and sale of our products and services. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We maintain Directors</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&amp; Officers Liability insurance policies to indemnify members of the Board of Directors, fiscal council and executive officers of Ultrapar and its subsidiaries (insured persons) in the total amount of US$80</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million, which covers any insured liabilities resulting from wrongful acts, including any act or omission or any matter claimed against them solely by reason of his or her serving in such capacity, except if the act, omission or the claim is consequence of gross negligence or willful misconduct. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Since February 2020, we maintain cyber risks insurance policy with a maximum coverage of R$100 million</font><font style="font-family: 'Times New Roman';"> to mitigate losses from a variety of cyber incidents, including data breaches and business interruption.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In addition, we also take out group life and personal accident, health, national and international transportation and other insurance policies. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We believe that our insurance covers, in all material respects, the risks to which we are exposed and is in line with industry standards. However, the occurrence of losses or other liabilities that are not covered by insurance or that exceed the limits of our insurance coverage </font><font style="font-family: 'Times New Roman';">could </font><font style="font-family: 'Times New Roman';">result in significant unexpected additional costs to us.</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-left: 24.5pt; margin-bottom: 0pt; text-indent: -24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">C.</font><font style="width: 14.78pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Organizational Structure </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following chart shows our organizational structure</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font><font style="font-family: 'Times New Roman';"> for our principal subsidiaries as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">: </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 12pt;"><img src="imgln3orm4i35x11451065.jpg" style="-aw-left-pos: 0pt; -aw-rel-hpos: column; -aw-rel-vpos: paragraph; -aw-top-pos: 0pt; -aw-wrap-type: inline;" alt="Image16"></p>
<p style="margin-top: 0pt; margin-right: 826pt; margin-bottom: 3pt; line-height: 6pt; border-bottom: 0.75pt solid #000000; padding-bottom: 1pt;"><font style="font-family: 'Times New Roman'; font-size: 6pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Percentages represent approximate ownership of voting share capital and total capital (voting capital/total capital). </font></p>
<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><font style="font-size: 8pt;"><font style="font-family: 'Times New Roman'; vertical-align: super;">(1)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="width: 8.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Non-controlling interests in Uting&#225;s are mainly held by Liquig&#225;s Distribuidora S.A. and SHV Gas (31% and 8% of total capital, respectively). </font></font></p>
<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><font style="font-size: 8pt;"><font style="font-family: 'Times New Roman'; vertical-align: super;">(2)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="width: 8.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Other shareholders of RPR are Petrobras and Braskem, each holding 1/3 of the voting shares. </font></font></p>
<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><font style="font-size: 8pt;"><font style="font-family: 'Times New Roman'; vertical-align: super;">(3)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="width: 8.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Uni&#227;o Vopak &#8212; a company jointly owned by Tequimar and Vopak Brasil S.A.</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><font style="font-size: 8pt;"><font style="font-family: 'Times New Roman'; vertical-align: super;">(4)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="width: 8.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Iconic &#8212; an association between Ipiranga and Chevron. </font></font></p>
<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><font style="font-size: 8pt;"><font style="font-family: 'Times New Roman'; vertical-align: super;">(5)</font><font style="width: 10.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Tequimar Vila do Conde &#8212; a company incorporated on May</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">20, 2019 due the concession of the port of Vila do Conde. </font></font></p>
<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><font style="font-size: 8pt;"><font style="font-family: 'Times New Roman'; vertical-align: super;">(6)</font><font style="width: 10.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Latitude Log&#237;stica Portu&#225;ria &#8212; a company jointly owned by Ipiranga and Petr&#243;leo Sabb&#225; S.A.</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 0pt; margin-left: 24.7pt; margin-bottom: 0pt; text-indent: -18.45pt; font-size: 8pt;"><font style="font-size: 8pt;"><font style="font-family: 'Times New Roman'; vertical-align: super;">(7)</font><font style="width: 10.29pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Other shareholders of Nordeste Log&#237;stica I, II and II and Navegantes Log&#237;stica are Ra&#237;zen Combust&#237;veis S.A and Petrobras, each holding 1/3 of the voting shares. </font></font></p>
<p style="margin-top: 0pt; margin-left: 24.7pt; margin-bottom: 0pt; text-indent: -18.45pt; font-size: 8pt;"><font style="font-size: 8pt;"><font style="font-family: 'Times New Roman'; vertical-align: super;">(8)</font><font style="width: 9.12pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Subsidiary </font><font style="font-family: 'Times New Roman';">created </font><font style="font-family: 'Times New Roman';">in January 2020 </font><font style="font-family: 'Times New Roman';">to provide</font><font style="font-family: 'Times New Roman';"> valuation, business management and financial advisory</font><font style="font-family: 'Times New Roman';"> services to</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">UVC</font><font style="font-family: 'Times New Roman';">. In September 2020</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> the company&#8217;s name was changed to &#8220;UVC Investimentos Ltda&#8221;.</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 0pt; margin-left: 24.7pt; margin-bottom: 0pt; text-indent: -18.45pt; font-size: 8pt;"><font style="font-size: 8pt;"><font style="font-family: 'Times New Roman'; vertical-align: super;">(9)</font><font style="font-family: 'Times New Roman'; vertical-align: super;"> </font><font style="width: 7.37pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Fund constituted </font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">n January 2020 to invest in companies that can leverage or complement </font><font style="font-family: 'Times New Roman';">our</font><font style="font-family: 'Times New Roman';"> business, </font><font style="font-family: 'Times New Roman';">and to support, map and </font><font style="font-family: 'Times New Roman';">invest in</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">startups and new technologies.</font></font></p>
<p style="margin-top: 0pt; margin-left: 24.7pt; margin-bottom: 0pt; text-indent: -18.45pt; font-size: 8pt;"><font style="font-size: 8pt;"><font style="font-family: 'Times New Roman'; vertical-align: super;">(10)</font><font style="font-family: 'Times New Roman'; vertical-align: super;"> </font><font style="width: 3.37pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">In May 2020</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> Millennium became a direct subsidiary of the Company.</font></font></p>
<p style="margin-top: 0pt; margin-left: 24.7pt; margin-bottom: 0pt; text-indent: -18.45pt; font-size: 8pt;"><font style="font-size: 8pt;"><font style="font-family: 'Times New Roman'; vertical-align: super;">(11) </font><font style="width: 3.12pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Subsidiary created in July 2020, </font><font style="font-family: 'Times New Roman';">to offer </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">bastece </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">&#237; app and Km de Vantagens programs </font><font style="font-family: 'Times New Roman';">and </font><font style="font-family: 'Times New Roman';">to operate in the digital payments segment under the </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">bastece </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">&#237; brand.</font></font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">W</font><font style="font-family: 'Times New Roman';">e conduct our LPG distribution business through Ultragaz, composed of Cia. Ultragaz, Bahiana and Uting&#225;s. Cia. Ultragaz operates in the business of distribution of LPG, primarily in the South, Southeast and Midwest regions of Brazil. Bahiana operates in the business of distribution of LPG, primarily in the Northeast regions of Brazil. Uting&#225;s is an LPG storage company, with facilities in the states of S&#227;o Paulo and Paran&#225;. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We conduct our fuel distribution business through Ipiranga, represented by our </font><font style="font-family: 'Times New Roman';">wholly owned</font><font style="font-family: 'Times New Roman';"> subsidiary IPP, except for IPP&#8217;s subsidiaries that operates in the LPG distribution business, as described above and Extrafarma as described below. Ipiranga covers the distribution and marketing of petroleum products, fuel ethanol and NGV throughout Brazil. IPP also, through its subsidiaries, owns </font><font style="font-family: 'Times New Roman';">AmPm</font><font style="font-family: 'Times New Roman';"> brand in Brazil and Tropical, which provides transportation services for Ipiranga and other fuel distributors. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We conduct petrochemical and chemical activities through our </font><font style="font-family: 'Times New Roman';">wholly owned</font><font style="font-family: 'Times New Roman';"> subsidiary, Oxiteno. Oxiteno operates in the sector directly and through its subsidiaries, Oleoqu&#237;mica, EMCA, Oxiteno Mexico and Oxiteno Uruguay. Oxiteno directly operates plants located in the state of S&#227;o Paulo</font><font style="font-family: 'Times New Roman';">;</font><font style="font-family: 'Times New Roman';"> in Cama&#231;ari, in the state of Bahia</font><font style="font-family: 'Times New Roman';">;</font><font style="font-family: 'Times New Roman';"> and in Triunfo, in the state of Rio Grande do Sul. Oleoqu&#237;mica and EMCA also operate in the Cama&#231;ari plant. Oxiteno Mexico operates three plants in Mexico, one plant located in Uruguay through Oxiteno Uruguay and one plant in the United States through Oxiteno USA.</font><font style="font-family: 'Times New Roman';"> </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We conduct liquid bulk storage business through our </font><font style="font-family: 'Times New Roman';">wholly owned</font><font style="font-family: 'Times New Roman';"> subsidiary, Ultracargo, which operates through its subsidiary Tequimar. Tequimar maintains storage facilities at six terminals, of which two are located near the main petrochemical complexes in Brazil, Cama&#231;ari and S&#227;o Paulo. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">On January</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2014, we closed the Extrafarma Transaction, pursuant to which Extrafarma became our wholly owned subsidiary. Extrafarma operates a retail and wholesale pharmacy business in the North, Northeast and Southeast regions of Brazil. See &#8220;Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">4.A. Information on the Company&#8212;History and Development of the Company&#8212;Extrafarma&#8221;. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">On August</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">4, 2016, the Company, through its subsidiary IPP, entered into an association agreement with Chevron to create a new company in the lubricants market. The association is formed by IPP and Chevron&#8217;s lubricants operations in Brazil. On December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">1, 2017, the association process was concluded, with the contribution of the subsidiary IpiLubs to CBLSA pursuant to which IPP obtained direct control of CBLSA. Ipiranga and Chevron hold 56% and 44%, respectively, of CBLSA. In order to simplify the corporate structure and join companies with similar activities, IpiLubs was merged with and into CBLSA on November</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">1, 2018. In that same shareholders&#8217; meeting, the subsidiary changed its corporate name to Iconic. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In September 2016, subsidiary Ultrapar International S.A. was created and subsequently issued an aggregate principal amount of US$750</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million of notes in the foreign capital markets. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">On January</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">30, 2018, the Company through its subsidiary Tequimar entered into a sale and purchase agreement for the acquisition of 100% of the quotas of TEAS, owned by Ra&#237;zen Energia S.A. and Ra&#237;zen Araraquara A&#231;&#250;car e &#193;lcool Ltda., which were operated by the subsidiary Tequimar in the port of Santos. The closing of the acquisition took place on March</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">29, 2018. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Except for Oxiteno Mexico, Oxiteno USA and Oxiteno Uruguay, </font><font style="font-family: 'Times New Roman';">all</font><font style="font-family: 'Times New Roman';"> our material subsidiaries are incorporated under the laws of Brazil. </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">O</font><font style="font-family: 'Times New Roman';">n July </font><font style="font-family: 'Times New Roman';">29, </font><font style="font-family: 'Times New Roman';">2020, Ultrapar announced the creation of a business in the digital payment segment, combining the abastece a&#237; (&#8220;fill up here&#8221;) app and the loyalty program &#8220;</font><font style="font-family: 'Times New Roman'; font-style: italic;">Km de Vantagens</font><font style="font-family: 'Times New Roman';">&#8221; (Km of Advantages Program)</font><font style="font-family: 'Times New Roman';"> as </font><font style="font-family: 'Times New Roman';">a new independent company of the Ultra Group, which is operating under the brand abastece a&#237;</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">For further information, see &#8220;Item 4.A. Information on the Company&#8212;History and Development of the Company&#8221;.</font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">D. </font><font style="width: 23.23pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Property, Plant and Equipment</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Ultragaz </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultragaz&#8217;s LPG distribution network includes 18 filling plants. LPG is carried to the filling plants either via gas pipelines from Petrobras&#8217; installations or by tanker trucks. When LPG transportation is via gas pipeline the bases are known as primary and when transportation is via tanker truck, the bases are known as secondary. Ultragaz also operates LPG storage bases, known as satellite bases for supplying our bulk trucks. Ultragaz maintains storage facilities for LPG bottles and satellite bulk distribution plants at strategic locations in order to maintain supplies close to its customer bases and thus to reduce transportation costs. LPG is stored in the filling plants in large LPG storage tanks with a typical capacity of 60 tons per tank. In the case of LPG to be delivered in bulk, the LPG is pumped directly from the storage tanks into the bulk tankers. In the case of LPG to be delivered in bottles, the LPG is pumped from the storage tanks into a number of filling heads, which fill the LPG bottles. </font></p>
<br>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>95</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><font style="font-size: 10pt;"><a href="#TOC">Table of Contents</a></font></div>
</div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table sets forth the total storage capacity, total filling capacity during 2020 and the 2020 average filling utilization for each of Ultragaz&#8217;s primary and secondary filling stations and satellite stations. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="margin-right: auto; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 816px; width: 100%;" width="100%">

<tr style="height: 51px; margin-left: 0.1px;">
<td style="height: 51px; border-bottom: 1pt solid #000000; margin-left: 0.1px; vertical-align: bottom;" valign="bottom">
<p><font style="font-size: 8pt; font-weight: bold;">Base</font></p>
</td>
<td style="height: 51px; margin-left: 0.1px;"><br></td>
<td style="height: 51px; border-bottom: 1pt solid #000000; margin-left: 0.1px; text-align: center;">
<p><font style="font-size: 8pt; font-weight: bold;">Type</font></p>
</td>
<td style="height: 51px; margin-left: 0.1px;"><br></td>
<td style="height: 51px; border-bottom: 1pt solid #000000; margin-left: 0.1px; text-align: right;">
<p><font style="font-size: 8pt; font-weight: bold;">Total&nbsp;storage</font><br><font style="font-size: 8pt; font-weight: bold;">capacity</font></p>
</td>
<td style="height: 51px; margin-left: 0.1px;"><br></td>
<td style="height: 51px; border-bottom: 1pt solid #000000; margin-left: 0.1px; text-align: right;">
<p><font style="font-size: 8pt; font-weight: bold;">Filling capacity</font></p>
</td>
<td style="height: 51px; margin-left: 0.1px;"><br></td>
<td style="height: 51px; border-bottom: 1pt solid #000000; margin-left: 0.1px; text-align: right;">
<p><font style="font-size: 8pt; font-weight: bold;">2020</font><br><font style="font-size: 8pt; font-weight: bold;">average&nbsp;filling</font><br><font style="font-size: 8pt; font-weight: bold;">utilization&nbsp;rate</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; margin-left: 0.1px; text-align: right; height: 51px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p><font style="font-weight: bold; font-size: 8pt;">&nbsp;</font></p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: center;">
<p><font style="font-size: 8pt; font-weight: bold;">&nbsp;</font></p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p><font style="font-size: 8pt; font-weight: bold;">(in&nbsp;tons)</font></p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p><font style="font-size: 8pt; font-weight: bold;">(in&nbsp;tons&nbsp;per&nbsp;month)</font></p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p><font style="font-weight: bold; font-size: 8pt;">&nbsp;</font></p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
</tr>


<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff; width: 59%;">
<p>Aracaj&#250;</p>
</td>
<td style="height: 17px; background-color: #cceeff; width: 2%;"><br></td>
<td style="height: 17px; text-align: center; background-color: #cceeff; width: 8%;">
<p>Secondary</p>
</td>
<td style="height: 17px; background-color: #cceeff; width: 2%;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff; width: 8%;">
<p>240</p>
</td>
<td style="height: 17px; background-color: #cceeff; width: 2%;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff; width: 8%;">
<p>4,680</p>
</td>
<td style="height: 17px; background-color: #cceeff; width: 2%;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff; width: 8%;">
<p>66%</p>
</td>
<td style="text-align: right; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>Ara&#231;atuba</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: center;">
<p>Satellite</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>180</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>&nbsp;</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>&nbsp;</p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p>Aracruz</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: center; background-color: #cceeff;">
<p>Secondary</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>120</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>4,680</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>22%</p>
</td>
<td style="text-align: right; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>Araraquara</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: center;">
<p>Satellite</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>60</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>&nbsp;</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>&nbsp;</p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p>Arauc&#225;ria</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: center; background-color: #cceeff;">
<p>Primary</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>240</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>9,360</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>80%</p>
</td>
<td style="text-align: right; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>Barra de S&#227;o Francisco</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: center;">
<p>Secondary</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>360</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>2,496</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>60%</p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p>Barueri</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: center; background-color: #cceeff;">
<p>Secondary</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>1,500</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>5,720</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>72%</p>
</td>
<td style="text-align: right; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>Bauru</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: center;">
<p>Satellite</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>60</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>&nbsp;</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>&nbsp;</p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p>Betim</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: center; background-color: #cceeff;">
<p>Secondary</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>480</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>9,360</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>49%</p>
</td>
<td style="text-align: right; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>Blumenau</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: center;">
<p>Satellite</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>0</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>&nbsp;</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>&nbsp;</p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p>Canoas</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: center; background-color: #cceeff;">
<p>Secondary</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>600</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>4,680</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>87%</p>
</td>
<td style="text-align: right; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>Capuava</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: center;">
<p>Primary</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>720</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>14,040</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>43%</p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p>Cascavel</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: center; background-color: #cceeff;">
<p>Satellite</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>120</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>&nbsp;</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>&nbsp;</p>
</td>
<td style="text-align: right; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>Caucaia</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: center;">
<p>Secondary</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>420</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>7,020<sup>(1)</sup></p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>81%</p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p>Caxias do Sul</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: center; background-color: #cceeff;">
<p>Satellite</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>60</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>&nbsp;</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>&nbsp;</p>
</td>
<td style="text-align: right; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>Chapec&#243;</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: center;">
<p>Satellite</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>60</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>&nbsp;</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>&nbsp;</p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p>Florian&#243;polis</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: center; background-color: #cceeff;">
<p>Satellite</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>30</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>&nbsp;</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>&nbsp;</p>
</td>
<td style="text-align: right; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>Goi&#226;nia</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: center;">
<p>Secondary</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>360</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>5,720</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>77%</p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p>Imbiru&#231;u</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: center; background-color: #cceeff;">
<p>Satellite</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>480</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>&nbsp;</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>&nbsp;</p>
</td>
<td style="text-align: right; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>Jo&#227;o Pessoa</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: center;">
<p>Satellite</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>60</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>&nbsp;</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>&nbsp;</p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p>Joinville</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: center; background-color: #cceeff;">
<p>Satellite</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>30</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>&nbsp;</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>&nbsp;</p>
</td>
<td style="text-align: right; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>Juazeiro</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: center;">
<p>Secondary</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>180</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>4,680</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>63%</p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p>Londrina</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: center; background-color: #cceeff;">
<p>Satellite</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>60</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>&nbsp;</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>&nbsp;</p>
</td>
<td style="text-align: right; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>Mataripe</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: center;">
<p>Primary</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>1,025</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>17,700<sup>(1)</sup></p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>72%</p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p>Mau&#225;</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: center; background-color: #cceeff;">
<p>Satellite</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>720</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>&nbsp;</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>&nbsp;</p>
</td>
<td style="text-align: right; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>Paul&#237;nia</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: center;">
<p>Primary</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>1,800</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>9,360</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>83%</p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p>Paul&#237;nia SPGas</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: center; background-color: #cceeff;">
<p>Satellite</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>480</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>&nbsp;</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>&nbsp;</p>
</td>
<td style="text-align: right; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>Piraj&#225; &#8211; Salvador</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: center;">
<p>Satellite</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>60</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>&nbsp;</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>&nbsp;</p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p>Ponta Grossa</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: center; background-color: #cceeff;">
<p>Satellite</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>60</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>&nbsp;</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>&nbsp;</p>
</td>
<td style="text-align: right; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>Pouso Alegre</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: center;">
<p>Satellite</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>60</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>&nbsp;</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>&nbsp;</p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p>Ribeir&#227;o Preto</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: center; background-color: #cceeff;">
<p>Secondary</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>360</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>4,680</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>82%</p>
</td>
<td style="text-align: right; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>Rio de Janeiro</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: center;">
<p>Primary</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>840</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>5,720</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>82%</p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p>Santos</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: center; background-color: #cceeff;">
<p>Primary</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>2,400</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>3,900</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>50%</p>
</td>
<td style="text-align: right; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>S&#227;o Jos&#233; do Rio Preto</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: center;">
<p>Satellite</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>60</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>&nbsp;</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>&nbsp;</p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p>S&#227;o Jos&#233; dos Campos</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: center; background-color: #cceeff;">
<p>Primary</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>600</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>5,720</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>53%</p>
</td>
<td style="text-align: right; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>S&#227;o Jos&#233; dos Campos</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: center;">
<p>Satellite</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>360</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>&nbsp;</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>&nbsp;</p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p>Sorocaba</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: center; background-color: #cceeff;">
<p>Satellite</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>120</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>&nbsp;</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>&nbsp;</p>
</td>
<td style="text-align: right; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>Suape</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: center;">
<p>Primary</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>480</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>8,580<sup>(1)</sup></p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>82%</p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p><font style="font-weight: bold;">Total (ex-Uting&#225;s)</font></p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: center; background-color: #cceeff;">
<p>&nbsp;</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; border-top: 1pt solid #000000; background-color: #cceeff;">
<p><font style="font-weight: bold;">15,845</font></p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; border-top: 1pt solid #000000; background-color: #cceeff;">
<p><font style="font-weight: bold;">128,096</font></p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; border-top: 1pt solid #000000; background-color: #cceeff;">
<p><font style="font-weight: bold;">67%</font></p>
</td>
<td style="text-align: right; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>&nbsp;</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: center;">
<p>&nbsp;</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>&nbsp;</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>&nbsp;</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>&nbsp;</p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p>Arauc&#225;ria<sup>(2)</sup></p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: center; background-color: #cceeff;">
<p>Uting&#225;s</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>630</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>&nbsp;</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>&nbsp;</p>
</td>
<td style="text-align: right; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>Santo Andr&#233;<sup>(2)</sup></p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: center;">
<p>Uting&#225;s</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>3,534</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>&nbsp;</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>&nbsp;</p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p>&nbsp;</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; background-color: #cceeff;">
<p>&nbsp;</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>&nbsp;</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>&nbsp;</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>&nbsp;</p>
</td>
<td style="text-align: right; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p><font style="font-weight: bold;">Total</font></p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px;">
<p>&nbsp;</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000;">
<p><font style="font-weight: bold;">20,009</font></p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000;">
<p><font style="font-weight: bold;">128,096</font></p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000;">
<p><font style="font-weight: bold;">67%</font></p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
</tr>

</table>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.8365%; margin-left: auto; margin-right: auto;">

<tr>
<td style="width: 10%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
<td style="width: 90%;"><br></td>
</tr>

</table>
<p style="margin-top: 0pt; margin-left: 24.85pt; margin-bottom: 0pt; text-indent: -18.75pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">(1)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">These facilities operated with more than one 8-hour shift per day.</font><font style="font-family: 'Times New Roman';"> </font></p>
<p style="margin-top: 0pt; margin-left: 24.85pt; margin-bottom: 0pt; text-indent: -18.75pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">(2)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">Only the storage capacity share indirectly owned by Ultragaz</font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>96</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><font style="font-size: 10pt;"><a href="#TOC">Table of Contents</a></font></div>
</div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In addition, Ultragaz maintains headquarters in the city of S&#227;o Paulo and regional offices in the areas in which it operates.</font><font style="font-family: 'Times New Roman';"> </font></p>
<p style="margin: 8pt 0pt 0pt; font-size: 10pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Ultracargo</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table sets forth the main products stored at and the storage capacity operated by Ultracargo&#8217;s facilities a</font><font style="font-family: 'Times New Roman';">s of</font><font style="font-family: 'Times New Roman';"> December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020. </font></p>
<p style="margin-top: 0pt; margin-left: 18.35pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="margin-right: auto; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 170px;" width="100%">

<tr style="height: 51px;">
<td style="width: 50%; height: 51px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p><font style="font-weight: bold; font-size: 8pt;">Facility</font></p>
</td>
<td style="width: 2%; height: 51px;"><br></td>
<td style="width: 10%; text-align: center; height: 51px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p><font style="font-weight: bold; font-size: 8pt;">Installed</font><br><font style="font-weight: bold; font-size: 8pt;">capacity</font><br><font style="font-weight: bold; font-size: 8pt;">(in&nbsp;cubic&nbsp;meters)</font></p>
</td>
<td style="width: 2%; height: 51px;"><br></td>
<td style="width: 36%; height: 51px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="text-align: center;"><font style="font-weight: bold; font-size: 8pt;">Product&nbsp;lines</font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p>Santos (S&#227;o Paulo)</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="text-align: center; height: 17px; background-color: #cceeff;">
<p>306,775</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; background-color: #cceeff;">
<p>Chemicals, ethanol, lubricants, fuels and corrosives</p>
</td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>Aratu (Bahia)</p>
</td>
<td style="height: 17px;"><br></td>
<td style="text-align: center; height: 17px;">
<p>218,190</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px;">
<p>Chemicals, ethanol, vegetable oils, corrosives and fuels</p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p>Suape (Pernambuco)</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="text-align: center; height: 17px; background-color: #cceeff;">
<p>157,910</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; background-color: #cceeff;">
<p>Chemicals, ethanol, corrosives and&nbsp;fuels</p>
</td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>Itaqui (Maranh&#227;o)</p>
</td>
<td style="height: 17px;"><br></td>
<td style="text-align: center; height: 17px;">
<p>109,280</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px;">
<p>Ethanol and fuels</p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p>Rio de Janeiro (Rio de Janeiro)</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="text-align: center; height: 17px; background-color: #cceeff;">
<p>17,259</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; background-color: #cceeff;">
<p>Corrosives and lubricants</p>
</td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>Paranagu&#225; (Paran&#225;)</p>
</td>
<td style="height: 17px;"><br></td>
<td style="text-align: center; height: 17px;">
<p>28,262</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px;">
<p>Corrosives and vegetable oils</p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p><font style="font-weight: bold;">Total</font></p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="text-align: center; height: 17px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p><font style="font-weight: bold;">837,676</font></p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; background-color: #cceeff;">
<p>&nbsp;</p>
</td>
</tr>

</table>
<p style="margin-top: 0pt; margin-left: 18.35pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">For more information see &#8220;Item 4.B. Business Overview &#8212; Storage Services for Liquid Bulk &#8212; Ultracargo &#8212; Storage facilities&#8221;</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin: 8pt 0pt 0pt; font-size: 10pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Oxiteno </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Oxiteno has six plants in Brazil: Cama&#231;ari plants in the Northeast complex, Mau&#225; plant in the S&#227;o Paulo complex, Triunfo plant in the Southern complex and Trememb&#233; and Suzano plants in the state of S&#227;o Paulo. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table sets forth the current ethylene oxide production capacity of Oxiteno&#8217;s plants in Brazil as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto; height: 153px;" width="100%">

<tr style="height: 17px; margin-left: 0.1px;">
<td style="height: 17px; margin-left: 0.1px; width: 89%;">
<p><font style="text-decoration: underline;"><font style="font-size: 8pt; font-weight: bold;">Units</font></font></p>
</td>
<td style="height: 17px; margin-left: 0.1px; width: 2%;"><br></td>
<td style="height: 17px; border-bottom: 1pt solid #000000; margin-left: 0.1px; text-align: center; width: 8%;">
<p><font style="font-size: 8pt; font-weight: bold;">Capacity </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; margin-left: 0.1px; text-align: center; width: 1%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p><font style="font-size: 8pt; font-weight: bold;">&nbsp;</font></p>
</td>
<td style="height: 17px;"><br></td>
<td style="text-align: center; height: 17px;">
<p><font style="font-size: 8pt; font-weight: bold;">(in&nbsp;tons&nbsp;per&nbsp;year)</font></p>
</td>
<td style="text-align: center;"><br></td>
</tr>


<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p>Cama&#231;ari</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="text-align: right; height: 17px; background-color: #cceeff;">
<p>&nbsp;350,000</p>
</td>
<td style="text-align: right; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>Mau&#225;</p>
</td>
<td style="height: 17px;"><br></td>
<td style="text-align: right; height: 17px;">
<p>&nbsp;90,000</p>
</td>
<td style="text-align: right;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p>Trememb&#233;</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="text-align: right; height: 17px; background-color: #cceeff;">
<p>&nbsp;&#8212;</p>
</td>
<td style="text-align: right; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>Triunfo</p>
</td>
<td style="height: 17px;"><br></td>
<td style="text-align: right; height: 17px;">
<p>&nbsp;&#8212;</p>
</td>
<td style="text-align: right;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p>Suzano</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="text-align: right; height: 17px; background-color: #cceeff;">
<p>&nbsp;&#8212;</p>
</td>
<td style="text-align: right; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>&nbsp;</p>
</td>
<td style="height: 17px;"><br></td>
<td style="text-align: right; height: 17px;">
<p>&nbsp;</p>
</td>
<td style="text-align: right;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p><font style="font-weight: bold;">Total</font></p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="text-align: right; height: 17px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p><font style="font-weight: bold;">&nbsp;440,000</font></p>
</td>
<td style="text-align: right; background-color: #cceeff;"><br></td>
</tr>

</table>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ethylene oxide is primarily an intermediate material used in the production of ethylene oxide derivatives &#8212; only 1% of Oxiteno&#8217;s sales volume in the year ended December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, </font><font style="font-family: 'Times New Roman';">2020 </font><font style="font-family: 'Times New Roman';">was </font><font style="font-family: 'Times New Roman';">ethylene oxide. Therefore, Oxiteno&#8217;s total production output may not be determined by adding the capacities of ethylene oxide and its derivatives. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As Oxiteno&#8217;s capacity for ethylene oxide derivatives exceeds its ethylene oxide production capacity, Oxiteno cannot produce the maximum amount of each derivative product in any year and, accordingly, actual production of ethylene oxide derivatives is less than its capacity shown in the tables below. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">However, the excess production capacity of ethylene oxide derivatives provides a degree of operating flexibility that enables the company to switch production partially to other products and re-manage its ethylene oxide output for derivative products depending on relative demand, thus mitigating the effects of reductions in demand for certain products resulting from downturns in the petrochemical business cycle. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Cama&#231;ari plants</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> The first Cama&#231;ari plant, located in the Northeast Complex, was built by Oxiteno and commenced production in 1978. The Cama&#231;ari plants produce ethylene oxide and ethylene oxide derivatives, such as ethylene glycols, ethanolamines, glycol ethers and ethoxylated derivatives. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2007, in connection with the acquisition of Ipiranga Group by Ultrapar, Oxiteno started to operate a mineral oils production plant, EMCA.</font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>97</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><font style="font-size: 10pt;"><a href="#TOC">Table of Contents</a></font></div>
</div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table sets forth the </font><font style="font-family: 'Times New Roman';">current </font><font style="font-family: 'Times New Roman';">production capacity of the Cama&#231;ari plant for each of its principal products. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="margin-right: auto; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100.164%; height: 186px;" width="100%">

<tr style="height: 16px; margin-left: 0.1px;">
<td style="height: 16px; margin-left: 0.1px;">
<p><font style="text-decoration: underline;"><font style="font-size: 8pt; font-weight: bold;">Units</font></font></p>
</td>
<td style="height: 16px; margin-left: 0.1px;"><br></td>
<td style="height: 16px; border-bottom: 1pt solid #000000; margin-left: 0.1px;">
<p style="text-align: center;"><font style="font-size: 8pt; font-weight: bold;">Current capacity </font><br></p>
</td>
<td style="border-bottom: 1pt solid #000000; margin-left: 0.1px; height: 16px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;"><br></td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: center;"><font style="color: #000000; font-family: 'times new roman'; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(in tons per year)&nbsp;</font></td>
<td style="text-align: center; height: 17px;"><br></td>
</tr>


<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff; width: 89%;">
<p>Ethylene oxide</p>
</td>
<td style="height: 17px; background-color: #cceeff; width: 2%;"><br></td>
<td style="text-align: right; height: 17px; background-color: #cceeff; width: 8%;">
<p>&nbsp;350,000</p>
</td>
<td style="text-align: right; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>Ethylene glycols</p>
</td>
<td style="height: 17px;"><br></td>
<td style="text-align: right; height: 17px;">
<p>&nbsp;285,000</p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p>Ethoxylated derivatives</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="text-align: right; height: 17px; background-color: #cceeff;">
<p>&nbsp;270,000</p>
</td>
<td style="text-align: right; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>Ethanolamines</p>
</td>
<td style="height: 17px;"><br></td>
<td style="text-align: right; height: 17px;">
<p>&nbsp;110,000</p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p>Fatty alcohols</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="text-align: right; height: 17px; background-color: #cceeff;">
<p>&nbsp;77,000</p>
</td>
<td style="text-align: right; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>White mineral oils</p>
</td>
<td style="height: 17px;"><br></td>
<td style="text-align: right; height: 17px;">
<p>&nbsp;60,000</p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p>Glycol ethers</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="text-align: right; height: 17px; background-color: #cceeff;">
<p>&nbsp;25,000</p>
</td>
<td style="text-align: right; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>Glycerin</p>
</td>
<td style="height: 17px;"><br></td>
<td style="text-align: right; height: 17px;">
<p>&nbsp;11,000</p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p>Fatty acids</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="text-align: right; height: 17px; background-color: #cceeff;">
<p>&nbsp;7,000</p>
</td>
<td style="text-align: right; background-color: #cceeff; height: 17px;"><br></td>
</tr>

</table>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">, the Cama&#231;ari plant operated at </font><font style="font-family: 'Times New Roman';">71</font><font style="font-family: 'Times New Roman';">% of its production capacity. The plant had planned stoppages for regular maintenance. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Mau&#225; plant</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> The Mau&#225; plant, located in the S&#227;o Paulo Complex, was the first plant built by Oxiteno and it commenced production in 1974. The Mau&#225; plant has process units for ethylene oxide, ethylene glycols, glycol ethers, glycol ether acetates, natural alcohols and ethoxylated derivatives. In addition to the production units, the plant has drumming, storage, warehouse and maintenance facilities and also houses Oxiteno&#8217;s principal research and development laboratory. The following table sets forth the current production capacity of the Mau&#225; plant for each of its principal products. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="margin-right: auto; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100.164%; height: 189px;" width="100%">

<tr style="height: 19px; margin-left: 0.1px;">
<td style="height: 19px; margin-left: 0.1px;">
<p><font style="text-decoration: underline;"><font style="font-weight: bold; font-size: 8pt;">Units</font></font></p>
</td>
<td style="height: 19px; margin-left: 0.1px;"><br></td>
<td style="height: 19px; border-bottom: 1pt solid #000000; margin-left: 0.1px;">
<p style="text-align: center;"><font style="font-weight: bold; font-size: 8pt;">Current capacity</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; margin-left: 0.1px; height: 19px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;"><br></td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: center;"><font style="color: #000000; font-family: 'times new roman'; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(in tons per year)&nbsp;</font></td>
<td style="text-align: center; height: 17px;"><br></td>
</tr>


<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff; width: 89%;">
<p>Ethoxylated derivatives</p>
</td>
<td style="height: 17px; background-color: #cceeff; width: 2%;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff; width: 8%;">
<p>106,000</p>
</td>
<td style="text-align: right; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>Ethylene oxide</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>90,000</p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p>Acetates</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>72,000</p>
</td>
<td style="text-align: right; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>Ethylene glycols</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>40,000</p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p>Glycol ethers</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>40,000</p>
</td>
<td style="text-align: right; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>Hydraulic fluids</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>30,000</p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p>Alkylation</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>17,000</p>
</td>
<td style="text-align: right; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>C4+C5 alcohols</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>13,500</p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p>Esterification</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>4,000</p>
</td>
<td style="text-align: right; background-color: #cceeff; height: 17px;"><br></td>
</tr>

</table>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">, the Mau&#225; plant operated at </font><font style="font-family: 'Times New Roman';">60</font><font style="font-family: 'Times New Roman';">% of its production capacity. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Trememb&#233; plant</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> The Trememb&#233; plant, located at Bairro dos Guedes, Trememb&#233;, in the state of S&#227;o Paulo, has three principal production units, a sulfonation/sulfation unit and two multipurpose units. The Trememb&#233; plant commenced production in 1970 and was subsequently acquired by us in 1985. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table shows the current capacity of the principal units at the Trememb&#233; plant. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="margin-right: auto; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100.164%; height: 146px;" width="100%">

<tr style="height: 10px; margin-left: 0.1px;">
<td style="height: 10px; margin-left: 0.1px;">
<p><font style="text-decoration: underline;"><font style="font-weight: bold; font-size: 8pt;">Units&nbsp;</font></font></p>
</td>
<td style="height: 10px; margin-left: 0.1px;"><br></td>
<td style="height: 10px; margin-left: 0.1px; border-bottom: 1pt solid #000000;">
<p style="text-align: center;"><font style="font-weight: bold; font-size: 8pt;">Current capacity</font></p>
</td>
<td style="margin-left: 0.1px; border-bottom: 1pt solid #000000; height: 10px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;"><br></td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: center;"><font style="font-weight: bold; font-size: 8pt;"><font style="color: #000000; font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(in tons per year)</font><font style="color: #000000; font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&nbsp;</font></font></td>
<td style="text-align: center; height: 17px;"><br></td>
</tr>


<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff; width: 89%;">
<p>Specialties</p>
</td>
<td style="height: 17px; background-color: #cceeff; width: 2%;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff; width: 8%;">
<p>19,000</p>
</td>
<td style="text-align: right; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>Sulfonation/Sulfation</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>16,000<font style="font-size: 7pt;"><sup>(1)</sup></font></p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p>Agricultural blends</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>15,000</p>
</td>
<td style="text-align: right; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>Esterification</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>10,000</p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p>Betaines</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>10,000</p>
</td>
<td style="text-align: right; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>Naphthalenes Sulfonates</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>5,000</p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p>Hydraulic fluids</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>3,200</p>
</td>
<td style="text-align: right; background-color: #cceeff; height: 17px;"><br></td>
</tr>

</table>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.8365%; margin-left: auto; margin-right: auto;">

<tr>
<td style="width: 10%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
<td style="width: 90%;"><br></td>
</tr>

</table>
<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><font style="font-size: 8pt;"><sub><font style="font-family: 'Times New Roman'; vertical-align: super;">(1)</font></sub><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="width: 8.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Capacity adjusted for 100% active matter.</font></font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>98</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><font style="font-size: 10pt;"><a href="#TOC">Table of Contents</a></font></div>
</div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">, the Trememb&#233; plant operated at </font><font style="font-family: 'Times New Roman';">61</font><font style="font-family: 'Times New Roman';">% of its production capacity. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Suzano plant</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> In 2007, Oxiteno began operating a sulfonation and sulfation plant in Suzano, with a production capacity of 13.5</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand tons per year. In 2012, Oxiteno added 11.5</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand tons per year to its capacity. As a result, production capacity at the Suzano plant increased to 26.5</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand tons per year. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table shows the current capacity of the principal units at the Suzano plant. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="margin-right: auto; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100.164%; height: 85px;" width="100%">

<tr style="margin-left: 0.1px; height: 17px;">
<td style="margin-left: 0.1px; height: 17px;">
<p><font style="text-decoration: underline;"><font style="font-weight: bold; font-size: 8pt;">Units</font></font></p>
</td>
<td style="margin-left: 0.1px; height: 17px;"><br></td>
<td style="margin-left: 0.1px; border-bottom: 1pt solid #000000; height: 17px; text-align: center;">
<p><font style="font-weight: bold; font-size: 8pt;">Current capacity &nbsp;</font></p>
</td>
<td style="margin-left: 0.1px; border-bottom: 1pt solid #000000; text-align: center;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;"><br></td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: center;"><font style="color: #000000; font-family: 'times new roman'; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(in tons per year)</font></td>
<td style="text-align: center;"><br></td>
</tr>


<tr style="background-color: #cceeff; height: 17px;">
<td style="background-color: #cceeff; height: 17px; width: 89%;">
<p>Sulfonation/Sulfation</p>
</td>
<td style="background-color: #cceeff; height: 17px; width: 2%;"><br></td>
<td style="background-color: #cceeff; text-align: right; height: 17px; width: 8%;">
<p>13,500</p>
</td>
<td style="background-color: #cceeff; text-align: right; width: 1%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>Esterification</p>
</td>
<td style="height: 17px;"><br></td>
<td style="text-align: right; height: 17px;">
<p>11,500</p>
</td>
<td style="text-align: right;"><br></td>
</tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="background-color: #cceeff; height: 17px;">
<p>Betaines</p>
</td>
<td style="background-color: #cceeff; height: 17px;"><br></td>
<td style="background-color: #cceeff; text-align: right; height: 17px;">
<p>1,500</p>
</td>
<td style="background-color: #cceeff; text-align: right;"><br></td>
</tr>

</table>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">, the Suzano plant operated at </font><font style="font-family: 'Times New Roman';">84</font><font style="font-family: 'Times New Roman';">% of its production capacity. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Triunfo plant</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> The Triunfo plant is located in the Southern Complex. The Triunfo plant was built by Oxiteno and started production in 1989. The Triunfo plant has two process units, one for the production of secondary butyl alcohol, which is used in the production of MEK, and one for the production of MEK. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table shows the current capacity of the principal units at the Triunfo plant.</font><font style="font-family: 'Times New Roman';"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="margin-right: auto; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100.164%;" width="100%">

<tr style="margin-left: 0.1px;">
<td style="margin-left: 0.1px;">
<p><font style="text-decoration: underline;"><font style="font-size: 8pt; font-weight: bold;">Units</font></font></p>
</td>
<td style="margin-left: 0.1px;"><br></td>
<td style="margin-left: 0.1px; text-align: center; border-bottom: 1pt solid #000000;">
<p><font style="font-size: 8pt; font-weight: bold;">Current capacity</font></p>
</td>
<td style="margin-left: 0.1px; text-align: center; border-bottom: 1pt solid #000000;"><br></td>
</tr>
<tr>
<td><br></td>
<td><br></td>
<td style="text-align: center;"><font style="color: #000000; font-family: 'times new roman'; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(in tons per year)&nbsp;</font></td>
<td style="text-align: center;"><br></td>
</tr>


<tr style="background-color: #cceeff;">
<td style="background-color: #cceeff; width: 89%;">
<p>Oxygenated solvents</p>
</td>
<td style="background-color: #cceeff; width: 2%;"><br></td>
<td style="background-color: #cceeff; width: 8%;">
<p style="text-align: right;">42,000</p>
</td>
<td style="background-color: #cceeff; width: 1%;"><br></td>
</tr>

</table>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">, the Triunfo plant operated at </font><font style="font-family: 'Times New Roman';">70</font><font style="font-family: 'Times New Roman';">% of its production capacity. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">With the acquisition of Oxiteno Mexico (formerly Canamex) in 2003 and Uni&#243;n Qu&#237;mica in 2007, Oxiteno acquired three specialty chemical plants in Mexico. As of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">, the Coatzacoalcos plant had a production capacity of 86</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand tons per year of ethoxylates and 8</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand tons per year of alkyphenols; the Guadalajara plant had a production capacity of 32</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand tons per year of specialty chemicals and San Juan del R&#237;o had a production capacity of 8</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand tons per year of specialty chemicals. In </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">, the Guadalajara, the Coatzacoalcos and San Juan del R&#237;o plants operated at an average rate of 65%, </font><font style="font-family: 'Times New Roman';">36</font><font style="font-family: 'Times New Roman';">% and </font><font style="font-family: 'Times New Roman';">73</font><font style="font-family: 'Times New Roman';">% of their production capacity, respectively. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Oxiteno acquired a specialty chemical plant in Pasadena, Texas in 2012. As of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, the Pasadena plant had a production capacity of 152</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand tons per year of specialty and agricultural blends. In </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">, Pasadena plant operated at an average rate of 2</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">% of its production capacity. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">With the acquisition of Oxiteno Uruguay in 2012, Oxiteno acquired a specialty chemical plant in Montevideo, Uruguay. As of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">, the Montevideo plant had a production capacity of 63</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand tons per year of specialty chemicals and operated with </font><font style="font-family: 'Times New Roman';">76</font><font style="font-family: 'Times New Roman';">% of its production capacity. </font></p>
<br>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>99</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><font style="font-size: 10pt;"><a href="#TOC">Table of Contents</a></font></div>
</div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table sets forth Oxiteno&#8217;s production plants located outside of Brazil: </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="margin-right: auto; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.9181%; height: 255px;" width="100%">

<tr style="margin-left: 0.1px; height: 34px;">
<td style="margin-left: 0.1px; height: 34px;">
<p><font style="text-decoration: underline;"><font style="font-weight: bold; font-size: 8pt;">Units</font></font></p>
</td>
<td style="margin-left: 0.1px; height: 34px;"><br></td>
<td style="border-bottom: 1pt solid #000000; margin-left: 0.1px; text-align: center; height: 34px;">
<p><font style="font-weight: bold; font-size: 8pt;">Current capacity</font></p>
</td>
<td style="border-bottom: 1pt solid #000000; margin-left: 0.1px; text-align: center; height: 34px;"><br></td>
</tr>
<tr style="height: 34px;">
<td style="height: 34px;"><br></td>
<td style="height: 34px;"><br></td>
<td style="text-align: center; height: 34px;"><font style="color: #000000; font-family: 'times new roman'; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(in tons per year)&nbsp;</font></td>
<td style="text-align: center; height: 34px;"><br></td>
</tr>


<tr style="background-color: #cceeff; height: 17px;">
<td style="background-color: #cceeff; height: 17px; width: 89%;">
<p>Ethoxylated derivatives &#8212; Coatzacoalcos plant</p>
</td>
<td style="background-color: #cceeff; height: 17px; width: 2%;"><br></td>
<td style="text-align: right; background-color: #cceeff; height: 17px; width: 8%;">
<p>86,000</p>
</td>
<td style="text-align: right; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>Alkylation &#8212; Coatzacoalcos plant</p>
</td>
<td style="height: 17px;"><br></td>
<td style="text-align: right; height: 17px;">
<p>7,860</p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
</tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="background-color: #cceeff; height: 17px;">
<p>Ethoxylated derivatives &#8212; Guadalajara plant</p>
</td>
<td style="background-color: #cceeff; height: 17px;"><br></td>
<td style="text-align: right; background-color: #cceeff; height: 17px;">
<p>19,000</p>
</td>
<td style="text-align: right; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>Esterification &#8212; Guadalajara plant</p>
</td>
<td style="height: 17px;"><br></td>
<td style="text-align: right; height: 17px;">
<p>13,000</p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
</tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="background-color: #cceeff; height: 17px;">
<p>Sulfonation/Sulfation &#8212; San Juan del R&#237;o</p>
</td>
<td style="background-color: #cceeff; height: 17px;"><br></td>
<td style="text-align: right; background-color: #cceeff; height: 17px;">
<p>8,400</p>
</td>
<td style="text-align: right; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>Alkoxylation &#8212; Pasadena</p>
</td>
<td style="height: 17px;"><br></td>
<td style="text-align: right; height: 17px;">
<p>120,000</p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
</tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="background-color: #cceeff; height: 17px;">
<p>Specialties/Agricultural Blends &#8212; Pasadena</p>
</td>
<td style="background-color: #cceeff; height: 17px;"><br></td>
<td style="text-align: right; background-color: #cceeff; height: 17px;">
<p>32,000</p>
</td>
<td style="text-align: right; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>Sulfonation/Sulfation &#8212; Montevideo</p>
</td>
<td style="height: 17px;"><br></td>
<td style="text-align: right; height: 17px;">
<p>45,000</p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
</tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="background-color: #cceeff; height: 17px;">
<p>Fatty Acid Sulfate (FAS) &#8212; Montevideo</p>
</td>
<td style="background-color: #cceeff; height: 17px;"><br></td>
<td style="text-align: right; background-color: #cceeff; height: 17px;">
<p>10,000</p>
</td>
<td style="text-align: right; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>Betaines/Amides &#8212; Montevideo</p>
</td>
<td style="height: 17px;"><br></td>
<td style="text-align: right; height: 17px;">
<p>6,000</p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
</tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="background-color: #cceeff; height: 17px;">
<p>Fatliquor oils &#8212; Montevideo</p>
</td>
<td style="background-color: #cceeff; height: 17px;"><br></td>
<td style="text-align: right; background-color: #cceeff; height: 17px;">
<p>2,000</p>
</td>
<td style="text-align: right; background-color: #cceeff; height: 17px;"><br></td>
</tr>

</table>
<div style="-aw-headerfooter-type: linked; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
</div>
</div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>100</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><font style="font-size: 10pt;"><a href="#TOC">Table of Contents</a></font></div>
</div>
<br>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Ipiranga </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Distribution of fuels is carried out through an extensive network of primary and secondary storage terminals. Primary storage terminals are generally located near refineries and are used as storage terminals for products to be transported either to secondary storage terminals or to large customers and TRRs. Distributors own their storage terminals (</font><font style="font-family: 'Times New Roman';">o</font><font style="font-family: 'Times New Roman';">wned), lease space in third parties&#8217; storage terminals (</font><font style="font-family: 'Times New Roman';">t</font><font style="font-family: 'Times New Roman';">hird </font><font style="font-family: 'Times New Roman';">p</font><font style="font-family: 'Times New Roman';">arty </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">greement&#8212;TPA) or participate in pools (</font><font style="font-family: 'Times New Roman';">j</font><font style="font-family: 'Times New Roman';">oint-</font><font style="font-family: 'Times New Roman';">o</font><font style="font-family: 'Times New Roman';">perated terminals&#8212;JO) that serve two or more distributors. The following table sets forth the total storage capacity and ownership structure for each of Ipiranga&#8217;s primary and secondary facilities in 2020. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="height: 551px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;" width="100%" border="0">

<tr style="height: 26px;">
<td style="vertical-align: bottom; height: 26px; border-bottom: 1pt solid #000000; width: 62%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Storage </font><font style="font-family: 'Times New Roman'; font-weight: bold;">t</font><font style="font-family: 'Times New Roman'; font-weight: bold;">erminal</font><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 26px; width: 2%;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 26px; border-bottom: 1pt solid #000000; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Type</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 26px; width: 2%;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 26px; border-bottom: 1pt solid #000000; width: 15%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Owner</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">s</font><font style="font-family: 'Times New Roman'; font-weight: bold;">tructure</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">of</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">s</font><font style="font-family: 'Times New Roman'; font-weight: bold;">torage</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">t</font><font style="font-family: 'Times New Roman'; font-weight: bold;">eminal</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 26px; width: 2%;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 26px; border-bottom: 1pt solid #000000; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Storage</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">c</font><font style="font-family: 'Times New Roman'; font-weight: bold;">apacity</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">(cubic</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">meters)</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; border-bottom: 1pt solid #000000; width: 1%;"><br></td>
</tr>


<tr style="height: 15px; background-color: #cceeff;">
<td style="vertical-align: top; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">A&#231;ail&#226;ndia</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Secondary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">JO</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">operated</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">by</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">others</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(2)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">4,211</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="vertical-align: top; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Arauc&#225;ria</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">TPA</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">850</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="vertical-align: top; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Arauc&#225;ria</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">JO</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">operated</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">by</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">others</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(2)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">51,382</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 12px;">
<td style="vertical-align: top; height: 12px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Bag&#233;</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Secondary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Owned</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">4,721</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="vertical-align: top; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Barcarena</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Owned</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">9,097</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 18px;">
<td style="vertical-align: top; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Barueri</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">TPA</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">2,100</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="vertical-align: top; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Barueri</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Owned</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">22,022</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="vertical-align: top; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Bauru</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Secondary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Owned</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">3,288</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="vertical-align: top; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Bel&#233;m</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Owned</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">21,257</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 16px;">
<td style="vertical-align: top; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Betim</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">JO</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">operated</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">by</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Ipiranga</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(2)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">11,394</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Betim</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">JO</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">operated</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">by</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">others</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(2)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">6,895</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 18px;">
<td style="vertical-align: top; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Bigua&#231;u</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">TPA</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">2,313</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 12px; background-color: #cceeff;">
<td style="vertical-align: top; height: 12px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Bras&#237;lia</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">JO</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">operated</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">by</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">others</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(2)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">6,406</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Cabedelo</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">TPA</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">7,464</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="vertical-align: top; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Campo Grande</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Secondary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Owned</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">5,807</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 16px;">
<td style="vertical-align: top; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Campos</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Secondary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">JO</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">operated</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">by</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Ipiranga</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(2)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">3,562</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 12px; background-color: #cceeff;">
<td style="vertical-align: top; height: 12px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Canoas</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Owned</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">42,917</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Canoas</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">TPA</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">200</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="vertical-align: top; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Cascavel</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Secondary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Owned</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">4,047</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 12px;">
<td style="vertical-align: top; height: 12px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Caxias</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Owned</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">36,283</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="vertical-align: top; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Caxias</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">JO</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">operated</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">by</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">others</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(2)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">7,343</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 13px;">
<td style="vertical-align: top; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Chapec&#243;</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Secondary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">TPA</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">2,100</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="vertical-align: top; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Cruz Alta</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Secondary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Owned</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">5,429</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="vertical-align: top; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Cubat&#227;o</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Owned</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">9,277</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 11px; background-color: #cceeff;">
<td style="vertical-align: top; height: 11px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Cubat&#227;o</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 11px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 11px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 11px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 11px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">TPA</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 11px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 11px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">780</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="vertical-align: top; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Cuiab&#225;</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Secondary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Owned</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">1,578</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Fortaleza</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">TPA</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">4,060</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Goi&#226;nia</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">TPA</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">2,685</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 11px; background-color: #cceeff;">
<td style="vertical-align: top; height: 11px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Goi&#226;nia</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 11px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 11px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 11px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 11px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">JO</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">operated</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">by</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">others</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(2)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 11px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 11px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">7,818</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Governador Valadares</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Secondary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Owned</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">5,451</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="vertical-align: top; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Guamar&#233;</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">JO</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">operated</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">by</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">others</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(2)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">2,570</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 12px;">
<td style="vertical-align: top; height: 12px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Guaramirim</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">TPA</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">402</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="vertical-align: top; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Guarapuava</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Secondary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Owned</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">5,674</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Guarulhos</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">TPA</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">850</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Imbiru&#231;u</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">JO</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">operated</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">by</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Ipiranga</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(2)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">4,277</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Itabuna</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">TPA</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">245</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Itacoatiara</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">TPA</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">20,000</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Itaituba</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Secondary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Owned</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">1,356</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 11px; background-color: #cceeff;">
<td style="vertical-align: top; height: 11px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Itaja&#237;</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 11px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 11px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 11px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 11px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">JO</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">operated</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">by</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Ipiranga</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(2)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 11px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 11px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">7,790</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Jequi&#233;</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">JO</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">operated</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">by</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">others</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(2)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">4,323</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom;"><br></td>
</tr>

</table>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;<br></font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>101</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><font style="font-size: 10pt;"><a href="#TOC">Table of Contents</a></font></div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman';"><br></font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto; height: 587px;" width="100%" border="0">

<tr style="height: 26px;">
<td style="vertical-align: bottom; height: 26px; border-bottom: 1pt solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Storage </font><font style="font-family: 'Times New Roman'; font-weight: bold;">t</font><font style="font-family: 'Times New Roman'; font-weight: bold;">erminal</font><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 26px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 26px; border-bottom: 1pt solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Type</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 26px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 26px; border-bottom: 1pt solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Owner</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">s</font><font style="font-family: 'Times New Roman'; font-weight: bold;">tructure</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">of</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">s</font><font style="font-family: 'Times New Roman'; font-weight: bold;">torage</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">t</font><font style="font-family: 'Times New Roman'; font-weight: bold;">eminal</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 26px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 26px; border-bottom: 1pt solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Storage</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">c</font><font style="font-family: 'Times New Roman'; font-weight: bold;">apacity</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">(cubic</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">meters)</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; border-bottom: 1pt solid #000000;"><br></td>
</tr>


<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: top; height: 10px; background-color: #cceeff; width: 62%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Juazeiro</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2%;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Secondary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2%;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 15%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">JO</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">operated</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">by</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">others</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(2)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2%;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">1,710</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
</tr>
<tr style="height: 13px;">
<td style="vertical-align: top; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Lages</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Secondary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">TPA</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">1,310</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Londrina</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Secondary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">JO</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">operated</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">by</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Ipiranga</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(2)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">4,955</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Luis Eduardo Magalh&#227;es</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Secondary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">TPA</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">310</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Macap&#225;</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">JO</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">operated</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">by</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Ipiranga</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(2)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">3,149</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 12px;">
<td style="vertical-align: top; height: 12px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Macei&#243;</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">JO</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">operated</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">by</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Ipiranga</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(2)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">3,822</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Manaus</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Owned</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">7,653</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 13px;">
<td style="vertical-align: top; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Manaus</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">TPA</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">200</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="vertical-align: top; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Marab&#225;</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Secondary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">TPA</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">1,231</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 12px;">
<td style="vertical-align: top; height: 12px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Maring&#225;</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Secondary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">TPA</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">1,183</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Montes Claros</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Secondary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Owned</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">4,966</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 16px;">
<td style="vertical-align: top; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Munguba</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Secondary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Owned</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">12,391</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ourinhos</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Secondary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Owned</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">9,345</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 11px;">
<td style="vertical-align: top; height: 11px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Paranagu&#225;</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 11px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 11px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 11px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 11px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">TPA</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 11px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 11px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">90,000</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Passo Fundo</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">JO</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">operated</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">by</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Ipiranga</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(2)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">6,270</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 16px;">
<td style="vertical-align: top; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Paul&#237;nia</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Owned</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">10,286</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Paul&#237;nia</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">JO</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">operated</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">by</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Ipiranga</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(2)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">26,804</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Porto Nacional</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Secondary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">TPA</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">3,580</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Porto Velho</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Secondary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Owned</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">8,318</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Pres. Prudente</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Secondary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Owned</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">3,772</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ribeir&#227;o Preto</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">JO</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">operated</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">by</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">others</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(2)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">11,918</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 11px;">
<td style="vertical-align: top; height: 11px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Rio Grande</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 11px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 11px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 11px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 11px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">TPA</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 11px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 11px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">3,466</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Rondon&#243;polis</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Secondary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Owned</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">10,708</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 16px;">
<td style="vertical-align: top; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Santa Maria</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Secondary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Owned</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">5,807</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="vertical-align: top; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Santar&#233;m</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Secondary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Owned</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">3,972</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 13px;">
<td style="vertical-align: top; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Santos</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">TPA</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">60,000</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="vertical-align: top; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">S&#227;o Caetano</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Owned</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">22,024</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">S&#227;o Francisco do Conde</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">TPA</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">4,701</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">S&#227;o Jos&#233; do Rio Preto</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Secondary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">JO</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">operated</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">by</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">others</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(2)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">1,555</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 11px;">
<td style="vertical-align: top; height: 11px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">S&#227;o Jos&#233; do Rio Preto</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 11px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 11px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Secondary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 11px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 11px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Owned</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 11px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 11px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">8,712</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">S&#227;o Jos&#233; do Rio Preto</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Secondary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Owned</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">2,084</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="vertical-align: top; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">S&#227;o Jos&#233; dos Campos</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">JO</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">operated</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">by</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">others</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(2)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">12,909</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">S&#227;o Jos&#233; dos Campos</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">TPA</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">1,570</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">S&#227;o Luis</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">TPA</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">57,110</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="vertical-align: top; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">S&#227;o Luis</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">JO</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">operated</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">by</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Ipiranga</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(2)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">14,422</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="vertical-align: top; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Sarandi</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Secondary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">TPA</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">5,610</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 12px; background-color: #cceeff;">
<td style="vertical-align: top; height: 12px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Sinop</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Secondary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">TPA</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">395</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="vertical-align: top; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Suape</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">TPA</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">30,450</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="vertical-align: top; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Suape</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">JO</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">operated</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">by</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">others</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(2)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 13px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 13px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">15,813</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="vertical-align: top; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Teresina</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Secondary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">JO</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">operated</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">by</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">others</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(2)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">4,850</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Uberaba</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">TPA</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">740</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Uberl&#226;ndia</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">JO</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">operated</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">by</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">others</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(2)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">10,249</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Vila Velha</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">TPA</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">13,830</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 12px;">
<td style="vertical-align: top; height: 12px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Vilhena</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Secondary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Owned</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 12px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">846</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="vertical-align: top; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Vit&#243;ria</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Primary</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">TPA</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px; background-color: #cceeff;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">6,998</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: &quot;Times New Roman&quot;; font-weight: bold;">Total</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-left: 6.82pt; vertical-align: bottom; height: 10px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">852,217</font></p>
</td>
<td style="padding-left: 6.82pt; vertical-align: bottom;"><br></td>
</tr>

</table>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.8365%; margin-left: auto; margin-right: auto;">

<tr>
<td style="width: 10%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
<td style="width: 90%;"><br></td>
</tr>

</table>
<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><font style="font-size: 8pt;"><sub><font style="font-family: 'Times New Roman'; vertical-align: super;">(1)</font><font style="font-family: 'Times New Roman';">&nbsp;</font></sub><font style="width: 8.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Third party agreements </font></font></p>
<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><font style="font-size: 8pt;"><sub><font style="font-family: 'Times New Roman'; vertical-align: super;">(2)</font></sub><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="width: 8.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Joint-operated with other distributors</font></font></p>
<br>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>102</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><font style="font-size: 10pt;"><a href="#TOC">Table of Contents</a></font></div>
</div>
<br>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Extrafarma </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020, Extrafarma operated 405 drugstores and 3 distribution centers in the North, Northeast and Southeast regions of Brazil. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following tables set forth the breakdown per region of Extrafarma&#8217;s drugstores and the capacity for each of Extrafarma&#8217;s distribution centers as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020: </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="margin-right: auto; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="margin-left: 0.1px;">
<td style="margin-left: 0.1px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 8pt;"><font style="text-decoration: underline;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Location</font></font></p>
</td>
<td style="margin-left: 0.1px; vertical-align: top;"><br></td>
<td style="margin-left: 0.1px; vertical-align: top; border-bottom: 1pt solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2020</font></p>
</td>
<td style="margin-left: 0.1px; vertical-align: top; border-bottom: 1pt solid #000000;"><br></td>
</tr>


<tr>
<td style="vertical-align: top; width: 89%;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">North</font></p>
</td>
<td style="vertical-align: bottom; width: 2%;"><br></td>
<td style="vertical-align: bottom; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">138</font></p>
</td>
<td style="vertical-align: bottom; width: 1%;"><br></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: top; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Par&#225;</font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">124</font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr>
<td style="vertical-align: top;">
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Amap&#225;</font></p>
</td>
<td style="vertical-align: bottom;"><br></td>
<td style="vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">11</font></p>
</td>
<td style="vertical-align: bottom;"><br></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: top; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Tocantins</font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">3</font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr>
<td style="vertical-align: top;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Northeast</font></p>
</td>
<td style="vertical-align: bottom;"><br></td>
<td style="vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">223</font></p>
</td>
<td style="vertical-align: bottom;"><br></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: top; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Cear&#225;</font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">91</font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr>
<td style="vertical-align: top;">
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Maranh&#227;o</font></p>
</td>
<td style="vertical-align: bottom;"><br></td>
<td style="vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">57</font></p>
</td>
<td style="vertical-align: bottom;"><br></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: top; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Pernambuco</font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">35</font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr>
<td style="vertical-align: top;">
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Bahia</font></p>
</td>
<td style="vertical-align: bottom;"><br></td>
<td style="vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">20</font></p>
</td>
<td style="vertical-align: bottom;"><br></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: top; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Rio Grande do Norte</font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">16</font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr>
<td style="vertical-align: top;">
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Para&#237;ba</font></p>
</td>
<td style="vertical-align: bottom;"><br></td>
<td style="vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">4</font></p>
</td>
<td style="vertical-align: bottom;"><br></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: top; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Southeast</font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">44</font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr>
<td style="vertical-align: top;">
<p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">S&#227;o Paulo</font></p>
</td>
<td style="vertical-align: bottom;"><br></td>
<td style="vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">44</font></p>
</td>
<td style="vertical-align: bottom;"><br></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: top; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Total</font></p>
</td>
<td style="vertical-align: top; background-color: #cceeff;"><br></td>
<td style="vertical-align: top; border-bottom: 2.8pt double #000000; border-top: 1pt solid #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">405</font></p>
</td>
<td style="vertical-align: top; background-color: #cceeff;"><br></td>
</tr>

</table>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;" width="100%">

<tr style="margin-left: 0.1px;">
<td style="margin-left: 0.1px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 8pt;"><font style="text-decoration: underline;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Distribution center</font></font></p>
</td>
<td style="padding-left: 7.2pt; margin-left: 0.1px; vertical-align: bottom;"><br></td>
<td style="padding-left: 7.2pt; border-bottom: 1pt solid #000000; margin-left: 0.1px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Area</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">(in</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">square</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">meters)</font><font style="font-family: 'Times New Roman';"> </font></p>
</td>
<td style="padding-left: 7.2pt; margin-left: 0.1px; vertical-align: bottom;"><br></td>
<td style="padding-left: 7.2pt; border-bottom: 1pt solid #000000; margin-left: 0.1px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Height</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">(in</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">meters)</font><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 7.2pt; border-bottom: 1pt solid #000000; margin-left: 0.1px; vertical-align: bottom;"><br></td>
</tr>


<tr>
<td style="vertical-align: top; width: 79%;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Benevides (Par&#225;)</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; width: 2%;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">8,273</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; width: 2%;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">13.0</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; width: 1%;"><br></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: top; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Aquiraz (Cear&#225;)</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">7,500</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">12.3</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr>
<td style="vertical-align: top;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Guarulhos (S&#227;o Paulo)</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">9,874</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">12.0</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Total</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">25,647</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>

</table>
<div style="-aw-headerfooter-type: linked; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"><br>Collateral</font><br></p>
</div>
</div>
<div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020, Ultrapar had no debt secured by property, plant and equipment.</font><br></p>
<div style="page: WordSection1;">
<div style="margin: 0.25in 0in 0in 0.85in; text-indent: -55.1pt; break-after: avoid; font-size: 12pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none;" href="#" name="Bi4a_6VA4I3VWHS00000000000000000000" class="customBookmark"><b><font style="font-size: 10.0pt;">ITEM&nbsp;4A.<font style="mso-tab-count: 2;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>UNRESOLVED STAFF COMMENTS </font></b></a><b style="mso-bidi-font-weight: normal;"><font style="font-size: 10.0pt; mso-bidi-font-size: 12.0pt;"></font></b></div>
<p style="margin: 12pt 0in 0in; text-indent: 24.4pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10.0pt;">None.</font></p>
</div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>103</font></font></td>
</tr>

</table>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><font style="font-size: 10pt;"><a href="#TOC">Table of Contents</a></font></div>
</div>
</div>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<div style="margin-top: 18pt; margin-left: 61.2pt; margin-bottom: 0pt; text-indent: -55.1pt; page-break-after: avoid; font-size: 10pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none;" href="#" name="BITEM5_D4EC3S49ZK00000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">ITEM</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">5.</font><font style="width: 18.43pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">OPERATING AND FINANCIAL REVIEW AND PROSPECTS </font></a></div>
<p style="margin-top: 6pt; margin-left: 24.5pt; margin-bottom: 0pt; text-indent: -24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">A.</font><font style="width: 14.78pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Operating Results </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">You should read this discussion together with our audited consolidated financial statements, including the notes thereto, and other financial information included elsewhere in this annual report and in conjunction with the financial information included under &#8220;Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">3.A. Key Information&#8212;Selected Consolidated Financial Data&#8221;. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our audited consolidated financial statements included herein were prepared in accordance with IFRS and include our consolidated Statements of Financial Position as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';"> and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">2019 and our consolidated Statements of Profit or Loss, Statements of Comprehensive Income, Statements of Changes in Equity and Statements of Cash Flows for the years ended December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, </font><font style="font-family: 'Times New Roman';">2020, </font><font style="font-family: 'Times New Roman';">2019</font><font style="font-family: 'Times New Roman';"> and</font><font style="font-family: 'Times New Roman';"> 2018, as well as notes thereto. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Overview </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">With more than 80 years of history, Ultrapar </font><font style="font-family: 'Times New Roman';">is currently a leading player in the different segments of the oil</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&amp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">gas </font><font style="font-family: 'Times New Roman';">downstream </font><font style="font-family: 'Times New Roman';">segment </font><font style="font-family: 'Times New Roman';">through Ipiranga, Ultragaz and Ultracargo, as well as in the specialty chemicals sector through Oxiteno and in </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">retail pharmacy</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">sector through Extrafarma</font><font style="font-family: 'Times New Roman';">. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultragaz distributes LPG to residential, commercial and industrial market segments. Ultracargo is the largest </font><font style="font-family: 'Times New Roman';">private company </font><font style="font-family: 'Times New Roman';">of storage for liquid bulk in Brazil, with six terminals and storage capacity of 8</font><font style="font-family: 'Times New Roman';">38</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand cubic meters.</font><font style="font-family: 'Times New Roman';"> In 2022, it is scheduled to begin operations at the new terminal in the port of Vila do Conde, Par&#225; state</font><font style="font-family: 'Times New Roman';"> in connection with Vila do Conde&#8217;s concession</font><font style="font-family: 'Times New Roman';">, expanding its geographic spread to the North region of the country</font><font style="font-family: 'Times New Roman';"> (see &#8220; Item 4.A. Information on the Company</font><font style="font-family: 'Times New Roman';">&#8212;</font><font style="font-family: 'Times New Roman';">History and Development of the Company</font><font style="font-family: 'Times New Roman';">&#8212;</font><font style="font-family: 'Times New Roman';">Ultracargo&#8221;)</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> Oxiteno produces ethylene oxide and its principal derivatives,</font><font style="font-family: 'Times New Roman';"> holding about 20% of the ethoxylation capacity in the Americas, </font><font style="font-family: 'Times New Roman';">and is also a significant producer of specialty chemicals, particularly surfactants. It manufactures </font><font style="font-family: 'Times New Roman';">an extensive range of</font><font style="font-family: 'Times New Roman';"> products used in various industrial sectors such as </font><font style="font-family: 'Times New Roman';">home and personal care</font><font style="font-family: 'Times New Roman';">, detergents, crop </font><font style="font-family: 'Times New Roman';">solutions</font><font style="font-family: 'Times New Roman';">, packaging, textiles and coatings. Ipiranga distributes gasoline, ethanol, diesel, NGV, fuel oil, kerosene and lubricants through a network of 7,</font><font style="font-family: 'Times New Roman';">107</font><font style="font-family: 'Times New Roman';"> service stations and directly to large customers. </font><font style="font-family: 'Times New Roman';">Extrafarma is the seventh largest drugstore chain in Brazil, according to ABRAFARMA, with 405 drugstores and 3</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">distribution centers as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020.</font><font style="font-family: 'Times New Roman';"> abastece a&#237; is a digital payments company </font><font style="font-family: 'Times New Roman';">created </font><font style="font-family: 'Times New Roman';">in 2020 to leverage the benefits of the Km de Vantagens (Km of Advantages Program) and the abastece a&#237; (&#8220;fill up here&#8221;) app, with more than 2.3 million digital accounts created in 2020.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Impact of ongoing COVID-19 pandemic </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Since March 2020, the evolution of the COVID-19 pandemic and government responses have created an unprecedented global scenario, including in Brazil, where social distancing measures, quarantines, restrictions on travel and public transportation, and prolonged closures of commercial establishments, have affected our routine and presented challenges on a daily basis. </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar and its subsidiaries adopted a series of measures in an effort to mitigate the negative effects of the COVID-19 pandemic and preserve the health and safety of their employees and partners, the stability and continuity of their</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">operations, and their</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">solid financial position. </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In March 2020 we implemented</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">remote work </font><font style="font-family: 'Times New Roman';">for employees in administrative functions </font><font style="font-family: 'Times New Roman';">and provided all</font><font style="font-family: 'Times New Roman';"> necessary support for </font><font style="font-family: 'Times New Roman';">them to </font><font style="font-family: 'Times New Roman';">maintain</font><font style="font-family: 'Times New Roman';"> their</font><font style="font-family: 'Times New Roman';"> activities</font><font style="font-family: 'Times New Roman';">, including lending office supplies and equipment. Although in-person work has not been fully resumed yet, except for those employees in administrative functions who voluntarily decided to resume their in-person activities, subject to the safety measures we implemented, we did not notice an</font><font style="font-family: 'Times New Roman';">y</font><font style="font-family: 'Times New Roman';"> reduction in</font><font style="font-family: 'Times New Roman';"> productivity </font><font style="font-family: 'Times New Roman';">in</font><font style="font-family: 'Times New Roman';"> this </font><font style="font-family: 'Times New Roman';">period</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">In addition to the basic concerns </font><font style="font-family: 'Times New Roman';">relating</font><font style="font-family: 'Times New Roman';"> to the safety of our employees, the Company </font><font style="font-family: 'Times New Roman';">promoted several actions through </font><font style="font-family: 'Times New Roman';">live broadcasts </font><font style="font-family: 'Times New Roman';">focused on employees&#8217; wellness, fitness and</font><font style="font-family: 'Times New Roman';"> psychological support and </font><font style="font-family: 'Times New Roman';">monitoring</font><font style="font-family: 'Times New Roman';">, all in line with our principle of valuing people. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In addition, a </font><font style="font-family: 'Times New Roman';">multi-disciplinary committee</font><font style="font-family: 'Times New Roman';"> was created to set</font><font style="font-family: 'Times New Roman';"> a plan for the gradual return to the office and resumption of normal working activities for administrative areas, adjusting work areas through the introduction of numerous preventive measures</font><font style="font-family: 'Times New Roman';">, such as minimum distance between work stations, temperature measurement before entering the office, placement of hand sanitizers across our offices,</font><font style="font-family: 'Times New Roman';"> and the intensification of cleaning and safety protocols according to the guidelines of state and municipal governments and health entities.</font><font style="font-family: 'Times New Roman';"> </font></p>
<p style="margin: 0px; text-align: justify; font-size: 10pt; text-indent: 0px;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>104</font></font></td>
</tr>

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<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Among Ultra Group&#8217;s businesses, Ipiranga was the most affected by the pandemic and recorded a </font><font style="font-family: 'Times New Roman';">decrease of </font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">% </font><font style="font-family: 'Times New Roman';">in fuel sales volume throughout the year, with the most significant impact being the </font><font style="font-family: 'Times New Roman';">gasoline, ethanol and natural gas for light vehicles (</font><font style="font-family: 'Times New Roman';">Otto cycle</font><font style="font-family: 'Times New Roman';">), with a decrease of </font><font style="font-family: 'Times New Roman';">14</font><font style="font-family: 'Times New Roman';">% comparing </font><font style="font-family: 'Times New Roman';">to</font><font style="font-family: 'Times New Roman';"> 2019</font><font style="font-family: 'Times New Roman';">. In addition, strong volatility in the prices of oil and </font><font style="font-family: 'Times New Roman';">its </font><font style="font-family: 'Times New Roman';">derivatives from the end of March of 2020, </font><font style="font-family: 'Times New Roman';">coupled </font><font style="font-family: 'Times New Roman';">with a </font><font style="font-family: 'Times New Roman';">relevant decrease</font><font style="font-family: 'Times New Roman';"> in ethanol prices in April, caused </font><font style="font-family: 'Times New Roman';">material </font><font style="font-family: 'Times New Roman';">inventory losses in the first half of 2020. To mitigate these impacts, Ipiranga </font><font style="font-family: 'Times New Roman';">adopted several measures</font><font style="font-family: 'Times New Roman';"> for preserving cash and reducing expenses.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">At Oxiteno, the coatings, automotive and oil &amp; gas segments experienced weaker demand,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">which was partially </font><font style="font-family: 'Times New Roman';">offset </font><font style="font-family: 'Times New Roman';">by increased</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">sales volume in the </font><font style="font-family: 'Times New Roman';">h</font><font style="font-family: 'Times New Roman';">ome </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">p</font><font style="font-family: 'Times New Roman';">ersonal </font><font style="font-family: 'Times New Roman';">c</font><font style="font-family: 'Times New Roman';">are and </font><font style="font-family: 'Times New Roman';">c</font><font style="font-family: 'Times New Roman';">rop </font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">olutions segments. Oxiteno&#8217;s management </font><font style="font-family: 'Times New Roman';">promptly acted to mitigate</font><font style="font-family: 'Times New Roman';"> the effects of the pandemic with contingency measures for controlling </font><font style="font-family: 'Times New Roman';">certain </font><font style="font-family: 'Times New Roman';">costs and expenses</font><font style="font-family: 'Times New Roman';">, such as reduction in personnel, travels, trainings, consulting, marketing, among other expenses</font><font style="font-family: 'Times New Roman';">. The devaluation of the Real against the US dollar contributed significantly to the improvement in results.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultragaz re</font><font style="font-family: 'Times New Roman';">corded </font><font style="font-family: 'Times New Roman';">an increase of 2% in volume to the bottle segment due to greater demand for LPG for residential use. The bulk segment remained practically stable</font><font style="font-family: 'Times New Roman';">, as a result of higher sales to condominiums and industries, </font><font style="font-family: 'Times New Roman';">which was </font><font style="font-family: 'Times New Roman';">offset by lower demand from commercial and service segments that suffered</font><font style="font-family: 'Times New Roman';"> a direct impact from social distancing measures</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">At Ultracargo </font><font style="font-family: 'Times New Roman';">no relevant operating impacts due to the pandemic were noted</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Extrafarma </font><font style="font-family: 'Times New Roman';">recorded a </font><font style="font-family: 'Times New Roman';">3</font><font style="font-family: 'Times New Roman';">% decrease </font><font style="font-family: 'Times New Roman';">in sales, mainly due to the temporary closure of </font><font style="font-family: 'Times New Roman';">brick-and-mortar </font><font style="font-family: 'Times New Roman';">drugstores located in shopping centers and </font><font style="font-family: 'Times New Roman';">reduced </font><font style="font-family: 'Times New Roman';">costumer&#8217;s flow at the drugstores that remained open. </font><font style="font-family: 'Times New Roman';">Nevertheless, the decrease in Extrafarma&#8217;s sales was </font><font style="font-family: 'Times New Roman';">partially offset by the </font><font style="font-family: 'Times New Roman';">swift </font><font style="font-family: 'Times New Roman';">strengthening or expansion of </font><font style="font-family: 'Times New Roman';">online and delivery </font><font style="font-family: 'Times New Roman';">sales</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as well as </font><font style="font-family: 'Times New Roman';">partnerships with delivery apps. In addition, the approval of Provisional Measure 936 by the government involving the suspension of labor contracts and the temporary reduction of salaries as well as other internal initiatives for productivity gains, contributed </font><font style="font-family: 'Times New Roman';">to a </font><font style="font-family: 'Times New Roman';">11</font><font style="font-family: 'Times New Roman';">% reduction in expenses, </font><font style="font-family: 'Times New Roman';">from R$653.6 million in 2020 against R$738.5 million in 2019, </font><font style="font-family: 'Times New Roman';">therefore contributing to minimize </font><font style="font-family: 'Times New Roman';">the impact in the results.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In order to strengthen the Company&#8217;s liquidity and cash position, in light of the uncertainty arising from the pandemic, </font><font style="font-family: 'Times New Roman';">by </font><font style="font-family: 'Times New Roman';">the end of March and in early April, Ultrapar and its subsidiaries contracted new financing</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> with a 12-month term</font><font style="font-family: 'Times New Roman';">, in the aggregate amount of R$1.5 billion</font><font style="font-family: 'Times New Roman';">. Of this </font><font style="font-family: 'Times New Roman';">amount</font><font style="font-family: 'Times New Roman';">, R$1.3 billion was raised through the issue of promissory notes with a R$1.0 billion credit </font><font style="font-family: 'Times New Roman';">o</font><font style="font-family: 'Times New Roman';">n April 6</font><font style="font-family: 'Times New Roman';">, 2020</font><font style="font-family: 'Times New Roman';"> and a R$0.3 billion credit </font><font style="font-family: 'Times New Roman';">o</font><font style="font-family: 'Times New Roman';">n April 8</font><font style="font-family: 'Times New Roman';">, 2020</font><font style="font-family: 'Times New Roman';">. Furthermore, in order to preserve cash</font><font style="font-family: 'Times New Roman';"> holdings</font><font style="font-family: 'Times New Roman';">, the Company announced </font><font style="font-family: 'Times New Roman';">o</font><font style="font-family: 'Times New Roman';">n April 1</font><font style="font-family: 'Times New Roman';">, 2020</font><font style="font-family: 'Times New Roman';"> a reduction up to 30% in its investment plan for 2020</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">while</font><font style="font-family: 'Times New Roman';"> in August Ultrapar&#8217;s management decided to not distribute the interim dividend for th</font><font style="font-family: 'Times New Roman';">at</font><font style="font-family: 'Times New Roman';"> year.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In July 2020, Ultrapar reopened its 2029 notes issued in the international market </font><font style="font-family: 'Times New Roman';">and issued additional notes in the total amount of US$ 350.0 million at an interest rate of 5.25% per year with the same characteristics of the 2029 notes (Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">5.B. Operating and Financial Review and Prospects&#8212;Liquidity and Capital Resources&#8212;Indebtedness&#8212;Notes in the Foreign Market&#8221;</font><font style="font-family: 'Times New Roman';">).</font><font style="font-family: 'Times New Roman';"> The proceeds related to such notes </font><font style="font-family: 'Times New Roman';">were used for the payment of debt with short term maturities, allowing the extension of the Company&#8217;s debt maturity profile and reinforcing its cash position.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our results of operations may be negatively impacted by the ongoing COVID-19 pandemic. </font><font style="font-family: 'Times New Roman';">See &#8220;Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">3.D. Key Information&#8212;Risk Factors&#8212;Risks Relating to Ultrapar and Its Industries&#8212; Our businesses may be materially and adversely affected by the outbreak of communicable diseases, such as the ongoing COVID-19 pandemic, or other epidemics or pandemics&#8221;, and other risk factors included herein and &#8220;&#8212;Trend Information&#8221; below. </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Social </font><font style="font-family: 'Times New Roman'; font-style: italic;">support</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Since the outset of the coronavirus pandemic, Ultrapar and its subsidiaries have been operating on multiple fronts to </font><font style="font-family: 'Times New Roman';">preserve the Company&#8217;s employees and partners</font><font style="font-family: 'Times New Roman';"> health and safety, the stability and continuity of its operations and the financial soundness of the Company.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">During the year</font><font style="font-family: 'Times New Roman';"> ended December 31, 2020</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">Ultrapar</font><font style="font-family: 'Times New Roman';"> contributed to the nationwide </font><font style="font-family: 'Times New Roman';">efforts to control the COVID-19 pandemic crisis providing support to </font><font style="font-family: 'Times New Roman';">local </font><font style="font-family: 'Times New Roman';">communities located </font><font style="font-family: 'Times New Roman';">nearby</font><font style="font-family: 'Times New Roman';"> our businesses</font><font style="font-family: 'Times New Roman';">&#8217;</font><font style="font-family: 'Times New Roman';"> locations</font><font style="font-family: 'Times New Roman';">. In </font><font style="font-family: 'Times New Roman';">total </font><font style="font-family: 'Times New Roman';">approximately R$37 million was allocated for combatting the pandemic and its consequences.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Ultra Group is part of the Salvando Vidas (Saving Lives) matchfunding </font><font style="font-family: 'Times New Roman';">initiative in partnership with </font><font style="font-family: 'Times New Roman';">the Brazilian Development Bank - BNDES, which </font><font style="font-family: 'Times New Roman';">financially </font><font style="font-family: 'Times New Roman';">supported the largest philanthropic network of hospitals in Brazil and responding for more than 50% of attendances in the National Health Service SUS. The </font><font style="font-family: 'Times New Roman';">Ultra </font><font style="font-family: 'Times New Roman';">Group also donated 10 thousand basic baskets of goods to the state government of S&#227;o Paulo, </font><font style="font-family: 'Times New Roman';">which were distributed</font><font style="font-family: 'Times New Roman';"> to vulnerable families throughout the state.</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultragaz supported the </font><font style="font-family: 'Times New Roman';">construction </font><font style="font-family: 'Times New Roman';">of a field hospital in the city of S&#227;o Paulo as well as suppl</font><font style="font-family: 'Times New Roman';">ied</font><font style="font-family: 'Times New Roman';"> LGP to other field hospitals in the states of S&#227;o Paulo and Bahia. It also donated 8 thousand LGP gas bottles, 6 thousand basic baskets of goods and 650 thousand bars of biodegradable soap to communities in the states of Bahia, Cear&#225;, Mato Grosso do Sul, Rio de Janeiro, and </font><font style="font-family: 'Times New Roman';">S&#227;o Paulo. Together with the Ministry of Health and with the participation of resellers, </font><font style="font-family: 'Times New Roman';">Ultrapar</font><font style="font-family: 'Times New Roman';"> distributed informational fliers</font><font style="font-family: 'Times New Roman';"> in connection with COVID-19 prevention information across</font><font style="font-family: 'Times New Roman';"> 57 municipalities, impacting </font><font style="font-family: 'Times New Roman';">roughly</font><font style="font-family: 'Times New Roman';"> 10 million people.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultracargo </font><font style="font-family: 'Times New Roman';">provided</font><font style="font-family: 'Times New Roman';"> support to the Pernambuco Solid&#225;rio (solidarity) campaign against COVID-19</font><font style="font-family: 'Times New Roman';">, leaded by</font><font style="font-family: 'Times New Roman';"> Associa&#231;&#227;o Incubadora Porto Social and the state government</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> donat</font><font style="font-family: 'Times New Roman';">ed</font><font style="font-family: 'Times New Roman';"> hospital equipment and beds in the states of Maranh&#227;o and Par&#225;. </font><font style="font-family: 'Times New Roman';">Ultracargo</font><font style="font-family: 'Times New Roman';"> also donated 3 thousand basic baskets of goods to </font><font style="font-family: 'Times New Roman';">local</font><font style="font-family: 'Times New Roman';"> communities </font><font style="font-family: 'Times New Roman';">nearby</font><font style="font-family: 'Times New Roman';"> its six port terminals.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Oxiteno supported initiatives in Brazil, Uruguay, and the United States, including donations for the acquisition of basic baskets of goods for distribution to low income families living around its industrial plants.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ipiranga was part of a corporate initiative for </font><font style="font-family: 'Times New Roman';">the construction</font><font style="font-family: 'Times New Roman';"> of</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">a new hospital in the city of Porto Alegre (RS), in addition to </font><font style="font-family: 'Times New Roman';">provide </font><font style="font-family: 'Times New Roman';">support for the construction of a field hospital in Rio de Janeiro (RJ). Among other donations, it supplied fuel to field hospitals and movements for distributing alcohol gel sanitizer to government health departments and hospitals. As well as meals to truckers in different parts of the country. Through the abastece a&#237; app, it offered a discount of 10% on each purchase from the pumps made by professionals in the health sector at service stations in the network.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Extrafarma donated 80 thousand masks and gloves to the state government of Par&#225; and 60 thousand items of hygiene and to ten institutions in the states of Par&#225;, Pernambuco, Bahia and Cear&#225;.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultragaz, Ultracargo and Oxiteno also participated in a collective initiative at the Cama&#231;ari Petrochemical Complex (BA), which delivered ventilators to the government of Bahia, and Ultracargo and Extrafarma </font><font style="font-family: 'Times New Roman';">jointly </font><font style="font-family: 'Times New Roman';">donated 90 thousand </font><font style="font-family: 'Times New Roman';">pieces of personal </font><font style="font-family: 'Times New Roman';">protective</font><font style="font-family: 'Times New Roman';"> equipment</font><font style="font-family: 'Times New Roman';"> to the state government of Maranh&#227;o.</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Brazilian economic background </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Since most of our operating businesses are located in Brazil, we are significantly affected by Brazil&#8217;s economic and social conditions, including, but not limited to, gross domestic product (&#8220;GDP&#8221;), growth rates, credit availability and disposable incomes, the domestic rate of inflation and exchange rate fluctuations. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Gross domestic product.</font><font style="font-family: 'Times New Roman';"> In 2016, Brazil&#8217;s GDP further contracted 3.3%, reflecting the worsening of the crisis on both political and economic fronts, with a combination of weak economic activity and a deterioration in disposable income and employment rates, thus curbing consumption levels and creating a challenging business environment. However, inflation rates have been gradually declining since the second half of 2016, paving the way for a reduction in basic interest rate (from 14.25% at the end of 2015 to 13.75% at the end of 2016). GDP grew 1.1% in 2017, backed by falling inflation and interest rate (from 13.75% at the end of 2016 to 7.00% at the end of 2017). In 2018, Brazilian GDP grew 1.1%, driven by a recovery in demand, consumption and investment, supported by the resumption of several sectors in the economy, the IPCA index rate below government&#8217;s target and the consequent lower level of interest rate (from 7.00% in the end of 2017 to 6.50% in the end of 2018). In 2018, growth was negatively impacted by a nationwide truck drivers&#8217; strike in the second quarter. In 2019, Brazilian GDP grew 1.1% as a result of the gradual recovery of the Brazilian economy due to an increase in consumption and investments, despite continuing high unemployment rate. </font><font style="font-family: 'Times New Roman';">In 2020, the GDP contracted 4.1% reflecting the worsening of the Brazilian and global macroeconomic scenario as a result of the ongoing COVID-19 pandemic. The SELIC rate started in 2020 at 4.5% and reached 2.0% in June 2020. As of the date of this annual report, the SELIC ra</font>te is 2.75%. A<font style="font-family: 'Times New Roman';">ccording to the latest Focus report (</font><font style="font-family: 'Times New Roman'; font-style: italic;">Relat&#243;rio de Mercado Focus</font><font style="font-family: 'Times New Roman';">) published by the Central Bank on April 26, 2021,</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">t</font><font style="font-family: 'Times New Roman';">he expectations of Brazil&#8217;s GDP are currently forecasted to be 3.09%</font><font style="font-family: 'Times New Roman';">&nbsp;positive as a result of expectations in connection with the economy recovery and the development of the vaccination program against COVID-19. </font><font style="font-family: 'Times New Roman';">Our operations are significantly impacted by Brazilian GDP growth, especially LPG sales to commercial and industrial customers, diesel sales, Oxiteno&#8217;s sales to the domestic market, and Ultracargo&#8217;s logistics operations. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Inflation and currency fluctuations.</font><font style="font-family: 'Times New Roman';"> Our cash operating activities are substantially in </font><font style="font-family: 'Times New Roman'; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman';"> and tend to increase with inflation. However, some of our costs of sales and services sold are linked to the U.S. dollar and are not substantially affected by the Brazilian inflation rate. In addition, some of our </font><font style="font-family: 'Times New Roman'; font-style: italic;">Real</font><font style="font-family: 'Times New Roman';">-denominated debt is indexed to the rate of inflation. In 2016, the IGP-M and the IPCA index rates were, respectively, 7.2% and 6.3%. In 2016, the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Real</font><font style="font-family: 'Times New Roman';"> appreciated 17% against the U.S. dollar. In 2017, the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Real</font><font style="font-family: 'Times New Roman';"> depreciated 2% against the U.S. dollar and the IPCA index rate was 2.9%. The IGP-M index rate was -0.5%, the lowest rate since 2009. In 2018, the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Real</font><font style="font-family: 'Times New Roman';"> depreciated 17% against the U.S. dollar, pressured by the rise of the interest rate by the Federal Reserve System and the unstable economic political environment in Brazil (Presidential election and discussion on economic reforms). The IGP-M index rate was 7.5%, influenced by global commodities prices and the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Real</font><font style="font-family: 'Times New Roman';"> depreciation. The IPCA index rate was 3.7%, impacted by the adjustment of prices, such as food and beverages, fuels and electric energy. In 2019, the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Real </font><font style="font-family: 'Times New Roman';">depreciated 4% against the U.S. dollar in a year marked by (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">worldwide trade tensions headlined by China and the United States, (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">uncertainties with respect to the Brazilian pension reform, and (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the Argentina crisis. Furthermore, the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Real</font><font style="font-family: 'Times New Roman';"> depreciation was also a consequence of interest rate cuts by the Central Bank. The IGP-M and IPCA rates closed 2019 at 7.3% and 4.3%, respectively.</font><font style="font-family: 'Times New Roman';"> In 2020, the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Real </font><font style="font-family: 'Times New Roman';">depreciated </font><font style="font-family: 'Times New Roman';">29</font><font style="font-family: 'Times New Roman';">% against the U.S. dollar, mainly</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">due to</font><font style="font-family: 'Times New Roman';"> (i) </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> impacts of the ongoing COVID-19 pandemic; (ii) </font><font style="font-family: 'Times New Roman';">reduction of the interest rate in Brazil, (iii) the worsening of the risks </font><font style="font-family: 'Times New Roman';">in</font><font style="font-family: 'Times New Roman';"> the Brazilian fiscal debt and (iv) the uncertainties in Brazilian political scenario.</font><font style="font-family: 'Times New Roman';"> T</font><font style="font-family: 'Times New Roman';">he IGP-M</font><font style="font-family: 'Times New Roman';"> index was 23.1%, impacted mainly by devaluation of the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Real</font><font style="font-family: 'Times New Roman'; font-style: italic;"> </font><font style="font-family: 'Times New Roman';">against U.S. dollar that affects directly </font><font style="font-family: 'Times New Roman';">in the prices of raw material and </font><font style="font-family: 'Times New Roman';">others </font><font style="font-family: 'Times New Roman';">industrial </font><font style="font-family: 'Times New Roman';">inputs. The IPCA index rate closed 2020 at 4.5%</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">From </font><font style="font-family: 'Times New Roman';">January </font><font style="font-family: 'Times New Roman';">1, 202</font><font style="font-family: 'Times New Roman';">1</font> to April 28, 2021, the <font style="font-family: 'Times New Roman'; font-style: italic;">Real</font><font style="font-family: 'Times New Roman';"> depreciated</font><font style="font-family: 'Times New Roman';">&nbsp;4%</font><font style="font-family: 'Times New Roman';">&nbsp;against the U.S. dollar, mainly due to </font><font style="font-family: 'Times New Roman';">the low interest rate environment in Brazil coupled with local and</font><font style="font-family: 'Times New Roman';"> international market conditions, including the economic, political and other impacts of the ongoing COVID-19 pandemic. The main foreign exchange risk we face arises from certain U.S. dollar denominated costs and expenses. Although a substantial part of our debt is dollar-denominated, it is currently hedged against currency devaluation </font><font style="font-family: 'Times New Roman';">using</font><font style="font-family: 'Times New Roman';"> various derivative instruments or matching assets in the same currency. Additionally, a significant part of our raw materials is also denominated or indexed to the U.S. dollar. A large part of our sales is denominated in </font><font style="font-family: 'Times New Roman'; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman';">, although prices in the chemical business are benchmarked to prices prevailing in the international markets, which in turn are linked to U.S. dollars. Hence, we are exposed to foreign exchange rate risks which could negatively impact our businesses, financial situation and operating results as well as our capacity to service our debt. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The table below shows the inflation rate for the periods indicated, as measured by the IGP-M as well as the devaluation (or appreciation) of the Real against the U.S. dollar.</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
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<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Year</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">ended</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">December</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">31,</font><font style="font-family: 'Times New Roman';"> </font></p>
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<p style="margin: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">IGP-M</font></p>
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<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">23.1%</font></p>
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<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">7.3%</font></p>
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<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">7.5%</font></p>
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<p style="margin: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">IPCA</font></p>
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<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">4.5%</font></p>
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<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">4.3%</font></p>
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<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">3.7%</font></p>
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<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Devaluation (appreciation) of the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Real </font><font style="font-family: 'Times New Roman';">against the U.S. dollar</font></p>
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<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">28.9%</font></p>
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<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">4.0%</font></p>
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<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">17.1%</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We manage foreign exchange risk associated with the scheduled payments under the terms of our U.S. dollar indebtedness by investing in U.S. dollar-denominated securities and foreign currency/interest swap contracts, under which we pay variable interest in </font><font style="font-family: 'Times New Roman'; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman';"> based on the DI, and receive fixed interest in U.S. currency. As of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">, our total obligations denominated in foreign currency were R$</font><font style="font-family: 'Times New Roman';">9,879.7</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million (US$</font><font style="font-family: 'Times New Roman';">1,901.2</font><font style="font-family: 'Times New Roman';"> million), including debts, payables arising from imports and net of advances to foreign suppliers. At the same date, our total asset position in foreign currency was R$</font><font style="font-family: 'Times New Roman';">8,326.3</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million (US$</font><font style="font-family: 'Times New Roman';">1,602.2</font><font style="font-family: 'Times New Roman';"> million), comprised of investments indexed to U.S. dollars and hedging instruments used to manage fluctuations of exchange rates and foreign currency receivables exposures. As of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">, Ultrapar had a net </font><font style="font-family: 'Times New Roman';">liability </font><font style="font-family: 'Times New Roman';">exposure in foreign currency of R$</font><font style="font-family: 'Times New Roman';">1,553.4</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million (US$</font><font style="font-family: 'Times New Roman';">298.9</font><font style="font-family: 'Times New Roman';"> million), comprised of a net short term position of R$</font><font style="font-family: 'Times New Roman';">2,694.</font><font style="font-family: 'Times New Roman';">7</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million (US$</font><font style="font-family: 'Times New Roman';">518.5</font><font style="font-family: 'Times New Roman';"> million)</font><font style="font-family: 'Times New Roman';"> and</font><font style="font-family: 'Times New Roman';"> a net long term position of R$</font><font style="font-family: 'Times New Roman';">4,248.2</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million (US$</font><font style="font-family: 'Times New Roman';">817</font><font style="font-family: 'Times New Roman';">.5</font><font style="font-family: 'Times New Roman';"> million), due to the Company&#8217;s operations in </font><font style="font-family: 'Times New Roman';">Brazil</font><font style="font-family: 'Times New Roman';">. For the purposes of this paragraph, U.S. dollar values were calculated based on the December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020 </font><font style="font-family: 'Times New Roman'; font-style: italic;">Real</font><font style="font-family: 'Times New Roman';">/U.S. dollar exchange rate. See &#8220;Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">11. Quantitative and Qualitative Disclosures About Market Risk&#8221; for information about our foreign exchange risk hedging policy and </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">otes</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">16 and 3</font><font style="font-family: 'Times New Roman';">3</font><font style="font-family: 'Times New Roman';"> to our consolidated financial statements. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Financial Guidance for 2021</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">On February</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">24, 2021, we announced an EBITDA guidance for 2021 (see our Form</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">6-K furnished to the SEC on February</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">24, 2021). Among the main assumptions adopted to formulate the guidance for 2021 were the exchange rate of R$5.30/USD, Brazilian GDP growth of 2.2% and annual inflation of 3.0% (IPCA), defined during the budgeting process of the Company, which was concluded at the end of 2020. These specific assumptions were primary based on reports of specialized consultant firms and the Focus report (</font><font style="font-family: 'Times New Roman'; font-style: italic;">Relat&#243;rio de Mercado Focus</font><font style="font-family: 'Times New Roman';">) published by the Central Bank of Brazil. In addition, the Company announced that would not use the zero-cost collar structure for Oxiteno in 2021.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The projections were based in information that were available at the time, estimates and assumptions of the Company&#8217;s executive board, and did not include the effects of potential acquisitions or divestments. Such estimates are not guarantee of performance and involve risks and uncertainties, since they refer to future events and depend on circumstances which may or may not occur. General economic conditions and market conditions, among other factors, may lead to results which differ materially from the numbers disclosed.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Critical accounting policies and estimates </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The presentation of our financial condition and results of operations requires our management to make judgments regarding the effects of matters that are inherently uncertain on the carrying value of our assets and liabilities and may affect the reported amount of them as well as our revenues and expenses. Actual results may differ from those estimated under different variables, assumptions or conditions, even though our management believes that its accounting estimates are reasonable. The following paragraphs review the critical accounting estimates that management considers most important for understanding our financial condition, results of operations and cash flows. An accounting estimate is considered a critical accounting estimate if it meets the following criteria: </font></p>
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<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">the accounting estimate requires management to make assumptions about matters that were highly uncertain at the time the accounting estimate was made; and </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">different estimates that management reasonably could have used for the accounting estimate in the current period, or changes in the accounting estimate that are reasonably likely to occur from period to period, would have a material impact on our financial condition, results of operations or cash flows. </font></li>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We have identified the following accounting policies </font><font style="font-family: 'Times New Roman';">and disclosure</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as critical. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Use of estimates, assumptions and judgments</font><font style="font-family: 'Times New Roman';">. The preparation of the financial statements requires the use of estimates, assumptions, and judgments for the accounting and disclosure of certain assets, liabilities, and </font><font style="font-family: 'Times New Roman';">profit or loss</font><font style="font-family: 'Times New Roman';">. Therefore, the Company and subsidiaries&#8217; management use the best information available at the date of preparation of the financial statements, as well as the experience of past and current events, also considering assumptions regarding future events. The estimates and assumptions are reviewed periodically. </font></p>
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<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Judgments: Information on the judgments is included: in the determination of control in subsidiaries, the determination of joint control in joint-venture and the determination of significant influence in associates. </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Uncertainties related to the assumptions and estimates: The information regarding uncertainties related to the assumptions and estimates are included: in determining the fair value of financial instruments, the determination of the expected losses on doubtful accounts, the determination of provisions for losses of inventories, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the estimative of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">realization of deferred IRPJ and CSLL amounts, the useful lives and discount rate of right</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> to </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">use assets, the useful lives of property, plant, and equipment, the useful lives of intangible assets, and the determination of the recoverable amount of goodwill, provisions for assets retirement obligations, provisions for tax, civil, and labor risks, estimates for the preparation of actuarial reports and the determination of fair value of subscription warrants &#8211; indemnification. The actual result of the transactions and information may differ from their estimates. </font></li>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Expected credit losses</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> The expected losses take into account, at the initial recognition of the contract, the expected losses for the next 12 months and for the lifetime of the contract when the deterioration or improvement of the customers&#8217; credit quality, considering the customers&#8217; characteristics in each business segment. The amount of the allowance for expected losses on doubtful accounts is deemed by management to be </font><font style="font-family: 'Times New Roman';">sufficient </font><font style="font-family: 'Times New Roman';">to cover any probable loss on realization of trade receivables. The credit policy establishes the analysis of the profile of each new customer individually regarding their financial condition. The review carried out by the subsidiaries of the Company includes the evaluation of external ratings, when available, financial statements, credit bureau information, industry information and, when necessary, bank references. Credit limits are established for each customer and reviewed periodically, more often when the risk is higher. In cases of sales that exceed these limits, the approval of the responsible area is required. In monitoring credit risk, customers are grouped according to their credit characteristics and depending on the business the grouping takes into account, for example, whether they are individuals or companies, whether they are wholesalers, resellers or final customers, considering also the geographic area. The expected of credit losses are calculated based on the probability of default rates. Loss rates are calculated on the basis of the average probability of a receivable amount to advance through successive stages of default until full write-off. The probability of default calculation takes into account a credit risk score for each exposure, based on data considered to be capable of foreseeing the risk of loss (external classifications, audited financial statements, cash flow projections, customer information available in the press, for example), with addition of the credit assessment based on experience. Such credit risks are managed by each business unit through specific criteria for acceptance of customers and their credit rating and are additionally mitigated by the diversification of sales. For further information see </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">otes 5 and 3</font><font style="font-family: 'Times New Roman';">3</font><font style="font-family: 'Times New Roman';">.d.3 to our consolidated financial statements. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Provisions for inventory losses.</font><font style="font-family: 'Times New Roman';"> If net realizable values are below inventory costs, a provision corresponding to this difference is recognized. Provisions are also made for obsolescence of products, materials or supplies that (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">do not meet our subsidiaries&#8217; specifications, (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">have exceeded their expiration date, or (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">are considered slow-moving inventory. This classification is made by management with the support of its industrial and operations teams. A significant decrease in net realizable value below inventory costs on a higher level of obsolete, slow-moving or expired products could impact our cost of goods sold and our gross and operating margins. See </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ote 6 to our consolidated financial statements for additional information about our provisions for inventory losses. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Deferred income and social contribution taxes</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> We recognize deferred tax assets and liabilities, which do not expire, arising from tax loss carry forwards, temporary add-backs, revaluation of property, plant and equipment and other procedures. The deferred tax assets are recognized to the extent that it is probable that future taxable profit will be available against which they can be utilized. We periodically review the deferred tax assets for recoverability considering historical taxable income, projected future taxable income, and the expected timing of the reversals of existing temporary differences. In the event we or one of our subsidiaries operate at a loss or are unable to generate sufficient future taxable income, or if there is a material change in the actual effective tax rates or time period within which the underlying temporary differences become taxable or deductible, we reduce all or a significant portion of our deferred tax assets, resulting in an increase in our effective tax rate, thereby decreasing net income. A high degree of management judgment is required in determining the recoverability of deferred tax assets. The principal uncertainty relates to the likelihood of future taxable income from the subsidiary that generated the deferred tax asset. A change in our projections of profitability could result in the need to reduce the deferred tax assets, resulting in a negative impact of future results. See </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ote 9 to our consolidated financial statements for additional information on taxes. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Investments in subsidiaries, associates and joint-ventures</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> A subsidiary is an investee in which the investor is entitled to variable returns on investment and has the ability to interfere in its financial and operational activities. Usually the equity interest in a subsidiary is more than 50%. See </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ote 3.b to our consolidated financial statements for additional information on our investments in subsidiaries. Investments in associates and joint-ventures are accounted for under the equity method of accounting in consolidated financial statements. An associate is an investment, in which an investor has significant influence, that is, has the power to participate in the financial and operating decisions of the investee but does not exercise control. A joint-venture is an investment in which the shareholders have the right to net assets on behalf of a joint control. Joint control is the agreement which establish that decisions about the relevant activities of the investee require the consent from the parties that share control. See </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ote 12 to our consolidated financial statements for additional information on our investments in associates and joint-ventures. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Provisions for tax, civil and labor risks</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> We are currently involved in certain legal and administrative proceedings that arise from our normal course of business as described in &#8220;Item 8.A. Financial Information &#8212; Consolidated Statements and Other Financial Information &#8212; Legal Proceedings&#8221; and </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ote 22 to our consolidated financial statements. We believe that the provisions for such proceedings in our consolidated financial statements are adequate. It is our policy to record provisions in regard to lawsuits when the probability of an existing obligation is considered more-likely-than-not to occur in the opinion of our management, based on information available to us, including information obtained from our internal and external legal counsel. Future results of operations could be materially affected by changes in our assumptions, by the effectiveness of our strategies relating to these proceedings, by future developments in each matter being discussed or by changes in approach, such as a change in settlement strategy in dealing with these matters. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Right</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"> to </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">use assets and lease payable. </font><font style="font-family: 'Times New Roman';">Right</font><font style="font-family: 'Times New Roman';"> to </font><font style="font-family: 'Times New Roman';">use assets and lease payable is recognized in the financial position, a right to use assets and the respective lease liabilities initially measured at the present value of future lease payments, considering the related contract costs (see </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ote 13 to our consolidated financial statements). The amortization expenses of right to use assets are recognized in statement of profit or loss over the lease contract term. The liability is increased for interest and </font><font style="font-family: 'Times New Roman';">decreased by lease </font><font style="font-family: 'Times New Roman';">payments</font><font style="font-family: 'Times New Roman';"> made</font><font style="font-family: 'Times New Roman';">. The </font><font style="font-family: 'Times New Roman';">interests</font><font style="font-family: 'Times New Roman';"> are recognized in the statement of profit or loss using the effective interest rate method. The remeasurement of assets and liabilities based on the contractual index is recognized in the financial position, not having an effect in the result. In case of cancellation of the contract, the assets and respective liabilities are written off to the result. Right</font><font style="font-family: 'Times New Roman';"> to </font><font style="font-family: 'Times New Roman';">use assets include amounts related to </font><font style="font-family: 'Times New Roman';">area </font><font style="font-family: 'Times New Roman';">port </font><font style="font-family: 'Times New Roman';">leases</font><font style="font-family: 'Times New Roman';"> grants (see </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ote 34.c to our consolidated financial statements). </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company and its subsidiaries apply the exemptions for recognition of short-term leases of 12 months or less, and leases of low amount assets such. In these cases, the recognition of the lease expense in the statements of profit or loss is on a straight-line basis. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Property, plant and equipment.</font><font style="font-family: 'Times New Roman';"> Property, plant and equipment is recognized at acquisition or construction cost, including financial charges incurred on property, plant and equipment under construction, as well as </font><font style="font-family: 'Times New Roman';">qualifying </font><font style="font-family: 'Times New Roman';">maintenance costs resulting from scheduled plant outages and estimated costs to remove, to decommission or to restore assets, less accumulated depreciation and, when applicable, less provision for losses (see </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ote</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> 2.n and</font><font style="font-family: 'Times New Roman';"> 21 to our consolidated financial statements)</font><font style="font-family: 'Times New Roman';">, less accumulated depreciation and, when applicable, less provision for losses (see </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ote 14 to our consolidated financial statements). </font><font style="font-family: 'Times New Roman';">Depreciation is calculated using the straight-line method, for the periods mentioned in </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ote</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">14 to our consolidated financial statements, taking into account the useful lives of the assets, which are reviewed annually. Leasehold improvements are depreciated over the shorter of the lease contract term and useful life of the property. Changes to the useful lives of property, plant and equipment could impact our depreciation expenses and results.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Intangible assets.</font><font style="font-family: 'Times New Roman';"> Intangible assets include assets acquired by us from third parties, according to the criteria below (see </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ote</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">15 to our consolidated financial statements): </font></p>
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<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Goodwill is shown as intangible assets corresponding to the positive difference between the amount paid or payable to the seller and the fair value of the identified assets and liabilities assumed of the acquired entity. Goodwill is tested annually for impairment. Goodwill is allocated to the business segments, which represent the lowest level that goodwill is monitored for impairment testing purposes. </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Other intangible assets acquired from third parties, such as software, technology and commercial property rights, are measured at the total acquisition cost and amortized using straight-line method, for the periods mentioned in </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">n</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ote 15 to our consolidated financial statements, taking into account their useful lives, which are reviewed annually. The Company and its subsidiaries have not recognized intangible assets that were generated internally. </font></li>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company and its subsidiaries have goodwill and brands acquired in business combinations, which are evaluated as intangible assets with indefinite useful life (see </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ote 15 to our consolidated financial statements). </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Changes to the useful lives of the definite useful lives intangibles could impact our selling expenses and results. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Impairment of assets.</font><font style="font-family: 'Times New Roman';"> The Company and its subsidiaries review, in every report period, the existence of any indication that an asset may be impaired and annually test intangible assets with undefined useful life. If there is an indication, the Company and its subsidiaries estimate the recoverable amount of the asset. Assets that cannot be evaluated individually are grouped in the smallest group of assets that generate cash inflow from continuous use and that are largely independent of cash flows of other </font><font style="font-family: 'Times New Roman';">assets (cash generating units &#8220;CGU&#8221;). The recoverable amount of assets or CGUs corresponds to the greater of their fair value net of applicable direct selling costs and their value in use. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The fair value less costs of disposal is determined by the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date, net of costs of removing the asset, and direct incremental costs to bring an asset into condition for its sale, legal costs, and taxes. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">To assess the value in use, the projections of future cash flows, trends, and outlooks, as well as the effects of obsolescence, demand, competition, and other economic factors were considered. Such cash flows are discounted to their present values using the discount rate before tax that reflects market conditions for the period of impairment testing and the specific risks of the asset or CGU being evaluated. In cases where the expected discounted future cash flows are less than their carrying amount, an impairment loss is recognized for the amount by which the carrying value exceeds the fair value of these assets. Losses for impairment of assets are recognized in profit or loss. In case goodwill has been allocated to a CGU, the recognized losses are first allocated to reduce the corresponding goodwill. If the goodwill is not enough to absorb such losses, the surplus is allocated to the assets on a pro-rata basis. An impairment of goodwill cannot be reversed. For other assets, impairment losses may be reversed only to the extent that the asset&#8217;s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if the impairment had not been recognized. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We tested annually the balances of goodwill shown in the table of </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ote 15 to our consolidated financial statements for impairment. The determination of value in use involves assumptions, judgments, and estimates of cash flows, such as growth rates of revenues, costs and expenses, estimates of investments and working capital, and discount rates. The assumptions about growth projections and future cash flows are based on our business plan of its operating segments, as well as comparable market data, and represent management&#8217;s best estimate of the economic conditions that will exist over the economic life of the various CGUs, to which goodwill is related. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The evaluation of the value in use is calculated for a period of five years (except the Extrafarma segment), after which we calculate the perpetuity, considering the possibility of carrying the business on indefinitely. For the Extrafarma segment, a period of ten years was used </font><font style="font-family: 'Times New Roman';">because</font><font style="font-family: 'Times New Roman';"> a four-year period to maturity of new stores was considered. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">On December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, the discount and real growth rates used to extrapolate the projections ranged from 8.5% to 11.0% and from 0% to 1% p.a., respectively, depending on the CGU analyzed. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">No impairment was recognized on December 31, 2020. </font><font style="font-family: 'Times New Roman';">The goodwill impairment tests and net assets of the Company and its subsidiaries resulted in the recognition of impairment in the amount of R$593</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million for subsidiary Extrafarma for the year ended December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2019. See </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ote 2.u to our consolidated financial statements. For the year ended December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2018, the Company recognized an impairment loss in the amount of R$5.6</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million for subsidiary Oxiteno Andina.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Changes to the significant assumptions and economic conditions could impact the value in use of the assets and could result in impairment losses and impact our results. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Contractual assets with customers&#8212;exclusive rights.</font><font style="font-family: 'Times New Roman';"> Exclusive rights disbursements as provided in Ipiranga&#8217;s agreements with reseller service stations and major consumers are recognized as contractual assets when paid and amortized according to the conditions established in the agreements (amortization in weighted average term of five years), being reviewed as changes occur under the terms of the agreements. (see </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ote</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">2.a and 11 to our consolidated financial statements). Changes under the terms of the agreements could impact our revenues and results. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Provisions for assets retirement obligations&#8212;fuel tanks.</font><font style="font-family: 'Times New Roman';"> We make provisions for assets retirement obligations that correspond to the legal obligation to remove Ipiranga&#8217;s underground fuel tanks located at Ipiranga-branded service stations after a certain period. The estimated cost of the obligation to remove these fuel tanks is recognized as a liability when the tanks are installed. The estimated cost is recognized in property, plant, and equipment and depreciated over the respective useful life of the tanks. The amounts recognized as a liability accrue interest using the IPCA until the respective tank is removed. An increase in the estimated cost of the obligation to remove the tanks could result in negative impact in future results. The estimated removal cost is reviewed and updated annually or when there are significant changes in its amount, and changes in the estimated costs are recognized in statements of profit or loss when they become known. For further detail on provisions for assets retirement obligations of Ipiranga, see </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ote 21 to our consolidated financial statements. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Subscription warrants &#8211; indemnification fair value determination. </font><font style="font-family: 'Times New Roman';">Subscription warrants are valued at fair value according to Ultrapar&#8217;s share price (UGPA3) as of each closing date of financial statements, reduced by the dividend yield, once the subscription warrants&#8217; exercise is only possible from 2020 onward, without dividends rights until then. The number of shares of the subscription warrants &#8211; indemnification is also adjusted according to the variation of the amounts of provisions and of tax, civil and labor risks contingent liabilities, in relation to the period before January</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2014. For further detail, see </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">otes 24 and 33.j to our consolidated financial statements. Changes to the significant assumptions used to measure to the fair value, including Ultrapar&#8217;s share prices, could impact our results. </font></p>
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<p style="margin-top: 10pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Financial assets</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> The Company and its subsidiaries evaluated the classification and measurement of financial assets based on its business model as follows: </font></p>
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<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Amortized cost: financial assets held in order to collect contractual cash flows, solely principal and interest. The interest earned and the foreign currency exchange variation are recognized in profit or loss, and balances are stated at acquisition cost plus the interest earned, using the effective interest rate method. Financial investments in guarantee of loans are classified as amortized cost. </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Measured at fair value through other comprehensive income: financial assets that are acquired or originated for the purpose of collecting contractual cash flows or selling financial assets. The balances are stated at fair value, and the interest </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">earned,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> and the foreign currency exchange variation are recognized in profit or loss. Differences between fair value and initial amount of financial investments plus the interest earned are recognized in equity in other comprehensive income in the &#8220;Valuation adjustments&#8221;. Accumulated gains and losses recognized in equity are reclassified to profit or loss at the time of their settlement. Substantially the financial investments in Bank Certificates of Deposit (&#8220;CDB&#8221;) and repurchase agreements are classified as measured at fair value through other comprehensive income. </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Measured at fair value through profit or loss: financial assets that were not classified as amortized cost or measured at fair value through other comprehensive income. The balances are stated at fair value and both the interest earned and the exchange variations and changes in fair value are recognized in the income statement. Investment funds and derivatives are classified as measured at fair value through profit or loss.</font></li>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We and our subsidiaries use derivative financial instruments for hedging purposes, applying the concepts described below: </font></p>
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<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Hedge accounting&#8212;fair value hedge: financial instruments used to hedge exposure to changes in the fair value of an item, attributable to a particular risk, which can affect the entity&#8217;s statements of profit or loss. In the initial designation of the fair value hedge, the relationship between the hedging instrument and the hedged item is documented, including the objectives of risk management, the strategy in conducting the transaction, and the methods to be used to evaluate its effectiveness. Once the fair value hedge has been qualified as effective, the hedge item is also measured at fair value. Gains and losses from hedge instruments and hedge items are recognized in the statements of profit or loss. The hedge accounting must be discontinued when the hedge becomes ineffective. </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Hedge accounting&#8212;cash flow hedge: financial instruments used to hedge the exposure to variability in cash flows that is attributable to a risk associated with an asset or liability or highly probable transaction or firm commitment that may affect the statements of profit or loss. The portion of the gain or loss on the hedging instrument that is determined to be effective relating to the effects of exchange rate effect, is recognized directly in equity in accumulated other comprehensive income as &#8220;Valuation adjustments&#8221; while the ineffective portion is recognized in the statements of profit or loss. Gains or losses on the hedging instrument relating to the effective portion of this hedge that had been recognized directly in accumulated other comprehensive income shall be recognized in profit or loss in the period in which the hedged item is recognized in profit or loss or as initial cost of non-financial assets, in the same line of the statement that the hedged item is recognized. The hedge accounting shall be discontinued when (i)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the hedging relationship is canceled; (ii)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the hedging instrument expires; and (iii)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the hedging instrument no longer qualifies for hedge accounting. When hedge accounting is discontinued, gains and losses recognized in equity in other comprehensive income are reclassified to the statements of profit or loss in the period which the hedged item is recognized in profit or loss. If the transaction hedged is canceled or is not expected to occur, the cumulative gains and losses in equity in other comprehensive income shall be recognized immediately in profit or loss. </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Hedge accounting&#8212;hedge of net investments in foreign operation: financial instruments used to hedge exposure on net investments in foreign subsidiaries due to the fact that the local functional currency is different from the functional currency of the Company. The portion of the gain or loss on the hedging instrument that is determined to be effective, referring to the exchange rate effect, is recognized directly in equity in accumulated other comprehensive income as cumulative translation adjustments, while the ineffective portion and the operating costs are recognized in the statements of profit or loss. The gain or loss on the hedging instrument that has been recognized directly in accumulated other comprehensive income shall be recognized in the statements of profit or loss when the disposal of the foreign subsidiary occurs. </font></li>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The fair value of financial instruments, including currency and interest hedging instruments, was determined as follows: </font></p>
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<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The fair value of cash and bank deposit balances are identical to their carrying values. </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Financial investments in investment funds are valued at the value of the fund unit as of the date of the financial statements, which corresponds to their fair value. </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Financial investments in CDBs (Bank Certificates of Deposit) and similar investments offer daily liquidity through repurchase at the &#8220;yield curve&#8221; and the Company calculates their fair value through methodologies commonly used for mark-to-market. </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The fair value of trade receivables and trade payables are approximate to their carrying values and the Company calculates its fair value through methodologies commonly used in the market. </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The subscription warrants&#8212;indemnification was measured based on the share price of Ultrapar (UGPA3) at the financial statements date and are adjusted to the Company&#8217;s dividend yield, since the exercise is only possible starting in 2020 onwards and they are not entitled to dividends until then. The number of shares of subscription warrants &#8211; indemnification is also adjusted according to the changes in the amounts of provision for tax, civil, and labor risks and contingent liabilities related to the period prior to January</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">31, 2014. (See </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">n</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ote 24 to our consolidated financial statements). </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The fair value calculation of notes in the foreign market (see </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">n</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ote 16.b to our consolidated financial statements) is based on the quoted price in an active market. </font></li>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The fair value of other financial investments, financing and leases payable was determined using calculation methodologies commonly used for mark-to-market reporting, which consist of calculating future cash flows associated with each instrument adopted and adjusting them to present value at the market rates at off the date of the reporting period. For some cases where there is no active market for the financial instrument, the Company and its subsidiaries can use quotes provided by the transaction counterparties. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The interpretation of market information on the choice of calculation methodologies for the fair value requires considerable judgment and estimates to obtain a value deemed appropriate to each situation. Consequently, the estimates presented do not necessary indicate the amounts that may be realizable in the current market. Changes in the significant assumptions used to measure the fair value of financial assets and liabilities could impact our results. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">For further detail on financial instruments of the Company, see </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ote 33 to our consolidated financial statements. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Financial liabilities.</font><font style="font-family: 'Times New Roman';"> The financial liabilities include trade payables, loans, financing, debentures, leases payable and derivative financial instruments. Financial liabilities are classified as &#8220;financial liabilities at fair value through profit or loss&#8221; or &#8220;financial liabilities at amortized cost&#8221;. The financial liabilities at fair value through profit or loss refer to derivative financial instruments, subscription warrants&#8212;indemnification, and financial liabilities designated as hedged items in a fair value hedge relationship upon initial recognition (see </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ote</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">2.c</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">to our consolidated financial statements). The financial liabilities at amortized cost are stated at the initial transaction amount plus related charges and net of amortization and transaction costs. The charges are recognized in the statement of profit or loss using the effective interest rate method. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Transaction costs incurred and directly attributable to the activities necessary for contracting loans or for issuing bonds, as well as premiums and discounts upon issuance of debentures and other debt, are allocated to the instrument and amortized the statement of to profit or loss over its term, using the effective interest rate method (see </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ote 16.h to our consolidated financial statements). </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Changes in the significant assumptions used to measure the fair value of financial assets and liabilities could impact our results.</font><font style="font-family: 'Times New Roman';"> </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Post-employment benefits.</font><font style="font-family: 'Times New Roman';"> Our subsidiaries recognized a provision for post-employment benefits mainly related to seniority bonus, payment of FGTS, and health, dental care, and life insurance plan for eligible retirees. The amounts related to such benefits were determined based on a valuation conducted by an independent actuary and reviewed by management as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020 and are recognized in the financial statements in accordance with IAS 19 (Revised 2011). </font><font style="font-family: 'Times New Roman';">See</font><font style="font-family: 'Times New Roman';"> n</font><font style="font-family: 'Times New Roman';">ote 20.b to our consolidated financial statements</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Significant actuarial assumptions adopted include: </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Economic factors</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
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<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">%</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">per</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">year</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
</tr>


<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 82%;">
<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Discount rate for the actuarial obligation at present value</font></p>
</td>
<td style="vertical-align: top; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 8%;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">8.22</font></p>
</td>
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 8%;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">8.79</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Average projected salary growth rate</font></p>
</td>
<td style="vertical-align: top; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">7.07</font></p>
</td>
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">7.64</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Inflation rate (long term)</font></p>
</td>
<td style="vertical-align: top; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">3.25</font></p>
</td>
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">3.80</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Growth rate of medical services</font></p>
</td>
<td style="vertical-align: top; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">7.38</font></p>
</td>
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">7.95</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
</tr>

</table>
<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Demographic factors </font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Mortality Table for the life insurance benefit&#8212;CSO-80 </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Mortality Table for other benefits&#8212;AT 2000 Basic decreased by 10% </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Disabled Mortality Table&#8212;RRB 1983 and RRB-1944</font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Disability Table&#8212;Weak light </font></li>
</ul>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">For further information on our post-employment benefits, see </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ote 20.b to our consolidated financial statements. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Changes to the significant actuarial assumptions could impact our results. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Adoption of the Pronouncements Issued by IFRS as issued by the IASB</font><font style="font-family: 'Times New Roman';">. The Company adopted IFRS 16 &#8211; Leases and IFRIC 23 &#8211; Uncertainty over income tax treatments effective on January</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">1, 2019. For further detail, see &#8220;Presentation of Financial Information&#8221; and </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ote 2.y to our consolidated financial statements. </font></p>
</div>
<div>
<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Standards and criteria adopted in preparing the information </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The consolidated financial information presented below was prepared based on the consolidated Statements of Financial Position as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, </font><font style="font-family: 'Times New Roman';">2020 and </font><font style="font-family: 'Times New Roman';">2019, the consolidated Statements of Profit or Loss and Statements of Cash Flows as of and for the years ended December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, </font><font style="font-family: 'Times New Roman';">2020, </font><font style="font-family: 'Times New Roman';">2019</font><font style="font-family: 'Times New Roman';"> and</font><font style="font-family: 'Times New Roman';"> 2018 that derived from our audited consolidated financial statements included in this annual report and prepared in accordance with IFRS. Ultrapar&#8217;s financial information is presented on a consolidated basis. Financial information relating to </font><font style="font-family: 'Times New Roman';">Ultragaz, Ultracargo, Oxiteno, </font><font style="font-family: 'Times New Roman';">Ipiranga</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> Extrafarma</font><font style="font-family: 'Times New Roman';"> and abastece a&#237;</font><font style="font-family: 'Times New Roman';"> is presented on an individual basis and does not reflect elimination of intercompany transactions. Accordingly, the sum of individual financial information of Ultrapar&#8217;s subsidiaries may not correspond to the consolidated financial information of Ultrapar. See &#8220;Presentation of Financial Information&#8221;. </font></p>
<p style="margin: 0px; text-align: justify; font-size: 10pt; text-indent: 0px;"><br></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>114</font></font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Summary of the changes due to IFRS 16 </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">With effect from January 1, 2019, we adopted the IFRS 16 published by IASB &#8211; International Accounting Standards Board prospectively. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Summary of the changes due to the segregation of the Holding expenses</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We adopted new reporting </font><font style="font-family: 'Times New Roman';">practice</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">that allocate </font><font style="font-family: 'Times New Roman';">holding </font><font style="font-family: 'Times New Roman';">expenses previously recognized by our five businesses segments as Ultrapar's expenses (on an unconsolidated basis).</font><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">We believe that </font><font style="font-family: 'Times New Roman';">such reporting practice</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> provide additional transparency and comparability with peer companies. These </font><font style="font-family: 'Times New Roman';">holding </font><font style="font-family: 'Times New Roman';">expenses include those incurred by our main governance bodies (including our Board of Directors, Fiscal Council, advisory committees to the Board of Directors</font><font style="font-family: 'Times New Roman';">, holding CEO and CFO</font><font style="font-family: 'Times New Roman';">), in addition to areas that we consider related to a holding-company framework such as investor relations and M&amp;A. </font><font style="font-family: 'Times New Roman';">The segregation of </font><font style="font-family: 'Times New Roman';">these</font><font style="font-family: 'Times New Roman';"> expenses was adjusted retroactively to maintain comparability </font><font style="font-family: 'Times New Roman';">among </font><font style="font-family: 'Times New Roman';">the results of the Company in 2020, 2019 and 2018.</font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Results of operations </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following discussion of our results of operations is based on the financial information derived from our consolidated financial statements prepared in accordance with IFRS. </font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Year ended December</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">31, </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">2020</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"> compared to the year ended December</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">31, </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">2019</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table shows a summary of our results of operations for the years ended December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';"> and </font><font style="font-family: 'Times New Roman';">2019</font><font style="font-family: 'Times New Roman';">:</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;&nbsp;</font></p>
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<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; break-after: avoid; /* border-top: 1pt solid #000000; */padding-top: 1pt; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Year ended </font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">December</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">31,</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">2020</font><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">%</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">of</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">net</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">revenue</font></p>
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">from</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">sales and</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">services</font><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
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<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Year ended</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">December</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">31,</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font></p>
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<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">%</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">of</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">net</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">revenue</font></p>
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">from</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">sales and</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">services</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Percent</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">change</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">2020&#8212;2019</font><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; break-after: avoid; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td colspan="17" style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(R$ million)</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 52%; background-color: #cceeff;">
<p style="margin: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Net revenue from sales and services</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 7%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">81,</font><font style="font-family: 'Times New Roman';">241.1</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 1%; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 1%; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 1%; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 7%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 1%; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 1%; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 1%; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 7%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">89,298.0</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 1%; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 1%; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 1%; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 7%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 1%; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 1%; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 1%; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 7%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 1%; background-color: #cceeff;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Cost of products and services sold</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(7</font><font style="font-family: 'Times New Roman';">5</font><font style="font-family: 'Times New Roman';">,628.2</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">93%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(83,187.1</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">93%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Gross profit</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">5,612.9</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">7%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">6,110.9</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">7%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">-</font><font style="font-family: 'Times New Roman'; font-weight: bold;">8</font><font style="font-family: 'Times New Roman'; font-weight: bold;">%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Selling, marketing, general and administrative expenses</font><font style="width: 24.61pt; display: inline-block;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(</font><font style="font-family: 'Times New Roman';">4,098.4</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">5%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(4,366.6</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">5%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-6</font><font style="font-family: 'Times New Roman';">%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Other operating income, net</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">221.4</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">0%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">179.6</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">0%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman';">3</font><font style="font-family: 'Times New Roman';">%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Gain (loss) on disposal of property, plant and equipment and intangibles</font><font style="width: 29.94pt; display: inline-block;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">76.1</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">0%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(30.0</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">0%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-354</font><font style="font-family: 'Times New Roman';">%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Impairment of assets</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">0</font><font style="font-family: 'Times New Roman';">%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(593.3</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">na</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Operating income before financial income (expenses) and share of profit (loss) of joint-ventures and associates</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">1,812.1</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2</font><font style="font-family: 'Times New Roman'; font-weight: bold;">%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">1,300.6</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">1%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">3</font><font style="font-family: 'Times New Roman'; font-weight: bold;">9</font><font style="font-family: 'Times New Roman'; font-weight: bold;">%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Net financial expenses</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(269.4</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">0</font><font style="font-family: 'Times New Roman';">%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(506.9</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-47</font><font style="font-family: 'Times New Roman';">%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Income and social contribution taxes</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(571.4</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(378.6</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">0%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">51</font><font style="font-family: 'Times New Roman';">%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Share of profit (loss) of joint-ventures and associates</font><font style="width: 3.97pt; display: inline-block; -aw-font-family: 'Times New Roman'; -aw-tabstop-align: right; -aw-tabstop-leader: dots; -aw-tabstop-pos: 215.3pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(43.6</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">0%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(12.1</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">0%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">259</font><font style="font-family: 'Times New Roman';">%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Net income</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">927.7</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">1</font><font style="font-family: 'Times New Roman'; font-weight: bold;">%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">402.9</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">0%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">130</font><font style="font-family: 'Times New Roman'; font-weight: bold;">%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Net income attributable to:</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="vertical-align: top; padding: 0px 0px 0px 20px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;Shareholders of Ultrapar</font></p>
</td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">893.4</font></p>
</td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">%</font></p>
</td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">373.5</font></p>
</td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">0%</font></p>
</td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">139</font><font style="font-family: 'Times New Roman';">%</font></p>
</td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding: 0px 0px 0px 20px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;Non-controlling shareholders of the subsidiaries</font></p>
</td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">34.3</font></p>
</td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">0%</font></p>
</td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">29.4</font></p>
</td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">0%</font></p>
</td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">17</font><font style="font-family: 'Times New Roman';">%</font></p>
</td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff;"><br></td>
</tr>

</table>
<p style="margin: 0px; text-align: justify; font-size: 10pt; text-indent: 0px;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>115</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Net revenue from sales and services</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> Ultrapar&#8217;s net revenue from sales and services decreased </font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">%, from </font><font style="font-family: 'Times New Roman';">R$89,298.0</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019 </font><font style="font-family: 'Times New Roman';">to R$8</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';">241.1</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, as further described below</font><font style="font-family: 'Times New Roman';">. Ultrapar&#8217;s net revenue from sales and services generally includes revenues from </font><font style="font-family: 'Times New Roman';">gas </font><font style="font-family: 'Times New Roman';">and </font><font style="font-family: 'Times New Roman';">fuel </font><font style="font-family: 'Times New Roman';">sales by </font><font style="font-family: 'Times New Roman';">Ultragaz </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> Ipiranga</font><font style="font-family: 'Times New Roman';">, respectively, </font><font style="font-family: 'Times New Roman';">liquid bulk storage services provided by Ultracargo specialty chemicals sales by Oxiteno and, </font><font style="font-family: 'Times New Roman';">pharmaceutical products sales by Extrafarma, reduced by sales taxes such as ICMS, PIS and COFINS and by discounts and sales returns. </font><font style="font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table shows the change in net revenue from sales and services for each of our segments:</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="margin: 0px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; height: 145px; width: 100%;" width="100%">

<tr>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; break-after: avoid; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom: 1pt solid #000000;">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2020</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom: 1pt solid #000000;">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; border-bottom: 1pt solid #000000;">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Percent</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">change</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">2020&#8212;2019</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000;"><br></td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px;">
<p style="margin: 0px; break-after: avoid; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td colspan="3" style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px;">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(R$ million)</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px;">
<p style="margin: 0px; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
</tr>


<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 72%;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Ultragaz</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">7,408.3</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">7,094.8</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 2%;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">4</font><font style="font-family: 'Times New Roman';">%</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Ultracargo</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">644.2</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">540.8</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">%</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Oxiteno</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">5,210.7</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">4,254.2</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">22%</font></p>
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<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Ipiranga</font></p>
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<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">66,133.0</font></p>
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<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">75,452.5</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-12%</font></p>
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<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
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<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Extrafarma</font></p>
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<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1,988.4</font></p>
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<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">2,060.6</font></p>
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<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-4%</font></p>
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<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">abastece a&#237;</font></p>
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<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">17.2</font></p>
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<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
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<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">na</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Ultragaz&#8217;s net revenue from sales increased by 4%, from R$7,094.8</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">million in 2019 to R$7,408.3</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">million in 2020, mainly due to higher sales volume </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">in the period </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and increases of LPG prices </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">implemented by</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Petrobras</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in 2020 (see &#8220;Business Overview</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Overview&#8212;Distribution of Liquefied Petroleum Gas&#8212;Ultragaz&#8212;Prices of LPG")</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. Ultragaz&#8217;s sales volume increased 2%</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in 2020,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">from </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">1,706</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">thousand</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> of tons </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">in 2019 to </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">1,732 </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">thousand</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> of tons</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">in 2020, reflecting market growth in the period. In the bottled segment, volumes increased 2%</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">due to stronger residential consumption driven by restrictions imposed by the pandemic. In the bulk segment, volumes remained stable with higher sales to industry and special gases (propellants), </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">which were </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">partially offset by lower volumes to the commercial and services sectors, most affected by </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">social distancing </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">measures </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">adopted in connection with efforts to contain the spread of COVID-19</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> pandemic. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultracargo&#8217;s net revenue from services increased by 19%, from </font><font style="font-family: 'Times New Roman';">R</font><font style="font-family: 'Times New Roman';">$540.8</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019 to R</font><font style="font-family: 'Times New Roman';">$</font><font style="font-family: 'Times New Roman';">644.2</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2020, driven by greater fuel handling in light of expansions and spot operations as well as higher tariffs due to contractual readjustments. The average installed capacity at Ultracargo in 2020 increased 12%, due to expanded tankage capacity at the terminals in Santos and Itaqui in the past 18 months. Consequently, cubic meter sold grew by 14% with greater fuel handling at the two terminals and a higher number of spot operations. Ultracargo ended the year with a market share of product handling of 25.2% versus 23.7% at the </font><font style="font-family: 'Times New Roman';">end</font><font style="font-family: 'Times New Roman';"> of 2019</font><font style="font-family: 'Times New Roman';"> according to ABLT</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> which was in line with</font><font style="font-family: 'Times New Roman';"> the company&#8217;s growth plan. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Oxiteno&#8217;s net revenue from sales increased by 22%, from R$4,254.2</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">million in 2019 to R$5,210.7</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">million in 2020,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">due to the average devaluation of 31% of the Real (</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">from </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">R$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">3.95 per </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">US$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">1.00 in 2019 to R$</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">5.16</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> per US$1.00 in 2020</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">) </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">coupled </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">with higher sales volumes</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">. This increase was partially offset by a </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">reduction of 6% in average prices in US Dollars following the decline in petrochemical prices in the international market. Sales volume at Oxiteno increased 3% in 2020, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">from </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">734 </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">thousand</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> of tons</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in 2019 to </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">753 </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">thousand</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> of tons</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in 2020. Specialty chemicals sales volume increased</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> 6% as a result of </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">increased </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">sales to home </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> personal care and crop solutions segments in the domestic market, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">coupled with </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">increase</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">d</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> sales in the United States</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">,</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">due to the ramp-up of the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Pasadena </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">plant, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">and higher exports. Commodity volume sales decreased 10%</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> in 2020</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> compared with 2019, due to </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">a slowdown in </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">market demand. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ipiranga&#8217;s net revenue from sales decreased by 12%, from R$75,452.5</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019 to R$66,133.0 million in 2020, mainly due to lower sales volume and </font><font style="font-family: 'Times New Roman';">average fuel price volatility</font><font style="font-family: 'Times New Roman';">, in particular the fuel price substantial fall between March and April 2020, followed by continuous increases in the subsequent months</font><font style="font-family: 'Times New Roman';">. Ipiranga&#8217;s sales volume fell </font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">% in 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> due to the effects of the pandemic which significantly impacted fuel consumption in Brazil, mainly in the second quarter of 2020</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">This decrease was partially offset by a gradual recovery in demand for the period following the second quarter of 2020. The Otto cycle segment was the mostly affected by the lower demand, with sales volume decreasing 14% in 2020 compared </font><font style="font-family: 'Times New Roman';">to</font><font style="font-family: 'Times New Roman';"> 2019. Sales volume of diesel decreased 3% in 2020 compared to 2019</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Extrafarma&#8217;s net revenue from sales </font><font style="font-family: 'Times New Roman';">decreased</font><font style="font-family: 'Times New Roman';"> by </font><font style="font-family: 'Times New Roman';">4</font><font style="font-family: 'Times New Roman';">%, from </font><font style="font-family: 'Times New Roman';">R$2,060.6</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019 </font><font style="font-family: 'Times New Roman';">to R$</font><font style="font-family: 'Times New Roman';">1,988.4</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">due to the</font><font style="font-family: 'Times New Roman';"> reduction of the number of stores of 3% in 2020 as compared to 2019</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">associated with </font><font style="font-family: 'Times New Roman';">a more conservative expansion strategy </font><font style="font-family: 'Times New Roman';">coupled</font><font style="font-family: 'Times New Roman';"> with a</font><font style="font-family: 'Times New Roman';"> rigorous process of closing underperforming units. </font><font style="font-family: 'Times New Roman';">Approximately</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">7% of the drugstores located in shopping malls</font><font style="font-family: 'Times New Roman';"> were temporary closed </font><font style="font-family: 'Times New Roman';">for </font><font style="font-family: 'Times New Roman';">certain </font><font style="font-family: 'Times New Roman';">months during </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> and lower customer flow</font><font style="font-family: 'Times New Roman';"> in</font><font style="font-family: 'Times New Roman';"> the stores</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">resulted mainly from</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">restrictive measures adopted in connection to contain the COVID-19 pandemic spread in </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">location</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> where Extrafarma operates</font><font style="font-family: 'Times New Roman';">. These effects were offset by higher sales from same stores in operation</font><font style="font-family: 'Times New Roman';">, an increase of </font><font style="font-family: 'Times New Roman';">4%</font><font style="font-family: 'Times New Roman';"> in 2020 as compared to 2019</font><font style="font-family: 'Times New Roman';">, driven by the higher average ticket and by the reinforcing and expansion of sales through the digital channels. Extrafarma opened </font><font style="font-family: 'Times New Roman';">two</font><font style="font-family: 'Times New Roman';"> new drugstores and closed 13 in 2020, a 3% reduction in the size of the network, which </font><font style="font-family: 'Times New Roman';">as of December 31, 2020, totaled</font><font style="font-family: 'Times New Roman';"> 405 units. At the end of the year, the stores still ramping up (with up to three years of operations) represented 25% of the network, the result of greater selectivity in expansion and a more rigorous approach to underperforming stores</font><font style="font-family: 'Times New Roman';">. </font></p>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">abastece a&#237;&#8217;s net revenue from sales was R$17.2</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2020,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">mainly linked to Ipiranga gas stations transactions and new partnerships</font><font style="font-family: 'Times New Roman';">. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Cost of products and services sold</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> Ultrapar&#8217;s cost of products and services sold decreased by </font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">%, from </font><font style="font-family: 'Times New Roman';">R$83,187.1</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019 </font><font style="font-family: 'Times New Roman';">to R$</font><font style="font-family: 'Times New Roman';">75,628.2</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">, as further detailed below</font><font style="font-family: 'Times New Roman';">. Ultrapar main costs of products and services sold are related to the purchase of goods for resale, including diesel, gasoline and ethanol for Ipiranga, LPG for Ultragaz and pharmaceutical products for Extrafarma, and raw material, substantially the ethylene for Oxiteno, and depreciation and amortization. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table shows the change in cost of products and services sold for each of our segments:</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2020</font></p>
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<td style="padding-left: 7.2pt; vertical-align: bottom; background-color: #ffffff; margin-left: 0.1px; height: 10px; border-bottom: 1pt solid #000000;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 10px; background-color: #ffffff; margin-left: 0.1px; border-bottom: 1pt solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; background-color: #ffffff; margin-left: 0.1px; height: 10px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 10px; background-color: #ffffff; margin-left: 0.1px; border-bottom: 1pt solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Percent</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">change</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">2020&#8212;2019</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; background-color: #ffffff; margin-left: 0.1px; border-bottom: 1pt solid #000000;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td colspan="3" style="padding-left: 7.2pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(R$ million)</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom;"><br></td>
</tr>


<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: top; height: 16px; background-color: #cceeff; width: 72%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultragaz</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">6,310.2</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 1%;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">6,105.0</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; background-color: #cceeff; height: 16px; width: 2%;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">3</font><font style="font-family: 'Times New Roman';">%</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
</tr>
<tr style="height: 16px;">
<td style="vertical-align: top; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultracargo</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">270.0</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">261.0</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">3</font><font style="font-family: 'Times New Roman';">%</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Oxiteno</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">4,188.7</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">3,537.6</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">18%</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 16px;">
<td style="vertical-align: top; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ipiranga</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">63,609.9</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">71,962.7</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">-12%</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: top; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Extrafarma</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">1,399.1</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">1,462.3</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; background-color: #cceeff; height: 16px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">-4</font><font style="font-family: 'Times New Roman';">%</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 16px;">
<td style="vertical-align: top; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">abastece a&#237;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 16px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">na</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom;"><br></td>
</tr>

</table>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultragaz&#8217;s cost of goods sold increased by 3%, from R$6,105.0</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019 to R$6,310.2</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2020, </font><font style="font-family: 'Times New Roman';">due to the increase</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">of LPG prices implemented Petrobras in 2020 (see "Business Overview&#8212;Distribution of Liquefied Petroleum Gas&#8212;Ultragaz&#8212;Prices of LPG"), in addition to </font><font style="font-family: 'Times New Roman';">higher freight costs associated with sourcing </font><font style="font-family: 'Times New Roman';">LPG from more distant supply bases</font><font style="font-family: 'Times New Roman';">, as under our LPG supply agreement with Petrobras we are responsible for freight costs and Petrobras may supply LPG through various hubs, not necessarily close to our facilities</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultracargo&#8217;s cost of services sold increased by 3%, from R$261.0</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019 to R$270.0</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2020, due to the increase in tankage capacity between the periods. The cost of services provided per cubic meter sold posted a decrease of 9%, reflecting gains in productivity at the terminals. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Oxiteno&#8217;s cost of goods sold increased by 18%, from R$3,537.6</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019 to R$4,188.7</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2020, due to the average devaluation of 31% in the Real (R$1.21/US$) and to higher sales volume</font><font style="font-family: 'Times New Roman';">. This increase was</font><font style="font-family: 'Times New Roman';"> partially </font><font style="font-family: 'Times New Roman';">offset </font><font style="font-family: 'Times New Roman';">by </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';"> reduction of 12% in average unit costs in US Dollars</font><font style="font-family: 'Times New Roman';"> due to the decline in petrochemical prices in the international market</font><font style="font-family: 'Times New Roman';">. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ipiranga&#8217;s cost of goods sold decreased by 1</font><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman';">%, from </font><font style="font-family: 'Times New Roman';">R$71,962.7</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019 </font><font style="font-family: 'Times New Roman';">to R$</font><font style="font-family: 'Times New Roman';">63,609.9</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">in line with the reduction in sales volume described above</font><font style="font-family: 'Times New Roman';">. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Extrafarma&#8217;s cost of goods sold </font><font style="font-family: 'Times New Roman';">de</font><font style="font-family: 'Times New Roman';">creased by </font><font style="font-family: 'Times New Roman';">4</font><font style="font-family: 'Times New Roman';">%, from </font><font style="font-family: 'Times New Roman';">R$1,462.3</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019 </font><font style="font-family: 'Times New Roman';">to R$1,</font><font style="font-family: 'Times New Roman';">399</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">largely due to lower sales</font><font style="font-family: 'Times New Roman';"> in the period</font><font style="font-family: 'Times New Roman';">, partially offset b</font><font style="font-family: 'Times New Roman';">y</font><font style="font-family: 'Times New Roman';"> the annual price adjustment of 4% implemented in June 2020</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Gross profit</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> For the reasons described above, Ultrapar&#8217;s gross profit decreased by </font><font style="font-family: 'Times New Roman';">8</font><font style="font-family: 'Times New Roman';">%, from </font><font style="font-family: 'Times New Roman';">R$6,110.9</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019 </font><font style="font-family: 'Times New Roman';">to R$</font><font style="font-family: 'Times New Roman';">5,612.9</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">mainly </font><font style="font-family: 'Times New Roman';">as a result of decreased gross profit in </font><font style="font-family: 'Times New Roman';">Ipiranga</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">Ipiranga</font><font style="font-family: 'Times New Roman';">&#8217;s gross profit decreased by 28%, from </font><font style="font-family: 'Times New Roman';">R$3,489.7</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019 to R$2,523.2</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2020</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">Ultragaz&#8217;s gross profit increased by 11%, from R$989.9</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019 to R$1,098.2</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2020. Ultracargo&#8217;s gross profit increased by 34%, from R$279.7</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019 to R$374.2</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2020. Oxiteno&#8217;s gross profit increased by 43%, from R$716.7</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019 to R$1,022.0</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2020. Extrafarma&#8217;s gross profit decreased by 1%, from R$598.3</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019 to R$589.3</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2020.</font><font style="font-family: 'Times New Roman';"> abastece a&#237;&#8217;s gross profit was R$17.2</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2020.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Selling, marketing, general and administrative expenses</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> Ultrapar&#8217;s selling, marketing, general and administrative (&#8220;SG&amp;A&#8221;) expenses generally include personnel, freight, marketing and depreciation and amortization expenses. Ultrapar&#8217;s SG&amp;A expenses </font><font style="font-family: 'Times New Roman';">decreased</font><font style="font-family: 'Times New Roman';"> by </font><font style="font-family: 'Times New Roman';">6</font><font style="font-family: 'Times New Roman';">%, from </font><font style="font-family: 'Times New Roman';">R$4,366.6</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019 </font><font style="font-family: 'Times New Roman';">to R$4,</font><font style="font-family: 'Times New Roman';">098.4</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">. </font></p>
<p style="margin: 0px; text-align: justify; font-size: 10pt; text-indent: 0px;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>117</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table shows the changes in SG&amp;A expenses for each of our segments:</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="margin-right: auto; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 153px; width: 99.8983%;" width="100%">

<tr style="background-color: #ffffff; margin-left: 0.1px;">
<td style="padding-left: 7.2pt; vertical-align: bottom; background-color: #ffffff; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; background-color: #ffffff; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; background-color: #ffffff; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; background-color: #ffffff; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; background-color: #ffffff; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; background-color: #ffffff; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; background-color: #ffffff; margin-left: 0.1px;"><br></td>
</tr>
<tr style="background-color: #ffffff; margin-left: 0.1px;">
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 19px; background-color: #ffffff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 19px; background-color: #ffffff; margin-left: 0.1px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2020</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 19px; background-color: #ffffff; margin-left: 0.1px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 19px; background-color: #ffffff; margin-left: 0.1px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 19px; background-color: #ffffff; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 19px; background-color: #ffffff; margin-left: 0.1px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Percent</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">change</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">2020&#8212;2019</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 19px; background-color: #ffffff; margin-left: 0.1px;"><br></td>
</tr>
<tr style="height: 13px;">
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td colspan="3" style="padding-left: 7.2pt; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(R$ million)</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 13px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 13px;"><br></td>
</tr>


<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; height: 17px; width: 72%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultragaz</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 8%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">620.2</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 8%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">6</font><font style="font-family: 'Times New Roman';">36</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">5</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 2%; background-color: #cceeff;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 8%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">-3%</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;"><br></td>
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<tr style="height: 17px;">
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultracargo</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">129.9</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">13</font><font style="font-family: 'Times New Roman';">3.4</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">-3%</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Oxiteno</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">819.6</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">724.2</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">13%</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ipiranga</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">1,7</font><font style="font-family: 'Times New Roman';">30</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">9</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">2,002.1</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">-1</font><font style="font-family: 'Times New Roman';">4</font><font style="font-family: 'Times New Roman';">%</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Extrafarma</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">653.6</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">7</font><font style="font-family: 'Times New Roman';">38.5</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">-11%</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">abastece a&#237;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">47.1</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">na</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>

</table>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultragaz&#8217;s SG&amp;A expenses decreased by 3%, from </font><font style="font-family: 'Times New Roman';">R$636.5</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019 </font><font style="font-family: 'Times New Roman';">to R$6</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in </font><font style="font-family: 'Times New Roman';">202</font><font style="font-family: 'Times New Roman';">0</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">as a result of several initiatives implemented for reducing expenses,</font><font style="font-family: 'Times New Roman';"> particularly in the payroll line, in addition to lower expenses with materials and provisions for doubtful accounts.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">This was partially offset by</font><font style="font-family: 'Times New Roman';"> the increase in freight expenditures as a result of higher volume and inflation rate in the period together with higher fees for consultancies hired to improve operational efficiency</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultracargo&#8217;s SG&amp;A expenses decreased by 3%, from </font><font style="font-family: 'Times New Roman';">R$133.4</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019 </font><font style="font-family: 'Times New Roman';">to R$1</font><font style="font-family: 'Times New Roman';">29.9</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">due to lower payroll expenses, albeit attenuated by higher expenditures with IT systems for strengthening the technological platform and conceptual engineering projects for expansion studies</font><font style="font-family: 'Times New Roman';">. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Oxiteno&#8217;s SG&amp;A expenses increased by 13%, from </font><font style="font-family: 'Times New Roman';">R$724.2</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019 </font><font style="font-family: 'Times New Roman';">to R$</font><font style="font-family: 'Times New Roman';">819.6</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> a result of higher freight charges (greater volume and the currency translation effect on international freight charges), the effect of </font><font style="font-family: 'Times New Roman';">foreign currency </font><font style="font-family: 'Times New Roman';">exchange</font><font style="font-family: 'Times New Roman';"> rates</font><font style="font-family: 'Times New Roman';"> variation on expenses at the international units and higher amortizations of software, attenuated by lower payroll expenses and initiatives taken to cut expenses</font><font style="font-family: 'Times New Roman';">, such as reduction of expenses related to </font><font style="font-family: 'Times New Roman';">business travelling</font><font style="font-family: 'Times New Roman';">, training, consulting, marketing, among other expenses</font><font style="font-family: 'Times New Roman';">. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ipiranga&#8217;s SG&amp;A expenses </font><font style="font-family: 'Times New Roman';">decreased by </font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">4</font><font style="font-family: 'Times New Roman';">%, from </font><font style="font-family: 'Times New Roman';">R$2,002.1</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019 </font><font style="font-family: 'Times New Roman';">to R$</font><font style="font-family: 'Times New Roman';">1,7</font><font style="font-family: 'Times New Roman';">30.9</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">mainly due to the reduction in payroll and freight (lower sales volume</font><font style="font-family: 'Times New Roman';">) in addition to lower provisions for doubtful accounts and costs controls on various fronts</font><font style="font-family: 'Times New Roman';">, such as freight, payroll and marketing expenses</font><font style="font-family: 'Times New Roman';">. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Extrafarma&#8217;s SG&amp;A expenses decreased by 11%, from </font><font style="font-family: 'Times New Roman';">R$738.5</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019 </font><font style="font-family: 'Times New Roman';">to R$</font><font style="font-family: 'Times New Roman';">653.6</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">reflecting the</font><font style="font-family: 'Times New Roman';"> reduction in the</font><font style="font-family: 'Times New Roman';"> number of stores and initiatives taken to contain expenditures, productivity gains and logistics optimization</font><font style="font-family: 'Times New Roman';">, such as the opening of strategic located distribution centers, </font><font style="font-family: 'Times New Roman';">closing stores</font><font style="font-family: 'Times New Roman';"> in less representative </font><font style="font-family: 'Times New Roman';">locations</font><font style="font-family: 'Times New Roman';">, renegotiation of lease agreements, among other initiatives</font><font style="font-family: 'Times New Roman';">. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">abastece a</font><font style="font-family: 'Times New Roman';">&#237;</font><font style="font-family: 'Times New Roman';">&#8217;s SG&amp;A expenses were R$</font><font style="font-family: 'Times New Roman';">47</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2020,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">mainly </font><font style="font-family: 'Times New Roman';">due to pa</font><font style="font-family: 'Times New Roman';">yroll, technology and marketing expenses for structuring and growth of the business</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Income (expense) from disposal of assets. </font><font style="font-family: 'Times New Roman';">Ultrapar&#8217;s expense from disposal of assets increased from a net expense of </font><font style="font-family: 'Times New Roman';">R$30.0</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019 </font><font style="font-family: 'Times New Roman';">to a net </font><font style="font-family: 'Times New Roman';">income</font><font style="font-family: 'Times New Roman';"> of R$</font><font style="font-family: 'Times New Roman';">76.1</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, as </font><font style="font-family: 'Times New Roman';">is due principally to the sale of real estate at Ipiranga in 2020</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">and the closure of underperforming stores at Extrafarma and the writing off of Oxiteno Andina assets, both in 2019. The sale of </font><font style="font-family: 'Times New Roman';">Ipiranga's real estate properties are part of the company's business strategy to optimize employed capital when certain real estate properties value is </font><font style="font-family: 'Times New Roman';">higher than its respective value as an</font><font style="font-family: 'Times New Roman';"> operational</font><font style="font-family: 'Times New Roman';"> asset for the company.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Impairment of assets. </font><font style="font-family: 'Times New Roman';">Impairment of assets varied from R$593.3 million in 2019 to zero in 2020. In 2019 there was an impairment of goodwill </font><font style="font-family: 'Times New Roman';">related to</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Extrafarma</font><font style="font-family: 'Times New Roman';"> segment</font><font style="font-family: 'Times New Roman';">, with no cash effect, as a consequence of the worse than expected results as compared to the original business plan. In 2020, Ultrapar and its subsidiaries, including Extrafarma ran their impairment tests and no further impairment adjustments were required.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Other operating income, net. </font><font style="font-family: 'Times New Roman';">Other operating income, net increased by 2</font><font style="font-family: 'Times New Roman';">3</font><font style="font-family: 'Times New Roman';">%, from </font><font style="font-family: 'Times New Roman';">R$179.6</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019 </font><font style="font-family: 'Times New Roman';">to R$</font><font style="font-family: 'Times New Roman';">221.4</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> reflecting tax credits at Oxiteno and Ultracargo in 2020,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">partially compensated by the appropriation of costs </font><font style="font-family: 'Times New Roman';">in the total amount of R$</font><font style="font-family: 'Times New Roman';">124</font><font style="font-family: 'Times New Roman';">.0</font><font style="font-family: 'Times New Roman';"> million</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">with respect to Renovabio targets at Ipiranga also in 2020</font><font style="font-family: 'Times New Roman';">, tax credits at Extrafarma in 2019</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">and the recognition </font><font style="font-family: 'Times New Roman';">in 2019 </font><font style="font-family: 'Times New Roman';">of a R$65.5</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million provision for the payment of the Conduct Adjustment Agreement (&#8220;TAC&#8221;) at Ultracargo, signed with the Public Prosecutor&#8217;s Office, relating to the implementation of actions to offset the impacts caused to the Santos estuary following the fire at the Ultracargo terminal in 2015 (see &#8220;Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">4.A. Information on the Company&#8212;History and Development of the Company&#8212;Ultracargo &#8212;Fire at storage facilities in Santos&#8221;).</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>118</font></font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Operating income before financial income (expenses) and share of profit of joint-ventures and associates</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> For the reasons described above, Ultrapar&#8217;s operating income before financial income (expenses) and share of profit of joint-ventures and associates </font><font style="font-family: 'Times New Roman';">in</font><font style="font-family: 'Times New Roman';">creased by </font><font style="font-family: 'Times New Roman';">39</font><font style="font-family: 'Times New Roman';">%, from </font><font style="font-family: 'Times New Roman';">R$1,300.6</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019 </font><font style="font-family: 'Times New Roman';">to R$1,</font><font style="font-family: 'Times New Roman';">812</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, as a result of the </font><font style="font-family: 'Times New Roman';">in</font><font style="font-family: 'Times New Roman';">creased operating income before financial income (expenses) and share of profit of joint-ventures and associates in </font><font style="font-family: 'Times New Roman';">Ultragaz, </font><font style="font-family: 'Times New Roman';">Ultracargo</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Oxiteno </font><font style="font-family: 'Times New Roman';">and Extrafarma. </font><font style="font-family: 'Times New Roman';">Ultragaz&#8217;s operating income before financial income (expenses) and share of profit of associates increased by 34%, from R$369.0</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019 to R$494.</font><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2020. Ultracargo&#8217;s operating income before financial income (expenses) and share of profit of joint-ventures and associates increased by 203%, from R$83.2</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019 to R$251.8</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2020. </font><font style="font-family: 'Times New Roman';">Oxiteno&#8217;s operating income before financial income (expenses) and share of profit of associates </font><font style="font-family: 'Times New Roman';">in</font><font style="font-family: 'Times New Roman';">creased from </font><font style="font-family: 'Times New Roman';">a loss of </font><font style="font-family: 'Times New Roman';">R$</font><font style="font-family: 'Times New Roman';">12.8</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';"> to an operating </font><font style="font-family: 'Times New Roman';">income</font><font style="font-family: 'Times New Roman';"> of R$</font><font style="font-family: 'Times New Roman';">355.9</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">Ipirang</font><font style="font-family: 'Times New Roman';">a&#8217;s operating income before financial income (expenses) and sha</font><font style="font-family: 'Times New Roman';">re of profit of joint-ventures and associates decreased by 4</font><font style="font-family: 'Times New Roman';">5</font><font style="font-family: 'Times New Roman';">%, from</font><font style="font-family: 'Times New Roman';"> R$1,674.4</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019 to R$</font><font style="font-family: 'Times New Roman';">915.4</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2020. </font><font style="font-family: 'Times New Roman';">Extrafarma&#8217;s operating income before financial </font><font style="font-family: 'Times New Roman';">income (</font><font style="font-family: 'Times New Roman';">expenses</font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';"> and share of profit of joint-ventures and associates </font><font style="font-family: 'Times New Roman';">in</font><font style="font-family: 'Times New Roman';">creased by </font><font style="font-family: 'Times New Roman';">90</font><font style="font-family: 'Times New Roman';">%, from operating loss of R$</font><font style="font-family: 'Times New Roman';">720.3</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';"> to</font><font style="font-family: 'Times New Roman';"> an</font><font style="font-family: 'Times New Roman';"> operating loss of R$</font><font style="font-family: 'Times New Roman';">69.</font><font style="font-family: 'Times New Roman';">7</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">abastece a&#237;&#8217;s operating income before financial income (expenses) and share of profit of joint-ventures and associates was R$</font><font style="font-family: 'Times New Roman';">29.0</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million </font><font style="font-family: 'Times New Roman';">negative </font><font style="font-family: 'Times New Roman';">in 2020.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Net financial expenses</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> Net financial expenses include mainly income and expenses from interest on financial investments and financing and exchange rate variation. Ultrapar&#8217;s net financial expenses </font><font style="font-family: 'Times New Roman';">de</font><font style="font-family: 'Times New Roman';">creased by </font><font style="font-family: 'Times New Roman';">47</font><font style="font-family: 'Times New Roman';">%, from </font><font style="font-family: 'Times New Roman';">R$506.9</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019</font><font style="font-family: 'Times New Roman';"> to R$</font><font style="font-family: 'Times New Roman';">269.4</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, due to </font><font style="font-family: 'Times New Roman';">mainly to the appropriation of interest on extemporaneous tax credits in the amount of R$238</font><font style="font-family: 'Times New Roman';">.3</font><font style="font-family: 'Times New Roman';"> million in </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Income and social contribution taxes.</font><font style="font-family: 'Times New Roman';"> Ultrapar&#8217;s income and social contribution taxes, net of benefits from income tax exemptions, </font><font style="font-family: 'Times New Roman';">in</font><font style="font-family: 'Times New Roman';">creased by </font><font style="font-family: 'Times New Roman';">5</font><font style="font-family: 'Times New Roman';">1%, from </font><font style="font-family: 'Times New Roman';">R</font><font style="font-family: 'Times New Roman';">$378.6</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019 </font><font style="font-family: 'Times New Roman';">to R$</font><font style="font-family: 'Times New Roman';">571.4</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Net income for the year.</font><font style="font-family: 'Times New Roman';"> Ultrapar&#8217;s net income </font><font style="font-family: 'Times New Roman';">increased by 130%, from</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">R$402.9</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019 to R$927.7</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in </font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, mainly due to the </font><font style="font-family: 'Times New Roman';">impairment of R$593</font><font style="font-family: 'Times New Roman';">.3</font><font style="font-family: 'Times New Roman';"> million at Extrafarma </font><font style="font-family: 'Times New Roman';">in 2019</font><font style="font-family: 'Times New Roman';"> and lower financial expenses in 2020,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">partially offset by lower EBITDA </font><font style="font-family: 'Times New Roman';">and higher taxes </font><font style="font-family: 'Times New Roman';">in </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Adjusted EBITDA.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Ultrapar&#8217;s Adjusted EBITDA increased 24%, from R$2,800.3</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019 to R$3,478.5</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2020, as a result of higher EBITDA in Ultragaz, Ultracargo, Oxiteno and Extrafarma.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The purpose of including EBITDA and Adjusted EBITDA information is to provide a measure used by management for internal assessment of our operating results, and because part of our employee profit sharing plan is linked directly or indirectly to EBITDA and Adjusted EBITDA performance. It is also a financial indicator widely used by investors and analysts to measure our ability to generate cash from operations and our operating performance. We also calculate EBITDA and Adjusted EBITDA in connection with covenants related to some of our financing, as described in note 16 to our consolidated financial statements. We believe EBITDA and Adjusted EBITDA allow a better understanding not only of our financial performance but also of our capacity of meeting the payment of interest and principal from our debt and of obtaining resources for our investments and working capital. Our definition of EBITDA and Adjusted EBITDA may differ from, and, therefore, may not be comparable with similarly titled measures used by other companies, thereby limiting its usefulness as a comparative measure. Because EBITDA and Adjusted EBITDA exclude net financial expense (income), income and social contribution taxes, depreciation and amortization (and, in the case of Adjusted EBITDA, also excludes cash flow hedge from bonds and amortization of contractual assets with customers&#8212;exclusive rights), they provide an indicator of general economic performance that is not affected by debt restructurings, fluctuations in interest rates or changes in income and social contribution taxes, depreciation and amortization. EBITDA and Adjusted EBITDA are not measures of financial performance under IFRS and should not be considered in isolation, or as substitutes for net income, as measures of operating performance, as substitutes for cash flows from operations or as measures of liquidity. EBITDA and Adjusted EBITDA have material limitations that impair their value as a measure of a company&#8217;s overall profitability since they do not address certain ongoing costs of our businesses that could significantly affect profitability such as financial expense (income), income and social contribution taxes, depreciation and amortization, (and in the case of Adjusted EBITDA, also excludes cash flow hedge from bonds and amortization of contractual assets with customers&#8212;exclusive rights).<br></font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The reconciliation of the EBITDA and Adjusted EBITDA starting from the net income is presented below:</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 8pt;"><font style="text-decoration: underline;"><font style="font-family: 'Times New Roman'; font-weight: bold;">R$ million</font></font><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2020</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Net income for the year</font><font style="width: 5.84pt; display: inline-block;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">927</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman'; font-weight: bold;">7</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">402.9</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(+) Income and social contribution taxes</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">571.4</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">378.6</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(+) Net financial expenses</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">269.4</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">506.9</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(+) Depreciation and amortization</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">938.8</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">844.6</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(+) Amortization of right-of-use assets</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">328.3</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">300.1</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">EBITDA</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">3,035.6</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">2,433.1</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Adjustments</font></p>
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<td style="vertical-align: top; margin-left: 0.1px; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(+) Cash flow hedge from bonds</font><font style="font-family: 'Times New Roman';"> (Oxiteno)</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">153.5</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">11.9</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(+) Amortization of contractual assets with customers &#8211; exclusive rights (Ipiranga and Ultragaz)</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(2)</font><font style="width: 31.08pt; display: inline-block;">&nbsp;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">289.4</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; background-color: #cceeff;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">355.2</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; background-color: #cceeff;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="vertical-align: bottom; margin-left: 0.1px; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Adjusted EBITDA</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">3,478.5</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">2,800.3</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px;"><br></td>
</tr>

</table>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 10.5887%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
<td style="width: 89.4113%;"><br></td>
</tr>

</table>
<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><font style="font-size: 8pt;"><sub><font style="font-family: 'Times New Roman'; vertical-align: super;">(1)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="width: 8.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">See footnote 5 under &#8220;Item 3.A. Key Information&#8212;Selected Consolidated Financial Data&#8221; for a more complete discussion of EBITDA, Adjusted EBITDA and its reconciliation to information in our financial statements. </font></sub></font></p>
<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><font style="font-size: 8pt;"><sub><font style="font-family: 'Times New Roman'; vertical-align: super;">(2)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="width: 8.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">See footnote 4 under &#8220;Item 3.A. Key Information&#8212;Selected Consolidated Financial Data&#8221;. </font></sub></font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>119</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table shows the changes in Adjusted EBITDA for Ipiranga, Oxiteno and Ultragaz and EBITDA for Ultracargo</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> Extrafarma</font><font style="font-family: 'Times New Roman';"> and abastece a&#237;</font><font style="font-family: 'Times New Roman';">:</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="margin-right: auto; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 156px; width: 100%;" width="100%">

<tr style="background-color: #ffffff; margin-left: 0.1px; height: 17px;">
<td style="padding: 0px; vertical-align: bottom; background-color: #ffffff; margin-left: 0.1px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #ffffff; margin-left: 0.1px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #ffffff; margin-left: 0.1px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #ffffff; margin-left: 0.1px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #ffffff; margin-left: 0.1px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #ffffff; margin-left: 0.1px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #ffffff; margin-left: 0.1px; height: 17px;"><br></td>
</tr>
<tr style="background-color: #ffffff; margin-left: 0.1px; height: 19px;">
<td style="padding: 0px; vertical-align: bottom; height: 19px; background-color: #ffffff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px; border-bottom: 1pt solid #000000; background-color: #ffffff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2020</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; border-bottom: 1pt solid #000000; background-color: #ffffff; margin-left: 0.1px; height: 19px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px; border-bottom: 1pt solid #000000; background-color: #ffffff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #ffffff; margin-left: 0.1px; height: 19px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px; border-bottom: 1pt solid #000000; background-color: #ffffff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Percent</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">change</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">2020&#8212;2019</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #ffffff; margin-left: 0.1px; height: 19px;"><br></td>
</tr>
<tr style="height: 13px; margin-left: 0.1px;">
<td style="padding: 0px; vertical-align: bottom; height: 13px; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; height: 13px; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(R$ million)</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin-left: 0.1px; height: 13px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin-left: 0.1px; height: 13px;"><br></td>
</tr>


<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; height: 17px; width: 72%; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultragaz</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">729.1</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">5</font><font style="font-family: 'Times New Roman';">86</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">7</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 2%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">24</font><font style="font-family: 'Times New Roman';">%</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 18px;">
<td style="vertical-align: top; height: 18px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultracargo</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">337.5</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">16</font><font style="font-family: 'Times New Roman';">4</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">8</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">10</font><font style="font-family: 'Times New Roman';">5</font><font style="font-family: 'Times New Roman';">%</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;"><br></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="vertical-align: top; height: 18px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Oxiteno</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">784.</font><font style="font-family: 'Times New Roman';">8</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">221.6</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">254%</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
</tr>
<tr style="height: 18px;">
<td style="vertical-align: top; height: 18px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ipiranga</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">1,</font><font style="font-family: 'Times New Roman';">69</font><font style="font-family: 'Times New Roman';">3</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">9</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">2,486.6</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">-3</font><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman';">%</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;"><br></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="vertical-align: top; height: 18px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Extrafarma</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">84.2</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(5</font><font style="font-family: 'Times New Roman';">65</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">9</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">na</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
</tr>
<tr style="height: 18px;">
<td style="vertical-align: top; height: 18px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">abastece a&#237;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(</font><font style="font-family: 'Times New Roman';">24.9</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: left; height: 18px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">na</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;"><br></td>
</tr>

</table>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultragaz&#8217;s Adjusted EBITDA </font><font style="font-family: 'Times New Roman';">amounted to a record of </font><font style="font-family: 'Times New Roman';">R$</font><font style="font-family: 'Times New Roman';">729.1</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, 2</font><font style="font-family: 'Times New Roman';">4</font><font style="font-family: 'Times New Roman';">% higher than 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">mainly</font><font style="font-family: 'Times New Roman';"> due to higher sales volume, greater efficiency and a reduction in expenses</font><font style="font-family: 'Times New Roman';">, as described in the comments above</font><font style="font-family: 'Times New Roman';">. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultracargo&#8217;s EBITDA totaled </font><font style="font-family: 'Times New Roman';">a record of </font><font style="font-family: 'Times New Roman';">R$</font><font style="font-family: 'Times New Roman';">337.5</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, a</font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">increase</font><font style="font-family: 'Times New Roman';"> of 10</font><font style="font-family: 'Times New Roman';">5</font><font style="font-family: 'Times New Roman';">% compared to 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">, due mainly to the </font><font style="font-family: 'Times New Roman';">(i) result of expansions in capacity and efficiency gains at the terminals, contractual readjustments and productivity gains; (ii) </font><font style="font-family: 'Times New Roman';">provision </font><font style="font-family: 'Times New Roman';">made in 2019 </font><font style="font-family: 'Times New Roman';">for the payment of the TAC in the amount of R$65.5</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million (see &#8220;Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">4.A. Information on the Company&#8212;History and Development of the Company&#8212;Ultracargo &#8212;Fire at storage facilities in Santos&#8221;) </font><font style="font-family: 'Times New Roman';">and (iii) extraordinary PIS/Cofins tax credits of R$11.7 million in 2020.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Oxiteno&#8217;s Adjusted EBITDA amounted to a record of R$784.</font><font style="font-family: 'Times New Roman';">8</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2020, an increase of 254% compared to 2019, largely explained by (i) the constitution of extraordinary tax credits in 2020, (ii) a greater sales volume, (iii) improvement in contribution margins in US Dollars, (iv) ramp-up of the Pasadena plant in the United States, (v) average devaluation of 31% on the Real (R$1.21/US$), and (vi) writing off of Oxiteno Andina&#8217;s assets of R$14.0 million in 2019</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ipiranga reported </font><font style="font-family: 'Times New Roman';">an </font><font style="font-family: 'Times New Roman';">Adjusted EBITDA of R$</font><font style="font-family: 'Times New Roman';">1,</font><font style="font-family: 'Times New Roman';">69</font><font style="font-family: 'Times New Roman';">3</font><font style="font-family: 'Times New Roman';">.9</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">, a </font><font style="font-family: 'Times New Roman';">decrease of </font><font style="font-family: 'Times New Roman';">3</font><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman';">% compared to 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">mainly the result of lower sales volume and narrower margins, worsened by the volatility in fuel prices as well as the variation in other operational results. These effects were partially offset by initiatives for controlling costs and higher results from the disposal of property.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Extrafarma reported </font><font style="font-family: 'Times New Roman';">an </font><font style="font-family: 'Times New Roman';">EBITDA of R$</font><font style="font-family: 'Times New Roman';">84.2</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">compared to R$565.9</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million negative in 2019, mainly because of the (i) impairment of goodwill in its acquisition in 2019</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">(see </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">otes 2.u and 15.a </font><font style="font-family: 'Times New Roman';">to</font><font style="font-family: 'Times New Roman';"> our consolidated financial statements), (ii) closure of underperforming stores, (iii) greater profitability from the existing network, (iv) better margins and (v) initiatives for improving productivity and reducing</font><font style="font-family: 'Times New Roman';"> expenses</font><font style="font-family: 'Times New Roman';">. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">abastece a&#237; reported an EBITDA of R$</font><font style="font-family: 'Times New Roman';">24.9</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million negative in 2020</font><font style="font-family: 'Times New Roman';">, due to payroll, technology and marketing expenses for structuring and growth of the business</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">For a reconciliation of our Adjusted EBITDA, the Adjusted EBITDA of</font><font style="font-family: 'Times New Roman';"> Ultragaz</font><font style="font-family: 'Times New Roman';">, Oxiteno and </font><font style="font-family: 'Times New Roman';">Ipiranga </font><font style="font-family: 'Times New Roman';">and the EBITDA of Ultracargo</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> Extrafarma </font><font style="font-family: 'Times New Roman';">and abastece a&#237; </font><font style="font-family: 'Times New Roman';">to information in our financial statements, see footnote</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">5 under &#8220;Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">3.A. Key Information&#8212;Selected Consolidated Financial Data&#8221;. </font></p>
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<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Year ended December</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">31, 2019 compared to the year ended December</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">31, 2018. </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table shows a summary of our results of operations for the years ended December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2019 and 2018:</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
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<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Year ended </font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">December</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">31,</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font></p>
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<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">%</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">of</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">net</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">revenue</font></p>
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">from</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">sales and</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">services</font></p>
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<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Year ended</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">December</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">31,</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">2018</font></p>
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<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">%</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">of</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">net</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">revenue</font></p>
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">from</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">sales and</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">services</font></p>
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<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Percent</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">change</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">2019&#8212;2018</font></p>
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<p style="margin: 0px; break-after: avoid; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(R$ million)</font></p>
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<p style="margin: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Net revenue from sales and services</font></p>
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<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">89,298.0</font></p>
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<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">100%</font></p>
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<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 1%; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 7%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">90,698.0</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 7%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">100%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 7%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-2%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 1%; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Cost of products and services sold</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(83,187.1</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">93%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(84,537.4</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">93%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-2%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Gross profit</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">6,110.9</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">7%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">6,160.6</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">7%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">-1%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Selling, marketing, general and administrative expenses</font><font style="width: 24.61pt; display: inline-block;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(4,366.6</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">5%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(4,296.7</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">5%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">2%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Other operating income, net</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">179.6</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">0%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">57.5</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">0%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">212%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Gain (loss) on disposal of property, plant and equipment and intangibles</font><font style="width: 29.94pt; display: inline-block;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(30.0</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">0%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(22.1</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">0%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">36%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Impairment of assets</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(593.3</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&#8212;</font><font style="font-family: 'Times New Roman';"> </font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&#8212;</font><font style="font-family: 'Times New Roman';"> </font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">na</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Operating income before financial income (expenses) and share of profit (loss) of joint-ventures and associates</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">1,300.6</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">1%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">1,899.4</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">-32%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Net financial expenses</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(506.9</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(113.5</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">0%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">346%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Income and social contribution taxes</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(378.6</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">0%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(638.7</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-41%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Share of profit (loss) of joint-ventures and associates</font><font style="width: 3.97pt; display: inline-block; -aw-font-family: 'Times New Roman'; -aw-tabstop-align: right; -aw-tabstop-leader: dots; -aw-tabstop-pos: 215.3pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(12.1</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">0%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(14.8</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">0%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-18%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Net income</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">402.9</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">0%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">1,132.3</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">1%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">-64%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Net income attributable to:</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 30px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Shareholders of Ultrapar</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">373.5</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">0%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1,150.4</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-68%</font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; text-indent: 0px; padding-left: 30px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Non-controlling shareholders of the subsidiaries</font></p>
</td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">29.4</font></p>
</td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">0%</font></p>
</td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">(18.1</font></p>
</td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">0%</font></p>
</td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">-263%</font></p>
</td>
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; background-color: #cceeff; height: 17px;"><br></td>
</tr>

</table>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Net revenue from sales and services</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> Ultrapar&#8217;s net revenue from sales and services decreased 2%, from R$90,698.0</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2018 to R$89,298.0</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019. Ultrapar&#8217;s net revenue from sales and services generally includes revenues from fuel and gas sales by Ipiranga and Ultragaz, respectively, pharmaceutical products sales by Extrafarma, specialty chemicals sales by Oxiteno and liquid bulk storage services provided by Ultracargo, reduced by sales taxes such as ICMS, PIS and COFINS and by discounts and sales returns. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table shows the change in net revenue from sales and services for each of our segments:</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="height: 134px; margin: 0px 0px 0px 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #ffffff; height: 17px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #ffffff; height: 17px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #ffffff; height: 17px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #ffffff; height: 17px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #ffffff; height: 17px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #ffffff; height: 17px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #ffffff; height: 17px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #ffffff; margin-left: 0.1px;">
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; background-color: #ffffff;">
<p style="margin: 0px; break-after: avoid; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; background-color: #ffffff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font><font style="font-family: 'Times New Roman';"> </font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #ffffff; border-bottom: 1pt solid #000000; height: 10px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; background-color: #ffffff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2018</font><font style="font-family: 'Times New Roman';"> </font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #ffffff; height: 10px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; background-color: #ffffff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Percent</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">change</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">2019&#8212;2018</font><font style="font-family: 'Times New Roman';"> </font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #ffffff; height: 10px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; break-after: avoid; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td colspan="3" style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(R$ million)</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
</tr>


<tr style="height: 18px; background-color: #cceeff;">
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 72%;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Ultragaz</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 8%;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">7,094.8</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%; height: 18px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 8%;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">7,043.2</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 2%; height: 18px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 8%;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1%</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%; height: 18px;"><br></td>
</tr>
<tr style="height: 18px;">
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Ultracargo</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">540.8</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">493.6</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">10%</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px;"><br></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Oxiteno</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">4,254.2</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">4,748.4</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-10%</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px;"><br></td>
</tr>
<tr style="height: 18px;">
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Ipiranga</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">75,452.5</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">76,473.4</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-1%</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px;"><br></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Extrafarma</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">2,060.6</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">2,028.0</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">2%</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px;"><br></td>
</tr>

</table>
<p style="margin: 0px; text-align: justify; font-size: 10pt; text-indent: 0px;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>121</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultragaz&#8217;s net revenue from sales increased by 1%, from R$7,043.2</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2018 to R$7,094.8</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019, mainly due to readjustments in bottled and bulk LPG costs in the refineries (see &#8220;Item 4.B. Information on the Company&#8212;Business Overview&#8212;Distribution of Liquefied Petroleum Gas&#8212;Ultragaz&#8212;Supply of LPG&#8221;) and Ultragaz&#8217;s differentiation and innovation strategy supporting Ultragaz&#8217;s existing market position. Ultragaz&#8217;s sales volume decreased by 1%, mainly due to the temporary interruption of LPG supply at some refineries in the first half of the year and the market contraction in 2019. While volume declined 2% in the bottled LPG category, the bulk category posted an increase of 1%, principally as a result of stronger special gases (propellants) sales to the industrial sector. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultracargo&#8217;s net revenue from services increased by 10%, from R$493.6</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2018 to R$540.8</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019, due to the (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">increase of average storage following the operational startup of the expanded capacity at the Santos terminal in September 2019 and the Itaqui terminal in October 2019; (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">improvement in productivity at Ultracargo; and (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">contractual readjustments for inflation. Average storage posted an increase of 3% in 2019, mainly due to increased handling activity in Santos and Itaqui, reflecting the operational startup of the expanded capacities and increased fuel handling driven by the raise in fuel imports in 2019. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Oxiteno&#8217;s net revenue from sales decreased by 10%, from R$4,748.4</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2018 to R$4,254.2</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019, largely due to a 13% decline in the average price of our products in U.S. dollars, in line with the year-over-year decrease in the cost of raw materials, and lower sales volume. These factors were partially offset by an increase of 8% in the average </font><font style="font-family: 'Times New Roman'; font-style: italic;">Real</font><font style="font-family: 'Times New Roman';">/U.S. dollar </font><font style="font-family: 'Times New Roman';">exchange rate (from R$3.65 per US$1.00 in 2018 to R$3.95 per US$1.00 in 2019). Sales volume at Oxiteno decreased 5% in 2019, with lower sales both in specialty chemicals and commodities. Specialty chemicals sales volume decreased 4% with lower sales across various segments due to the modest performance of the economy in Oxiteno&#8217;s Latin American markets, in addition to a decrease in exports. Commodity sales volume was 7% lower in 2019 compared with 2018, as a result of above average commodity sales by Oxiteno in 2018. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ipiranga&#8217;s net revenue from sales decreased by 1%, from R$76,473.4</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2018 to R$75,452.5</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019, mainly due to lower sales volume (as described below) and movements in the average costs of diesel and gasoline. Ipiranga&#8217;s sales volume fell 1% in 2019, reflecting greater competition in the market, especially in the large customers segment, with a decline in diesel volumes of 4%, partially offset by an increase of 3% in sales volume of gasoline, ethanol and natural gas for light vehicles (Otto cycle). Ethanol sales volume recorded growth of 14%, while gasoline volumes decreased 3%. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Extrafarma&#8217;s net revenue from sales increased by 2%, from R$2,028.0</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2018 to R$2,060.6</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019, mainly due to an increase both in the retail and wholesale segments and a greater number of mature stores (as at December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2019, 45% of stores were classified as maturing stores with three years or less of operations). Moreover, in June 2018, Extrafarma replaced its retail IT system, temporarily affecting both retail and wholesale operations during the implementation and stabilization period, which effect was no longer present in 2019. This growth was partially offset by the competitive trading environment and the closing of underperforming stores. Extrafarma opened 29 new stores and closed 46 stores in 2019, resulting in a 4% reduction of the network, with a net decrease of 17 stores. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Cost of products and services sold</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> Ultrapar&#8217;s cost of products and services sold decreased by 2%, from R$84,537.4</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2018 to R$83,187.1</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019. Ultrapar main costs of products and services sold are related to the purchase of goods for resale, including diesel, gasoline and ethanol for Ipiranga, LPG for Ultragaz and pharmaceutical products for Extrafarma, and raw material, substantially the ethylene for Oxiteno, and depreciation and amortization. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table shows the change in cost of products and services sold for each of our segments:</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="margin: 0px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 130px; width: 100%; text-indent: 0px;" width="100%">

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<p style="margin: 0px; break-after: avoid; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<td style="padding-left: 0px; vertical-align: bottom; height: 10px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #ffffff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font><font style="font-family: 'Times New Roman';"> </font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; background-color: #ffffff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
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<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2018</font><font style="font-family: 'Times New Roman';"> </font></p>
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<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Percent</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">change</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">2019&#8212;2018</font><font style="font-family: 'Times New Roman';"> </font></p>
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<td style="padding-left: 0px; vertical-align: bottom; height: 13px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-after: avoid; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td colspan="3" style="padding-left: 0px; vertical-align: bottom; height: 13px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(R$ million)</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 13px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 13px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 13px;"><br></td>
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<tr style="height: 18px; background-color: #cceeff;">
<td style="vertical-align: top; height: 18px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 72%;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Ultragaz</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 18px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 8%;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">6,105.0</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 18px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 8%;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">6,153.0</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 2%; height: 18px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 18px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 8%;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-1%</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%; height: 18px;"><br></td>
</tr>
<tr style="height: 18px;">
<td style="vertical-align: top; height: 18px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Ultracargo</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 18px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">261.0</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 18px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">245.1</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 18px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">7%</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px;"><br></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="vertical-align: top; height: 18px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Oxiteno</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 18px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">3,537.6</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 18px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">3,757.7</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 18px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-6%</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px;"><br></td>
</tr>
<tr style="height: 18px;">
<td style="vertical-align: top; height: 18px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Ipiranga</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 18px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">71,962.7</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 18px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">73,053.2</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 18px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-1%</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px;"><br></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="vertical-align: top; height: 18px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Extrafarma</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 18px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1,462.3</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 18px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1,421.1</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 18px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">3%</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px;"><br></td>
</tr>

</table>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultragaz&#8217;s cost of goods sold decreased by 1%, from R$6,153.0</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2018 to R$6,105.0</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019, due to the reduction in sales volume and IFRS 16 impacts. </font></p>
<p style="margin: 0px; text-align: justify; font-size: 10pt; text-indent: 0px;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>122</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultracargo&#8217;s cost of services sold increased by 7%, from R$245.1</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2018 to R$261.0</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019, due to higher costs with payroll, materials, maintenance and services associated with the capacity expansion at the Santos and the Itaqui terminals, partially offset by the payment of higher property taxes in 2018 and IFRS 16 impacts. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Oxiteno&#8217;s cost of goods sold decreased by 6%, from R$3,757.7</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2018 to R$3,537.6</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019, due to the decrease in the cost of raw materials, particularly ethylene and palm kern oil, combined with a reduction in sales volume and IFRS 16 impacts, partially offset by the 8% devaluation of the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Real</font><font style="font-family: 'Times New Roman';"> relative to the U.S. dollar. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ipiranga&#8217;s cost of goods sold decreased by 1%, from R$73,053.2</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2018 to R$71,962.7</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019, in line with the reduction in sales volume. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Extrafarma&#8217;s cost of goods sold increased by 3%, from R$1,421.1</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2018 to R$1,462.3</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019, due mainly to greater sales volume and the annual adjustment in pharmaceutical prices as authorized by the Medicine Market Regulation Chamber (CMED) by 4.3%. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Gross profit</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> For the reasons described above, Ultrapar&#8217;s gross profit decreased by 1%, from R$6,160.6</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2018 to R$6,110.9</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019, as a result of decreased gross profit in Oxiteno and Extrafarma. Oxiteno&#8217;s gross profit decreased by 28%, from R$990.7</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2018 to R$716.7</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019. Extrafarma&#8217;s gross profit decreased by 1%, from R$606.9</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2018 to R$598.3</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019. Ipiranga&#8217;s gross profit increased by 2%, from R$3,420.2</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2018 to R$3,489.7</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019. Ultragaz&#8217;s gross profit increased by 11%, from R$890.2</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2018 to R$989.9</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019. Ultracargo&#8217;s gross profit increased by 13%, from R$248.6</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2018 to R$279.7</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Selling, marketing, general and administrative expenses</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> Ultrapar&#8217;s selling, marketing, general and administrative (&#8220;SG&amp;A&#8221;) expenses generally include personnel, freight, marketing and depreciation and amortization expenses. Ultrapar&#8217;s SG&amp;A expenses increased by 2%, from R$4,296.7</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2018 to R$4,366.6</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019.&nbsp;</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table shows the changes in SG&amp;A expenses for each of our segments:</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="margin-right: auto; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 113px; width: 100%;" width="100%">

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<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font><font style="font-family: 'Times New Roman';"> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2018</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&#185;</font><font style="font-family: 'Times New Roman';"> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Percent</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">change</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">2019&#8212;2018</font><font style="font-family: 'Times New Roman';"> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<td colspan="3" style="padding-left: 7.2pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(R$ million)</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<td style="vertical-align: top; height: 17px; background-color: #cceeff; width: 72%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultragaz</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">6</font><font style="font-family: 'Times New Roman';">36</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">5</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">5</font><font style="font-family: 'Times New Roman';">58</font><font style="font-family: 'Times New Roman';">.7</font></p>
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<td style="padding-left: 7.2pt; vertical-align: bottom; background-color: #cceeff; width: 2%;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">4</font><font style="font-family: 'Times New Roman';">%</font></p>
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<td style="padding-left: 7.2pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultracargo</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">13</font><font style="font-family: 'Times New Roman';">3</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">4</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">11</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">9</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">%</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom;"><br></td>
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<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Oxiteno</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">7</font><font style="font-family: 'Times New Roman';">24</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">2</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">7</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">7</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">0%</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ipiranga</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">2,0</font><font style="font-family: 'Times New Roman';">02</font><font style="font-family: 'Times New Roman';">.1</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">2,</font><font style="font-family: 'Times New Roman';">084</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">8</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">-4%</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="vertical-align: top; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Extrafarma</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">7</font><font style="font-family: 'Times New Roman';">38</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">5</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">71</font><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">2</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">4%</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>

</table>
<p style="margin-top: 12pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">&#185; In order to maintain comparability of information, we have revised retroactively the criteria for allocation of expenses between the businesses and the Holding. The new form of report for the Holding&#8217;s expenses aggregates areas which have been separated from the business segments for greater transparency with respect to expenses as well as better comparability among peer companies.&nbsp;</font></p>
<p style="margin: 0px; text-align: justify; font-size: 10pt; text-indent: 0px;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>123</font></font></td>
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<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultragaz&#8217;s SG&amp;A expenses increased by 1</font><font style="font-family: 'Times New Roman';">4</font><font style="font-family: 'Times New Roman';">%, from R$5</font><font style="font-family: 'Times New Roman';">58</font><font style="font-family: 'Times New Roman';">.7</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2018 to R$6</font><font style="font-family: 'Times New Roman';">36.5</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019, due to higher provisions for losses on doubtful accounts in 2019 compared to a reversal in 2018, both of them related to the portfolio risk analysis, and higher freight expenses, partially offset by IFRS 16 impacts. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultracargo&#8217;s SG&amp;A expenses increased by 1</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">%, from R$11</font><font style="font-family: 'Times New Roman';">1.9</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2018 to R$13</font><font style="font-family: 'Times New Roman';">3.4</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019, mainly due to higher expenses with the startup of the expanded operations of the Santos and the Itaqui terminals, and the non-recurring effect of a reimbursement in 2018 of a port management fee in the amount of R$</font><font style="font-family: 'Times New Roman';">7.7</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million related to previous fiscal years that was incorrectly charged by the competent authorities. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Oxiteno&#8217;s SG&amp;A expenses remained stable, from R$7</font><font style="font-family: 'Times New Roman';">20.7</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2018 to R$7</font><font style="font-family: 'Times New Roman';">24.2</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019, due to (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">lower payroll expenses; (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">lower international freight charges in line with the decline in volumes in the period; and (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">IFRS 16 impacts, offset by the effect of the 8% devaluation of the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Real</font><font style="font-family: 'Times New Roman';"> relative to the U.S dollar on expenses with international operations. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ipiranga&#8217;s SG&amp;A expenses decreased by 4%, from R$2,</font><font style="font-family: 'Times New Roman';">084.8</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2018 to R$2,0</font><font style="font-family: 'Times New Roman';">02.1</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019, due mainly to (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">management initiatives to reduce costs and expenses, notably freight, provisioning for losses on doubtful accounts and marketing programs; (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">lower expenses at Iconic; and (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">IFRS 16 impacts. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Extrafarma&#8217;s SG&amp;A expenses increased by 4%, from R$7</font><font style="font-family: 'Times New Roman';">12.2</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2018 to R$7</font><font style="font-family: 'Times New Roman';">38.5</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019, reflecting higher levels of depreciation, as a result of investments made in recent years, and the cost of closing underperforming stores, partially offset by IFRS 16 impacts. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Income (expense) from disposal of assets. </font><font style="font-family: 'Times New Roman';">Ultrapar&#8217;s expense from disposal of assets increased from a net expense of R$22.1</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2018 to a net expense of R$30.0</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019, as a result of a R$19</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million write-off of investments due to the closing of Extrafarma&#8217;s stores and to a R$14</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million asset write-off at Oxiteno Andina, partially offset by the write-down of IT assets at all businesses in 2018. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Impairment of assets</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> Impairment of assets varied from zero in 2018 to R$593.3</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019, due to the impairment of goodwill in the acquisition of Extrafarma, with no cash effect, as a consequence of the worse than expected results compared to the original business plan. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Other operating income, net. </font><font style="font-family: 'Times New Roman';">Other operating income, net increased by 212% in 2019, from R$57.5</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2018 to R$179.6</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019, mainly due to extraordinary tax credits both in Ipiranga and Extrafarma in 2019 and the payment of the break-up fee in 2018 due after CADE&#8217;s rejection of the proposed acquisition of Liquig&#225;s, which impact was not present in 2019. These factors were partially offset by the recognition of extraordinary tax credits in Oxiteno in 2018, which factor was not present in 2019, and the recognition of a R$65.5</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million provision for the payment of the Conduct Adjustment Agreement (&#8220;TAC&#8221;), signed with the Public Prosecutor&#8217;s Office in 2019, relating to the implementation of actions to offset the impacts caused to the Santos estuary following the fire at the Ultracargo terminal in 2015. See &#8220;Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">4.A. Information on the Company&#8212;History and Development of the Company&#8212;Ultracargo &#8212;Fire at storage facilities in Santos&#8221;. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Operating income before financial income (expenses) and share of profit of joint-ventures and associates</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">&#185;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> For the reasons described above, Ultrapar&#8217;s operating income before financial income (expenses) and share of profit of joint-ventures and associates decreased by 32%, from R$1,899.4</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2018 to R$1,300.6</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019, as a result of the decreased operating income before financial income (expenses) and share of profit of joint-ventures and associates in Oxiteno, Ultracargo and Extrafarma.</font><font style="font-family: 'Times New Roman';"> Ultragaz&#8217;s operating income before financial income (expenses) and share of profit of associates increased by 602%, from R$52.6</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2018 to R$369.0</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019. Ultracargo&#8217;s operating income before financial income (expenses) and </font><font style="font-family: 'Times New Roman';">share of profit of joint-ventures and associates decreased by 36%, from R$129.5</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2018 to R$83.2</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019. Oxiteno&#8217;s operating income before financial income (expenses) and share of profit of associates decreased by 103%, from R$471.9</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2018 to an operating loss of R$12.8</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019. Ipiranga&#8217;s operating income before financial income (expenses) and share of profit of joint-ventures and associates increased by 15%, from R$1,461.5</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2018 to R$1,674.4 million in 2019. Extrafarma&#8217;s operating income before financial income (expenses) and share of profit of joint-ventures and associates decreased by 533%, from an operating loss of R$113.8</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2018 to an operating loss of R$720.3</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019</font><font style="font-family: 'Times New Roman';">. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">&#185; In order to maintain comparability of information, we have revised retroactively the criteria for allocation of expenses between the businesses and the Holding</font><font style="font-family: 'Times New Roman';"> for 2018</font><font style="font-family: 'Times New Roman';">. The new form of report for the Holding&#8217;s expenses aggregates areas which have been separated from the business segments for greater transparency with respect to expenses as well as better comparability among peer companies.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Net financial expenses</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> Net financial expenses include mainly income and expenses from interest on financial investments and financing and exchange rate variation. Ultrapar&#8217;s net financial expenses increased by 346%, from R$113.5</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2018 to R$506.9</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019, due to (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the financial income from the constitution of tax credits at Oxiteno with the exclusion of the ICMS sales tax from the PIS and COFINS taxes calculation base in 2018, which offsetting factor was not present in 2019; (ii) the effects of foreign exchange variation; and (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the adoption of IFRS 16, which became effective for reporting periods beginning on or after January</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">1, 2019 and resulted in a R$126.7</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million increase in interest expense with lease. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Income and social contribution taxes.</font><font style="font-family: 'Times New Roman';"> Ultrapar&#8217;s income and social contribution taxes, net of benefits from income tax exemptions, decreased by 41%, from R$638.7</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2018 to R$378.6</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Net income for the year.</font><font style="font-family: 'Times New Roman';"> Ultrapar&#8217;s net income for 2019 reached R$402.9</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million, 64% lower compared to R$1,132.3</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2018, mainly due to the decline in operating income before financial income (expenses) and share of profit of joint-ventures and associates between the periods and higher net financial expenses. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Adjusted EBITDA.</font><font style="font-family: 'Times New Roman';"> Ultrapar&#8217;s Adjusted EBITDA decreased 9%, from R$3,068.9</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2018 to R$2,800.3</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019, as a result of lower EBITDA in Oxiteno, Ultracargo and Extrafarma. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The purpose of including EBITDA and Adjusted EBITDA information is to provide a measure used by management for internal assessment of our operating results, and because part of our employee profit sharing plan is linked directly or indirectly to EBITDA and Adjusted EBITDA performance. It is also a financial indicator widely used by investors and analysts to measure our ability to generate cash from operations and our operating performance. We also calculate EBITDA and Adjusted EBITDA in connection with covenants related to some of our financing, as described in note 16 to our consolidated financial statements. We believe EBITDA and Adjusted EBITDA allow a better understanding not only of our financial performance but also of our capacity of meeting the payment of interest and principal from our debt and of obtaining resources for our investments and working capital. Our definition of EBITDA and Adjusted EBITDA may differ from, and, therefore, may not be comparable with similarly titled measures used by other companies, thereby limiting its usefulness as a comparative measure. Because EBITDA and Adjusted EBITDA exclude net financial expense (income), income and social contribution taxes, depreciation and amortization (and, in the case of Adjusted EBITDA, also excludes cash flow hedge from bonds and amortization of contractual assets with customers&#8212;exclusive rights), they provide an indicator of general economic performance that is not affected by debt restructurings, fluctuations in interest rates or changes in income and social contribution taxes, depreciation and amortization. EBITDA and Adjusted EBITDA are not measures of financial performance under IFRS and should not be considered in isolation, or as substitutes for net income, as measures of operating performance, as substitutes for cash flows from operations or as measures of liquidity. EBITDA and Adjusted EBITDA have material limitations that impair their value as a measure of a company&#8217;s overall profitability since they do not address certain ongoing costs of our businesses that could significantly affect profitability such as financial expense (income), income and social contribution taxes, depreciation and amortization, (and in the case of Adjusted EBITDA, also excludes cash flow hedge from bonds and amortization of contractual assets with customers&#8212;exclusive rights).</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The reconciliation of the EBITDA and Adjusted EBITDA starting from the net income is presented below:</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 8pt;"><font style="text-decoration: underline;"><font style="font-family: 'Times New Roman'; font-weight: bold;">R$ million</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font><font style="font-family: 'Times New Roman';"> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2018</font><font style="font-family: 'Times New Roman';"> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Net income for the year</font><font style="width: 5.84pt; display: inline-block;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">402.9</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">1,132.3</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(+) Income and social contribution taxes</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">378.6</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">638.7</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(+) Net financial expenses</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">506.9</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">113.5</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(+) Depreciation and amortization</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">844.6</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">812.5</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(+) Amortization of right-of-use assets</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">300.1</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8212;</font><font style="font-family: 'Times New Roman';"> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">EBITDA</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: &quot;Times New Roman&quot;;">2,433.1</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: &quot;Times New Roman&quot;;">2,697.1</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Adjustments</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; margin-left: 0.1px; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(+) Cash flow hedge from bonds</font><font style="font-family: 'Times New Roman';"> (Oxiteno)</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">11.9</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8212;</font><font style="font-family: 'Times New Roman';"> </font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(+) Amortization of contractual assets with customers &#8211; exclusive rights (Ipiranga and Ultragaz)</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(2)</font><font style="width: 31.08pt; display: inline-block;">&nbsp;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">355.2</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">371.8</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; margin-left: 0.1px; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Adjusted EBITDA</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: &quot;Times New Roman&quot;;">2,800.3</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: &quot;Times New Roman&quot;;">3,0</font><font style="font-family: &quot;Times New Roman&quot;;">68.9</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px;"><br></td>
</tr>

</table>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 11.6517%; border-bottom: 1pt solid #000000;"><br></td>
<td style="width: 88.3483%;"><br></td>
</tr>

</table>
<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><font style="font-size: 8pt;"><sub><font style="font-family: 'Times New Roman'; vertical-align: super;">(1)</font></sub><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="width: 8.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">See footnote 5 under &#8220;Item 3.A. Key Information&#8212;Selected Consolidated Financial Data&#8221; for a more complete discussion of EBITDA, Adjusted EBITDA and its reconciliation to information in our financial statements. </font></font></p>
<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><font style="font-size: 8pt;"><sub><font style="font-family: 'Times New Roman'; vertical-align: super;">(2)</font></sub><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="width: 8.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">See footnote 4 under &#8220;Item 3.A. Key Information&#8212;Selected Consolidated Financial Data&#8221;. </font></font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table shows the changes in Adjusted EBITDA for Ipiranga, Oxiteno and Ultragaz and EBITDA for Ultracargo and Extrafarma:</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="margin: 0px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; height: 129px; width: 100%;" width="100%">

<tr style="background-color: #ffffff; margin-left: 0.1px;">
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: middle; background-color: #ffffff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: bottom; background-color: #ffffff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: bottom; background-color: #ffffff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: bottom; background-color: #ffffff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: bottom; background-color: #ffffff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: bottom; background-color: #ffffff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: bottom; background-color: #ffffff;"><br></td>
</tr>
<tr style="background-color: #ffffff; margin-left: 0.1px;">
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; vertical-align: middle; background-color: #ffffff;" valign="middle">
<p style="margin: 0px; break-after: avoid; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom: 1pt solid #000000; background-color: #ffffff;" valign="bottom">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font><font style="font-family: 'Times New Roman';"> </font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: bottom; border-bottom: 1pt solid #000000; height: 10px; background-color: #ffffff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom: 1pt solid #000000; background-color: #ffffff;" valign="bottom">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2018</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&#185;</font><font style="font-family: 'Times New Roman';"> </font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: bottom; height: 10px; background-color: #ffffff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; vertical-align: bottom; border-bottom: 1pt solid #000000; background-color: #ffffff;" valign="bottom">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Percent</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">change</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">2019&#8212;2018</font><font style="font-family: 'Times New Roman';"> </font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: bottom; height: 10px; background-color: #ffffff;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; break-after: avoid; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td colspan="3" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(R$ million)</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; height: 10px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; height: 10px;"><br></td>
</tr>


<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; vertical-align: middle; width: 72%; background-color: #cceeff;" valign="middle">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Ultragaz</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; vertical-align: middle; width: 8%; background-color: #cceeff;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">5</font><font style="font-family: 'Times New Roman';">86</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">7</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; width: 1%; height: 18px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; vertical-align: middle; width: 8%; background-color: #cceeff;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman';">75</font><font style="font-family: 'Times New Roman';">.1</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; width: 2%; height: 18px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; vertical-align: middle; width: 8%; background-color: #cceeff;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">13</font><font style="font-family: 'Times New Roman';">%</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; width: 1%; height: 18px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Ultracargo</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">16</font><font style="font-family: 'Times New Roman';">4</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">8</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; height: 18px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">83</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">3</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; height: 18px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-10%</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; height: 18px;"><br></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; vertical-align: middle; background-color: #cceeff;" valign="middle">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Oxiteno</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; vertical-align: middle; background-color: #cceeff;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman';">21</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">6</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; height: 18px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; vertical-align: middle; background-color: #cceeff;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">6</font><font style="font-family: 'Times New Roman';">40</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">2</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; height: 18px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; vertical-align: middle; background-color: #cceeff;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-6</font><font style="font-family: 'Times New Roman';">5</font><font style="font-family: 'Times New Roman';">%</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; height: 18px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Ipiranga</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">2,4</font><font style="font-family: 'Times New Roman';">86</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">6</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; height: 18px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">2,</font><font style="font-family: 'Times New Roman';">117</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">3</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; height: 18px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">7</font><font style="font-family: 'Times New Roman';">%</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; height: 18px;"><br></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; vertical-align: middle; background-color: #cceeff;" valign="middle">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Extrafarma</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; vertical-align: middle; background-color: #cceeff;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(5</font><font style="font-family: 'Times New Roman';">65</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">)</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; height: 18px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; vertical-align: middle; background-color: #cceeff;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(4</font><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman';">)</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; height: 18px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; vertical-align: middle; background-color: #cceeff;" valign="middle">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">na</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman';">&#185; In order to maintain comparability of information, we have revised retroactively the criteria for allocation of expenses between the businesses and the Holding. The new form of report for the Holding&#8217;s expenses aggregates areas which have been separated from the business segments for greater transparency with respect to expenses as well as better comparability among peer companies.</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultragaz&#8217;s Adjusted EBITDA totaled R$5</font><font style="font-family: 'Times New Roman';">86.7</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019, 1</font><font style="font-family: 'Times New Roman';">13</font><font style="font-family: 'Times New Roman';">% higher than 2018, due to (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">payment of the break-up fee of R$286</font><font style="font-family: 'Times New Roman';">.2</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million which was paid to Petrobras on March</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">13, 2018 as a result of CADE&#8217;s decision to block the acquisition of Liquig&#225;s, with no corresponding expense in 2019; (ii) higher margins; and (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">IFRS 16 impacts, partially offset by lower sales volume and an increase in expenses. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultracargo&#8217;s EBITDA totaled R$16</font><font style="font-family: 'Times New Roman';">4.8 </font><font style="font-family: 'Times New Roman';">million in 2019, a decrease of 10% compared to 2018, due mainly to the provision for the payment of the TAC in 2019 in the amount of R$65.5</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million (see &#8220;Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">4.A. Information on the Company&#8212;History and Development of the Company&#8212;Ultracargo &#8212;Fire at storage facilities in Santos&#8221;) and higher non-recurring expenses with the startup of the expanded operations of the Santos and the Itaqui terminals. These factors were partially offset by an increase in handling activity and</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">IFRS 16 impacts. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Oxiteno reported </font><font style="font-family: 'Times New Roman';">an </font><font style="font-family: 'Times New Roman';">Adjusted EBITDA of R$2</font><font style="font-family: 'Times New Roman';">21.6</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019, a decrease of 6</font><font style="font-family: 'Times New Roman';">5</font><font style="font-family: 'Times New Roman';">% compared to 2018, largely explained by the constitution of extraordinary tax credits in 2018, lower sales volume and a decline in the average price of our products in U.S. These factors were partially offset by the effect of the 8% devaluation of the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Real</font><font style="font-family: 'Times New Roman';"> relative to the U.S dollar on expenses with international operations, and IFRS 16 impacts. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ipiranga reported </font><font style="font-family: 'Times New Roman';">an </font><font style="font-family: 'Times New Roman';">Adjusted EBITDA of R$2,4</font><font style="font-family: 'Times New Roman';">86.6</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in 2019, a 1</font><font style="font-family: 'Times New Roman';">7</font><font style="font-family: 'Times New Roman';">% increase compared to 2018, due mainly to (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the reduction in expenses mentioned above; (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">extraordinary tax credits; and (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">IFRS 16 impacts, partially offset by lower sales</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">volume.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Extrafarma reported </font><font style="font-family: 'Times New Roman';">an </font><font style="font-family: 'Times New Roman';">EBITDA of R$5</font><font style="font-family: 'Times New Roman';">65.9</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million negative in 2019 compared with R$4</font><font style="font-family: 'Times New Roman';">2.2</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million negative in 2018, mainly because of the impairment of goodwill in its acquisition (see </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">otes 2.u and 1</font><font style="font-family: 'Times New Roman';">5</font><font style="font-family: 'Times New Roman';">.a </font><font style="font-family: 'Times New Roman';">to</font><font style="font-family: 'Times New Roman';"> our consolidated financial statements), the closure of underperforming stores and the competitive environment. These factors were partially offset by (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the effects related to the stabilization of the new retailing system in 2018; (ii) extraordinary tax credits in 2019; and (iii) IFRS 16 impacts. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">For a reconciliation of our Adjusted EBITDA, the Adjusted EBITDA of Ipiranga, Oxiteno and Ultragaz and the EBITDA of Ultracargo and Extrafarma to information in our financial statements, see footnote</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">5 under &#8220;Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">3.A. Key Information&#8212;Selected Consolidated Financial Data&#8221;. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our principal sources of liquidity derive from (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">cash, cash equivalents and financial investments, (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">cash generated from operations and (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">financings. We believe that these sources are sufficient to satisfy our current funding requirements for a period of 12 months, which include, but are not limited to, working capital, capital expenditures, amortization of debt and payment of dividends.</font><font style="font-family: 'Times New Roman';"> </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Periodically, we assess the opportunities for acquisitions and investments. We consider different types of investments, either directly or through joint-ventures, or associated companies, and we finance such investments using cash generated from our operations, debt financing, through capital increases or through a combination of these methods. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Sources and uses of funds. </font><font style="font-family: 'Times New Roman';">Net cash provided by operating activities was</font><font style="font-family: 'Times New Roman';"> R$3,138.1 million,</font><font style="font-family: 'Times New Roman';"> R$2,924.9</font><font style="font-family: 'Times New Roman';"> million</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">and </font><font style="font-family: 'Times New Roman';">$2,889.0</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in </font><font style="font-family: 'Times New Roman';">2020, </font><font style="font-family: 'Times New Roman';">2019</font><font style="font-family: 'Times New Roman';"> and</font><font style="font-family: 'Times New Roman';"> 2018, respectively. </font><font style="font-family: 'Times New Roman';">In 2020, net cash provided by operating activities was R$21</font><font style="font-family: 'Times New Roman';">3</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">3</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million higher than that of 2019 (7.3% increase). </font><font style="font-family: 'Times New Roman';">In 2019, net cash provided by operating activities was R$35.9</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million higher than that of 2018 (1.2% increase) despite the 64% reduction observed in net income. In </font><font style="font-family: 'Times New Roman';">2020, </font><font style="font-family: 'Times New Roman';">2019</font><font style="font-family: 'Times New Roman';"> and</font><font style="font-family: 'Times New Roman';"> 2018, the Company invested </font><font style="font-family: 'Times New Roman';">R$356.0</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million, </font><font style="font-family: 'Times New Roman';">R$330.1</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million</font><font style="font-family: 'Times New Roman';"> and</font><font style="font-family: 'Times New Roman';"> R$390.2</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million, respectively, in contractual assets with customers&#8212;exclusive rights. </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2020, net cash used in investing activities was R$2,136.4</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million, of which R$1,116.8</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in financial investments net of redemptions and R$990.8</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in additions to property, plant and equipment and intangible assets, net of disposals,</font><font style="font-family: 'Times New Roman';"> an increase</font><font style="font-family: 'Times New Roman';"> of R$301.1 million compared to 2019. </font><font style="font-family: 'Times New Roman';">In 2019, net cash used in investing activities was R$1,835.3</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million, of which R$555.4</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in financial investments net of redemptions and R$1,132.8</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in additions to property, plant and equipment and intangible assets, net of disposals, a decrease of R$1,342.3 million compared to 2018. </font><font style="font-family: 'Times New Roman';">Net cash used in investing activities was R$3,177.6 million in 2018, of which R$1,669.9 million in financial investments net of redemptions and R$1,377.3 million in additions to property, plant and equipment and intangible assets, net of disposals.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Net cash from financing activities totaled a cash usage of </font><font style="font-family: 'Times New Roman';">R$59</font><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">3</font><font style="font-family: 'Times New Roman';"> million, </font><font style="font-family: 'Times New Roman';">R$2,922.2</font><font style="font-family: 'Times New Roman';"> million</font><font style="font-family: 'Times New Roman';"> and R$801.0</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million for </font><font style="font-family: 'Times New Roman';">2020, </font><font style="font-family: 'Times New Roman';">2019 and 2018, respectively.</font><font style="font-family: 'Times New Roman';"> In 2020, cash flow used in financing activities decreased R$2,3</font><font style="font-family: 'Times New Roman';">29.9</font><font style="font-family: 'Times New Roman';"> million compared to 2019, mainly due to a</font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">in</font><font style="font-family: 'Times New Roman';">crease in proceeds from new financings and </font><font style="font-family: 'Times New Roman';">lower</font><font style="font-family: 'Times New Roman';"> interest </font><font style="font-family: 'Times New Roman';">payment</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">In 2019, cash flow used in financing activities increased R$2,121.2</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million compared to 2018, mainly due to a decrease in proceeds from new financings and higher interest paid in loans and debentures. </font><font style="font-family: 'Times New Roman';">In 2018, cash flow from financing activities increased R$1,141.4 million compared to 2017, mainly due to higher amortization of debt.</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Accordingly, cash and cash equivalents totaled </font><font style="font-family: 'Times New Roman';">R$2,661.5 million, </font><font style="font-family: 'Times New Roman';">R$2,115.4 </font><font style="font-family: 'Times New Roman';">million and </font><font style="font-family: 'Times New Roman';">R$3,939.0</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in </font><font style="font-family: 'Times New Roman';">2020, 2019 and </font><font style="font-family: 'Times New Roman';">2018</font><font style="font-family: 'Times New Roman';">, respectively</font><font style="font-family: 'Times New Roman';">. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We believe we have sufficient liquidity to meet our current needs for a period of 12 months. We had R$</font><font style="font-family: 'Times New Roman';">7,694.8</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">cash, cash equivalents and short-term investments as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020. The gross indebtedness due from January</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">1 to December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2021 totaled R$3,620.6</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million, including estimated interest payments on loans, as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020. See</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&#8220;Item 5.F.&#8211;Operating and Financial Review and Prospects&#8211;Tabular Disclosure of Contractual Obligations&#8221;. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We anticipate that we will spend approximately R$1</font><font style="font-family: 'Times New Roman';">5</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">billion in the next five years to meet long-term contractual obligations described in the Tabular Disclosure of Contractual Obligations and for the original 202</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';"> budgeted capital expenditures. We expect to meet these cash requirements through a combination of cash generated from operating activities and cash generated by financing activities, including new debt financing and the refinancing of some of our indebtedness as it becomes due.</font><font style="font-family: 'Times New Roman';"> </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company and its subsidiaries use exchange rate hedging instruments (especially between the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Real</font><font style="font-family: 'Times New Roman';"> and the U.S. dollar) available in the financial market to protect its assets, liabilities, receipts and disbursements in foreign currency and net investments in foreign operations. Hedging instruments are used to reduce the effects of variations in exchange rates on the Company&#8217;s income and cash flows in </font><font style="font-family: 'Times New Roman'; font-style: italic;">Reais </font><font style="font-family: 'Times New Roman';">within the exposure limits under its Policy. Such foreign exchange hedging instruments have amounts, periods, and rates substantially equivalent to those of assets, liabilities, receipts, and disbursements in foreign currencies to which they are related. For additional information regarding our funding and treasury policies, see &#8220;Item 11. Quantitative and Qualitative Disclosures About Market Risk</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';">.</font></p>
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<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Indebtedness </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020, our consolidated short and long-term debt was as follows:</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
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<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Currency</font><font style="font-family: 'Times New Roman';"> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #ffffff; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; background-color: #ffffff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Interest</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">rate</font><font style="font-family: 'Times New Roman'; font-size: 4.67pt; font-weight: bold; vertical-align: super;">(1)</font><font style="font-family: 'Times New Roman';"> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #ffffff; height: 10px;"><br></td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; background-color: #ffffff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Principal amount of</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">outstanding</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">and</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">accrued</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">interest through</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">December</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">31,</font><font style="font-family: 'Times New Roman';"> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #ffffff; height: 10px;"><br></td>
</tr>
<tr style="background-color: #ffffff; margin-left: 0.1px; height: 17px;">
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #ffffff;">
<p style="margin: 0px; break-after: avoid; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #ffffff;">
<p style="margin: 0px; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #ffffff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #ffffff;">
<p style="margin: 0px; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #ffffff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #ffffff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2020</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #ffffff; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #ffffff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font><font style="font-family: 'Times New Roman';"> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #ffffff; height: 17px;"><br></td>
</tr>
<tr style="background-color: #ffffff; margin-left: 0.1px; height: 17px;">
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #ffffff;">
<p style="margin: 0px; break-after: avoid; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #ffffff;">
<p style="margin: 0px; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #ffffff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #ffffff;">
<p style="margin: 0px; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #ffffff; height: 17px;"><br></td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #ffffff;">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(in</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">millions</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">of</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman'; font-weight: bold;">)</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #ffffff; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 65%;">
<p style="margin: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Foreign currency &#8211; denominated loans:</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 5%;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Notes in the foreign market</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">US$</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; text-align: center;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: center;"><font style="font-family: 'Times New Roman';">5.3%</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">7,267.</font><font style="font-family: 'Times New Roman';">7</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">4,213.7</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Foreign loan</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">US$</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; text-align: center;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: center;"><font style="font-family: 'Times New Roman';">3.9%</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1,047.6</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1,057.4</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Financial institutions</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">US$</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; text-align: center;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: center;"><font style="font-family: 'Times New Roman';">LIBOR</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(2)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">+</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">1.4%</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">312.2</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">604.7</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Foreign loan</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">US$</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; text-align: center;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: center;"><font style="font-family: 'Times New Roman';">LIBOR</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(2)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">+</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">1.0%</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">261.3</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">608.7</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Financial institutions</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">US$</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; text-align: center;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: center;"><font style="font-family: 'Times New Roman';">2.5%</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">154.8</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">132.4</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Advances on foreign exchange contracts</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">US$</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; text-align: center;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: center;"><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">3.7%</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">105.6</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Financial institutions</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">MX$</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(3)</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; text-align: center;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: center;"><font style="font-family: 'Times New Roman';">8.4%</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">39.4</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">41.2</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Foreign loan</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">US$</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; text-align: center;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">243.8</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">BNDES</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">US$</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; text-align: center;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">0.2</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; text-align: center;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> &#8211; denominated loans:</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; text-align: center;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Debentures &#8211; CRA &#8211; 5th, 7th and 8th issuances IPP</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">R$</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; text-align: center;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: center;"><font style="font-family: 'Times New Roman';">95.8% of DI</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">2,037.6</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">2,036.6</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Debentures &#8211; 6th issuance</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">R$</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; text-align: center;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: center;"><font style="font-family: 'Times New Roman';">105.3% of DI</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1,734.1</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1,752.1</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Debentures &#8211; 4th and 6th public issuances IPP</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">R$</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; text-align: center;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: center;"><font style="font-family: 'Times New Roman';">105.0% of DI</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1,679.0</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1,868.6</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Promissory Notes &#8211; 2nd issuance</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">R$</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; text-align: center;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: center;"><font style="font-family: 'Times New Roman';">DI + 3.1%</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1,038.5</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Debentures &#8211; CRA &#8211; 5th, 7th and 8th issuances IPP</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">R$</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; text-align: center;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: center;"><font style="font-family: 'Times New Roman';">IPCA</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(4)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">+ 4.6%</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1,000.8</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">941.6</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Banco do Brasil</font><font style="font-family: 'Times New Roman';"> &#8211; </font><font style="font-family: 'Times New Roman';">floating rate</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">R$</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; text-align: center;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: center;"><font style="font-family: 'Times New Roman';">110.9%</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">of</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">DI</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">407.4</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">611.3</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Debentures &#8211; 1st public issuances Tequimar</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">R$</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; text-align: center;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: center;"><font style="font-family: 'Times New Roman';">6,5%</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">92.5</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">89.3</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Bank Credit Bill</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">R$</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; text-align: center;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: center;"><font style="font-family: 'Times New Roman';">DI + 3.5%</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">50.7</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">FINEP &#8211; Research and Projects Financing</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">R$</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; text-align: center;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: center;"><font style="font-family: 'Times New Roman';">TJLP</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(5)</font><font style="font-family: 'Times New Roman';"> + 1.6%</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">29.8</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">41.3</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">BNDES</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">R$</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; text-align: center;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: center;"><font style="font-family: 'Times New Roman';">TJLP</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">62.6</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">BNDES</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">R$</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; text-align: center;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: center; font-family: 'Times New Roman';"><font style="font-family: 'Times New Roman';">SELIC<font style="color: #000000; font-family: 'Times New Roman'; font-size: 7.56px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; margin: 0px; padding-left: 0px;"><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super; ;font-style: normal; ;text-decoration: none; ;font-weight: normal; ;color: black;">(6)</font></font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">30.4</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">FINEP&#8212;Research and Projects Financing</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">R$</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; text-align: center;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: center;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">12.8</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Banco do Nordeste do Brasil</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(7)</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">R$</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; text-align: center;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">10.0</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">BNDES</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">R$</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; text-align: center;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">3.9</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">FINAME &#8211; Financing for Machines and Equipment</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">R$</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; text-align: center;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: center;"><font style="font-family: 'Times New Roman';">TJLP</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">0.0</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Total loans</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">17,259.1</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">14,362.7</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Unrealized losses on swaps transactions</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">117.2</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">30.0</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: bottom; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Total</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">17,376.2</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">14,392.7</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
</tr>

</table>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 10.507%; border-bottom: 1pt solid #000000;"><br></td>
<td style="width: 89.493%;"><br></td>
</tr>

</table>
<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 4.67pt; vertical-align: super;">(1)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="width: 8.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Interest rate as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">. </font></p>
<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 4.67pt; vertical-align: super;">(2)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="width: 8.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">LIBOR = London Interbank Offered Rate. </font></p>
<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 4.67pt; vertical-align: super;">(3)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="width: 8.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">MX$ = Mexican peso and TIIE = the Mexican interbank balance interest rate. </font></p>
<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 4.67pt; vertical-align: super;">(4)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="width: 8.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">IPCA = Brazilian National Wide Consumer Price Index. </font></p>
<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 4.67pt; vertical-align: super;">(5)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="width: 8.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">TJLP (Long-Term Interest Rate) = set by the National Monetary Council, TJLP is the basic financing cost of BNDES for agreements entered into before </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">. On December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">, TJLP was fixed at </font><font style="font-family: 'Times New Roman';">4</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">55</font><font style="font-family: 'Times New Roman';">% p.a. </font></p>
<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 4.67pt; vertical-align: super;">(6)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="width: 8.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">SELIC = Brazilian base interest rate. </font></p>
<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 4.67pt; vertical-align: super;">(7)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="width: 8.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Contract linked to the FNE (Northeast Constitutional Financing Fund) rate, as managed by Banco do Nordeste do Brasil, the purpose of which is to promote the development of the industrial sector. On December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">, the FNE interest rate was 10% p.a. FNE grants a 15% interest rate discount for timely payments. </font></p>
<p style="margin: 0px; text-align: justify; font-size: 10pt; text-indent: 0px;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>128</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Our consolidated debt as of December</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">31, </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">2020 </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">had the following maturity schedule:</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="height: 177px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;" width="100%">

<tr style="background-color: #ffffff; margin-left: 0.1px;">
<td style="height: 19px; background-color: #ffffff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="height: 19px; background-color: #ffffff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="height: 19px; background-color: #ffffff; margin-left: 0.1px;"><br></td>
</tr>
<tr style="background-color: #ffffff; margin-left: 0.1px;">
<td style="vertical-align: bottom; height: 17px; background-color: #ffffff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 8pt;"><font style="text-decoration: underline;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Maturity</font></font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; background-color: #ffffff; margin-left: 0.1px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Amount</font><font style="font-family: 'Times New Roman';"> </font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; background-color: #ffffff; margin-left: 0.1px;"><br></td>
</tr>
<tr style="height: 18px;">
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(in</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">millions</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">of</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman'; font-weight: bold;">)</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 18px;"><br></td>
</tr>


<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; height: 17px; width: 90%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">January</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">1, </font><font style="font-family: 'Times New Roman';">2021 </font><font style="font-family: 'Times New Roman';">to December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, </font><font style="font-family: 'Times New Roman';">2021</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 9%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">3,25</font><font style="font-family: 'Times New Roman';">5</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">9</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">January</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">1, </font><font style="font-family: 'Times New Roman';">2022 </font><font style="font-family: 'Times New Roman';">to December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 202</font><font style="font-family: 'Times New Roman';">2</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';">702</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">6</font><font style="width: 2.35pt; display: inline-block;">&nbsp;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">January</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">1, 202</font><font style="font-family: 'Times New Roman';">3</font><font style="font-family: 'Times New Roman';"> to December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 202</font><font style="font-family: 'Times New Roman';">3</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">3</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';">091</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">6</font><font style="width: 2.35pt; display: inline-block;">&nbsp;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">January</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">1, 202</font><font style="font-family: 'Times New Roman';">4</font><font style="font-family: 'Times New Roman';"> to December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 202</font><font style="font-family: 'Times New Roman';">4</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">784</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">8</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">January</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">1, 202</font><font style="font-family: 'Times New Roman';">5</font><font style="font-family: 'Times New Roman';"> to December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 202</font><font style="font-family: 'Times New Roman';">5</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman';">3</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">.3</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">2025 thereafter</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">7,</font><font style="font-family: 'Times New Roman';">310.0</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Total</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">17,376.</font><font style="font-family: 'Times New Roman'; font-weight: bold;">2</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"><br></td>
</tr>

</table>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As provided in IAS 39, the transaction costs and issuance premiums associated with our fundraising are included as part of our financial liabilities. See </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ote 16.h to our consolidated financial statements for more information. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar contracted hedging instruments against foreign currency exchange and interest rate variations for a portion of its indebtedness. See &#8220;Item 11. Quantitative and Qualitative Disclosures about Market Risk&#8221; and </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ote 3</font><font style="font-family: 'Times New Roman';">3</font><font style="font-family: 'Times New Roman';"> to our consolidated financial statements for more information. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The financings are secured by collateral in the amount of R$75.3</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020 (R$73.5</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2019) and guaranteed by corporate guarantees and promissory notes in the amount of R$13,758.0</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020 (R$11,833.3</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2019). As of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> and 2019, the Company did not have guarantees related to raw materials imported by the subsidiary IPP. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Some subsidiaries issued collateral to financial institutions in connection with the amounts owed by some of their customers to such institutions (vendor financing). If a subsidiary is required to make any payment under this collateral, this subsidiary may recover the amount paid directly from its customers through commercial collection. The maximum amount of future payments related to this collateral is R$330.9</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020 with maturities of less than 46 months. As of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020, Ultrapar did not have losses in connection with this collateral. The fair value of collaterals recognized in current liabilities as other payables was R$5.5</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020, which is recognized as profit or loss as customers settle their obligations with the financial institutions. </font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Notes in the foreign market </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In October 2016, the subsidiary Ultrapar International issued notes (the &#8220;2026 notes&#8221;) in the international markets in the principal amount of US$750</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million, with maturity in October 2026 and interest rate of 5.25% p.a., paid semiannually. The issue price was 98.097% of the face value of the 2026 notes. The 2026 notes are guaranteed by Ultrapar and IPP. In June 2019, the subsidiary Ultrapar International repurchased US$200.0</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in principal amount of the 2026 notes. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In June 2019, the subsidiary Ultrapar International issued notes (the &#8220;2029 notes&#8221;) in the international market in the amount of US$500</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million, with maturity in June 2029 and interest rate of 5.25% p.a., paid semiannually. The issue price was 100.0% of the face value of the 2029 notes. The 2029 notes are guaranteed by Ultrapar and IPP. In July 2020, Ultrapar reopened its 2029 notes issued in the international market and issued additional notes in the total amount of US$ 350.0 million at a</font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';"> interest rate of 5.25% per year with the same characteristics of the 2029 notes.</font></p>
<p style="margin: 0px; text-align: justify; font-size: 10pt; text-indent: 0px;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>129</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As a result of the issuance of the 2026 notes and the 2029 notes, the Company and its subsidiaries are required to comply with certain obligations, including: </font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">restrictions on the Company, Ultrapar International and IPP entering into a merger, consolidation or sale of all or substantially all of the assets of the Company and its consolidated subsidiaries; and </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">restrictions on encumbrance of assets exceeding the greater of US$150</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">million and 15% of the Company&#8217;s consolidated net tangible assets, subject to certain exceptions. </font></li>
</ul>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company and its subsidiaries are in compliance with the levels of covenants required by the terms of these notes. The restrictions imposed on the Company and its subsidiaries are customary in transactions of this kind and have not limited their ability to conduct their business to date. </font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Foreign loans </font></p>
<p style="margin-top: 6pt; margin-left: 24.5pt; margin-bottom: 0pt; text-indent: -24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">1)</font><font style="width: 16.17pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">The subsidiary IPP has foreign loans in the total amount of US$235</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million. IPP also contracted hedging instruments for floating interest rate in U.S. dollar and exchange rate variation, changing the foreign loans charge to an average cost of 104.1% of DI (see </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ote 3</font><font style="font-family: 'Times New Roman';">3</font><font style="font-family: 'Times New Roman';"> to our consolidated financial statements). IPP designated these hedging instruments as a fair value hedge; therefore, loans and hedging instruments are both measured at fair value from inception, with changes in fair value recognized through profit or loss. The foreign loans are guaranteed by Ultrapar. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The maturity of the principal amount of these loans are as follows:</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="margin: 0px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%; height: 153px;" width="100%">

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<p style="margin: 0px; font-size: 11pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px;"><br></td>
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<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #ffffff;">
<p style="margin: 0px; break-after: avoid; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #ffffff;">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Amount</font><font style="font-family: 'Times New Roman';"> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #ffffff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #ffffff;">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Cost</font><font style="font-family: 'Times New Roman';"> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #ffffff;"><br></td>
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<tr style="margin-left: 0.1px; height: 17px;">
<td style="vertical-align: bottom; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; break-after: avoid; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="text-decoration: underline;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Maturity</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">in</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">million</font><font style="font-family: 'Times New Roman'; font-weight: bold;">s</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">of</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">dollars</font><font style="font-family: 'Times New Roman';"> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">% of</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">DI</font><font style="font-family: 'Times New Roman';"> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 82%;">
<p style="margin: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Charges</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">16.9</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">July, 2021</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">60.0</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">101.8</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">June, 2022</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">50.0</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">105.0</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">September, 2023</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">60.0</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">105.0</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">September, 2023</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">65.0</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">104.8</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="vertical-align: bottom; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Total / average cost</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">251.9</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">104.1</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px;"><br></td>
</tr>

</table>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 11.6517%; border-bottom: 1pt solid #000000;"><br></td>
<td style="width: 88.3483%;"><br></td>
</tr>

</table>
<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><sub><font style="font-family: 'Times New Roman'; vertical-align: super;">(1)</font><font style="width: 10.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font></sub><font style="font-family: 'Times New Roman';">Includes interest, transaction costs, fair value adjustments and hedge initial recognition. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2020, the subsidiary IPP paid off in advance US$160 million of those foreign loans</font><font style="font-family: 'Times New Roman';">. Currently IPP is not subject to any </font><font style="font-family: 'Times New Roman';">financial covenants</font><font style="font-family: 'Times New Roman';"> under such foreign loans</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 12pt; margin-left: 24.5pt; margin-bottom: 0pt; text-indent: -24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">2)</font><font style="width: 16.17pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">The subsidiary Global Petroleum Products Trading Corporation obtained a foreign loan in the amount of US$60</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million with maturity on June</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">22, 2020 and interest of LIBOR + 2.0% p.a., paid quarterly. The Company, through the subsidiary Cia. Ultragaz, contracted, interest rate hedging instruments subject to floating interest rates in U.S. dollar and exchange rate variation, which resulted in this loan having an effective fixed rate of 105.9% of DI. This loan is guaranteed by the Company and its subsidiary Oxiteno S.A. This loan was paid off in the maturity.</font></p>
<p style="margin: 0px; text-align: justify; font-size: 10pt; text-indent: 0px;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>130</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin: 0px; text-align: justify; font-size: 10pt; text-indent: 0px;"><br></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Debentures </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In November 2019, the subsidiary Tequimar completed its first issuance of public debentures, in a single series of 90,000 simple, nonconvertible into shares and unsecured debentures, which main characteristics are as follows:</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="margin-right: auto; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 118px; width: 100%;" width="100%">

<tr style="height: 10px;">
<td style="width: 46%; vertical-align: middle; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 8pt; line-height: 108%; font-size: 11pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 46%; vertical-align: middle; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 8pt; line-height: 108%; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Principal Amount:</font></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">R$90,000,000.00</font></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Unit Par Value:</font></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">R$1,000.00</font></p>
</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Maturity date:</font></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">November</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">19, 2024</font></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Repayment method:</font></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Lump</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">sum</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">at</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">final</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">maturity</font></p>
</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Interest:</font></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">6.47%</font></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Payment of interest:</font></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Semiannually</font></p>
</td>
</tr>

</table>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The subsidiary Tequimar contracted hedging instruments subjected to interest rate variation, changing the debentures fixed rate charges to 99.94% of DI. Tequimar designated these hedging instruments as fair value hedges; therefore, debentures and hedging instruments are both measured at fair value from inception, with changes in fair value recognized through profit or loss.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In December 2018, the subsidiary IPP completed its eighth issuance of unsecured, simple, nonconvertible, nominative, book-entry debentures in the amount of R$900</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million, in two series of R$660</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million and R$240</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million. The debentures were subscribed by Vert Companhia Securitizadora with the purpose of backing the issuance of Certificates of Agribusiness Receivables (CRA). The proceeds from this issuance were used exclusively for the purchase of ethanol by subsidiary IPP. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The financial settlement occurred on December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">21, 2018. The debentures have an additional guarantee from Ultrapar and the main characteristics of the debentures are as follows:</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="margin-right: auto; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 133px; width: 100%;" width="100%">

<tr style="height: 25px;">
<td style="width: 46%; vertical-align: middle; height: 25px;">
<p style="margin-top: 0pt; margin-bottom: 8pt; line-height: 108%; font-size: 11pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 46%; vertical-align: middle; height: 25px;">
<p style="margin-top: 0pt; margin-bottom: 8pt; line-height: 108%; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Principal Amount:</font></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">R$660,000,000.00</font></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Unit Par Value:</font></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">R$1,000.00</font></p>
</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Maturity date:</font></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">18, 2023</font></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Repayment method:</font></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Lump</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">sum</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">at</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">final</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">maturity</font></p>
</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Interest:</font></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">97.5% of DI</font></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Payment of interest:</font></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Semiannually</font></p>
</td>
</tr>

</table>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="margin-right: auto; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 108px;" width="100%">

<tr style="height: 18px; background-color: #cceeff;">
<td style="vertical-align: bottom; width: 49.9591%; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Principal Amount:</font></p>
</td>
<td style="vertical-align: bottom; width: 49.9591%; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">R$240,000,000.00</font></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="vertical-align: bottom; width: 49.9591%; height: 18px;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Unit Par Value:</font></p>
</td>
<td style="vertical-align: bottom; width: 49.9591%; height: 18px;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">R$1,000.00</font></p>
</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="vertical-align: bottom; width: 49.9591%; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Maturity date:</font></p>
</td>
<td style="vertical-align: bottom; width: 49.9591%; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">15, 2025</font></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="vertical-align: bottom; width: 49.9591%; height: 18px;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Repayment method:</font></p>
</td>
<td style="vertical-align: bottom; width: 49.9591%; height: 18px;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Lump</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">sum</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">at</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">final</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">maturity</font></p>
</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="vertical-align: bottom; width: 49.9591%; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Interest:</font></p>
</td>
<td style="vertical-align: bottom; width: 49.9591%; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">IPCA + 4.61%</font></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="vertical-align: bottom; width: 49.9591%; height: 18px;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Payment of interest:</font></p>
</td>
<td style="vertical-align: bottom; width: 49.9591%; height: 18px;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Annually</font></p>
</td>
</tr>

</table>
<p style="margin: 0px; text-align: justify; font-size: 10pt; text-indent: 0px;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>131</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The subsidiary IPP contracted hedging instruments subjected to IPCA variation, changing the debentures charges linked to IPCA to 97.1% of DI. IPP designated these hedging instruments as fair value hedges; therefore, debentures and hedging instruments are both measured at fair value from inception, with changes in fair value recognized through profit or loss. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In March 2018, Ultrapar completed its sixth issuance of unsecured simple, nonconvertible, nominative, book-entry debentures, in a single series of 1,725,000 simple, and their main characteristics are as follows:</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="margin-right: auto; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr>
<td style="width: 46%; vertical-align: middle;">
<p style="margin-top: 0pt; margin-bottom: 8pt; line-height: 108%; font-size: 11pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 46%; vertical-align: middle;">
<p style="margin-top: 0pt; margin-bottom: 8pt; line-height: 108%; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Principal Amount:</font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">R$1,725,000,000.00</font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Unit Par Value:</font></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">R$1,000.00</font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Maturity date:</font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">March</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">5, 2023</font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Repayment method:</font></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Lump</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">sum</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">at</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">final</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">maturity</font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Interest:</font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">105.25% of DI</font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Payment of interest:</font></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Semiannually</font></p>
</td>
</tr>

</table>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In October 2017, the subsidiary IPP completed its seventh issuance of simple, nonconvertible, unsecured, book-entry debentures in the amount of R$944.1</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million, in two series of R$730.4</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million and R$213.7</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million. These debentures were subscribed by Vert Companhia Securitizadora with the purpose of backing the issuance of Certificates of Agribusiness Receivables (CRA). The proceeds from this issuance were used exclusively for the purchase of ethanol by subsidiary IPP. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The financial settlement occurred on November</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">1, 2017. The debentures have an additional guarantee from Ultrapar and the main characteristics of the debentures are as follows:</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="margin-right: auto; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr>
<td style="width: 46%; vertical-align: middle;">
<p style="margin-top: 0pt; margin-bottom: 8pt; line-height: 108%; font-size: 11pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 46%; vertical-align: middle;">
<p style="margin-top: 0pt; margin-bottom: 8pt; line-height: 108%; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Principal Amount:</font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">R$730,384,000.00</font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Unit Par Value:</font></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">R$1,000.00</font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Maturity date:</font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">October</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">24, 2022</font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Repayment method:</font></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Lump</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">sum</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">at</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">final</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">maturity</font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Interest:</font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">95.0% of DI</font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Payment of interest:</font></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Semiannually</font></p>
</td>
</tr>

</table>
<table cellspacing="0" cellpadding="0" width="100%" style="font-size: 10pt; margin-right: auto; margin-left: auto; border-collapse: collapse; font-family: 'times new roman';">

<tr>
<td style="width: 46%; vertical-align: middle;">
<p style="margin-top: 0pt; margin-bottom: 8pt; line-height: 108%; font-size: 11pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 46%; vertical-align: middle;">
<p style="margin-top: 0pt; margin-bottom: 8pt; line-height: 108%; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Principal Amount:</font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">R$213,693,000.00</font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Unit Par Value:</font></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">R$1,000.00</font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Maturity date:</font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">October</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">24, 2024</font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Repayment method:</font></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Lump</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">sum</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">at</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">final</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">maturity</font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Interest:</font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">IPCA + 4.34%</font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Payment of interest:</font></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Annually</font></p>
</td>
</tr>

</table>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The subsidiary IPP contracted interest rate hedging instruments, with the effect of changing the interest rate applicable to the debentures from IPCA + 4.34% to 97.3% of DI. IPP designated these hedging instruments as fair value hedges; therefore, debentures and hedging instruments are both measured at fair value from inception, with changes in fair value recognized through profit or loss. </font></p>
<p style="margin: 0px; text-align: justify; font-size: 10pt; text-indent: 0px;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>132</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In July 2017, the subsidiary IPP completed its sixth issuance of public debentures, in one single series of 1,500,000 simple, nonconvertible into shares and unsecured debentures, which main characteristics are as follows:</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="margin-right: auto; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 132px; width: 100%;" width="100%">

<tr style="height: 25px;">
<td style="width: 46%; vertical-align: middle; height: 25px;">
<p style="margin-top: 0pt; margin-bottom: 8pt; line-height: 108%; font-size: 11pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 46%; vertical-align: middle; height: 25px;">
<p style="margin-top: 0pt; margin-bottom: 8pt; line-height: 108%; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Principal Amount:</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">R$1,500,000,000.00</font></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Unit Par Value:</font></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">R$1,000.00</font></p>
</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Maturity date:</font></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">July</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">28, 2022</font></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Repayment method:</font></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Amortizing</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">annually,</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">beginning</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">in</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">July 2021</font></p>
</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Interest:</font></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">105.0% of DI</font></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Payment of interest:</font></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Annually</font></p>
</td>
</tr>

</table>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In April 2017, the subsidiary IPP carried out its fifth issuance of debentures, in two series of 660,139 and 352,361, simple, nonconvertible into shares, nominative, book-entry and unsecured debentures. The proceeds from this issuance were used exclusively for the purchase of ethanol by subsidiary IPP. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The debentures have an additional guarantee from Ultrapar and the main characteristics of the debentures are as follows:</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="margin-right: auto; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 133px; width: 100%;" width="100%">

<tr style="height: 25px;">
<td style="width: 46%; vertical-align: middle; height: 25px;">
<p style="margin-top: 0pt; margin-bottom: 8pt; line-height: 108%; font-size: 11pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 46%; vertical-align: middle; height: 25px;">
<p style="margin-top: 0pt; margin-bottom: 8pt; line-height: 108%; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Principal Amount:</font></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">R$660,139,000.00</font></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Unit Par Value:</font></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">R$1,000.00</font></p>
</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Maturity date:</font></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">18, 2022</font></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Repayment method:</font></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Lump</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">sum</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">at</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">final</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">maturity</font></p>
</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Interest:</font></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">95.0% of DI</font></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Payment of interest:</font></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Semiannually</font></p>
</td>
</tr>

</table>
<table cellspacing="0" cellpadding="0" width="100%" style="font-size: 10pt; margin-right: auto; margin-left: auto; border-collapse: collapse; font-family: 'times new roman';">

<tr>
<td style="width: 46%; vertical-align: middle;">
<p style="margin-top: 0pt; margin-bottom: 8pt; line-height: 108%; font-size: 11pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 46%; vertical-align: middle;">
<p style="margin-top: 0pt; margin-bottom: 8pt; line-height: 108%; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Principal Amount:</font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">R$352,361,000.00</font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Unit Par Value:</font></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">R$1,000.00</font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Maturity date:</font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">15, 2024</font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Repayment method:</font></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Lump</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">sum</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">at</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">final</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">maturity</font></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Interest:</font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">IPCA + 4.68%</font></p>
</td>
</tr>
<tr>
<td style="vertical-align: bottom;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Payment of interest:</font></p>
</td>
<td style="vertical-align: bottom;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Annually</font></p>
</td>
</tr>

</table>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The subsidiary IPP entered into interest rate hedging instruments, with the effect of changing the interest rate applicable to the debentures from IPCA + 4.68% to 93.9% of DI. IPP designated these hedging instruments as fair value hedges; therefore, debentures and hedging instruments are both measured at fair value from inception, with changes in fair value recognized through profit or loss. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In May 2016, the subsidiary IPP completed its fourth issuance of public debentures, in a single series of 500 simple, nonconvertible into shares, nominative, book-entry and unsecured debentures, with an additional guarantee granted by Ultrapar, and its main characteristics are as follows:</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="margin-right: auto; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 129px; width: 100%;" width="100%">

<tr style="height: 25px;">
<td style="width: 46%; vertical-align: middle; height: 25px;">
<p style="margin-top: 0pt; margin-bottom: 8pt; line-height: 108%; font-size: 11pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 46%; vertical-align: middle; height: 25px;">
<p style="margin-top: 0pt; margin-bottom: 8pt; line-height: 108%; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Principal Amount:</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">R$500,000,000.00</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Unit Par Value:</font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">R$1,000,000.00</font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Maturity date:</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">May</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">25, 2021</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Repayment method:</font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Amortizing</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">annually,</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">beginning</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">in</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">May</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">2019</font></p>
</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Interest:</font></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">105.0% of DI</font></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Payment of interest:</font></p>
</td>
<td style="vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Semiannually</font></p>
</td>
</tr>

</table>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The proceeds of this issuance were used exclusively in the purchase of ethanol by the subsidiary IPP. The subsidiary has the obligation to prove the allocation of the resources within 12 months from subscription. </font></p>
<p style="margin: 0px; text-align: justify; font-size: 10pt; text-indent: 0px;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>133</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">BNDES </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The subsidiaries had financing</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> from BNDES for some of their investments and for working capital. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The subsidiaries paid off </font><font style="font-family: 'Times New Roman';">in advance </font><font style="font-family: 'Times New Roman';">the total</font><font style="font-family: 'Times New Roman';"> outstanding amount</font><font style="font-family: 'Times New Roman';"> of such loans in 2020.</font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Financial institutions </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The subsidiaries Oxiteno Mexico, Oxiteno USA and Oxiteno Uruguay have loans to finance investments and working capital. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The subsidiary Oxiteno USA ha</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">a </font><font style="font-family: 'Times New Roman';">loan agreement in the amount of US$60 million, due in </font><font style="font-family: 'Times New Roman';">September</font><font style="font-family: 'Times New Roman';"> 2021, bearing interest of LIBOR + 1.</font><font style="font-family: 'Times New Roman';">4</font><font style="font-family: 'Times New Roman';">% per </font><font style="font-family: 'Times New Roman';">annum</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2020, the subsidiary Oxiteno USA paid off in advance US$70 million of the loans. </font><font style="font-family: 'Times New Roman';">As of September 2020, the subsidiary no longer has loan agreements with financial covenants.</font><font style="font-family: 'Times New Roman'; font-size: 1pt;">&nbsp;</font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Banco do Brasil </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020, the subsidiary IPP was party to six floating interest rate loan agreements with Banco do Brasil S.A., with a total aggregate outstanding balance of R$407.4</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million, to finance the marketing, processing or manufacturing of agricultural goods, including the production of ethanol. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2016, IPP renegotiated loans with Banco do Brasil in the total aggregate principal amount R$166.7</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million and extended their respective maturity dates from February 2016 to February 2019, with a floating interest rate of 114.0% of DI. In addition, in June 2016, IPP renegotiated additional loans with Banco do Brasil in the total aggregate principal amount of R$100.0</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million and R$909.5</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million with a floating interest rate of 110.9% of DI, and furthermore (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">extended the respective maturity dates from May 2016 and January 2017 to May 2020, May 2021 and May 2022, respectively. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In December 2019,</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the subsidiary IPP paid off in advance the amount of R$400</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million of such loans. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The chart below indicates the consolidated amounts due by IPP to Banco do Brasil on the maturity dates of the subcredits agreed in the loan agreements (include interest until December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020):</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="margin: 0px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 129px; width: 100%; text-indent: 0px;" width="100%">

<tr>
<td style="margin: 0px; padding: 0px; text-indent: 0px;"><br></td>
<td style="margin: 0px; padding: 0px; text-indent: 0px;"><br></td>
<td style="margin: 0px; padding: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; background-color: #cceeff;">
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; height: 17px; padding: 0px; text-indent: 0px; background-color: #ffffff;">
<p style="margin: 0px; break-after: avoid; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="text-decoration: underline;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Maturity</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; height: 17px; text-indent: 0px; background-color: #ffffff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Balance</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">in</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">2020</font><font style="font-family: 'Times New Roman';"> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #ffffff;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: height: 17px;">
<td style="padding: 0px; vertical-align: bottom; margin: 0px; height: 17px; text-indent: 0px;">
<p style="margin: 0px; break-after: avoid; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; height: 17px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(in</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">millions</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">of</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman'; font-weight: bold;">)</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; background-color: #cceeff;">
<td style="vertical-align: top; margin: 0px; height: 17px; width: 90%; padding: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">May, 2021</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; height: 17px; width: 9%; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">204.3</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; width: 1%; text-indent: 0px; background-color: #cceeff;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: height: 17px;">
<td style="vertical-align: top; margin: 0px; height: 17px; padding: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">May, 2022</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; height: 17px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">203.1</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br></td>
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<tr style="margin-left: 0.1px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: top; margin: 0px; height: 17px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; height: 17px; text-indent: 0px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">407.4</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
</tr>

</table>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Funding Obtained in March 2020 </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In view of the uncertainty generated by the ongoing COVID-19 pandemic, in March and April 2020, Ultrapar and its subsidiar</font><font style="font-family: 'Times New Roman';">y Ipiranga</font><font style="font-family: 'Times New Roman';"> obtained R$1.</font><font style="font-family: 'Times New Roman';">48</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">billion of additional funding with one year maturity, comprising R$1.3</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">billion of promissory notes issued in the Brazilian capital markets and a bank credit note of R$</font><font style="font-family: 'Times New Roman';">18</font><font style="font-family: 'Times New Roman';">0</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million, all of which has been fully funded. The purpose of these funding transactions was to reinforce our liquidity and cash position. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The promissory notes mature in April 2021 and the principal is repaid in a lump sum at maturity. Interest is payable on the promissory notes at a rate of DI plus 3.10%, which is payable at maturity. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In November 2020, the subsidiary Ipiranga paid off in advance R$180 million of the bank credit note and R$300 million of the promissory notes.&nbsp;</font></p>
<p style="margin: 0px; text-align: justify; font-size: 10pt; text-indent: 0px;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>134</font></font></td>
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</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Investments </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Equity investments</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"> </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Equity investments consist of acquisition of subsidiaries and capital increases, net of capital reductions in subsidiaries, joint-ventures and associates. The table below shows our equity investments for the years ended December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020, 2019 and 2018:</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
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<p style="margin: 0px; font-size: 11pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; background-color: #ffffff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; background-color: #ffffff;"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; background-color: #ffffff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; background-color: #ffffff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #ffffff;">
<p style="margin: 0px; break-after: avoid; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td colspan="5" style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #ffffff;">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Year</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">ended</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">December</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">31,</font><font style="font-family: 'Times New Roman';"> </font></p>
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<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #ffffff;"><br></td>
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<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; background-color: #ffffff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; background-color: #ffffff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2020</font><font style="font-family: 'Times New Roman';"> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; background-color: #ffffff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; background-color: #ffffff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font><font style="font-family: 'Times New Roman';"> </font></p>
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<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; background-color: #ffffff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; background-color: #ffffff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2018</font><font style="font-family: 'Times New Roman';"> </font></p>
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<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; background-color: #ffffff;"><br></td>
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<p style="margin: 0px; break-after: avoid; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<td colspan="5" style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; background-color: #ffffff;">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(in million</font><font style="font-family: 'Times New Roman'; font-weight: bold;">s</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> of </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman'; font-weight: bold;">)</font></p>
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<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; background-color: #ffffff;"><br></td>
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<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Ultragaz</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br></td>
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<td style="vertical-align: top; padding: 0px; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Ultracargo</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(2)</font></p>
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<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">103.4</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
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<td style="vertical-align: top; padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 76%; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Oxiteno</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 7%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 7%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">0.0</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; width: 7%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%; height: 10px; background-color: #cceeff;"><br></td>
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<td style="vertical-align: top; padding: 0px; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Ipiranga</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">28.8</font></p>
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<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">79.1</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">31.9</font></p>
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<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Extrafarma</font></p>
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<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; padding: 0px; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">abastece a&#237;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: top; padding: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Others</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(1.2</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; padding: 0px; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Total equity investments</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; font-weight: bold; vertical-align: super;">(3)</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">28.8</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">79.1</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">134.0</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
</tr>

</table>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 11.6517%; border-bottom: 1pt solid #000000;"><br></td>
<td style="width: 88.3483%;"><br></td>
</tr>

</table>
<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><font style="font-size: 8pt;"><sub><font style="font-family: 'Times New Roman'; vertical-align: super;">(1)</font></sub><font style="width: 10.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Capital invested in ConectCar and in the concessions awarded in 2019. </font></font></p>
<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><font style="font-size: 8pt;"><sub><font style="font-family: 'Times New Roman'; vertical-align: super;">(2)</font></sub><font style="width: 10.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Acquisition of 100% of quotas of TEAS. </font></font></p>
<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><font style="font-size: 8pt;"><sub><font style="font-family: 'Times New Roman'; vertical-align: super;">(3)</font></sub><font style="width: 10.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Equity investments consist of acquisition of subsidiaries and capital increases, net of capital reductions in joint-ventures and associates. </font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 1pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Investments </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table shows our total additions to property, plant, equipment, and intangible assets for the years ended December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020, 2019 and 2018:</font></p>
<table cellspacing="0" cellpadding="0" style="margin: 0px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 204px; width: 100%; text-indent: 0px;" width="100%">

<tr style="background-color: #ffffff; margin-left: 0.1px; height: 17px;">
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #ffffff;">
<p style="margin: 0px; font-size: 11pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #ffffff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #ffffff;"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #ffffff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #ffffff;"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #ffffff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #ffffff;"><br></td>
</tr>
<tr style="background-color: #ffffff; margin-left: 0.1px; height: 17px;">
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #ffffff;">
<p style="margin: 0px; break-after: avoid; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td colspan="5" style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #ffffff;">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Year</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">ended</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">December</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">31,</font><font style="font-family: 'Times New Roman';"> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #ffffff;"><br></td>
</tr>
<tr style="background-color: #ffffff; margin-left: 0.1px; height: 17px;">
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #ffffff;">
<p style="margin: 0px; break-after: avoid; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #ffffff; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000;">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2020</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #ffffff; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #ffffff; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000;">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font><font style="font-family: 'Times New Roman';"> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #ffffff; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #ffffff; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000;">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2018</font><font style="font-family: 'Times New Roman';"> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #ffffff; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000;"><br></td>
</tr>
<tr style="background-color: #ffffff; margin-left: 0.1px; height: 17px;">
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #ffffff;">
<p style="margin: 0px; break-after: avoid; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td colspan="5" style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #ffffff;">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(in million</font><font style="font-family: 'Times New Roman'; font-weight: bold;">s</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> of </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman'; font-weight: bold;">)</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #ffffff;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 76%;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Ultragaz</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7%;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">277.6</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7%;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">227.5</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 7%;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">225.0</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Ultracargo</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">214.8</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">206.4</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">161.8</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Oxiteno</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">201.6</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">248.6</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">466.6</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Ipiranga</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">210.1</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">341.1</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">387.6</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Extrafarma</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">38.8</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">89.1</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">118.0</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff;"><br></td>
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<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">abastece a&#237;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">15.4</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Others</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">3</font><font style="font-family: 'Times New Roman';">2.4</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">20.2</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">18.3</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="vertical-align: bottom; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Total &#8211; additions to property, plant, equipment and intangible assets</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">990.8</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">1,132.8</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">1,377.3</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px;"><br></td>
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<td style="width: 88.3483%;"><br></td>
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</table>
<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><font style="font-size: 8pt;"><sub><font style="font-family: 'Times New Roman'; vertical-align: super;">(1)</font></sub><font style="width: 10.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Includes mainly capital expenditures related to corporate information technology.</font></font><font style="font-family: 'Times New Roman';"> </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Prior to the onset of the COVID-19 pandemic, Ultrapar&#8217;s investment plan for 2020 totaled R$1,771</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million and was indicative of the Company&#8217;s commitment to the sustainable growth of its businesses and selectivity in capital allocation. In light of the COVID-19 pandemic, on April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">1, 2020, Ultrapar announced that its investment plan for 2020 would be reduced by approximately 30% in order to preserve cash. </font></p>
<p style="margin: 0px; text-align: justify; font-size: 10pt; text-indent: 0px;"><br></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>135</font></font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2020, Ultrapar&#8217;s allocation of resources net of divestments and receipts were R$1,488</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million. </font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Ultragaz had R$282</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">million allocated mainly to the acquisition and replacement of gas bottles, installations at new clients in the bulk segment, construction of new filling bases and maintenance work at existing operations. </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Ultracargo had R$215</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">million allocated to the construction of the new Vila do Conde terminal, to expansion at the Itaqui port terminal, acquisition of new areas and maintenance and operational safety at existing terminals. </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Oxiteno had R$202</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">million </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">allocated </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">mainly </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">to the</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> maintenance and the safety of the productive units. </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Ipiranga had R$688</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">million allocated mainly to the expanding and maintenance of the service station network and franchises as well as logistical infrastructure. Of total investments, R$204 million was expended in plant, property and </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">equipment and additions to intangible assets, R$351 million on contractual assets (exclusive rights) and R$132 million in the form of drawdowns of financing to clients and advanced payments of rentals net of receipts. </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Extrafarma had R$39</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">million allocated mainly to the construction of the Maranh&#227;o distribution center, IT and in the maintenance and modernization of drugstores. </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">abastece a&#237; had R$30 million</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> allocated mainly to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">develop</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ment of</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> the app with new products and</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> functions enhancing the</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> experiences to the customers.</font></li>
</ul>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar&#8217;s investment plan for 2021 totals R$1,891 million, an amount greater than that invested in 2019 and 2020. The expansion portion, which represents around half of the investment plan, prioritizes the growth of the businesses through capacity expansion or efficiency and productivity gains, leading to better returns, in line with the Company's strategic planning. The main investments in expansion contemplated in the plan for 2021 are concentrated in Ipiranga, Ultracargo and Ultragaz.</font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Ipiranga&#8217;s expansion investments focus on (i) the expansion of the logistics infrastructure, with the construction of logistics facilities in Bel&#233;m (PA), Cabedelo (PB), Vit&#243;ria (ES) (concessions won in 2019) and Fortaleza (CE), (ii) the growth of the service stations network, through the addition of service stations with larger throughput, prioritizing volume growth, and (iii) the expansion of AmPm company-operated stores and new franchises.</font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Ultracargo&#8217;s expansion investments will be directed to the construction of the terminal in Vila do Conde (PA) and to the expansion of the Itaqui (MA) terminal, amounting to R$280 million, which will result in a 19% growth in the company&#8217;s current storage capacity.</font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Ultragaz will invest in expansion to build new bottling plants in Bel&#233;m (PA) and Fortaleza (CE), amounting to about R$70 million in 2021, and to attract new clients mainly in the bulk segment.</font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Oxiteno and Extrafarma will focus their expansion investments in logistics optimization to increase productivity and in the growth of its digital platforms, respectively. </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">About half of the investment plan for 2021 will be directed to the sustaining of the businesses, including mainly investments in safety, maintenance of assets and market share, renovation and remodeling of points of sales, as well as investments in information technology.</font></li>
</ul>
</div>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 1pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin: 10pt 0pt 0pt 32.6667pt; text-indent: -32.6667pt; break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">C.</font><font style="width: 14.78pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Research and Development, Trademarks and Patents </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Research and Development </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Oxiteno carries on a wide range of research and development activities, principally related to the application of specialty chemicals and improvements in production processes. As of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020, 156 employees of Oxiteno were engaged in research and development and engineering activities. Oxiteno&#8217;s research and development expenditures in 2020, 2019 and 2018 were R$60 million, R$60</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million and R$57</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million, respectively. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Oxiteno&#8217;s investments in research and development have resulted in the introduction of 128 new products during the last three years. Oxiteno will continue to invest in research and development focused on developing new product applications to meet clients&#8217; needs. </font></p>
</div>
<div>
<p style="margin: 0px; text-align: justify; font-size: 10pt; text-indent: 0px;"><br></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>136</font></font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Trademarks and Patents </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ipiranga owns registrations for the trademarks used in its distribution business, such as Ipiranga, Jet Oil, </font><font style="font-family: 'Times New Roman'; font-style: italic;">Clube</font><font style="font-family: 'Times New Roman';"> VIP Ipiranga, </font><font style="font-family: 'Times New Roman'; font-style: italic;">Clube do Milh&#227;o</font><font style="font-family: 'Times New Roman';"> Ipiranga, Posto 24 horas, Atlantic, </font><font style="font-family: 'Times New Roman'; font-style: italic;">Gasolina Original</font><font style="font-family: 'Times New Roman';"> Ipiranga (Original Ipiranga Gasoline), &#8220;</font><font style="font-family: 'Times New Roman';">AmPm</font><font style="font-family: 'Times New Roman';"> Esta&#231;&#227;o&#8221;, among several others. </font><font style="font-family: 'Times New Roman';">The 10-year period of validity of the registrations for these trademarks will expire between 2020 and 2030. Ipiranga acquired the </font><font style="font-family: 'Times New Roman';">AmPm</font><font style="font-family: 'Times New Roman';"> brand in Brazil in 2012 through an agreement signed with Atlantic Richfield Company. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The other Company&#8217;s subsidiaries also own registrations and applications for its main trademarks, such as (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Ultragaz, Ultragaz Ultrasystem and Brasilg&#225;s trademarks for the activities of Ultragaz, (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Extrafarma and </font><font style="font-family: 'Times New Roman'; font-style: italic;">Clube Extrafarma</font><font style="font-family: 'Times New Roman';"> trademarks for the activities of Extrafarma, (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Ultracargo and Ultradata for the activities of Ultracargo</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> (iv)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Oxiteno</font><font style="font-family: 'Times New Roman';"> and (v) </font><font style="font-family: 'Times New Roman'; font-style: italic;">Quil&#244;metros de Vantagens Ipiranga</font><font style="font-family: 'Times New Roman';"> (&#8220;</font><font style="font-family: 'Times New Roman'; font-style: italic;">Km de Vantagens</font><font style="font-family: 'Times New Roman';">&#8221;) and &#8220;abastece a&#237;&#8221; for the activities of abastece a&#237;</font><font style="font-family: 'Times New Roman';">. The 10-year period of validity of the registrations for these trademarks will expire between 2020 and 2030. </font></p>
<p style="margin-top: 18pt; margin-left: 24.5pt; margin-bottom: 0pt; text-indent: -24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">D. </font><font style="width: 12.28pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Trend Information</font><font style="font-family: 'Times New Roman'; font-style: italic;"> </font></p>
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<div>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">LPG business </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In June 2017, </font><font style="font-family: 'Times New Roman';">departing from prior practices, </font><font style="font-family: 'Times New Roman';">the price dynamic for LPG supplied by the distributors was modified to reflect international price volatility and exchange rate variation. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">For residential use, the price dynamic for LPG acquisition was adjusted at the refineries in January 2018 to soften the transfer of price volatility in the international market to the domestic price. The period for verification of international prices and currency rates which dictate the percentages of price adjustment was the average of the preceding twelve months and no longer the monthly variation and price movement became quarterly and not monthly. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In August 2019, the pricing policy for residential use was terminated. There is now no formal policy for LPG prices for commercial, industrial and residential usage. See &#8220;Item 4.B. Information on the Company&#8212;Business Overview&#8212;Distribution of Liquefied Petroleum Gas&#8212;</font><font style="font-family: 'Times New Roman';"> Industry and Regulatory Overview&#8212;The </font><font style="font-family: 'Times New Roman';">r</font><font style="font-family: 'Times New Roman';">ole of the</font><font style="font-family: 'Times New Roman';"> Brazilian</font><font style="font-family: 'Times New Roman';"> government&#8221;. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Until November 2019, Petrobras had different prices for LPG for residential use and for commercial and industrial uses. In November 2019, Petrobras started charging the same price for all LPG segments, ending price differentiation. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Any sharp fluctuation in LPG prices charged to LPG distributors c</font><font style="font-family: 'Times New Roman';">an</font><font style="font-family: 'Times New Roman';"> have an impact on Ultragaz&#8217;s results if it is unable to maintain its operational margins or sales volume. LPG bulk sales are correlated to economic growth. Thus, an acceleration or deceleration in Brazilian GDP growth can affect our sales volume, since the segment represented approximately 30% of the volume sold by Ultragaz. Bottled LPG is an essential good and, therefore, it has a relatively low correlation with economic performance.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">For more information on LPG prices see &#8220;Item 4.B. Information on the Company&#8212;Business Overview&#8212;Distribution of Liquefied Petroleum Gas&#8212;</font><font style="font-family: 'Times New Roman';">Ultragaz&#8212;</font><font style="font-family: 'Times New Roman';">Prices of LPG&#8221;.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">At the beginning of the COVID-19 pandemic, LPG prices fell following oil prices. But, in April 2020 and May 2020, international prices rebounded</font><font style="font-family: 'Times New Roman';"> as a result of the subsequent increase in</font><font style="font-family: 'Times New Roman';"> demand, </font><font style="font-family: 'Times New Roman';">particularly</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">in Asia. On the second semester of 2020, LPG prices in the world moved along with the seasonal trend, but since December 2020, many factors contributed to </font><font style="font-family: 'Times New Roman';">increased prices</font><font style="font-family: 'Times New Roman';">, such as the severe winter conditions noticed in the northern hemisphere, increased demand in Chinese petrochemical industry and the OPEC production agreement</font><font style="font-family: 'Times New Roman';">.</font></p>
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<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Chemical and petrochemical business </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The specialty chemicals volume in the Brazilian market is correlated to economic performance. Therefore, an acceleration or deceleration in the Brazilian GDP can affect our sales volume, as Oxiteno&#8217;s specialty chemicals sales in Brazil represented </font><font style="font-family: 'Times New Roman';">54</font><font style="font-family: 'Times New Roman';">% of its total sales in </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">. In periods of the Brazilian market growth, Oxiteno aims at (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">increasing the volume sold in the domestic market once the logistics costs are usually lower than those of exports, and (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">increasing sales volume of specialties, products of higher value added than commodities. In </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">, sales of specialty chemicals represented </font><font style="font-family: 'Times New Roman';">83</font><font style="font-family: 'Times New Roman';">% of the total volume sold by Oxiteno. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Almost all of Oxiteno&#8217;s products prices and variable costs are linked to U.S. dollar. Therefore, a sharp appreciation or depreciation of the U.S. dollar could have an impact on Oxiteno&#8217;s contribution margin in the future. In 2018, the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Real</font><font style="font-family: 'Times New Roman';"> depreciated 17% against the U.S. dollar. </font><font style="font-family: 'Times New Roman';">In 2019, the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Real</font><font style="font-family: 'Times New Roman';"> depreciated 4% against the U.S. dollar. </font><font style="font-family: 'Times New Roman';">The depreciation of the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Real</font><font style="font-family: 'Times New Roman';"> against the U.S. dollar was </font><font style="font-family: 'Times New Roman';">29</font><font style="font-family: 'Times New Roman';">% in </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">. We cannot predict what will be the trend of the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Real</font><font style="font-family: 'Times New Roman';"> in the future. See &#8220;Item 3.A. &#8212; Key Information &#8212; Selected Consolidated Financial Data &#8212; Exchange Rates&#8221;. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Oxiteno&#8217;s main raw material is ethylene, which is produced from naphtha in Brazil. Generally, naphtha prices in Brazil fluctuate with oil prices. In 2019, oil prices ended at US$66/barrel, an increase of 23% compared to 2018. In 2020, oil prices ended at US$52/barrel, down 22% compared to 2019. We cannot predict whether oil and ethylene prices maintain this trend. A sharp variation in ethylene prices would impact Oxiteno&#8217;s results if it is not able to keep operating margins. The second most important raw material for Oxiteno is the palm kernel oil, the international prices for which increased from US$694/ton in December 2018</font><font style="font-family: 'Times New Roman';"> to US$ 753/ton in December 2019</font><font style="font-family: 'Times New Roman';">. In </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">, palm kernel oil prices ended at US$</font><font style="font-family: 'Times New Roman';">1,255</font><font style="font-family: 'Times New Roman';">/ton, an increase of </font><font style="font-family: 'Times New Roman';">67</font><font style="font-family: 'Times New Roman';">% compared to </font><font style="font-family: 'Times New Roman';">2019</font><font style="font-family: 'Times New Roman';">. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">After two consecutive years of registering drops of 7% and 1% </font><font style="font-family: 'Times New Roman';">in</font><font style="font-family: 'Times New Roman';"> 2019 and 2018, respectively, t</font><font style="font-family: 'Times New Roman';">he demand for chemical and petrochemical products in Brazil </font><font style="font-family: 'Times New Roman';">increased 11% in 2020 </font><font style="font-family: 'Times New Roman';">in the National Apparent Consumption, according to ABIQUIM. As a consequence, the </font><font style="font-family: 'Times New Roman';">increase </font><font style="font-family: 'Times New Roman';">in the chemical and petrochemical products consumption c</font><font style="font-family: 'Times New Roman';">an</font><font style="font-family: 'Times New Roman';"> have a </font><font style="font-family: 'Times New Roman';">positive </font><font style="font-family: 'Times New Roman';">effect on the future volumes sold by Oxiteno and on its results. </font></p>
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<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Fuel distribution business </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In the recent past, the combined sales of gasoline, ethanol and </font><font style="font-family: 'Times New Roman';">NGV (Otto cycle) </font><font style="font-family: 'Times New Roman';">in Brazil have been correlated mainly </font><font style="font-family: 'Times New Roman';">with the </font><font style="font-family: 'Times New Roman';">growth of the light vehicle fleet. According to ANFAVEA, in </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">the light vehicle fleet</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">registered</font><font style="font-family: 'Times New Roman';"> about 2.</font><font style="font-family: 'Times New Roman';">0 </font><font style="font-family: 'Times New Roman';">million new vehicles licensed in Brazil, and </font><font style="font-family: 'Times New Roman';">an increase</font><font style="font-family: 'Times New Roman';"> of </font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">% of the average fleet compared to </font><font style="font-family: 'Times New Roman';">2019</font><font style="font-family: 'Times New Roman';">, reaching about 43</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">million light vehicles. </font><font style="font-family: 'Times New Roman';">In addition</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">we believe the current ratio of inhabitants per vehicle in Brazil is still low when compared to the rate seen in countries with similar level of development.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">According to information provided by </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">ANP, in </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">national Otto cycle volume sold </font><font style="font-family: 'Times New Roman';">decreased </font><font style="font-family: 'Times New Roman';">10</font><font style="font-family: 'Times New Roman';">% </font><font style="font-family: 'Times New Roman';">coping with the increase in light vehicle fleet.</font><font style="font-family: 'Times New Roman';"> Diesel sales, which in </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';"> accounted for </font><font style="font-family: 'Times New Roman';">52</font><font style="font-family: 'Times New Roman';">% of the volume sold by Ipiranga, </font><font style="font-family: 'Times New Roman';">have</font><font style="font-family: 'Times New Roman';"> historically</font><font style="font-family: 'Times New Roman';"> been </font><font style="font-family: 'Times New Roman';">correlated with Brazilian economic performance, </font><font style="font-family: 'Times New Roman';">especially</font><font style="font-family: 'Times New Roman';"> the agricultural and consumer goods segments</font><font style="font-family: 'Times New Roman';">. In </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Brazilian diesel market, according to ANP data, </font><font style="font-family: 'Times New Roman';">remained practically stable </font><font style="font-family: 'Times New Roman';">when</font><font style="font-family: 'Times New Roman';"> compared to</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">2019</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">The increase in the fuel consumption c</font><font style="font-family: 'Times New Roman';">an</font><font style="font-family: 'Times New Roman';"> have a positive effect on the future volume sold by the Company and on its results.</font></p>
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<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Retail pharmacy business </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Retail pharmacy is a relevant market in Brazil and during the last years has presented significant growth. According to ABRAFARMA, the revenues of its member companies grew by 8% in 2020 compared to 2019. We believe the sector has potential for continued growth, mainly due to: </font></p>
<p style="margin-top: 6pt; margin-left: 55.05pt; margin-bottom: 0pt; text-indent: -24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(i)</font><font style="width: 15.06pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Brazilian aging population &#8211; the estimated Brazilian population over 60 years, which is responsible for the largest part of the consumption of medicines</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> is estimated at 30</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million people and is expected to reach 42</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million people in 2030, an average growth of 3% per year, according to IBGE data; </font></p>
<p style="margin-top: 6pt; margin-left: 55.05pt; margin-bottom: 0pt; text-indent: -24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(ii)</font><font style="width: 12.28pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">greater access to medicines, especially due to the growing prominence of generic drugs, which are cheaper than the reference branded medicine; and </font></p>
<p style="margin-top: 6pt; margin-left: 55.05pt; margin-bottom: 0pt; text-indent: -24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(iii)</font><font style="width: 9.5pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">the growing sale of personal care and beauty products through the drugstore channel. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Given the ongoing COVID-19 pandemic, we may experience a significant reduction in demand in the Extrafarma business in the short term. In the medium-term and long-term, we do not currently predict a significant reduction in demand in the Extrafarma business related to the COVID-19 pandemic. For more information see &#8220;&#8212;Our businesses may be materially and adversely affected by the outbreak of communicable diseases, such as the ongoing COVID-19 pandemic, or other epidemics or pandemics&#8221;, and &#8220;</font><font style="font-family: 'Times New Roman';">Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">5.A. Operating and Financial Review and Prospects&#8212; Operating Results &#8212; Impact of ongoing COVID-19 pandemic</font><font style="font-family: 'Times New Roman';">&#8221;.</font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Digital payments business</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The banking sector in Brazil has extremely complex and bureaucratic </font><font style="font-family: 'Times New Roman';">process </font><font style="font-family: 'Times New Roman';">to open new accounts</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> We believe that in Brazil there is a considerable number of people still unbanked and a large quantity of </font><font style="font-family: 'Times New Roman';">active </font><font style="font-family: 'Times New Roman';">smartphones. These two factors </font><font style="font-family: 'Times New Roman';">represent an opportunity</font><font style="font-family: 'Times New Roman';"> to digital wallets.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2020, the Central Bank of Brazil announced a new instant payment system with potential to </font><font style="font-family: 'Times New Roman';">completely </font><font style="font-family: 'Times New Roman';">transform the country's payment industry, allowing transaction at any time, reducing costs and eliminating intermediaries in the transfer and payment process. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In the short term</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> the COVID-19 pandemic </font><font style="font-family: 'Times New Roman';">may </font><font style="font-family: 'Times New Roman';">reduce the recurrence </font><font style="font-family: 'Times New Roman';">of the use of our app by our customers</font><font style="font-family: 'Times New Roman';">, but in the </font><font style="font-family: 'Times New Roman';">mid to long </font><font style="font-family: 'Times New Roman';">term it can change the behavior of the customers and intensify the use of our digital wallet.</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We do not have any off balance sheet arrangements.</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table summarizes our contractual obligations, as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020:&nbsp;</font></p>
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<p style="margin: 0px; break-after: avoid; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<td colspan="9" style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; height: 17px; text-indent: 0px; background-color: #ffffff;">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Payment due by period</font><font style="font-family: 'Times New Roman';"> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #ffffff;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: bottom; margin: 0px 0px 0px 0.1px; height: 17px; padding: 0px; text-indent: 0px; background-color: #ffffff;">
<p style="margin: 0px; break-after: avoid; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="text-decoration: underline;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Contractual obligations</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; height: 17px; text-indent: 0px; background-color: #ffffff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Total</font><font style="font-family: 'Times New Roman';"> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #ffffff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; height: 17px; text-indent: 0px; background-color: #ffffff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Up</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">to</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">1</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">year</font><font style="font-family: 'Times New Roman';"> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #ffffff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; height: 17px; text-indent: 0px; background-color: #ffffff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Between</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">1</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">and</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">3</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">years</font><font style="font-family: 'Times New Roman';"> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #ffffff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; height: 17px; text-indent: 0px; background-color: #ffffff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Between</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">3</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">and</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">5</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">years</font><font style="font-family: 'Times New Roman';"> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #ffffff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; height: 17px; text-indent: 0px; background-color: #ffffff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">More</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">than</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">5</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">years</font><font style="font-family: 'Times New Roman';"> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #ffffff;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding: 0px; vertical-align: bottom; margin: 0px; height: 17px; text-indent: 0px;">
<p style="margin: 0px; break-after: avoid; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td colspan="9" style="padding: 0px; vertical-align: bottom; margin: 0px; height: 17px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(R$ million)</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; margin: 0px; height: 17px; padding: 0px; text-indent: 0px; background-color: #cceeff; width: 61%;">
<p style="margin: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Loans and hedging instruments and debentures</font></p>
</td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px; background-color: #cceeff; width: 6%;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">17,259.1</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 2%;"><br></td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px; background-color: #cceeff; width: 6%;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">3,138.8</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 2%;"><br></td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px; background-color: #cceeff; width: 6%;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">5,794.3</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 2%;"><br></td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px; background-color: #cceeff; width: 6%;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1,0</font><font style="font-family: 'Times New Roman';">66</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">2</font><font style="width: 2.4pt; display: inline-block;">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 2%;"><br></td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px; background-color: #cceeff; width: 6%;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">7,259.8</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="vertical-align: top; margin: 0px; height: 17px; padding: 0px; text-indent: 0px;">
<p style="margin: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Estimated interest payments on financing</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)(2)</font></p>
</td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">2,</font><font style="font-family: 'Times New Roman';">872</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">1</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">481</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">8</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">921</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">9</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">679</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">2</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">789</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">2</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; margin: 0px; height: 17px; padding: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Currency and interest rate hedging instruments</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(3)</font></p>
</td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">472.6</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">133</font><font style="font-family: 'Times New Roman';">.1</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">88.9</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">106.9</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">143.8</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="vertical-align: top; margin: 0px; height: 17px; padding: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Estimated planned funding of pension plan&#8212;Ultraprev</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(4)</font><font style="width: 3.86pt; display: inline-block; -aw-font-family: 'Times New Roman'; -aw-tabstop-align: right; -aw-tabstop-leader: dots; -aw-tabstop-pos: 234pt;">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">515.7</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">22.8</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">47.9</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">51.0</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">394.0</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; margin: 0px; height: 17px; padding: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Purchase obligations&#8212;raw materials</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(5)</font></p>
</td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">910</font><font style="font-family: 'Times New Roman';">.5</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">411</font><font style="font-family: 'Times New Roman';">.9</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">469</font><font style="font-family: 'Times New Roman';">.7</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">28.9</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="vertical-align: top; margin: 0px; height: 17px; padding: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Purchase obligations&#8212;utilities</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(6)</font></p>
</td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">138.1</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">36.4</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">71</font><font style="font-family: 'Times New Roman';">.9</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">29.8</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-</font></p>
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<td style="padding: 0px 7px 0px 0px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; margin: 0px; height: 17px; padding: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Minimum tariff obligations&#8212;Ultracargo</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(7)</font></p>
</td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">72.2</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">8.2</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">13.1</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">12.2</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">38.7</font></p>
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<td style="padding: 0px 7px 0px 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
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<td style="vertical-align: top; margin: 0px; height: 17px; padding: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Leases payable</font></p>
</td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">2,</font><font style="font-family: 'Times New Roman';">734.4</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">396</font><font style="font-family: 'Times New Roman';">.0</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">668.1</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">541.0</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1,129.3</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; margin: 0px; text-indent: 0px;"><br></td>
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<td style="vertical-align: top; margin: 0px; height: 17px; padding: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Lease contracts</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(8)</font></p>
</td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">7.3</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">0.4</font></p>
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<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">6.</font><font style="font-family: 'Times New Roman';">5</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">0.</font><font style="font-family: 'Times New Roman';">4</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="vertical-align: bottom; margin: 0px; height: 17px; padding: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Total contractual obligations</font></p>
</td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">24,982.0</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">4,629.4</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">8,082</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.2</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2,515.7</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; margin: 0px; height: 17px; text-indent: 0px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">9,754.7</font></p>
</td>
<td style="padding: 0px 7px 0px 0px; margin: 0px; text-indent: 0px;"><br></td>
</tr>

</table>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 11.6517%; border-bottom: 1pt solid #000000;"><br></td>
<td style="width: 88.3483%;"><br></td>
</tr>

</table>
<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 4.67pt; vertical-align: super;"><sub>(1)</sub>&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="width: 8.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">The estimated interest payment amount was calculated based on macro-economic assumptions including, on average for the period, (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">DI of </font><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">29</font><font style="font-family: 'Times New Roman';">% in 202</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">3</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">74</font><font style="font-family: 'Times New Roman';">% in 202</font><font style="font-family: 'Times New Roman';">2 and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">4</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">84</font><font style="font-family: 'Times New Roman';">% in 202</font><font style="font-family: 'Times New Roman';">3</font><font style="font-family: 'Times New Roman';">, (ii)</font><font style="font-family: 'Times New Roman'; font-style: italic;"> Reais</font><font style="font-family: 'Times New Roman';"> to U.S. dollar exchange rate of R$4.</font><font style="font-family: 'Times New Roman';">86</font><font style="font-family: 'Times New Roman';"> in 202</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">, R$4.</font><font style="font-family: 'Times New Roman';">33</font><font style="font-family: 'Times New Roman';"> in 202</font><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman';">, R$4.</font><font style="font-family: 'Times New Roman';">17</font><font style="font-family: 'Times New Roman';"> in 202</font><font style="font-family: 'Times New Roman';">3,</font><font style="font-family: 'Times New Roman';"> R$4.</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> in 202</font><font style="font-family: 'Times New Roman';">4</font><font style="font-family: 'Times New Roman';">, R$4.</font><font style="font-family: 'Times New Roman';">22</font><font style="font-family: 'Times New Roman';"> in 202</font><font style="font-family: 'Times New Roman';">5</font><font style="font-family: 'Times New Roman';">, R$4.</font><font style="font-family: 'Times New Roman';">24</font><font style="font-family: 'Times New Roman';"> in 202</font><font style="font-family: 'Times New Roman';">6</font><font style="font-family: 'Times New Roman';">, R$</font><font style="font-family: 'Times New Roman';">4.26</font><font style="font-family: 'Times New Roman';"> in 2027, R$</font><font style="font-family: 'Times New Roman';">4,28</font><font style="font-family: 'Times New Roman';"> in 2028, and R$</font><font style="font-family: 'Times New Roman';">4.30</font><font style="font-family: 'Times New Roman';"> in 2029, (iii) a </font><font style="font-family: 'Times New Roman';">4</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">39</font><font style="font-family: 'Times New Roman';">% TJLP rate</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and (iv)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">IPCA of 3.6</font><font style="font-family: 'Times New Roman';">0</font><font style="font-family: 'Times New Roman';">% in 202</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">, 3.</font><font style="font-family: 'Times New Roman';">30</font><font style="font-family: 'Times New Roman';">% in 202</font><font style="font-family: 'Times New Roman';">2 and </font><font style="font-family: 'Times New Roman';">3.</font><font style="font-family: 'Times New Roman';">00</font><font style="font-family: 'Times New Roman';">% up to 2023 (Source: B3, Boletim Focus and financial institutions). See &#8220;Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">5.B. Operating and Financial Review and Prospect&#8212;Liquidity and Capital Resources&#8212;Indebtedness&#8221; and </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ote</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">16 to our consolidated financial statements for more information about the maturity of our debt and applicable interest rates. See </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">otes</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">16 and 3</font><font style="font-family: 'Times New Roman';">3</font><font style="font-family: 'Times New Roman';"> to our consolidated financial statements for more information on the maturity and the fair value of our swap agreements. </font></p>
<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 4.67pt; vertical-align: super;">(2)&nbsp;&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="width: 8.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Includes estimated interest payments on our short-term and long-term debt. Does not include any information about our derivative instruments, for which the fair value is disclosed in Item 11. Quantitative and Qualitative Disclosures About Market Risk. </font></p>
<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 4.67pt; vertical-align: super;">(3)&nbsp;&nbsp;</font><font style="width: 10.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Hedge instruments were estimated based on US Dollar forwards and the forward curves of DI x Pr&#233; and Pr&#233; x IPCA contracts, at the B3 quote on December 31, 2020, and the LIBOR forward curve (ICE &#8211; Intercontinental Exchange) and commodities heating oil and RBOB contracts quoted at the New York Mercantile Exchange (&#8220;NYMEX&#8221;) on December 31, 2020. The table above considers only hedges with a negative forecast result upon liquidation</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 0pt; margin-left: 24.85pt; margin-bottom: 0pt; text-indent: -18.75pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 4.67pt; vertical-align: super;">(4)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">The estimated payment amount was calculated based on (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">a 3.25% inflation assumption, (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the average age of the participants as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020 (39 years) and (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the Company&#8217;s contribution in December 2020.</font></p>
</div>
<div>
<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 4.67pt; vertical-align: super;">(5)</font><font style="font-family: 'Times New Roman';">&nbsp;&nbsp;</font><font style="width: 8.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Oxiteno has at its Cama&#231;ari plant a supply agreement with Braskem which establishes a minimum annually consumption level of ethylene, and conditions for the supply of ethylene until 2021. The minimum purchase commitment clause provided for a minimum annual consumption of 205</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand tons in 2020. Should the minimum purchase commitment not be met, the subsidiary would be liable for a fine based on the current ethylene price for the quantity not purchased. According to contractual conditions and tolerances, there are no material issues regarding the minimum purchase commitment. Our subsidiary Oxiteno has a supply agreement with Braskem, valid until 2023, which establishes and regulates the conditions for supply of ethylene to Oxiteno based on the international market for this product. The minimum purchase is 44</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">thousand</font><font style="font-family: 'Times New Roman';"> tons of ethylene annually. Should the minimum purchase commitment not be met, the subsidiary would be liable for a fine based on the current ethylene price for the quantity not purchased. According to contractual conditions and tolerances, there are no material issues regarding the minimum purchase commitment. For further information, see &#8220;Item 4.B. Information on the Company&#8212;Business Overview&#8212;Petrochemicals and Chemicals&#8212;Oxiteno&#8212;Ethylene supply&#8221;. </font></p>
<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 4.67pt; vertical-align: super;">(6)</font><font style="font-family: 'Times New Roman';">&nbsp;&nbsp;</font><font style="width: 8.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">The purchase obligation relates to long-term contracts under which Oxiteno is required to purchase a minimum amount of energy annually. </font></p>
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<div>
<p style="margin-top: 0pt; margin-left: 24.7pt; margin-bottom: 0pt; text-indent: -18.45pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 4.67pt; vertical-align: super;">(7)&nbsp;&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="width: 8.29pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Tequimar has agreements with CODEBA&#8212;</font><font style="font-family: 'Times New Roman'; font-style: italic;">Companhia Docas do Estado da Bahia, Complexo Industrial Portu&#225;rio Governador Eraldo Gueiros</font><font style="font-family: 'Times New Roman'; font-style: italic;">,</font><font style="font-family: 'Times New Roman'; font-style: italic;"> EMAP &#8211; Empresa Maranhense de Administra&#231;&#227;o Portu&#225;ria</font><font style="font-family: 'Times New Roman';"> and with </font><font style="font-family: 'Times New Roman'; font-style: italic;">Companhia Docas do Par&#225;</font><font style="font-family: 'Times New Roman';">, in connection with its ports facilities in Aratu, Suape</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> Itaqui</font><font style="font-family: 'Times New Roman';"> and Vila do Conde (start of operations scheduled for 2022),</font><font style="font-family: 'Times New Roman';"> respectively. </font><font style="font-family: 'Times New Roman';">Such agreements establish a minimum cargo movement of products (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">in Aratu, of 397</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">thousand</font><font style="font-family: 'Times New Roman';"> tons per year until 2031, and of 900</font><font style="font-family: 'Times New Roman';"> thousand</font><font style="font-family: 'Times New Roman';"> tons per year until 2022; (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">in Suape, of 250</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">thousand</font><font style="font-family: 'Times New Roman';"> tons per year, until 2027, and of 400</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">thousand</font><font style="font-family: 'Times New Roman';"> tons per year until 2029; (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Itaqui, of 1,222,377 cubic meters per year until 2049; and (iv) Vila do Conde, of 343,625 cubic meters per year from 2023 (variable amount for each year). If the annual movement is less than the minimum contractual movement, the subsidiary is liable to pay the difference between the effective movement and the minimum contractual movement, based on the port tariff rates in effect on the date established for payment. As of December 2020, these rates were R$6.21 and R$3.20 per ton for Aratu, and R$0.78 per cubic meter in Itaqui. For Suape, the tariffs are R$3.34 for fuels and R$1.72 for chemicals per ton. </font></p>
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<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 4.67pt; vertical-align: super;">(8)&nbsp;&nbsp;</font><font style="width: 10.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">The subsidiaries Cia. Ultragaz, Bahiana, Extrafarma, Ipiranga, Serma and Oxiteno </font><font style="font-family: 'Times New Roman';">have low-value, short-term leases with variable payments associated with plant equipment, information technology equipment, vehicles and commercial real estate</font><font style="font-family: 'Times New Roman';">. The subsidiaries have the option to purchase the assets at a price equal to the fair market price on the date of option, and management does not intend to exercise such option. The expense recognized in 2020 was R$17,749 </font><font style="font-family: 'Times New Roman';">thousand </font><font style="font-family: 'Times New Roman';">(R$11,400 </font><font style="font-family: 'Times New Roman';">thousand </font><font style="font-family: 'Times New Roman';">in 2019 and R$11.386</font><font style="font-family: 'Times New Roman';"> thousand</font><font style="font-family: 'Times New Roman';"> in 2018).</font><font style="font-family: 'Times New Roman'; font-size: 4.67pt; vertical-align: super;"> </font><font style="font-family: 'Times New Roman';">These contracts refer to low value items that do not fit under IFRS 16.&nbsp;</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>140</font></font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<div style="margin-top: 18pt; margin-left: 61.2pt; margin-bottom: 0pt; text-indent: -55.1pt; page-break-after: avoid; font-size: 10pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#" name="BITEM6_ZW324R4A0G00000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">ITEM</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">6.</font><font style="width: 18.43pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES </font></a></div>
<p style="margin-top: 6pt; margin-left: 24.5pt; margin-bottom: 0pt; text-indent: -24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">A.</font><font style="width: 14.78pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Directors and Senior Management </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table lists the members of our Board of Directors and senior managemen</font>t as of April 29, 2021:</p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<p style="margin: 0px; font-size: 11pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin: 0px; break-after: avoid; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Name</font></p>
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<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Position</font><font style="font-family: 'Times New Roman';"> </font></p>
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<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Years</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">with</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">the</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">Company</font><font style="font-family: 'Times New Roman';"> </font></p>
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<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Age</font><font style="font-family: 'Times New Roman';"> </font></p>
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<p style="margin: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Board of Directors</font></p>
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<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<td style="width: 2.84454%; padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="width: 10.2384%; padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<td style="width: 2.0617%; padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="width: 7.18935%; padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<td style="width: 61.8208%; vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Pedro Wongtschowski</font></p>
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<td style="width: 15.8453%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Chairman</font></p>
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<td style="width: 2.84454%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="width: 10.2384%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">4</font><font style="font-family: 'Times New Roman';">4</font></p>
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<td style="width: 2.0617%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="width: 7.18935%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">75</font></p>
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<td style="width: 61.8208%; vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Lucio de Castro Andrade Filho</font></p>
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<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Vice-Chairman</font></p>
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<td style="width: 2.84454%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="width: 10.2384%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">44</font></p>
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<td style="width: 2.0617%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="width: 7.18935%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">76</font></p>
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<td style="width: 61.8208%; vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Alexandre </font><font style="font-family: 'Times New Roman';">Teixeira de Assump&#231;&#227;o Saigh</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font></p>
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<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Director</font></p>
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<td style="width: 2.84454%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="width: 10.2384%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">0</font></p>
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<td style="width: 2.0617%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
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<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">5</font><font style="font-family: 'Times New Roman';">3</font></p>
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<td style="width: 61.8208%; vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: left;"><font style="font-family: 'Times New Roman';">Ana Paula Vitali Janes Vescovi</font></p>
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<td style="width: 15.8453%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Director</font></p>
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<td style="width: 2.84454%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="width: 10.2384%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">2</font></p>
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<td style="width: 2.0617%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="width: 7.18935%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">52</font></p>
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<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Fl</font><font style="font-family: 'Times New Roman';">&#225;</font><font style="font-family: 'Times New Roman';">via Buarque de Almeida</font></p>
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<td style="width: 15.8453%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Director</font></p>
</td>
<td style="width: 2.84454%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="width: 10.2384%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">2</font></p>
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<td style="width: 7.18935%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">5</font><font style="font-family: 'Times New Roman';">3</font></p>
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<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: left;"><font style="font-family: 'Times New Roman';">Jorge Marques de Toledo Camargo</font></p>
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<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Director</font></p>
</td>
<td style="width: 2.84454%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="width: 10.2384%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">6</font></p>
</td>
<td style="width: 2.0617%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="width: 7.18935%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">67</font></p>
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<td style="width: 61.8208%; vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: left;"><font style="font-family: 'Times New Roman';">Jos&#233; Gall&#243;</font></p>
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<td style="width: 15.8453%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Director</font></p>
</td>
<td style="width: 2.84454%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="width: 10.2384%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">2</font></p>
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<td style="width: 2.0617%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="width: 7.18935%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">69</font></p>
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<td style="width: 61.8208%; vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Jos&#233; </font><font style="font-family: 'Times New Roman';">Luiz Alqu&#233;res</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(2)</font></p>
</td>
<td style="width: 15.8453%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Director</font></p>
</td>
<td style="width: 2.84454%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="width: 10.2384%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">0</font></p>
</td>
<td style="width: 2.0617%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="width: 7.18935%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">77</font></p>
</td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="width: 61.8208%; vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Jos&#233; Maur&#237;cio Pereira Coelho</font></p>
</td>
<td style="width: 15.8453%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Director</font></p>
</td>
<td style="width: 2.84454%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="width: 10.2384%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">6</font></p>
</td>
<td style="width: 2.0617%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="width: 7.18935%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">5</font><font style="font-family: 'Times New Roman';">4</font></p>
</td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="width: 61.8208%; vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Marcos Marinho Lutz</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">2</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">)</font></p>
</td>
<td style="width: 15.8453%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Director</font></p>
</td>
<td style="width: 2.84454%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="width: 10.2384%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">7</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(3)</font></p>
</td>
<td style="width: 2.0617%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="width: 7.18935%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">51</font></p>
</td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="width: 61.8208%; vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Ot&#225;vio Lopes Castello Branco Neto</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(2)</font></p>
</td>
<td style="width: 15.8453%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Director</font></p>
</td>
<td style="width: 2.84454%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="width: 10.2384%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">0</font></p>
</td>
<td style="width: 2.0617%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="width: 7.18935%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">6</font><font style="font-family: 'Times New Roman';">2</font></p>
</td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="width: 61.8208%; vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Executive Officers</font></p>
</td>
<td style="width: 15.8453%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 2.84454%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="width: 10.2384%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="width: 2.0617%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="width: 7.18935%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="width: 61.8208%; vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Frederico Pinheiro Fleury Curado</font></p>
</td>
<td style="width: 15.8453%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Chief</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Executive</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Officer</font></p>
</td>
<td style="width: 2.84454%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="width: 10.2384%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">3</font></p>
</td>
<td style="width: 2.0617%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="width: 7.18935%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">59</font></p>
</td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="width: 61.8208%; vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Rodrigo de Almeida Pizzinatto</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;"> (4)</font></p>
</td>
<td style="width: 15.8453%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Chief</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Financial</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Investor</font><br><font style="font-family: 'Times New Roman';">Relations</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Officer,</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Ultrapar</font></p>
</td>
<td style="width: 2.84454%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="width: 10.2384%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">21</font></p>
</td>
<td style="width: 2.0617%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="width: 7.18935%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">44</font></p>
</td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="width: 61.8208%; vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">D&#233;cio de Sampaio Amaral</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(4) </font></p>
</td>
<td style="width: 15.8453%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Officer, Ultracargo</font></p>
</td>
<td style="width: 2.84454%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="width: 10.2384%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1</font></p>
</td>
<td style="width: 2.0617%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="width: 7.18935%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">51</font></p>
</td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="width: 61.8208%; vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Jo&#227;o Benjamin Parolin</font></p>
</td>
<td style="width: 15.8453%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Officer, Oxiteno</font></p>
</td>
<td style="width: 2.84454%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="width: 10.2384%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">35</font></p>
</td>
<td style="width: 2.0617%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="width: 7.18935%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">62</font></p>
</td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="width: 61.8208%; vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Marcelo Pereira Malta</font><font style="font-family: 'Times New Roman';"> de </font><font style="font-family: 'Times New Roman';">Ara&#250;jo</font></p>
</td>
<td style="width: 15.8453%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Officer, Ipiranga</font></p>
</td>
<td style="width: 2.84454%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="width: 10.2384%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">2</font></p>
</td>
<td style="width: 2.0617%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;"><br></td>
<td style="width: 7.18935%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">59</font></p>
</td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="width: 61.8208%; vertical-align: top; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: left;"><font style="font-family: 'Times New Roman';">Tabajara Bertelli Costa</font><font style="width: 178.71pt; font-family: 'Lucida Console'; display: inline-block; -aw-font-family: 'Times New Roman'; -aw-tabstop-align: right; -aw-tabstop-leader: dots; -aw-tabstop-pos: 271.45pt;">.</font></p>
</td>
<td style="width: 15.8453%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Officer, Ultragaz</font></p>
</td>
<td style="width: 2.84454%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="width: 10.2384%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">25</font></p>
</td>
<td style="width: 2.0617%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="width: 7.18935%; padding: 0px; vertical-align: top; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">49</font></p>
</td>
</tr>

</table>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 11.6517%; border-bottom: 1pt solid #000000;"><br></td>
<td style="width: 88.3483%;"><br></td>
</tr>

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<p style="margin-top: 0pt; margin-left: 24.85pt; margin-bottom: 0pt; text-indent: -18.75pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">(1)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">Member of the Board of Directors </font><font style="font-family: 'Times New Roman';">elected</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">for his first term at the </font><font style="font-family: 'Times New Roman';">extraordinary shareholders&#8217; meeting </font><font style="font-family: 'Times New Roman';">held in September 2020. </font></p>
<p style="margin-top: 0pt; margin-left: 24.85pt; margin-bottom: 0pt; text-indent: -18.75pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">(2)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">Members of the Board of Directors </font><font style="font-family: 'Times New Roman';">elected</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">for their first term at the </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">nnual and </font><font style="font-family: 'Times New Roman';">extraordinary general shareholders&#8217; meeting </font><font style="font-family: 'Times New Roman';">held in April 2021. </font></p>
<p style="margin-top: 0pt; margin-left: 24.85pt; margin-bottom: 0pt; text-indent: -18.75pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">(3)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">Mr. Lutz served as Ultracargo&#8217;s Officer from </font><font style="font-family: 'Times New Roman';">2001</font><font style="font-family: 'Times New Roman';"> to 2003</font><font style="font-family: 'Times New Roman';"> and in different positions at Ultragaz, from 1994 to 1999</font><font style="font-family: 'Times New Roman';">. </font></p>
<p style="margin-top: 0pt; margin-left: 24.85pt; margin-bottom: 0pt; text-indent: -18.75pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">(4)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">Mr.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Amaral assumed the position in January 2020 and Mr. Pizzinatto in October 2020. Mr Pizzinatto was already an Executive Officer at Extrafarma since June 2018. For further information, see &#8220;Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">4.A. Information on the Company&#8212;History and Development of the Company&#8221;. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Summarized below is information regarding the business experience, areas of experience and principal outside business interest of the current members of our Board of Directors and our senior management. </font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Board of Directors </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Pedro Wongtschowski</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Dr. Wongtschowski became an officer of Ultrapar in 1985, and CEO in January 2007, a position he held until December 2012. Currently, he serves as Chairman of Ultrapar&#8217;s Board of Directors and as coordinator of its Strategy Committee. He is Chairman of the Board of the National Association of Innovative Companies (</font><font style="font-family: 'Times New Roman';">Associa&#231;&#227;o Nacional de Pesquisa e Desenvolvimento das Empresas Inovadoras</font><font style="font-family: 'Times New Roman';">) and Chairman of the Board of EMPRAPII (</font><font style="font-family: 'Times New Roman';">Empresa Brasileira de Pesquisa e Inova&#231;&#227;o Industrial</font><font style="font-family: 'Times New Roman';">). He was the Chairman from 2015 to 2019 of IEDI (</font><font style="font-family: 'Times New Roman';">Instituto de Estudos para o Desenvolvimento Industrial)</font><font style="font-family: 'Times New Roman';">. Dr. Wongtschowski is a member of the Board of Directors of Embraer S.A., CTC (</font><font style="font-family: 'Times New Roman';">Centro de Tecnologia Canavieira</font><font style="font-family: 'Times New Roman';">) and several</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">non-profit-organizations. He is author or co-author of books related to the chemical industry. Dr. Wongtschowski is a Chemical Engineer, with MSc and PhD from </font><font style="font-family: 'Times New Roman';">Escola Polit&#233;cnica</font><font style="font-family: 'Times New Roman';"> of the University of S&#227;o Paulo.</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Lucio de Castro Andrade Filho</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Mr. Andrade Filho became a member of our Board of Directors in 1998. Currently, he serves as Vice-Chairman of Ultrapar&#8217;s Board of Directors. He joined </font><font style="font-family: 'Times New Roman';">us</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">in 1977 and since then Mr. Andrade Filho has held a number of positions with Ultrapar&#8217;s subsidiaries in the LPG, logistics, engineering and chemicals segments, as well as serving as Ultrapar&#8217;s </font><font style="font-family: 'Times New Roman';">Vice-President</font><font style="font-family: 'Times New Roman';"> from 1982 to 2006. Mr. Andrade Filho was also the Chief Executive Officer of GLP &#8211; </font><font style="font-family: 'Times New Roman';">Qualidade Compartilhada</font><font style="font-family: 'Times New Roman';">, an LPG industry association and a member of the Board of Directors of the Brazilian Petroleum Institute. He has also been a member of </font><font style="font-family: 'Times New Roman';">Associa&#231;&#227;o Arte Despertar</font><font style="font-family: 'Times New Roman';">, from 2005 to 2009. Mr. Andrade Filho received degrees in civil engineering and in administration from Mackenzie University in S&#227;o Paulo in 1968 and 1972, respectively.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Alexandre Teixeira de Assump&#231;&#227;o Saigh</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> </font><font style="font-family: 'Times New Roman';">Mr. Saigh </font><font style="font-family: 'Times New Roman';">joined </font><font style="font-family: 'Times New Roman';">us </font><font style="font-family: 'Times New Roman';">in September 2020 as a member of the Board of Directors. Mr. Saigh is co-founder and member of the Executive Committee of P&#225;tria Invest</font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">mentos L</font><font style="font-family: 'Times New Roman';">tda</font><font style="font-family: 'Times New Roman';">., a lead</font><font style="font-family: 'Times New Roman';">ing </font><font style="font-family: 'Times New Roman';">alternative </font><font style="font-family: 'Times New Roman';">investment management firm</font><font style="font-family: 'Times New Roman';"> in Latin America. </font><font style="font-family: 'Times New Roman';">Mr. Saigh was a partner at</font><font style="font-family: 'Times New Roman';"> Banco Patrim&#244;nio responsible for the development and execution of its merchant banking &amp; private equity activities</font><font style="font-family: 'Times New Roman';"> from 1994 until 2000, when he</font><font style="font-family: 'Times New Roman';"> co-founded P&#225;tria Invest</font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">mentos. Mr. </font><font style="font-family: 'Times New Roman';">Saigh</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">received a degree </font><font style="font-family: 'Times New Roman';">in financial management and hotel administration from Boston University and a post-graduate degree in </font><font style="font-family: 'Times New Roman';">economics</font><font style="font-family: 'Times New Roman';"> from Harvard University.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Ana Paula Vitali Janes Vescovi</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Ms. Vescovi joined us in July 2019 as a member of the Board of Directors and the Audit </font><font style="font-family: 'Times New Roman';">and Risks </font><font style="font-family: 'Times New Roman';">Committee. In 2019, Ms. Vescovi became head of macroeconomics at Banco Santander (Brasil) S.A. Ms. Vescovi has been the Chairman of the Board of Directors of Caixa Econ&#244;mica Federal from 2017 to 2018. Ms. Vescovi was also deputy minister and secretary of the National Treasury in the Ministry of Finance of the Federative Republic of Brazil from 2016 to 2018. Ms. Vescovi was a member of the Board of Directors of Eletrobr&#225;s from 2017 until 2018, besides chairman of the Board of </font><font style="font-family: 'Times New Roman';">Directors of IRB &#8211; Brasil Resseguros S.A. She received a degree in economy from Federal University of Esp&#237;rito Santo in 1990, a master&#8217;s degree in economics from </font><font style="font-family: 'Times New Roman';">Funda&#231;&#227;o Getulio Vargas</font><font style="font-family: 'Times New Roman';"> (FGV) in 1992 and a master&#8217;s degree in public policies from the University of Bras&#237;lia in 2001.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Fl&#225;via Buarque de Almeida</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> Ms.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Buarque de Almeida joined us in April 2019 as a member of </font><font style="font-family: 'Times New Roman';">both </font><font style="font-family: 'Times New Roman';">the Board of Directors</font><font style="font-family: 'Times New Roman';"> and the Strategy Committee</font><font style="font-family: 'Times New Roman';">. At Pen&#237;nsula Capital S.A. she has been Managing Director and Partner since 2013, as well as executive officer since 2019 and managing director of O3 Gest&#227;o de Recursos Ltda. Ms.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Buarque de Almeida has been a member of the Board of Directors of BRF S.A. </font><font style="font-family: 'Times New Roman';">and Groupe Carrefour </font><font style="font-family: 'Times New Roman';">since 2017, W2W E-Commerce de Vinhos S.A. </font><font style="font-family: 'Times New Roman';">and Vitamina Chile S.P.A </font><font style="font-family: 'Times New Roman';">since 2016. She served as a Director at GAEC Educa&#231;&#227;o S.A. from 2014 to 2018</font><font style="font-family: 'Times New Roman';"> and Lojas Renner S.A. from 2011 to 2016</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">She </font><font style="font-family: 'Times New Roman';">received a degree in business administration from </font><font style="font-family: 'Times New Roman';">Funda&#231;&#227;o Getulio Vargas</font><font style="font-family: 'Times New Roman';"> (FGV) in S&#227;o Paulo in 1989 and she has a</font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';"> MBA from Harvard Business School in 1994, in addition to extension courses from Kellogg Graduate School of Management (Northwestern University), Insead and Harvard. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Jorge Marques de Toledo Camargo</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Mr. Camargo joined us </font><font style="font-family: 'Times New Roman';">in April 2015 </font><font style="font-family: 'Times New Roman';">as a member of the Board of Directors. He has been a member of the Board of Directors of Prumo Log&#237;stica S.A. since 2014 and of A&#231;u Petr&#243;leo S.A. since 2020. He is also Vice-President of the Board of Trustees of </font><font style="font-family: 'Times New Roman';">Centro Brasileiro de Rela&#231;&#245;es Internacionais</font><font style="font-family: 'Times New Roman';"> (CEBRI). Mr. Camargo served as President of </font><font style="font-family: 'Times New Roman';">Instituto Brasileiro de Petr&#243;leo</font><font style="font-family: 'Times New Roman';"> e</font><font style="font-family: 'Times New Roman';"> G&#225;s (IBP)</font><font style="font-family: 'Times New Roman';"> from 2015 to </font><font style="font-family: 'Times New Roman';">2018 and</font><font style="font-family: 'Times New Roman';"> is now member of its Board of Directors. He was also a senior consultant at McKinsey &amp; Comp., Inc. from 2012 to 2019, and a member of the Board of Directors of Mills Estruturas e Servi&#231;os de Engenharia S.A. from 2011 to 2017. Previously he worked 27 years for Petrobras, including as a member of its Board of Officers, responsible for the International Area, and for Equinor, from 2003 to 2009, as Senior Vice-President at the headquarter in Norway and later as President of Equinor Brazil. He has more than 40 years of experience in the oil and gas industry. He graduated in Geology from the University of Brasilia and obtained a master&#8217;s degree in Geophysics from the University of Texas at Austin.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Jos&#233; Gall&#243;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> Mr. Gall&#243; joined </font><font style="font-family: 'Times New Roman';">us </font><font style="font-family: 'Times New Roman';">in April 2019 as a member of the Board of Directors and the People Committee. He has been a member of the Board of Directors of Lojas Renner SA since 1998, having taken over as President of the body in 2019. He was Managing Director of Lojas Renner SA, from September 1991 to March 1999, when he was elected CEO, position which he held until April 2019. He has also been a member of the Board of Directors of Ita&#250; Unibanco Holding SA since 2016. Mr. Gall&#243; has been Vice President of the Chamber of Shopkeepers of</font><font style="font-family: 'Times New Roman';"> Porto Alegre</font><font style="font-family: 'Times New Roman';"> since 2005. He is also an ambassador for Endeavor Brasil in Rio Grande do Sul since 2002 and Vice-President of the Deliberative Council of Instituto Caldeira, an innovation ecosystem in Porto Alegre. He was a member of the Board of Directors of SLC Agr&#237;cola S.A. from April 2007 to May 2016 and of Localiza Rent a Car S.A. from October 2010 to June 2020, having been Vice-Chairman of the Board from April 2019 to June 2020. He graduated in business administration from </font><font style="font-family: 'Times New Roman';">Funda&#231;&#227;o </font><font style="font-family: 'Times New Roman';">Get&#250;lio</font><font style="font-family: 'Times New Roman';"> Vargas</font><font style="font-family: 'Times New Roman';"> (FGV) in S&#227;o Paulo, in 1974.</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Jos&#233; Luiz Alqu&#233;res. </font><font style="font-family: 'Times New Roman';">Mr. Alqu&#233;res </font><font style="font-family: 'Times New Roman';">joined us as a member of the Board of Directors in April 2021. Currently, he is a member of the Board of Directors of Enauta Participa&#231;&#245;es S.A. since 2010 and a member of Strategy Committee since 2020</font><font style="font-family: 'Times New Roman';">. Mr. Alqu&#233;res is </font><font style="font-family: 'Times New Roman';">a </font><font style="font-family: 'Times New Roman';">member of the Board of Director of Monteiro Aranha S.A.</font><font style="font-family: 'Times New Roman';"> since 2018 and of Energisa S.A. since 2017. He served as chairman of the Board of Centrais El&#233;tricas Brasileiras S.A. &#8211; Eletrobras, from 2016 to 2017. He is also the Institutional Relations Officer of IHGB since 2020, chairman of the strategic council of Casa FIRJAN since 2020, </font><font style="font-family: 'Times New Roman';">V</font><font style="font-family: 'Times New Roman';">ice-</font><font style="font-family: 'Times New Roman';">P</font><font style="font-family: 'Times New Roman';">resident of the Instituto Cultral EDP since 2019, member of the advisory council since 2012 and executive officer of JL Alqu&#233;res Consultores Associated since 1999. </font><font style="font-family: 'Times New Roman';">He is graduated in civil engineering from PUC and in Social Sciences from IFCS. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Jos&#233; Maur&#237;cio Pereira Coelho.</font><font style="font-family: 'Times New Roman';"> Mr. Coelho joined </font><font style="font-family: 'Times New Roman';">us </font><font style="font-family: 'Times New Roman';">in April 2015 as a member of the Board of Directors and, as of 2019, he is member of the Audit and Risks Committee. He currently is the CEO of Previ &#8211; Caixa de Previd&#234;ncia dos Funcion&#225;rios do Banco do Brasil and Chairman of the Board of Directors of Vale S.A. He was the CEO of BB Seguridade Participa&#231;&#245;es S.A from 2017 to 2018 and the Vice-President of Financial Management and Investor Relations of Banco do Brasil S.A. from 2015 to 2017. Mr. Coelho was also a member of the Board of Directors of the BB Securities LLC, New York, BB Securities Limited, London and BB Securities Asia Pte. Ltda., Singapore, from 2012 to 2015. He was </font><font style="font-family: 'Times New Roman';">a </font><font style="font-family: 'Times New Roman';">member of the Board of Directors of Cielo S.A from 2012 to 2017. He obtained a degree in accounting from </font><font style="font-family: 'Times New Roman';">Faculdade Unigranrio</font><font style="font-family: 'Times New Roman';">, Rio de Janeiro, in 1990. He has a</font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';"> MBA in Finance and Capital Markets, with specialization in Corporate Governance from </font><font style="font-family: 'Times New Roman';">Funda&#231;&#227;o Getulio Vargas</font><font style="font-family: 'Times New Roman';"> in Rio de Janeiro (FGV/RJ).</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Marcos Marinho Lutz.</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"> </font><font style="font-family: 'Times New Roman';">Mr. </font><font style="font-family: 'Times New Roman';">Lutz</font><font style="font-family: 'Times New Roman';"> joined us</font><font style="font-family: 'Times New Roman';"> in April 2021</font><font style="font-family: 'Times New Roman';"> as a member of the Board of Directors. He has been a member of the Board of Directors of Votorantim S.A. since 2020 and of Corteva Agriscience since 2019. Mr. Lutz also serve</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> as President of Infrastructure Council of FIESP (Federation of Industries of S&#227;o Paulo) since 2015. He served as a member of the Board of Directors of Rumo Log&#237;stica S.A. from 2008 to 2020 and as the Chairman in the last year. Mr. Lutz </font><font style="font-family: 'Times New Roman';">was also</font><font style="font-family: 'Times New Roman';"> a member of the Board of Directors of Comg&#225;s S.A. from 2013 to 2020,</font><font style="font-family: 'Times New Roman';"> of Ra&#237;zen S.A. from 2011 to 2020,</font><font style="font-family: 'Times New Roman';"> of Moove S.A. </font><font style="font-family: 'Times New Roman';">from 2008 to 2020 and of Monsanto S.A. from 2014 to 2018. He was the Chief Executive Officer of Cosan S.A. &#8211; Ind&#250;stria e Com&#233;rcio from 2009 to 2020. He graduated as a naval engineer from Escola Polit&#233;cnica of the University of S&#227;o Paulo and holds a</font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';"> MBA in Marketing, Operations and Logistics from Kellogg School of Management.</font><font style="font-family: 'Times New Roman';"> </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Ot&#225;vio Lopes Castello Branco Neto. </font><font style="font-family: 'Times New Roman';">Mr. Castello Branco Neto joined </font><font style="font-family: 'Times New Roman';">us</font><font style="font-family: 'Times New Roman';"> in April 2021 as a member of the Board of Directors. He serves as a </font><font style="font-family: 'Times New Roman';">P</font><font style="font-family: 'Times New Roman';">artner and member of the Board of Directors of P&#225;tria Investimentos LTDA. </font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">ince 2021 and served as member of the Executive Committee in 2020. </font><font style="font-family: 'Times New Roman';">He graduated as an engineer.</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Frederico Pinheiro Fleury Curado</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> Mr. Frederico Curado has been CEO of Ultrapar since October 2017. He was CEO of Embraer S.A. from 2007 to 2016, where he previously held the positions of Executive Vice President Commercial Aviation Market from 1998 to 2007, and Executive Vice President Planning and Organizational Development from 1995 to 1998. Mr. Curado is a member of the Board of Directors of Transocean Ltd. (since 2013) and ABB Ltd. (since 2016). Mr. Curado served as a member of the Board of Directors of Iochpe-Maxion S.A. (from 2015 to 2017), Vice-President of CCI - International Chamber of Commerce (2013-2018), President of the Brazil-United States Business Council (2011-2016), and as</font><font style="font-family: 'Times New Roman';"> a</font><font style="font-family: 'Times New Roman';"> member of the Board of the Smithsonian Air and Space Museum (2014-2017). Mr. Curado holds a bachelor's degree in Mechanical-Aeronautical Engineering from the Technological Institute of Aeronautics (ITA) in 1983 and has an Executive MBA from the University of Sao Paulo in 1997.</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Rodrigo de Almeida Pizzinatto. </font><font style="font-family: 'Times New Roman';">Mr. Pizzinatto joined </font><font style="font-family: 'Times New Roman';">us </font><font style="font-family: 'Times New Roman';">in 1999 as an intern and, since then, has work</font><font style="font-family: 'Times New Roman';">ed</font><font style="font-family: 'Times New Roman';"> in several areas of the Company: treasury, M&amp;A, corporate planning and investor relations. From 2012 to 2014, Mr. Pizzinatto was Ultrapar&#8217;s officer of M&amp;A, Corporate Planning and Investor Relations. From 2014 to 2018, Mr. Pizzinatto </font><font style="font-family: 'Times New Roman';">served as</font><font style="font-family: 'Times New Roman';"> Extrafarma&#8217;s officer, where he was responsible for </font><font style="font-family: 'Times New Roman';">different </font><font style="font-family: 'Times New Roman';">areas during his tenure</font><font style="font-family: 'Times New Roman';">, such as expansion, marketing, commercial and logistics</font><font style="font-family: 'Times New Roman';">. In June 2018, he was named Chief Executive Officer of Extrafarma, leading a strategic revision and turnaround plan. In October 2020, he was nominated Ultrapar&#8217;s Chief Financial and Investor Relations Officer. He is also member of the board of ABRAFARMA (</font><font style="font-family: 'Times New Roman';">Associa&#231;&#227;o Brasileira de Redes de Farm&#225;cias e Drogarias</font><font style="font-family: 'Times New Roman';">), the drugstore retail industry main association. Mr. Pizzinatto holds a</font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';"> MBA from Stanford Graduate School of Business and a bachelor&#8217;s degree in business administration from </font><font style="font-family: 'Times New Roman';">Funda&#231;&#227;o Getulio Vargas </font><font style="font-family: 'Times New Roman';">(FGV).</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">D&#233;cio de Sampaio Amaral.</font><font style="font-family: 'Times New Roman';"> Mr.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Amaral joined </font><font style="font-family: 'Times New Roman';">us </font><font style="font-family: 'Times New Roman';">in 2020. </font><font style="font-family: 'Times New Roman';">With 28 years of experience in logistics, supply chain, operations, and project management, Mr. Amaral held leadership positions in Itautec-Philco, Souza Cruz and Vale. Recently he was the CEO of Camargo Correa Infraestrutura. Mr. Amaral graduated in engineering at ITA and in Industrial Management at Funda&#231;&#227;o Vanzolini, holds a master&#8217;s degree in Finance from IBMEC and completed executive programs in IMD and MIT.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Jo&#227;o Benjamin Parolin</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> Mr. Parolin joined </font><font style="font-family: 'Times New Roman';">us</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">in 1986, working in Oxiteno&#8217;s commercial department prior to assuming the position of Oxiteno&#8217;s Chief Operating Officer in 2007. Mr. Parolin formerly served as marketing manager from 1989 to 1992 and sales manager from 1992 to 2000. From 2000 to 2006, he held the sales director position at Oxiteno. Prior to joining Oxiteno, Mr. Parolin worked in the commercial area at Dow Qu&#237;mica S.A. Mr. Parolin received a bachelor degree in chemical engineering from </font><font style="font-family: 'Times New Roman';">Escola Polit&#233;cnica </font><font style="font-family: 'Times New Roman';">of the University of S&#227;o Paulo in 1980, a post-graduate degree in marketing administration at </font><font style="font-family: 'Times New Roman';">Funda&#231;&#227;o Getulio Vargas</font><font style="font-family: 'Times New Roman';"> (FGV) and a master&#8217;s degree in business administration from </font><font style="font-family: 'Times New Roman';">Funda&#231;&#227;o Instituto de Administra&#231;&#227;o &#8211; </font><font style="font-family: 'Times New Roman';">University of S&#227;o Paulo in 2003. As a complement to his academic background he attended the STC &#8211; Skills, Tools and Competences from </font><font style="font-family: 'Times New Roman';">Funda&#231;&#227;o Dom Cabral</font><font style="font-family: 'Times New Roman';">/J.L Kellogg Graduate School of Management (Northwestern University) in 2000 and the Advanced Management Program at Wharton University in 2005.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Marcelo Pereira Malta de Ara&#250;jo</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Mr.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Ara&#250;jo joined </font><font style="font-family: 'Times New Roman';">us </font><font style="font-family: 'Times New Roman';">in 2018. With more than 30 years of experience, he initiated his career at Shell do Brasil, where he worked for 10 years in the operations, retail, lubricants, marketing, planning and engineering departments. After that, Mr.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Ara&#250;jo held leadership positions in large Brazilian corporations, such as Natura, CSN, Camargo Correa and Grupo Libra. In the last years, he acted as Chief Executive Officer of Marisa Lojas S.A. Mr.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Ara&#250;jo also accumulated experience as board member of Usiminas, Laborat&#243;rio Fleury and Alpargatas. He graduated in engineering at Engineering Military Institution (IME) and holds a</font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';"> MBA from </font><font style="font-family: 'Times New Roman';">Sociedade de Desenvolvimento Empresarial</font><font style="font-family: 'Times New Roman';"> (current IBMEC), in addition to extension courses from Harvard and Insead. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Tabajara Bertelli Costa.</font><font style="font-family: 'Times New Roman';"> Mr. Bertelli initiated his career at Ultrapar in 1995 in the finance department and moved to Ultragaz in 2000, where he established a solid career, predominantly in the commercial areas. In 2015, he was transferred to Ipiranga, as an officer, to the recent developed department dedicated to Large Consumers Market (B2B) and had the opportunity to develop and consolidate a differentiated strategy to its customers. In January 2019, Mr. Bertelli became Chief Executive Officer of Ultragaz. Mr. Bertelli graduated in industrial engineering and holds a master&#8217;s degree in business management, both from the University of S&#227;o Paulo (USP), and a post-graduation in Finance at </font><font style="font-family: 'Times New Roman';">Funda&#231;&#227;o Getulio Vargas</font><font style="font-family: 'Times New Roman';"> (FGV). Mr. Bertelli also attended the STC &#8211; Skills, Tools and Competences from Kellogg Business School in 2010.</font></p>
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<p style="margin-top: 18pt; margin-left: 24.5pt; margin-bottom: 0pt; text-indent: -24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">B.</font><font style="width: 15.33pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Compensation </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The purposes of our compensation policy and practices for our management are (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">to align executives&#8217; and shareholders&#8217; interests, based on the principle of sharing risks and returns, (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">to converge individual goals to the Company&#8217;s long-term strategy, and (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">to recognize the contribution and retain professionals, based on market references. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Following these principles, we adopt a competitive compensation plan that includes the use of value creation metrics to establish variable compensation targets, benefits aligned with market practice and a stock ownership plan. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Pursuant to Of&#237;cio Circular/CVM/SEP/No. 01/2021, starting in 2020, we ceased to report social charges paid by employer as manager compensation information. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">For the year ended December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">, the Company recognized an aggregate compensation for our directors and executive officers of R$</font><font style="font-family: 'Times New Roman';">47.2</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in its financial statements</font><font style="font-family: 'Times New Roman';">. The compensation does not consider the social charges paid by </font><font style="font-family: 'Times New Roman';">the employer as manager compensation information,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">pursuant to Of&#237;cio Circular/CVM/SEP/No. 01/2021. The numbers are d</font><font style="font-family: 'Times New Roman';">istributed as follows: </font></p>
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<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; text-align: center;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 12px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Board of</font></td>
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<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px; text-align: center;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 12px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Executive</font></td>
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<p style="margin: 0px; text-indent: 0px; font-size: 9pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">December 31, 2020</font></p>
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<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Directors</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> </font></p>
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<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Officers</font></p>
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<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Total</font><font style="font-family: 'Times New Roman';"> </font></p>
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<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(in</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">thousands</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">of</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman'; font-weight: bold;">, except</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">for</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">the</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">number</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">of</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">members)</font></p>
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<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Number of members </font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; font-weight: bold; vertical-align: super;">(1)</font></p>
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<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-weight: bold;">10.33</font></p>
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<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-weight: bold;">6.75</font></p>
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<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Annual fixed compensation </font></p>
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<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-weight: bold;">9,297.00</font></p>
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<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-weight: bold;">16,040.27</font></p>
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<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-weight: bold;">25,337.27</font></p>
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<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Salary </font></p>
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<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman';">9,297.00</font></p>
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<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman';">12,230.51</font></p>
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<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; text-align: right; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman';">21,527.51</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; text-align: right; background-color: #cceeff; height: 10px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Direct and indirect benefits </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-weight: bold;">-</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman';">3,809.76</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; text-align: right;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">3,809.76</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; text-align: right; height: 10px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Variable compensation </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-weight: bold;">-</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-weight: bold;">16,326.17</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; text-align: right; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-weight: bold;">16,326.17</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; text-align: right; background-color: #cceeff; height: 10px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Short-term variable compensation </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman';">-</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman';">16,326.17</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; text-align: right;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman';">16,326.17</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; text-align: right; height: 10px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Long-term variable compensation </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman';">-</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman';">-</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; text-align: right; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman';">-</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; text-align: right; background-color: #cceeff; height: 10px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Post-employment benefit </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman';">-</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-weight: bold;">1,598.13</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; text-align: right;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-weight: bold;">1,598.13</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; text-align: right; height: 10px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Benefits due to the interruption in the exercise of the position </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman';">-</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-weight: bold;">-</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; text-align: right; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman';">-</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; text-align: right; background-color: #cceeff; height: 10px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Stock-based compensation </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman';">-</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-weight: bold;">3,892.75</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; text-align: right;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-weight: bold;">3,892.75</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; text-align: right; height: 10px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Total compensation </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-weight: bold;">9,297.00</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-weight: bold;">37,857.32</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; text-align: right; background-color: #cceeff; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000;">
<p style="margin: 0px; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-weight: bold;">47,154.32</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; text-align: right; background-color: #cceeff; height: 10px;"><br></td>
</tr>

</table>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 11.6517%; border-bottom: 1pt solid #000000;"><br></td>
<td style="width: 88.3483%;"><br></td>
</tr>

</table>
<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><sub><font style="font-family: 'Times New Roman'; vertical-align: super;">(1)</font></sub><font style="width: 10.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Average number of members in the period. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">The table below shows the higher, lower and average individual compensation recognized in our financial statements for our directors and executive officers in 20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">20</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">: </font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 82px; width: 100%; margin: 0px; text-indent: 0px;" width="100%">

<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; text-align: center; height: 17px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 12px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Highest</font></td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; text-align: center; height: 17px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 12px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Lowest</font></td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; text-align: center; height: 17px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 12px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Average</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; text-align: center; height: 17px;"><font style="color: #000000; font-size: 12px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; font-weight: bold;">Number</font><font style="color: #000000; font-size: 12px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="color: #000000; font-size: 12px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; font-weight: bold;">of</font></td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; text-align: center; height: 17px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 12px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">individual</font></td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; text-align: center; height: 17px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 12px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">individual</font></td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; text-align: center; height: 17px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 12px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">individual</font></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="text-decoration: underline;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Body</font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">members</font><font style="font-family: 'Times New Roman'; font-size: 8pt;"> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;compensation </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">compensation </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">compensation </font></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td colspan="7" style="padding: 0px; vertical-align: middle; height: 18px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(in thousands of</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"> Reai</font><font style="font-family: 'Times New Roman'; font-weight: bold;">s, except for the number of members)</font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 65%;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Board of Directors </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 8%;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman';">10.33 </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 8%;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1,800.00</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 8%;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman';"> 720.00</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 8%;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman';"> 899.71</font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Executive Officers </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman';">6.75 </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman';">14,103.87</font><font style="font-family: 'Times New Roman';"> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman';">4,111.27</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman';"> 5,608.49</font></p>
</td>
</tr>

</table>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The main components of our management compensation plan are: </font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Fixed compensation (salary and direct and indirect benefits): a monthly amount paid with the purpose of compensating the responsibility and complexity inherent to each position, the individual contribution and experience of each professional, seeking to maintain levels compatible with those of comparable companies.&nbsp;</font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Short-term variable compensation: an annual amount paid in order to align the interests of the executives with those of the Company. This amount is linked to (i)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Company&#8217;s economic performance, and (ii)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">the achievement of annual individual goals. All targets related to the Company&#8217;s and the individual executive&#8217;s performance are established in accordance with the strategic planning. </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Share ownership compensation plan: since 2003, Ultrapar has adopted stock-based compensation to reinforce the alignment between the long-term interests of executives and shareholders and to retain executives. According to the terms of the stock plan in force since 2017, there are two different programs that aim to ensure retention of key executives and professionals and make a relevant portion of their compensation contingent on shareholder value generation.</font></li>
</ul>
<p style="margin: 0px; text-align: justify; font-size: 10pt; text-indent: 0px;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>145</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Since 2003, Ultrapar has adopted a stock-based compensation plan pursuant to which certain executives have the voting and economic rights of shares held in treasury for a period of five to seven years from the initial concession of the rights. Following this period, Ultrapar transfers the full ownership to those executives subject to uninterrupted employment of the participant during the period. The number of shares and the executives eligible to this stock plan are determined by the Board of Directors, and there </font><font style="font-family: 'Times New Roman';">is no mandatory annual grant. The total number of shares to be used in the plan is subject to the number of shares in treasury and to the limit established in the plan. The fair value of the awards is determined on the grant date based on the market value of the shares on the B3 and the amounts are amortized between five to seven years from the grant date. On December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020, the amount granted to the Company&#8217;s executives, including tax charges, totaled R$51.6 million. In 2020, an amortization in the amount of R$2.4</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million was recognized as a general and administrative expense.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The chart below sets forth a historical summary of the vested and unvested shares granted to the members of our board of Executive Officers as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">, by</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">granting date:&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; margin: 0px; text-indent: 0px; height: 191px; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 17px;" colspan="6"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="text-decoration: underline;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Body</font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td colspan="6" style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Statutory Officers</font></p>
</td>
</tr>
<tr style="height: 19px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 19px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Total number of members </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 19px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td colspan="6" style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 19px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; width: 51%;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Number of compensated members </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; width: 1%;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; width: 8%;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">3</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; width: 8%;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">2</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; width: 8%;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; width: 8%;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; width: 8%;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; width: 8%;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1</font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Granting Date</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">10-Nov-10</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">07-Nov-12</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">03-Feb-14</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">05-Mar-14</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">10-Dec-14</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">13-Mar-17</font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Number of shares granted</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font><font style="font-family: 'Times New Roman';"> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">280,000</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">140,000</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">300,000</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">76,800</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">200,000</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">200,000</font></p>
</td>
</tr>
<tr style="height: 19px; background-color: #cceeff;">
<td rowspan="6" style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 105px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Period for the share effective ownership to be transferred Granting Date</font><font style="font-family: 'Times New Roman'; font-size: 5.33pt; vertical-align: super;">(1) </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 19px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 19px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1/3 in</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 19px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1/3 in</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 19px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1/3 in</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 19px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1/3 in</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 19px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1/3 in</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 19px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1/3 in</font></p>
</td>
</tr>
<tr style="height: 19px;">
<td style="padding: 0px; vertical-align: middle; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 19px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 19px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Oct-15</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 19px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Oct-17</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 19px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Jan-18</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 19px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Mar-19</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 19px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Dec-19</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 19px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Mar-22</font></p>
</td>
</tr>
<tr style="height: 19px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: middle; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 19px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 19px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1/3 in</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 19px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1/3 in</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 19px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1/3 in</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 19px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1/3 in</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 19px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1/3 in</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 19px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1/3 in</font></p>
</td>
</tr>
<tr style="height: 19px;">
<td style="padding: 0px; vertical-align: middle; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 19px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 19px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Oct-16</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 19px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Oct-18</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 19px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Jan-19</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 19px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Mar-20</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 19px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Dec-20</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 19px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Mar-23</font></p>
</td>
</tr>
<tr style="height: 19px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: middle; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 19px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 19px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1/3 in</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 19px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1/3 in</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 19px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1/3 in</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 19px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1/3 in</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 19px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1/3 in</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 19px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1/3 in</font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: middle; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Oct-17</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Oct-19</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Jan-20</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Mar-21</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Dec-21</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Mar-24</font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #ffffff; margin-left: 0.1px;">
<td style="padding: 0px; vertical-align: middle; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; background-color: #ffffff;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Price assigned to the shares granted (R$/share) </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; background-color: #ffffff;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; background-color: #ffffff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">13.39</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; background-color: #ffffff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">21.45</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; background-color: #ffffff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">25.32</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; background-color: #ffffff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">26.08</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; background-color: #ffffff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">25.32</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; background-color: #ffffff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">34.00</font></p>
</td>
</tr>

</table>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 11.6517%; border-bottom: 1pt solid #000000;"><br></td>
<td style="width: 88.3483%;"><br></td>
</tr>

</table>
<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><sub><font style="font-family: 'Times New Roman'; vertical-align: super;">&nbsp;</font><font style="font-family: 'Times New Roman'; vertical-align: super;">(</font><font style="font-family: 'Times New Roman'; vertical-align: super;">1</font><font style="font-family: 'Times New Roman'; vertical-align: super;">)</font><font style="font-family: 'Times New Roman';">&nbsp;</font></sub><font style="width: 6.44pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">The number and the price of shares granted were adjusted to reflect the stock split of the shares issued by the Company at a ratio of 4 shares for 1 share approved by </font><font style="font-family: 'Times New Roman';">the Company's shareholders at the</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">extraordinary general </font><font style="font-family: 'Times New Roman';">shareholders'</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">meeting </font><font style="font-family: 'Times New Roman';">held </font><font style="font-family: 'Times New Roman';">on February</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">10, 2011 and another ratio of 2 shares for 1 share approved by </font><font style="font-family: 'Times New Roman';">the Company's shareholders at the</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">extraordinary general </font><font style="font-family: 'Times New Roman';">shareholders'</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">meeting </font><font style="font-family: 'Times New Roman';">held </font><font style="font-family: 'Times New Roman';">on April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">10, 2019 and implemented on April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">24, 2019. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">At the </font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">xtraordinary and </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">nnual </font><font style="font-family: 'Times New Roman';">general shareholders&#8217; meeting</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">held on April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">19, 2017, Ultrapar&#8217;s shareholders approved a new stock-based incentive plan (&#8220;Plan&#8221;) which establishes the terms and general conditions for granting common shares issued by the Company held as treasury stock which may or may not involve awarding usufruct over any portion thereof for subsequent transfer of ownership for periods from three to six years to officers or employees of the Company or its subsidiaries. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As a result of the Plan, common shares representing up to 1% of the Company&#8217;s share capital may be delivered to the participants, which corresponds, at the date of approval of this Plan, to 11,149,187 common shares. This limit was modified to reflect the split of shares approved at the extraordinary and annual general shareholders meeting held on April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">10, 2019 and implemented on April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">24, 2019. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Board of Directors approved our restricted stock program and the restricted stock and performance program, pursuant to which the participants appointed by the Board of Directors were granted unvested shares in the amount of R$</font><font style="font-family: 'Times New Roman';">88</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">3</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million. In 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, we recognized a general and administrative expense of R$</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">0</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">7</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in connection with these programs. </font></p>
<p style="margin: 0px; text-align: justify; font-size: 10pt; text-indent: 0px;"><br></p>
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<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>146</font></font></td>
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</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The chart below sets forth a historical summary of the vested and unvested shares granted to the members of our board of Executive Officers as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, by</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">grating date: </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 174px; width: 100%; margin: 0px; text-indent: 0px;" width="100%">

<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="text-decoration: underline;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Body</font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td colspan="8" style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000;">
<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Statutory Officers</font><font style="font-family: 'Times New Roman';"> </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Total number of members </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td colspan="8" style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">7</font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 35%;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Number of compensated members </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 1%;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 8%;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 8%;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">2</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 8%;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">2</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 8%;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 8%;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">5</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 8%;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 8%;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">6</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; width: 8%;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">3</font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Granting Date </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">0</font><font style="font-family: 'Times New Roman';">8</font><font style="font-family: 'Times New Roman';">-</font><font style="font-family: 'Times New Roman';">Nov</font><font style="font-family: 'Times New Roman';">-17</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">08-Nov-17</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">04-Apr-18</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">24-Sep-18</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">03-Apr-19</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">02-Sep-19</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">01-Apr-20</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">16-Sep-20</font></p>
</td>
</tr>
<tr style="height: 19px;">
<td style="padding: 0px; vertical-align: middle; height: 19px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Number of shares granted</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 19px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 19px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">240,000</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 19px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">14,252</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 19px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">38,480</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 19px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">80,000</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 19px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">108,444</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 19px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">160,000</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 19px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">185,808</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(2)</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 19px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">700,000</font></p>
</td>
</tr>
<tr style="height: 19px; background-color: #cceeff;">
<td rowspan="6" style="padding: 0px; vertical-align: middle; height: 105px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Period for the share effective ownership to be transferred Granting Date </font><font style="font-family: 'Times New Roman'; font-size: 6.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 19px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td rowspan="6" style="padding: 0px; vertical-align: middle; height: 105px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Oct-23</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 19px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1/3 in</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 19px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1/3 in</font></p>
</td>
<td rowspan="6" style="padding: 0px; vertical-align: middle; height: 105px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Sep-24</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 19px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1/3 in</font></p>
</td>
<td rowspan="6" style="padding: 0px; vertical-align: middle; height: 105px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Sep-25</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 19px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1/3 in</font></p>
</td>
<td rowspan="6" style="padding: 0px; vertical-align: middle; height: 105px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Sep-26</font></p>
</td>
</tr>
<tr style="height: 19px;">
<td style="padding: 0px; vertical-align: middle; height: 19px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 19px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Nov-20</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 19px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Apr-21</font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 19px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Apr-22</font></p>
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<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Apr-23</font></p>
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<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1/3 in</font></p>
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<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1/3 in</font></p>
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<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1/3 in</font></p>
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<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1/3 in</font></p>
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<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Nov-21</font></p>
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<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Apr-22</font></p>
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<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Apr-23</font></p>
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<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Apr-24</font></p>
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<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1/3 in</font></p>
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<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1/3 in</font></p>
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<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1/3 in</font></p>
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<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1/3 in</font></p>
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<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Nov-22</font></p>
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<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Apr-23</font></p>
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<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Apr-24</font></p>
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<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Apr-25</font></p>
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<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Price assigned to the shares granted (R$/share) </font></p>
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<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">38.57</font></p>
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<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #ffffff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">38.57</font></p>
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<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #ffffff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">34.35</font></p>
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<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">18.40</font></p>
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<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">23.25</font></p>
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<td style="padding: 0px; vertical-align: middle; height: 10px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #ffffff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">16.42</font></p>
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<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">12.53</font></p>
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<p style="margin: 0px; text-align: center; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">23.03</font></p>
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<p style="margin-top: 0pt; margin-left: 24.85pt; margin-bottom: 0pt; text-indent: -18.75pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">(1)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">Subjected to the performance goals throughout the vesting period, the same amount of shares can be transferred to the Executive Directors as performance shares. The performance shares are not submitted to the grant of usufruct.</font></p>
<p style="margin-top: 0pt; margin-left: 24.85pt; margin-bottom: 0pt; text-indent: -18.75pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;">(2)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">Subjected to the performance goals throughout the vesting period, up to 150% of shares can be transferred to the Executive Directors as performance shares. The performance shares are not submitted to the grant of usufruct.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The members of our Board of Directors are not eligible to the approved program.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">For more information on our Deferred Stock Plan and Plan, please see </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ote 8.c to our financial statements. </font></p>
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<p style="margin-top: 12pt; margin-left: 24.5pt; margin-bottom: 0pt; text-indent: -24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">C.</font><font style="width: 14.78pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Board Practices </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We are managed by our Board of Directors and by our Executive Officers. As of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, our Board of Directors, consisted of </font><font style="font-family: 'Times New Roman';">eleven</font><font style="font-family: 'Times New Roman';"> members, all of them being non-executive members and eight of whom were independent, according to the Brazilian </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';"> Listing Rules.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">On April 14, 2021, the </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">nnual and </font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">xtraordinary </font><font style="font-family: 'Times New Roman';">general shareholders&#8217; meeting</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">elected a new Board of Directors for a two-year term. </font><font style="font-family: 'Times New Roman';">The new Board of Directors is comprised of eleven members, all non-executive members and s</font><font style="font-family: 'Times New Roman';">ix</font><font style="font-family: 'Times New Roman';"> independent members. </font><font style="font-family: 'Times New Roman';">One member of the Board was an executive officer until December 2006 and one member was </font><font style="font-family: 'Times New Roman';">an</font><font style="font-family: 'Times New Roman';"> executive officer until December 2012.</font><font style="font-family: 'Times New Roman';"> All of the non-independent members are related</font><font style="font-family: 'Times New Roman';">, directly or indirectly,</font><font style="font-family: 'Times New Roman';"> to Ultra S.A. </font><font style="font-family: 'Times New Roman';">Our Board of Directors must meet every three months and extraordinarily whenever called by its chairman or by any two directors. During 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">ten </font><font style="font-family: 'Times New Roman';">board meetings were held. Each meeting of the Board of Directors requires the majority of the directors to be present, including the chairman or the vice-chairman, before the meeting may commence. The vote of the majority of the members present is required for the approval of a resolution by the Board of Directors. In case of a tie, the chairman, or in the chairman&#8217;s absence, the vice chairman, will provide the casting vote. In case of urgency, the chairman of our Board of Directors (or a third party that he or she may appoint) may call a special meeting of the Board of Directors with a shorter notice period than the usual; provided, however, that two-thirds of board members are present in order to commence such special meeting. Among other responsibilities, the Board of Directors is responsible for (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">our general guidelines, (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">electing and removing our executive officers, supervising their management and fixing their compensation, (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">deliberating on the issuance of new shares, within the limits of our authorized capital, (iv)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">authorizing the distributions of dividends and interest on shareholders&#8217; equity, (v)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">approving transactions with value exceeding five percent of our shareholders&#8217; equity, (vi)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">approving our dissolution or merger and (vii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the appointment of independent registered public accounting firm. Pursuant to Brazilian law, the Board of Directors must be elected by our shareholders at the general shareholders&#8217; meeting.&nbsp;</font></p>
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font></p>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Members of the Board of Directors are elected for a period of two years and may be reelected. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our bylaws require that at least </font><font style="font-family: 'Times New Roman';">30%</font><font style="font-family: 'Times New Roman';"> of the members of our Board of Directors be independent directors, which exceeds the 20% required by the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';"> segment regulation. In addition, our bylaws set forth that the election of the members of the Board of Directors must be made through the nomination of a slate of candidates, unless cumulative voting is requested. Only the following slates of candidates will be eligible: (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">those nominated by the Board of Directors; or (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">those nominated by any shareholder or group of shareholders. See &#8220;Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">4.A. Information on the Company&#8212;History and Development of the Company&#8212;New corporate governance structure&#8221; and &#8220;Exhibit 1.1&#8212;Bylaws of Ultrapar, dated as of April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">4</font><font style="font-family: 'Times New Roman';">, 202</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">&#8221;. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">When electing members to the Board of Directors, shareholders will be entitled to request, as required by law and our bylaws, the adoption of a cumulative voting process, provided that they do so within, at least, forty-eight hours in advance of the shareholders&#8217; meeting. The minimum percentage of capital necessary for requesting the cumulative voting process is 5% of the shares. In the event the election has been conducted by cumulative voting, the removal of any member of the Board of Directors by the shareholders&#8217; meeting shall entail the removal of the other members, giving rise to a new election. See &#8220;Exhibit 1.1&#8212;Bylaws of Ultrapar, dated as of April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">4</font><font style="font-family: 'Times New Roman';">, 202</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">&#8221;. </font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Executive Officers </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, our Board of Executive Officers was comprised of </font><font style="font-family: 'Times New Roman';">six</font><font style="font-family: 'Times New Roman';"> members, including our Chief Executive Officer. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Members of Board of Executive Officers are </font><font style="font-family: 'Times New Roman';">elected</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">for a two-year term and can be reelected. For the dates on which our executive officers began holding their respective position, see &#8220;Item 6.A. Directors, Senior Management and Employees&#8212;Directors and Senior Management&#8221;. </font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Advisory Committees </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2019, we implemented advisory committees in our five businesses, composed of </font><font style="font-family: 'Times New Roman';">Chief Executive Officer, Chief Financial Officer</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and specialists in each sector. These committees are not statutory and began operating in the first quarter of 2019. </font><font style="font-family: 'Times New Roman';">The discussions</font><font style="font-family: 'Times New Roman';"> have been instrumental in monitoring and directing the businesses in an agile and timely manner. The planning and budget for future years are conducted as part of this new process and is expected to result in increased quality in decision-making processes and greater alignment of visions and strategies. </font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Fiscal Council and Audit Committee Exemption </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Brazilian Corporate Law requires us to establish a Fiscal Council, which is a separate corporate body independent of our management and our external independent registered public accounting firm and may operate on a permanent or non-permanent basis. According to the Brazilian Corporate Law, a Fiscal Council acting on a non-permanent basis is required to be formed when </font><font style="font-family: 'Times New Roman';">requested by 10% of voting shareholders in an annual general shareholders&#8217; meeting. However, pursuant to CVM Instruction 324/00, in the case of Ultrapar, holders of 2% of the voting capital are entitled to request the installation of the Fiscal Council. The elected members of the Fiscal Council will remain in place only until the following annual general shareholders&#8217; meeting, in which they may be reelected by our shareholders. The Fiscal Council must meet at least four times per year. </font><font style="font-family: 'Times New Roman';">Since its establishment, in July 2005, our Fiscal Council has been meeting on a regular basis, and in 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, they held nine meetings.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As set forth in our bylaws approved on April&nbsp;10, 2019, our Fiscal Council, composed of three effective members and an equal number of alternate members, acts on a non-permanent basis. At the<font>&nbsp;</font>annual and<font>&nbsp;</font>extraordinary<font>&nbsp;</font>general shareholders&#8217; meeting<font>&nbsp;</font>held on April&nbsp;14, 2021, the Fiscal Council was installed, and the following individuals were elected to serve as effective members of our Fiscal Council: Mr.&nbsp;Fl&#225;vio Cesar Maia Luz, Mr.&nbsp;Geraldo Toffanello and Mr.&nbsp;William Bezerra Cavalcanti Filho. These members will serve a term from April 2021 through April 2022. Under Brazilian Corporate Law, individuals who are members of our Board of Directors or our Board of Executive Officers or are employees or spouses or relatives of any member of our management are not eligible to serve on the Fiscal Council. To be eligible to serve on our Fiscal Council, a person must be a resident of Brazil and either a hold university degree or have been a Company officer or Fiscal Council member of another Brazilian company for at least three years prior to election to our Fiscal&nbsp;Council. Our Fiscal Council has the duties and obligations provided by the Brazilian Corporate Law, which includes, among others, to at least every three months examine the statements of financial position and other financial statements periodically prepared by the Company, examine the accounts and financial statements for the fiscal year and give an opinion on them. See<font>&nbsp;</font>&#8220;Exhibit 1.1&#8212;Bylaws of Ultrapar, dated as of April&nbsp;14, 2021&#8221;.</font></p>
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font></p>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Until April 2019, our Fiscal Council acted as an audit committee pursuant to the requirements of the Sarbanes-Oxley Act. However, in order to adapt to the new rules for the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';"> segment, the </font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">xtraordinary </font><font style="font-family: 'Times New Roman';">and </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">nnual </font><font style="font-family: 'Times New Roman';">general shareholders&#8217; meeting</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">held on April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">10, 2019</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> decided that our audit and risks committee must function on a permanent basis to advise the Board of Directors. This committee is responsible for: (a)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">recommending to the Board of Directors the retention and dismissal of independent audit services, as well as proposing to the Board of Directors the nomination of the independent auditor and their replacement; (b)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">reviewing the management report and the financial statements of the Company and of its controlled companies, and providing the recommendations it deems necessary to the Board of Directors; (c)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">reviewing the quarterly financial information and the periodic financial statements prepared by the Company; (d)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">monitoring the activities of the Company&#8217;s internal audit and internal controls departments, including follow-up and assessment of the effectiveness and sufficiency of the internal control structure and of the internal and independent audit processes of the Company and of its controlled companies, including in relation to the provisions set forth in the Sarbanes-Oxley Act, submitting the recommendations it deems necessary for the improvement of policies, practices and procedures; (e)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">evaluating and monitoring the Company&#8217;s risk exposure, as per the Risk Management Policy, as well as providing its opinion on any review of the contents thereof, in addition to advising the Board of Directors in connection with the setting of acceptable risk levels; (f)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">establishing procedures for the acceptance and handling of information submitted by any party relating to alleged noncompliance with applicable legal and regulatory requirements applicable to the Company, in addition to internal regulations, policies and codes, including procedures for confidential or anonymous submission, safeguarding information secrecy; (g)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">interacting with the other Company&#8217;s governing bodies in connection with the receipt and review of information on noncompliance with legal and regulatory requirements applicable to the Company, as well as with internal regulations; and (h)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">providing its opinion on the matters submitted to it by the Board of Directors, as well as on those matters it determines to be relevant. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Also in accordance with the new rules for the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';"> and with the provisions of our bylaws, this committee shall have (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">at least three members, of whom at least one must be an independent member of the Board of Directors and one must have recognized experience in business accounting pursuant to the rules issued by the CVM regarding the registration and practice of independent auditing activities in the securities market; (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">operational autonomy and its own budget approved by the Board of Directors to cover its operating costs and expenses; and (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">its own bylaws, approved by the Board of Directors, with a detailed description of its functions and operating procedures, and a chairperson whose activities must be defined in its bylaws. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The members of the audit and risks committee shall be elected by the Board of Directors for a term of office of two years, and the term shall coincide with the term of office of the Directors, with reelection being permitted for successive terms. As of December 31, 2020, the audit and risks committee was composed by Mr.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Flavio Cesar Maia Luz</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as coordinator of such committee, and Ms.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Ana Paula </font><font style="font-family: 'Times New Roman';">Vitali </font><font style="font-family: 'Times New Roman';">Janes Vescovi, Mr.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Joaquim Pedro de Mello and Mr.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Jos&#233; Maur&#237;cio Pereira Coelho</font><font style="font-family: 'Times New Roman';"> as members</font><font style="font-family: 'Times New Roman';">. Their term of </font><font style="font-family: 'Times New Roman';">office ended on the </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">nnual and </font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">xtraordinary </font><font style="font-family: 'Times New Roman';">g</font><font style="font-family: 'Times New Roman';">eneral </font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">hareholders&#8217; </font><font style="font-family: 'Times New Roman';">m</font><font style="font-family: 'Times New Roman';">eeting held on April 14, 2021 and the Board of Directors </font><font style="font-family: 'Times New Roman';">appoint</font><font style="font-family: 'Times New Roman';">ed </font><font style="font-family: 'Times New Roman';">Ms. Ana Paula Vitali Janes Vescovi</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">Mr. </font><font style="font-family: 'Times New Roman';">Jorge Marques de Toledo Camargo</font><font style="font-family: 'Times New Roman';"> and </font><font style="font-family: 'Times New Roman';">Mr. </font><font style="font-family: 'Times New Roman';">Jos&#233; Maur&#237;cio Pereira Coelho</font><font style="font-family: 'Times New Roman';"> as</font><font style="font-family: 'Times New Roman';"> members of the audit and risks committee in a meeting held on </font><font style="font-family: 'Times New Roman';">April </font><font style="font-family: 'Times New Roman';">14</font><font style="font-family: 'Times New Roman';">, 2021.</font><font style="font-family: 'Times New Roman';"> M</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">Ana Paula Vitali Janes Vescovi</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">will also act as coordinator of the committee.</font><font style="font-family: 'Times New Roman';"> </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Under Rule 10A-3(c)(3) of the Exchange Act, considering</font><font style="font-family: 'Times New Roman';"> that (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">our audit and risks committee complies with the rules for the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';">; (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">our bylaws expressly requires that the audit and risks committee consist of at least one member of the Board of Directors and one or more persons who are not Directors; and (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">SEC&#8217;s interpretative letter issued on November</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">8, 2018, we are exempt from the audit committee requirements of Section</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">303A of the NYSE Listed Company Manual.</font><font style="font-family: 'Times New Roman';"> </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As </font><font style="font-family: 'Times New Roman';">of </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31</font><font style="font-family: 'Times New Roman';">, 20</font><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman';">0</font><font style="font-family: 'Times New Roman';">, our</font><font style="font-family: 'Times New Roman';"> Fiscal Council consisted of three members and their respective alternate members, set forth on the following table:</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
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<p style="margin: 0px; break-after: avoid; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="text-decoration: underline;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Name</font></font></p>
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<p style="margin: 0px; font-size: 8pt; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">First</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Year</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">of</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">Appointment</font><font style="font-family: 'Times New Roman';"> </font></p>
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<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Geraldo Toffanello</font></p>
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<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 37pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 57pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">2017</font></p>
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<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">M&#225;rcio Augustus Ribeiro (alternate)</font></p>
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<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 37pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 57pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">2007</font></p>
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<p style="margin: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Marcelo Amaral Moraes</font></p>
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<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 42pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 57pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">201</font><font style="font-family: 'Times New Roman';">9</font></p>
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<p style="margin: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Pedro Ozires Predeus (alternate)</font></p>
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<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 37pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 57pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">2005</font></p>
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<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">William Bezerra Cavalcanti Filho</font></p>
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<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 37pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 57pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">2018</font></p>
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<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Carlos Roberto de Albuquerque S&#225;</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">(alternate)</font></p>
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<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman';">0</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">On April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">4</font><font style="font-family: 'Times New Roman';">, 202</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">, at the </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">nnual and </font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">xtraordinary </font><font style="font-family: 'Times New Roman';">g</font><font style="font-family: 'Times New Roman';">eneral </font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">hareholders&#8217; </font><font style="font-family: 'Times New Roman';">m</font><font style="font-family: 'Times New Roman';">eeting</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">Flavio C&#233;sar Maia Luz, </font><font style="font-family: 'Times New Roman';">Geraldo Toffanello</font><font style="font-family: 'Times New Roman';"> and</font><font style="font-family: 'Times New Roman';"> William Bezerra Cavalcanti Filho were elected, as well as M&#225;rcio Augustus Ribeiro, Pedro Ozires Predeus and </font><font style="font-family: 'Times New Roman';">Sandra Regina de Oliveira</font><font style="font-family: 'Times New Roman';"> as </font><font style="font-family: 'Times New Roman';">their</font><font style="font-family: 'Times New Roman';"> alternates, respectively. </font><font style="font-family: 'Times New Roman';">Mr.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Luz</font><font style="font-family: 'Times New Roman';"> and Ms. Oliveira were elected in replacement of Mr.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Marcelo Amaral Moraes and Mr. Paulo Cesar Pascotini, respectively. The other members were reelected. This meeting also approved compensation for Fiscal Council members of R$18,500 per month for each effective (non-alternate) member, except for the president of the Fiscal Council, whose compensation was set at R$27,750 per month.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Summarized below is information regarding the business experience, areas of experience and principal outside business interests of the current members of our Fiscal Council. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Flavio C&#233;sar Maia Luz. </font><font style="font-family: 'Times New Roman';">Mr. Maia Luz was the </font><font style="font-family: 'Times New Roman';">President of the Fiscal Council of</font><font style="font-family: 'Times New Roman';"> Ultrapar </font><font style="font-family: 'Times New Roman';">from 2005 to 2019 and served as Coordinator of our Audit and Risks Committee from 2019 to 2021. Currently, he is a member of the Board of Directors and Audit Committee Coordinator of Livetech Ind&#250;stria e Com&#233;rcio S.A., and a member of the Board of Directors of Linx S.A., Zen Ind&#250;stria Metal&#250;rgica S.A. and Ser Educacional S.A. </font><font style="font-family: 'Times New Roman';">Mr. Maia Luz</font><font style="font-family: 'Times New Roman';"> is also the Chairman of the Board of Directors of Soares Penido Obras Constru&#231;&#245;es e Investimentos S.A. and Partner-Officer at Doing Business Consultoria Empresarial Ltda. He served as Chairman of the Fiscal Council of Duratex</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and was a member of such body for Ita&#250;sa S.A. and CTEEP S.A.</font><font style="font-family: 'Times New Roman';"> Mr, Maia Luz is also a former member of the Board of Directors of Marcopolo S.A. and Sinqia S.A. </font><font style="font-family: 'Times New Roman';">Mr. Maia Luz received a degree in civil engineering from Escola Polit&#233;cnica da Universidade de S&#227;o Paulo and a post-graduate degree in business administration from Escola de Administra&#231;&#227;o de Empresas de S&#227;o Paulo da Funda&#231;&#227;o Getulio Vargas. He also holds certificates of continuing education programs in Finance, Marketing and Mergers &amp; Acquisitions, from Harvard Business School, Stanford University and Wharton Business School, respectively.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Geraldo Toffanello</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> Mr. Toffanello has been a member of our Fiscal Council since 2017, and also is a member of the Fiscal Council of Gerdau S.A. and Metal&#250;rgica Gerdau S.A. Until 2011, he worked as a corporate accounting director of Gerdau S.A. He was a member of Fiscal Council of Dimed S.A. Distribuidora de Medicamentos and a member of the Board of Directors of Puras FO from 2012 to 2015. Mr. Toffanello served as a member of the audit and accounting standards committee of ABRASCA &#8211; </font><font style="font-family: 'Times New Roman';">Associa&#231;&#227;o Brasileira de Companhias Abertas</font><font style="font-family: 'Times New Roman';"> (Brazilian Publicly Traded Companies Association) from until 2010, a member of the council board of IFRS, and </font><font style="font-family: 'Times New Roman';">a </font><font style="font-family: 'Times New Roman';">member of the accounting pronouncements committee &#8211; CPC. He also</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">is a member of the </font><font style="font-family: 'Times New Roman';">B</font><font style="font-family: 'Times New Roman';">oard of </font><font style="font-family: 'Times New Roman';">D</font><font style="font-family: 'Times New Roman';">irectors of Parceiros Volunt&#225;rios &#8211; ONG and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">the founder of Luzes do Mundo Ltda. Mr. Toffanello received a degree in accounting from </font><font style="font-family: 'Times New Roman';">Faculdade Porto-Alegrense de Ci&#234;ncias Cont&#225;beis e Administrativas</font><font style="font-family: 'Times New Roman';"> and a postgraduate degree in accounting from </font><font style="font-family: 'Times New Roman';">Universidade Federal do Rio Grande do Sul</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">William Bezerra Cavalcanti Filho</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> Mr.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Cavalcanti Filho joined </font><font style="font-family: 'Times New Roman';">us </font><font style="font-family: 'Times New Roman';">in</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">2018 as a member of </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">Fiscal Council. Currently, he is an alternate member of Fiscal Council of Norte Energia S.A. and a member of the Audit Committee of Pr&#233;-sal Petr&#243;leo S.A. Mr.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Cavalcanti Filho is a former member, among others, of the Board of Directors of Casa da Moeda do Brasil, Guaraniana S.A. (currently NeoEnergia) and Bolsa de Valores do Rio de Janeiro (alternate member) and a member of the Fiscal Council of Sadia S.A., ALL S.A., Login-Intermodal S.A. and CPFL S.A. He was also a former Financial Executive of Banco do Brasil S.A. and Investments General Manager of Brasilcap S.A. He holds a bachelor&#8217;s degree in economics and in philosophy from PUC &#8211; </font><font style="font-family: 'Times New Roman'; font-style: italic;">Pontificia Universidade Cat&#243;lica do Rio de Janeiro </font><font style="font-family: 'Times New Roman';">and Instituto Metodista Bennett in 1982.</font><font style="font-family: 'Times New Roman';"> </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Corporate Governance </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We are incorporated under the laws of Brazil and we are subject to Brazilian laws related to corporate governance. Under Brazilian Corporate Law, there are no legal requirements with respect to corporate governance regarding (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the independence of our Board of Directors, (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">meetings of non-management directors, (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the mandatory establishment and composition of certain board committees or (iv)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the adoption and disclosure of corporate governance guidelines or codes of business conduct and ethics. As a non-U.S. issuer, we are exempt from adopting certain NYSE corporate governance requirements. However, we aim to ensure that best practices, recommendations and standards of corporate governance are employed in our functioning and operations. As of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, we had adopted corporate governance practices, such as the requirement that at least 30% of the members </font><font style="font-family: 'Times New Roman';">of the Board of Directors be independent, the implementation of a code of ethics for Ultra S.A., Parth, senior officers and all employees, and the implementation of the strategy, people and audit and risks committees. According to our bylaws, the Fiscal Council will act on a non-permanent basis and will be installed when requested by our shareholders as set forth in Brazilian Corporate Law. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2000, B3 introduced three special listing segments, known as Levels 1 and 2 of Differentiated Corporate Governance Practices and </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';">, which seek to foster a secondary market for securities issued by Brazilian companies with securities listed on B3, by requiring such companies to follow good practices of corporate governance. The listing segments were designed for the trading of shares issued by companies voluntarily abiding by corporate governance practices and disclosure requirements in addition to those already imposed by Brazilian Corporate Law. These rules generally increase shareholders&#8217; rights and enhance the disclosure of information provided to shareholders. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2005, we entered into an agreement with B3 and have complied with the requirements to become a Level</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">1 Company, which is the entrance level of the Differentiated Corporate Governance Practices of B3. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In</font><font style="font-family: 'Times New Roman';"> 2011, the </font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">xtraordinary </font><font style="font-family: 'Times New Roman';">general s</font><font style="font-family: 'Times New Roman';">hareholders&#8217; </font><font style="font-family: 'Times New Roman';">m</font><font style="font-family: 'Times New Roman';">eeting </font><font style="font-family: 'Times New Roman';">and the special preferred shareholders&#8217; meeting approved the conversion of each preferred share into one common voting share, the migration of Ultrapar to </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';"> segment of B3 and amendments to our bylaws. See &#8220;Exhibit 2.11&#8212;Rules of </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';">&#8221;. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2017, new Listing Rules for the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';"> were approved by the CVM and became effective as of January</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">2, 2018. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Some of the modifications of the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';"> Listing Rules may be adopted until the General Shareholders Meeting of 2022, which include the following requirements: (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">set up an audit committee (statutory or non-statutory); (ii) structure and disclose a process of assessment of the Board of Directors, its committees and the executive officers; (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">establish and disclose of a Code of Conduct, as well as a Compensation Policy, a Nomination Policy for the Board of Directors, its Committees and Executive Officer, a Risk Management Policy, a Related Party Transaction Policy and a Securities Trading Policy, all of them with minimum requirements. </font><font style="font-family: 'Times New Roman';">As of the date of this annual report, we are</font><font style="font-family: 'Times New Roman';"> in full compliance with such rules.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our bylaws are already adapted to the listing requirements of </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';">. In addition, we have provisions that exceed such requirements. For example, according to the rules of </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';"> the minimum percentage of independent members of the Board of Directors is set at 20%, while a minimum of 30% is required in our bylaws. Our bylaws also establish a mandatory tender offer for 100% of the Company&#8217;s shareholders in the event a shareholder, or a group of shareholders acting in concert, acquire or become holder of 20% of the Company&#8217;s shares, excluding treasury shares. Our bylaws do not establish any limitation on voting rights, special treatment to current shareholders, public tender offers for a price above that of the acquisition price of shares or any other poison pill provisions, thus assuring the effectiveness of a majority shareholders&#8217; approval on all matters to be deliberated. See &#8220;Exhibit</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">1.1&#8212;Bylaws of Ultrapar, dated as of April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">4</font><font style="font-family: 'Times New Roman';">, 202</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">&#8221;. </font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Description of the Audit and Risks Committee </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our bylaws establish the audit and risks committee as an ancillary body of the Board of Directors. The audit and risks committee shall be comprised of at least three members and shall include at least one independent Director and at least one member with recognized experience in corporate accounting matters, as provided in the applicable regulations of the CVM. All members shall be elected by the Board of Directors for a term of office of two years, and the term shall coincide with the term of office of the Directors, with reelection being permitted for successive terms. A single member of the audit and risks committee may concentrate the two above mentioned requirements. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The audit and risks committee shall (a)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">recommend to the Board of Directors the retention and dismissal of independent audit services, as well as propose to the Board of Directors the nomination of the independent auditor and their replacement; (b)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">review the management report and the financial statements of the Company and of its controlled companies, and provide the recommendations it deems necessary to the Board of Directors; (c)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">review the quarterly financial information and the periodic financial statements prepared by the Company; (d)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">monitor the activities of the Company&#8217;s internal audit and internal controls departments, including follow-up and assessment of the effectiveness and sufficiency of the internal control structure and of the internal and independent audit processes of the Company and of its controlled companies, including in relation to the provisions set forth in the Sarbanes-Oxley Act, submitting the recommendations it deems necessary for the improvement of policies, practices and procedures; (e)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">evaluate and monitor the Company&#8217;s risk exposure per the Risk Management Policy, as well as provide its opinion on any review of the contents thereof, in addition to advising the Board of Directors in connection with the setting of acceptable risk levels; (f)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">establish procedures for the acceptance and handling of information submitted by any party relating to alleged noncompliance with applicable legal and regulatory requirements applicable to the Company, in addition to internal regulations, policies and codes, including procedures for confidential or anonymous submission, safeguarding information secrecy; (g)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">interact with the other Company&#8217;s governing bodies in connection with the receipt and review of information on noncompliance with legal and regulatory requirements applicable to the Company, as well as with internal regulations; and (h)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">provide its opinion on the matters submitted to it by the Board of Directors, as well as on those matters it determines to be relevant. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020, Mr.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Fl&#225;vio Cesar Maia Luz, Ms.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Ana Paula </font><font style="font-family: 'Times New Roman';">Vitali </font><font style="font-family: 'Times New Roman';">Janes Vescovi, Mr.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Joaquim Pedro de Mello and Mr.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Jos&#233; Maur&#237;cio Pereira Coelho were members of the audit and risks committee appointed the Board of Directors at the meeting</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">held on May</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">15, 2019, for a two-year term, that coincide with the term of office of the Directors. See &#8220;Exhibit 1.1&#8212;Bylaws of Ultrapar, dated as of April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">14, 2021&#8221;. </font><font style="font-family: 'Times New Roman';">Their </font><font style="font-family: 'Times New Roman';">terms of office ended at the </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">nnual and </font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">xtraordinary </font><font style="font-family: 'Times New Roman';">general s</font><font style="font-family: 'Times New Roman';">hareholders&#8217; </font><font style="font-family: 'Times New Roman';">m</font><font style="font-family: 'Times New Roman';">eeting</font><font style="font-family: 'Times New Roman';"> held on April 14, 2021. The Board of Directors appointed </font><font style="font-family: 'Times New Roman';">Ms. Ana Paula Vitali Janes Vescovi, Mr. Jorge Marques de Toledo Camargo and Mr. Jos&#233; Maur&#237;cio Pereira Coelho as </font><font style="font-family: 'Times New Roman';">members of the audit and risks committee in a meeting held on April </font><font style="font-family: 'Times New Roman';">14</font><font style="font-family: 'Times New Roman';">, 2021. </font><font style="font-family: 'Times New Roman';">Ms. Ana Paula Vitali Janes Vescovi</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">will also act as coordinator of the committee. </font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Description of the People Committee </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our bylaws establish the people committee as an ancillary body of the Board of Directors. The people committee shall (a)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">pursuant to the proposal received from the Chief Executive Officer, propose to the Board of Directors and periodically revise the parameters and guidelines of a remuneration and benefits framework to directors, executive officers and senior employees of the Company and subsidiaries, and members of the committees and other governing bodies assisting the Board of Directors, (b)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">propose to the Board of Directors, pursuant to the proposal received from the Chief Executive Officer, the overall compensation of the directors and executive officers of the Company, which shall be submitted to the shareholders&#8217; meeting, and propose the individual compensation of the Board of Executive Officers; (c)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">ensure that the Company prepares itself adequately for the succession of its directors, executive officers and other key employees, particularly the Chief Executive Officer and the principal executive officers; and (d)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">carry out diligence and supervise the steps taken to ensure that the Company adopts a model of competence and leadership, attraction, retention and motivation in line with its strategic plans. As approved </font><font style="font-family: 'Times New Roman';">at</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">xtraordinary </font><font style="font-family: 'Times New Roman';">and </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">nnual </font><font style="font-family: 'Times New Roman';">general s</font><font style="font-family: 'Times New Roman';">hareholders&#8217; </font><font style="font-family: 'Times New Roman';">m</font><font style="font-family: 'Times New Roman';">eeting </font><font style="font-family: 'Times New Roman';">held on April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">10, 2019, the denomination of such committee was modified from the people and organization to the people committee. In addition, the composition of such committee was modified to determine that it shall be comprised of at least three members, of which at least two must be independent directors. See &#8220;Exhibit 1.1&#8212;Bylaws of Ultrapar, dated as of April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">14,</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">2021&#8221;. </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The people committee was installed by the Board of Directors at the meeting held on November</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">9, 2011. As of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020, Mr.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Alexandre Gon&#231;alves Silva, Mr.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Nildemar Secches, Mr.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Lucio de Castro Andrade Filho and Mr.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Jos&#233; Gall&#243; were members of the people committee as appointed by the Board of Directors at the meeting held on May</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">15, 2019 for a two-year term, that coincide with the term of office of the Directors. See &#8220;Exhibit 1.1&#8212;Bylaws of Ultrapar, dated as of April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">14, 2021&#8221;. </font><font style="font-family: 'Times New Roman';">Their terms of office ended at the </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">nnual and </font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">xtraordinary </font><font style="font-family: 'Times New Roman';">general s</font><font style="font-family: 'Times New Roman';">hareholders&#8217; </font><font style="font-family: 'Times New Roman';">m</font><font style="font-family: 'Times New Roman';">eeting </font><font style="font-family: 'Times New Roman';">held on April 14, 2021. The Board of Directors </font><font style="font-family: 'Times New Roman';">appointed </font><font style="font-family: 'Times New Roman';">Mr.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Jos&#233; Gall&#243;, Mr.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Lucio de Castro Andrade Filho</font><font style="font-family: 'Times New Roman';">, Mr. </font><font style="font-family: 'Times New Roman';">Alexandre Teixeira de</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Assump&#231;&#227;o Saigh</font><font style="font-family: 'Times New Roman';"> and </font><font style="font-family: 'Times New Roman';">Mr. Jos&#233; Luiz Alqu&#233;res</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as members of the people committee in a meeting held on April </font><font style="font-family: 'Times New Roman';">14</font><font style="font-family: 'Times New Roman';">, 2021. Mr. </font><font style="font-family: 'Times New Roman';">Jos&#233; Gall&#243;</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">will also act as coordinator of the committee.</font><font style="font-family: 'Times New Roman';"> </font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Description of the Strategy Committee </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our bylaws establish the strategy committee as an ancillary body of the Board of Directors. The strategy committee shall be comprised entirely of Directors and its duties shall be as follows: (a)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">to advise the Board of Directors in overall business direction, as well as in the drafting and monitoring of the Company&#8217;s strategic plans and budgets; (b)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">to provide its opinion on, and monitor, the Company&#8217;s strategic partnerships and main investments, as provided in the Investment Policy; and (c)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">to provide its opinion on the capital allocation strategy and on the management of the Company&#8217;s portfolio, including mergers and acquisitions. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020, Mr.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Pedro Wongtschowski, Ms.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Fl&#225;via Buarque de Almeida, Mr.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Jorge Marques de Toledo Camargo and Mr.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Lucio de Castro Andrade Filho were members of the strategy committee appointed by the Board of Directors at the meeting held on May</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">15, 2019, for a two-year term, that coincide with the term of office of the Directors. See &#8220;Exhibit 1.1&#8212;Bylaws of Ultrapar, dated as of April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">14, 2021&#8221;. </font><font style="font-family: 'Times New Roman';">Their terms of office ended at the </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">nnual and </font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">xtraordinary </font><font style="font-family: 'Times New Roman';">general s</font><font style="font-family: 'Times New Roman';">hareholders&#8217; </font><font style="font-family: 'Times New Roman';">m</font><font style="font-family: 'Times New Roman';">eeting </font><font style="font-family: 'Times New Roman';">held on April 14, 2021. The Board of Directors </font><font style="font-family: 'Times New Roman';">appointed </font><font style="font-family: 'Times New Roman';">Mr.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Pedro Wongtschowski, Ms.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Fl&#225;via Buarque de Almeida, Mr.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Jorge Marques de Toledo Camargo and </font><font style="font-family: 'Times New Roman';">Mr. Marcos Marinho Lutz </font><font style="font-family: 'Times New Roman';">as </font><font style="font-family: 'Times New Roman';">members of the strategy committee in a meeting held on April </font><font style="font-family: 'Times New Roman';">14</font><font style="font-family: 'Times New Roman';">, 2021. Mr. </font><font style="font-family: 'Times New Roman';">Pedro Wongtschowski</font><font style="font-family: 'Times New Roman';"> will also act as coordinator of the committee.</font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Termination Agreements </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Not applicable. </font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>152</font></font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin-top: 12pt; margin-left: 24.4pt; margin-bottom: 0pt; text-indent: -24.4pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">D.</font><font style="width: 14.68pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Employees </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, we had 1</font><font style="font-family: 'Times New Roman';">5</font><font style="font-family: 'Times New Roman';">,946 employees. The following table sets forth our number of employees per line of business at the dates indicated:</font><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 11pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td colspan="5" style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">As of December</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">31,</font><font style="font-family: 'Times New Roman';"> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td colspan="5" style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Number of employees</font><font style="font-family: 'Times New Roman';"> </font></p>
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<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px;"><br></td>
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<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2020</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font><font style="font-family: 'Times New Roman';"> </font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2018</font><font style="font-family: 'Times New Roman';"> </font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; margin-left: 0.1px; height: 17px; width: 74%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Holding</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px; width: 7%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">405</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px; width: 2%; background-color: #cceeff;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px; width: 7%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">393</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px; width: 2%; background-color: #cceeff;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px; width: 7%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">440</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; width: 1%; background-color: #cceeff;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="vertical-align: top; margin-left: 0.1px; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultragaz</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">3,397</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">3,414</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">3,511</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultracargo</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">926</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">792</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">710</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; background-color: #cceeff;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="vertical-align: top; margin-left: 0.1px; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Oxiteno</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">1,851</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">1,844</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">1,943</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ipiranga</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">3,378</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">3,289</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">3,318</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; background-color: #cceeff;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="vertical-align: top; margin-left: 0.1px; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Extrafarma</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">5,921</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">6,292</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">7,112</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">abastece a&#237;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">68</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; background-color: #cceeff;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 10px;">
<td style="vertical-align: bottom; margin-left: 0.1px; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Ultrapar</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 10px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">15,946</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 10px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 10px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">16,024</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 10px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px; height: 10px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">17,034</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; margin-left: 0.1px;"><br></td>
</tr>

</table>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar&#8217;s employees are covered by collective agreements with the labor unions that represent different industry sectors: Ultragaz in the gas and oil products sectors; Ipiranga in the fuel distribution sector; Oxiteno in the chemicals sector; Ultracargo in the storage sector; Extrafarma in the retail pharmacy business; and Holding </font><font style="font-family: 'Times New Roman';">and abastece a&#237; </font><font style="font-family: 'Times New Roman';">in the trade union of accounting service companies since January 2020. All agreements, signed between the companies and labor unions of each sector, addresses social, financial, labor union and labor relations issues.&nbsp;</font></p>
</div>
<div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2001, our Board of Directors approved the adoption of a defined contribution pension plan to be sponsored by Ultrapar and each of its subsidiaries. Participating employees have been contributing to this plan, managed by Ultraprev&#8212;</font><font style="font-family: 'Times New Roman'; font-style: italic;">Associa&#231;&#227;o de Previd&#234;ncia Complementar</font><font style="font-family: 'Times New Roman';">, since 2001. Under the terms of the plan, every year each participating employee chooses his or her basic contribution to the plan. Each sponsoring company provides a matching contribution in an amount equivalent to each basic contribution, up to a limit of 11% of the employee&#8217;s base salary, according to the rules of the plan. As participating employees retire, they may choose to receive either (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">a monthly sum ranging between 0.3% and 1.0% of their respective contribution (including accumulated funds) in Ultraprev or (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">a fixed monthly amount which will exhaust their respective contribution (including accumulated funds) over a period of 5 to 35 years. The sponsoring company does not guarantee the amounts, or the duration of the benefits received by each employee that retires. The total number of participating employees as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020 was </font><font style="font-family: 'Times New Roman';">7,</font><font style="font-family: 'Times New Roman';">290</font><font style="font-family: 'Times New Roman';">. </font></p>
</div>
<div>
<p style="margin-top: 12pt; margin-left: 24.4pt; margin-bottom: 0pt; text-indent: -24.4pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">E.</font><font style="width: 15.23pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Share Ownership </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In accordance with our bylaws, our common shares are our sole class of capital stock authorized and outstanding. They entitle their holders to voting rights on any matter. See &#8220;Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">6.</font><font style="font-family: 'Times New Roman';">C</font><font style="font-family: 'Times New Roman';">. Directors, Senior Management and Employees&#8212;Board Practices&#8212;Corporate Governance&#8221;. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">On April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">10, 2019, the </font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">xtraordinary and </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">nnual </font><font style="font-family: 'Times New Roman';">general s</font><font style="font-family: 'Times New Roman';">hareholders&#8217; </font><font style="font-family: 'Times New Roman';">m</font><font style="font-family: 'Times New Roman';">eeting </font><font style="font-family: 'Times New Roman';">approved a stock split of the shares issued by Ultrapar, so that each share would be represented by two shares of the same class and type, and Ultrapar&#8217;s capital stock became composed of 1,112,810,192. The stock split shall not involve any change in the capital stock, therefore being no alteration in the financial amount and shareholder participation in the Company&#8217;s capital stock. The share split was implemented on April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">24, 2019, which was also the date that the corresponding stock split of our American Depositary Shares was implemented. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">On February</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">19, 2020, August 18, 2020 and February 24, 2021, our Board of Directors approved the issuance of 2,108,542, 86,978 and 70,939</font><font style="font-family: 'Times New Roman';">, respectively,</font><font style="font-family: 'Times New Roman';"> common shares within the limits of the authorized capital stock pursuant to Article 6 of the Company&#8217;s Bylaws, due to the partial exercise of the subscription warrants issued by the Company to the former Extrafarma shareholders in connection with the merger of shares of Extrafarma in 2014. As of the date of this annual report, the Company&#8217;s capital stock is represented by 1,115,076,651 common shares, all of them nominative and with no par value. </font></p>
<p style="margin: 0px; text-align: justify; font-size: 10pt; text-indent: 0px;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>153</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The table below sets forth the number of our common shares beneficially owned by each of our</font><font style="font-family: 'Times New Roman';"> current</font><font style="font-family: 'Times New Roman';"> directors and executive officers as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020, including through their participation in Ultra S.A., and does not reflect changes to our capital stock subsequent to such date: </font></p>
<table cellspacing="0" cellpadding="0" style="margin: 0px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 408px; text-indent: 0px;" width="100%">

<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 82.0932%;">
<p style="margin: 0px; font-size: 11pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 9.8937%;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 1.96239%;"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 4.98774%;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 0.981194%;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 82.0932%;">
<p style="margin: 0px; break-after: avoid; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td colspan="3" style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 16.8438%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Total</font><font style="font-family: 'Times New Roman';"> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 0.981194%;"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 82.0932%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 9.8937%; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Common</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Shares</font><font style="font-family: 'Times New Roman';"> </font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 1.96239%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 4.98774%; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">%</font><font style="font-family: 'Times New Roman';"> </font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 0.981194%; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 82.0932%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Board of Directors</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 9.8937%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 1.96239%; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 4.98774%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 0.981194%; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 82.0932%; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Pedro Wongtschowski</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 9.8937%; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">4,806,891</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 1.96239%; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 4.98774%; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 11.17pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">0.4%</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 0.981194%; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 82.0932%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Lucio de Castro Andrade Filho</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(1)</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 9.8937%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">11,298,309</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 1.96239%; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 4.98774%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 11.17pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">1.0%</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 0.981194%; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 82.0932%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Alexandre </font><font style="font-family: 'Times New Roman';">Teixeira de Assump&#231;&#227;o Saigh</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(2)</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 9.8937%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 1.96239%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 4.98774%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 11.17pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">0.0%</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 0.981194%; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 82.0932%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Ana Paula Vitali Janes Vescovi</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 9.8937%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 1.96239%; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 4.98774%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 11.17pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">0.0%</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 0.981194%; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 82.0932%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Fl</font><font style="font-family: 'Times New Roman';">&#225;</font><font style="font-family: 'Times New Roman';">via Buarque de Almeida</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 9.8937%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 1.96239%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 4.98774%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 11.17pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">0.0%</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 0.981194%; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 82.0932%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Jorge Marques de Toledo Camargo</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 9.8937%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 1.96239%; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 4.98774%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 11.17pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">0.0%</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 0.981194%; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 82.0932%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Jos&#233; Gallo</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(3)</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 9.8937%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">76,000</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 1.96239%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 4.98774%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 11.17pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">0.0%</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 0.981194%; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 82.0932%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Jos&#233; Luiz Alqu&#233;res</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(4)</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 9.8937%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 57pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 67pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 1.96239%; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 4.98774%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 11.17pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">0.0%</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 0.981194%; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 82.0932%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Jos&#233; Maur&#237;cio Pereira Coelho</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 9.8937%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 1.96239%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 4.98774%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 11.17pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">0.0%</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 0.981194%; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 82.0932%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Marcos Marinho Lutz</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(4)</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 9.8937%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1,852,991</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 1.96239%; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 4.98774%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">0.2%</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 0.981194%; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 82.0932%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Ot&#225;vio Lopes Castello Branco Neto</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(4)</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 9.8937%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 1.96239%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 4.98774%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 11.17pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">0.0%</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 0.981194%; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 82.0932%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Executive Officers</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 9.8937%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 1.96239%; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 4.98774%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 0.981194%; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 82.0932%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Frederico Pinheiro Fleury Curado</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(5)</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 9.8937%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">806,507</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 1.96239%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 4.98774%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 11.17pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">0.1%</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 0.981194%; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 82.0932%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Rodrigo</font><font style="font-family: 'Times New Roman';"> de </font><font style="font-family: 'Times New Roman';">Almeida Pizzinatto</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(5</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">)</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 9.8937%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">274,821</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 1.96239%; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 4.98774%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 11.17pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">0.0%</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 0.981194%; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 82.0932%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">D&#233;cio de Sampaio Amaral</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(5) </font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 9.8937%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">159,161</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 1.96239%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 4.98774%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 11.17pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">0.0%</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 0.981194%; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 82.0932%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Jo&#227;o Benjamin Parolin</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(5)</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 9.8937%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">81,044</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 1.96239%; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 4.98774%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 11.17pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">0.0%</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 0.981194%; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 82.0932%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Marcelo Pereira Malta de Ara&#250;jo</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(3) (5)</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 9.8937%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">336,117</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 1.96239%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 4.98774%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 11.17pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">0.0%</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 0.981194%; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 82.0932%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Tabajara Bertelli Costa</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(5)</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 9.8937%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">220,000</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 1.96239%; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 4.98774%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">0.0%</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 0.981194%; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px;">
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 82.0932%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Board of Directors and Executive Officers</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 9.8937%; border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 22pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 67pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">19,911,841</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 1.96239%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 4.98774%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 9.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">1.8%</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 0.981194%; vertical-align: bottom;" valign="bottom"><br></td>
</tr>
<tr style="margin-left: 0.1px; height: 17px; background-color: #cceeff;">
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 82.0932%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Total</font><font style="font-family: 'Times New Roman'; font-size: 5.67pt; vertical-align: super;">(6)</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 9.8937%; background-color: #cceeff; border-bottom: 2.8pt double #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 9.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 67pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">1,115,005,712</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 1.96239%; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 4.98774%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; width: 0.981194%; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
</tr>

</table>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 11.6517%; border-bottom: 1pt solid #000000;"><br></td>
<td style="width: 88.3483%;"><br></td>
</tr>

</table>
<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><sub><font style="font-family: 'Times New Roman'; vertical-align: super;">(1)</font></sub><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="width: 8.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Individuals who beneficially own shares primarily through their participation in the holding company Ultra S.A. See &#8220;Item 7.A. Major Shareholders and Related Party Transactions&#8212;Major Shareholders&#8221;. </font></p>
<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><sub><font style="font-family: 'Times New Roman'; vertical-align: super;">(2)</font></sub><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="width: 8.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Member of the Board of Directors </font><font style="font-family: 'Times New Roman';">elected</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">for his first term at the </font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">xtraordinary </font><font style="font-family: 'Times New Roman';">general shareholders&#8217; meeting </font><font style="font-family: 'Times New Roman';">held in September 2020.</font></p>
<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><sub><font style="font-family: 'Times New Roman'; vertical-align: super;">(3)</font></sub><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="width: 8.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Individual who owns shares through an exclusive fund. </font></p>
<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><sub><font style="font-family: 'Times New Roman'; vertical-align: super;">(4)</font></sub><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="width: 8.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Members of the Board of Directors </font><font style="font-family: 'Times New Roman';">elected</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">for their first term at the </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">nnual </font><font style="font-family: 'Times New Roman';">general shareholders&#8217; meeting </font><font style="font-family: 'Times New Roman';">held in April 2021. </font></p>
<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><sub><font style="font-family: 'Times New Roman'; vertical-align: super;">(5)</font></sub><font style="font-family: 'Times New Roman';"> </font><font style="width: 8.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Executives who were granted shares through the Deferred Stock Plan.</font></p>
<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><sub><font style="font-family: 'Times New Roman'; vertical-align: super;">(6)</font></sub><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="width: 8.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">The total number of common shares has not been adjusted to reflect the issuance of 70,939 new common shares that occurred in February 2021 as a result of the partial exercise of the subscription warrants issued to the former Extrafarma shareholders.</font></p>
<p style="margin: 0px; text-align: justify; font-size: 10pt; text-indent: 0px;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>154</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
</div>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<div style="margin: 24pt 0pt 0pt; text-indent: 0pt; break-after: avoid; font-size: 10pt;"><a style="text-decoration: none; color: rgb(0, 0, 0); cursor: default; outline: none; pointer-events: none;" href="#" name="BITEM7_0W93TS510W00000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">ITEM</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">7.</font><font style="width: 18.43pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS </font></a></div>
<p style="margin-top: 6pt; margin-left: 24.5pt; margin-bottom: 0pt; text-indent: -24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">A.</font><font style="width: 14.78pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Major Shareholders </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The table below shows the capital stock of Ultrapar as of the date of this annual report: </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto; height: 153px;" width="100%">

<tr style="height: 17px; margin-left: 0.1px;">
<td style="height: 17px; margin-left: 0.1px;">
<p><font style="font-weight: bold; font-size: 8pt;">&nbsp;</font></p>
</td>
<td style="height: 17px; margin-left: 0.1px;"><br></td>
<td colspan="3" style="height: 17px; margin-left: 0.1px; border-bottom: 1pt solid #000000;">
<p style="text-align: center;"><font style="font-weight: bold; font-size: 8pt;">Total&nbsp;</font></p>
</td>
<td style="height: 17px; margin-left: 0.1px; border-bottom: 1pt solid #000000;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p><font style="font-weight: bold; font-size: 8pt;">&nbsp;</font></p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; border-bottom: 1pt solid #000000;">
<p style="text-align: center;"><font style="font-weight: bold; font-size: 8pt;">Common&nbsp;Shares</font></p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; border-bottom: 1pt solid #000000;">
<p style="text-align: center;"><font style="font-weight: bold; font-size: 8pt;">%</font></p>
</td>
<td style="height: 17px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
</tr>


<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff; width: 79%;">
<p><font style="font-weight: bold;">Shareholders</font></p>
</td>
<td style="height: 17px; background-color: #cceeff; width: 2%;"><br></td>
<td style="height: 17px; background-color: #cceeff; width: 8%;">
<p>&nbsp;</p>
</td>
<td style="height: 17px; background-color: #cceeff; width: 2%;"><br></td>
<td style="height: 17px; background-color: #cceeff; width: 8%;">
<p>&nbsp;</p>
</td>
<td style="height: 17px; background-color: #cceeff; width: 1%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>Ultra S.A. Participa&#231;&#245;es</p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
<td style="text-align: right; height: 17px;">
<p>279,593,690</p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
<td style="text-align: right; height: 17px;">
<p>&nbsp;25%&nbsp;</p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p>Parth do Brasil Participa&#231;&#245;es</p>
</td>
<td style="text-align: right; height: 17px; background-color: #cceeff;"><br></td>
<td style="text-align: right; height: 17px; background-color: #cceeff;">
<p>&nbsp;85,667,912</p>
</td>
<td style="text-align: right; height: 17px; background-color: #cceeff;"><br></td>
<td style="text-align: right; height: 17px; background-color: #cceeff;">
<p>&nbsp;8%</p>
</td>
<td style="text-align: right; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>BlackRock, Inc</p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
<td style="text-align: right; height: 17px;">
<p>&nbsp;55,813,586</p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
<td style="text-align: right; height: 17px;">
<p>&nbsp;5%</p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p>Others</p>
</td>
<td style="text-align: right; height: 17px; background-color: #cceeff;"><br></td>
<td style="text-align: right; height: 17px; background-color: #cceeff;">
<p>&nbsp;694,001,463</p>
</td>
<td style="text-align: right; height: 17px; background-color: #cceeff;"><br></td>
<td style="text-align: right; height: 17px; background-color: #cceeff;">
<p>&nbsp;62%</p>
</td>
<td style="text-align: right; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>&nbsp;</p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
<td style="text-align: right; height: 17px;">
<p>&nbsp;</p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
<td style="text-align: right; height: 17px;">
<p>&nbsp;</p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p><font style="font-weight: bold;">Total<sup>(1)</sup></font></p>
</td>
<td style="text-align: right; height: 17px; background-color: #cceeff;"><br></td>
<td style="text-align: right; height: 17px; background-color: #cceeff; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000;">
<p><font style="font-weight: bold;">&nbsp;1,115,076,651</font></p>
</td>
<td style="text-align: right; height: 17px; background-color: #cceeff;"><br></td>
<td style="text-align: right; height: 17px; background-color: #cceeff; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000;">
<p><font style="font-weight: bold;">&nbsp;100%</font></p>
</td>
<td style="text-align: right; height: 17px; background-color: #cceeff;"><br></td>
</tr>

</table>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; margin-left: auto; margin-right: auto;">

<tr>
<td style="width: 10%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
<td style="width: 90%;"><br></td>
</tr>

</table>
<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 4.67pt; vertical-align: super;">(1)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="width: 8.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">The total number of common shares has been adjusted to reflect the issuance of 70,939 new common shares that occurred in February 2021 as a result of the partial exercise of the subscription warrants issued to the former Extrafarma shareholders. </font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Ownership and Capital Structure of Ultra S.A. Participa&#231;&#245;es and Parth do Brasil Participa&#231;&#245;es </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">, Ultra S.A. and Parth owned </font><font style="font-family: 'Times New Roman';">approximately </font><font style="font-family: 'Times New Roman';">25</font><font style="font-family: 'Times New Roman';">% and 8%, respectively, of Ultrapar&#8217;s voting shares. As of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, </font><font style="font-family: 'Times New Roman';">2020</font><font style="font-family: 'Times New Roman';">, the capital stock of Ultra S.A. and Parth were beneficially owned as follows: </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="margin-right: auto; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.8366%;" width="100%">

<tr style="background-color: #cceeff;">
<td style="background-color: #cceeff;">
<p><font style="font-weight: bold;">Ultra S.A.</font></p>
</td>
<td style="background-color: #cceeff;"><br></td>
<td style="background-color: #cceeff;">
<p>&nbsp;</p>
</td>
<td style="background-color: #cceeff;"><br></td>
<td style="background-color: #cceeff;">
<p>&nbsp;</p>
</td>
<td style="background-color: #cceeff;"><br></td>
</tr>
<tr>
<td>
<p>&nbsp;</p>
</td>
<td><br></td>
<td colspan="3" style="border-bottom: 1pt solid #000000;">
<p style="text-align: center;"><font style="font-size: 8pt; font-weight: bold;">Total</font></p>
</td>
<td style="border-bottom: 1pt solid #000000;"><br></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="border-top: 1pt solid #000000; background-color: #cceeff;">
<p>&nbsp;</p>
</td>
<td style="background-color: #cceeff;"><br></td>
<td style="border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="text-align: center;"><font style="font-size: 8pt; font-weight: bold;">Shares</font></p>
</td>
<td style="background-color: #cceeff;"><br></td>
<td style="border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="text-align: center;"><font style="font-size: 8pt; font-weight: bold;">%</font></p>
</td>
<td style="background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
</tr>
<tr>
<td style="width: 79%;">
<p><font style="font-weight: bold;">Shareholders</font></p>
</td>
<td style="width: 2%;"><br></td>
<td style="width: 8%;">
<p>&nbsp;</p>
</td>
<td style="width: 2%;"><br></td>
<td style="width: 8%;">
<p>&nbsp;</p>
</td>
<td style="width: 1%;"><br></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="background-color: #cceeff;">
<p>P&#225;tria Private Equity VI FIP Multiestrat&#233;gia</p>
</td>
<td style="background-color: #cceeff;"><br></td>
<td style="text-align: right; background-color: #cceeff;">
<p>&nbsp;18,958,000</p>
</td>
<td style="background-color: #cceeff;"><br></td>
<td style="background-color: #cceeff;">
<p style="text-align: right;">20%</p>
</td>
<td style="background-color: #cceeff;"><br></td>
</tr>
<tr>
<td>
<p>Fabio Igel.</p>
</td>
<td><br></td>
<td style="text-align: right;">
<p>&nbsp;17,118,601</p>
</td>
<td><br></td>
<td>
<p style="text-align: right;">18%</p>
</td>
<td style="text-align: right;"><br></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="background-color: #cceeff;">
<p>Ana Maria Levy Villela Igel</p>
</td>
<td style="background-color: #cceeff;"><br></td>
<td style="text-align: right; background-color: #cceeff;">
<p>&nbsp;12,477,584</p>
</td>
<td style="background-color: #cceeff;"><br></td>
<td style="background-color: #cceeff;">
<p style="text-align: right;">13%</p>
</td>
<td style="background-color: #cceeff;"><br></td>
</tr>
<tr>
<td>
<p>Christy Participa&#231;&#245;es LTDA</p>
</td>
<td><br></td>
<td style="text-align: right;">
<p>&nbsp;9,039,643</p>
</td>
<td><br></td>
<td>
<p style="text-align: right;">10%</p>
</td>
<td><br></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="background-color: #cceeff;">
<p>Marcia Igel Joppert</p>
</td>
<td style="background-color: #cceeff;"><br></td>
<td style="text-align: right; background-color: #cceeff;">
<p>&nbsp;7,605,892</p>
</td>
<td style="background-color: #cceeff;"><br></td>
<td style="background-color: #cceeff;">
<p style="text-align: right;">8%</p>
</td>
<td style="background-color: #cceeff;"><br></td>
</tr>
<tr>
<td>
<p>Joyce Igel de Castro Andrade</p>
</td>
<td><br></td>
<td style="text-align: right;">
<p>&nbsp;6,998,377</p>
</td>
<td><br></td>
<td>
<p style="text-align: right;">7%</p>
</td>
<td><br></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="background-color: #cceeff;">
<p>IgelPar Participa&#231;&#245;es S.A</p>
</td>
<td style="background-color: #cceeff;"><br></td>
<td style="text-align: right; background-color: #cceeff;">
<p>&nbsp;4,075,862</p>
</td>
<td style="background-color: #cceeff;"><br></td>
<td style="background-color: #cceeff;">
<p style="text-align: right;">4%</p>
</td>
<td style="background-color: #cceeff;"><br></td>
</tr>
<tr>
<td>
<p>Others</p>
</td>
<td><br></td>
<td style="text-align: right;">
<p>&nbsp;12,984,611</p>
</td>
<td><br></td>
<td>
<p style="text-align: right;">14%</p>
</td>
<td><br></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="background-color: #cceeff;">
<p><font style="font-weight: bold;">Total</font> <font style="font-weight: bold;">Shareholders</font></p>
</td>
<td style="background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="text-align: right;"><font style="font-weight: bold;">89,258,570</font></p>
</td>
<td style="background-color: #cceeff;"><br></td>
<td style="border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="text-align: right;"><font style="font-weight: bold;">94%</font></p>
</td>
<td style="background-color: #cceeff;"><br></td>
</tr>

</table>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="height: 95px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-right: auto;" width="100%">

<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff; width: 79%;">
<p><font style="font-weight: bold;">Directors and officers</font></p>
</td>
<td style="height: 17px; background-color: #cceeff; width: 2%;"><br></td>
<td style="height: 17px; background-color: #cceeff; width: 8%;">
<p>&nbsp;</p>
</td>
<td style="height: 17px; background-color: #cceeff; width: 2%;"><br></td>
<td style="height: 17px; background-color: #cceeff; width: 8%;">
<p>&nbsp;</p>
</td>
<td style="height: 17px; background-color: #cceeff; width: 1%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>Lucio de Castro Andrade Filho</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px;">
<p style="text-align: right;">&nbsp;3,880,337</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px;">
<p style="text-align: right;">&nbsp;4%</p>
</td>
<td style="height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p>Pedro Wongtschowski</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>&nbsp;1,650,918</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; background-color: #cceeff;">
<p style="text-align: right;">&nbsp;2%</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p><font style="font-weight: bold;">Total directors and officers</font></p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p><font style="font-weight: bold;">&nbsp;5,531,255</font></p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="text-align: right;"><font style="font-weight: bold;">&nbsp;6%</font></p>
</td>
<td style="text-align: right; height: 17px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="height: 10px; background-color: #cceeff;">
<p><font style="font-weight: bold;">Total</font></p>
</td>
<td style="height: 10px; background-color: #cceeff;"><br></td>
<td style="height: 10px; text-align: right; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p><font style="font-weight: bold;">&nbsp;94,789,825</font></p>
</td>
<td style="height: 10px; background-color: #cceeff;"><br></td>
<td style="height: 10px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="text-align: right;"><font style="font-weight: bold;">&nbsp;100%</font></p>
</td>
<td style="height: 10px; background-color: #cceeff;"><br></td>
</tr>

</table>
<div style="-aw-headerfooter-type: linked; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>155</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;">&nbsp;</p>
</div>
<table cellspacing="0" cellpadding="0" style="margin-right: auto; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 166px; width: 99.673%;" width="100%">

<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p><font style="font-weight: bold;">Parth</font></p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; background-color: #cceeff;">
<p>&nbsp;</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; background-color: #cceeff;">
<p>&nbsp;</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 20px;">
<td style="height: 20px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p>&nbsp;</p>
</td>
<td style="height: 20px;"><br></td>
<td colspan="3" style="height: 20px; border-bottom: 1pt solid #000000;">
<p style="text-align: center;"><font style="font-weight: bold; font-size: 8pt;">Total</font></p>
</td>
<td style="height: 20px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="height: 16px; background-color: #cceeff;">
<p>&nbsp;</p>
</td>
<td style="height: 16px; background-color: #cceeff;"><br></td>
<td style="height: 16px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="text-align: center;"><font style="font-weight: bold; font-size: 8pt;">Shares</font></p>
</td>
<td style="height: 16px; background-color: #cceeff;"><br></td>
<td style="height: 16px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="text-align: center;"><font style="font-weight: bold; font-size: 8pt;">%</font></p>
</td>
<td style="height: 16px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; width: 79%;">
<p><font style="font-weight: bold;">Shareholders</font></p>
</td>
<td style="height: 17px; width: 2%;"><br></td>
<td style="height: 17px; width: 8%;">
<p>&nbsp;</p>
</td>
<td style="height: 17px; width: 2%;"><br></td>
<td style="height: 17px; width: 8%;">
<p>&nbsp;</p>
</td>
<td style="height: 17px; width: 1%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p>Jennings Luis Igel Hoffenberg</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>&nbsp;61,788,141</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>&nbsp;36%</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>Pedro Igel de Barros Salles</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>&nbsp;59,144,754</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>&nbsp;34%</p>
</td>
<td style="height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p>Bettina Igel Hoffenberg</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>&nbsp;42,267,183</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff;">
<p>&nbsp;24%</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>Venus Quartz LLC</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>&nbsp;9,595,506</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: right;">
<p>&nbsp;6%</p>
</td>
<td style="height: 17px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="height: 10px; background-color: #cceeff;">
<p><font style="font-weight: bold;">Total Shareholders</font></p>
</td>
<td style="height: 10px; background-color: #cceeff;"><br></td>
<td style="height: 10px; text-align: right; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p><font style="font-weight: bold;">&nbsp;172,795,584</font></p>
</td>
<td style="height: 10px; background-color: #cceeff;"><br></td>
<td style="height: 10px; text-align: right; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p><font style="font-weight: bold;">&nbsp;100%</font></p>
</td>
<td style="height: 10px; background-color: #cceeff;"><br></td>
</tr>

</table>
</div>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Shareholders&#8217; Agreements </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">On May</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">2, 2018, Ultra S.A. and Parth executed a shareholders&#8217; agreement to set forth a set of rules to govern the relationship between these two shareholders. This</font><font style="font-family: 'Times New Roman';"> 2018</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">S</font><font style="font-family: 'Times New Roman';">hareholders&#8217; </font><font style="font-family: 'Times New Roman';">A</font><font style="font-family: 'Times New Roman';">greement replaced the Ultra S.A. shareholders&#8217; agreement executed in 2014 and </font><font style="font-family: 'Times New Roman';">should </font><font style="font-family: 'Times New Roman';">be in force for a period of five years, automatically renewable for a further period of five years, except if a termination notice is sent by one party to the other up to six (6)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">months before the end of its term. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The 2018 shareholders agreement&#8217;s main terms </font><font style="font-family: 'Times New Roman';">were </font><font style="font-family: 'Times New Roman';">substantially related to (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">how Ultra S.A., Parth and its shareholders </font><font style="font-family: 'Times New Roman';">should </font><font style="font-family: 'Times New Roman';">vote at Ultrapar&#8217;s shareholders meetings; (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">procedures to exchange any party&#8217;s shares in Ultra S.A. or in Parth for shares of Ultrapar; and (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">procedures applicable to the exercise of right of first refusal, preemptive rights and drag along rights. Additionally, any third party purchasing Ultra S.A.&#8217;s shares bound by the shareholders&#8217; agreement must agree to be bound by the shareholders&#8217; agreement. See &#8220;Exhibit</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">2.7&#8212;2018 Shareholders&#8217; Agreement, dated as of May</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">2, 2018&#8221;. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In July 2019, Ultra S.A. informed the Company that its shareholders approved </font><font style="font-family: 'Times New Roman';">the disposal of all shares issued by Ultra S.A. held by Mr.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Paulo Guilherme Aguiar Cunha and his family, which was concluded through certain transactions carried out in November 2019 (see our Form</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">6-K furnished to the SEC on November</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">29, 2019). As a result, Mr.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Paulo Guilherme Aguiar Cunha and his family no longer held any shares issued by Ultra S.A. and, therefore, parties to the Ultrapar&#8217;s 2018 Shareholders&#8217; Agreement</font><font style="font-family: 'Times New Roman';">. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">On August 18, 2020, Ultra S.A. and Parth </font><font style="font-family: 'Times New Roman';">entered into the 2020 Shareholders</font><font style="font-family: 'Times New Roman';">&#8217;</font><font style="font-family: 'Times New Roman';"> Agreement to include P</font><font style="font-family: 'Times New Roman';">&#225;</font><font style="font-family: 'Times New Roman';">tria, in its capacity as Ultra S.A.'s shareholder then holding a 20% stake in Ultra S.A.'s capital stock, as consenting intervening party, therefore bound by the provisions of the 2020 Shareholders' Agreement. The 2020 Shareholders&#8217; Agreement replaced the 2018 Shareholders&#8217; Agreement in its entire</font><font style="font-family: 'Times New Roman';">t</font><font style="font-family: 'Times New Roman';">y, and the terms and conditions remain substantially the same of the latter. As of the date of this annual report, the 2020 Shareholders' Agreement </font><font style="font-family: 'Times New Roman';">binds a total of shares representing 3</font><font style="font-family: 'Times New Roman';">4.5</font><font style="font-family: 'Times New Roman';">% of the Company&#8217;s capital stock.</font><font style="font-family: 'Times New Roman';"> See &#8220;Exhibit 2.</font><font style="font-family: 'Times New Roman';">13</font><font style="font-family: 'Times New Roman';">&#8212;2020 Shareholders&#8217; Agreement, dated as of August 18, 2020&#8221;.</font></p>
<p style="margin-top: 18pt; margin-left: 24.5pt; margin-bottom: 0pt; text-indent: -24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">B.</font><font style="width: 15.33pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Related Party Transactions </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, Ultrapar is responsible for guarantees and securities provided to subsidiaries in the amount of R$13,758.0</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million. This disclosure of related party transactions is provided for purposes of the rules governing Annual Reports on Form 20-F and is not meant to suggest that these matters would be considered related party transactions under IFRS. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Uting&#225;s&#8217; bylaws provide for each of its shareholders to use a proportion of Uting&#225;s&#8217; total storage capacity equal to such shareholder&#8217;s proportionate ownership of Uting&#225;s. Accordingly, Ultragaz is entitled to use </font><font style="font-family: 'Times New Roman';">4.2</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">thousand tons of LPG storage capacity at Uting&#225;s&#8217; facilities, reflecting Ultragaz&#8217;s 57% ownership in Uting&#225;s. The amount of payments made by Ultragaz to Uting&#225;s in 2020 with respect to the use of storage capacity at Uting&#225;s&#8217; facilities totaled R$7.8</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The related parties&#8217; transactions for financial statements purposes are transactions between the subsidiaries of the Ultrapar with joint-ventures and associates companies that are not eliminated in the consolidation of financial statements. The main related parties&#8217; transactions are related to RPR, Chevron&#8217;s companies and ConectCar. See </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ote 8.a</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">to our consolidated financial statements for a detailed breakdown of related party transactions as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020.</font><font style="font-family: 'Times New Roman';"> </font></p>
</div>
<div>
<ol start="3" type="A" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-top: 18pt; margin-left: 14.72pt; page-break-after: avoid; padding-left: 3.28pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>Interests of Expert and Counsel </font></li>
</ol>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Not applicable. </font></p>
</div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>156</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<br>
<div style="margin: 2pt 0pt 0pt; text-indent: 0pt; break-after: avoid; font-size: 10pt;"><a style="text-decoration: none; color: rgb(0, 0, 0); cursor: default; outline: none; pointer-events: none;" href="#" name="BITEM8_HWOPZ8L5E800000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">ITEM</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">8.</font><font style="width: 18.43pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">FINANCIAL I</font><font style="font-family: 'Times New Roman'; font-weight: bold;">NFORMATION </font></a></div>
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<li style="margin-top: 12pt; margin-left: 14.72pt; page-break-after: avoid; padding-left: 9.13pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>Consolidated Statements and Other Financial Information </font></li>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">For our consolidated financial statements and notes thereto see &#8220;Item 18. Financial Statements&#8221;.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"><br>Dividends and Distribution Policy</font><br></p>
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<p style="margin-top: 6pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Dividend policy </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The bylaws of a Brazilian company may establish a minimum percentage of the profit that must be paid to shareholders as mandatory dividends. The amounts due as dividends may be paid as interest on net equity. Our bylaws approved at the </font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">xtraordinary and </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">nnual </font><font style="font-family: 'Times New Roman';">general s</font><font style="font-family: 'Times New Roman';">hareholders&#8217; </font><font style="font-family: 'Times New Roman';">m</font><font style="font-family: 'Times New Roman';">eeting </font><font style="font-family: 'Times New Roman';">held on April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">10, 2019 provides for a mandatory distribution equal to 50% of the adjusted net profit, after the allocation of 5% of the net profit to the legal reserve. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Brazilian Corporate Law defines the &#8220;net profit&#8221; as the results of the relevant fiscal year, reduced by accumulated losses of prior fiscal years, provisions for income tax and social contribution on the net profit for such fiscal year, and amounts allocated to employees&#8217; and management&#8217;s participation on the results in such fiscal year. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Under Brazilian Corporate Law, the net profit may be reduced or increased by the following: </font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">amounts allocated to the legal reserve; </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">amounts allocated to the statutory reserve, if any; </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">amounts allocated to the contingency reserve, if required; </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">amounts allocated to the unrealized profit reserve; </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">amounts allocated to the retained profit reserve; </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">amounts allocated to the income tax exemption reserve; </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">reversions of reserves registered in prior years, in accordance with Brazilian GAAP; and </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">reversions of the amounts allocated to the unrealized profit reserve, when realized and not absorbed by losses. </font></li>
</ul>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Legal reserves.</font><font style="font-family: 'Times New Roman';"> We are required to maintain a legal reserve to which we must allocate 5% of our net profit until the amount of our legal reserve equals 20% of paid-in capital. We are not required to make any allocations to the legal reserve for any fiscal year in which such reserve, when added to our capital reserves, exceeds 30% of our capital stock. Accumulated losses, if any, may be charged against the legal reserve. Other than that, the legal reserve can only be used to increase our capital. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Statutory reserves.</font><font style="font-family: 'Times New Roman';"> Under Brazilian Corporate Law, any corporation may create statutory reserves, in which case it shall be provided in its respective bylaws. In this case, the bylaws must also indicate the reserve purpose, allocation criteria and maximum amount of reserve. As provided in our bylaws approved at the </font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">xtraordinary and </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">nnual </font><font style="font-family: 'Times New Roman';">general s</font><font style="font-family: 'Times New Roman';">hareholders&#8217; </font><font style="font-family: 'Times New Roman';">m</font><font style="font-family: 'Times New Roman';">eeting </font><font style="font-family: 'Times New Roman';">held on April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">10, 2019, we may allocate up to 50% of our adjusted net profit to an investment reserve, up to the limit of 100% of our capital stock. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Contingency reserves.</font><font style="font-family: 'Times New Roman';"> Under Brazilian Corporate Law, our shareholders may decide, upon a proposal of our Board of Directors, to allocate a discretionary amount of our net profit to a contingency reserve for estimated future losses, which are deemed probable. The distributable amount may be further increased by the reversal of such reserve in the fiscal year when the reasons that justified the creation of such reserve cease to exist or in which the anticipated loss occurs. Accordingly, there is no specific percentage of net profit allocable to this type of reserve. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Unrealized profits reserves.</font><font style="font-family: 'Times New Roman';"> Under Brazilian Corporate Law, when the mandatory dividend amount exceeds the realized net profits in a given fiscal year, our shareholders may elect, upon a proposal of our Board of Directors, to allocate some or all of the excess dividend amount to any unrealized profits reserve. Brazilian Corporate Law defines &#8220;realized&#8221; net profits as the amount by which the company&#8217;s net profits exceed the sum of (1)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">its net positive results, if any, from the equity method of accounting for earnings and losses of the company&#8217;s subsidiaries and certain of its affiliates and (2)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the profits, gains or returns that will be received by the company after the end of the next fiscal year. The distributable amount is increased by the profits that were allocated to such reserve when they are realized.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Income tax exemption reserve.</font><font style="font-family: 'Times New Roman';"> Under Brazilian Corporate Law, the portion of the net profit derived from donations or governmental incentives directed to investments, can be excluded of the Distributable Amount. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Retained profits reserve.</font><font style="font-family: 'Times New Roman';"> Under Brazilian Corporate Law, our shareholders may decide to retain a discretionary amount of our net profits that is provided for in a budget approved in the general shareholders&#8217; meeting, upon the proposal of its Board of Directors, for the expansion of our installations and other investment projects. After the conclusion of the relevant investments, we may retain the reserve until the shareholders approve the transfer of the reserve, in full or in part, to its capital or to the accumulated profits reserve. In accordance with Brazilian Corporate Law, if a project to which part of the reserve has been allocated has a term exceeding one year, the budget for such project must be approved by the general shareholders&#8217; meeting each fiscal year through the conclusion of the project. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Brazilian Corporate Law provides that all statutory allocations of net profit, including the unrealized profits reserve and the reserve for investment projects, are subject to approval by the shareholders voting at a general shareholders&#8217; meeting and may be used for capital increases or for the payment of dividends in subsequent years. The legal reserve is also subject to approval by the general shareholders&#8217; meeting and may be transferred to capital or used to absorb </font><font style="font-family: 'Times New Roman';">losses but</font><font style="font-family: 'Times New Roman';"> is not available for the payment of dividends in subsequent years. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The balance for the profit reserve accounts, except for the contingency reserve and unrealized profits reserve, may not exceed the share capital. If this happens, our shareholders must determine whether the excess will be applied to pay in the subscribed and unpaid capital, to increase and pay in the subscribed stock capital or to distribute dividends. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The profits unallocated to the accounts mentioned above must be distributed as dividends. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">A company is permitted to allocate to the unrealized profits reserves all income from equity gains in subsidiaries that are not distributed to the company in the form of cash dividends. When such gains are distributed to the company in the form of cash dividends, the company is required to reverse the reserve. See &#8220;Item 3.D. Key Information&#8212;Risk Factors&#8212;Risks Relating to the Shares and the American Depositary Shares&#8221;. In addition to the mandatory distribution, the Board of Directors may recommend to the shareholders the payment of interim distributions from other funds that are legally available for such purposes. Any payment of an interim dividend may be set off against the amount of the mandatory dividend distribution for that fiscal year. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As an alternative form of payment of dividends, Brazilian companies may distribute interest on capital, which payments may be treated by a company as a deductible expense for income and social contribution taxes purposes. Payments of interest on capital may be made at the discretion of our Board of Directors, subject to the approval of the holders of our common shares. Payments of interest attributed to shareholders&#8217; equity, net of withholding tax, may be distributed as part of the minimum mandatory dividends, to the extent that it does not exceed the limits described below. This interest is calculated in accordance with the daily pro rata variation of the Brazilian government&#8217;s long-term interest rate (TJLP), as determined by the Central Bank from time to time, and cannot exceed the greater of: </font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">50% of net income (after the deduction of the social contribution on profits and before the provision for corporate income tax and the amounts attributable to shareholders as net interest on equity) related to the period in respect of which the payment is made; or </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">50% of the sum of retained profits and profit reserves in the beginning of the period with respect to which the payment is made. </font></li>
</ul>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Under Brazilian Corporate Law, a company may suspend the mandatory distribution either in the form of dividends or payments of interest on capital if the shareholders at the general shareholders&#8217; meeting determine, based on the Board of Directors&#8217; proposal, which is reviewed by the Fiscal Council, that payment of the mandatory distribution for the preceding fiscal </font><font style="font-family: 'Times New Roman';">year would be inadvisable in light of the company&#8217;s financial condition. Our managers must report to the CVM such suspension within five days of the relevant general shareholders&#8217; meeting. Under Brazilian law, mandatory distributions that are suspended and not offset against losses in future years must be paid as soon as the financial condition of the company permits. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We declare and pay dividends and/or interest on capital, pursuant to Brazilian Corporate Law and our bylaws. Our Board of Directors may approve the distribution of dividends and/or interest on capital, calculated based on our annual or semiannual financial statements or on financial statements relating to shorter periods. The amount of any distributions will depend on a series of factors, such as our financial condition, prospects, macroeconomic conditions, tariff adjustments, regulatory changes, growth strategies and other issues our Board of Directors and our shareholders may consider relevant. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The amount of retention of profits and investments reserve are free of distribution restrictions and totaled R$3.7</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">billion as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">For 2020, we declared dividends to our shareholders of R$480</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million, of which R$424</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million corresponding to 50% of our reported adjusted net income for 2020 and R$55</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million corresponding to the additional dividends to minimum mandatory. For 2019, we declared dividends to our shareholders of R$479</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million, </font><font style="font-family: 'Times New Roman';">of which R$355 million </font><font style="font-family: 'Times New Roman';">corresponding to 95% of our reported net income for </font><font style="font-family: 'Times New Roman';">2019 and R$124 million from income reserves of previous years</font><font style="font-family: 'Times New Roman';">. On February</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">24, 2021, our Board of Directors approved the distribution of dividends, payable from the net earnings account for the 2020 fiscal year, equivalent to R$0.44 per common share, paid from March</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">12, 2021 onwards.<br></font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><br></p>
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<p><br></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We usually pay dividends twice a year &#8211; interim dividends are paid after the reporting of the second quarter financial statements and the remaining is paid after the reporting of the annual financial statements. </font><font style="font-family: 'Times New Roman';">As a measure of cash containment, the management opted to not pay interim dividends for the current year.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table sets forth the dividends per share distributed by us, which reflects retroactively the approval of the stock split on April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">10, 2019, which became effective on April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">24, 2019. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Dividend history </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<td style="margin-left: 0.1px;">
<p><font style="text-decoration: underline;"><font style="font-size: 8pt; font-weight: bold;">Year ended December&nbsp;31,</font></font></p>
</td>
<td style="margin-left: 0.1px;"><br></td>
<td colspan="3" style="border-bottom: 1pt solid #000000; margin-left: 0.1px;">
<p style="text-align: center;"><font style="font-size: 8pt; font-weight: bold;">Common shares<sup>(1)</sup></font></p>
</td>
<td style="margin-left: 0.1px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
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<td style="width: 64%;">
<p><font style="font-size: 8pt; font-weight: bold;">&nbsp;</font></p>
</td>
<td style="width: 8%;"><br></td>
<td style="width: 12%;">
<p style="text-align: center;"><font style="font-size: 8pt; font-weight: bold;">(in&nbsp;<font style="font-style: italic;">Reais</font>&nbsp;per&nbsp;share)</font></p>
</td>
<td style="width: 2%;"><br></td>
<td style="width: 12%;">
<p style="text-align: center;"><font style="font-size: 8pt; font-weight: bold;">(in&nbsp;US$&nbsp;per&nbsp;share)<sup>(2)</sup></font></p>
</td>
<td style="width: 2%;"><br></td>
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<tr style="background-color: #cceeff;">
<td style="background-color: #cceeff;">
<p>2016</p>
</td>
<td style="background-color: #cceeff;"><br></td>
<td style="text-align: right; background-color: #cceeff;">
<p>&nbsp;0.84</p>
</td>
<td style="background-color: #cceeff;"><br></td>
<td style="text-align: right; background-color: #cceeff;">
<p>&nbsp;0.26</p>
</td>
<td style="background-color: #cceeff;"><br></td>
</tr>
<tr>
<td>
<p>2017</p>
</td>
<td><br></td>
<td style="text-align: right;">
<p>&nbsp;0.88</p>
</td>
<td><br></td>
<td style="text-align: right;">
<p>&nbsp;0.27</p>
</td>
<td><br></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="background-color: #cceeff;">
<p>2018</p>
</td>
<td style="background-color: #cceeff;"><br></td>
<td style="text-align: right; background-color: #cceeff;">
<p>&nbsp;0.63</p>
</td>
<td style="background-color: #cceeff;"><br></td>
<td style="text-align: right; background-color: #cceeff;">
<p>&nbsp;0.16</p>
</td>
<td style="background-color: #cceeff;"><br></td>
</tr>
<tr>
<td>
<p>2019</p>
</td>
<td><br></td>
<td style="text-align: right;">
<p>&nbsp;0.44</p>
</td>
<td><br></td>
<td style="text-align: right;">
<p>&nbsp;0.10</p>
</td>
<td><br></td>
</tr>
<tr style="background-color: #cceeff;">
<td style="background-color: #cceeff;">
<p>2020</p>
</td>
<td style="background-color: #cceeff;"><br></td>
<td style="text-align: right; background-color: #cceeff;">
<p>0.44</p>
</td>
<td style="background-color: #cceeff;"><br></td>
<td style="text-align: right; background-color: #cceeff;">
<p>0.08</p>
</td>
<td style="background-color: #cceeff;"><br></td>
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</table>
<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 4.67pt; vertical-align: super;">(1)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="width: 8.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Dividends per share take into account the stock split approved on April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">10, 2019 and implemented on April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">24, 2019. The number of shares used in the dividends per share calculation has not been retrospectively adjusted to reflect the issuance of 2,108,542, 86,978 and 70,939 new common shares that occurred in February 2020, August 2020 and February 2021, respectively, as a result of the partial exercise of the subscription warrants issued to the former Extrafarma shareholders. </font></p>
<p style="margin-top: 0pt; margin-left: 24.45pt; margin-bottom: 0pt; text-indent: -18.35pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 4.67pt; vertical-align: super;">(2)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="width: 8.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">The amounts in </font><font style="font-family: 'Times New Roman'; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman';"> have been converted into dollars using the exchange rates at each respective payment date. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Holders of our shares are entitled to receive dividends declared by us solely from the date of the subscription and/or acquisition of such shares.</font><font style="font-size: 12pt; font-family: 'Times New Roman';">&nbsp;</font><font style="font-size: 12pt; font-family: 'Times New Roman';">&nbsp;</font></p>
</div>
<div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Payment of dividends</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> Within the four months following the end of each fiscal year, our shareholders are required to hold an annual general shareholders&#8217; meeting to decide, among other things, on the allocation of our net profits with respect to the fiscal year ended immediately prior to the shareholders&#8217; meeting and the payment of an annual dividend. Additionally, interim dividends may be declared by our Board of Directors. Under Brazilian Corporate Law, dividends are generally required to be paid within 60</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">days following the date the dividend was declared, unless a shareholders&#8217; resolution sets forth another date of payment, which, in either case, must occur prior to the end of the fiscal year in which such dividend was declared. Pursuant to Brazilian civil law, dividends revert to us three years after the date when we begin to pay such declared dividends. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Shareholders who are not residents of Brazil must register with the Central Bank to have dividends, sales proceeds or other amounts with respect to their shares eligible to be remitted in foreign currency outside of Brazil. The shares underlying the ADSs will be held in Brazil by </font><font style="font-family: 'Times New Roman'; font-style: italic;">Ita&#250; Corretora de Valores S.A.</font><font style="font-family: 'Times New Roman';">, as agent for the Depositary. For purposes of the registration requirement, the Depositary is deemed to be the stockholder of the shares underlying the ADSs. The Depositary will register such common shares with the Central Bank. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Payments of cash dividends and distributions, if any, will be made in Brazilian currency to the Custodian on behalf of the Depositary. The Custodian will then convert such proceeds into U.S. dollars and will cause such U.S. dollars to be delivered to the Depositary for distribution to holders of ADSs. See &#8220;Description of American Depositary Receipts&#8221; in our Registration Statement filed on Form F-1, declared effective on April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">12, 2005. In the event that the Custodian is unable to convert immediately the </font><font style="font-family: 'Times New Roman';">Brazilian currency received as dividends into U.S. dollars, the amount of U.S. dollars payable to holders of ADSs may be adversely affected by devaluations of the Brazilian currency that may occur before such dividends are converted and remitted. See &#8220;Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">3.A. Key Information&#8212;Selected Consolidated Financial Data&#8212;Exchange Rates&#8221; and &#8220;Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">3.D. Key Information&#8212;Risk factors&#8212;Risks Relating to Brazil&#8221;. Dividends in respect of the shares paid to shareholders who are not Brazilian residents, including holders of ADSs, are exempt from Brazilian withholding tax except for dividends declared based on profits generated prior to December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 1995. Distributions of interest attributable to shareholders&#8217; equity are currently subject to withholding tax at a rate of 15%, or 25% in the case of a shareholder domiciled in a &#8220;tax haven&#8221;. See &#8220;Item 10.E. Additional Information&#8212;Taxation&#8212;Brazilian Tax Consequences&#8221;.</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
<p><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>159</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p><br></p>
<p><br></p>
</div>
<div>
<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Legal proceedings </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Provisions for tax, civil and labor risks.</font><font style="font-family: 'Times New Roman';"> We and our subsidiaries are party to administrative proceedings and lawsuits in relation to tax, civil, environmental, regulatory, and labor matters that are incidental to the normal course of our business. Depending on the outcome of such administrative proceedings and lawsuits, penalties restricting rights may be applied against the Company or its subsidiaries. Proceedings are guaranteed by escrow accounts, and whenever applicable, we maintain escrow deposits. The provisions for the losses are estimated and updated by management based on the opinion of the Company&#8217;s legal department and its external legal advisors. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The table below demonstrates the breakdown of provisions by nature and its movement (in millions of </font><font style="font-family: 'Times New Roman'; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman';">): </font></p>
<table cellspacing="0" cellpadding="0" style="margin-right: auto; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 180px; width: 99.7138%;" width="100%">

<tr style="height: 17px; margin-left: 0.1px;">
<td style="height: 17px; margin-left: 0.1px; width: 39.0484%;">
<p>&nbsp;</p>
</td>
<td style="height: 17px; margin-left: 0.1px; width: 2.05086%;"><br></td>
<td style="height: 17px; margin-left: 0.1px; width: 8.03938%;">
<p>&nbsp;</p>
</td>
<td style="height: 17px; margin-left: 0.1px; width: 2.05086%;"><br></td>
<td style="height: 17px; margin-left: 0.1px; width: 8.03938%;">
<p>&nbsp;</p>
</td>
<td style="height: 17px; margin-left: 0.1px; width: 1.96883%;"><br></td>
<td style="height: 17px; margin-left: 0.1px; width: 7.95734%;">
<p>&nbsp;</p>
</td>
<td style="height: 17px; margin-left: 0.1px; width: 1.96883%;"><br></td>
<td style="height: 17px; margin-left: 0.1px; width: 7.95734%;">
<p>&nbsp;</p>
</td>
<td style="height: 17px; margin-left: 0.1px; width: 1.96883%;"><br></td>
<td style="height: 17px; margin-left: 0.1px; width: 7.95734%;">
<p>&nbsp;</p>
</td>
<td style="height: 17px; margin-left: 0.1px; width: 1.96883%;"><br></td>
<td style="height: 17px; margin-left: 0.1px; width: 7.95734%;">
<p>&nbsp;</p>
</td>
<td style="height: 17px; width: 0.984413%; margin-left: 0.1px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="height: 10px; width: 39.0484%;">
<p><font style="text-decoration: underline;"><font style="font-size: 8pt; font-weight: bold;">Provisions</font></font></p>
</td>
<td style="height: 10px; width: 2.05086%;"><br></td>
<td style="height: 10px; text-align: center; width: 8.03938%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p><font style="font-size: 8pt; font-weight: bold;">2019</font></p>
</td>
<td style="text-align: center; height: 10px; width: 2.05086%;"><br></td>
<td style="height: 10px; text-align: center; width: 8.03938%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p><font style="font-size: 8pt; font-weight: bold;">Additions</font></p>
</td>
<td style="text-align: center; height: 10px; width: 1.96883%;"><br></td>
<td style="height: 10px; text-align: center; width: 7.95734%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p><font style="font-size: 8pt; font-weight: bold;">Write-offs</font></p>
</td>
<td style="text-align: center; height: 10px; width: 1.96883%;"><br></td>
<td style="height: 10px; text-align: center; width: 7.95734%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p><font style="font-size: 8pt; font-weight: bold;">Payments</font></p>
</td>
<td style="text-align: center; height: 10px; width: 1.96883%;"><br></td>
<td style="height: 10px; text-align: center; width: 7.95734%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p><font style="font-size: 8pt; font-weight: bold;">Monetary</font><br><font style="font-size: 8pt; font-weight: bold;">restatement</font></p>
</td>
<td style="text-align: center; height: 10px; width: 1.96883%;"><br></td>
<td style="height: 10px; text-align: center; width: 7.95734%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p><font style="font-size: 8pt; font-weight: bold;">2020</font></p>
</td>
<td style="height: 10px; width: 0.984413%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
</tr>


<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff; width: 39.0484%;">
<p>Income taxes and contribution on net profit</p>
</td>
<td style="height: 17px; background-color: #cceeff; width: 2.05086%;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff; width: 8.03938%;">
<p>&nbsp;541.3</p>
</td>
<td style="height: 17px; background-color: #cceeff; width: 2.05086%;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff; width: 8.03938%;">
<p>-</p>
</td>
<td style="height: 17px; background-color: #cceeff; width: 1.96883%;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff; width: 7.95734%;">
<p>(0,5)</p>
</td>
<td style="height: 17px; background-color: #cceeff; width: 1.96883%;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff; width: 7.95734%;">
<p>-</p>
</td>
<td style="height: 17px; background-color: #cceeff; width: 1.96883%;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff; width: 7.95734%;">
<p>7.1</p>
</td>
<td style="height: 17px; background-color: #cceeff; width: 1.96883%;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff; width: 7.95734%;">
<p>547.9</p>
</td>
<td style="height: 17px; background-color: #cceeff; width: 0.984413%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; width: 39.0484%;">
<p>PIS and COFINS</p>
</td>
<td style="height: 17px; width: 2.05086%;"><br></td>
<td style="height: 17px; text-align: right; width: 8.03938%;">
<p>&nbsp;10.2</p>
</td>
<td style="height: 17px; width: 2.05086%;"><br></td>
<td style="height: 17px; text-align: right; width: 8.03938%;">
<p>-</p>
</td>
<td style="height: 17px; width: 1.96883%;"><br></td>
<td style="height: 17px; text-align: right; width: 7.95734%;">
<p>(10.3)</p>
</td>
<td style="height: 17px; width: 1.96883%;"><br></td>
<td style="height: 17px; text-align: right; width: 7.95734%;">
<p>-</p>
</td>
<td style="height: 17px; width: 1.96883%;"><br></td>
<td style="height: 17px; text-align: right; width: 7.95734%;">
<p>0.1</p>
</td>
<td style="height: 17px; width: 1.96883%;"><br></td>
<td style="height: 17px; text-align: right; width: 7.95734%;">
<p>-</p>
</td>
<td style="height: 17px; width: 0.984413%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff; width: 39.0484%;">
<p>ICMS</p>
</td>
<td style="height: 17px; background-color: #cceeff; width: 2.05086%;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff; width: 8.03938%;">
<p>&nbsp;96.5</p>
</td>
<td style="height: 17px; background-color: #cceeff; width: 2.05086%;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff; width: 8.03938%;">
<p>15.6</p>
</td>
<td style="height: 17px; background-color: #cceeff; width: 1.96883%;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff; width: 7.95734%;">
<p>-</p>
</td>
<td style="height: 17px; background-color: #cceeff; width: 1.96883%;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff; width: 7.95734%;">
<p>(4.1)</p>
</td>
<td style="height: 17px; background-color: #cceeff; width: 1.96883%;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff; width: 7.95734%;">
<p>0.6</p>
</td>
<td style="height: 17px; background-color: #cceeff; width: 1.96883%;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff; width: 7.95734%;">
<p>108.6</p>
</td>
<td style="height: 17px; background-color: #cceeff; width: 0.984413%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; width: 39.0484%;">
<p>Civil, Environmental and Regulatory claims</p>
</td>
<td style="height: 17px; width: 2.05086%;"><br></td>
<td style="height: 17px; text-align: right; width: 8.03938%;">
<p>&nbsp;85.9</p>
</td>
<td style="height: 17px; width: 2.05086%;"><br></td>
<td style="height: 17px; text-align: right; width: 8.03938%;">
<p>-</p>
</td>
<td style="height: 17px; width: 1.96883%;"><br></td>
<td style="height: 17px; text-align: right; width: 7.95734%;">
<p>(4.1)</p>
</td>
<td style="height: 17px; width: 1.96883%;"><br></td>
<td style="height: 17px; text-align: right; width: 7.95734%;">
<p>(24.2)</p>
</td>
<td style="height: 17px; width: 1.96883%;"><br></td>
<td style="height: 17px; text-align: right; width: 7.95734%;">
<p>0.2</p>
</td>
<td style="height: 17px; width: 1.96883%;"><br></td>
<td style="height: 17px; text-align: right; width: 7.95734%;">
<p>57.8</p>
</td>
<td style="height: 17px; width: 0.984413%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff; width: 39.0484%;">
<p>Labor litigation</p>
</td>
<td style="height: 17px; background-color: #cceeff; width: 2.05086%;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff; width: 8.03938%;">
<p>&nbsp;98.0</p>
</td>
<td style="height: 17px; background-color: #cceeff; width: 2.05086%;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff; width: 8.03938%;">
<p>6.4</p>
</td>
<td style="height: 17px; background-color: #cceeff; width: 1.96883%;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff; width: 7.95734%;">
<p>-</p>
</td>
<td style="height: 17px; background-color: #cceeff; width: 1.96883%;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff; width: 7.95734%;">
<p>(17.1)</p>
</td>
<td style="height: 17px; background-color: #cceeff; width: 1.96883%;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff; width: 7.95734%;">
<p>3.4</p>
</td>
<td style="height: 17px; background-color: #cceeff; width: 1.96883%;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff; width: 7.95734%;">
<p>90.7</p>
</td>
<td style="height: 17px; background-color: #cceeff; width: 0.984413%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; width: 39.0484%;">
<p>Others</p>
</td>
<td style="height: 17px; width: 2.05086%;"><br></td>
<td style="height: 17px; text-align: right; width: 8.03938%;">
<p>&nbsp;92.8</p>
</td>
<td style="height: 17px; width: 2.05086%;"><br></td>
<td style="height: 17px; text-align: right; width: 8.03938%;">
<p>-</p>
</td>
<td style="height: 17px; width: 1.96883%;"><br></td>
<td style="height: 17px; text-align: right; width: 7.95734%;">
<p>(0,3)</p>
</td>
<td style="height: 17px; width: 1.96883%;"><br></td>
<td style="height: 17px; text-align: right; width: 7.95734%;">
<p>-</p>
</td>
<td style="height: 17px; width: 1.96883%;"><br></td>
<td style="height: 17px; text-align: right; width: 7.95734%;">
<p>0.6</p>
</td>
<td style="height: 17px; width: 1.96883%;"><br></td>
<td style="height: 17px; text-align: right; width: 7.95734%;">
<p>93.2</p>
</td>
<td style="height: 17px; width: 0.984413%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff; width: 39.0484%;">
<p><font style="font-weight: bold;">Total</font></p>
</td>
<td style="height: 17px; background-color: #cceeff; width: 2.05086%;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff; width: 8.03938%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p><font style="font-weight: bold;">&nbsp;924.6</font></p>
</td>
<td style="height: 17px; background-color: #cceeff; width: 2.05086%;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff; width: 8.03938%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p><font style="font-weight: bold;">22.0</font></p>
</td>
<td style="height: 17px; background-color: #cceeff; width: 1.96883%;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff; width: 7.95734%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p><font style="font-weight: bold;">(15.1)</font></p>
</td>
<td style="height: 17px; background-color: #cceeff; width: 1.96883%;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff; width: 7.95734%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p><font style="font-weight: bold;">(45.4)</font></p>
</td>
<td style="height: 17px; background-color: #cceeff; width: 1.96883%;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff; width: 7.95734%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p><font style="font-weight: bold;">12.0</font></p>
</td>
<td style="height: 17px; background-color: #cceeff; width: 1.96883%;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff; width: 7.95734%; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p><font style="font-weight: bold;">898.0</font></p>
</td>
<td style="height: 17px; background-color: #cceeff; width: 0.984413%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; width: 39.0484%;">
<p>Current</p>
</td>
<td style="height: 17px; width: 2.05086%;"><br></td>
<td style="height: 17px; text-align: right; width: 8.03938%;">
<p>&nbsp;40.5</p>
</td>
<td style="height: 17px; width: 2.05086%;"><br></td>
<td style="height: 17px; text-align: right; width: 8.03938%;">
<p>&nbsp;</p>
</td>
<td style="height: 17px; width: 1.96883%;"><br></td>
<td style="height: 17px; width: 7.95734%;">
<p>&nbsp;</p>
</td>
<td style="height: 17px; width: 1.96883%;"><br></td>
<td style="height: 17px; width: 7.95734%;">
<p>&nbsp;</p>
</td>
<td style="height: 17px; width: 1.96883%;"><br></td>
<td style="height: 17px; width: 7.95734%;">
<p>&nbsp;</p>
</td>
<td style="height: 17px; width: 1.96883%;"><br></td>
<td style="height: 17px; text-align: right; width: 7.95734%;">
<p>43.7</p>
</td>
<td style="height: 17px; width: 0.984413%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff; width: 39.0484%;">
<p>Non-current</p>
</td>
<td style="height: 17px; background-color: #cceeff; width: 2.05086%;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff; width: 8.03938%;">
<p>&nbsp;884.1</p>
</td>
<td style="height: 17px; background-color: #cceeff; width: 2.05086%;"><br></td>
<td style="height: 17px; background-color: #cceeff; width: 8.03938%;">
<p>&nbsp;</p>
</td>
<td style="height: 17px; background-color: #cceeff; width: 1.96883%;"><br></td>
<td style="height: 17px; background-color: #cceeff; width: 7.95734%;">
<p>&nbsp;</p>
</td>
<td style="height: 17px; background-color: #cceeff; width: 1.96883%;"><br></td>
<td style="height: 17px; background-color: #cceeff; width: 7.95734%;">
<p>&nbsp;</p>
</td>
<td style="height: 17px; background-color: #cceeff; width: 1.96883%;"><br></td>
<td style="height: 17px; background-color: #cceeff; width: 7.95734%;">
<p>&nbsp;</p>
</td>
<td style="height: 17px; background-color: #cceeff; width: 1.96883%;"><br></td>
<td style="height: 17px; text-align: right; background-color: #cceeff; width: 7.95734%;">
<p>854.4</p>
</td>
<td style="height: 17px; background-color: #cceeff; width: 0.984413%;"><br></td>
</tr>

</table>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Some of the provisions above consist, in whole or in part, of escrow deposits. The balance of these escrow deposits are as follows (in millions of </font><font style="font-family: 'Times New Roman'; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman';">): </font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto; height: 116px;" width="100%">

<tr style="height: 10px; margin-left: 0.1px;">
<td style="height: 10px; margin-left: 0.1px;">
<p style="margin: 0.1px; height: 17px;"><font style="height: 17px;">&nbsp;</font></p>
</td>
<td style="height: 10px; margin-left: 0.1px;"><br></td>
<td style="height: 10px; margin-left: 0.1px;">
<p style="margin: 0.1px; height: 17px;"><font style="height: 17px;">&nbsp;</font></p>
</td>
<td style="height: 10px; margin-left: 0.1px;"><br></td>
<td style="height: 10px; margin-left: 0.1px;">
<p style="margin: 0.1px; height: 17px;"><font style="height: 17px;">&nbsp;</font></p>
</td>
<td style="height: 10px; margin-left: 0.1px;"><br></td>
</tr>
<tr style="height: 28px;">
<td style="height: 28px;">
<p><font style="font-weight: bold;">&nbsp;</font></p>
</td>
<td style="height: 28px;"><br></td>
<td colspan="3" style="height: 28px;">
<p style="text-align: center;"><font style="font-weight: bold;">Year ended</font><br><font style="font-weight: bold;">December&nbsp;31,</font></p>
</td>
<td style="height: 28px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p><font style="font-weight: bold;">&nbsp;</font></p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="text-align: center;"><font style="font-weight: bold;">2020</font></p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="text-align: center;"><font style="font-weight: bold;">2019</font></p>
</td>
<td style="height: 17px; background-color: #cceeff; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
</tr>


<tr style="height: 17px;">
<td style="height: 17px; width: 79%;">
<p>Tax matters</p>
</td>
<td style="height: 17px; width: 2%;"><br></td>
<td style="height: 17px; text-align: center; width: 8%;">
<p>789.6</p>
</td>
<td style="height: 17px; width: 2%;"><br></td>
<td style="height: 17px; width: 8%;">
<p style="text-align: center;">753.8</p>
</td>
<td style="height: 17px; width: 1%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; background-color: #cceeff;">
<p>Labor litigation</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; text-align: center; background-color: #cceeff;">
<p>57.6</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
<td style="height: 17px; background-color: #cceeff;">
<p style="text-align: center;">71.6</p>
</td>
<td style="height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px;">
<p>Civil and others</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px; text-align: center;">
<p>102.6</p>
</td>
<td style="height: 17px;"><br></td>
<td style="height: 17px;">
<p style="text-align: center;">96.0</p>
</td>
<td style="height: 17px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="height: 10px; background-color: #cceeff;">
<p><font style="font-weight: bold;">Total &#8212; non-current asset</font></p>
</td>
<td style="height: 10px; background-color: #cceeff;"><br></td>
<td style="height: 10px; text-align: center; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p><font style="font-weight: bold;">949.8</font></p>
</td>
<td style="height: 10px; background-color: #cceeff;"><br></td>
<td style="height: 10px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="text-align: center;"><font style="font-weight: bold;">921.4</font></p>
</td>
<td style="height: 10px; background-color: #cceeff;"><br></td>
</tr>

</table>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Social Security and tax provisions. </font><font style="font-family: 'Times New Roman';">On October</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">7, 2005, the subsidiaries Cia. Ultragaz and Bahiana filed for and obtained a preliminary injunction to recognize and offset PIS and COFINS credits on LPG purchases, against other taxes levied by the Brazilian Internal Revenue Service, notably IRPJ and CSLL. The decision was confirmed by a trial court on May</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">16, 2008. Under the preliminary injunction, the subsidiaries made escrow deposits for these debits which amounted to </font><font style="font-family: 'Times New Roman';">R$523.</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, </font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">20 (R$</font><font style="font-family: 'Times New Roman';">515</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">8</font><font style="font-family: 'Times New Roman';"> as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">). On July</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">18, 2014, a second instance unfavorable decision was published, and the subsidiaries suspended the escrow deposits, and started to pay income taxes from that date. To revert the court decision, the subsidiaries presented a writ of prevention which was dismissed on December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">30, 2014, and the subsidiaries appealed this decision on February</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">3, 2015. Appeals were also presented to the respective higher courts Superior Court of Justice (&#8220;STJ&#8221;) and Federal Supreme Court (&#8220;STF&#8221;) whose final trial are pending. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Civil, environmental and regulatory provisions.</font><font style="font-family: 'Times New Roman';"> Ultrapar and certain subsidiaries are engaged in lawsuits and administrative proceedings, mainly derived from contracts entered into with customers and former suppliers, as well as proceedings related to environmental</font><font style="font-family: 'Times New Roman';"> and regulatory</font><font style="font-family: 'Times New Roman';"> issues. The company and its subsidiaries maintained total provisions of R$</font><font style="font-family: 'Times New Roman';">57.8</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> (R$</font><font style="font-family: 'Times New Roman';">85.9</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">) for such lawsuits and administrative proceedings. </font><font style="font-family: 'Times New Roman';">Our subsidiary </font><font style="font-family: 'Times New Roman';">IPP entered into an agreement in two civil proceedings that were provisioned for the expected amount of loss in the amount of R$27.9 million. The cases were closed with a reduction in the provision in the period.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Labor provisions.</font><font style="font-family: 'Times New Roman';"> The Company and its subsidiaries maintain provisions of R$9</font><font style="font-family: 'Times New Roman';">0.7</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> (R$</font><font style="font-family: 'Times New Roman';">98.0</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 20</font><font style="font-family: 'Times New Roman';">19</font><font style="font-family: 'Times New Roman';">) for labor litigation filed by former employees and by employees of our service providers mainly contesting the non-payment of labor rights. </font></p>
<br>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>160</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Contingent liabilities.</font><font style="font-family: 'Times New Roman';"> The Company and its subsidiaries are party to various tax, civil, environmental, regulatory and labor proceedings for which the risk of loss has been classified as either &#8220;possible&#8221; or &#8220;remote&#8221; by our in-house legal department and external advisors. Based on this assessment, we have not recorded provisions for proceedings with either a possible or remote risk of loss, pursuant to applicable accounting standards. The total amount involved in proceedings for which the risk of loss was classified as possible was R$</font><font style="font-family: 'Times New Roman';">3.2</font><font style="font-family: 'Times New Roman';">4</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">billion as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> (R$2.84</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">billion as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2</font><font style="font-family: 'Times New Roman';">019</font><font style="font-family: 'Times New Roman';">). </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Tax and social security contingent liabilities.</font><font style="font-family: 'Times New Roman';"> The Company and its subsidiaries have tax and social security contingent liabilities of R$2.</font><font style="font-family: 'Times New Roman';">4</font><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">billion as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> (R$</font><font style="font-family: 'Times New Roman';">2.0</font><font style="font-family: 'Times New Roman';">3</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">billion as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">), as further described below. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our subsidiary IPP and its subsidiaries have assessments invalidating the offset of excise tax (&#8220;IPI&#8221;) credits in connection with the purchase of raw materials used in the manufacturing of products which sales are not subject to IPI under the protection of tax immunity. The amount of this contingency was R$17</font><font style="font-family: 'Times New Roman';">6</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">4</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> (R$1</font><font style="font-family: 'Times New Roman';">73.7</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">). </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our subsidiary IPP and its subsidiaries have legal proceedings related to ICMS. The total amount involved as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> in these proceedings, was R$</font><font style="font-family: 'Times New Roman';">958.1</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million (R$836.</font><font style="font-family: 'Times New Roman';">8</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">). Such proceedings arose mostly due to (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the disregard of ICMS credits amounting to R$3</font><font style="font-family: 'Times New Roman';">00.7</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million (R$31</font><font style="font-family: 'Times New Roman';">9.</font><font style="font-family: 'Times New Roman';">8</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">), of which R$</font><font style="font-family: 'Times New Roman';">92.7 </font><font style="font-family: 'Times New Roman';">million (R$126.</font><font style="font-family: 'Times New Roman';">8</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">) refer to proportional reversal requirement of ICMS credits related to the acquisition of hydrated alcohol; (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the alleged nonpayment in the amount of R$9</font><font style="font-family: 'Times New Roman';">8</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million (R$</font><font style="font-family: 'Times New Roman';">92.6</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman'; font-weight: bold;">); </font><font style="font-family: 'Times New Roman';">(iii) conditional use of tax incentive in the amount of R$1</font><font style="font-family: 'Times New Roman';">19.9</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million (R$1</font><font style="font-family: 'Times New Roman';">17.8</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">); and (iv)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">inventory differences in the amount of R$</font><font style="font-family: 'Times New Roman';">269.6</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million (R$1</font><font style="font-family: 'Times New Roman';">72.7</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">) related to the leftovers or faults due to temperature changes or product handling. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We and our subsidiaries are parties to administrative and judicial suits involving income tax, social security contribution, PIS and COFINS, substantially about denials of offset claims and credits disallowance which total amount was R$</font><font style="font-family: 'Times New Roman';">709.3</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> (R$6</font><font style="font-family: 'Times New Roman';">99.4</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">). </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">One of said suits consists of a tax assessment related to the IRPJ and CSLL received by IPP, which results </font><font style="font-family: 'Times New Roman';">from the supposedly undue amortization of the goodwill paid in connection with its acquisition of a subsidiary, in the amount of R$2</font><font style="font-family: 'Times New Roman';">12.4</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 20</font><font style="font-family: 'Times New Roman';">20 </font><font style="font-family: 'Times New Roman';">(R$</font><font style="font-family: 'Times New Roman';">208.</font><font style="font-family: 'Times New Roman';">4</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">), which includes income taxes, interest and penalties. Management assessed the likelihood of the tax assessment, supported by the opinion of our legal advisors, as &#8220;possible&#8221;, and therefore did not recognize a provision for this assessment. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Civil, environmental and regulatory contingent liabilities.</font><font style="font-family: 'Times New Roman';"> The Company and its subsidiaries have civil, environmental and regulatory contingent liabilities in the total amount of R$</font><font style="font-family: 'Times New Roman';">561</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">7</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> (R$</font><font style="font-family: 'Times New Roman';">549.7</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">), as further described below. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our subsidiary Cia. Ultragaz is party to an administrative proceeding before CADE based on alleged anti-competitive practices in the </font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">tate of Minas Gerais in 2001. CADE rendered a decision against Cia. Ultragaz and imposed a penalty of R$33.</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> (R$33.</font><font style="font-family: 'Times New Roman';">6</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">). This decision was suspended by a court order and its merit is being judicially reviewed. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2016, subsidiary Cia. Ultragaz also became a party to two administrative proceedings filed by CADE relating to allegations of anti-competitive practices:</font></p>
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<li style="margin-top: 12pt; margin-left: 24.48pt; padding-left: 3.87pt; font-family: 'Times New Roman'; font-size: 10pt;"><font>The first proceeding relates to anti-competitive practices in the </font><font>s</font><font>tate of Para&#237;ba and other Northeast States and also involves our subsidiary Bahiana. Both companies signed a Cease and Desist Agreement (&#8220;</font><font style="font-style: italic;">Termo de Compromisso de Cessa&#231;&#227;o de Pr&#225;tica</font><font>&#8221; &#8211; TCC), which was approved by CADE on November</font><font>&nbsp;</font><font>22, 2017 pursuant to which they agreed to pay a penalty of R$96.0</font><font>&nbsp;</font><font>million, in eight equal installments starting on the date corresponding to 180</font><font>&nbsp;</font><font>days from the publication of CADE&#8217;s approval. These installments will be adjusted on a semiannual basis by the SELIC. In addition, three employees and a former employee of Ultragaz also signed the TCC and agreed to pay R$1.1</font><font>&nbsp;</font><font>million in fines. </font></li>
<li style="margin-top: 12pt; margin-left: 27.26pt; padding-left: 1.09pt; font-family: 'Times New Roman'; font-size: 10pt;"><font>The second proceeding relates to anti-competitive practices in the Federal District and surrounding and involves only Cia. Ultragaz. Cia. Ultragaz signed a TCC with respect to this proceeding that was approved by CADE on September</font><font>&nbsp;</font><font>6, 2017. Pursuant to the TCC, Cia. Ultragaz agreed to pay a penalty of R$2.2</font><font>&nbsp;</font><font>million, in a single installment on the date corresponding to 180</font><font>&nbsp;</font><font>days from the date of publication of CADE&#8217;s approval. Two former employees of Ultragaz also </font><font>signed TCC and agreed to pay R$50</font><font>&nbsp;</font><font>thousand each in fines. </font><font>As a result of said TCC, the proceeding against Cia. Ultragaz will be suspended until final decision by CADE Tribunal</font><font>.</font></li>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The</font><font style="font-family: 'Times New Roman';"> subsidiary IPP became party to two administrative proceedings filed by CADE relat</font><font style="font-family: 'Times New Roman';">ed</font><font style="font-family: 'Times New Roman';"> to allegations of anticompetitive practices in the city of Joinville, </font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">tate of Santa Catarina and in the Federal</font><font style="font-family: 'Times New Roman';"> District</font><font style="font-family: 'Times New Roman';">. The </font><font style="font-family: 'Times New Roman';">proce</font><font style="font-family: 'Times New Roman';">dure</font><font style="font-family: 'Times New Roman';"> related to the anticompetitive acts of Joinville </font><font style="font-family: 'Times New Roman';">filed </font><font style="font-family: 'Times New Roman';">in October 2015 is </font><font style="font-family: 'Times New Roman';">ongoing (as of the date of this annual report</font><font style="font-family: 'Times New Roman';"> two favorable votes and one unfavorable vote have been pronounced)</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> while the </font><font style="font-family: 'Times New Roman';">Federal District </font><font style="font-family: 'Times New Roman';">proceeding, resulting from </font><font style="font-family: 'Times New Roman';">an </font><font style="font-family: 'Times New Roman';">administrative </font><font style="font-family: 'Times New Roman';">inquiry initiated in 2012 converted into </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">n administrative proceeding </font><font style="font-family: 'Times New Roman';">in June 2020, is in the </font><font style="font-family: 'Times New Roman';">defense </font><font style="font-family: 'Times New Roman';">presentation </font><font style="font-family: 'Times New Roman';">stage</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">Besides</font><font style="font-family: 'Times New Roman';"> these</font><font style="font-family: 'Times New Roman';">, in April 2019, IPP received an administrative fine in the amount of R$</font><font style="font-family: 'Times New Roman';">40.7 million</font><font style="font-family: 'Times New Roman';">, for alleg</font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">d</font><font style="font-family: 'Times New Roman';">ly</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">influencing</font><font style="font-family: 'Times New Roman';"> uniform</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">commercial conduct am</font><font style="font-family: 'Times New Roman';">ong fuel resellers around the city</font><font style="font-family: 'Times New Roman';"> of</font><font style="font-family: 'Times New Roman';"> Belo Horizonte, state of Minas Gerais. </font><font style="font-family: 'Times New Roman';">In this case, </font><font style="font-family: 'Times New Roman';">the Company </font><font style="font-family: 'Times New Roman';">decided to challenge</font><font style="font-family: 'Times New Roman';"> the penalty </font><font style="font-family: 'Times New Roman';">imposed by the competent</font><font style="font-family: 'Times New Roman';"> judicial courts and </font><font style="font-family: 'Times New Roman';">thus</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> enforceability of the fine</font><font style="font-family: 'Times New Roman';"> was suspended</font><font style="font-family: 'Times New Roman';">. Management</font><font style="font-family: 'Times New Roman';"> did not reco</font><font style="font-family: 'Times New Roman';">rd </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">ny</font><font style="font-family: 'Times New Roman';"> provision</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> for these</font><font style="font-family: 'Times New Roman';"> proceeding</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> based on</font><font style="font-family: 'Times New Roman';"> the opinion of </font><font style="font-family: 'Times New Roman';">outside</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">legal counsel that </font><font style="font-family: 'Times New Roman';">classif</font><font style="font-family: 'Times New Roman';">ied </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> probability </font><font style="font-family: 'Times New Roman';">of </font><font style="font-family: 'Times New Roman';">loss as remote. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Certain former shareholders of RPR, CBPI and DPPI filed two lawsuits in the States of S&#227;o Paulo and Rio de Janeiro questioning the Share Exchange in connection with the acquisition of the Ipiranga Group in order to prevent the Company&#8217;s shareholders&#8217; meeting that would deliberate on the Share Exchange from taking place. Decisions by administrative and judicial courts stated that there were no legal grounds for the request. Based on such administrative and court decisions, the Share Exchange was approved by the shareholders&#8217; meeting of the companies on December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">18, 2007. The lawsuit filed in the </font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">tate of Rio de Janeiro terminated as a result of loss of interest to sue, due to the sale of the correspondent shareholding at Ultrapar. Regarding the lawsuit filed in the state of S&#227;o Paulo, the former Ipiranga shareholders that filed the suit appealed the decision issued, and the court of appeals rejected this appeal and maintained the lower court&#8217;s decision. Nonetheless, such former shareholders filed a special appeal against such decision, which was also not admitted by the court of appeals. Against this specific decision on non-admittance, they filed an interlocutory appeal to forcibly refer the case records to the Brazilian High Court of Justice, where the merits of the special appeal were also denied. The former shareholders then filed a motion for clarification, which was also rejected by the High Court of Justice. Against both decisions, which respectively rejected the special appeal and the motion for clarification, they filed an extraordinary appeal, which was rejected by the Vice President of the High Court of Justice on March</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">3, 2018. On April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">18, 2018, this decision became final and unappealable. In 2011, a new lawsuit in the </font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">tate of Rio de Janeiro was filed by some of these former shareholders, questioning aspects of the Share Exchange. However, the High Court of Justice rendered a decision regarding a conflict of jurisdictions and ordered the remittance of this new lawsuit to the </font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">tate of S&#227;o Paulo, where it will be judged. These lawsuits were terminated in 2019.</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">On November</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">29, 2016, a technical opinion was issued by the Operational Support Center for Execution (Centro de Apoio Operacional &#224; Execu&#231;&#227;o &#8211; CAEX), a technical body linked to the S&#227;o Paulo State Public Prosecutor (&#8220;MPE&#8221;), presenting a proposal setting forth an estimate of monetary damages for the alleged environmental impact caused by the fire on April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">2, 2015 at the Santos Terminal of the subsidiary Tequimar. This technical opinion is non-binding, with no condemnatory or sanctioning nature, and will still be evaluated by the authorities and parties. The Company disagrees with the methodology and the assumptions adopted in the proposal and has been negotiating an agreement with the MPE and the Brazilian Federal Public Prosecutor (&#8220;MPF&#8221;), since the beginning of the investigation. As of the date of this annual report, no civil lawsuit has been filed on the matter. The negotiations relate to the indemnification of the alleged damages. On May</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">15, 2019, the subsidiary Tequimar signed a Partial Conduct Adjustment Commitment Agreement (&#8220;TAC&#8221;) in the amount of R$67.5</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million with the MPE and MPF to indemnify diffuse and collective damages of any kind arising from the fish mortality and the damage caused to the ichthyofauna. The negotiations on indemnification of other alleged damages are still ongoing and, once concluded, may result in additional payments and potential liabilities related to the project costs that may affect the Company&#8217;s future financial results. In the criminal sphere, the MPF filed a lawsuit against the subsidiary Tequimar, which was serviced and submitted its defense to the complaint on June</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">19, 2018. On September</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">12, 2019, at a hearing before the federal court of Santos, the MPF and Tequimar agreed, and the judicial authority approved, the conditional suspension of the criminal proceedings for a period of 2 years, after which Tequimar shall be required to demonstrate the due performance of the Partial TAC signed, with the obligation of a complementary allocation of R$13.0</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million to the Fisheries Management Project, and thus achieve the definitive dismissal of the criminal process. </font><font style="font-family: 'Times New Roman';">This amount was provisioned in 2019 and was paid in February 4, 2021. </font><font style="font-family: 'Times New Roman';">In addition, as of </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">3</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, there </font><font style="font-family: 'Times New Roman';">were</font><font style="font-family: 'Times New Roman';"> contingent liabilities not recognized related to lawsuits in the amount of R$</font><font style="font-family: 'Times New Roman';">4.</font><font style="font-family: 'Times New Roman';">4</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million (R$</font><font style="font-family: 'Times New Roman';">11.4</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">). On December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2019</font><font style="font-family: 'Times New Roman';"> and December 31, 202</font><font style="font-family: 'Times New Roman';">0</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">there </font><font style="font-family: 'Times New Roman';">were</font><font style="font-family: 'Times New Roman';"> no extrajudicial lawsuits. For more information see note 23 </font><font style="font-family: 'Times New Roman';">to</font><font style="font-family: 'Times New Roman';"> our consolidated financial statements. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Labor contingent liabilities.</font><font style="font-family: 'Times New Roman';"> The Company and its subsidiaries have labor contingent liabilities in the total amount of R$</font><font style="font-family: 'Times New Roman';">256</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">3</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, </font><font style="font-family: 'Times New Roman';">2020 </font><font style="font-family: 'Times New Roman';">(R$2</font><font style="font-family: 'Times New Roman';">62.3</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">), as further described below. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 1990, the Petrochemical Industry Labor Union (</font><font style="font-family: 'Times New Roman'; font-style: italic;">Sindiqu&#237;mica</font><font style="font-family: 'Times New Roman';">), of which the employees of Oxiteno Nordeste (which was merged into Oxiteno in December 2019) and EMCA, companies located in the Cama&#231;ari Petrochemical Complex, are members, filed separate lawsuits against Oxiteno S.A. and EMCA seeking compliance with the fourth section of the collective labor agreement, which provided for a salary adjustment in lieu of the salary policies practiced. In that same year, a collective labor dispute was also filed by the Union of Employers (SINPEQ) against Sindiqu&#237;mica, seeking the recognition of the inapplicability of such fourth section. The decisions rendered in the collective claims were favorable to the subsidiaries Oxiteno S.A. and EMCA and are final and unappealable. The collective labor dispute filed by </font><font style="font-family: 'Times New Roman'; font-style: italic;">Sindiqu&#237;mica </font><font style="font-family: 'Times New Roman';">against SINPEQ became final in STF in October 2019 and remained unfavorable to SINPEQ. In 2010, some companies in the Cama&#231;ari Petrochemical Complex signed an </font><font style="font-family: 'Times New Roman';">agreement with Sindiqu&#237;mica. In October 2015, Sindiqu&#237;mica filed enforcement lawsuits against Oxiteno S.A and, in 2017, against EMCA, as these companies did not sign the 2010 agreement with Sindiqu&#237;mica. A favorable decision was issued in favor of Oxiteno S.A., and this proceeding is currently awaiting judgment of the appeals filed by </font><font style="font-family: 'Times New Roman'; font-style: italic;">Sindiqu&#237;mica</font><font style="font-family: 'Times New Roman';"> and Oxiteno S.A. For EMCA, the lower court decision was favorable to the company, but was reversed at the Regional Labor Court of the 5th Region, it is currently pending a final judgment. In addition to collective actions, individual claims containing the same object have been filed.&nbsp;</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Lubricants operation between IPP and Chevron. </font><font style="font-family: 'Times New Roman';">In the process of establishing the joint-venture between Chevron and subsidiary IPP, the companies agreed that each shareholder of the new company would be responsible for any claims arising out of any acts, facts or omissions prior to their formation. The liability provisions of the Chevron shareholder in the amount of R$</font><font style="font-family: 'Times New Roman';">101.7</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> (R$</font><font style="font-family: 'Times New Roman';">5.4</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">) are reflected in the consolidated financial statements, as well as the contingent liabilities identified at the date of acquisition, whose provision amount of R$198.9</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million was recognized as a business combination on December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">1, 2017, with the balance of R$1</font><font style="font-family: 'Times New Roman';">02.8</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> (R$1</font><font style="font-family: 'Times New Roman';">88.1</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">). The amount provisioned of Chevron&#8217;s liability recognized in the business combination will be reimbursed to subsidiary Iconic in the event of losses and an indemnity asset was hereby constituted in the same amount, without the need to establish a provision for uncollectible amounts. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Exclusion of ICMS from the PIS and COFINS base</font><font style="font-family: 'Times New Roman';">. On March</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">15, 2017, STF decided that ICMS is not included in the PIS and COFINS basis. All of our subsidiaries that are impacted by the decision have filed lawsuits to have this right, recognized by the court. For the subsidiaries Oxiteno S.A., Extrafarma, Tequimar, Tropical, Ipiranga, EMCA and Oleoqu&#237;mica final and unappealable decisions were issued, and the respective subsidies to prove the amounts to be refunded were duly confirmed by management and recorded in results, up to the present year of 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, the amount of </font><font style="font-family: 'Times New Roman';">up to </font><font style="font-family: 'Times New Roman';">R$</font><font style="font-family: 'Times New Roman';">747.0</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million (up to R$</font><font style="font-family: 'Times New Roman';">338.1</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 201</font><font style="font-family: 'Times New Roman';">9</font><font style="font-family: 'Times New Roman';">). As a result of injunctions obtained, some subsidiaries have already excluded the ICMS in the amount of R$</font><font style="font-family: 'Times New Roman';">215.4 </font><font style="font-family: 'Times New Roman';">million until December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 20</font><font style="font-family: 'Times New Roman';">20 (R$141.6 million as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2019)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">from the PIS and COFINS calculation base. The amounts to be recovered from the other subsidiaries will be recognized to the extent that final and unappealable decisions of the individual actions are issued and the subsidies are confirmed. The Company&#8217;s management emphasizes that it is possible for the STF to modulate the effects of the judgment, either by restricting its effectiveness or determining when the decision will become effective, or by reinterpreting the value of ICMS to be excluded. After the decision of the STF has become final and unappealable, the Company&#8217;s management will assess the impact on the shares of its subsidiaries, which may result in a reduction in the claimed tax credits. </font></p>
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<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Antitrust matters</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"> </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Acquisition of Liquig&#225;s Distribuidora S.A.</font><font style="font-family: 'Times New Roman'; font-style: italic;"> </font><font style="font-family: 'Times New Roman';">The acquisition of 100% of Liquig&#225;s by Cia. Ultragaz S.A. was submitted to the antitrust authorities on April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">7, 2017. On August</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">28, 2017, the General Superintendence issued a non-binding opinion objecting to the transaction. On February</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">28, 2018, CADE rejected the transaction relating the acquisition of Liquig&#225;s. The contract was automatically terminated, pursuant to which Ultragaz paid a fine on March</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">13, 2018, in favor of Petrobras in the amount of R$286</font><font style="font-family: 'Times New Roman';">.2</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million as per the terms of original sale and purchase agreement. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Acquisition of Terminal Exportador de &#193;lcool de Santos Ltda. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">(&#8220;TEAS&#8221;).</font><font style="font-family: 'Times New Roman'; font-style: italic;"> </font><font style="font-family: 'Times New Roman';">The acquisition of 100% of TEAS, previously owned by Ra&#237;zen Energia S.A. and Ra&#237;zen Araraquara A&#231;&#250;car e &#193;lcool Ltda., by Terminal Qu&#237;mico de Aratu S.A. &#8211; TEQUIMAR, was duly submitted to the antitrust authorities on January</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2018. On February</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">9, 2018, the General Superintendence of CADE issued an opinion for the approval of the transaction without any restriction. On March</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">2, 2018, CADE issued a certificate attesting to the approval that was published on February</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">10, 2018. Closing of the acquisition took place on March</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">29, 2018. </font></p>
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<li style="margin-top: 12pt; margin-left: 14.17pt; page-break-after: avoid; padding-left: 3.68pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>Significant Changes</font></li>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">None.</font></p>
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<div style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none;" href="#" name="BITEM9_P0IU6AEBZ400000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">ITEM</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">9.</font><font style="width: 18.33pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">THE OFFER AND LISTI</font></a><font style="font-family: 'Times New Roman'; font-weight: bold;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none;" href="#" name="BITEM9_P0IU6AEBZ400000000000000000000" class="customBookmark">NG</a> </font></div>
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<li style="margin-top: 12pt; margin-left: 14.72pt; page-break-after: avoid; padding-left: 3.28pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>Offer and Listing Details </font></li>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Not required. </font></p>
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<li style="margin-top: 12pt; margin-left: 14.17pt; page-break-after: avoid; padding-left: 3.68pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>Plan of Distribution </font></li>
</ol>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Not applicable. </font></p>
<p style="margin-top: 13.5pt; margin-bottom: 0pt; font-size: 1pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<li style="margin-left: 14.72pt; page-break-after: avoid; padding-left: 12.78pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>Markets </font></li>
</ol>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our shares are listed on the S&#227;o Paulo Stock Exchange under the ticker symbol &#8220;UGPA3&#8221; and the ADSs are listed on NYSE under the symbol &#8220;UGP&#8221;.</font></p>
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<li style="margin-top: 12pt; margin-left: 14.72pt; page-break-after: avoid; padding-left: 12.33pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>Offer and Listing Details </font></li>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Not required. </font></p>
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<li style="margin-top: 12pt; margin-left: 14.17pt; page-break-after: avoid; padding-left: 12.88pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>Plan of Distribution </font></li>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Not applicable. </font></p>
<p style="margin-top: 13.5pt; margin-bottom: 0pt; font-size: 1pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<li style="margin-left: 13.61pt; page-break-after: avoid; padding-left: 13.89pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>Markets </font></li>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our shares are listed on the S&#227;o Paulo Stock Exchange under the ticker symbol &#8220;UGPA3&#8221; and the ADSs are listed on NYSE under the symbol &#8220;UGP&#8221;.</font></p>
<p style="margin: 0px; text-indent: 0px; font-size: 10pt;"><font style="font-size: 10pt; text-indent: -55.1pt; font-family: 'Times New Roman'; font-weight: bold;"><br></font></p>
<div style="margin: 0px; text-indent: 0px; font-size: 10pt;"><a style="text-decoration: none; color: rgb(0, 0, 0); cursor: default; outline: none;" href="#" name="Bi10_XDGIQ83FA800000000000000000000" class="customBookmark"><font style="font-size: 10pt; text-indent: -55.1pt; font-family: 'Times New Roman'; font-weight: bold;">ITEM</font><font style="font-size: 10pt; text-indent: -55.1pt; font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-size: 10pt; text-indent: -55.1pt; font-family: 'Times New Roman'; font-weight: bold;">10.</font><font style="font-size: 10pt; width: 13.43pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-size: 10pt; text-indent: -55.1pt; font-family: 'Times New Roman'; font-weight: bold;">ADDITIONAL INFORMA</font><font style="font-size: 10pt; text-indent: -55.1pt; font-family: 'Times New Roman'; font-weight: bold;">TION</font></a></div>
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<li style="margin-top: 12pt; margin-left: 14.72pt; page-break-after: avoid; padding-left: 14.18pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>Share Capital </font></li>
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<p style="margin-top: 12pt; margin-bottom: 8pt; text-indent: 24.4pt; line-height: 108%; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Not applicable.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"><font style="font-size: 10pt; text-indent: -24.5pt; font-family: 'Times New Roman'; font-weight: bold;">B.</font><font style="font-size: 10pt; width: 15.33pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-size: 10pt; text-indent: -24.5pt; font-family: 'Times New Roman'; font-weight: bold;">Memorandum and Bylaws</font><br></p>
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<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We are registered with the commercial registry of the state of S&#227;o Paulo under the registration number 35,300,109,724. Pursuant to chapter I, article</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">3 of our bylaws, our main corporate purpose is the investment of our capital in the trade, industry and agriculture sectors and in companies providing services, through the subscription for or acquisition of shares or quotas in other companies. </font></p>
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font></p>
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<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">General </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Set forth below is a summary of selected significant provisions of our bylaws and the Brazilian Corporate Law, the rules and regulations of the CVM and the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';"> listing segment of B3 regarding certain corporate matters applicable to us. This description does not purport to be complete and is qualified by reference to our bylaws, Brazilian Corporate Law, the rules and regulations of the CVM and the rules of the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';">. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In connection with the </font><font style="font-family: 'Times New Roman';">c</font><font style="font-family: 'Times New Roman';">onversion, at the </font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">xtraordinary </font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">hareholders&#8217; </font><font style="font-family: 'Times New Roman';">m</font><font style="font-family: 'Times New Roman';">eeting and the special preferred </font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">hareholders&#8217; </font><font style="font-family: 'Times New Roman';">m</font><font style="font-family: 'Times New Roman';">eeting, both held on June</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">28, 2011, our shareholders approved (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the conversion of all preferred shares into common shares at a ratio of one preferred share for one common share; (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">changes to and consolidation of our bylaws; (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the Company&#8217;s adherence to the rules of the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';"> of the B3; and (iv)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the confirmation that the new provisions related to the rights of all Company&#8217;s shareholders in the event of a sale of control of the Company, pursuant to its new bylaws and the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';"> regulations, are equivalent to the provisions of the Ultra S.A. shareholders&#8217; agreement dated as of March</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">22, 2000. Such decisions became effective on the date the shares issued by the Company were admitted to trade at the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';"> of the B3. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As a result of the Conversion, due to new capital structure, other shareholders&#8217; rights are currently not applicable, for instance, the right to separate elections for the Board of Directors and Fiscal Council. On the other hand, common shareholders are entitled to voting rights in any matter. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Since our shares are listed on the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';">, we are required to comply with heightened requirements for corporate governance. In addition, we are not permitted to issue preferred shares or any shares with restricted voting rights while listed on this segment</font><font style="font-family: 'Times New Roman'; font-style: italic;"> </font><font style="font-family: 'Times New Roman';">pursuant to its rules. As of January</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">2, 2018, the new rules for </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';"> came into effect. Despite the fact that the companies listed in this segment must fully comply with the regulations until the general shareholders&#8217; meeting of 2022, our bylaws were already amended on April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">10, 2019 to reflect these rules and </font><font style="font-family: 'Times New Roman';">therefore as of the date of this annual report </font><font style="font-family: 'Times New Roman';">we are in full compliance with such rules. </font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Description of Capital Stock </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">On April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">10, 2019, the </font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">xtraordinary and </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">nnual </font><font style="font-family: 'Times New Roman';">g</font><font style="font-family: 'Times New Roman';">eneral </font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">hareholders&#8217; </font><font style="font-family: 'Times New Roman';">m</font><font style="font-family: 'Times New Roman';">eeting </font><font style="font-family: 'Times New Roman';">approved a stock split of the shares issued by Ultrapar, so that each share would be represented by two shares of the same class and type. The </font><font style="font-family: 'Times New Roman';">stock split shall not involve any change in the capital stock, therefore being no alteration in the financial amount and shareholder participation in the Company&#8217;s capital stock. The share split was implemented on April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">24, 2019, which was also the date that the corresponding stock split of our American Depositary Shares was implemented. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020, our subscribed and paid-in capital stock consisted of 1,115,005,712 common shares, all of which have equal voting and equity rights, with no par value, of which </font><font style="font-family: 'Times New Roman';">26,964,736</font><font style="font-family: 'Times New Roman';"> common shares were held in treasury. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">On February</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">24, 2021, our Board of Directors confirmed the issuance of 70,9</font><font style="font-family: 'Times New Roman';">3</font><font style="font-family: 'Times New Roman';">9 common shares within the limits of the authorized capital stock pursuant to Article 6 of the Company&#8217;s Bylaws, due to the partial exercise of the subscription warrants issued by the Company as of the approval of the Extrafarma transaction. These common shares have the same rights assigned to the other shares previously issued by the Company. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As of the date of this annual report, the Company&#8217;s capital stock is represented by 1,115,076,651 common shares, all of them nominative and with no par value. </font></p>
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<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Subscription Warrants </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">As a result of the Extrafarma Transaction, the Company issued subscription warrants to the former Extrafarma shareholders which could potentially lead to the issuance of up to 6,411,244 shares, taking into account the stock split approved in April 2019 (3,205,622 shares prior to the April 2019 stock split). The subscription warrants were partially exercised </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">in</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> February 2020, August 2020 and February 2021, and the Company issued a total amount of 2,266,459 common shares. Therefore, as of the date of this annual report, the exercise of the remaining subscription warrants by the former Extrafarma shareholders could potentially lead to the issuance of up to</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">3,567,069 additional shares of Ultrapar. See &#8220;Item</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">4.A. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Information on the Company &#8212; </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">History and Development of the Company &#8211; Extrafarma&#8221;. </font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Voting Rights </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Each common share entitles its holder to one vote at the matters of the shareholders&#8217; meetings, in accordance with the Brazilian Corporate Law, our bylaws and the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';"> regulations. For more detailed information with respect to the voting rights of our common shares see our Form 8-A filed with the SEC on August</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">15, 2011 in the section &#8220;Description of Capital Stock&#8212;Shareholders&#8217; Meetings&#8221;. </font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Deregistration as Publicly-Held Company </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We may only deregister as a publicly-held company if such deregistration is approved by a majority of the shareholders present at a shareholders&#8217; meeting, which shall be conditioned to: (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the launching of a public tender offer for the acquisition of all of our outstanding shares in accordance with the provisions of Brazilian Corporate Law, the CVM rules and regulations, the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';"> regulation and our bylaws by us, our controlling shareholders or a group of controlling shareholders and (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the acceptance of at least two thirds (2/3) of the shareholders representing the free float that show up at the tender offer auction (whether by selling its shares or expressly agreeing with the deregistration), in which case we would become a privately-held company. The price offered for such outstanding shares must at least correspond to the fair value of such shares as set forth in the respective appraisal report issued by a specialized institution with proven experience hired by the offeror for the purposes of the tender offer. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Shareholders holding at least ten percent of the free float of our shares may require our management to call a special shareholders&#8217; meeting to determine whether to perform another valuation using the same or a different valuation method. This request must be made within 15 days following the disclosure of the price to be paid for the shares in the public tender offer. If the new valuation price is equal to or lower than the original valuation price, the shareholders making such request as well as those who vote in its favor must reimburse the Company for any costs incurred in preparing the new appraisal report. If the new valuation price is higher than the original valuation price, the offeror shall then decide whether to proceed with the public tender offer observing the new price or withdraw the tender offer, in which case the Company will continue to be registered as a publicly-held company. </font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Withdrawal from the Novo Mercado </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">According to the new </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado </font><font style="font-family: 'Times New Roman';">Listing Rules &#8211; applicable as of January</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">2, 2018 &#8211; and to our bylaws approved at the </font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">xtraordinary and </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">nnual </font><font style="font-family: 'Times New Roman';">g</font><font style="font-family: 'Times New Roman';">eneral </font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">hareholders&#8217; </font><font style="font-family: 'Times New Roman';">m</font><font style="font-family: 'Times New Roman';">eeting </font><font style="font-family: 'Times New Roman';">held on April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">10, 2019, the withdrawal from the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';"> may be: (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">voluntary; or (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">mandatory, as a result of the violation of any the rules of the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';"> or the deregistration as publicly-held company. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The withdrawal, however, shall only occur after the launching of a public tender offer for the Company&#8217;s outstanding shares, which shall (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">follow, as applicable, the CVM regulation that rules that the mandatory tender offer for the deregistration as </font><font style="font-family: 'Times New Roman';">publicly-held company (including the abovementioned possibility to request a second valuation report); and (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">be launched at a fair price, as appointed in the appraisal report issued by a specialized institution with proven experience for the purposes of the tender offer; and (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">be approved by at least one third (1/3) of the shareholders representing the free float that participate in the tender offer auction (whether by selling its shares or expressly agreeing with the withdrawal from the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';">). </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The obligation to launch such public tender offer, however, may be waived by the majority of the shareholders representing the Company&#8217;s free float present at the shareholders&#8217; meeting convened to resolve on that matter. Such shareholders&#8217; meeting may be held on first call with the attendance of shareholders representing two thirds (2/3) of the free float or, on second call, with the attendance of any number of shareholders representing the free float. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The withdrawal from the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado </font><font style="font-family: 'Times New Roman';">does not necessarily result in our deregistration as a publicly-held company on the B3. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">If the Company participates in a corporate reorganization involving the transfer of its shareholders&#8217; base to a company that is not listed in the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';">, such resulting company or companies must apply for listing on </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';"> within one hundred and twenty (120)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">days from the date of the general shareholders meeting that approved the reorganization, unless the majority of the shareholders representing the Company&#8217;s free float present at such shareholders&#8217; meeting agrees with the non-listing of the resulting company. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Pursuant to the new rules of the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';"> and to our new bylaws, the voluntary withdrawal shall be preceded by a public tender offer at fair market value. For the withdrawal to move forward, shareholders representing more than one third (1/3) of the outstanding shares shall need to accept the tender offer or expressly agree to delist without selling the shares. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">According to the rules of the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';">, in the event of a transfer of our shareholding control within 12</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">months following our delisting from the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';">, the selling controlling shareholder(s) and the acquirer must offer to acquire the remaining shares for the same price and terms offered to the selling controlling shareholders, duly updated, or pay the difference, if any, between the tender offer price accepted by the former shareholders, duly updated, and the price obtained by the controlling shareholder in selling its shares. </font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Sale of Control </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In the event of a direct or indirect sale of the Company&#8217;s shareholding control, through a single or series of transactions, the acquirer must conduct a public tender offer for all shares held by the remaining shareholders in order to ensure equal treatment of all shareholders (tag-along right). Such right has been provided to Ultrapar&#8217;s shareholders since March</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">22, 2000, in accordance with the terms of the Ultra S.A. shareholders&#8217; agreement signed on the same date, which has since then been rescinded and replaced by our bylaws. The tender offer is subject to applicable laws and regulations, our bylaws and the rules of the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';">. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">A public tender offer is also required when there is an assignment for consideration of share subscription rights or rights of other securities convertible into our shares, which results in the transfer of control of the Company. In such case, the acquiring shareholder must (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">complete a public tender offer for our remaining shares on the same terms and conditions offered to the selling shareholder and (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">according to our bylaws, reimburse the counterparties from whom it has acquired our shares on the stock exchange in the six-month period preceding the transaction which resulted in a change in control. The reimbursement amount corresponds to the positive difference between the price paid to the selling shareholder in the transaction that resulted in a change of control and the adjusted price paid in the transactions carried out on the B3 during this six-month period, as adjusted by the SELIC rate up until the payment date. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The buyer of a controlling interest shall, after the financial settlement of the foregoing tender offer, take the appropriate actions to, over the course of the subsequent 18</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">months, restore the minimum percentage of outstanding shares as per the rules of the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo</font><font style="font-family: 'Times New Roman'; font-style: italic;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-style: italic;">Mercado</font><font style="font-family: 'Times New Roman';">. </font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Acquisition of a Relevant Interest </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Any person, regardless of whether he/she is a shareholder, which, on his/her own account or acting jointly with another person, acquires our shares, through a single transaction or a series of successive transactions, representing 20% or more of our capital stock, is required to make a tender offer for the acquisition of the shares held by the remaining shareholders at a price equal to the highest value per share paid by him/her in the preceding six months, adjusted pursuant to the SELIC rate. Such persons will not be required to carry out a public tender offer in the event they timely and cumulatively sell on a stock exchange the number of our shares that exceeds such thresholds, within 30</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">days from the date they provide notice to the Company of their intent to make such sales. In addition, the requirement to carry out a public tender offer will not apply in the event any shareholder or group of shareholders hold more than 50% of our capital stock at the time of acquisition of the relevant interest. </font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Public Tender Offers </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">A single public tender offer may be launched for more than one of the purposes provided for in our bylaws, the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';"> Listing rules, the Brazilian Corporate Law or in the regulations issued by the CVM, provided that the procedures used when conducting the unified public tender offer are compatible with all requirements of each individual public tender offer, the public tender offers do not suffer any damages and the authorization of the CVM is obtained, when required by the applicable law.</font><font style="font-family: 'Times New Roman';"> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"><font style="font-size: 10pt; text-indent: -24.5pt; font-family: 'Times New Roman'; font-weight: bold;">C.</font><font style="font-size: 10pt; width: 14.78pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-size: 10pt; text-indent: -24.5pt; font-family: 'Times New Roman'; font-weight: bold;">Material Contracts</font></p>
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<p style="margin-top: 6pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">2018 Shareholders&#8217; Agreement </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">On May</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">2, 2018, Ultra S.A. and Parth executed a shareholders&#8217; agreement to set forth a set of rules to govern the relationship between these two shareholders, binding on December 31, 2019 a total of shares representing 29.4% of the Company&#8217;s capital stock. This shareholders&#8217; agreement replaced the Ultra S.A. shareholders&#8217; agreement executed in 2014 and </font><font style="font-family: 'Times New Roman';">should </font><font style="font-family: 'Times New Roman';">be in force for a period of five years, automatically renewable for an equal period, except if a termination notice is sent by one party to the other up to six (6)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">months before the end of its term. The 2018 </font><font style="font-family: 'Times New Roman';">S</font><font style="font-family: 'Times New Roman';">hareholders </font><font style="font-family: 'Times New Roman';">A</font><font style="font-family: 'Times New Roman';">greement&#8217;s main terms </font><font style="font-family: 'Times New Roman';">were </font><font style="font-family: 'Times New Roman';">substantially related to (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the decision process of how Ultra S.A., Parth and its shareholders </font><font style="font-family: 'Times New Roman';">should </font><font style="font-family: 'Times New Roman';">vote at Ultrapar&#8217;s shareholders meetings; (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">procedures to exchange any party&#8217;s shares in Ultra S.A. or in Parth for shares of Ultrapar; and (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">procedures applicable to the exercise of right of first refusal, preemptive rights and drag along rights. Additionally, any third party purchasing Ultra S.A.&#8217;s shares bound by the shareholders&#8217; agreement must agree to be bound by the shareholders&#8217; agreement. See &#8220;Exhibit</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">2.7 &#8212; 2018 Shareholders&#8217; Agreement, dated as of May</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">2, 2018&#8221;.</font><font style="font-family: 'Times New Roman';"> </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">20</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">20</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"> Shareholders&#8217; Agreement</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">On August 18, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, Ultra S.A. and Parth </font><font style="font-family: 'Times New Roman';">entered into the 2020 Shareholders</font><font style="font-family: 'Times New Roman';">&#8217;</font><font style="font-family: 'Times New Roman';"> Agreement to include P</font><font style="font-family: 'Times New Roman';">&#225;</font><font style="font-family: 'Times New Roman';">tria, in its capacity as Ultra S.A.'s shareholder then holding a 20% stake in Ultra S.A.'s capital stock, as consenting intervening party, therefore bound by the provisions of the 2020 Shareholders' Agreement. The 2020 Shareholders&#8217; Agreement replaced the 2018 Shareholders&#8217; Agreement in its entirety, and the terms and conditions remain substantially the same of the latter. As of the date of this annual report, the 2020 Shareholders' Agreement binds a total of shares representing 34.5% of the Company&#8217;s capital stock. </font><font style="font-family: 'Times New Roman';">See &#8220;Exhibit 2.13&#8212;2020 Shareholders&#8217; Agreement, dated as of August 18, 2020&#8221;.</font></p>
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<p style="margin: 0px; text-indent: 0px; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; font-size: 10pt;">Association and Other Covenants Agreement &#8212; </font>Extrafarma</p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">On September</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">30, 2013, Ultrapar, Extrafarma, Paulo Correa Lazera, Katia Correa Lazera, Pedro Jos&#233; Correa Lazera, Roberto Correa Lazera, Tania Lazera Lima Paes, Tereza Lazera Kemp and Sandra Correa Lazera, each individual being a former shareholder of Extrafarma entered into an Association and Other Covenants Agreement to effect the merger of shares (</font><font style="font-family: 'Times New Roman'; font-style: italic;">incorpora&#231;&#227;o de a&#231;&#245;es</font><font style="font-family: 'Times New Roman';">) of Extrafarma with Ultrapar. See &#8220;Exhibit</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">4.17 &#8211; Summary of the Association and Other Covenants Agreement, dated September</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">30, 2013&#8221;. </font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Notes in the foreign market </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In October 2016, the subsidiary Ultrapar International S.A. issued notes in the international market in the principal amount of US$750</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million, with maturity in October 2026 and interest rate of 5.25%</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">per annum, with interest payable semiannually. The issue price was 98.097% of its face value. The notes are jointly and unconditionally guaranteed by Ultrapar and by the subsidiary IPP. See &#8220;Exhibit 2.9 &#8211; Indenture, dated as of October</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">6, 2016&#8221;. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In June 2019, the subsidiary Ultrapar International repurchased US$200</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in notes due 2026. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In June 2019, the subsidiary Ultrapar International S.A. issued notes in the international market in the principal amount of US$500</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million, with maturity in June 2029 and interest rate of 5.25%</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">per annum, with interest payable semiannually. The issue price was 100% of its face value. The notes are jointly and unconditionally guaranteed by Ultrapar and by the subsidiary IPP. See &#8220;Exhibit 2.10 &#8211; Indenture, dated as of June</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">6, 2019&#8221;. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In July 2020, Ultrapar reopened its 2029 notes issued in the international market and issued additional notes in the total amount of US$ 350.0 million at a</font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';"> interest rate of 5.25% per year with the same characteristics of the 2029 notes (Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">5.B. Operating and Financial Review and Prospects&#8212;Liquidity and Capital Resources&#8212;Indebtedness&#8212;Notes in the Foreign Market&#8221;.</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As a result of the issuance of the notes in the foreign market, Ultrapar and its subsidiaries are required to perform certain obligations, including: </font></p>
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<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Restriction on sale of all or substantially all assets of Ultrapar and subsidiaries Ultrapar International and IPP; </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Restriction on encumbrance of assets exceeding US$150</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> million</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> or 15% of the amount of the consolidated tangible assets. </font></li>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar and its subsidiaries are in compliance with the levels of covenants required by this debt. The restrictions imposed on Ultrapar and its subsidiaries are customary in transactions of this nature and have not limited their ability to conduct their business to date. </font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Debentures </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In March 2018, Ultrapar completed its sixth issuance of R$1,725.0</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in public debentures, which mature in March 2023 and bear interest at 105.25% of DI, with principal due at maturity. The proceeds of the issuance were used to redeem 800</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">debentures from the fifth issuance at the final maturity date and to lengthen its debt profile, providing greater financial flexibility. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">For more information on our debentures, see &#8220;Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">5.B. Operating and Financial Review and Prospects&#8212;Liquidity and Capital Resources&#8212;Indebtedness&#8221;. </font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Banco do Brasil </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our subsidiary IPP entered into several loan agreements with Banco do Brasil S.A. to finance the marketing, processing or manufacturing of agricultural goods (particularly ethanol). The loan agreements contain certain financial penalties for failure to make required payments, limits on permitted usages of the borrowed amounts (which are linked to certain agricultural products expenditures) and loan acceleration clauses. In addition, these agreements contain cross default clauses, requiring the principal and accrued interest to be paid in full for certain events. </font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Promissory Notes </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In April 2020, Ultrapar completed its second public issuance of notes in the principal amount of R$1,000.0 million with maturity in A</font><font style="font-family: 'Times New Roman';">p</font><font style="font-family: 'Times New Roman';">ril 2021 and bearing interest at DI + 3.1% per annum, payable semiannually, with principal due at maturity. The proceeds of the issuance were used to finance working capital.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">For further detail on financial instruments of Ultrapar and its subsidiaries, see </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ote</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">16 to our consolidated financial statements and &#8220;Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">5.B. Operating and Financial Review and Prospects&#8212;Liquidity and Capital Resources&#8212;Indebtedness&#8221;.</font></p>
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<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Other material contracts are described in other sections of this report </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">For information regarding our contract with Braskem relating to the supply of ethylene, see &#8220;Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">4.B. Information on the Company&#8212;Business Overview&#8212;Petrochemicals and Chemicals&#8212;Oxiteno&#8212;Ethylene Supply&#8221; and &#8220;Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">5.F. Operating and Financial Review and Prospects&#8212;Tabular Disclosure of Contractual Obligations&#8221;.</font><font style="font-family: 'Times New Roman'; font-size: 12pt; text-indent: 0px;">&nbsp;</font></p>
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<p style="margin-top: 18pt; margin-left: 24.5pt; margin-bottom: 0pt; text-indent: -24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">D.</font><font style="width: 14.78pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Exchange Controls </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">There are no restrictions on ownership of our common shares or ADS by individual or legal entities domiciled outside Brazil. However, the right to convert dividend payments, interest on shareholders&#8217; equity payments, and proceeds from the sale of our shares into foreign currency and to remit such amounts abroad is subject to restrictions under foreign investment legislation, which generally require, among other things, that the relevant investment be registered with the Central Bank and the CVM. </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Foreign investors may register their investment in our shares under Law 4,131, dated as of September</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">3, 1962, as amended, or Law 4,131, or under Resolution No.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">4,373, dated as of September</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">29, 2014 (which replaced Resolution No.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">2,689, dated of January</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">26, 2000), or Resolution No.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">4,373. Registration under Resolution No.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">4,373 affords favorable tax treatment to foreign investors who are not residents in a &#8220;tax haven&#8221; jurisdiction (i.e. countries that do not impose income tax or where the maximum income tax rate is lower than 20%), as defined by Brazilian tax laws. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Portfolio foreign investments are regulated by Resolution No.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">4,373 and CVM Resolution 13, as amended, or CVM Resolution 13. Resolution No.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">4,373 provides that foreign investors may invest in financial and capital markets in Brazil, including by means of the issuance of depositary receipts in foreign markets in respect of shares of Brazilian issuers, provided that certain requirements are fulfilled. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Under Resolution No.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">4,373, foreign investors may invest in the same instruments and operational modalities available to the investors residing or domiciled in Brazil. The definition of foreign investor includes individuals, legal entities, funds and other collective investment entities, residing, domiciled or headquartered abroad. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Pursuant to Annex I of Resolution No.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">4,373 and CVM Resolution 13, among the requirements applicable, in order to invest in Brazil under the mentioned resolution, a foreign investor must: </font></p>
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<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">appoint at least one representative in Brazil, which must be a financial institution or other institution authorized to operate by the Central Bank of Brazil. The local representative appointed by the foreign investor shall be responsible for performing and updating the registration of the investments made by the foreign investor with the Central Bank of Brazil, as well as the registration of the foreign investor with the CVM; </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">through its representative in Brazil, register itself as a foreign investor with the CVM; </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">through its representative in Brazil, register its foreign investment with the Central Bank; and </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">appoint an authorized custodian in Brazil for its investments, which must be a financial institution or entity duly authorized by the Central Bank or CVM. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Pursuant to article 2, &#167;4&#186; of the Annex I of Resolution No.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">4,373, individuals are not subject to this requirement</font></li>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Securities and other financial assets held by non-Brazilian investors pursuant to Annex I Resolution No.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">4,373 must be registered or maintained in deposit accounts or under the custody of an entity duly authorized by the Central Bank or the CVM, as applicable, or be registered with clearing houses and other entities that provide services of registration, clearing and settlement duly licensed by the Brazilian Central Bank or the CVM, as applicable. In the case of Depositary Receipts (DRs), the record must be made by the Brazilian custodian entity on behalf of the foreign depositary institution. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Annex II of Resolution</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">No. 4,373 of the National Monetary Council provides for the issuance of depositary receipts in foreign markets in respect of shares of Brazilian issuers. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">For purposes of the mandatory registration with the Central Bank of Brazil of foreign investments in the Brazilian financial and capital markets, Resolution No.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">4,373 expressly provides that simultaneous foreign exchange transactions (i.e. without effective transfer of funds to or from abroad) shall be required in specific situations, including (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">conversion of credits held by foreign investors in Brazil into foreign investment in the financial and capital markets; (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">transfer of investments made in depositary receipts to the modality of foreign direct investments (or</font><font style="font-family: 'Times New Roman'; font-style: italic;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-style: italic;">investimento estrangeiro direto</font><font style="font-family: 'Times New Roman';">) under Law No.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">4,131 or investments in the Brazilian financial and capital markets under Annex</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">I of Resolution. No.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">4,373; and (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">transfer of investments in the Brazilian financial and capital markets under Annex I of Resolution.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">No. 4,373 to the modality of foreign direct investments (or</font><font style="font-family: 'Times New Roman'; font-style: italic;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-style: italic;">investimento estrangeiro direto</font><font style="font-family: 'Times New Roman';">) under Law No.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">4,131. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In addition, Resolution No.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">4,373 does not allow foreign investors to perform investments or sell the invested assets outside of organized markets, except as expressly authorized by the CVM through specific regulation or according to the exceptions provided in CVM Resolution 13. Pursuant to CVM Resolution 13, the exceptions for investments outside of organized markets include subscription, stock bonus, initial public offers and the exercise of put options for shareholders that remain following a tender offer, among others. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Foreign investors must be registered with the Brazilian Internal Revenue Service (&#8220;</font><font style="font-family: 'Times New Roman'; font-style: italic;">Receita Federal</font><font style="font-family: 'Times New Roman';">&#8221;) pursuant to the Nominative Instruction 1,863, dated as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">27, 2018 and Nominative Instruction 1,548, dated as of February</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">13, 2015. This registration process is undertaken by the investor&#8217;s legal representative in Brazil. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The right to convert dividend payments and proceeds from the sale of our shares into foreign currency and to remit such amounts outside Brazil is subject to restrictions under foreign investment legislation which generally requires, among other things, that the relevant investment be registered with the Central Bank and the CVM. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We have obtained a certificate of registration in the name of The Bank of New York Mellon, the depositary, with respect to our ADS program. Pursuant to this certificate, the custodian and the depositary are able to convert dividends and other distributions with respect to the shares represented by ADSs into foreign currency and to remit the proceeds outside Brazil. In order for a holder of our ADSs to surrender its ADSs for the purpose of withdrawing the shares represented thereby, the investor is required to register as a Resolution No.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">4,373 investor and meet the requirements mentioned above, as well as register its investment with the Central Bank. If the investor&#8217;s representatives fail to obtain or update the relevant certificates of registration, the investor may incur additional expenses or be subject to operational delays which could affect its ability to receive dividends or distributions relating to the shares or the return of its capital in a timely manner. An investor who surrenders its ADSs and withdraws the shares thereunder may be subject to less favorable Brazilian tax treatment on the gains from the disposition of the investment than a holder of ADSs. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Under Brazilian law, whenever there is a serious imbalance in Brazil&#8217;s balance of payments or reasons to foresee a serious imbalance, the Brazilian government may impose temporary restriction on the remittance of foreign currency abroad and on the conversion of Brazilian currency into foreign currencies. Such restrictions may hinder or prevent the custodian or holders who have exchanged ADSs for underlying shares from converting distributions or the proceeds from any sale of such shares, as the case may be, into U.S. dollars and remitting such proceeds abroad. </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"><font style="font-size: 10pt; text-indent: -24.5pt; font-family: 'Times New Roman'; font-weight: bold;">E.</font><font style="font-size: 10pt; width: 15.33pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-size: 10pt; text-indent: -24.5pt; font-family: 'Times New Roman'; font-weight: bold;">Taxation</font></p>
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<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">This description does not purport to be a comprehensive description of all of the tax considerations that may be relevant to any particular investor, including tax considerations that arise from rules of general application to all taxpayers or to certain classes of investors or that are generally assumed to be known by investors. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">This summary is based upon tax laws of Brazil and the United States as of the date of this annual report, which are subject to change, possibly with retroactive effect, and to differing interpretations. Investors who hold our shares and ADSs should consult their own tax advisors as to the Brazilian, U.S. or other tax considerations relating to the ownership and disposition of shares or ADSs, including, in particular, the effect of any non-U.S., state or local tax laws. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The tax considerations described below do not take into account the effects of a possible future bilateral income tax treaty between Brazil and the United States. We cannot assure you as to whether or when an income tax treaty will enter into force or how it will affect U.S. Holders of our shares or ADSs. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">This summary does not address any tax issues that affect solely the Company, such as deductibility of expenses. </font></p>
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<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Brazilian Tax Consequences </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">General.</font><font style="font-family: 'Times New Roman';"> The following discussion summarizes the main Brazilian tax considerations relating to the ownership and disposal of our shares or ADSs, as the case may be, by a holder that is not domiciled in Brazil for purposes of Brazilian taxation and, in the case of shares, has registered its investment in such securities with the Central Bank as a direct investment (in each case, a &#8220;Non-Brazilian Holder&#8221;). The following discussion does not address all of the Brazilian tax considerations applicable to any particular Non-Brazilian Holder. Therefore, each Non-Brazilian Holder should consult his or her own tax advisors concerning the Brazilian tax considerations relating to an investment in our shares or ADSs. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Law No.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">12,973 enacted on May</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">13, 2014 established new rules regarding the withholding tax exemption available on the payment of dividends and interest on capital. The legislation had no material impact, as foreseen by the tax consultants in the 20-F form in the previous year. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Taxation of dividends.</font><font style="font-family: 'Times New Roman';"> Dividends paid by us, including stock dividends and other dividends paid in property, to the depositary in respect of the shares, or to a Non-Brazilian Holder in respect of shares, are currently exempted from withholding tax in Brazil to the extent that the dividends are paid out of profits as of January</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">1, 1996. Dividends relating to profits generated prior to January</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">1, 1996 may be subject to Brazilian withholding income tax at varying rates, depending on the year the profits were generated. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Interpretation of the Discussion on the Definition of &#8220;Favorable Tax Jurisdiction&#8221;. </font><font style="font-family: 'Times New Roman';">On June</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">4, 2010, Brazilian tax authorities enacted Normative Instruction</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">1,037 listing (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the countries and jurisdictions considered as favorable tax jurisdiction or where local legislation does not allow access to information related to the shareholding composition of legal entities to their ownership or to the identity of the effective beneficiary of the income attributed to non-residents, or &#8220;tax haven&#8221; jurisdictions, and (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the privileged tax regimes, whose definition is provided by Law No.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">11,727, dated as of June</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">23, 2008. Although we believe that the best interpretation of the current tax legislation could lead to the conclusion that the above mentioned &#8220;privileged tax regime&#8221; concept should apply solely for purposes of Brazilian transfer pricing, thin capitalization and controlled foreign company rules, we cannot assure you whether subsequent legislation or interpretations by the Brazilian tax authorities regarding the definition of a &#8220;privileged tax regime&#8221; provided by Law No.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">11,727/08 will also apply to a Non-Brazilian Holder on payments potentially made by a Brazilian source. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Moreover, on November</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">28, 2014, due to the enactment of Ordinance No.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">488, the definition of a favorable tax jurisdiction, for the purposes described above, was changed from jurisdictions where there is no income tax, or the income tax applicable rate is inferior to 20%, to jurisdictions where there is no income tax, or the income tax applicable rate is inferior to 17% (if the country is aligned with the international standards of fiscal transparency defined by Brazilian legislation). </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We recommend prospective investors consult their own tax advisors from time to time to verify any possible tax consequences arising of Normative Ruling No.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">1,037/10 and Law No.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">11,727/08. If the Brazilian tax authorities determine that the concept of &#8220;privileged tax regime&#8221; provided by Law No.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">11,727/08 will also apply to a Non-Resident Holder on payments potentially made by a Brazilian source, the withholding income tax applicable to such payments could be assessed at a rate up to 25%. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Payments of interest on capital. </font><font style="font-family: 'Times New Roman';">Law No.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">9,249, dated as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">26, 1995, permits Brazilian corporations to make distributions to shareholders of interest on capital, or interest attributed to shareholders&#8217; equity. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">These distributions may be paid in cash and such payments represent a deductible expense from the payer&#8217;s corporate income tax and social contribution tax basis. This interest is limited to the daily pro rata variation of the Federal Government&#8217;s long-term interest rate, as determined by the Central Bank from time to time, and cannot exceed the greater of: </font></p>
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<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">50% of net income (after the social contribution on net profits and before the provision for corporate income tax, and the amounts attributable to shareholders as interest on net equity) for the fiscal year; or </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">50% of the sum of retained profits and profits reserves. </font></li>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Any payment of interest on capital to shareholders (including holders of ADSs in respect of shares) is subject to a withholding income tax at a rate of 15%, or 25% if the Non-Brazilian Holder is domiciled in a &#8220;tax haven&#8221; jurisdiction (&#8220;Tax Haven Holder&#8221;). These payments may be included, net of withholding income taxes, as part of any mandatory dividend. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Under the Decree 8,426 of 2015 the payment of interest on capital are also subjected to PIS and COFINS at a rate of 9.25%. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">To the extent that payments of interest on capital are included as part of a mandatory dividend, we are required to distribute an additional amount to ensure that the net amount received by shareholders, after payment of the applicable withholding income tax, is at least equal to the mandatory dividend. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Distributions of interest on net equity to foreign holders may be converted into U.S. dollars and remitted outside Brazil, subject to applicable exchange controls, to the extent that the investment is registered with the Central Bank. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We cannot assure you if our Board of Directors will determine that future distributions should be made by means of dividends or interest on capital. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Taxation of gains.</font><font style="font-family: 'Times New Roman';"> According to Law No.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">10,833, dated as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">29, 2003, the gains recognized on a disposal of assets located in Brazil, such as our shares, by a Non-Brazilian Holder, are subject to withholding income tax in Brazil. This rule is applicable regardless of whether the disposal is conducted in Brazil or abroad and/or if the disposal is or is not made to an individual or entity resident or domiciled in Brazil. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As a general rule, capital gains realized as a result of a disposal transaction are the positive difference between the amount realized on the disposal of the shares and the respective acquisition cost. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Capital gains realized by Non-Brazilian Holders on the disposal of shares sold on the Brazilian stock exchange (which includes the transactions carried out on the organized over-the-counter market): </font></p>
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<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">are subject to the withholding income tax at a zero percent rate when realized by a Non-Brazilian Holder that (i)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">has registered its investment in Brazil before the Central Bank under the rules of the Brazilian Monetary Counsel (&#8220;Registered Holder&#8221;) and (ii)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">is not a Tax Haven Holder; and </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">are subject to income tax at a rate of 15% with respect to gains realized by a Non-Brazilian Holder that is not a Registered Holder (including a Non-Brazilian Holder who qualifies under Law No.</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">4,131/62) and gains earned by Tax Haven Holders that are Registered Holders. In this case, a withholding income tax of 0.005% shall be applicable and can be offset against any income tax due on the capital gain. </font></li>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Any other gains realized on the disposal of shares that are sold on the Brazilian stock exchange or on the organized over-the-counter market: </font></p>
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<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">are subject to income tax at a rate of 15% when realized by any Non-Brazilian Holder that is not a Tax Haven Holder, no matter if a Registered Holder or not; and </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">are subject to income tax at a rate of 25% when realized by a Tax Haven Holder, no matter if a Registered Holder or not. </font></li>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In the cases above, if the gains are related to transactions conducted on the Brazilian non-organized over-the-counter market with intermediation, the withholding income tax of 0.005% shall also be applicable on the gross proceeds and can be offset against any income tax due on the capital gain. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Any exercise of preemptive rights relating to shares will not be subject to Brazilian income tax. Gains realized by a Non-Brazilian Holder on the disposal of preemptive rights will be subject to Brazilian income tax according to the same rules applicable to disposal of shares. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">There can be no assurance that the current favorable tax treatment of Registered Holders will continue in the future. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Furthermore, according to the general rules set forth in Law No.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">13,259/2016, any other gains on the disposal of shares (out of the Brazilian stock exchange and qualified under Law No.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">4131/62) are subject to income tax at a progressive rate from 15% to 22.5% or 25% if the resident is located in a low-tax jurisdiction or Tax Haven. </font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Sale of ADS and shares by non-Brazilian Holders to other non-residents in Brazil </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Pursuant to Section</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">26 of Law No.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">10,833, published on December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">29, 2003, the sale of property located in Brazil involving non-resident investors is subject to Brazilian income tax as of February</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">1, 2004. Our understanding is that ADSs do not qualify as property located in Brazil and, thus, should not be subject to the Brazilian withholding tax. Insofar as the regulatory norm referred to in Section</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">26 is generic and since, at the present time, no definitive jurisprudence provided by Brazilian Superior Courts has been established with respect to this matter, we are unable to assure the final outcome of such discussion. </font></p>
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<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Gains on the exchange of ADS for shares </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Although there is no clear regulatory guidance, the exchange of ADSs for shares should not be subject to Brazilian income tax. Non-Brazilian Holders may exchange their ADSs for the underlying shares, sell the shares on a Brazilian stock exchange and remit abroad the proceeds of the sale within five business days from the date of exchange (in reliance on the depositary&#8217;s electronic registration). For further information, see &#8220;&#8212;Taxation of Bonds and Securities Transactions (IOF/Bonds)&#8221;. Our understanding is that the exchange of ADSs for the underlying shares and sale of shares within the period mentioned above by a Non-Brazilian Holder that (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">is a Registered Holder and (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">is not a Tax Haven Holder, should not be subject to the withholding income tax. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Upon receipt of the underlying shares in exchange for ADSs, Non-Brazilian Holders may also elect to register with the Central Bank the U.S. dollar value of such shares as a foreign portfolio investment under the rules of the Brazilian Monetary Counsel, which will entitle them to the tax treatment referred above in connection with Registered Holders. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Alternatively, the Non-Brazilian Holder is also entitled to register with the Central Bank the U.S. dollar value of such shares as a foreign direct investment under Law No.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">4,131/62, in which case the respective sale would be subject to the tax treatment of Non-Brazilian Holders that are not Registered Holders. </font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Gains on the exchange of shares for ADS </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The deposit of shares in exchange for the ADSs may be subject to Brazilian income tax on capital gains if the amount previously registered with the Central Bank as a foreign investment in shares (direct investment registered under Law No.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">4,131/62) or, in the case of Registered Holders, the acquisition cost of the shares, as the case may be, is lower than: </font></p>
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<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">the average price per share on the Brazilian stock exchange on which the greatest number of such shares were sold on the day of the deposit; or </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">if no shares were sold on that day, the average price on the Brazilian stock exchange on which the greatest number of shares were sold during the 15 preceding trading sessions. </font></li>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The difference between the amount previously registered, or the acquisition cost, as the case may be, and the average price of the shares, calculated as set forth above, is considered a capital gain subject to income tax at a rate of 15%, or 25% for Tax Haven Holders. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Taxation of Foreign Exchange Transactions (IOF/Exchange). </font><font style="font-family: 'Times New Roman';">IOF/Exchange is imposed on the conversion of </font><font style="font-family: 'Times New Roman'; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman';"> into foreign currency and on the conversion of foreign currency into </font><font style="font-family: 'Times New Roman'; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman';">. In the case of the settlement of foreign exchange transactions for the flow of capital into the country, made by foreign investors, for transactions in the financial and capital markets, the applicable rate is 0%. The Brazilian Federal Government is permitted to increase the rate at any time, up to 25%. However, any increase in rates only applies to future transactions. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Taxation of Bonds and Securities Transactions (IOF/Bonds). </font><font style="font-family: 'Times New Roman';">Law No.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">8,894, dated as of June</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">21, 1994, created the IOF/Bonds, which may be imposed on any transaction involving bonds and securities, even if the transaction includes Brazilian stock, futures or commodities exchange. The Federal Supreme Court of Brazil decided that the transfer of shares shall be taxed by IOF/Bonds. The current rate of IOF/Bonds with respect to transactions of shares is 0%. Regarding the ADSs, under the Decree No.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">8,165, from December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">23, 2013 which amended the Decree No.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">6,306, from December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">14, 2007, the IOF/Bonds rate applicable to the transfer of shares listed on the Brazilian stock exchange, with the specific purpose of guaranteeing the issuance of depositary receipts in the foreign market, is currently 0%. The Brazilian government may increase the rate up to 1.5%</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">per day during the terms of the securities, but only with respect to future transactions relating to shares or ADSs. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Other Brazilian Taxes.</font><font style="font-family: 'Times New Roman';"> Some Brazilian states impose gift and inheritance tax on gifts or bequests made by individuals or entities not domiciled or residing in Brazil to individuals or entities domiciled or residing within such states. There are no Brazilian stamp, issue, registration, or similar taxes or duties payable by holders of shares or ADSs.</font></p>
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<p style="margin: 0px; break-after: avoid; font-size: 10pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">U.S. Federal Income Tax Considerations </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following is a discussion of U.S. federal income tax considerations relating to the ownership and disposition of our shares or ADSs, but it does not purport to be a comprehensive description of all the tax considerations that may be relevant to U.S. Holders of our shares or ADSs. The discussion applies only to a U.S. Holder that holds our shares or ADSs as capital assets (generally, for investment purposes) for U.S. federal income tax purposes and does not address all the U.S. federal income tax considerations that may be relevant to a holder in light of its particular circumstances or to holders subject to special rules, such as dealers and traders in securities or currencies, financial institutions, insurance companies, tax-exempt entities, real estate investment trusts, regulated investment companies, persons that own, or have owned directly, indirectly or constructively, 10% or more of our shares (by vote or value) for U.S. federal income tax purposes, persons holding our shares or ADSs as part of a hedging transaction, wash sale, straddle, conversion transaction or other integrated transaction for U.S. federal income tax purposes, persons entering into a &#8220;constructive sale&#8221; with respect to our shares or ADSs for U.S. federal income tax purposes, persons that have a functional currency for U.S. federal income tax purposes other than the U.S. dollar, certain former citizens or long-term residents of the United States, persons who acquired our shares or ADSs pursuant to the exercise of any employee stock option or otherwise as compensation. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Moreover, this discussion does not address the U.S. federal estate and gift tax, Medicare contribution or alternative minimum tax considerations relating to the ownership or disposition of our shares or ADSs. U.S. Holders should consult their tax advisors with respect to the U.S. federal, state, local and non-U.S. tax considerations relating to the ownership and disposition of our shares or ADSs. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">This discussion is based on the Code, administrative pronouncements, judicial decisions and final, temporary and proposed U.S. Treasury regulations, in each case as in effect and available on the date hereof. All of the foregoing is subject to change (possibly on a retroactive basis), or differing interpretations, which could affect the U.S. federal income tax considerations described herein. There can be no assurance that the IRS or a court will not take a contrary position with respect to any U.S. federal income tax considerations described below. In addition, this discussion assumes that each obligation provided for in or otherwise contemplated by the Deposit Agreement and any other related document will be performed in accordance with its terms. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">For purposes of this discussion, a &#8220;U.S. Holder&#8221; is a beneficial owner of our shares or ADSs that is for U.S. federal income tax purposes (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">a citizen or individual resident of the United States, (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">a corporation, or other entity taxable as a corporation, created or organized under the laws of the United States or any political subdivision thereof, (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">an estate the income of which is subject to U.S. federal income taxation regardless of its source, or (iv)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">a trust, (1)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">if such trust has validly elected to be treated as a U.S. person for U.S. federal income tax purposes, or (2)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">if</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">a court within the United States is able to exercise primary supervision over its administration and</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">one or more U.S. persons have the authority to control all of the substantial decisions of such trust. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">If a partnership, or any other entity or arrangement treated as a partnership for U.S. federal tax income tax purposes, holds shares or ADSs, the U.S. federal income tax treatment of a partner in such partnership will generally depend on the status of the partner and on the activities of the partnership. Partnerships holding our shares or ADSs and partners in such partnerships should consult their tax advisors as to the particular U.S. federal income tax considerations of owning and disposing of our shares or ADSs. </font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Ownership of ADSs in general </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In general, U.S. Holders of ADSs will be treated for U.S. federal income tax purposes as owners of the shares underlying the ADSs. Accordingly, no gain or loss will be recognized if a U.S. Holder exchanges ADSs for the underlying shares represented by those ADSs or exchanges the underlying shares represented by those ADSs for ADSs. </font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Taxation of distributions </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Subject to the discussion below under &#8220;&#8212;Passive foreign investment company&#8221;, the gross amount of any distributions made to a U.S. Holder on our shares or ADSs, before reduction for any Brazilian taxes, including withholding taxes attributable to interest on equity, will be includable as ordinary dividend income on the day on which the dividends are actually or constructively received by a U.S. Holder to the extent paid out of our current or accumulated earnings and profits, as determined for U.S. federal income tax purposes. A distribution in excess of our current or accumulated earnings and profits will be treated as a non-taxable return of capital to the extent of the U.S. Holder&#8217;s adjusted basis in our shares or ADSs and as a capital gain to the extent it exceeds the U.S. Holder&#8217;s basis. We do not maintain calculations of our earnings and profits under U.S. federal income tax principles. Therefore, U.S. Holders should expect that distributions by us will generally be treated as dividends to U.S. Holders for U.S. federal income tax purposes. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">A non-corporate U.S. Holder will be subject to tax at the lower capital gain tax rate applicable to &#8220;qualified dividend income&#8221;, provided that certain conditions are satisfied, including that (1)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">our shares or ADSs, as applicable, are readily tradable on an established securities market in the United States, (2)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">we are neither a PFIC nor treated as such with respect to a U.S. Holder (as discussed below) for the taxable year in which the dividend was paid and the preceding taxable year, and (3)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">certain holding </font><font style="font-family: 'Times New Roman';">period requirements are met. Although no assurance may be given, we believe that our ADSs are readily tradable on the NYSE, which is an established securities market in the United States. There can be no assurance, however, that our ADSs will be considered readily tradable on an established securities market in the United States in later years. Because we do not expect that our shares will be listed on an established securities market in the United States, we do not expect that dividends we pay on our shares will meet the conditions required for the reduced tax rate. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Dividends paid to U.S. Holders in </font><font style="font-family: 'Times New Roman'; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman';"> will be includable in income in a U.S. dollar amount based on the exchange rate in effect on the date of actual or constructive receipt whether or not converted into U.S. dollars at that time. If dividends received in </font><font style="font-family: 'Times New Roman'; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman';"> are converted into U.S. dollars on the day they are actually or constructively received, the U.S. Holder will generally not be required to recognize foreign currency gain or loss in respect of the dividend income. Assuming the payment is not converted at that time, the U.S. Holder will have a tax basis in </font><font style="font-family: 'Times New Roman'; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman';"> equal to that U.S. dollar amount, which will be used to measure gain or loss from subsequent changes in exchange rates. Any gain or loss that a U.S. Holder recognizes on a subsequent conversion of </font><font style="font-family: 'Times New Roman'; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman';"> into U.S. dollars (or other disposition) will generally be U.S. source ordinary income or loss for U.S. foreign tax credit purposes. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Dividends on our shares or ADSs received by a U.S. Holder will generally be treated as foreign source income and will generally constitute passive category income for U.S. foreign tax credit purposes. Subject to certain conditions and limitations under U.S. federal income tax law concerning credits or deductions for non-U.S. taxes and certain exceptions for short-term and hedged positions, a Brazilian withholding tax imposed on dividends would be treated as a foreign income tax eligible for credit against a U.S. Holder&#8217;s U.S. federal income tax liability (or at a U.S. Holder&#8217;s election may be deducted in computing taxable income if the U.S. Holder has elected to deduct all foreign income taxes for the taxable year). The rules with respect to foreign tax credits are complex and U.S. Holders should consult their tax advisors regarding the availability of the foreign tax credit under their </font><font style="font-family: 'Times New Roman';">circumstances</font><font style="font-family: 'Times New Roman';">. </font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Taxation of sale, exchange or other disposition of shares or ADSs </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Subject to the discussion below under &#8220;&#8212;Passive foreign investment company&#8221;, a U.S. Holder will generally recognize gain or loss on the sale, exchange or other disposition of a share or ADS in an amount equal to the difference between the amount realized (including the gross amount of the proceeds before the reduction of any Brazilian tax) on such sale, exchange or other disposition and the U.S. Holder&#8217;s adjusted tax basis in such share or ADS. Subject to the discussion below under &#8220;&#8212;Passive foreign investment company&#8221;, gain or loss on the sale, exchange or other disposition of a share or ADS will be capital gain or loss and will be long-term capital gain or loss if the U.S. Holder held such share or ADS for more than one year. Gain or loss recognized by a U.S. Holder will generally be treated as U.S. source gain or loss for U.S. foreign tax credit purposes, as the case may be. An individual U.S. Holder may be entitled to preferential rates of taxation for net long-term capital gains; however, the deductibility of capital losses is subject to limitations under the Code. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">A U.S. Holder&#8217;s initial tax basis of our shares or ADSs will be the U.S. dollar value of the purchase price determined on the date of purchase. If our shares or ADSs are treated as traded on an &#8220;established securities market,&#8221; a cash basis U.S. Holder (or, if it elects, an accrual basis U.S. Holder) will determine the U.S. dollar value of the cost of such shares or ADSs by translating the amount paid at the spot rate of exchange on the settlement date of the purchase. The conversion of U.S. dollars to </font><font style="font-family: 'Times New Roman'; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman';"> and the immediate use of that currency to purchase shares or ADSs will generally not result in taxable gain or loss for a U.S. Holder. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">A U.S. Holder that receives </font><font style="font-family: 'Times New Roman'; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman';"> upon a sale, exchange or other disposition of our shares or ADSs will realize an amount equal to the U.S. dollar value of the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman';"> on the date of sale, exchange, or other disposition. If our shares or ADSs are treated as traded on an &#8220;established securities market,&#8221; a cash basis U.S. Holder (or, if it elects, an accrual basis U.S. Holder) will determine the U.S. dollar value of the amount realized by translating the amount received at the spot rate of exchange on the settlement date of the sale, exchange or other disposition. A U.S. Holder will have a tax basis in the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman';"> received equal to that U.S. dollar amount. Any gain or loss realized by a U.S. Holder on a subsequent conversion of </font><font style="font-family: 'Times New Roman'; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman';"> into U.S. dollars (or other disposition) will generally be U.S. source ordinary income or loss for U.S. foreign tax credit purposes. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">If any gain from the sale, exchange or other disposition of our shares or ADSs is subject to Brazilian tax, U.S. Holders may not be able to credit such taxes against their U.S. federal income tax liability under the U.S. foreign tax credit limitations of the Code since such gain will generally be U.S. source income, unless such tax can be credited (subject to applicable limitations) against tax due on other income treated as derived from foreign sources. Alternatively, the U.S. Holder may take a deduction for the Brazilian income tax if such holder does not take a credit for any foreign income tax during the taxable year. The rules with respect to foreign tax credits are complex and U.S. Holders should consult their tax advisors regarding the availability of the foreign tax credit under their particular circumstances. </font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Passive foreign investment company </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In general, certain adverse consequences could apply to a U.S. Holder if we are treated as a PFIC for any taxable year during which the U.S. Holder holds our shares or ADSs. A non-U.S. corporation will be classified as a PFIC for U.S. federal income tax purposes in any taxable year in which, after applying certain look-through rules, either (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">at least 75</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">percent of its gross income consists of &#8220;passive income&#8221;, such as dividends, interest, rents, royalties and certain gains, including certain gains </font><font style="font-family: 'Times New Roman';">from commodities transactions, other than those that meet the Commodity Exception, or (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">at least 50</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">percent of the average quarterly value of its gross assets is attributable to assets that produce or are held for the production of passive income. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We must make a separate determination each year as to whether we are a PFIC. Based on a review of our gross income and assets, the manner in which we currently operate our business, the current market price of our shares, and the current interpretation of the PFIC rules, including the Commodity Exception, we believe that we were not a PFIC for U.S. federal income tax purposes for the 2019 taxable year. However, the determination as to whether we are a PFIC for any taxable year is based on the application of complex U.S. federal income tax rules, which are subject to differing interpretations, depends upon the composition of a company&#8217;s income and assets and the market value of its assets from time to time, and is not made until after the end of a taxable year. Consequently, there can be no assurance that we will not be considered a PFIC for the current taxable year or any subsequent taxable year. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">If we are a PFIC for any taxable year during which a U.S. Holder holds our shares or ADSs, a U.S. Holder of our shares or ADSs may be subject to imputed interest charges and other generally adverse tax consequences with respect to any gain from the sale, exchange or other taxable disposition of, and certain &#8220;excess distributions&#8221; with respect to, our shares or ADSs. Distributions received in a taxable year that are greater than 125</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">percent of the average annual distributions received during the shorter of (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the three preceding taxable years or (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">a U.S. Holder&#8217;s holding period for the shares or ADSs will be treated as &#8220;excess distributions&#8221;. Under these special tax rules: (A)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">any excess distributions or gain will be allocated ratably to each day in the U.S. Holder&#8217;s holding period for the shares or ADSs, (B)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the amount allocated to the taxable year of disposition, and any taxable year prior to the first taxable year in which we are a PFIC, will be treated as ordinary income, and (C)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the amount allocated to each other taxable years that we were a PFIC will be subject to tax at the highest tax rate applicable to ordinary income in effect for such taxpayer for each such earlier taxable year and the interest charge generally applicable to underpayments of tax will be imposed on the resulting tax attributable to each such year. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">If we are a PFIC for any taxable year during which a U.S. Holder holds our shares or ADSs and any of our non-U.S. subsidiaries is also a PFIC, such U.S. Holder would be treated as owning a proportionate amount (by value) of the shares of the lower-tier PFIC and would be subject to the rules described above on certain distributions by such lower-tier PFIC and a disposition of shares of such lower-tier PFIC even though such U.S. Holder would generally not receive the proceeds of those distributions or dispositions. U.S. Holders should consult their tax advisors regarding the application of the PFIC rules to any of our subsidiaries. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">If a company that is a PFIC provides certain information to U.S, Holders, a U.S. Holder can then avoid certain adverse tax consequences described above by making a &#8220;qualified electing fund&#8221; election to be taxed currently on its proportionate share of the PFIC&#8217;s ordinary income and net capital gains. However, a qualified electing fund election will not be available to U.S. Holders because we do not intend to provide the necessary information to allow U.S. Holders to make such an election for any tax year in which we are a PFIC. </font></p>
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Alternatively, a U.S. Holder of &#8220;marketable stock&#8221; in a PFIC may make a mark-to-market election with respect to such stock. Marketable stock is stock that is traded in other than de minimis quantities on at least 15 days during each calendar quarter (&#8220;regularly traded&#8221;) on a qualified exchange (such as the NYSE) or other market as defined in applicable U.S. Treasury regulations. We believe that our shares and ADSs qualify as being regularly traded on a qualified exchange, but no assurances may be given in this regard. If a U.S. Holder makes this election, such holder will generally (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">include as income for each taxable year the excess, if any, of the fair market value of our shares or ADSs held at the end of the taxable year over the adjusted tax basis of such shares or ADSs and (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">deduct as a loss the excess, if any, of the adjusted tax basis of our shares or ADSs over the fair market value of such shares or ADSs held at the end of the taxable year, but only to the extent of the amount previously included in income as a result of the mark-to-market election. The U.S. Holder&#8217;s adjusted tax basis in our shares or ADSs would be adjusted to reflect any income or loss resulting from the mark-to-market election. If a U.S. Holder makes a mark-to-market election in respect of a corporation classified as a PFIC and such corporation ceases to be classified as a PFIC, such holder will not be required to take into account the gain or loss described above during any period that such corporation is not classified as a PFIC. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Because a mark-to-market election cannot be made for any lower-tier PFICs that we may own, a U.S. Holder may continue to be subject to the PFIC rules with respect to such holder&#8217;s indirect interest in any investments held by us that are treated as an equity interest in a PFIC for U.S. federal income tax purposes. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">U.S. Holders should consult their tax advisors regarding the tax consequences that would arise if we were treated as a PFIC for U.S. federal income tax purposes, including the possibility of making a mark-to-market election. </font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Foreign tax credit for Brazilian taxes </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Any Brazilian IOF/Exchange Tax imposed on a purchase of our shares or ADSs or IOF/Bonds Tax imposed on a transaction (as discussed above under &#8220;Brazilian Tax Consequences&#8221;) will not be treated as a creditable foreign tax for U.S. federal income tax purposes. U.S. Holders should consult their tax advisors regarding the tax consequences of these Brazilian taxes. </font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Certain reporting requirements </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Certain U.S. Holders are required to report to the IRS information relating to an interest in our shares or ADSs, subject to exceptions (including an exception for shares or ADSs held in accounts maintained by certain financial institutions), by attaching a complete IRS Form</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">8938, Statement of Specified Foreign Financial Assets, with their tax return for each year in which they held an interest in our shares or ADSs. If a U.S. Holder holds our shares or ADSs in any year in which we are treated as a PFIC with respect to such U.S. Holder, the U.S. Holder will be required to file IRS Form</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">8621 U.S. Holders should consult their tax advisors regarding the application of the U.S. information reporting rules to their particular circumstances. </font></p>
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<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">THE PRECEDING DISCUSSION OF U.S. FEDERAL INCOME TAX CONSIDERATIONS IS INTENDED FOR GENERAL INFORMATION ONLY AND DOES NOT CONSTITUTE TAX ADVICE. U.S. HOLDERS SHOULD CONSULT THEIR TAX ADVISORS AS TO THE U.S. FEDERAL, STATE, LOCAL AND NON-U.S. TAX CONSEQUENCES TO THEM OF AN INVESTMENT IN OUR SHARES OR ADSs. </font></p>
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<li style="margin-top: 12pt; margin-left: 13.61pt; page-break-after: avoid; padding-left: 4.39pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="-aw-import: spaces;">&nbsp;</font><font>Dividends and Paying Agents </font></li>
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<p style="margin-top: 12pt; margin-left: 25.2pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Not applicable. </font></p>
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<li style="margin-top: 12pt; margin-left: 15.28pt; page-break-after: avoid; padding-left: 2.72pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font style="-aw-import: spaces;">&nbsp;</font><font>Statement by Experts </font></li>
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<p style="margin-top: 12pt; margin-left: 25.2pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Not applicable.</font><font style="font-family: 'Times New Roman';"> </font></p>
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<li style="margin-top: 14pt; margin-left: 15.28pt; page-break-after: avoid; padding-left: 9.92pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>Documents on Display </font></li>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Statements contained in this annual report as to the contents of any contract or other document referred to are not necessarily complete, and each of these statements is qualified in all respects by reference to the full text of such contract or other document filed as an exhibit hereto. A copy of the complete annual report including the exhibits and schedules filed herewith is available on the website maintained by the SEC that contains information filed electronically with the SEC, which can be accessed over the internet at http://www.sec.gov. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We are subject to the information and periodic reporting requirements of the Securities Exchange Act of 1934 as amended, and, in accordance therewith, file periodic reports and other information with the SEC. However, as a foreign private issuer, we are exempt from the rules under the Exchange Act relating to the furnishing and content of proxy statements and relating to short-swing profits reporting and liability. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We furnish to The Bank of New York Mellon, as depositary, copies of all reports we are required to file with the SEC under the Exchange Act, including our annual reports in English, containing a brief description of our operations and our audited annual consolidated financial statements which are prepared in accordance with IFRS. In addition, we are required under the Deposit Agreement to furnish the depositary with copies of English translations to the extent required under the rules of the SEC of all notices of meetings of holders of common shares and other reports and communications that are generally made available to holders of common shares. Under certain circumstances, the depositary will arrange for the mailing, at our expense, of these notices, other reports and communications to all ADS holders. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We also file financial statements and other periodic reports with the CVM located at Sete de Setembro Street, 111, Rio de Janeiro, Brazil, 20050-901. In addition, the CVM maintains a website that contains information in Portuguese filed electronically with the CVM, which can be accessed over the internet at http://www.cvm.gov.br. </font></p>
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<li style="margin-top: 12pt; margin-left: 11.39pt; page-break-after: avoid; padding-left: 13.86pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>Subsidiary Information </font></li>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Not applicable.</font></p>
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<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font></p>
<div style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#" name="Bi11_XHS6HIL8U800000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">ITEM</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">11.</font><font style="width: 13.43pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK </font></a></div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">You should read this discussion along with the note 3</font><font style="font-family: 'Times New Roman';">3</font><font style="font-family: 'Times New Roman';"> to our consolidated financial statements. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The main risks to which the Company and its subsidiaries are exposed reflect strategic/operational and economic/financial aspects. Operational/strategic risks (including, but not limited to, demand behavior, competition, technological innovation, and material changes in the industry structure) are addressed by Ultrapar&#8217;s management model. Economic/financial risks primarily reflect default of customers, behavior of macroeconomic variables, such as exchange and interest rates, as well as the characteristics of the financial instruments used by the Company and by their counterparties. These risks are managed through control policies, specific strategies, and establishment of limits. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company has a policy for the management of resources, financial instruments, and risks approved by its Board of Directors (the &#8220;Policy&#8221;). In accordance with the Policy, the main objectives of financial management are to preserve the value and liquidity of financial assets and ensure financial resources for the development of the businesses, including expansions. The main financial risks considered in the Policy are market risks (currencies, interest rates and commodities), liquidity risks and credit risks. </font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The governance of the management of financial risks follows the segregation of duties below: </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The execution of the Policy has done by corporate financial board, through its treasury department, with the assistance of the accounting, legal and tax departments. </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The monitoring of compliance of the Policy and possible issues is the responsibility of the Risk and Investment Committee, (&#8220;Committee&#8221;), which is composed of CFO, Treasury Director, Controller and other directors designated by the CFO. The Committee holds quarterly meetings and monitors the risk standards established by the Policy through a monitoring map on a monthly basis. </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Approval of the Policy and the periodic assessment of Company exposure to financial risks are subject to the approval of the Board of Directors of Ultrapar. </font></li>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Audit and Risks Committee advises the Board of Directors in the assessment of controls, management and exposure of financial risks and revision of Policy. The Risk, Compliance and Audit Department monitors of standards compliance of the Policy and reports to the Audit and Risks Committee the risks exposure and compliance or noncompliance with the Policy.</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
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<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Currency risk </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Most business operations of Ultrapar are located in Brazil and, therefore, the reference currency for risk management is the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Real</font><font style="font-family: 'Times New Roman';">. Currency risk management is guided by neutrality of currency exposures and considers risks of Ultrapar and its exposure to changes in exchange rates. The Company considers as its main currency exposures the assets and liabilities in foreign currency and the short-term flow of net sales in foreign currency of Oxiteno. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company uses exchange rate hedging instruments (especially between the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Real</font><font style="font-family: 'Times New Roman';"> and the U.S. dollar) available in the financial market to protect their assets, liabilities, receipts and disbursements in foreign currency and net investments in foreign operations. Therefore, hedge is used in order to reduce the effects of changes in exchange rates on the Company&#8217;s income and cash flows in </font><font style="font-family: 'Times New Roman'; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman';"> within the exposure limits under its Policy. Such foreign exchange hedging instruments have amounts, periods, and rates substantially equivalent to those of assets, liabilities, receipts and disbursements in foreign currency to which they are related. Assets and liabilities in foreign currencies are stated below, translated into </font><font style="font-family: 'Times New Roman'; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman';"> as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020, 2019 and 2018: </font></p>
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<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Assets and liabilities in foreign currency</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 8pt;"><font style="text-decoration: underline;"><font style="font-family: 'Times New Roman'; font-weight: bold;">In millions of</font><font style="font-family: 'Times New Roman'; font-style: italic;"> </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Reais</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 108%; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2020</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 108%; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: left; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; border-bottom: 1pt solid #000000;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; line-height: 108%; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2018</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>


<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; height: 17px; padding: 0px; background-color: #cceeff; width: 66%;">
<p style="margin-top: 0pt; /* margin-left: 12pt; */margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Assets in foreign currency</font></p>
</td>
<td style="border-top: 0.75pt solid #000000; height: 17px; padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 9%;" valign="bottom"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff; width: 9%;" valign="bottom"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; text-align: left; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; background-color: #cceeff; width: 9%;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 2pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"><br></td>
</tr>
<tr style="height: 18px;">
<td style="vertical-align: top; height: 18px; padding: 0px;">
<p style="margin-top: 0pt; margin-left: 24pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Cash, cash equivalents and financial investments in foreign currency (except hedging instruments)</font><font style="width: 7.63pt; display: inline-block;">&nbsp;</font></p>
</td>
<td style="height: 18px; padding: 0px; vertical-align: bottom; text-align: right; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1,413.3</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 18px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 18px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 18px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; height: 18px; vertical-align: bottom; text-align: right; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">455.6</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: left; height: 18px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 18px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 18px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; height: 18px; vertical-align: bottom; text-align: right; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">254.2</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 18px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="vertical-align: top; height: 18px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 24pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Foreign trade receivables, net of allowance for doubtful accounts and advances to foreign customers</font><font style="width: 0.44pt; display: inline-block;">&nbsp;</font></p>
</td>
<td style="height: 18px; padding: 0px; vertical-align: bottom; text-align: right; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">307.8</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; background-color: #cceeff; height: 18px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; background-color: #cceeff; height: 18px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 18px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; height: 18px; vertical-align: bottom; text-align: right; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">213.5</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; text-align: left; height: 18px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; background-color: #cceeff; height: 18px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 18px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; height: 18px; vertical-align: bottom; text-align: right; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">235.1</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 18px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 18px;">
<td style="vertical-align: top; height: 18px; padding: 0px;">
<p style="margin-top: 0pt; margin-left: 24pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Other net assets foreign (except cash, cash equivalents, financial investments, trade receivables, financing and payables)</font></p>
</td>
<td style="height: 18px; padding: 0px; vertical-align: bottom; text-align: right; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1,767.6</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 18px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 18px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 18px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; height: 18px; vertical-align: bottom; text-align: right; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1,445.0</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: left; height: 18px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 18px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 18px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; height: 18px; vertical-align: bottom; text-align: right; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1,384.9</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 18px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; height: 10px; margin: 0px; vertical-align: bottom; background-color: #cceeff; text-indent: 0px;"><br></td>
<td style="padding: 0px; margin: 0px; vertical-align: bottom; height: 10px; text-align: right; border-top: 1pt solid #000000; background-color: #cceeff; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">3,488.7</font></p>
</td>
<td style="padding: 0px; margin: 0px; vertical-align: bottom; text-align: right; background-color: #cceeff; height: 10px; text-indent: 0px;"><br></td>
<td style="padding: 0px; margin: 0px; vertical-align: bottom; text-align: right; background-color: #cceeff; height: 10px; text-indent: 0px;"><br></td>
<td style="padding: 0px; margin: 0px; vertical-align: bottom; text-align: right; height: 10px; background-color: #cceeff; text-indent: 0px;"><br></td>
<td style="padding: 0px; height: 10px; vertical-align: bottom; text-align: right; border-top: 1pt solid #000000; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2,114.</font><font style="font-family: 'Times New Roman'; font-weight: bold;">1</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; text-align: left; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; margin: 0px; vertical-align: bottom; height: 10px; text-align: right; border-top: 1pt solid #000000; background-color: #cceeff; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">1,874.2</font></p>
</td>
<td style="padding: 0px; margin: 0px; vertical-align: bottom; text-align: right; height: 10px; background-color: #cceeff; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; /* margin-left: 12pt; */margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Liabilities in foreign currency</font></p>
</td>
<td style="height: 17px; padding: 0px; vertical-align: bottom; text-align: right; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: left; height: 17px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 17px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 17px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; text-align: right; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: left; height: 17px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 17px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 17px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; text-align: right; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 17px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: top; height: 16px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 24pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Financing in foreign currency gross of transaction costs and negative goodwill</font></p>
</td>
<td style="height: 16px; padding: 0px; vertical-align: bottom; text-align: right; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(9,246.7</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; text-align: left; height: 16px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; background-color: #cceeff; height: 16px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; height: 16px; vertical-align: bottom; text-align: right; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(6,895.1</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; text-align: left; height: 16px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; background-color: #cceeff; height: 16px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 16px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; height: 16px; vertical-align: bottom; text-align: right; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(5,515.6</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; text-align: left; margin: 0px; text-indent: 0px;">)</td>
</tr>
<tr style="height: 15px;">
<td style="vertical-align: top; height: 15px; padding: 0px;">
<p style="margin-top: 0pt; margin-left: 24pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Payables arising from imports, net of advances to foreign suppliers</font></p>
</td>
<td style="height: 15px; padding: 0px; vertical-align: bottom; text-align: right; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(633.0</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: left; height: 15px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 15px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 15px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; height: 15px; vertical-align: bottom; text-align: right; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(344.5</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: left; height: 15px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 15px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 15px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; height: 15px; vertical-align: bottom; text-align: right; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(567.7</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; text-align: left; margin: 0px; text-indent: 0px;">)</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
<td style="height: 10px; padding: 0px; vertical-align: bottom; text-align: right; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(9,879.7</font></p>
</td>
<td style="padding: 0px 0px 1px; vertical-align: bottom; background-color: #cceeff; text-align: left; height: 10px; margin: 0px; text-indent: 0px;"><font style="font-weight: bold;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; height: 10px; vertical-align: bottom; text-align: right; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(7,239.6</font></p>
</td>
<td style="padding: 0px 0px 1px; vertical-align: bottom; background-color: #cceeff; text-align: left; height: 10px; margin: 0px; text-indent: 0px;"><font style="font-weight: bold;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; height: 10px; vertical-align: bottom; text-align: right; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(6,083.3</font></p>
</td>
<td style="padding: 0px 0px 1px; vertical-align: bottom; height: 10px; background-color: #cceeff; text-align: left; margin: 0px; text-indent: 0px;"><font style="font-weight: bold;">)</font></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; /* margin-left: 12pt; */margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Foreign currency hedging instruments</font></p>
</td>
<td style="height: 10px; padding: 0px; vertical-align: bottom; text-align: right; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">4,837.6</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: left; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; height: 10px; vertical-align: bottom; text-align: right; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">3,636.4</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; text-align: left; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; height: 10px; vertical-align: bottom; text-align: right; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">2,483.0</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; text-align: left; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="vertical-align: top; height: 15px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; /* margin-left: 12pt; */margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Net asset (liability) position &#8211; Total</font></p>
</td>
<td style="height: 15px; padding: 0px; vertical-align: bottom; text-align: right; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(1,553.4</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; text-align: left; height: 15px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; background-color: #cceeff; height: 15px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 15px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; height: 15px; vertical-align: bottom; text-align: right; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(1,489.0</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; text-align: left; height: 15px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; background-color: #cceeff; height: 15px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 15px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; height: 15px; vertical-align: bottom; text-align: right; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(1,726.1</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff; text-align: left; margin: 0px; text-indent: 0px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; padding: 0px; height: 17px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Net asset (liability) position &#8211; Income statement effect</font></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 17px; margin: 0px; text-indent: 0px;">186.3</td>
<td style="padding: 0px; vertical-align: bottom; text-align: left; height: 17px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 17px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 17px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 17px; margin: 0px; text-indent: 0px;">452.0</td>
<td style="padding: 0px; vertical-align: bottom; text-align: left; height: 17px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 17px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 17px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 17px; margin: 0px; text-indent: 0px;">282.7</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: left; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: top; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; /* margin-left: 12pt; */margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Net asset (liability) position &#8211; Shareholders&#8217; equity effect</font></p>
</td>
<td style="height: 10px; padding: 0px; vertical-align: bottom; text-align: right; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(1,739.7</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; text-align: left; height: 10px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; height: 10px; vertical-align: bottom; text-align: right; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(1,941.1</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; text-align: left; height: 10px; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; height: 10px; vertical-align: bottom; text-align: right; background-color: #cceeff; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(2,008.8</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; text-align: left; margin: 0px; text-indent: 0px;">)</td>
</tr>

</table>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Sensitivity analysis of assets and liabilities in foreign currency </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Scenarios I, II and III were based on 10%, 25% and 50% variations, respectively, applied on the net position of the Company exposed to the currency risk, simulating the effects of appreciation and devaluation of the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Real</font><font style="font-family: 'Times New Roman';"> in the income statement and the equity: </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The table below shows the effect of exchange rate changes on different scenarios, based on the total liability position of R$1,553.4</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in foreign currency. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="margin: 0px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 105px; width: 100%; text-indent: 0px;" width="100%">

<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: bottom; text-align: left; height: 17px; width: 54.9469%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 12.3467%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.96239%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; text-align: center; height: 17px; border-bottom: 1pt solid #000000; width: 7.93132%;"><font style="color: #000000; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; font-weight: bold;">Scenario</font><font style="color: #000000; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="color: #000000; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; font-weight: bold;">I</font></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.981194%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.981194%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.981194%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; text-align: center; height: 17px; border-bottom: 1pt solid #000000; width: 7.93132%;"><font style="color: #000000; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; font-weight: bold;">Scenario</font><font style="color: #000000; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="color: #000000; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; font-weight: bold;">II</font></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.981194%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.981194%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.981194%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; text-align: center; height: 17px; border-bottom: 1pt solid #000000; width: 7.93132%;"><font style="color: #000000; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; font-weight: bold;">Scenario</font><font style="color: #000000; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="color: #000000; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; font-weight: bold;">III</font></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 0.981194%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 54.9469%;"><font style="color: #000000; font-family: 'times new roman'; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration: underline;"><font style="font-family: 'Times New Roman'; font-weight: bold;">In millions of Brazilian<font>&nbsp;</font></font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Reais</font></font><font style="color: #000000; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; text-align: center;">&nbsp;</font></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; text-align: center; border-bottom: 1pt solid #000000; width: 12.3467%;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Risk</font></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.96239%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; text-align: center; height: 17px; border-bottom: 1pt solid #000000; width: 7.93132%;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Likely</font></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.981194%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.981194%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.981194%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; text-align: center; height: 17px; border-bottom: 1pt solid #000000; width: 7.93132%;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">25%</font></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.981194%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.981194%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.981194%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; text-align: center; height: 17px; border-bottom: 1pt solid #000000; width: 7.93132%;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">50%</font></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.981194%;"><br></td>
</tr>


<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: top; height: 10px; width: 54.9469%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(1) Income statement effect</font></p>
</td>
<td style="padding-left: 7.2pt; height: 10px; width: 12.3467%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Real</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">devaluation</font></p>
</td>
<td style="padding-left: 7.2pt; height: 10px; width: 1.96239%; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 7.93132%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">18.6</font><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 0.981194%; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 0.981194%; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 0.981194%; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 7.93132%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">46.6</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 0.981194%; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 0.981194%; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 0.981194%; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 7.93132%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">93.2</font></p>
</td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 0.981194%; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 18px;">
<td style="vertical-align: top; height: 18px; width: 54.9469%;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(2) Shareholders&#8217; equity effect</font></p>
</td>
<td style="padding-left: 7.2pt; width: 12.3467%; height: 18px;"><br></td>
<td style="padding-left: 7.2pt; width: 1.96239%; height: 18px;"><br></td>
<td style="padding-left: 0px; height: 18px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 7.93132%;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(174.0</font></p>
</td>
<td style="padding-left: 0px; height: 18px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 0.981194%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; width: 0.981194%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; width: 0.981194%;"><br></td>
<td style="padding-left: 0px; height: 18px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 7.93132%;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(434.9</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; width: 0.981194%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; width: 0.981194%;"><br></td>
<td style="padding-left: 0px; height: 18px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 0.981194%;"><br></td>
<td style="padding-left: 0px; height: 18px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 7.93132%;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(869.9</font></p>
</td>
<td style="padding-left: 0px; height: 18px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 0.981194%;">)</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; height: 10px; vertical-align: top; width: 54.9469%; background-color: #cceeff;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -16px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(1) + (2)</font></td>
<td style="padding: 0px; height: 10px; vertical-align: top; text-align: center; width: 12.3467%; background-color: #cceeff;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Net effect</font></td>
<td style="padding: 0px; height: 10px; vertical-align: top; width: 1.96239%; background-color: #cceeff;" valign="top"><br></td>
<td style="padding: 0px; height: 10px; vertical-align: top; text-align: right; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px; width: 7.93132%; background-color: #cceeff;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(155.3</font><br></td>
<td style="padding: 0px; height: 10px; vertical-align: top; margin: 0px; text-indent: 0px; width: 0.981194%; background-color: #cceeff;" valign="top"><font style="font-weight: bold;">)</font></td>
<td style="padding: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px; width: 0.981194%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px; width: 0.981194%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; height: 10px; vertical-align: top; text-align: right; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px; width: 7.93132%; background-color: #cceeff;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(388.4</font><br></td>
<td style="padding: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px; width: 0.981194%; background-color: #cceeff;"><font style="font-weight: bold;">)</font></td>
<td style="padding: 0px; vertical-align: top; margin: 0px; text-indent: 0px; height: 10px; width: 0.981194%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; height: 10px; vertical-align: top; margin: 0px; text-indent: 0px; width: 0.981194%; background-color: #cceeff;" valign="top"><br></td>
<td style="padding: 0px; height: 10px; vertical-align: top; text-align: right; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px; width: 7.93132%; background-color: #cceeff;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(776.7</font><br></td>
<td style="padding: 0px; height: 10px; vertical-align: top; margin: 0px; text-indent: 0px; width: 0.981194%; background-color: #cceeff;" valign="top"><font style="font-weight: bold;">)</font></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px; width: 54.9469%;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(3) Income statement effect</font></p>
</td>
<td style="padding-left: 7.2pt; height: 10px; width: 12.3467%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-style: italic;">Real</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">appreciation</font></p>
</td>
<td style="padding-left: 7.2pt; height: 10px; width: 1.96239%;"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 7.93132%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(18.6</font></p>
</td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 0.981194%; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.981194%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.981194%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 7.93132%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(46.6</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.981194%; vertical-align: bottom;" valign="bottom">)</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.981194%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 0.981194%; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 7.93132%; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(93.2</font></p>
</td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 0.981194%; vertical-align: bottom;" valign="bottom">)</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: top; height: 10px; width: 54.9469%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(4) Shareholders&#8217; equity effect</font></p>
</td>
<td style="padding-left: 7.2pt; width: 12.3467%; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 7.2pt; width: 1.96239%; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 7.93132%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">174.0</font></p>
</td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 0.981194%; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.981194%; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.981194%; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 7.93132%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">434.9</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.981194%; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 0.981194%; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 0.981194%; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 7.93132%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">869.9</font></p>
</td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 0.981194%; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 13px;">
<td style="vertical-align: bottom; height: 13px; width: 54.9469%;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(3) + (4)</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 13px; margin: 0px; text-indent: 0px; width: 12.3467%;">
<p style="margin: 0px; text-align: center; font-size: 10pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Net effect</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 13px; margin: 0px; text-indent: 0px; width: 1.96239%;"><br></td>
<td style="padding-left: 0px; height: 13px; margin: 0px; text-indent: 0px; padding-right: 0px; width: 7.93132%;">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">155.3</font></p>
</td>
<td style="padding-left: 0px; height: 13px; margin: 0px; text-indent: 0px; padding-right: 0px; width: 0.981194%;"><br></td>
<td style="padding-left: 0px; margin: 0px; text-indent: 0px; padding-right: 0px; height: 13px; width: 0.981194%;"><br></td>
<td style="padding-left: 0px; margin: 0px; text-indent: 0px; padding-right: 0px; height: 13px; width: 0.981194%;"><br></td>
<td style="padding-left: 0px; height: 13px; margin: 0px; text-indent: 0px; padding-right: 0px; width: 7.93132%;">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">388.4</font></p>
</td>
<td style="padding-left: 0px; margin: 0px; text-indent: 0px; padding-right: 0px; height: 13px; width: 0.981194%;"><br></td>
<td style="padding-left: 0px; margin: 0px; text-indent: 0px; padding-right: 0px; height: 13px; width: 0.981194%;"><br></td>
<td style="padding-left: 0px; height: 13px; margin: 0px; text-indent: 0px; padding-right: 0px; width: 0.981194%;"><br></td>
<td style="padding-left: 0px; height: 13px; margin: 0px; text-indent: 0px; padding-right: 0px; width: 7.93132%;">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">776.7</font></p>
</td>
<td style="padding-left: 0px; height: 13px; margin: 0px; text-indent: 0px; padding-right: 0px; width: 0.981194%;"><br></td>
</tr>

</table>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The shareholders&#8217; equity effect refers to cumulative translation adjustments of changes in the exchange rate on equity of foreign subsidiaries (see </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">otes</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">2.s.1 and 25.g.2 </font><font style="font-family: 'Times New Roman';">to </font><font style="font-family: 'Times New Roman';">our consolidated financial statements), net investments hedge in foreign entities, cash flow hedge of firm commitments and highly probable transactions (see </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ote</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">2.c and 33.h </font><font style="font-family: 'Times New Roman';">to</font><font style="font-family: 'Times New Roman';"> our consolidated financial statements).</font><font style="font-family: 'Times New Roman'; font-size: 12pt;">&nbsp;</font></p>
</div>
<div>
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>181</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Sensitivity analysis of derivative financial instruments </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company and its subsidiaries use derivative financial instruments only to hedge against identified risks and in amounts consistent with the risk (limited to 100% of the identified risk). Thus, for purposes of sensitivity analysis of market risks associated with financial instruments, as required by CVM Instruction 475/08, the Company analyzes the hedging instrument and the hedged item together, as shown on the charts below. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">For the sensitivity analysis of foreign exchange hedging instruments, management adopted as a likely scenario the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Real</font><font style="font-family: 'Times New Roman';">/U.S. dollar exchange rates at maturity of each swap, projected by U.S. dollar futures contracts quoted on B3 as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020. As a reference, the exchange rate for the last maturity of foreign exchange hedging instruments is R$8.23 in the likely scenario. Scenarios</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">II and III were estimated with a 25% and 50% additional appreciation or depreciation of the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Real </font><font style="font-family: 'Times New Roman';">against the likely scenario, according to the risk to which the hedged item is exposed. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Based on the balances of the hedging instruments and hedged items as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020, the exchange rates were replaced, and the changes between the new balance in </font><font style="font-family: 'Times New Roman'; font-style: italic;">Reais </font><font style="font-family: 'Times New Roman';">and the balance in </font><font style="font-family: 'Times New Roman'; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman';"> as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020 were calculated in each of the three scenarios. The table below shows the change in the values of the main derivative instruments and their hedged items, considering the changes in the exchange rate in the different scenarios: </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="margin: 0px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 137px; width: 99.8365%; text-indent: 0px;" width="100%">

<tr style="height: 10px;">
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 2pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Risk</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Scenario</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">I</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">(Likely)</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000; height: 10px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000; height: 10px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Scenario</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">II</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000; height: 10px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000; height: 10px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" colspan="2">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Scenario</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">III</font></p>
</td>
</tr>
<tr style="height: 12px; margin-left: 0.1px;">
<td style="padding-left: 7.2pt; height: 12px; margin-left: 0.1px; vertical-align: bottom;"><br></td>
<td style="padding-left: 0px; height: 12px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: bottom;">
<p style="margin: 0px; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: bottom; height: 12px;"><br></td>
<td colspan="7" style="padding-left: 0px; height: 12px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: bottom;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(in millions of </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman'; font-weight: bold;">)</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: bottom; height: 12px;"><br></td>
</tr>


<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 54%;">
<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Currency swaps receivable in U.S. dollars</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 12%;">
<p style="margin: 0px; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 2%; height: 17px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 9%;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%; text-align: left; height: 17px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 9%;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%; text-align: left; height: 17px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 9%;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%; text-align: left; height: 17px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">(1) U.S. dollar / </font><font style="font-family: 'Times New Roman'; font-style: italic;">Real</font><font style="font-family: 'Times New Roman';"> swaps</font></p>
</td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Dollar</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">appreciation</font></p>
<p style="margin: 0px; text-align: center; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman';">1,013.8</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: left; height: 10px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 17pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 47pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">1,522.3</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: left; height: 10px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 21pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 51pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">2,030.9</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: left; height: 10px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">(2) Debts/firm commitments in U.S. dollars</font></p>
</td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(1,013.8</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; text-align: left; height: 17px;">)</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(1,522.3</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; text-align: left; height: 17px;">)</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 14.34pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 51pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">(2,030.8</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; text-align: left; height: 17px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(1)+(2)</font></p>
</td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Net Effect</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 60.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 73pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">0.0</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: left; height: 17px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 39.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 47pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">0.</font><font style="font-family: 'Times New Roman'; font-weight: bold;">0</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: left; height: 17px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 38.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 51pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">0.0</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: left; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Currency swaps payable in U.S. dollars</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; text-align: left; height: 17px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; text-align: left; height: 17px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; text-align: left; height: 17px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">(3) </font><font style="font-family: 'Times New Roman'; font-style: italic;">Real</font><font style="font-family: 'Times New Roman';"> / U.S.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">dollar swaps</font></p>
</td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Dollar devaluation</font></p>
<p style="margin: 0px; text-align: center; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 60.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 73pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">0.0</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: left; height: 10px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 29.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 47pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">17.9</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: left; height: 10px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">35.7</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: left; height: 10px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">(4) Gross margin of Oxiteno/Ipiranga</font></p>
</td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 57.17pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 73pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">(0.0</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; text-align: left; height: 17px;">)</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 22.84pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 47pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">(17.9</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; text-align: left; height: 17px;">)</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 30.17pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 51pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">(35.7</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; text-align: left; height: 17px;">)</td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 108%; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(3)+(4)</font><font style="width: 6.43pt; display: inline-block;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; padding-right: 0px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Net Effect</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; padding-right: 0px; height: 10px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; padding-right: 0px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">-</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; padding-right: 0px; text-align: left; height: 10px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; padding-right: 0px; height: 10px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; padding-right: 0px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">-</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; padding-right: 0px; text-align: left; height: 10px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; padding-right: 0px; height: 10px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; padding-right: 0px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">-</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; padding-right: 0px; text-align: left; height: 10px;"><br></td>
</tr>

</table>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">For sensitivity analysis of hedging instruments for interest rates in Brazilian </font><font style="font-family: 'Times New Roman'; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman';">, the Company used the futures curve of the DI x Pre contract quoted on B3 as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020 for each of the swap and debt (hedged item) maturities, to determine </font><font style="font-family: 'Times New Roman';">the likely scenarios. Scenarios II and III were estimated based on a 25% and 50% deterioration, respectively, of the likely scenario pre-fixed interest rate. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Based on the three scenarios of interest rates in Brazilian </font><font style="font-family: 'Times New Roman'; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman';">, the Company estimated the values of its debt and hedging instruments according to the risk which is being hedged (variations in the pre-fixed interest rates in Brazilian </font><font style="font-family: 'Times New Roman'; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman';">), by projecting them to future value at the contracted rates and bringing them to present value at the interest rates of the estimated scenarios. The result is shown in the table below: </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="margin: 0px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; height: 77px; width: 100%;" width="100%">

<tr style="height: 11px;">
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 11px;">
<p style="margin: 0px; break-after: avoid; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 11px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Risk</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 11px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 11px; border-bottom: 1pt solid #000000;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Scenario</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">I</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">(Likely)</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000; height: 11px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 11px; border-bottom: 1pt solid #000000;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Scenario</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">II</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000; height: 11px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 11px; border-bottom: 1pt solid #000000;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Scenario</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">III</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000; height: 11px;"><br></td>
</tr>
<tr style="height: 11px; margin-left: 0.1px;">
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 11px; vertical-align: bottom;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 11px; vertical-align: bottom;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 11px; vertical-align: bottom;"><br></td>
<td colspan="5" style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 11px; vertical-align: bottom;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(in millions of </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman'; font-weight: bold;">)</font></p>
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<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 11px; vertical-align: bottom;"><br></td>
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<tr style="height: 17px;">
<td style="vertical-align: top; height: 17px; width: 54%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Interest rate swap (in Brazilian </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman'; font-weight: bold;">) &#8211; Debentures &#8211; CRA</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 2pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 2%;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 2pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 2%;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 2pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 2%;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; line-height: 2pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: top; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">(1) Fixed rate swap &#8211; DI</font></p>
</td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Decrease</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">in</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Pre-fixed</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">rate</font></p>
<p style="margin: 0px; text-align: center; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(39.4</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">)</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(230.7</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">)</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="width: 25.17pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 51pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">(187.6</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;">)</td>
</tr>
<tr style="height: 18px;">
<td style="vertical-align: top; height: 18px;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(2) Fixed rate debt</font></p>
</td>
<td style="padding-left: 7.2pt; height: 18px;"><br></td>
<td style="padding-left: 7.2pt; height: 18px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="width: 55.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 73pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">39.4</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="width: 24.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 47pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">230.7</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 18px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="width: 28.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 51pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">187.6</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 18px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: top; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(1)+(2)</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Net Effect</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">-</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">-</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">-</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br></td>
</tr>

</table>
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>182</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">For the sensitivity analysis of the commodity price swings hedging instruments on December</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">31, 2020, the Company used the futures heating oil and gasoline (RBOB) contracts quoted on NYMEX. Scenarios II and III were estimated based on 25% and 50% deterioration, respectively, of the likely scenario commodity price. </font><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Based on the balances of the hedging instruments and the objects hedged on December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020, prices were substituted and the variations between the new balance in </font><font style="font-family: 'Times New Roman'; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman';"> and the balance in </font><font style="font-family: 'Times New Roman'; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman';"> in the report date were calculated in each of the three scenarios. The table below shows the variation of the amounts of the derivative instruments and their objects of hedge, considering the variations in commodity prices in the different scenarios: </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="height: 91px; margin: 0px 0px 0px 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 99.8365%;" width="100%">

<tr style="height: 11px; margin-left: 0.1px;">
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 11px; vertical-align: bottom;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 11px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Risk</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: bottom; height: 11px;"><br></td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 11px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Scenario</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">I</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">(Likely)</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 11px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
<td colspan="2" style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 11px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Scenario</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">II</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: bottom; height: 11px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 11px; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Scenario</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">III</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: bottom; height: 11px;"><br></td>
</tr>
<tr style="height: 11px;">
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 11px;">
<p style="margin: 0px; break-after: avoid; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 11px;">
<p style="margin: 0px; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 11px;"><br></td>
<td colspan="7" style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 11px;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(in millions of </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman'; font-weight: bold;">)</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 11px;"><br></td>
</tr>


<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 54%;">
<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">NDF Commodities</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 12%;">
<p style="margin: 0px; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 2%; height: 17px;"><br></td>
<td colspan="2" style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9%;">
<p style="margin: 0px; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 2%;"><br></td>
<td colspan="2" style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9%;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 2%; height: 17px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9%;">
<p style="margin: 0px; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">(1) NDF of Commodities</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Decrease</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">in</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">commodities</font><br></p>
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">price</font><br></font></p>
<p style="margin: 0px; text-align: center; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td colspan="2" style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">-</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td colspan="2" style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">551.8</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1,103.6</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">(2) Gross margin from Ipiranga</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px;"><br></td>
<td colspan="2" style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">-</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff;"><br></td>
<td colspan="2" style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(551.8</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px;">)</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(1,103.6</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(1)+(2)</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Net Effect</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td colspan="2" style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">-</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td colspan="2" style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">-</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">-</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
</tr>


</table>
<div style="-aw-headerfooter-type: linked; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</div>
</div>
<font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Interest Rate Risk </font>
<div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar adopts prudent policies for borrowing and investing financial resources and for capital cost minimization. The financial investments of Ultrapar are primarily held in transactions linked to the DI. Our borrowings primarily relate to financings from notes in the foreign credit markets, debentures, Banco do Brasil S.A., other development agencies, and other borrowings in foreign currency. Ultrapar does not actively manage risks associated with changes in the level of interest rates and attempts to maintain its financial interest assets and liabilities at floating rates. See </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">otes</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">4, 16 and 3</font><font style="font-family: 'Times New Roman';">3</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">to</font><font style="font-family: 'Times New Roman';"> our consolidated financial statements. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The table below provides information as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020 about our debt obligations in foreign currency and in </font><font style="font-family: 'Times New Roman'; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman';"> that are subject to variable and fixed rates of interest. The table summarizes information on instruments and transactions that are sensitive to foreign currency exchange rates and interest rates: </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin: 0px; height: 212px; text-indent: 0px;" width="100%">

<tr style="height: 10px; margin-left: 0.1px;">
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: bottom; width: 24.0392%;"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: bottom; width: 7.03189%;"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: bottom; width: 1.55356%;"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: bottom; width: 7.03189%;">
<p style="margin: 0px; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 1.55356%; vertical-align: bottom;"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 7.03189%; vertical-align: bottom;"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 1.55356%; vertical-align: bottom;"><br></td>
<td colspan="11" style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-bottom: 1pt solid #000000; width: 49.1415%; vertical-align: bottom;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Principal by year of maturity</font><font style="font-family: 'Times New Roman'; font-size: 4.67pt; font-weight: bold; vertical-align: super;">(1)</font></p>
</td>
<td style="padding-left: 0px; height: 10px; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-right: 0px; width: 0.981194%; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 29px;">
<td style="vertical-align: bottom; height: 29px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 24.0392%;">
<p style="margin: 0px; break-after: avoid; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="text-decoration: underline;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Debt</font></font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 29px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000; width: 7.03189%;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Weighted</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">average</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">interest</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">rate</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 29px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000; width: 1.55356%;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 29px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000; width: 7.03189%;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Fair value</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 29px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000; width: 1.55356%;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 29px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000; width: 7.03189%;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Book</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">value</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 29px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000; width: 1.55356%;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 29px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000; width: 7.03189%;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2021</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 29px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000; width: 1.47179%;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 29px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000; width: 6.95012%;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2022</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 29px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000; width: 1.47179%;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 29px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000; width: 6.95012%;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2023</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 29px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000; width: 1.47179%;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 29px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000; width: 6.95012%;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2024</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 29px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000; width: 1.47179%;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 29px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000; width: 6.95012%;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2025</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 29px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000; width: 1.47179%;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 29px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000; width: 6.95012%;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2026</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> and</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">thereafter</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 29px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000; width: 0.981194%;"><br></td>
</tr>
<tr style="height: 10px; margin-left: 0.1px;">
<td style="padding-left: 0px; height: 10px; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-right: 0px; vertical-align: bottom; width: 24.0392%;"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: bottom; width: 75.879%;" colspan="18">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(in millions of </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman'; font-weight: bold;">)</font></p>
</td>
</tr>


<tr style="height: 17px;">
<td style="vertical-align: top; height: 17px; width: 24.0392%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">R$ borrowings</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 7.03189%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">6.5%</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.55356%; background-color: #cceeff; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 7.03189%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">92.5</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.55356%; background-color: #cceeff; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 7.03189%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">92.5</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.55356%; background-color: #cceeff; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 7.03189%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">0.5</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.47179%; background-color: #cceeff; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 6.95012%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(0.1</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.47179%; background-color: #cceeff; margin-left: 0.1px;">)</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 6.95012%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(0.1</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.47179%; background-color: #cceeff; margin-left: 0.1px;">)</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 6.95012%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">92.3</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.47179%; background-color: #cceeff; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 6.95012%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.47179%; background-color: #cceeff; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 6.95012%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 0.981194%; background-color: #cceeff; margin-left: 0.1px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px; width: 24.0392%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Borrowings indexed to the DI</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 10px; width: 7.03189%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">127.5%</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">of</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">DI</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 10px; width: 1.55356%;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 10px; width: 7.03189%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">6,862.3</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 10px; width: 1.55356%;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 10px; width: 7.03189%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">6,947.4</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 10px; width: 1.55356%;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 10px; width: 7.03189%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">2,229.2</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 10px; width: 1.47179%;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 10px; width: 6.95012%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">2,336.4</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 10px; width: 1.47179%;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 10px; width: 6.95012%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">2,381.7</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 10px; width: 1.47179%;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 10px; width: 6.95012%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 10px; width: 1.47179%;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 10px; width: 6.95012%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 10px; width: 1.47179%;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 10px; width: 6.95012%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 10px; width: 0.981194%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; height: 17px; width: 24.0392%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Borrowings indexed to the TJLP</font><font style="width: 11.26pt; display: inline-block;">&nbsp;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 7.03189%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">1.6%</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.55356%; background-color: #cceeff; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 7.03189%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">30.0</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.55356%; background-color: #cceeff; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 7.03189%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">29.8</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.55356%; background-color: #cceeff; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 7.03189%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">11.6</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.47179%; background-color: #cceeff; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 6.95012%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">11.5</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.47179%; background-color: #cceeff; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 6.95012%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">6.8</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.47179%; background-color: #cceeff; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 6.95012%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.47179%; background-color: #cceeff; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 6.95012%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.47179%; background-color: #cceeff; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 6.95012%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 0.981194%; background-color: #cceeff; margin-left: 0.1px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; height: 17px; width: 24.0392%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">U.S. dollar borrowings</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 7.03189%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">5.0%</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.55356%;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 7.03189%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">9,356.0</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.55356%;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 7.03189%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">8,575.7</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.55356%;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 7.03189%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">532.2</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.47179%;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 6.95012%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">95.6</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.47179%;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 6.95012%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">705.1</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.47179%;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 6.95012%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(8,5</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; width: 1.47179%;">)</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 6.95012%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(8,5</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.47179%;">)</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 6.95012%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">7,259.8</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 0.981194%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; height: 17px; width: 24.0392%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Borrowings indexed to the LIBOR</font><font style="width: 2.93pt; display: inline-block;">&nbsp;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 7.03189%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">1.2%</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.55356%; background-color: #cceeff; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 7.03189%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">571.8</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.55356%; background-color: #cceeff; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 7.03189%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">573.5</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.55356%; background-color: #cceeff; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 7.03189%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">312.2</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.47179%; background-color: #cceeff; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 6.95012%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">261.3</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.47179%; background-color: #cceeff; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 6.95012%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.47179%; background-color: #cceeff; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 6.95012%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.47179%; background-color: #cceeff; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 6.95012%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.47179%; background-color: #cceeff; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 6.95012%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 0.981194%; background-color: #cceeff; margin-left: 0.1px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; height: 17px; width: 24.0392%; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Borrowings indexed to the MX$</font><font style="width: 11.81pt; display: inline-block;">&nbsp;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 7.03189%; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">8.4%</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.55356%; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 7.03189%; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">39.4</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.55356%; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 7.03189%; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">39.4</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.55356%; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 7.03189%; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">39.4</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.47179%; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 6.95012%; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.47179%; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 6.95012%; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.47179%; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 6.95012%; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.47179%; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 6.95012%; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.47179%; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 6.95012%; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 0.981194%; margin-left: 0.1px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; height: 17px; width: 24.0392%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Borrowings indexed to the IPCA</font><font style="width: 10.14pt; display: inline-block;">&nbsp;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 7.03189%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">4.6%</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.55356%; background-color: #cceeff; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 7.03189%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">1,000.8</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.55356%; background-color: #cceeff; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 7.03189%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">1,000.8</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.55356%; background-color: #cceeff; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 7.03189%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">13.7</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.47179%; background-color: #cceeff; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 6.95012%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(1.9</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; text-align: left; width: 1.47179%; background-color: #cceeff; margin-left: 0.1px;">)</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 6.95012%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">(1.9</font></p>
</td>
<td style="vertical-align: bottom; height: 17px; text-align: left; width: 1.47179%; background-color: #cceeff; margin-left: 0.1px;">)</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 6.95012%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">701.0</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.47179%; background-color: #cceeff; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 6.95012%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">290.0</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.47179%; background-color: #cceeff; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 6.95012%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 0.981194%; background-color: #cceeff; margin-left: 0.1px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; height: 17px; width: 24.0392%; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Subtotal</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 7.03189%; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.55356%; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 7.03189%; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">17,952.8</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.55356%; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 7.03189%; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">17,259.1</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.55356%; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 7.03189%; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">3,138.8</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.47179%; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 6.95012%; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">2,702.6</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.47179%; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 6.95012%; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">3,091.6</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.47179%; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 6.95012%; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">784.8</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.47179%; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 6.95012%; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">281.5</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.47179%; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 6.95012%; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">7,259.8</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 0.981194%; margin-left: 0.1px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; height: 17px; width: 24.0392%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Unrealized losses on swaps transactions</font><font style="width: 17.29pt; display: inline-block;">&nbsp;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 7.03189%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.55356%; background-color: #cceeff; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 7.03189%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">117.2</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.55356%; background-color: #cceeff; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 7.03189%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">117.2</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.55356%; background-color: #cceeff; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 7.03189%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">117.2</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.47179%; background-color: #cceeff; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 6.95012%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.47179%; background-color: #cceeff; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 6.95012%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.47179%; background-color: #cceeff; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 6.95012%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.47179%; background-color: #cceeff; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 6.95012%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.47179%; background-color: #cceeff; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 6.95012%; background-color: #cceeff; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 0.981194%; background-color: #cceeff; margin-left: 0.1px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px; width: 24.0392%; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Total</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 7.03189%; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.55356%; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 7.03189%; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">18.070.0</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.55356%; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 7.03189%; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">17,376.2</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.55356%; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 7.03189%; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">3,256.0</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.47179%; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 6.95012%; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2,702.6</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.47179%; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 6.95012%; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">3,091.6</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.47179%; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 6.95012%; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">784.8</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.47179%; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 6.95012%; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">281.5</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 1.47179%; margin-left: 0.1px;"><br></td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 6.95012%; margin-left: 0.1px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">7,259.8</font></p>
</td>
<td style="padding-left: 7.2pt; vertical-align: bottom; height: 17px; width: 0.981194%; margin-left: 0.1px;"><br></td>
</tr>

</table>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 9.36222%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
<td style="width: 90.6378%;"><br></td>
</tr>

</table>
<p style="margin: 0px; text-indent: 0px; font-size: 8pt;"><br></p>
<p style="margin: 0px; text-indent: 0px; font-size: 8pt;"><font style="font-size: 8pt;"><sub><font style="font-family: 'Times New Roman'; vertical-align: super;">(1)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="width: 8.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font></sub><font style="font-family: 'Times New Roman';">Figures include interest accrued through December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020. </font></font></p>
<div style="-aw-headerfooter-type: linked; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"><br></font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>183</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; font-size: 10pt;">Credit risk</font></p>
</div>
</div>
<div>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The financial instruments that would expose the Company and its subsidiaries to credit risks of the counterparty are basically represented by cash and cash equivalents, financial investments, hedging instruments and trade receivables. See </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ote 33.d to our consolidated financial statements. </font></p>
</div>
<br>
<div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Customer credit risk</font><font style="font-family: 'Times New Roman';"> &#8212; The credit policy establishes the analysis of the profile of each new customer, individually, regarding their financial condition. The review carried out by the subsidiaries of the Company includes the evaluation of external ratings, when available, financial statements, credit bureau information, industry information and, when necessary, bank references. Credit limits are established for each customer and reviewed periodically, in a shorter period the greater the risk, depending on the approval of the responsible area in cases of sales that exceed these limits. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In monitoring credit risk, customers are grouped according to their credit characteristics and depending on the business the grouping takes into account, for example, whether they are natural or legal clients, whether they are wholesalers, resellers or final customers, considering also the geographic area. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The estimates of credit losses are calculated by the expected loss </font><font style="font-family: 'Times New Roman';">approach</font><font style="font-family: 'Times New Roman';"> based on the probability of default rates. Loss rates are calculated on the basis of the average probability of a receivable amount to advance through successive stages of default until full write-off. The probability of default calculation takes into account a credit risk score for each exposure, based on data considered to be capable of foreseeing the risk of loss (external classifications, audited financial statements, cash flow projections, customer information available in the press, for example), with addition of the credit assessment based on experience. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Such risks are managed by each business unit through specific criteria for acceptance of customers and their credit rating and customers&#8217; credit risks are also mitigated by diversification of sales. The subsidiaries of the Company request from customers secured by trade receivables and other receivables in certain circumstances, but such security arrangements are not taken account of when calculating the risk of loss. As of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020, the estimated credit losses on doubtful accounts on their trade receivables recorded for Ipiranga, Ultragaz, Extrafarma, Oxiteno and Ultracargo were R$447.4</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million, R$113.6</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million, R$0.1</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million, R$16.4</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million and R$1.6</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million, respectively. In addition, as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020, no single customer or group accounts for more than 10% of total revenue. For further information, see notes 5.a, 5.b and 33.d.3 to our consolidated financial statements.</font><font style="font-family: 'Times New Roman'; font-size: 12pt; text-indent: 0px;">&nbsp;</font></p>
</div>
<div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Credit risk of financial institutions</font><font style="font-family: 'Times New Roman';"> &#8212; Such risk results from the inability of financial institutions to comply with their financial obligations to the Company and its subsidiaries due to insolvency. The Company </font><font style="font-family: 'Times New Roman';">and its subsidiaries</font><font style="font-family: 'Times New Roman';"> regularly conduct a credit review of the institutions with which it holds cash and cash equivalents, financial investments, and hedging instruments through various methodologies that assess liquidity, solvency, leverage, portfolio quality, etc. Cash and cash equivalents, financial investments, and hedging instruments are held only with institutions with a solid credit history, chosen for safety and soundness. The volumes of cash and cash equivalents, financial investments, and hedging instruments are subject to maximum limits by each institution and, therefore, require diversification of counterparties. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Government credit risk</font><font style="font-family: 'Times New Roman';"> &#8212; The Company&#8217;s Policy allows investments in government securities from countries classified as investment grade AAA or Aaa by specialized credit rating agencies (S&amp;P, Moody&#8217;s and Fitch) and in Brazilian government </font><font style="font-family: 'Times New Roman';">bonds. The volume of such financial investments is subject to maximum limits by each country and, therefore, requires diversification of counterparties. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The credit risk of financial institution and government of cash, cash equivalents and financial investments is summarized below: </font></p>
<p style="margin: 0px; break-after: avoid; font-size: 12pt; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="margin: 0px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 105px; width: 100%; text-indent: 0px;" width="100%">

<tr style="height: 10px; margin-left: 0.1px;">
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 69.0106%; vertical-align: bottom;"><br></td>
<td colspan="5" style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 31%; border-bottom: 1pt solid #000000; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Fair</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">value</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">(in</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">millions</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">of</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman'; font-weight: bold;">)</font></p>
</td>
</tr>


<tr style="height: 17px;">
<td style="height: 17px; width: 69.0106%; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Counterparty credit rating</font></p>
</td>
<td style="height: 17px; width: 9%; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="width: 19.44pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 55pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">12/31/20</font><font style="font-family: 'Times New Roman'; font-weight: bold;">20</font><font style="width: 5.9pt; display: inline-block;">&nbsp;</font></p>
</td>
<td style="width: 2%; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 7.2pt; height: 17px; width: 9%; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="width: 9.44pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 55pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">12/31/2019</font></p>
</td>
<td style="padding-left: 7.2pt; width: 2%; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 7.2pt; height: 17px; width: 9%; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="width: 9.44pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 55pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">12/31/2018</font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; width: 69.0106%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">AAA</font></p>
</td>
<td style="height: 17px; width: 9%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">8,190.4</font></p>
</td>
<td style="width: 2%; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 7.2pt; height: 17px; width: 9%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="width: 25pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 55pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">4,906.1</font></p>
</td>
<td style="padding-left: 7.2pt; width: 2%; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 7.2pt; height: 17px; width: 9%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="width: 25pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 55pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">5,933.7</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; width: 69.0106%; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">AA</font></p>
</td>
<td style="height: 17px; width: 9%; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">317.9</font></p>
</td>
<td style="width: 2%; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 7.2pt; height: 17px; width: 9%; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="width: 32.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 55pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">331.5</font></p>
</td>
<td style="padding-left: 7.2pt; width: 2%; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 7.2pt; height: 17px; width: 9%; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="width: 32.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 55pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">707.4</font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="height: 10px; width: 69.0106%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">A</font><font style="width: 4.78pt; text-indent: 0pt; display: inline-block;">&nbsp;</font></p>
</td>
<td style="height: 10px; width: 9%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">163.8</font></p>
</td>
<td style="width: 2%; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 7.2pt; height: 10px; width: 9%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="width: 32.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 55pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">418.0</font></p>
</td>
<td style="padding-left: 7.2pt; width: 2%; height: 10px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 7.2pt; height: 10px; width: 9%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="width: 32.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 55pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">262.6</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; width: 69.0106%; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">BBB</font></p>
</td>
<td style="height: 17px; width: 9%; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">-</font></p>
</td>
<td style="width: 2%; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 7.2pt; height: 17px; width: 9%; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="width: 37.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 55pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">56.5</font></p>
</td>
<td style="padding-left: 7.2pt; width: 2%; height: 17px; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 7.2pt; height: 17px; width: 9%; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="width: 37.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 55pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">90.8</font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; width: 69.0106%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Total</font></p>
</td>
<td style="height: 17px; width: 9%; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">8,672.</font><font style="font-family: 'Times New Roman'; font-weight: bold;">2</font></p>
</td>
<td style="width: 2%; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 7.2pt; height: 17px; width: 9%; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="width: 25pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 55pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">5,712.1</font></p>
</td>
<td style="padding-left: 7.2pt; width: 2%; height: 17px; background-color: #cceeff; vertical-align: bottom;" valign="bottom"><br></td>
<td style="padding-left: 7.2pt; height: 17px; width: 9%; border-bottom: 2.8pt double #000000; border-top: 1pt solid #000000; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="width: 25pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 55pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">6,994.4</font></p>
</td>
</tr>

</table>
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>184</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">It is important to note that the credit risk analysis that we performed as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020 do not reflect the impacts of the now global COVID-19 pandemic, which may have significant impacts on the credit quality of our customers and the financial institutions with whom we hold assets. See &#8220;Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">3.D. Key Information&#8212;Risk Factors&#8212;Risks Relating to Ultrapar and Its Industries&#8212; Our businesses may be materially and adversely affected by the outbreak of communicable diseases, such as the ongoing COVID-19 pandemic, or other epidemics or pandemics&#8221;, and other risk factors included herein. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Commodity price risk</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company and its subsidiaries are exposed to commodity price risk, resulting from the fluctuation of diesel and gasoline prices, among others.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">To mitigate the risk of fluctuations in diesel and gasoline prices, the Company and its subsidiaries permanently monitor the market, seeking to hedge price movements through hedge operations for cargo purchased in the international market, using derivative contracts of heating oil (diesel) and RBOB (gasoline) traded on the stock exchange. These goods are subject to the impacts of macroeconomic and geopolitical factors outside the control of the Company and its subsidiaries.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The table below shows the positions of derivative financial instruments to hedge commodity price risk at December 31, 2020:</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; margin: 0px; text-indent: 0px; width: 100.055%; height: 103px;" width="100%">

<tr style="height: 19px;">
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 8.50368%; height: 19px;">
<p style="margin: 0px; text-align: center; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Derivative</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 1.55356%; height: 19px;">
<p style="margin: 0px; text-align: center; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td colspan="3" style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 28.0458%; border-bottom: 1pt solid #000000; height: 19px;">
<p style="margin: 0px; text-align: center; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Contract</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 1.55356%; height: 19px;">
<p style="margin: 0px; text-align: center; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td colspan="3" style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000; width: 19.5421%; height: 19px;">
<p style="margin: 0px; text-align: center; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">No</font><font style="font-family: 'Times New Roman'; font-weight: bold;">t</font><font style="font-family: 'Times New Roman'; font-weight: bold;">ional (m</font><font style="font-family: 'Times New Roman'; font-size: 5.33pt; font-weight: bold; vertical-align: super;">3</font><font style="font-family: 'Times New Roman'; font-weight: bold;">)</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 1.55356%; height: 19px;">
<p style="margin: 0px; text-align: center; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td colspan="3" style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 19.3786%; border-bottom: 1pt solid #000000; height: 19px;">
<p style="margin: 0px; text-align: center; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Notional (USD million)</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 1.47179%; height: 19px;">
<p style="margin: 0px; text-align: center; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td colspan="3" style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 17.3344%; border-bottom: 1pt solid #000000; height: 19px;">
<p style="margin: 0px; text-align: center; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Fair Value</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 0.981194%; height: 19px;"><br></td>
</tr>
<tr style="height: 19px;">
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 8.50368%; height: 19px;">
<p style="margin: 0px; text-align: center; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 1.55356%; height: 19px;">
<p style="margin: 0px; text-align: center; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 8.01308%; height: 19px;">
<p style="margin: 0px; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: center;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Position</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 11.0384%; height: 19px;">
<p style="margin: 0px; text-align: center; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Commodity</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 8.99428%; height: 19px;">
<p style="margin: 0px; text-align: center; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Maturity</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 1.55356%; height: 19px;">
<p style="margin: 0px; text-align: center; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 8.99428%; height: 19px;">
<p style="margin: 0px; text-align: center; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">12</font><font style="font-family: 'Times New Roman'; font-weight: bold;">/</font><font style="font-family: 'Times New Roman'; font-weight: bold;">31</font><font style="font-family: 'Times New Roman'; font-weight: bold;">/2020</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 1.55356%; height: 19px;">
<p style="margin: 0px; text-align: center; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 8.99428%; height: 19px;">
<p style="margin: 0px; text-align: center; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">12/31</font><font style="font-family: 'Times New Roman'; font-weight: bold;">/2019</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 1.55356%; height: 19px;">
<p style="margin: 0px; text-align: center; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 8.99428%; height: 19px;">
<p style="margin: 0px; text-align: center; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">12/31</font><font style="font-family: 'Times New Roman'; font-weight: bold;">/2020</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 1.47179%; height: 19px;">
<p style="margin: 0px; text-align: center; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 8.91251%; height: 19px;">
<p style="margin: 0px; text-align: center; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">12/31</font><font style="font-family: 'Times New Roman'; font-weight: bold;">/2019</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 1.47179%; height: 19px;">
<p style="margin: 0px; text-align: center; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 7.93132%; height: 19px;">
<p style="margin: 0px; text-align: center; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">12/31</font><font style="font-family: 'Times New Roman'; font-weight: bold;">/2020</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 1.47179%; height: 19px;">
<p style="margin: 0px; text-align: center; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 7.93132%; height: 19px;">
<p style="margin: 0px; text-align: center; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">12/31</font><font style="font-family: 'Times New Roman'; font-weight: bold;">/2019</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 0.981194%; height: 19px;"><br></td>
</tr>
<tr style="height: 19px;">
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 8.50368%; height: 19px;">
<p style="margin: 0px; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 1.55356%; height: 19px;">
<p style="margin: 0px; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 8.01308%; height: 19px;">
<p style="margin: 0px; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 11.0384%; height: 19px;">
<p style="margin: 0px; text-align: center; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 8.99428%; height: 19px;">
<p style="margin: 0px; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 1.55356%; height: 19px;">
<p style="margin: 0px; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 8.99428%; height: 19px;">
<p style="margin: 0px; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 1.55356%; height: 19px;">
<p style="margin: 0px; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 8.99428%; height: 19px;">
<p style="margin: 0px; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 1.55356%; height: 19px;">
<p style="margin: 0px; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 8.99428%; height: 19px;">
<p style="margin: 0px; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 1.47179%; height: 19px;">
<p style="margin: 0px; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 8.91251%; height: 19px;">
<p style="margin: 0px; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 1.47179%; height: 19px;">
<p style="margin: 0px; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 7.93132%; height: 19px;">
<p style="margin: 0px; text-align: center; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">R$ million</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 1.47179%; height: 19px;">
<p style="margin: 0px; text-align: center; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 7.93132%; height: 19px;">
<p style="margin: 0px; text-align: center; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">R$ million</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 0.981194%; height: 19px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 8.50368%; height: 17px;">
<p style="margin: 0px; text-align: center; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Term</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.55356%; height: 17px;">
<p style="margin: 0px; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 8.01308%; height: 17px;">
<p style="margin: 0px; text-align: center; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Sold</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 11.0384%; height: 17px;">
<p style="margin: 0px; text-align: center; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Heating Oil</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 8.99428%; height: 17px;">
<p style="margin: 0px; text-align: center; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">jan-21</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.55356%; height: 17px;">
<p style="margin: 0px; text-align: center; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 8.99428%; height: 17px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">108,429</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.55356%; height: 17px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 8.99428%; height: 17px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">76,950</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.55356%; height: 17px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 8.99428%; height: 17px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman';">42.4</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.47179%; height: 17px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 8.91251%; height: 17px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman';">40.5</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.47179%; height: 17px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.93132%; height: 17px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(0.6</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.47179%; height: 17px;">
<p style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: left;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> <font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.93132%; height: 17px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(2.4</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 0.981194%; height: 17px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
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<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 8.50368%; height: 19px;">
<p style="margin: 0px; text-align: center; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Term</font></p>
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<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 1.55356%; height: 19px;">
<p style="margin: 0px; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 8.01308%; height: 19px;">
<p style="margin: 0px; text-align: center; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Sold</font></p>
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<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 11.0384%; height: 19px;">
<p style="margin: 0px; text-align: center; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">RBOB</font></p>
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<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 8.99428%; height: 19px;">
<p style="margin: 0px; text-align: center; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">-</font></p>
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<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 1.55356%; height: 19px;">
<p style="margin: 0px; text-align: center; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 8.99428%; height: 19px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&#8208;</font></p>
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<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 1.55356%; height: 19px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 8.99428%; height: 19px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">64,867</font></p>
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<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 8.99428%; height: 19px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&#8208;</font></p>
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<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 1.47179%; height: 19px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 8.91251%; height: 19px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman';">29.2</font></p>
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<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 7.93132%; height: 19px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&#8208;</font></p>
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<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 1.47179%; height: 19px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; width: 7.93132%; height: 19px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">1.1</font></p>
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<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 8.50368%; height: 10px;">
<p style="margin: 0px; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.55356%; height: 10px;">
<p style="margin: 0px; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 8.01308%; height: 10px;">
<p style="margin: 0px; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 11.0384%; height: 10px;">
<p style="margin: 0px; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin: 0px; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin: 0px; break-inside: avoid; break-after: avoid; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<td style="vertical-align: middle; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 8.99428%; height: 10px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<td style="vertical-align: middle; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 8.99428%; height: 10px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.55356%; height: 10px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<td style="vertical-align: middle; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 8.99428%; height: 10px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.47179%; height: 10px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<td style="vertical-align: middle; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 8.91251%; height: 10px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.47179%; height: 10px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 7.93132%; border-top: 1pt solid #000000; height: 10px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(0.6</font></p>
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<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1.47179%; height: 10px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: left;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font>&nbsp;</font></p>
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<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">(1.3</font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 0.981194%; height: 10px;">)</td>
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</table>
<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Liquidity risk </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company main sources of liquidity derive from (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">cash, cash equivalents and financial investments, (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">cash generated from operations and (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">financing. The Company believes that these sources are sufficient to satisfy its current funding requirements, which include, but are not limited to, working capital, capital expenditures, amortization of debt and payment of dividends. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company periodically examines opportunities for acquisitions and investments. The Company considers different types of investments, either directly, through joint-ventures, or through associated companies, and finance such investments using cash generated from operations, debt financing, through capital increases or through a combination of these methods. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company believes it has sufficient working capital to satisfy its current needs. The gross indebtedness due over the next twelve months totals R$3,620.6</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million, including estimated interests on loans. Furthermore, the investment plan for 2021 totals R$1,890.8</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million. In 2020, the Company had R$7,694.8</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million in cash, cash equivalents and short-term financial investments (for quantitative information, see </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">otes 4 and 16.a to our consolidated financial statements). </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">For further information on financial liabilities as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020, see </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ote 33.e to our consolidated financial statements. </font></p>
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font></p>
<div>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>185</font></font></td>
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<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Capital management </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company manages its capital structure based on indicators and benchmarks. The key performance indicators related to the capital structure management are the weighted average cost of capital, and the net debt/EBITDA, interest coverage and indebtedness/equity ratios. Net debt is composed of cash and cash equivalents and financial investments and hedging instruments (see </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ote 4 to our consolidated financial statements) and loans and hedging instruments and debentures (see </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ote 16 to our consolidated financial statements). The Company can change its capital structure depending on economic and financial conditions, in order to optimize its financial leverage and capital management. The Company seeks to improve its return on invested capital by implementing efficient working capital management and a selective investment program. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Selection and use of financial instruments </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In selecting financial investments and hedging instruments, an analysis is conducted to estimate rates of return, risks involved, liquidity, calculation methodology for the carrying value and fair value, and a review is conducted of any documentation applicable to the financial instruments. The financial instruments used to manage the financial resources of the Company are intended to preserve value and liquidity. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Policy contemplates the use of derivative financial instruments only to cover identified risks and in amounts consistent with the risk (limited to 100% of the identified risk). The risks identified in the Policy are described in the above sections and are subject to risk management. In accordance with the Policy, the Company and its subsidiaries can use forward contracts, swaps, options, and futures contracts to manage identified risks. Leveraged derivative instruments are not permitted. Because the use of derivative financial instruments is limited to the coverage of identified risks, the Company and its subsidiaries uses the term &#8220;hedging instruments&#8221; to refer to derivative financial instruments. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The table below summarizes the position of hedging instruments entered by the Company: </font></p>
<p style="margin-top: 6pt; margin-left: 54.55pt; margin-bottom: 0pt; text-indent: -24pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">a)</font><font style="font: 7pt 'Times New Roman'; -aw-import: spaces;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">Designated as hedge accounting </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;">Product</font></p>
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<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;">Hedged</font><br><font style="font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">object</font><font style="font-family: 'Times New Roman';">&nbsp;</font></font></p>
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<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;">Rates agreement</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 26px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 26px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;">Maturity</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 26px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td colspan="4" style="padding-left: 0px; vertical-align: bottom; height: 26px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;">Notional Amount</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 26px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 26px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td colspan="4" style="padding-left: 0px; vertical-align: bottom; height: 26px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;">Fair value</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 26px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-after: avoid; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;">Assets</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;">Liabilities</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;">12/31/20</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;">12/31/19</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;">12/31/20</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;">12/31/19</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
</tr>


<tr style="height: 10px;">
<td style="vertical-align: top; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; text-align: center; break-after: avoid; font-size: 9pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td style="vertical-align: top; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 0px; vertical-align: top; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; text-align: center; break-after: avoid; font-size: 9pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: top; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 0px; vertical-align: top; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; text-align: center; break-after: avoid; font-size: 9pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: top; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 0px; vertical-align: top; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; text-align: center; break-after: avoid; font-size: 9pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: top; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-left: 0px; vertical-align: top; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; text-align: center; break-after: avoid; font-size: 9pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: top; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td colspan="10" style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-indent: 0px; text-align: center; break-after: avoid; font-size: 8pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;">R$ million</font></p>
</td>
<td style="padding-left: 0px; vertical-align: top; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff; margin-left: 0.1px;">
<td style="height: 10px; padding: 0px; margin: 0px; text-indent: 0px; width: 24%;">
<p style="margin: 0px; break-after: avoid; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">Foreign exchange swap</font></p>
</td>
<td style="height: 10px; padding: 0px; margin: 0px; text-indent: 0px; width: 1%;"><br></td>
<td style="height: 10px; padding: 0px; margin: 0px; text-indent: 0px; width: 8%;">
<p style="margin: 0px; text-align: center; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">Debt</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 1%;"><br></td>
<td style="height: 10px; padding: 0px; margin: 0px; text-indent: 0px; width: 8%;">
<p style="margin: 0px; text-align: center; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">USD + 4.58%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; width: 1%; height: 10px;"><br></td>
<td style="height: 10px; padding: 0px; margin: 0px; text-indent: 0px; width: 8%;">
<p style="margin: 0px; text-align: center; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">103.9% DI</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 1%;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 8%;">
<p style="margin: 0px; text-align: center; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">Nov-23</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 1%;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 8%;">
<p style="margin: 0px; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-size: 9pt;"><font style="font-family: 'Times New Roman';">USD</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">185.0</font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; width: 1%; height: 10px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 1%;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 8%;">
<p style="margin: 0px; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-size: 9pt;"><font style="font-family: 'Times New Roman';">USD</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">245.0</font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; width: 1%; height: 10px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 1%;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; width: 8%;">
<p style="margin: 0px; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">298.9</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; width: 1%; height: 10px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; width: 1%;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; text-align: right; width: 8%;">
<p style="margin: 0px; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">69.3</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; text-align: right; width: 1%; height: 10px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="height: 10px; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">Foreign exchange swap</font></p>
</td>
<td style="height: 10px; padding: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="height: 10px; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">Debt</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="height: 10px; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 9pt;"><font style="font-family: 'Times New Roman';">USD + LIBOR-3M</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">+</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">1.14%</font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="height: 10px; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">105.0% DI</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">Jun-22</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">USD 50.0</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">USD 150.0</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">94.8</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; text-align: right;">
<p style="margin: 0px; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">75.0</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; text-align: right; height: 10px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="height: 10px; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">Interest rate swap</font></p>
</td>
<td style="height: 10px; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="height: 10px; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">Debt</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br></td>
<td style="height: 10px; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">4.57% + IPCA</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br></td>
<td style="height: 10px; padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">95.8% DI</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">Dec-25</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">R$ 806.1</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">R$ 806.1</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">203.8</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px 0px 0px 0.1px; text-indent: 0px; text-align: right; background-color: #cceeff;">
<p style="margin: 0px; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">144.1</font></p>
</td>
<td style="padding: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; text-align: right; height: 10px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="height: 10px; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">Interest rate swap</font></p>
</td>
<td style="height: 10px; padding: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="height: 10px; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">Debt</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="height: 10px; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">6.47%</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="height: 10px; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">99.9% DI</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">Nov-24</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">R$ 90.0</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">R$ 90.0</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">3.5</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; text-align: right;">
<p style="margin: 0px; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">0.6</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; text-align: right; height: 10px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff; margin-left: 0.1px;">
<td style="height: 10px; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">Term</font></p>
</td>
<td style="height: 10px; padding: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="height: 10px; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">Firm commitments</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="height: 10px; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">BRL</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="height: 10px; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">Heating Oil / RBOB</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">Jan-21</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">USD 42.4</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">-</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">(0.6</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><font style="font-size: 9pt;">)</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; text-align: right;">
<p style="margin: 0px; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">-</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; text-align: right; height: 10px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="height: 10px; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">NDF</font></p>
</td>
<td style="height: 10px; padding: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="height: 10px; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">Firm commitments</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="height: 10px; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">BRL</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="height: 10px; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">USD</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">Jan-21</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">USD 23.1</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">-</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">(0.7</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><font style="font-size: 9pt;">)</font></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; text-align: right;">
<p style="margin: 0px; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">-</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; text-align: right; height: 10px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff; margin-left: 0.1px;">
<td style="height: 10px; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">Zero Cost Collar</font></p>
</td>
<td style="height: 10px; padding: 0px; margin: 0px; text-indent: 0px;"><br></td>
<td style="height: 10px; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">Operating margin</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="height: 10px; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">Put USD 3.86</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="height: 10px; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 9pt;"><font style="font-family: 'Times New Roman';">Call</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">USD</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">4.33</font></font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">-</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">-</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">USD 60.0</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">-</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; height: 10px; margin: 0px; text-indent: 0px; text-align: right;">
<p style="margin: 0px; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">(0.1</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 10px; text-align: left;"><font style="font-size: 9pt;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">&nbsp;</font></p>
</td>
<td style="padding: 0px; height: 17px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">&nbsp;</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; height: 17px; margin: 0px; text-indent: 0px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin: 0px; line-height: 120%; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">599.7</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding: 0px; height: 17px; margin: 0px; text-indent: 0px; text-align: right; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin: 0px; line-height: 120%; font-size: 9pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">288.9</font></p>
</td>
<td style="padding: 0px; margin: 0px; text-indent: 0px; text-align: right; height: 17px;"><br></td>
</tr>

</table>
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>186</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 12pt; margin-left: 55.05pt; margin-bottom: 0pt; text-indent: -24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">b)</font><font style="width: 16.17pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Not designated as hedge accounting </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="height: 157px; margin: 0px 0px 0px 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 99.9181%;" width="100%">

<tr style="height: 13px;">
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 13px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; break-after: avoid; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Product</font><font style="font-family: 'Times New Roman';">&nbsp;</font></font></p>
</td>
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 13px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 13px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Hedged&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">object</font><font style="font-family: 'Times New Roman';">&nbsp;</font></font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 13px;"><br></td>
<td colspan="3" style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 13px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Rates agreement</font><font style="font-family: 'Times New Roman';">&nbsp;</font></font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 13px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 13px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;">Maturity</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 13px;"><br></td>
<td colspan="4" style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 13px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;">Notional amount</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 13px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 13px;"><br></td>
<td colspan="4" style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 13px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;">Fair value</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 13px;"><br></td>
</tr>
<tr style="height: 11px;">
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 11px;">
<p style="margin: 0px; break-after: avoid; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 11px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 11px;">
<p style="margin: 0px; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 11px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 11px;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;">Assets</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 11px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 11px;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;">Liabilities</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 11px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 11px;">
<p style="margin: 0px; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 11px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 11px;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">12/31/</font><font style="font-family: 'Times New Roman'; font-weight: bold;">20</font></font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 11px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 11px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 11px;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">12/31/</font><font style="font-family: 'Times New Roman'; font-weight: bold;">19</font></font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 11px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 11px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 11px;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">12/31/</font><font style="font-family: 'Times New Roman'; font-weight: bold;">20</font></font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 11px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 11px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 11px;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">12/31/</font><font style="font-family: 'Times New Roman'; font-weight: bold;">19</font></font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 11px;"><br></td>
</tr>


<tr style="height: 13px;">
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 9pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; height: 13px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 9pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; height: 13px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 9pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; height: 13px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 9pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; height: 13px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 9pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; height: 13px;"><br></td>
<td colspan="10" style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 13px; vertical-align: middle;" valign="middle">
<p style="margin: 0px; text-align: center; break-after: avoid; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">R$ million</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: middle; height: 13px;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff; margin-left: 0.1px;">
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px; width: 24%;">
<p style="margin: 0px; break-after: avoid; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">Foreign exchange swap</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px; width: 1%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px; width: 8%;">
<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">Debt</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px; width: 1%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px; width: 8%;">
<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 9pt;"><font style="font-family: 'Times New Roman';">USD + </font><font style="font-family: 'Times New Roman';">0.18</font><font style="font-family: 'Times New Roman';">%</font></font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px; width: 1%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px; width: 8%;">
<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 9pt;"><font style="font-family: 'Times New Roman';">55.5</font><font style="font-family: 'Times New Roman';">% DI</font></font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px; width: 1%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px; width: 8%;">
<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">Jun-29</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px; width: 1%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px; text-align: right; width: 8%;">
<p style="margin: 0px; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-size: 9pt;"><font style="font-family: 'Times New Roman';">USD</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">320.0</font></font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; width: 1%; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; height: 15px; width: 1%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px; width: 8%;">
<p style="margin: 0px; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-size: 9pt;"><font style="font-family: 'Times New Roman';">USD</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">853.0</font></font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px; width: 1%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px; width: 1%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px; width: 8%;">
<p style="margin: 0px; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">519.3</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px; width: 1%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px; width: 1%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px; width: 8%;">
<p style="margin: 0px; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">353.5</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px; width: 1%;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">Foreign exchange swap</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">Debt</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 9pt;"><font style="font-family: 'Times New Roman';">LIBOR-3M</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">+</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">2.0%</font></font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">105.9% DI</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">-</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px; text-align: right;">
<p style="margin: 0px; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">-</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">USD 60.0</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">-</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">48.5</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">Interest rate swap</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">Debt</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">1.9%</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">100% DI</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">Jan-21</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; text-align: right; background-color: #cceeff;">
<p style="margin: 0px; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-size: 9pt;"><font style="font-family: 'Times New Roman';">R$</font><font style="font-family: 'Times New Roman';">1,300.0</font></font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; text-align: right; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; text-align: right; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">-</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">(0.0</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;"><font style="font-size: 9pt;">)</font></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">-</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">Foreign exchange swap</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">Firm commitments</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">USD + 0.00%</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 9pt;"><font style="font-family: 'Times New Roman';">33.5</font><font style="font-family: 'Times New Roman';">% DI</font></font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">-</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px; text-align: right;">
<p style="margin: 0px; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">-</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">USD 17.9</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">-</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">(2.2</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;"><font style="font-size: 9pt;">)</font></td>
</tr>
<tr style="height: 15px;">
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">Foreign exchange swap</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">Operating margin</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">34.8% DI</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 9pt;"><font style="font-family: 'Times New Roman';">USD</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">+</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">0.00%</font></font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">-</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; text-align: right; background-color: #cceeff;">
<p style="margin: 0px; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">-</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; text-align: right; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; text-align: right; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">USD 4.7</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">-</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">0.6</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">NDF</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">Firm commitments</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">BRL</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">USD</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 9pt;"><font style="font-family: 'Times New Roman';">Ma</font><font style="font-family: 'Times New Roman';">y</font><font style="font-family: 'Times New Roman';">-21</font></font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px; text-align: right;">
<p style="margin: 0px; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">USD 378.6</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: right; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">USD 71.6</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">(112.2</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;"><font style="font-size: 9pt;">)</font></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">(1.1</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;"><font style="font-size: 9pt;">)</font></td>
</tr>
<tr style="height: 15px;">
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">Term</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">Firm commitments</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">BRL</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 9pt;"><font style="font-family: 'Times New Roman';">Heating</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Oil</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">/RBOB</font></font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;">
<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">-</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; text-align: right; background-color: #cceeff;">
<p style="margin: 0px; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">-</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; text-align: right; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; text-align: right; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">USD 56.0</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">-</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">(1.3</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 15px; background-color: #cceeff;"><font style="font-size: 9pt;">)</font></td>
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<tr style="height: 15px;">
<td style="padding-left: 0px; vertical-align: top; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: top; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;">
<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin: 0px; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">407.1</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin: 0px; font-size: 9pt; text-indent: 0px; padding-left: 0px; padding-right: 0px; text-align: right;"><font style="font-size: 9pt;"><font style="font-family: 'Times New Roman';">398</font><font style="font-family: 'Times New Roman';">.0</font></font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 15px;"><br></td>
</tr>

</table>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">All transactions mentioned above were properly registered with the over-the-counter segment of B3. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Hedging instruments existing in 2020 are described below, according to their category, risk, and hedging strategy: </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">a &#8211; </font><font style="font-family: 'Times New Roman'; font-style: italic;">Hedging against foreign exchange exposure of liabilities in foreign currency</font><font style="font-family: 'Times New Roman';">&#8212;The purpose of these contracts is (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">to offset the effect of the change in exchange rates of debts or firm commitments in U.S. dollars by converting them into debts or firm commitments in </font><font style="font-family: 'Times New Roman'; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman';"> linked to DI, (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">change a financial investment linked to the DI and (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">change a financial investment linked to the DI and given as a guarantee to a loan in the U.S. dollar into a financial investment linked to the U.S. dollar. The tables below present our position in this category of swaps as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020:</font></p>
<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></p>
<table cellspacing="0" cellpadding="0" style="margin: 0px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 83px; width: 100%; text-indent: 0px;" width="100%">

<tr style="height: 10px; margin-left: 0.1px;">
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: bottom;"><br></td>
<td colspan="3" style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; border-bottom: 1pt solid #000000; vertical-align: bottom;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Maturity</font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 78%;">
<p style="margin: 0px; break-after: avoid; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Swap/Non Deliverable Forward</font><font style="font-family: 'Times New Roman';">&nbsp;</font></font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 10%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2021</font><font style="font-family: 'Times New Roman';">&nbsp;</font></font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; width: 2%; height: 10px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 10%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2022</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">and</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">thereafter</font><font style="font-family: 'Times New Roman';">&nbsp;</font></font></p>
</td>
</tr>


<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notional amount (in millions of </font><font style="font-family: 'Times New Roman'; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman'; vertical-align: super;">(1)</font></font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="width: 47pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 77pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">2,279.0</font></font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="width: 47pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 77pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">2,312.5</font></font></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="vertical-align: top; height: 18px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Notional amount (in millions of dollars)</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 18px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="width: 54.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 77pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">438.6</font></font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 18px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 18px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="width: 54.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 77pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">445.0</font></font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: top; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Average receiving rate</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">US$ + 0.6%</font></font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">US$</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">+</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">1.4%</font></font></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="vertical-align: top; height: 18px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Average payment rate</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; padding-right: 0px;">
<p style="margin: 0px; font-size: 10pt; text-align: right; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">13.9%</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">of</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">DI</font></font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; padding-right: 0px; height: 18px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; padding-right: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">69.8%</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">of</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">DI</font></font></p>
</td>
</tr>

</table>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 9.36222%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
<td style="width: 90.6378%;"><br></td>
</tr>

</table>
<p style="margin: 0px; text-indent: 0px; font-size: 8pt;"><font style="font-size: 8pt;"><sub><font style="font-family: 'Times New Roman'; vertical-align: super;">(1)</font></sub><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="width: 8.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Notional amount converted according to the commercial selling rate reported by the Central Bank (PTAX) as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020. </font></font></p>
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>187</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="margin: 0px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 80px; width: 100%; text-indent: 0px;" width="100%">

<tr style="height: 10px;">
<td style="height: 10px; vertical-align: bottom; width: 79.8038%;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Swap</font></p>
</td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; width: 19.1333%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;" valign="bottom">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Maturity</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">2022</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">and</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">thereafter</font><font style="font-family: 'Times New Roman';"> </font></p>
</td>
<td style="vertical-align: top; height: 10px; width: 0.981194%;"></td>
<td><br></td>
</tr>


<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; height: 17px; width: 79.8038%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notional amount of swaps (in millions of </font><font style="font-family: 'Times New Roman'; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman'; vertical-align: super;">(1)</font></font></p>
</td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; width: 19.1333%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="width: 81.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 104pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">259.8</font></font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.981194%; background-color: #cceeff;"></td>
<td><br></td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; height: 17px; width: 79.8038%;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Notional amount of swaps (in millions of dollars)</font></p>
</td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; width: 19.1333%;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="width: 86.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 104pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">50.0</font></font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.981194%;"></td>
<td><br></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="vertical-align: top; height: 18px; width: 79.8038%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Average receiving rate</font></p>
</td>
<td style="padding-left: 0px; height: 18px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; width: 19.1333%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">US$</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">+</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">LIBOR</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">+</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">1.14%</font></font></p>
</td>
<td style="vertical-align: top; height: 18px; width: 0.981194%; background-color: #cceeff;"></td>
<td><br></td>
</tr>
<tr style="height: 18px;">
<td style="vertical-align: top; height: 18px; width: 79.8038%;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Average payment rate</font></p>
</td>
<td style="padding-left: 0px; height: 18px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; text-align: right; width: 19.1333%;" valign="bottom">
<p style="margin: 0px; font-size: 10pt; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="width: 73.17pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 104pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">105.0%</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">of</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">DI</font></font></p>
</td>
<td style="vertical-align: top; height: 18px; width: 0.981194%;"></td>
<td><br></td>
</tr>


</table>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 9.36222%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
<td style="width: 90.6378%;"><br></td>
</tr>

</table>
<p style="margin: 0px; text-indent: 0px; font-size: 8pt;"><font style="font-size: 8pt;"><sub><font style="font-family: 'Times New Roman'; vertical-align: super;">(1)</font></sub><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="width: 8.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Notional amount converted according to the commercial selling rate reported by the Central Bank (PTAX) as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020. </font></font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">b &#8211; </font><font style="font-family: 'Times New Roman'; font-style: italic;">Hedging against fixed interest rate in Brazilian Reais&#8212;</font><font style="font-family: 'Times New Roman';">The purpose of this contract is to change fixed interest rate of debentures issued in Brazilian </font><font style="font-family: 'Times New Roman'; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman';"> to floating interest. The table below presents our position in this category of swaps as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="margin-right: auto; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 91px; width: 100%;" width="100%">

<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px; width: 80.9485%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Swap</font><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td colspan="2" style="padding-left: 7.2pt; height: 10px; vertical-align: bottom; border-bottom: 1pt solid #000000; width: 17.9886%;" valign="bottom">
<p style="margin-top: 0pt; text-align: center; line-height: 108%; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Maturity</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">2022</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">and</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">thereafter</font></p>
</td>
<td style="vertical-align: top; height: 10px; width: 0.981194%;"></td>
</tr>


<tr style="height: 18px; background-color: #cceeff;">
<td style="vertical-align: top; height: 18px; width: 80.9485%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notional amount of swaps (in millions of </font><font style="font-family: 'Times New Roman'; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman'; vertical-align: super;">(1)</font></font></p>
</td>
<td colspan="2" style="padding-left: 7.2pt; vertical-align: bottom; height: 18px; width: 17.9886%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-size: 10pt;"><font style="width: 87.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 110pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">806.1</font></font></p>
</td>
<td style="vertical-align: top; height: 18px; width: 0.981194%; background-color: #cceeff;"></td>
</tr>
<tr style="height: 18px;">
<td style="vertical-align: top; height: 18px; width: 80.9485%;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Notional amount of swaps (in millions of dollars)</font></p>
</td>
<td colspan="2" style="padding-left: 7.2pt; vertical-align: bottom; height: 18px; width: 17.9886%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-size: 10pt;"><font style="width: 87.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 110pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">155.1</font></font></p>
</td>
<td style="vertical-align: top; height: 18px; width: 0.981194%;"></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: top; height: 10px; background-color: #cceeff; width: 80.9485%;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Average receiving rate</font></p>
</td>
<td colspan="2" style="padding-left: 7.2pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 17.9886%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">4.57%</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">p.a.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">+</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">IPCA</font></font></p>
</td>
<td style="vertical-align: top; height: 10px; background-color: #cceeff; width: 0.981194%;"></td>
</tr>
<tr style="height: 18px;">
<td style="vertical-align: top; height: 18px; width: 80.9485%;">
<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Average payment rate</font></p>
</td>
<td colspan="2" style="padding-left: 7.2pt; vertical-align: bottom; height: 18px; width: 17.9886%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-size: 10pt;"><font style="width: 84.17pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 110pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">95.8%</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">of</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">DI</font></font></p>
</td>
<td style="vertical-align: top; height: 18px; width: 0.981194%;"></td>
</tr>


</table>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 9.36222%; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"><br></td>
<td style="width: 90.6378%;"><br></td>
</tr>

</table>
<p style="margin: 0px; text-indent: 0px; font-size: 8pt;"><font style="font-size: 9pt;"><font style="font-size: 8pt;"><sub><font style="font-family: 'Times New Roman'; vertical-align: super;">(1)</font></sub><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="width: 8.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Notional amount converted according to the commercial selling rate reported by the Central Bank (PTAX) as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font></font><font style="font-family: 'Times New Roman';"><font style="font-size: 8pt;">31, 2020.</font> </font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="height: 91px; margin: 0px 0px 0px 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px; width: 100%;" width="100%">

<tr style="height: 17px; margin-left: 0.1px;">
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: bottom;"><br></td>
<td colspan="3" style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; height: 17px; vertical-align: bottom; border-bottom: 1pt solid #000000;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;">Maturity</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 13px;">
<td style="vertical-align: bottom; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 13px;">
<p style="margin: 0px; break-after: avoid; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;">Swap/Non Deliverable Forward</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 13px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;">2021</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 13px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 13px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2022</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">and</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">thereafter</font></font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 13px;"><br></td>
</tr>


<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 80%;">
<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notional amount (in millions of </font><font style="font-family: 'Times New Roman'; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman'; vertical-align: super;">(1)</font></font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9%;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="width: 47pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 77pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">1,300.0</font></font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff; width: 9%;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="width: 59.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 77pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">90.0</font></font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Notional amount (in millions of dollars)</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="width: 54.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 77pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">250.2</font></font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="width: 59.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 77pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">17.3</font></font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Average receiving rate</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="width: 51.17pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 77pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">1.89%</font></font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="width: 51.17pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 77pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">6.47%</font></font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Average payment rate</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">100%</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">of</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">DI</font></font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">99.9%</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">of</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">DI</font></font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
</tr>

</table>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt; height: 17px;">

<tr style="height: 17px;">
<td style="width: 9.36222%; border-bottom: 1pt solid #000000; height: 17px;"><br></td>
<td style="width: 90.6378%; height: 17px;"><br></td>
</tr>

</table>
<p style="margin: 0px; break-after: avoid; font-size: 8pt; text-indent: 0px;"><font style="font-size: 8pt;"><font style="font-family: 'Times New Roman'; vertical-align: super;">(1)<font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; width: 8.19pt; display: inline-block;">&nbsp;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">Notional amount converted according to the commercial selling rate reported by the Central Bank (PTAX) as of December</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">31, 2020.</font></font></font></p>
<p style="margin: 0px; font-size: 7pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 4.67pt; vertical-align: super; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin: 0px; font-size: 10pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman';">&#8211; </font><font style="font-family: 'Times New Roman'; font-style: italic;">Hedging against commodities exposure of operations</font><font style="font-family: 'Times New Roman';">&#8212;The purpose of these contracts results from the possibility of price oscillation regarding products marketed specially diesel (heating oil) and gasoline (RBOB). These price fluctuations may cause substantial alterations in the sales revenues and costs. The table below presents our position in this category of NDF&#180;s as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020: </font></p>
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font></p>
<div>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>188</font></font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin: 0px; break-after: avoid; font-size: 12pt; text-indent: 0px;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="margin: 0px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 72px; width: 100%; text-indent: 0px;" width="100%">

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<p style="margin: 0px; break-after: avoid; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Term</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Maturity</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">2021</font></p>
</td>
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<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: top; height: 10px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 90%;">
<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notional amount of NDF&#180;s (in millions of </font><font style="font-family: 'Times New Roman'; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman'; vertical-align: super;">(1)</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 10%;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="width: 66.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 89pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">220.3</font></font></p>
</td>
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<td style="vertical-align: top; height: 17px; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Notional amount of NDF&#180;s (in millions of dollars)</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="width: 71.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 89pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">42.4</font></font></p>
</td>
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<td style="vertical-align: top; height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Position</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"><font style="width: 70.66pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 89pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">Sold</font></font></p>
</td>
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<tr style="height: 18px;">
<td style="vertical-align: top; height: 18px; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Contract</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Heating</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">oil</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">/</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">RBOB</font></font></p>
</td>
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</table>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt; height: 17px;">

<tr style="height: 17px;">
<td style="width: 9.36222%; border-bottom: 1pt solid #000000; height: 17px;"><br></td>
<td style="width: 90.6378%; height: 17px;"><br></td>
</tr>

</table>
<p style="margin: 0px; text-indent: 0px; font-size: 8pt;"><font style="font-size: 8pt;"><sup><font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(1)</font><font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&nbsp;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0pt; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; width: 8.19pt; display: inline-block;">&nbsp;</font></sup><font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">Notional amount converted according to the commercial selling rate reported by the Central Bank (PTAX) as of December</font><font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&nbsp;</font><font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">31, 2020.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="margin: 0px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 73px; width: 100%; text-indent: 0px;" width="100%">

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<p style="margin: 0px; break-after: avoid; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Non Deliverable Forward</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Maturity</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">2021</font></p>
</td>
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<tr style="height: 18px; background-color: #cceeff;">
<td style="height: 18px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 90%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notional amount of NDF&#180;s (in millions of </font><font style="font-family: 'Times New Roman'; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman'; vertical-align: super;">(1)</font></font></p>
</td>
<td style="padding-left: 0px; height: 18px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 10%; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 9pt;"><font style="width: 66.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 89pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">120.2</font></font></p>
</td>
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<tr style="height: 18px;">
<td style="height: 18px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Notional amount of NDF&#180;s (in millions of dollars)</font></p>
</td>
<td style="padding-left: 0px; height: 18px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 9pt;"><font style="width: 71.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 89pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">23.1</font></font></p>
</td>
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<tr style="height: 10px; background-color: #cceeff;">
<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Position</font></p>
</td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 9pt;"><font style="width: 70.66pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 89pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">Sold</font></font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; vertical-align: bottom;" valign="bottom">Contract</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; text-align: right; vertical-align: bottom;" valign="bottom">BRL/USD</td>
</tr>

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<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt; height: 17px;">

<tr style="height: 17px;">
<td style="width: 9.36222%; border-bottom: 1pt solid #000000; height: 17px;"><br></td>
<td style="width: 90.6378%; height: 17px;"><br></td>
</tr>

</table>
<p style="margin: 0px; text-indent: 0px; font-size: 8pt;"><font style="font-size: 8pt;"><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">(1)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="width: 8.19pt; text-indent: 0pt; display: inline-block;">&nbsp;</font></sup><font style="font-family: 'Times New Roman';">Notional amount converted according to the commercial selling rate reported by the Central Bank (PTAX) as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020. </font></font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Hedge accounting </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company uses derivative and non-derivative financial instruments for hedging purposes and test, throughout the duration of the hedge, their effectiveness, as well as the changes in their fair value. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Fair value hedge </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company and its subsidiaries designate as fair value hedges certain financial instruments used to offset the variations in interest and exchange rates, which are based on the market value of financing contracted in Brazilian </font><font style="font-family: 'Times New Roman'; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman';"> and U.S. dollars. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The foreign exchange hedging instruments designated as fair value hedge are:</font></p>
<p style="margin: 0px; text-indent: 0px; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></p>
<table cellspacing="0" cellpadding="0" style="margin: 0px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 105px; width: 100%; text-indent: 0px;" width="100%">

<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-after: avoid; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">In millions, except the DI %</font><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2020</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2018</font><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
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<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 68%; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Notional amount &#8211; US$</font></p>
</td>
<td style="border-top: 0.75pt solid #000000; vertical-align: top; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 9%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">235.0</font></p>
</td>
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; width: 1%; background-color: #cceeff;"><br></td>
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; width: 1%; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 9%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 12.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">395.0</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; width: 9%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 12.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">395.0</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; width: 1%; height: 17px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Result of hedging instruments &#8211; gain/(loss) &#8211; R$</font></p>
</td>
<td style="vertical-align: top; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">574.4</font></p>
</td>
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 17.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">79.5</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 12.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">149.2</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Fair value adjustment of debt &#8211; R$</font></p>
</td>
<td style="vertical-align: top; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(13.1</font></p>
</td>
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">)</td>
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 14.17pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">(36.8</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">)</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 14.17pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">(28.5</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px; background-color: #cceeff;">)</td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: top; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Financial expense in the statements of profit or loss &#8211; R$</font></p>
</td>
<td style="vertical-align: top; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(597.7</font></p>
</td>
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 9.17pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">(130.3</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">)</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 9.17pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">(215.9</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Average effective cost &#8211; DI %</font></p>
</td>
<td style="vertical-align: top; height: 17px; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">104.1</font></p>
</td>
<td style="vertical-align: top; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="vertical-align: top; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; padding-right: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="width: 12.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">104.4</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; padding-right: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; padding-right: 0px; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; padding-right: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="width: 12.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 35pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">104.4</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; padding-right: 0px; height: 17px; background-color: #cceeff;"><br></td>
</tr>

</table>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">For more information, see </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ote</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">16.c.1 to our consolidated financial statements. </font></p>
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>189</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The interest rate hedging instruments designated as fair value hedge are: </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="margin: 0px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 96px; width: 100%; text-indent: 0px;" width="100%">

<tr style="height: 10px;">
<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 67.9477%;" valign="bottom">
<p style="margin: 0px; break-after: avoid; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">In millions, except the DI %</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 8.99428%;" valign="bottom">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2020</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; width: 1.06296%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; width: 1.06296%;"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom: 1pt solid #000000; width: 8.99428%;" valign="bottom">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; width: 0.981194%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; width: 0.981194%;"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; border-bottom: 1pt solid #000000; width: 8.91251%;" valign="bottom">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2018</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 10px; width: 0.981194%;"><br></td>
</tr>


<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 67.9477%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Notional amount &#8211; R$</font></p>
</td>
<td style="border-top: 0.75pt solid #000000; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 8.99428%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">806.1</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; width: 1.06296%; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; width: 1.06296%; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 8.99428%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 9.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">806.1</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.981194%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.981194%; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 8.91251%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 9.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">806.1</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 0.981194%; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 67.9477%;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Result of hedging instruments &#8211; gain/(loss) &#8211; R$</font></p>
</td>
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 8.99428%;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">67.4</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; width: 1.06296%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; width: 1.06296%;"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 8.99428%;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 14.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">73.0</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; width: 0.981194%;"><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; width: 0.981194%;"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 8.91251%;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 14.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">25.8</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; width: 0.981194%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff; width: 67.9477%;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Fair value adjustment of debt &#8211; R$</font></p>
</td>
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff; width: 8.99428%;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(18.4</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.06296%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.06296%;"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff; width: 8.99428%;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 11.17pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">(77.0</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 0.981194%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 0.981194%;"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff; width: 8.91251%;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(13.3</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 0.981194%;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 67.9477%;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Financial expense in the statements of profit or loss &#8211; R$</font></p>
</td>
<td style="height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 8.99428%;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(99.6</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; width: 1.06296%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; width: 1.06296%;"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 8.99428%;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 11.17pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">(68.1</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; width: 0.981194%;">)</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; width: 0.981194%;"><br></td>
<td style="padding-left: 0px; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; width: 8.91251%;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 11.17pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">(50.2</font></p>
</td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; height: 17px; width: 0.981194%;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="height: 18px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom; background-color: #cceeff; width: 67.9477%;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Average effective cost &#8211; DI %</font></p>
</td>
<td style="height: 18px; margin: 0px; text-indent: 0px; padding-left: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 8.99428%;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">95.8</font></p>
</td>
<td style="padding-left: 0px; margin: 0px; text-indent: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.06296%;"><br></td>
<td style="padding-left: 0px; margin: 0px; text-indent: 0px; padding-right: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.06296%;"><br></td>
<td style="padding-left: 0px; height: 18px; margin: 0px; text-indent: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 8.99428%;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="width: 14.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">95.8</font></p>
</td>
<td style="padding-left: 0px; margin: 0px; text-indent: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px; width: 0.981194%;"><br></td>
<td style="padding-left: 0px; margin: 0px; text-indent: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px; width: 0.981194%;"><br></td>
<td style="padding-left: 0px; height: 18px; margin: 0px; text-indent: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; width: 8.91251%;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="width: 14.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 32pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">95.8</font></p>
</td>
<td style="padding-left: 0px; margin: 0px; text-indent: 0px; padding-right: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px; width: 0.981194%;"><br></td>
</tr>

</table>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">For more information, see </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">otes 16.g.2, 16.g.4 and 16.g.6 </font><font style="font-family: 'Times New Roman';">to</font><font style="font-family: 'Times New Roman';"> our consolidated financial statements. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="height: 99px; margin: 0px 0px 0px 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px;" width="100%">

<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-after: avoid; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">In millions, except the DI %</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; height: 10px; padding: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2020</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2018</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
</tr>


<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: top; height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 68%;">
<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Notional amount &#8211; R$</font></p>
</td>
<td style="border-top: 0.75pt solid #000000; vertical-align: top; height: 17px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 9%;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">90.0</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 9%;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 9.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 27pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">90.0</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px; background-color: #cceeff; width: 9%;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 16pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 26pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">&#8212;</font><font style="font-family: 'Times New Roman';"> </font><font style="width: 6.95pt; display: inline-block;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
</tr>
<tr style="height: 18px;">
<td style="vertical-align: top; height: 18px; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Result of hedging instruments &#8211; gain/(loss) &#8211; R$</font></p>
</td>
<td style="vertical-align: top; height: 18px; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">6.5</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 14.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 27pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">0.6</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 16pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 26pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">&#8212;</font><font style="font-family: 'Times New Roman';"> </font><font style="width: 6.95pt; display: inline-block;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"><br></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="vertical-align: top; height: 18px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Fair value adjustment of debt &#8211; R$</font></p>
</td>
<td style="vertical-align: top; height: 18px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">3.3</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 11.17pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 27pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">(0.2</font><font style="font-family: 'Times New Roman';">)</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 16pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 26pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">&#8212;</font><font style="font-family: 'Times New Roman';"> </font><font style="width: 6.95pt; display: inline-block;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px;"><br></td>
</tr>
<tr style="height: 18px;">
<td style="vertical-align: top; height: 18px; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Financial expense in the statements of profit or loss &#8211; R$</font></p>
</td>
<td style="vertical-align: top; height: 18px; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(9.0)</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 11.17pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 27pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">(0.4</font><font style="font-family: 'Times New Roman';">)</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 16pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 26pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">&#8212;</font><font style="font-family: 'Times New Roman';"> </font><font style="width: 6.95pt; display: inline-block;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"><br></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="vertical-align: top; height: 18px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Average effective cost &#8211; DI %</font></p>
</td>
<td style="vertical-align: top; height: 18px; padding: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">99.9</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 9.5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 27pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">99.9</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="width: 16pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 26pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">&#8212;</font><font style="font-family: 'Times New Roman';"> </font><font style="width: 6.95pt; display: inline-block;">&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px;"><br></td>
</tr>

</table>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">For more information, see </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ote 16.g.7 </font><font style="font-family: 'Times New Roman';">to</font><font style="font-family: 'Times New Roman';"> our consolidated financial statements. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The exchange rate and commodity hedging instruments designated as fair value hedges are as described below. The purpose of this relationship is to transform the cost of the imported product from fixed to variable until the moment of fuel mixing, as occurs with the price practiced in its sales. The subsidiary Ipiranga carries out these operations with over-the-counter derivatives that are designated in a hedge accou</font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ting relationship, as a fair value hedge in an amount equivalent to the inventory of imported product:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="margin: 0px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 58px; width: 100%; text-indent: 0px;" width="100%">

<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-after: avoid; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">In millions</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2020</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding-left: 0px; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2019</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px; border-bottom: 1pt solid #000000;">
<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">2018</font></p>
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<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Notional amount &#8211; US$</font></p>
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<td style="border-top: 0.75pt solid #000000; vertical-align: top; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 8%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">65.5</font></p>
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<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 2%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 8%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 17pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 27pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">&#8212;</font></p>
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<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 2%; height: 17px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; width: 8%; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 16pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 26pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">&#8212;</font></p>
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<td style="vertical-align: top; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Result of hedging instruments &#8211; gain/(loss) &#8211; R$</font></p>
</td>
<td style="vertical-align: top; height: 17px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(87.4</font></p>
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<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; text-align: left; height: 17px;">)</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 17pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 27pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">&#8212;</font></p>
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<td style="padding-left: 0px; vertical-align: bottom; padding-right: 0px; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 17px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 16pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 26pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">&#8212;</font></p>
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<td style="vertical-align: top; height: 14px; padding-left: 0px; padding-right: 0px; margin: 0px 0px 0px 0.1px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">Fair value adjustment of inventories &#8211; R$</font></p>
</td>
<td style="vertical-align: top; height: 14px; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-left: 0px; padding-right: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">18.5</font></p>
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<td style="padding-left: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-right: 0px; height: 14px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 14px; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-right: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="width: 17pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 27pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">&#8212;</font></p>
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<td style="padding-left: 0px; vertical-align: bottom; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-right: 0px; height: 14px; background-color: #cceeff;"><br></td>
<td style="padding-left: 0px; vertical-align: bottom; height: 14px; margin: 0px 0px 0px 0.1px; text-indent: 0px; padding-right: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="width: 16pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 26pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">&#8212;</font></p>
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<p style="margin: 0px; text-indent: 0px; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Cash flow hedge </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company and its subsidiaries designate as cash flow hedge of firm commitment and highly probable transactions, derivative financial instruments to hedge &#8220;firm commitments&#8221; and non-derivative financial instruments to hedge &#8220;highly probable future transactions&#8221;, so as to hedge against fluctuations arising from changes in exchange rate. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">On December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020, the Company had no exchange rate and commodities hedging instruments of firm commitments designated as cash flow hedges. </font></p>
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font></p>
<div>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>190</font></font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">On December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020, the notional amount of foreign exchange hedging instruments for highly probable future transactions designated as cash flow hedge, related to notes in the foreign market totaled US$468.2</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million (US$550.0</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million on December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2019). On December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020, the unrealized loss of &#8220;Other comprehensive income&#8221; is R$315.4</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million (loss of R$293.3</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million on December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2019), net of deferred IRPJ and CSLL. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">On December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020, the notional amount of foreign exchange hedging instruments for highly probable future transactions designated as cash flow hedge, related to future sales revenues of Oxiteno (zero cost collars)</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">was </font><font style="font-family: 'Times New Roman';">not renewed and had no balance (US$60.0</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million on December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2019) nor unrealized loss of &#8220;Other comprehensive income&#8221; (loss of R$0.1</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million on December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2019). </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Net investment hedge in foreign entities </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company and its subsidiaries designate as net investment hedge in foreign entities notes in the foreign market, for hedging net investment hedge in foreign entities, to offset changes in exchange rates. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">On December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020, the balance of foreign exchange hedging instruments designated as net investments hedge in foreign entities, related to part of the investments made in entities which functional currency is other than the Brazilian </font><font style="font-family: 'Times New Roman'; font-style: italic;">Real</font><font style="font-family: 'Times New Roman';">, totaled US$95.0</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million (US$95.0</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million on December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2019). On December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020, the unrealized loss of &#8220;Other comprehensive income&#8221; is R$73.1</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million (loss of R$55.7</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">million on December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2019), net of deferred income and social contribution taxes. The effects of exchange rate changes on investments and hedging instruments were offset in equity.</font></p>
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<div style="margin-top: 18pt; margin-left: 61.2pt; margin-bottom: 0pt; text-indent: -55.1pt; page-break-after: avoid; font-size: 10pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#" name="BI12_YP0JOVOZ8000000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">ITEM</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">12.</font><font style="width: 13.43pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">DESCRIPTION OF SECURITIES OTHER </font><font style="font-family: 'Times New Roman'; font-weight: bold;">THAN EQUITY SECURITIES</font></a></div>
<ol type="A" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-top: 12pt; margin-left: 14.72pt; page-break-after: avoid; padding-left: 11.88pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>Debt securities </font></li>
</ol>
<p style="margin-top: 12pt; margin-left: 26.55pt; margin-bottom: 0pt; text-indent: -4.95pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Not applicable. </font></p>
<ol start="2" type="A" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-top: 12pt; margin-left: 14.17pt; page-break-after: avoid; padding-left: 12.43pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>Warrants and Rights </font></li>
</ol>
<p style="margin-top: 12pt; margin-left: 26.55pt; margin-bottom: 0pt; text-indent: -4.95pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Not applicable. </font></p>
<ol start="3" type="A" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-top: 12pt; margin-left: 14.72pt; page-break-after: avoid; padding-left: 11.88pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>Other Securities </font></li>
</ol>
<p style="margin-top: 12pt; margin-left: 26.55pt; margin-bottom: 0pt; text-indent: -4.95pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Not applicable. </font></p>
<ol start="4" type="A" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-top: 18pt; margin-left: 14.72pt; page-break-after: avoid; padding-left: 11.88pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><font>American Depositary Shares </font></li>
</ol>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In the United States, our common shares are traded in the form of ADSs. Each of our ADSs represents one common share of Ultrapar, issued by The Bank of New York Mellon, as depositary, pursuant to a deposit agreement, dated </font><font style="font-family: 'Times New Roman';">September</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">16</font><font style="font-family: 'Times New Roman';">, 1999, as amended and restated on </font><font style="font-family: 'Times New Roman';">August</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">23</font><font style="font-family: 'Times New Roman';">, 2005, on August</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">22</font><font style="font-family: 'Times New Roman';">, 2011, and on March</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">2, 2018. The depositary&#8217;s principal executive office is located at 240 Greenwich Street, New York, New York 10286. </font></p>
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>191</font></font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Fees and expenses </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table summarizes the fees and expenses payable by holders of ADSs: </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="margin: 0px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;" width="100%">

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<p style="margin: 0px; break-after: avoid; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Persons depositing or withdrawing shares must pay:</font></p>
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<p style="margin: 0px; text-align: center; font-size: 8pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">For</font></p>
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<p style="margin: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">$5.00 (or less) per 100 ADSs (or portion of 100 ADSs)</font></p>
</td>
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(i) Issuance of ADSs, including issuances resulting from a distribution of shares or rights or other property</font></p>
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(ii) Cancellation of ADSs for the purpose of withdrawal, including if the Deposit Agreement terminates</font></p>
</td>
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<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">$0.05 (or less) per ADSs</font><font style="font-family: 'Times New Roman';"> (or portion thereof)</font></p>
</td>
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Any cash distribution</font></p>
</td>
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<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">A fee equivalent to the fee that would be payable if securities distributed to you had been shares and the shares had been deposited for issuance of ADSs</font></p>
</td>
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Distribution of securities to holders of deposited securities which are distributed by the depositary to ADS holders</font></p>
</td>
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<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">$0.05 (or less) per ADS (or portion thereof) per annum</font></p>
</td>
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Depositary services </font></p>
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<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Registration or transfer fees</font></p>
</td>
<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Transfer and registration of shares on our share register to or from the name of the depositary or its agent when you deposit or withdraw shares</font></p>
</td>
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<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Expenses of the depositary</font></p>
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<td style="vertical-align: top; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(i) Cable</font><font style="font-family: 'Times New Roman';"> (including SWIFT)</font><font style="font-family: 'Times New Roman';"> and facsimile transmissions</font><font style="font-family: 'Times New Roman';"> (when expressly provided in the deposit agreement)</font></p>
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">(ii) Converting foreign currency to U.S. dollars</font></p>
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<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Taxes and other governmental charges the depositary or the custodian have to pay on any ADS or share underlying an ADS, for example, stock transfer taxes, stamp duty or withholding taxes</font></p>
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<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">As necessary</font></p>
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<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman';">Any charges incurred by the depositary or its agents for servicing the deposited securities</font></p>
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<p style="margin: 0px; line-height: 108%; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman';">As necessary</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Payment of taxes </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The depositary may deduct the amount of any taxes owed from any payments to investors who hold ADSs. It may also sell deposited securities, by public or private sale, to pay any taxes owed. Investors who hold ADSs will remain liable if the proceeds of the sale are not sufficient to pay the taxes. If the depositary sells deposited securities, it will, if appropriate, reduce the number of ADSs to reflect the sale and pay to investors who hold ADSs any proceeds, or send to investors who hold ADSs any property, remaining after it has paid the taxes. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Reimbursement of fees </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Bank of New York Mellon, as depositary, has agreed to reimburse us for expenses we incur that are related to establishment and maintenance expenses of the ADS </font><font style="font-family: 'Times New Roman';">facility, including</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> but not limited to, investor </font><font style="font-family: 'Times New Roman';">relations </font><font style="font-family: 'Times New Roman';">expenses</font><font style="font-family: 'Times New Roman';">. The depositary has also agreed to pay </font><font style="font-family: 'Times New Roman';">its</font><font style="font-family: 'Times New Roman';"> standard out-of-pocket maintenance </font><font style="font-family: 'Times New Roman';">expenses</font><font style="font-family: 'Times New Roman';"> for </font><font style="font-family: 'Times New Roman';">providing services to registered DR holders, </font><font style="font-family: 'Times New Roman';">which consist of the expenses of postage and envelopes for mailing annual and interim financial reports, printing and distributing dividend checks, </font><font style="font-family: 'Times New Roman';">U.S. IRS tax reporting</font><font style="font-family: 'Times New Roman';">, mailing required tax forms, stationery, postage, facsimile, and telephone. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Reimbursement of fees incurred in 2020 </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">From January</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">1, 2020 until December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020, Ultrapar received from the depositary US$</font><font style="font-family: 'Times New Roman';">427,979</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">related to continuing maintenance expenses of the ADS</font><font style="font-family: 'Times New Roman';"> facility, including but not limited to, investor relations expenses.</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>192</font></font></td>
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<div style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; line-height: 11pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#" name="BPART_YAQO1FB93400000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">PAR</font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">T II</font></a></div>
<p style="margin: 0px; break-after: avoid; line-height: 11pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><br></font></p>
<div style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#" name="BITEM13_QP4AN0VMMO00000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">ITEM</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">13.</font><font style="width: 13.43pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">DEFAULTS, DIVIDEND ARR</font><font style="font-family: 'Times New Roman'; font-weight: bold;">EARAGES AND DELINQUENCIES </font></a></div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">None.</font></p>
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<p style="margin: 0px; font-size: 12pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<div style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#" name="BITEM14_3RI4QHROSG00000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">ITEM</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">14.</font><font style="width: 13.43pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">MATERIAL MODIFIC</font><font style="font-family: 'Times New Roman'; font-weight: bold;">ATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS </font></a></div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Not applicable. </font></p>
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<div style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#" name="BITEM15_1O4PTW72YO00000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">ITEM</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">15.</font><font style="width: 13.43pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">CONTROLS AND PROCEDURES </font></a></div>
<p style="margin-top: 6pt; margin-left: 30.6pt; margin-bottom: 0pt; text-indent: -30.6pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(a)</font><font style="width: 18.94pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Disclosure Controls and Procedures </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt; background-color: #f8f9fa;"><font style="font-family: 'Times New Roman';">Under our management&#8217;s supervision and with their participation, including our Chief Executive Officer and Chief Financial Officer, we performed an evaluation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, for the period covered by this Form 20-F. The Company&#8217;s disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed in the reports that the Company files or submits under the Exchange Act is (a)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">recorded, processed, summarized and reported within the time periods specified in the SEC&#8217;s rules and forms and (b)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">accumulated and communicated to our management, including the Chief Executive Officer and the Chief Financial Officer, to allow timely decisions regarding required disclosure.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Based on this assessment, our Chief Executive Officer and Chief Financial Officer concluded, on December 31, 2020, that our disclosure controls and procedures were effective.</font></p>
<p style="margin-top: 12pt; margin-left: 30.6pt; margin-bottom: 0pt; text-indent: -30.6pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(b)</font><font style="width: 18.38pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Management&#8217;s Annual Report on Internal Control over Financial Reporting </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. The Company&#8217;s internal control over financial reporting is a process designed by, or under the supervision of, our Chief Executive Officer and Chief Financial Officer, and effected by our Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. The Company&#8217;s internal control over financial reporting includes those policies and procedures that (1)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the Company; and (3)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company&#8217;s assets that could have a material effect on the financial statements. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Because of inherent limitations of internal control over financial reporting, including the possibility of improper management override of controls, material misstatements due to error or fraud may not be prevented or detected on a timely basis. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statements preparation and presentation. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In this context, our management has assessed the effectiveness of the Company&#8217;s internal control over financial reporting as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020, based on the criteria established in the Internal Control &#8211; Integrated Framework (2013)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">issued by the Committee of Sponsoring Organizations of the Treadway Commission (&#8220;COSO&#8221;). Based on such assessment and criteria, our management has concluded that the Company&#8217;s internal controls over financial reporting are effective as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company&#8217;s independent registered public accounting firm, KPMG Auditores Independentes, audited the effectiveness of our internal control over financial reporting as of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020, and their report, included herein, expressed an unqualified opinion. </font></p>
<p style="margin-top: 12pt; margin-left: 30.6pt; margin-bottom: 0pt; text-indent: -30.6pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(c)</font><font style="width: 19.5pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">Report of the Independent Registered Public Accounting Firm on Internal Control over Financial Reporting </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Report of independent registered public accounting firm, </font><font style="font-family: 'Times New Roman'; font-style: italic;">KPMG Auditores Independentes </font><font style="font-family: 'Times New Roman';">(&#8220;KPMG&#8221;), is presented below. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Report of Independent Registered Public Accounting Firm </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><br></p>
<p style="margin: 0in 0in 10pt; line-height: 12pt; font-size: 10pt; font-family: Arial, sans-serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;">To the Shareholders and Board of Directors</font></p>
<p style="margin: 0in 0in 10pt; line-height: 12pt; font-size: 10pt; font-family: Arial, sans-serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Ultrapar Participa&#231;&#245;es S.A.</font></p>
<p style="margin: 6pt 0in 0.0001pt; line-height: 12pt; font-size: 10pt; font-family: Arial, sans-serif; break-after: avoid; font-style: italic;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Opinion on Internal Control Over Financial Reporting </font></p>
<p style="margin: 12pt 0in 0.0001pt; text-indent: 24.4pt; line-height: normal; font-size: 10pt; font-family: Arial, sans-serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;">We have audited Ultrapar Participa&#231;&#245;es S.A. <font style="mso-spacerun: yes;">&nbsp;</font>and subsidiaries&#8217; (the Company) internal control over financial reporting as of December&nbsp;31, 2020, based on criteria established in Internal Control &#8211; Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December&nbsp;31, 2020, based on criteria established in Internal Control &#8211; Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. <font style="mso-spacerun: yes;">&nbsp;</font></font></p>
<p style="margin: 12pt 0in 0.0001pt; text-indent: 24.4pt; line-height: normal; font-size: 10pt; font-family: Arial, sans-serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;">We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statements of financial position of the Company as of December&nbsp;31, 2020 and 2019, the related consolidated statements of income, comprehensive income, stockholders&#8217; equity, and cash flows for each of the years in the three-year period ended December&nbsp;31, 2020 and the related notes (collectively, the consolidated financial statements), and our report dated April 29, 2021 expressed an unqualified opinion on those consolidated financial statements.</font></p>
<p style="margin: 6pt 0in 0.0001pt; line-height: 12pt; font-size: 10pt; font-family: Arial, sans-serif; break-after: avoid; font-style: italic;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Basis for Opinion </font></p>
<p style="margin: 12pt 0in 0.0001pt; text-indent: 24.4pt; line-height: normal; font-size: 10pt; font-family: Arial, sans-serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The Company&#8217;s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management&#8217;s Annual Report on Internal Controls over Financial Reporting appearing under Item 15b of the Company&#8217;s Annual Report on Form&nbsp;20-F. Our responsibility is to express an opinion on the Company&#8217;s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</font></p>
<p style="margin: 12pt 0in 0.0001pt; text-indent: 24.4pt; line-height: normal; font-size: 10pt; font-family: Arial, sans-serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;">We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. </font></p>
<p style="margin: 12pt 0in 0.0001pt; text-indent: 24.4pt; line-height: normal; font-size: 10pt; font-family: Arial, sans-serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.</font></p>
<p style="margin: 6pt 0in 0.0001pt; line-height: 12pt; font-size: 10pt; font-family: Arial, sans-serif; break-after: avoid; font-style: italic;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Definition and Limitations of Internal Control Over Financial Reporting </font></p>
<p style="margin: 12pt 0in 0.0001pt; text-indent: 24.4pt; line-height: normal; font-size: 10pt; font-family: Arial, sans-serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;">A company&#8217;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company&#8217;s internal control over financial reporting includes those policies and procedures that (1)&nbsp;pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2)&nbsp;provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3)&nbsp;provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company&#8217;s assets that could have a material effect on the financial statements.</font></p>
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<p><br></p>
<p style="margin: 12pt 0in 0.0001pt; text-indent: 24.4pt; line-height: normal; font-size: 10pt; font-family: Arial, sans-serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.&nbsp;</font></p>
<p style="margin: 0in 0in 10pt; line-height: 12pt; font-size: 10pt; font-family: Arial, sans-serif; break-after: avoid;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0in 0in 10pt; line-height: 12pt; font-size: 10pt; font-family: Arial, sans-serif; break-after: avoid;"><font lang="PT-BR" style="font-family: 'times new roman', times; font-size: 10pt;">KPMG Auditores Independentes</font></p>
<p style="margin: 0in 0in 10pt; line-height: 12pt; font-size: 10pt; font-family: Arial, sans-serif; break-after: avoid;"><font lang="PT-BR" style="font-family: 'Times New Roman','serif'; mso-ansi-language: PT-BR;"><font style="font-family: 'times new roman', times; font-size: 10pt;">S&#227;o Paulo, SP, Brazil</font><br><font style="font-family: 'times new roman', times; font-size: 10pt;">April 29, 2021</font><b style="mso-bidi-font-weight: normal;"></b></font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(d)</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> </font><font style="font-family: 'Times New Roman'; font-weight: bold;">Changes in Internal Control over Financial Reporting </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">There were no changes in our internal control over financial reporting for the year ended December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. </font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Until April 2019, our Fiscal Council acted as an audit committee pursuant to the requirements of the Sarbanes-Oxley Act. We did not appoint an audit committee financial expert, as Brazilian law does not require a Fiscal Council member to have the same attributes of such a financial expert. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">However, in order to adapt to the new rules for the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado </font><font style="font-family: 'Times New Roman';">segment, the </font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">xtraordinary and </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">nnual </font><font style="font-family: 'Times New Roman';">g</font><font style="font-family: 'Times New Roman';">eneral </font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">hareholders&#8217; </font><font style="font-family: 'Times New Roman';">m</font><font style="font-family: 'Times New Roman';">eeting </font><font style="font-family: 'Times New Roman';">held on April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">10, 2019, approved an amendment to our Bylaws and our audit and risks committee started to function on a permanent basis to advise the Board of Directors and started to act as separate body from the Fiscal Council. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Also in accordance with the new rules for the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';"> and with the provisions of our bylaws, this committee shall have at least three members, of whom at least one must be an independent member of the Board of Directors and one member must have recognized experience in business accounting pursuant to the rules issued by the CVM regarding the registration and practice of independent auditing activities in the securities market. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The members of the audit and risks committee shall be elected by the Board of Directors for a term of office of two years, and the term shall coincide with the term of office of the Directors, with reelection being permitted for successive terms. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">On May</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">15, 2019, the Board of Directors appointed Ms.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Ana Paula </font><font style="font-family: 'Times New Roman';">Vitali Janes </font><font style="font-family: 'Times New Roman';">Vescovi, Mr.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Joaquim Pedro de Mello, Mr.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Jos&#233; Maur&#237;cio Pereira Coelho and Mr.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Flavio Cesar Maia Luz as members of audit and risks committee. Mr.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Flavio Luz is the coordinator of such committee. </font><font style="font-family: 'Times New Roman';">Their terms of office ended at the </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">nnual and </font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">xtraordinary </font><font style="font-family: 'Times New Roman';">g</font><font style="font-family: 'Times New Roman';">eneral </font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">hareholders&#8217; </font><font style="font-family: 'Times New Roman';">m</font><font style="font-family: 'Times New Roman';">eeting </font><font style="font-family: 'Times New Roman';">held on April 14, 2021. The Board of </font><font style="font-family: 'Times New Roman';">Directors </font><font style="font-family: 'Times New Roman';">appointed </font><font style="font-family: 'Times New Roman';">Ms. Ana Paula Vitali Janes Vescovi, Mr. Jorge Marques de Toledo Camargo and Mr. Jos&#233; Maur&#237;cio Pereira Coelho as </font><font style="font-family: 'Times New Roman';">members of the audit and risks committee in a meeting held on April </font><font style="font-family: 'Times New Roman';">14</font><font style="font-family: 'Times New Roman';">, 2021. </font><font style="font-family: 'Times New Roman';">Ms. Ana Paula Vitali Janes Vescovi</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">will also act as coordinator of the committee.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We believe that </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> audit and risks committee members </font><font style="font-family: 'Times New Roman';">that were on such position as of December 31, 2020 </font><font style="font-family: 'Times New Roman';">have broad commercial experience and extensive business leadership, having held various roles in accountancy, financial management and supervision, treasury and corporate finance. We believe that there </font><font style="font-family: 'Times New Roman';">was</font><font style="font-family: 'Times New Roman';"> a broad and suitable mix of business and financial experience on the committee and that the election of a member with recognized experience in business accounting pursuant to the rules issued by the CVM complies with the requirements for the audit committee financial expert.</font><font style="font-family: 'Times New Roman';"> We believe that the Board of Directors </font><font style="font-family: 'Times New Roman';">appointed for the new term of office have the same profile and expertise</font><font style="font-family: 'Times New Roman';">.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notwithstanding the above, under Rule 10A-3(c)(3) of the Exchange Act, considering that (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">our audit and risks committee complies with the rules for the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado;</font><font style="font-family: 'Times New Roman';"> (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">our bylaws expressly requires that the audit and risks committee consist of at least one member of the Board of Directors and one or more persons who are not directors; and (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">SEC&#8217;s interpretative letter issued on November</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">8, 2018, we are exempt from the audit committee requirements of Section</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">303A of the NYSE Listed Company Manual. </font></p>
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<div style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#" name="BITEM16B_783XLCRK9C00000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">ITEM</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">16B.</font><font style="width: 6.66pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">CODE OF ETHICS </font></a></div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In 2004, we established a Code of Ethics which covered (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the Board of Directors; (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the whole Executive Board (including the Chief Executive Officer and the Chief Financial Officer); (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the Fiscal Council of Ultrapar; (iv)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the Board of Directors and Executive Board of its subsidiaries; and (v)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">remaining bodies with technical or advisory functions that are directly subordinated to the Board of Directors, to the Executive Board or to the fiscal committee of Ultrapar. Our Code of Ethics was amended on June</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">17, 2009 to (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">improve certain existing items of the code by including examples of acceptable or unacceptable behavior and clarifying the language to avoid misunderstanding of such items and (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">improve access to the channel for reporting non-compliance with the code. On July</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2013, we amended our Code of Ethics in order to increase the number of permanent members of the Conduct Committee from three to four members. On September</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">17, 2014 the Code of Ethics was fully revised. On December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">13, 2017, our Board of Directors approved a new Code of Ethics, in force from March</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">1, 2018 onwards. For the complete amended Code of Ethics please see our 6-K furnished to the SEC on March</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">1, 2018. The objective of this code is (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">to reduce the subjectivity of personal interpretations of ethical principles; (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">to be a formal and institutional benchmark for the </font><font style="font-family: 'Times New Roman';">professional conduct of the employees, including the ethical handling of actual or apparent conflicts of interests, becoming a standard for the internal and external relationship of Ultrapar with its stakeholders, namely: shareholders, clients, employees, partners, suppliers, service providers, labor unions, competitors, society, government and the communities in which it operates; and (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">to ensure that the daily concerns with efficiency, competitiveness and profitability do not override ethical behavior. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Also, in 2014, we approved the corporate policy on anti-corruption and relationships with public officials, applicable to shareholders, employees of the Company, third parties and business partners when representing or acting on behalf of the Company. On December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">13, 2017, our Board of Directors approved a new corporate policy on anti-corruption and relationships with public officials, in force from March</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">1, 2018 onwards. This policy consolidates the guidelines for corruption prevention to be adopted in the relationship with public officers to protect the integrity and transparency of our businesses. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">On September</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">21, 2016, our Board of Directors approved the Antitrust Policy applicable to employees of the Company, third parties and business partners. This policy establishes guidelines for preventing and combating violations of competition law and ensuring compliance with all competition laws, to be adopted by the Ultra companies, as well as in corporate transactions in which they are involved. On October 2018, we reviewed our Antitrust Policy. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Also, in 2016, the Company approved the Conflict of Interests Policy applicable to employees of the Company, third parties and business partners when representing or acting on behalf of the Company. This policy provides for standard behaviors and professional conduct of the employees, including the ethical handling of actual or apparent conflicts of interests. </font><font style="font-family: 'Times New Roman';">The Policy was revised in 2020, now called </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman';">Corporate Policy of Conflicts of Interests and Related Parties</font><font style="font-family: 'Times New Roman';">&#8221; and it</font><font style="font-family: 'Times New Roman';"> will be distributed in the first quarter of 2021.</font><font style="font-family: 'Times New Roman';">You can obtain a copy of our Code of Ethics and of our Corporate Policy on anti-corruption and relationships with public officials, free of charge, at our Investor Relations (</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">www.ri.ultra.com.br</font><font style="font-family: 'Times New Roman';">), on &#8220;Governance&#8221; section, subsection &#8220;Corporate Documents&#8221;. </font></p>
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<div style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: spaces;">&nbsp;</font><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#" name="BITEM16C_UESZ600SXC00000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">ITEM</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">16C.</font><font style="width: 3.61pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">PRINCIPAL ACCOUNTANT FEES AND SERVICES </font></a></div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The relationship with our independent registered public accounting firm in respect to the contracting of services unrelated to the external audit is based on principles that preserve the independence of the independent registered public accounting firm. Our Board of Directors approves our consolidated financial statements, the performance by our independent registered public accounting firm of audit and permissible non-audit services, and associated fees, supported by our </font><font style="font-family: 'Times New Roman';">Audit and Risks Committee</font><font style="font-family: 'Times New Roman';">. See &#8220;Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">6.C. Directors, Senior Management and Employees&#8212;Board Practices&#8212;Fiscal Council and Audit Committee Exemption&#8221; for more information about the responsibilities of the </font><font style="font-family: 'Times New Roman';">Audit and Risks Committee</font><font style="font-family: 'Times New Roman';">. Our consolidated financial statements for the year ended December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2020 and 2019 were audited by the independent registered public accounting firm KPMG Auditores Independentes. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following table describes the total amount billed to us by KPMG Auditores Independentes for services performed in 2020 and 2019: </font></p>
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<p style="margin: 0px; break-after: avoid; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp;</font></p>
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<p style="margin: 0px; text-align: center; line-height: 108%; font-size: 8pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;">(in</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">thousands</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">of</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Reais</font><font style="font-family: 'Times New Roman'; font-weight: bold;">)</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">8,489.9</font></p>
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<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 10pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 40pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">9,769.6</font></p>
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<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Audit Related Fees</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman';">1,156.4</font></p>
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<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="width: 10pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 40pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">1,690.6</font></p>
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<p style="margin-top: 0pt; margin-left: 12pt; margin-bottom: 0pt; text-indent: -12pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Total Consolidated Audit Fees</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">9,646</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.2</font></p>
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<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="width: 5pt; display: inline-block; -aw-tabstop-align: right; -aw-tabstop-pos: 40pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">11,460.2</font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;Audit Fees&#8221; are the aggregate fees billed by our independent registered public accounting firm for the audit of our consolidated and annual financial statements, reviews of interim financial information and attestation services that are provided in connection with statutory and regulatory filings or engagements. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8220;Audit Related Fees 2020&#8221; are fees related to tax compliance services to review the ECF, agreed upon procedures in connection with the reopening of 2029 notes offering process, attestation report on net assets book value. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Pre-Approval Policies and Procedures </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In order to adapt to the new rules for the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';"> segment, the </font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">xtraordinary and </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">nnual </font><font style="font-family: 'Times New Roman';">g</font><font style="font-family: 'Times New Roman';">eneral </font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">hareholders&#8217; </font><font style="font-family: 'Times New Roman';">m</font><font style="font-family: 'Times New Roman';">eeting </font><font style="font-family: 'Times New Roman';">held on April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">10, 2019 decided that our audit and risks committee must function on a permanent basis to advise the Board of Directors. This committee is responsible for recommending to the Board of Directors the retention and dismissal of independent audit services, as well as proposing to the Board of Directors the nomination of the independent auditor and their replacement.</font></p>
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<div style="margin-top: 18pt; margin-left: 55pt; margin-bottom: 0pt; text-indent: -55pt; page-break-after: avoid; font-size: 10pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#" name="BITEM16D_I8XNXZRA6O00000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">ITEM</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">16D.</font><font style="width: 6.11pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES </font></a></div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Until April 2019, our Fiscal Council met the requirements for exemption from audit committee independence pursuant to the requirements of the Sarbanes-Oxley Act. Under Rule</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">10A-3(c)(3) of the Exchange Act, non-U.S. issuers, such as Ultrapar, are exempt from the audit committee independence requirements of Section</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">303A of the NYSE Listed Company Manual if they establish, according to their local law or regulations, another body that meets certain requirements. See &#8220;Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">6.C. Directors, Senior Management and Employees&#8212;Board Practices&#8212;Fiscal Council and Audit Committee Exemption&#8221;. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Fiscal Council in office until April 2019, met the following requirements of the general exemption contained in Rule 10A-3(c)(3): </font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">the Fiscal Council was established pursuant to Brazilian Corporate Law and our bylaws; </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">under the requirements of Brazilian Corporate Law, our Fiscal Council was a separate body from our Board of Directors; </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">the Fiscal Council was not elected by Ultrapar&#8217;s management and no executive officer of Ultrapar is a member of the Fiscal Council; </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">all of the members of the Fiscal Council met the independence requirements from Ultrapar, the management and the independent registered public accounting firm, as set forth by Brazilian Corporate Law and/or listing provisions in Brazil; </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">the Fiscal Council made recommendations to our Board of Directors regarding the appointment, retention and oversight of the work of the independent registered public accounting firm engaged for the purpose of preparing or issuing audit reports for Ultrapar; </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">the Fiscal Council adopted a complaints procedure in accordance with Rule 10A-3(b)(3) of the Exchange Act; </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">the Fiscal Council was authorized to engage independent counsel and other advisers, as it deemed appropriate; and </font></li>
<li style="margin-top: 6pt; margin-left: 37.03pt; padding-left: 9.17pt; font-family: serif; font-size: 8pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Ultrapar has provided for appropriate funding, as determined by the Fiscal Council, for the payment of (i)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">compensation to Ultrapar&#8217;s independent registered public accounting firm engaged for the purpose of issuing audit reports, (ii)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">compensation to independent counsel and other advisers engaged by the Fiscal Council, and (iii)</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">ordinary administrative expenses of the Fiscal Council in carrying out its duties. </font></li>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As approved by our shareholders at the </font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">xtraordinary and </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">nnual </font><font style="font-family: 'Times New Roman';">g</font><font style="font-family: 'Times New Roman';">eneral </font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">hareholders&#8217; </font><font style="font-family: 'Times New Roman';">m</font><font style="font-family: 'Times New Roman';">eeting </font><font style="font-family: 'Times New Roman';">held on April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">10, 2019, our audit and risks committee shall function on a permanent basis and </font><font style="font-family: 'Times New Roman';">is</font><font style="font-family: 'Times New Roman';"> be separate from the Fiscal Council, fully in compliance with the rules of the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado. </font><font style="font-family: 'Times New Roman';">Th</font><font style="font-family: 'Times New Roman';">e members of such</font><font style="font-family: 'Times New Roman';"> committee </font><font style="font-family: 'Times New Roman';">that were in their position on December 31, 2020 </font><font style="font-family: 'Times New Roman';">assumed the duties and obligations mentioned above on May</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">15, 2019. </font><font style="font-family: 'Times New Roman';">The Board of Directors appoint</font><font style="font-family: 'Times New Roman';">ed</font><font style="font-family: 'Times New Roman';"> new members in a meeting held on </font><font style="font-family: 'Times New Roman';">April</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">14</font><font style="font-family: 'Times New Roman';">, 2021.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Under Rule 10A-3(c)(3) of the Exchange Act, considering that (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">our audit and risks committee complies with the rules for the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado;</font><font style="font-family: 'Times New Roman';"> (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">our bylaws expressly requires that the audit and risks committee consist of at least one member of the Board of Directors and one or more persons who are not directors; and (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">SEC&#8217;s interpretative letter issued on November</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">8, 2018, we are exempt from the audit committee requirements of Section</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">303A of the NYSE Listed Company Manual. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar&#8217;s reliance on Rule</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">10A-3(c)(3) does not, in its opinion, materially adversely affect the ability of our audit and risks committee to act independently and to satisfy the other requirements of Rule</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">10A-3. </font></p>
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<div style="margin-top: 18pt; margin-left: 55pt; margin-bottom: 0pt; text-indent: -55pt; page-break-after: avoid; font-size: 10pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#" name="BITEM16E_B4KZK7CD7K00000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">ITEM</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">16E.</font><font style="width: 6.66pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS </font></a></div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We did not purchase any share issued by the Company in 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">.</font></p>
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<div style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#" name="BITEM16F_NL94UZ5QF400000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">ITEM</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">16F.</font><font style="width: 7.22pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">CHANGE IN REGISTR</font><font style="font-family: 'Times New Roman'; font-weight: bold;">ANT&#8217;S INDEPENDENT PUBLIC ACCOUNTING FIRM </font></a></div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Not applicable. </font></p>
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<div style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#" name="BITEM16G_SADCEOFL1S00000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">ITEM</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">16G.</font><font style="width: 5.55pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">CORPORATE GOVERNANCE </font></a></div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Under the rules of the NYSE, foreign private issuers are subject to a more limited set of corporate governance requirements than are U.S. domestic issuers. As a foreign private issuer, we must comply with four principal NYSE corporate governance rules: (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">we must satisfy the requirements of Exchange Act Rule</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">10A&#8211;3 relating to audit committees; (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">our Chief Executive Officer must promptly notify the NYSE after any executive officer becomes aware of any material noncompliance with the applicable </font><font style="font-family: 'Times New Roman';">NYSE rules; (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">we must provide the NYSE with annual and interim written affirmations; and (iv)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">we must provide a brief description of any significant differences between our corporate governance practices and those followed by U.S. companies under NYSE listing</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">standards. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The significant differences between our corporate governance practices and the NYSE corporate governance standards are as follows: </font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Independence of Directors </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">NYSE rules require that a majority of the Board of Directors must consist of independent directors as defined under NYSE rules. Under Brazilian Corporate Law, we are not required to have a majority of independent directors. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Brazilian Corporate Law requires that our directors be elected by our shareholders at a general shareholders&#8217; meeting. According to the rules of </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';">, at least 20% of the members of the Board of Directors, and as of the annual shareholders&#8217; meeting to be held in 2022, not fewer than two of its members must meet the independence requirements as established under these rules. Furthermore, according to our bylaws, at least 30% of the members of the Board of Directors must be independent. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The new rules for the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';"> segment, in force as of January</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">2, 2018, established that the companies listed in this segment will have up to the annual shareholders&#8217; meeting to be held in 2022 to adopt new requirements to assure the independence of the members of the Board of Directors, based on their relationship with the company, its direct or indirect controlling shareholder (if applicable), its directors and its executive officers; and subsidiaries, affiliates and joint-ventures. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">According to these requirements&#8212;to be adopted not later than April 2022&#8212;a board member will not be considered independent if he/she (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">is the direct or indirect controlling shareholder of the company; (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">has his/her voting rights at the board meetings bound to a shareholders&#8217; agreement regarding matters related to the company; (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">is a spouse, partner or direct or collateral first/second-degree relative of the controlling shareholder or of any executive officer of the company or the controlling shareholder; (iv)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">was an employee or executive officer of the company or its controlling shareholder in the past three years. </font></p>
<p style="margin: 0px; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px;"><font style="mso-bookmark: _DMBM_3924;"><font style="font-size: 8.0pt;">&nbsp;</font></font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Furthermore, the new rules of the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';"> establish that when deciding whether Board members are independent, some situations must be analyzed in order to verify whether they entail loss of independence due to the characteristics, magnitude and extent of the relationship, as follows: (i) &#8220;are they a first/second-degree relative of the controlling shareholder or of any executive officer of the company or the controlling shareholder?&#8221;; (ii) &#8220;have they been an employee or executive officer the company&#8217;s subsidiaries, affiliates or joint-ventures in the past three years?&#8221;; (iii) &#8220;do they have a business relationship with the company, its controlling shareholder, or a subsidiary, affiliate or joint-venture?&#8221;; (iv) &#8220;do they hold a position in a firm or entity that has a business relationship with the company or with its controlling shareholder, whereby they have decision-making power regarding the activities of the firm or entity?&#8221;; (v) &#8220;do they receive any compensation from the company, its controlling shareholder, or a subsidiary, affiliate or joint-venture other than the compensation relating to their position as a member of the board of directors or committees of the company, its controlling shareholder, or its subsidiaries, affiliates and joint-ventures, excluding income from shares in the company and benefits from supplementary pension plans?&#8221; </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Once such new requirements are adopted, the general shareholders&#8217; meeting shall then be entitled to decide whether a person nominated as member of the Board of Directors is independent and may base its decision (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">on a declaration submitted to the Board of Directors in which the nominee attests and justify his/her compliance with the independence requirements or (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">on the opinion of the Board of Directors expressed in management&#8217;s proposal to the general shareholders meeting that elects directors and officers regarding the candidate&#8217;s compliance or non-compliance with the independence criteria. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our bylaws approved on the </font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">xtraordinary and </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">nnual </font><font style="font-family: 'Times New Roman';">g</font><font style="font-family: 'Times New Roman';">eneral </font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">hareholders&#8217; </font><font style="font-family: 'Times New Roman';">m</font><font style="font-family: 'Times New Roman';">eeting </font><font style="font-family: 'Times New Roman';">was amended to reflect the new independence requirements</font><font style="font-family: 'Times New Roman';">, and the election of the Board of Directors deliberated upon on the </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">nnual and </font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">xtraordinary </font><font style="font-family: 'Times New Roman';">g</font><font style="font-family: 'Times New Roman';">eneral </font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">hareholders&#8217; </font><font style="font-family: 'Times New Roman';">m</font><font style="font-family: 'Times New Roman';">eeting </font><font style="font-family: 'Times New Roman';">held on April 14, 2021 contemplated said requirements and procedures.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, our Board of Directors consisted of</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">eleven</font><font style="font-family: 'Times New Roman';"> members, all of them being non-executive members and eight of whom were independent, according to the Brazilian </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';"> Listing Rules.</font><font style="font-family: 'Times New Roman';"> Two of </font><font style="font-family: 'Times New Roman';">the non-independent board members w</font><font style="font-family: 'Times New Roman';">ere</font><font style="font-family: 'Times New Roman';"> executive officer</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> of Ultrapar until December 2006 </font><font style="font-family: 'Times New Roman';">or</font><font style="font-family: 'Times New Roman';"> until December 2012.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">All</font><font style="font-family: 'Times New Roman';"> of the non-independent board members</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">are related</font><font style="font-family: 'Times New Roman';">, directly or indirectly,</font><font style="font-family: 'Times New Roman';"> to </font><font style="font-family: 'Times New Roman';">Ultra S.A</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> See &#8220;Item 6.C. Directors, Senior Management and Employees&#8212;Board Practices&#8221; and &#8220;Exhibit 1.1&#8212;Bylaws of Ultrapar, dated as of April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">4</font><font style="font-family: 'Times New Roman';">, 202</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">&#8221;. </font><font style="font-family: 'Times New Roman';">The shareholders of the Company</font><font style="font-family: 'Times New Roman';"> elected</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">at</font><font style="font-family: 'Times New Roman';"> the </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">nnual and </font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">xtraordinary </font><font style="font-family: 'Times New Roman';">g</font><font style="font-family: 'Times New Roman';">eneral </font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">hareholders&#8217; </font><font style="font-family: 'Times New Roman';">m</font><font style="font-family: 'Times New Roman';">eeting </font><font style="font-family: 'Times New Roman';">held on April 14, 2021, new </font><font style="font-family: 'Times New Roman';">members to</font><font style="font-family: 'Times New Roman';"> the Board of Directors for a two-year term of office. Our Board of Directors is composed of eleven members, six of whom are independent members, according to the rules previously mentioned.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">No member of the Board has any material relationship with the Company, either directly or as a partner or officer of an organization that has relationship with Ultrapar, except for their interest as shareholders of Ultrapar, when applicable, as </font><font style="font-family: 'Times New Roman';">mentioned above. The Brazilian Corporate Law, the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';"> Listing rules and the CVM establish rules relating to the qualification of the members of our Board of Directors and our executive officers, including their compensation, duties and responsibilities. We believe these rules provide adequate assurances that our directors are independent according to the independence tests established by the NYSE. </font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Executive Sessions </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">NYSE rules require that the non-management directors must meet at regularly scheduled executive sessions without management present. Such provision does not apply to Ultrapar given that none of our directors is currently an executive officer of the Company. </font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Committees </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">NYSE rules require that U.S. domestic listed companies have a nominating/corporate governance committee and a compensation committee composed entirely of independent directors and governed by a written charter addressing the committee&#8217;s purpose and responsibilities. Under the Brazilian Corporate Law, we are not required to have a nominating committee, a corporate governance committee or a compensation committee. Notwithstanding, our bylaws provides for a people committee (formerly named compensation committee), strategy committee and an audit and risks committee, as ancillary bodies of the Board of Directors. See &#8220;Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">6.C. Directors, Senior Management and Employees&#8212;Board Practices&#8221; and &#8220;Exhibit</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">1.1&#8212;Bylaws of Ultrapar, dated as of April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">4</font><font style="font-family: 'Times New Roman';">, 202</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">&#8221;. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, our people committee comprised the board members Alexandre Gon&#231;alves Silva, Jos&#233; Gall&#243;, Nildemar Secches and Lucio de Castro Andrade Filho (who also acts as coordinator of the committee). The members of this committee, as well as of the audit and risks committee and strategy committee, shall be elected by the Board of Directors for a term of office of two years, coincident with </font><font style="font-family: 'Times New Roman';">the term of office of the directors. </font><font style="font-family: 'Times New Roman';">Their terms of office ended at the </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">nnual and </font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">xtraordinary </font><font style="font-family: 'Times New Roman';">general shareholders&#8217; meeting </font><font style="font-family: 'Times New Roman';">held on April 14, 2021. </font><font style="font-family: 'Times New Roman';">The Board of Directors </font><font style="font-family: 'Times New Roman';">Mr.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Jos&#233; Gall&#243;, Mr.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Lucio de Castro Andrade Filho, Mr. Alexandre Teixeira de Assump&#231;&#227;o Saigh and Mr. Jos&#233; Luiz Alqu&#233;res as </font><font style="font-family: 'Times New Roman';">members of the people committee in a meeting held on April </font><font style="font-family: 'Times New Roman';">14</font><font style="font-family: 'Times New Roman';">, 2021. Mr. </font><font style="font-family: 'Times New Roman';">Jos&#233; Gall&#243;</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">will also act as coordinator of the committee.</font></p>
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<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Fiscal Council and Audit Committee </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">U.S. domestic listed companies must have an audit committee with a minimum of three independent directors who are financially literate and who satisfy the independence requirements of Rule 10A&#8211;3 of the Securities Exchange Act of 1934 (the &#8220;Exchange Act&#8221;), with a written charter addressing the committee&#8217;s purpose and responsibilities. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">However, as the Brazilian Corporate Law requires the establishment of a corporate body whose duties are similar to those established by the Exchange Act (the &#8220;Fiscal Council&#8221;), Brazilian companies may be exempt from the requirements of Rule 10A&#8211;3 if they satisfy the conditions of Rule 10A&#8211;3(c)(3) of the Exchange Act. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 2018, our Fiscal Council satisfied the requirements of Rule</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">10A&#8211;3(c)(3) of the Exchange Act. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our Fiscal Council </font><font style="font-family: 'Times New Roman';">acts on a non-permanent basis, </font><font style="font-family: 'Times New Roman';">consists of three members and their respective alternate members, and it </font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">s a separate corporate body independent from our management. The members of our Fiscal Council are elected by our shareholders at the annual general shareholders&#8217; meeting for one-year term and are eligible for reelection. Under the Brazilian Corporate Law, individuals who are members of the Board of Directors or are executive officers or employees or spouses or relatives of any member of the Company&#8217;s management are not eligible to serve on the Fiscal Council. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Until April 2019, our Fiscal Council acted as an audit committee pursuant to the requirements of the Sarbanes-Oxley Act. However, in order to adapt to the new rules for the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado </font><font style="font-family: 'Times New Roman';">segment, it was approved by the </font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">xtraordinary and </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">nnual </font><font style="font-family: 'Times New Roman';">general shareholders&#8217; meeting </font><font style="font-family: 'Times New Roman';">held on April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">10, 2019, that our audit and risks committee must function on a permanent basis to advise the Board of Directors and will be separate from the Fiscal Council. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">This committee is responsible for (a)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">recommending to the Board of Directors the retention and dismissal of independent audit services, as well as proposing to the Board of Directors the nomination of the independent auditor and their replacement; (b)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">reviewing the management report and the financial statements of the Company and of its controlled companies, and providing the recommendations it deems necessary to the Board of Directors; (c)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">reviewing the quarterly financial information and the periodic financial statements prepared by the Company; (d)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">monitoring the activities of the Company&#8217;s internal audit and internal controls departments, including follow-up and assessment of the effectiveness and sufficiency of the internal control structure and of the internal and independent audit processes of the Company and of its controlled companies, including in relation to the provisions set forth in the Sarbanes-Oxley Act, submitting the recommendations it deems necessary for the improvement of policies, practices and procedures; (e)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">evaluating and monitoring the Company&#8217;s risk exposure, as per the Risk Management </font><font style="font-family: 'Times New Roman';">Policy, as well as providing its opinion on any review of the contents thereof, in addition to advising the Board of Directors in connection with the setting of acceptable risk levels; (f)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">establishing procedures for the acceptance and handling of information submitted by any party relating to alleged noncompliance with applicable legal and regulatory requirements applicable to the Company, in addition to internal regulations, policies and codes, including procedures for confidential or anonymous submission, safeguarding information secrecy; (g)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">interacting with the other Company&#8217;s governing bodies in connection with the receipt and review of information on noncompliance with legal and regulatory requirements applicable to the Company, as well as with internal regulations; and (h)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">providing its opinion on the matters submitted to it by the Board of Directors, as well as on those matters it determines to be relevant. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Under Rule 10A-3(c)(3) of the Exchange Act, considering that (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">our audit and risks committee complies with the rules for the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado;</font><font style="font-family: 'Times New Roman';"> (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">our bylaws expressly requires that the audit and risks committee consist of at least one member of the Board of Directors and one or more persons who are not directors; and (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">SEC&#8217;s interpretative letter issued on November</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">8, 2018, we are exempt from the audit committee requirements of Section</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">303A of the NYSE Listed Company Manual. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">For more information, see &#8220;Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">6.C. Directors, Senior Management and Employees&#8212;Board Practices&#8212;Fiscal Council and Audit Committee Exemption&#8221; and &#8220;Exhibit 1.1&#8212;Bylaws of Ultrapar, dated as of April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">4</font><font style="font-family: 'Times New Roman';">, 202</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">&#8221;.</font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Shareholder Approval of Equity Compensation Plans </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">NYSE rules require that equity compensation plans for U.S. domestic listed companies be subject to shareholder approval, with limited exceptions. In November 2003, our shareholders approved the Deferred Stock Plan. In accordance with the Deferred Stock Plan, the Board of Directors determines the eligible participants and the number of shares to which each participant shall have rights. See &#8220;Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">6.</font><font style="font-family: 'Times New Roman';">C</font><font style="font-family: 'Times New Roman';">. Directors, Senior Management and Employees&#8212;Compensation&#8221;. At the </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">nnual </font><font style="font-family: 'Times New Roman';">general shareholders&#8217; meeting </font><font style="font-family: 'Times New Roman';">held on April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">19, 2017, our shareholders approved a new stock-based incentive plan for our employees and executives. </font></p>
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<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Corporate Governance Guidelines </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">NYSE rules require that U.S. domestic listed companies adopt and disclose corporate governance guidelines. We have adopted corporate governance guidelines set out by our Board of Directors or required by the Brazilian Corporate Law, the CVM and B3 and which we believe are consistent with best practices, such as the 100% tag along rights to all shareholders, the establishment and disclosure of a code of ethics, and the adoption of the Policy of Disclosure of Material Acts or Facts, which deals with the public disclosure of all relevant information and the trading of shares issued by Ultrapar as per CVM Instruction No.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">358, and the adoption of Anti-Corruption and Relationship with Public Officers Policy. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Since June</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">28, 2011, we have been listed on the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';"> segment of B3. According to the rules of </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';"> the minimum percentage of independent members of the Board of Directors is set at 20%, and as of the annual shareholders meeting to be held in 2022, also not less than two of its members, while a minimum of 30% is required in our bylaws. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our bylaws also (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">establish a mandatory tender offer for 100% of the Company&#8217;s shareholders in the event a shareholder, or a group of shareholders acting in concert, acquire or become holder of 20% of the Company&#8217;s shares, excluding treasury shares, and (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">create a strategy, an audit and risks and a people committees, as ancillary bodies of the Board of Directors. Our bylaws do not establish any limitation on voting rights, special treatment to current shareholders, public tender offers for a price above that of the acquisition price of shares or any other poison pill provisions, thus assuring the effectiveness of a majority shareholders&#8217; approval on all matters to be deliberated. See &#8220;Exhibit</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">1.1&#8212;Bylaws of Ultrapar, dated as of April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">4</font><font style="font-family: 'Times New Roman';">, 202</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">&#8221;. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In addition, as mentioned above, on September 2017, new rules for </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';"> were approved by the CVM. Some of the modifications of the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';"> Rules include the following requirements: (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">set up an audit committee (statutory or non-statutory); (ii) structure and disclose a process of assessment of the Board of Directors, its committees and executive officers; (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">establish and disclose a Code of Conduct, as well as a Compensation Policy, a Nomination Policy for the Board of Directors, its Committees and Executive Officer, a Risk Management Policy, a Related Party Transaction Policy and Securities Trading Policy, all of them with minimum requirements. Despite the fact that the companies listed in this segment must fully comply with the regulations until the general shareholders&#8217; meeting of 2022, our bylaws were amended to reflect, among other amendments, such requirements</font><font style="font-family: 'Times New Roman';"> and we are in full compliance with such rules</font><font style="font-family: 'Times New Roman';">. </font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Code of Business Conduct and Ethics </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">NYSE rules require that U.S. domestic listed companies adopt and disclose a code of business conduct and ethics for directors, officers and employees. In 2004, we established a code of ethics, which was amended on September</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">17, 2014 and on December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">17, 2017. For the complete amended code of ethics please see our Form</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">6-K furnished to the SEC on March</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">1, 2018. The main objectives of this code is (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">to reduce the subjectivity of personal interpretations of ethical principles; and</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">(ii) to be a formal and institutional benchmark for the professional conduct of our employees, including the ethical handling of actual or </font><font style="font-family: 'Times New Roman';">apparent conflicts of interests, becoming a standard for the internal and external relationship of the Company with its stakeholders. See &#8220;Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">16.B. &#8212; Code of</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Ethics&#8221;.&nbsp;</font></p>
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<div style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#" name="BITEM16H_N95KUON90000000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">ITEM</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">16H.</font><font style="width: 5.55pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">MINE</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">SAFETY</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> </font><font style="font-family: 'Times New Roman'; font-weight: bold;">DIS</font><font style="font-family: 'Times New Roman'; font-weight: bold;">CLOSURE </font></a></div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Not applicable.</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>202</font></font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin: 0px; text-indent: 0px; font-size: 10pt;"><br></p>
<div>
<div style="margin: 0px; break-after: avoid; font-size: 10pt; text-indent: 0px;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#" name="BPARTIII_FFPDHO6SAO00000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">PART </font><font style="font-family: 'Times New Roman'; font-weight: bold;">III</font></a></div>
<p style="margin: 0px; break-after: avoid; font-size: 10pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold;"><br></font></p>
<div style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 10pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#" name="BITEM17_8NN3Q6B6QO00000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">ITEM</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">17.</font><font style="width: 13.43pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">FINA</font><font style="font-family: 'Times New Roman'; font-weight: bold;">NCIAL</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">STATEMENTS </font></a></div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We have responded to Item</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">18 in lieu of responding to this Item.&nbsp;&nbsp;</font></p>
<p style="margin: 0px; text-indent: 0px; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<div style="margin: 0px; text-indent: 0px; font-size: 10pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#" name="Bi18_PHNN60ZWS000000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-weight: bold;">ITEM 18. FINANCIAL STATEMENTS</font></a></div>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We file the following consolidated financial statements together with the reports of independent registered public accountants&#8217; firms, as part of this annual report:</font></p>
&#8203;
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<tr>
<td style="width: 96.2387%;"><a href="#Babc1_WDAPNLJESW00000000000000000000">Report of Independent Registered Public Accounting Firm</a></td>
<td class="bmpageno" style="width: 3.59771%;">F-3</td>
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<tr>
<td style="width: 96.2387%;"><a href="#B456_JUCZQDI3PC00000000000000000000">Consolidated&nbsp;Statements of Financial Position</a></td>
<td class="bmpageno" style="width: 3.59771%;">F-5</td>
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<tr>
<td style="width: 96.2387%;"><a href="#B789_OGT046A7HS00000000000000000000">Consolidated&nbsp;Statements of Profit or Loss</a></td>
<td class="bmpageno" style="width: 3.59771%;">F-7</td>
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<tr>
<td style="width: 96.2387%;"><a href="#B15_C7VV30HWE800000000000000000000">Consolidated&nbsp;Statements of Comprehensive Income</a></td>
<td class="bmpageno" style="width: 3.59771%;">F-8</td>
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<tr>
<td style="width: 96.2387%;"><a href="#B963_G0LFTOJQW000000000000000000000">Consolidated&nbsp;Statements of Changes in Equity</a></td>
<td class="bmpageno" style="width: 3.59771%;">F-9</td>
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<tr>
<td style="width: 96.2387%;"><a href="#B878_5ED0GFMC0000000000000000000000">Consolidated&nbsp;Statements of Cash Flows &#8211; Indirect Method</a></td>
<td class="bmpageno" style="width: 3.59771%;">F-12</td>
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<tr>
<td style="width: 96.2387%;"><a href="#B545478_2IWSD3OCAO00000000000000000000">Notes to the Consolidated Financial Statements</a></td>
<td class="bmpageno" style="width: 3.59771%;">F-14</td>
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<p style="margin: 0px; text-indent: 0px; font-size: 10pt;"><br></p>
<p style="margin: 0px; text-indent: 0px; font-size: 10pt;"><br></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>203</font></font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p><br></p>
</div>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin: 0px; text-indent: 0px; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#" name="BA99_XG5B2HJRPC00000000000000000000" class="customBookmark"><b><font lang="EN-US">ITEM 19.<font style="mso-tab-count: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>EXHIBITS </font></b></a><b style="mso-bidi-font-weight: normal;"><font lang="EN-US"></font></b></font></p>
<p style="margin: 6pt 0cm 0cm; text-indent: 24.5pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10pt; font-family: 'times new roman', times;">We are filing the following documents as part of this Annual Report Form 20-F: </font></p>
<p style="margin: 0cm 0cm 0.0001pt; break-after: avoid; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="height: 462px; width: 100%; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;">

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<td nowrap="nowrap" style="background: #cceeff; padding: 0px 0px 0px 9px; height: 10px; width: 5%; vertical-align: top;" valign="top">
<p style="margin: 0cm 0cm 8pt; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;">1.1</font></p>
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<td style="background: #cceeff; padding: 0px; height: 10px; width: 95%; margin: 0px; text-indent: 0px; vertical-align: top;" valign="top">
<p style="margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/0001094972/000155485521000075/MainDocument.htm">Bylaws&nbsp;of&nbsp;Ultrapar,&nbsp;dated as of&nbsp;April&nbsp;14,&nbsp;2021.</a> </font></p>
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<td nowrap="nowrap" style="padding: 0px 0px 0px 9px; height: 27px; vertical-align: top; width: 5%;" valign="top">
<p style="margin: 0cm 0cm 8pt; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;">2.1</font></p>
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<td style="padding: 0px; height: 27px; vertical-align: top; width: 95%; margin: 0px; text-indent: 0px;" valign="top">
<p style="margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1094972/000119312507131726/dex21.htm">Shareholders&#8217;&nbsp;Agreement&nbsp;dated&nbsp;March&nbsp;22,&nbsp;2000 (incorporated&nbsp;by&nbsp;reference&nbsp;to Exhibit 2.1 to Form 20-F of Ultrapar Participa&#231;&#245;es S.A. filed on June&nbsp;7, 2007).</a></font></p>
</td>
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<tr style="break-inside: avoid; background-color: #cceeff; height: 27px;">
<td nowrap="nowrap" style="background: #cceeff; padding: 0px 0px 0px 9px; height: 27px; vertical-align: top; width: 5%;" valign="top">
<p style="margin: 0cm 0cm 8pt; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;">2.2</font></p>
</td>
<td style="background: #cceeff; padding: 0px; height: 27px; vertical-align: top; width: 95%; margin: 0px; text-indent: 0px;" valign="top">
<p style="margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1094972/000119312506102073/dex23.htm">Amendment&nbsp;dated&nbsp;as&nbsp;of&nbsp;March&nbsp;31,&nbsp;2006&nbsp;to the&nbsp;Indenture&nbsp;dated&nbsp;as&nbsp;of December 20, 2005 (incorporated by reference to Exhibit 2.3 to Form 20-F of Ultrapar Participa&#231;&#245;es S.A. filed on May&nbsp;5, 2006).</a></font></p>
</td>
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<tr style="break-inside: avoid; height: 27px;">
<td nowrap="nowrap" style="padding: 0px 0px 0px 9px; height: 27px; vertical-align: top; width: 5%;" valign="top">
<p style="margin: 0cm 0cm 8pt; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;">2.3</font></p>
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<td style="padding: 0px; height: 27px; vertical-align: top; width: 95%; margin: 0px; text-indent: 0px;" valign="top">
<p style="margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1094972/000119312507131726/dex27.htm">Ipiranga Group Shareholders&#8217; Agreement entered into by and among Ultrapar, Petrobras and Braskem, dated April 18, 2007 &#8212; English Translation (incorporated by reference to Exhibit 2.7 to Form 20-F of Ultrapar Participa&#231;&#245;es S.A. filed on June&nbsp;7, 2007).</a></font></p>
</td>
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<tr style="break-inside: avoid; background-color: #cceeff; height: 27px;">
<td nowrap="nowrap" style="background: #cceeff; padding: 0px 0px 0px 9px; height: 27px; vertical-align: top; width: 5%;" valign="top">
<p style="margin: 0cm 0cm 8pt; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;">2.4</font></p>
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<td style="background: #cceeff; padding: 0px; height: 27px; vertical-align: top; width: 95%; margin: 0px; text-indent: 0px;" valign="top">
<p style="margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1094972/000119312507131726/dex28.htm">RPR Shareholders Agreement entered into by and among Ultrapar, Petrobras and Braskem, dated April 18, 2007 &#8212; English Translation (incorporated by reference to Exhibit 2.8 to Form 20-F of Ultrapar Participa&#231;&#245;es S.A. filed on June&nbsp;7, 2007).</a></font></p>
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<td nowrap="nowrap" style="padding: 0px 0px 0px 9px; height: 27px; vertical-align: top; width: 5%;" valign="top">
<p style="margin: 0cm 0cm 8pt; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;">2.5</font></p>
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<td style="padding: 0px; height: 27px; vertical-align: top; width: 95%; margin: 0px; text-indent: 0px;" valign="top">
<p style="margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1094972/000119312518110362/d548191dex29.htm">Rules of the <i>Novo Mercado</i>&#8212;English translation (incorporated by reference to Exhibit 2.9 to Form 20-F of Ultrapar Participa&#231;&#245;es S.A. filed on April&nbsp;6, 2018).</a> </font></p>
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<td nowrap="nowrap" style="background: #cceeff; padding: 0px 0px 0px 9px; height: 44px; vertical-align: top; width: 5%;" valign="top">
<p style="margin: 0cm 0cm 8pt; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;">2.6</font></p>
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<td style="background: #cceeff; padding: 0px; height: 44px; vertical-align: top; width: 95%; margin: 0px; text-indent: 0px;" valign="top">
<p style="margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="http://www.sec.gov/Archives/edgar/data/1094972/000095010315002038/dp54352_6k.htm"><font lang="EN-US" style="line-height: 107%;">Ultrapar Participa&#231;&#245;es S.A. 5</font><sup><font lang="EN-US" style="line-height: 107%;">th</font></sup></a><font lang="EN-US" style="line-height: 107%;"><a href="http://www.sec.gov/Archives/edgar/data/1094972/000095010315002038/dp54352_6k.htm"> Public Offering Indenture of Simple, Non-Convertible into Shares, Single-Series, Unsecured Debentures, for Public Distribution with Restricted Placement Efforts between Ultrapar Participa&#231;&#245;es S.A. and Pent&#225;gono S.A. DTVM, dated March 3, 2015 (incorporated by reference to Form 6-K of Ultrapar Participa&#231;&#245;es S.A. filed on March&nbsp;13, 2015).</a></font></font></p>
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<td nowrap="nowrap" style="padding: 0px 0px 0px 9px; height: 27px; vertical-align: top; width: 5%;" valign="top">
<p style="margin: 0cm 0cm 8pt; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;">2.7</font></p>
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<td style="padding: 0px; height: 27px; vertical-align: top; width: 95%; margin: 0px; text-indent: 0px;" valign="top">
<p style="margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1094972/000119312518149154/d580235d6k.htm#toc580235_2">Shareholders&#8217;&nbsp;Agreement&nbsp;dated&nbsp;May&nbsp;2,&nbsp;2018&nbsp;(incorporated&nbsp;by&nbsp;reference to the report on Form 6-K furnished by Ultrapar Participa&#231;&#245;es S.A. filed on May&nbsp;2, 2018).</a></font></p>
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<td nowrap="nowrap" style="background: #cceeff; padding: 0px 0px 0px 9px; height: 41px; vertical-align: top; width: 5%;" valign="top">
<p style="margin: 0cm 0cm 8pt; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;">2.8</font></p>
</td>
<td style="background: #cceeff; padding: 0px; height: 41px; vertical-align: top; width: 95%; margin: 0px; text-indent: 0px;" valign="top">
<p style="margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1094972/000129281418000458/ugp20180219_6k.htm">Ultrapar Participa&#231;&#245;es S.A. 6<sup>th</sup> Public Offering Indenture of Simple, Non-Convertible into Shares, Single-Series, Unsecured Debentures, for Public Distribution with Restricted Placement Efforts between Ultrapar Participa&#231;&#245;es S.A. and Pent&#225;gono S.A. DTVM, dated February 22, 2018 (incorporated by reference to Form 6-K of Ultrapar Participa&#231;&#245;es S.A. filed on February&nbsp;22, 2018).</a></font></p>
</td>
</tr>
<tr style="break-inside: avoid; height: 38px;">
<td nowrap="nowrap" style="padding: 0px 0px 0px 9px; height: 38px; vertical-align: top; width: 5%;" valign="top">
<p style="margin: 0cm 0cm 8pt; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;">2.9</font></p>
</td>
<td style="padding: 0px; height: 38px; vertical-align: top; width: 95%; margin: 0px; text-indent: 0px;" valign="top">
<p style="margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1094972/000119312519113656/d661418dex29.htm">Indenture, dated as of October 6, 2016 among Ultrapar International S.A., as Issuer, Ultrapar Participa&#231;&#245;es S.A. and Ipiranga Produtos de Petr&#243;leo, as guarantors, The Bank of New York Mellon, as Trustee, Transfer Agent and Registrar, The Bank of New York Mellon, as Principal Paying Agent and The Bank of New York Mellon (Luxembourg) S.A., as Luxembourg Paying Agent and Luxembourg Transfer Agent (incorporated by reference to Exhibit 2.9 to Form 20-F of Ultrapar Participa&#231;&#245;es S.A. filed on April 23, 2019).</a> <u><font style="color: #0000ff;"></font></u></font></p>
</td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff; height: 46px;">
<td nowrap="nowrap" style="padding: 0px 0px 0px 9px; background-color: #cceeff; height: 46px; vertical-align: top; width: 5%;" valign="top">
<p style="margin: 0cm 0cm 8pt; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;">2.10</font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; height: 46px; vertical-align: top; width: 95%; margin: 0px; text-indent: 0px;" valign="top">
<p style="margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="http://www.sec.gov/Archives/edgar/data/0001094972/000119312520132504/d877759dex210.htm">Indenture, dated as of June 6, 2019 among Ultrapar International S.A., as Issuer, Ultrapar Participa&#231;&#245;es S.A. and Ipiranga Produtos de Petr&#243;leo, as guarantors, The Bank of New York Mellon, as Trustee, Transfer Agent and Registrar, The Bank of New York Mellon, as Principal Paying Agent and The Bank of New York Mellon (Luxembourg) S.A., as Luxembourg Paying Agent and Luxembourg Transfer Agent (incorporated by reference to Exhibit 2.10 to Form 20-F of Ultrapar Participa&#231;&#245;es S.A. filed on May 4, 2020)</a><font lang="EN-US" style="line-height: 107%;"></font></font></p>
</td>
</tr>
<tr style="break-inside: avoid; height: 46px;">
<td nowrap="nowrap" style="padding: 0px 0px 0px 9px; height: 46px; vertical-align: top; width: 5%;" valign="top">
<p style="margin: 0cm 0cm 8pt; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;">2.11</font></p>
</td>
<td style="padding: 0px; height: 46px; vertical-align: top; width: 95%; margin: 0px; text-indent: 0px;" valign="top">
<p style="margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font lang="EN-US" style="font-family: 'times new roman', times; font-size: 10pt;"><a href="http://www.sec.gov/Archives/edgar/data/1094972/000101915518000043/ultrapardepnrec.htm">Amended and Restated Deposit Agreement dated as of March 2, 2018, among Ultrapar Participa&#231;&#245;es S.A., the Bank of New York Mellon as Depositary, and all Owners and Beneficial Owners from time to time of American <font style="mso-spacerun: yes;">&nbsp;</font>Depositary Shares issued thereunder (incorporated by reference to Exhibit 1 to Form F-6/A of Ultrapar Participa&#231;&#245;es S.A. filed on February 23, 2018).</a></font></p>
</td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff; height: 10px;">
<td nowrap="nowrap" style="padding: 0px 0px 0px 9px; background-color: #cceeff; height: 10px; vertical-align: top; width: 5%;" valign="top">
<p style="margin: 0cm 0cm 8pt; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;">2.12</font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; height: 10px; vertical-align: top; width: 95%; margin: 0px; text-indent: 0px;" valign="top">
<p style="margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font lang="PT-BR" style="font-family: 'times new roman', times; font-size: 10pt;"><a href="ex212_1.htm" name="EX-2.12" class="LinkedExhibit" style="-sec-extract: exhibit;">Description of Securities Registered under Section 12 of the Exchange Act.</a></font></p>
</td>
</tr>
<tr style="break-inside: avoid; height: 28px;">
<td nowrap="nowrap" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px 0px 0px 9px; height: 28px; vertical-align: top; width: 5%;" valign="top">
<p style="margin: 0cm 0cm 8pt; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;">2.13</font></p>
</td>
<td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px; height: 28px; vertical-align: top; width: 95%; margin: 0px; text-indent: 0px;" valign="top">
<p style="margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="http://www.sec.gov/Archives/edgar/data/0001094972/000155485520000039/MainDocument.htm"><font lang="EN-US">Shareholders&#8217; Agreement dated August 18, 2020 (incorporated by reference to the report on Form 6-K furnished by Ultrapar Participa&#231;&#245;es S.A. filed on August 2</font><font lang="EN-US" style="line-height: 107%;">4</font><font lang="EN-US">, 2020).</font></a><font lang="EN-US" style="line-height: 107%;"></font></font></p>
</td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff; height: 10px;">
<td nowrap="nowrap" style="padding: 0px 0px 0px 9px; background-color: #cceeff; height: 10px; vertical-align: top; width: 5%;" valign="top">
<p style="margin: 0cm 0cm 8pt; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;">2.14</font></p>
</td>
<td style="padding: 0px; background-color: #cceeff; height: 10px; vertical-align: top; width: 95%; margin: 0px; text-indent: 0px;" valign="top">
<p style="margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><a href="ex212_1.htm" name="EX-2.14" class="LinkedExhibit" style="-sec-extract: exhibit;"><font style="mso-bookmark: _Hlk69138093;"><font lang="EN-US" style="line-height: 107%;">First Supplemental Indenture, dated as of July 20, 2020, among Ultrapar International S.A., as Issuer, Ultrapar Participa&#231;&#245;es S.A. and Ipiranga Produtos de Petr&#243;leo, as guarantors, The Bank of New York Mellon, as Trustee, Transfer Agent and Registrar, The Bank of New York Mellon, as Principal Paying Agent and The Bank of New York Mellon (Luxembourg) S.A., as Luxembourg Paying Agent and Luxembourg Transfer Agent.</font></font></a><font style="mso-bookmark: _Hlk69138093;"><font lang="EN-US"></font></font></font></p>
</td>
</tr>
<tr style="break-inside: avoid; height: 27px;">
<td nowrap="nowrap" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px 0px 0px 9px; height: 27px; vertical-align: top; width: 5%;" valign="top">
<p style="margin: 0cm 0cm 8pt; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;">4.1</font></p>
</td>
<td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px; height: 27px; vertical-align: top; width: 95%; margin: 0px; text-indent: 0px;" valign="top">
<p style="margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1094972/000095010305000171/ex1002.txt">Share Sale and Purchase Agreement related to the sale and purchase of the entire share capital of Shell G&#225;s (LPG) Brasil S.A. (incorporated by reference to Exhibit&nbsp;10.2 to Form F-1 of Ultrapar Participa&#231;&#245;es S.A. filed on February&nbsp;2, 2005).</a></font></p>
</td>
</tr>

</table>
<br>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>204</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="height: 547px; width: 100%; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;">

<tr style="break-inside: avoid; background-color: #cceeff; height: 27px;">
<td nowrap="nowrap" style="padding: 0cm 0cm 0cm 7.2pt; background-color: #cceeff; height: 27px; width: 5%; vertical-align: top;" valign="top">
<p style="margin: 0cm 0cm 8pt; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;">4.2</font></p>
</td>
<td style="padding: 0cm 0px; background-color: #cceeff; height: 27px; width: 95%; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top">
<p style="margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1094972/000119312505056796/dex104.htm">Form of agreement between Ultragaz and independent dealers (incorporated by reference to Exhibit 10.4 to Form&nbsp;F-1 of Ultrapar Participa&#231;&#245;es S.A. filed on February&nbsp;2, 2005, as amended).</a> </font></p>
</td>
</tr>
<tr style="break-inside: avoid; height: 27px;">
<td nowrap="nowrap" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0cm 0cm 0cm 7.2pt; height: 27px; vertical-align: top;" valign="top">
<p style="margin: 0cm 0cm 8pt; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;">4.3</font></p>
</td>
<td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0cm 0px; height: 27px; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top">
<p style="margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1094972/000119312505056796/dex105.htm">Take or pay agreement between Tequimar and CODEBA (incorporated by reference to Exhibit&nbsp;10.5 to Form F-1 of Ultrapar Participa&#231;&#245;es S.A. filed on February&nbsp;2, 2005, as amended).</a> </font></p>
</td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff; height: 38px;">
<td nowrap="nowrap" style="padding: 0cm 0cm 0cm 7.2pt; background-color: #cceeff; height: 38px; vertical-align: top;" valign="top">
<p style="margin: 0cm 0cm 8pt; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;">4.4</font></p>
</td>
<td style="padding: 0cm 0px; background-color: #cceeff; height: 38px; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top">
<p style="margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1094972/000119312507131726/dex44.htm">The Investment Agreement entered into by and among Ultrapar, Petrobras and Braskem dated March 18, 2007&#8212;English translation, as amended by the Amendment to Investment Agreement entered into by and among Ultrapar, Petrobras and Braskem dated April&nbsp;18, 2007&#8212;English Summary (incorporated by reference to Exhibit&nbsp;4.4 to Form&nbsp;20-F of Ultrapar Participa&#231;&#245;es S.A. filed on June&nbsp;7, 2007).</a></font></p>
</td>
</tr>
<tr style="break-inside: avoid; height: 38px;">
<td nowrap="nowrap" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0cm 0cm 0cm 7.2pt; height: 38px; vertical-align: top;" valign="top">
<p style="margin: 0cm 0cm 8pt; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;">4.5</font></p>
</td>
<td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0cm 0px; height: 38px; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top">
<p style="margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1094972/000119312507131726/dex45.htm">Share Purchase Agreement entered into by and among Ultrapar, Petrobras, Braskem and the Key Shareholders of RPR, DPPI and CBPI, dated March&nbsp;18, 2007&#8212;English Summary (incorporated by reference to Exhibit&nbsp;4.5 to Form&nbsp;20-F of Ultrapar Participa&#231;&#245;es S.A. filed on June&nbsp;7, 2007).</a></font></p>
</td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff; height: 27px;">
<td nowrap="nowrap" style="padding: 0cm 0cm 0cm 7.2pt; background-color: #cceeff; height: 27px; vertical-align: top;" valign="top">
<p style="margin: 0cm 0cm 8pt; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;">4.6</font></p>
</td>
<td style="padding: 0cm 0px; background-color: #cceeff; height: 27px; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top">
<p style="margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1094972/000119312507131726/dex46.htm">Braskem/Petrobras Asset Security Agreement entered into by and among Ultrapar, Petrobras and Braskem, dated April 18, 2007&#8212;English Summary (incorporated by reference to Exhibit&nbsp;4.6 to Form&nbsp;20-F of Ultrapar Participa&#231;&#245;es S.A. filed on June&nbsp;7, 2007).</a></font></p>
</td>
</tr>
<tr style="break-inside: avoid; height: 27px;">
<td nowrap="nowrap" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0cm 0cm 0cm 7.2pt; height: 27px; vertical-align: top;" valign="top">
<p style="margin: 0cm 0cm 8pt; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;">4.7</font></p>
</td>
<td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0cm 0px; height: 27px; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top">
<p style="margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1094972/000119312507131726/dex47.htm">Petrobras Asset Security Agreement entered into by and among Ultrapar, Petrobras and Braskem, dated April 18, 2007&#8212;English Summary (incorporated by reference to Exhibit&nbsp;4.7 to Form&nbsp;20-F of Ultrapar Participa&#231;&#245;es S.A. filed on June&nbsp;7, 2007).</a></font></p>
</td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff; height: 27px;">
<td nowrap="nowrap" style="padding: 0cm 0cm 0cm 7.2pt; background-color: #cceeff; height: 27px; vertical-align: top;" valign="top">
<p style="margin: 0cm 0cm 8pt; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;">4.8</font></p>
</td>
<td style="padding: 0cm 0px; background-color: #cceeff; height: 27px; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top">
<p style="margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1094972/000119312510151051/dex48.htm">Ethylene Supply Agreement between Braskem S.A. and Oxiteno Nordeste S.A. Ind&#250;stria e Com&#233;rcio, dated June 13, 2008&#8212;English Summary (incorporated by reference to Exhibit&nbsp;4.8 to Form&nbsp;20-F of Ultrapar Participa&#231;&#245;es S.A. filed on June&nbsp;30, 2010).</a></font></p>
</td>
</tr>
<tr style="break-inside: avoid; height: 38px;">
<td nowrap="nowrap" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0cm 0cm 0cm 7.2pt; height: 38px; vertical-align: top;" valign="top">
<p style="margin: 0cm 0cm 8pt; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;">4.9</font></p>
</td>
<td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0cm 0px; height: 38px; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top">
<p style="margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1094972/000119312513186539/d526764dex49.htm">Fourth Amendment to the Ethylene Supply Agreement between Braskem S.A. and Oxiteno Nordeste S.A. Ind&#250;stria e Com&#233;rcio, dated January 1, 2013&#8212;English Summary (incorporated by reference to Exhibit&nbsp;4.9 to Form&nbsp;20-F of Ultrapar Participa&#231;&#245;es S.A. filed on April&nbsp;30, 2013).</a></font></p>
</td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff; height: 38px;">
<td nowrap="nowrap" style="padding: 0cm 0cm 0cm 7.2pt; background-color: #cceeff; height: 38px; vertical-align: top;" valign="top">
<p style="margin: 0cm 0cm 8pt; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;">4.10</font></p>
</td>
<td style="padding: 0cm 0px; background-color: #cceeff; height: 38px; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top">
<p style="margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1094972/000119312509140670/dex48.htm">Share Purchase Agreement between Ultrapar Participa&#231;&#245;es S.A.&#8217;s subsidiary Terminal Qu&#237;mico de Aratu S.A. and Unipar, dated June&nbsp;6, 2008, including Amendment dated September&nbsp;22, 2008&#8212;English Summary (incorporated by reference to Exhibit&nbsp;4.8 to from&nbsp;20-F of Ultrapar Participa&#231;&#245;es S.A. filed on June&nbsp;29, 2009).</a></font></p>
</td>
</tr>
<tr style="break-inside: avoid; height: 27px;">
<td nowrap="nowrap" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0cm 0cm 0cm 7.2pt; height: 27px; vertical-align: top;" valign="top">
<p style="margin: 0cm 0cm 8pt; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;">4.11</font></p>
</td>
<td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0cm 0px; height: 27px; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top">
<p style="margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1094972/000119312510151051/dex410.htm">Ethylene Supply Agreement between Petroqu&#237;mica Uni&#227;o S.A. and Oxiteno S.A. Ind&#250;stria e Com&#233;rcio, dated August&nbsp;1,&nbsp;2008&#8212;English Summary (incorporated by reference to Exhibit&nbsp;4.10 to Form&nbsp;20-F of Ultrapar Participa&#231;&#245;es S.A. filed on June&nbsp;30, 2010).</a></font></p>
</td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff; height: 27px;">
<td nowrap="nowrap" style="padding: 0cm 0cm 0cm 7.2pt; background-color: #cceeff; height: 27px; vertical-align: top;" valign="top">
<p style="margin: 0cm 0cm 8pt; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;">4.12</font></p>
</td>
<td style="padding: 0cm 0px; background-color: #cceeff; height: 27px; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top">
<p style="margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1094972/000119312509140670/dex49.htm">Securities Purchase Agreement entered into by and among Chevron, CBL, Galena and Sociedade Brasileira de Participa&#231;&#245;es Ltda, dated August&nbsp;14,&nbsp;2008 (incorporated by reference to Exhibit&nbsp;4.9 to Form&nbsp;20-F of Ultrapar Participa&#231;&#245;es S.A. filed on June&nbsp;29,&nbsp;2009).</a></font></p>
</td>
</tr>
<tr style="break-inside: avoid; height: 55px;">
<td nowrap="nowrap" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0cm 0cm 0cm 7.2pt; height: 55px; vertical-align: top;" valign="top">
<p style="margin: 0cm 0cm 8pt; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;">4.13</font></p>
</td>
<td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0cm 0px; height: 55px; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top">
<p style="margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font lang="PT-BR" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1094972/000119312510151051/dex412.htm">Revolving Line of Credit Agreement among Banco Nacional de Desenvolvimento Econ&#244;mico e Social (BNDES), Companhia Brasileira de Petr&#243;leo Ipiranga, Companhia Ultragaz S/A, Oleoqu&#237;mica Ind&#250;stria e Com&#233;rcio de Produtos Qu&#237;micos Ltda, Oxiteno Nordeste S/A Ind&#250;stria e Com&#233;rcio, Tequimar&#8212;Terminal Qu&#237;mico de Aratu S/A, Tropical Transportes Ipiranga Ltda. and Ultrapar Participa&#231;&#245;es S.A., dated December&nbsp;16, 2008&#8212;English Summary (incorporated by reference to Exhibit&nbsp;4.12 to Form&nbsp;20-F of Ultrapar Participa&#231;&#245;es S.A. filed on June&nbsp;30,&nbsp;2010).</a></font></p>
</td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff; height: 38px;">
<td nowrap="nowrap" style="padding: 0cm 0cm 0cm 7.2pt; background-color: #cceeff; height: 38px; vertical-align: top;" valign="top">
<p style="margin: 0cm 0cm 8pt; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;">4.14</font></p>
</td>
<td style="padding: 0cm 0px; background-color: #cceeff; height: 38px; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top">
<p style="margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1094972/000119312509140670/dex410.htm">Amendment No.&nbsp;1 to Securities Purchase Agreement entered into by and among Chevron, CBL, Galena and Sociedade Brasileira de Participa&#231;&#245;es Ltda, dated March 30, 2009 (incorporated by reference to Exhibit 4.10 to Form 20-F of Ultrapar Participa&#231;&#245;es S.A. filed on June&nbsp;29,&nbsp;2009).</a></font></p>
</td>
</tr>
<tr style="break-inside: avoid; height: 27px;">
<td nowrap="nowrap" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0cm 0cm 0cm 7.2pt; height: 27px; vertical-align: top;" valign="top">
<p style="margin: 0cm 0cm 8pt; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;">4.15</font></p>
</td>
<td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0cm 0px; height: 27px; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top">
<p style="margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1094972/000119312510151051/dex414.htm">Line of Credit Agreements between Banco do Brasil S.A. and Ipiranga Produtos de Petr&#243;leo S.A., each dated June 16, 2010&#8212;English Summary (incorporated by reference to Exhibit 4.14 to Form 20-F of Ultrapar Participa&#231;&#245;es S.A. filed on June&nbsp;30, 2010).</a></font></p>
</td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff; height: 38px;">
<td nowrap="nowrap" style="padding: 0cm 0cm 0cm 7.2pt; background-color: #cceeff; height: 38px; vertical-align: top;" valign="top">
<p style="margin: 0cm 0cm 8pt; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;">4.16</font></p>
</td>
<td style="padding: 0cm 0px; background-color: #cceeff; height: 38px; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top">
<p style="margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1094972/000119312513186539/d526764dex416.htm">Amendment to the line of Credit Agreements between Banco do Brasil S.A. and Ipiranga Produtos de Petr&#243;leo S.A., each dated February 7, 2013&#8212;English Summary (incorporated by reference to Exhibit 4.16 to Form&nbsp;20-F of Ultrapar Participa&#231;&#245;es S.A. filed on April&nbsp;30, 2013).</a> </font></p>
</td>
</tr>
<tr style="break-inside: avoid; height: 38px;">
<td nowrap="nowrap" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0cm 0cm 0cm 7.2pt; height: 38px; vertical-align: top;" valign="top">
<p style="margin: 0cm 0cm 8pt; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;">4.17</font></p>
</td>
<td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0cm 0px; height: 38px; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top">
<p style="margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1094972/000119312514170911/d713490dex417.htm">Association and Other Covenants Agreement to effect the merger of shares (incorpora&#231;&#227;o de a&#231;&#245;es) of Extrafarma with Ultrapar, dated September&nbsp;30, 2013 &#8212; English Summary (incorporated by reference to Exhibit 4.17 to Form 20-F of Ultrapar Participa&#231;&#245;es S.A. filed on April&nbsp;30, 2014).</a></font></p>
</td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff; height: 10px;">
<td nowrap="nowrap" style="padding: 0cm 0cm 0cm 7.2pt; background-color: #cceeff; height: 10px; vertical-align: top;" valign="top">
<p style="margin: 0cm 0cm 8pt; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;">4.18</font></p>
</td>
<td style="padding: 0cm 0px; background-color: #cceeff; height: 10px; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top">
<p style="margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1094972/000095010313007500/dp42698_6ka.htm">Protocol and Justification of Incorpora&#231;&#227;o de A&#231;&#245;es (merger of shares) issued by Imifarma Produtos Farmac&#234;uticos e Cosm&#233;ticos S.A. by Ultrapar Participa&#231;&#245;es S.A., dated December&nbsp;17, 2013 (incorporated by reference to the report on Form 6-K furnished by Ultrapar Participa&#231;&#245;es S.A. filed on December&nbsp;27, 2013, as amended).</a> </font></p>
</td>
</tr>

</table>
<br>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>205</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<br>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="height: 128px; width: 100%; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; text-indent: 0px;">

<tr style="break-inside: avoid; height: 10px;">
<td nowrap="nowrap" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0cm 0cm 0cm 7.2pt; height: 10px; width: 5%; vertical-align: top;" valign="top">
<p style="margin: 0cm 0cm 8pt; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;">8.1</font></p>
</td>
<td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0cm 0px; height: 10px; width: 95%; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top">
<p style="margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;">List of subsidiaries of Ultrapar (incorporated by reference to note 3 to our consolidated financial statements included in this annual report).</font></p>
</td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff; height: 10px;">
<td nowrap="nowrap" style="padding: 0cm 0cm 0cm 7.2pt; background-color: #cceeff; height: 10px; vertical-align: top;" valign="top">
<p style="margin: 0cm 0cm 8pt; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;">11.1</font></p>
</td>
<td style="padding: 0cm 0px; background-color: #cceeff; height: 10px; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top">
<p style="margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;"><a href="http://www.sec.gov/Archives/edgar/data/1094972/000129281418000529/ugp20180228_6k.htm">Code of Ethics, amended on March 1, 2018 (incorporated by reference to the report on Form 6-K furnished by Ultrapar Participa&#231;&#245;es S.A. on March&nbsp;1, 2018).</a> </font></p>
</td>
</tr>
<tr style="break-inside: avoid; height: 27px;">
<td nowrap="nowrap" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0cm 0cm 0cm 7.2pt; height: 27px; vertical-align: top;" valign="top">
<p style="margin: 0cm 0cm 8pt; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;">12.1</font></p>
</td>
<td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0cm 0px; height: 27px; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top">
<p style="margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;"><a href="ex121_3.htm" name="EX-12.1" class="LinkedExhibit" style="-sec-extract: exhibit;">Certification of Chief Executive Officer pursuant to Section&nbsp;302 of the Sarbanes-Oxley Act of 2002.</a> </font></p>
</td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff; height: 27px;">
<td nowrap="nowrap" style="padding: 0cm 0cm 0cm 7.2pt; background-color: #cceeff; height: 27px; vertical-align: top;" valign="top">
<p style="margin: 0cm 0cm 8pt; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;">12.2</font></p>
</td>
<td style="padding: 0cm 0px; background-color: #cceeff; height: 27px; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top">
<p style="margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;"><a href="ex122_4.htm" name="EX-12.2" class="LinkedExhibit" style="-sec-extract: exhibit;">Certification of Chief Financial Officer pursuant to Section&nbsp;302 of the Sarbanes-Oxley Act of 2002.</a></font></p>
</td>
</tr>
<tr style="break-inside: avoid; height: 27px;">
<td nowrap="nowrap" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0cm 0cm 0cm 7.2pt; height: 27px; vertical-align: top;" valign="top">
<p style="margin: 0cm 0cm 8pt; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;">13</font></p>
</td>
<td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0cm 0px; height: 27px; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top">
<p style="margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;"><a href="ex13_5.htm" name="EX-13" class="LinkedExhibit" style="-sec-extract: exhibit;">Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section&nbsp;1350, as adopted pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002.</a> </font></p>
</td>
</tr>
<tr style="break-inside: avoid; background-color: #cceeff; height: 27px;">
<td nowrap="nowrap" style="padding: 0cm 0cm 0cm 7.2pt; background-color: #cceeff; height: 27px; vertical-align: top;" valign="top">
<p style="margin: 0cm 0cm 8pt; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;">15.1</font></p>
</td>
<td style="padding: 0cm 0px; background-color: #cceeff; height: 27px; vertical-align: top; margin: 0px; text-indent: 0px;" valign="top">
<p style="margin: 0px; line-height: 107%; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font lang="EN-US" style="font-size: 10pt; line-height: 107%; font-family: 'times new roman', times;">Documentation with respect to our corporate restructuring of 2002 (incorporated by reference to the reports on Form 6-K, furnished on <a href="http://www.sec.gov/Archives/edgar/data/1094972/000095010302001014/oct1402_ultrapar6k.txt">October 15, 2002</a>, <a href="http://www.sec.gov/Archives/edgar/data/1094972/000095010302001060/oct3102_6k.txt">November 1, 2002</a> and <a href="http://www.sec.gov/Archives/edgar/data/1094972/000095010302001325/dec0602_6k.txt">December&nbsp;6, 2002</a>).</font></p>
</td>
</tr>

</table>
</div>
<p style="margin: 12pt 0cm 0.0001pt; text-indent: 24.5pt; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10pt;"><font style="font-family: 'times new roman', times;">There are certain promissory notes and other instruments and agreements with respect to long-term debt of our Company omitted from the exhibits filed with or incorporated by reference into this annual report, none of which authorizes securities in a total amount that exceeds 10% of the total assets of our Company. See &#8220;Item&nbsp;5.B. Operating and Financial Review and Prospect&#8212;Liquidity and Capital Resources&#8212;Indebtedness&#8221;. We hereby agree to furnish to the SEC copies of any such omitted promissory notes or other instruments or agreements as the Commission requests.</font></font></p>
<p style="margin: 0px; text-indent: 0px; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10pt;"><font style="font-family: 'times new roman', times;"><br></font></font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>206</font></font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin: 0px; text-indent: 0px; font-size: 12pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10pt;"><font style="font-family: 'times new roman', times;"><br></font></font></p>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">SIGNATURES </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Pursuant to the requirements of Section</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">12 of the Securities Exchange Act of 1934, the registrant certifies that it meets all requirements for filing on Form 20-F and has duly caused this annual report to be signed on its behalf by the undersigned, thereunto duly authorized. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 12pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 110px; width: 100%; margin: 0px; text-indent: 0px;" width="100%">

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<td style="width: 41%; vertical-align: middle; height: 16px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 108%; font-size: 11pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
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<td style="width: 29pt; vertical-align: middle; height: 16px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
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<td style="width: 41%; vertical-align: middle; height: 16px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0px; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
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<td style="padding-left: 0px; vertical-align: top; height: 25px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
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<td colspan="2" style="vertical-align: top; height: 25px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">ULTRAPAR PARTICIPA&#199;&#213;ES S.A.</font></p>
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<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
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<td style="vertical-align: middle; height: 24px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
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<td style="height: 24px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
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<td style="vertical-align: middle; height: 24px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0px; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
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<td style="padding-left: 0px; vertical-align: top; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
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<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">By:</font></p>
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<td style="border-bottom: 0.75pt solid #000000; vertical-align: top; height: 10px; text-align: left; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 108%; font-size: 10pt; text-align: left; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">/S/ FREDERICO PINHEIRO FLEURY CURADO </font></p>
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<p style="margin: 0px; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
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<td style="padding-left: 0px; vertical-align: top; height: 10px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
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<td style="height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Name:</font></p>
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<td style="height: 10px; text-align: left; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; line-height: 108%; font-size: 8pt; text-align: left; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-weight: bold; font-size: 10pt;">Frederico Pinheiro Fleury Curado</font></p>
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<td style="padding-left: 0px; vertical-align: top; height: 25px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
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<td style="padding-left: 0px; vertical-align: bottom; height: 25px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
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<td style="height: 25px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Title:</font></p>
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<td style="vertical-align: bottom; height: 25px; text-align: left; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 108%; font-size: 10pt; text-align: left; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Chief Executive Officer</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-after: avoid; font-size: 18pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<td style="width: 41%; vertical-align: middle; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 108%; font-size: 18pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
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<td style="width: 24pt; vertical-align: middle; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
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<td style="width: 29pt; vertical-align: middle; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
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<td style="width: 41%; vertical-align: middle; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
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<td style="vertical-align: middle; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
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<td style="vertical-align: middle; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
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<td style="vertical-align: middle; height: 10px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
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<td style="height: 25px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px;"><font style="font-size: 10pt; font-family: 'times new roman', times;">Dat</font>e: April 29, 2021</p>
</td>
<td style="padding-left: 0px; vertical-align: top; height: 25px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="height: 25px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">By:</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; height: 25px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: left; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; line-height: 108%; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;">/S/ RODRIGO DE ALMEIDA PIZZINATTO</font></p>
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<tr style="height: 23px;">
<td style="padding-left: 0px; height: 23px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: top; height: 23px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="height: 23px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Name:</font></p>
</td>
<td style="height: 23px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: left; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; line-height: 108%; font-size: 8pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: left;"><font style="font-size: 10pt; font-family: 'times new roman', times;"><font style="font-weight: bold;">Rodrigo</font><font style="font-weight: bold;"> de </font><font style="font-weight: bold;">Almeida Pizzinatto</font></font></p>
</td>
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<tr style="height: 25px;">
<td style="padding-left: 0px; height: 25px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="padding-left: 0px; vertical-align: bottom; height: 25px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; line-height: 2pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
</td>
<td style="height: 25px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Title:</font></p>
</td>
<td style="height: 25px; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px; text-align: left; vertical-align: bottom;" valign="bottom">
<p style="margin: 0px; line-height: 108%; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px; text-align: left;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Chief Financial and Investor Relations Officer</font></p>
</td>
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<p style="margin-top: 0pt; margin-bottom: 8pt; line-height: 108%; font-size: 11pt;"><font style="font-family: Calibri; -aw-import: ignore;">&nbsp;</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>207</font></font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><br></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<td style="width: 106.35pt; vertical-align: top; height: 121px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<td style="width: 315.95pt; vertical-align: top; height: 121px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; font-size: 11pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-style: italic; -aw-import: ignore;">&nbsp;</font><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Ultrapar Participa&#231;&#245;es S.A</font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font></font></p>
<p style="margin-top: 0pt;margin-bottom: 0pt;text-align: center;font-size: 1pt;"><font style="font-family: &quot;Times New Roman&quot;; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt;margin-bottom: 0pt;text-align: center;font-size: 10pt;line-height: 1.3;"><font style="font-family: &quot;Times New Roman&quot;; font-style: italic; font-size: 10pt; line-height: inherit;">Consolidated</font></p>
<div style="margin-top: 0pt;margin-bottom: 0pt;text-align: center;font-size: 10pt;line-height: 1.3;"><font style="font-size: 10pt; line-height: inherit;"><a style="text-decoration: none; color: rgb(0, 0, 0); cursor: default; outline: none; pointer-events: none;" href="#" name="BA9_GT9U6XAN0G00000000000000000000" class="customBookmark"><font style="font-family: &quot;Times New Roman&quot;; font-style: italic; line-height: inherit;">Financial </font><font style="font-family: &quot;Times New Roman&quot;; font-style: italic; line-height: inherit;">Statements </font></a></font></div>
<div style="margin-top: 0pt;margin-bottom: 0pt;text-align: center;font-size: 10pt;line-height: 1.3;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: &quot;Times New Roman&quot;; font-style: italic; line-height: inherit;">as of and </font><font style="font-family: &quot;Times New Roman&quot;; font-style: italic; line-height: inherit;">for</font><font style="font-family: &quot;Times New Roman&quot;; font-style: italic; line-height: inherit;"> the </font><font style="font-family: &quot;Times New Roman&quot;; font-style: italic; line-height: inherit;">Year Ended</font></font></div>
<p style="margin-top: 0pt;margin-bottom: 0pt;text-align: center;font-size: 10pt;line-height: 1.3;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: &quot;Times New Roman&quot;; font-style: italic; line-height: inherit;">December</font><font style="font-family: &quot;Times New Roman&quot;; font-style: italic; line-height: inherit;"> 3</font><font style="font-family: &quot;Times New Roman&quot;; font-style: italic; line-height: inherit;">1</font><font style="font-family: &quot;Times New Roman&quot;; font-style: italic; line-height: inherit;">, 2020 and</font></font></p>
<p style="margin-top: 0pt;margin-bottom: 0pt;text-align: center;font-size: 10pt;line-height: 1.3;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: &quot;Times New Roman&quot;; font-style: italic; line-height: inherit;">Report </font><font style="font-family: &quot;Times New Roman&quot;; font-style: italic; line-height: inherit;">of Independent Registered Public Accounting Firm</font></font></p>
</td>
<td style="width: 90.6pt; vertical-align: top; height: 121px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="width: 32.65pt; display: inline-block;">&nbsp;</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt; color: rgb(255, 255, 255);" class="pageno">F-1</font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><br></p>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
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<td style="width: 100%; height: 17px;"><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. and</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"><font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">Subsidiaries</font></td>
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<td style="width: 100%; height: 17px;"><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">Consolidated</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"><font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">Financial Statements</font></td>
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<td style="width: 100%; height: 17px;"><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">As of</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"><font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">Year</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"><font>&nbsp;</font>Ended<font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">December</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"><font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">31</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">, 2020&nbsp;&nbsp;</font></td>
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<h4 style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: left;"><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">Table of<font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">C</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">ontents&nbsp;</font></h4>
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<td style="height: 17px; width: 80%;"><a href="#Babc1_WDAPNLJESW00000000000000000000">Report of Independent Registered Public Accounting Firm</a></td>
<td style="width: 20%; text-align: right;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">F-3&nbsp;<font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#8211; F-4</font></font><br></td>
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<td style="height: 17px;"><a href="#B456_JUCZQDI3PC00000000000000000000">Consolidated&nbsp;Statements of Financial Position</a></td>
<td style="text-align: right;"><font style="color: #000000; font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; float: none; display: inline !important;">F-5<font>&nbsp;</font></font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; font-size: 13.3333px; text-align: -webkit-right; float: none; display: inline !important;">&#8211; F-6</font></td>
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<td style="height: 17px;"><a href="#B789_OGT046A7HS00000000000000000000">Consolidated&nbsp;Statements of Profit or Loss</a></td>
<td style="text-align: right;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">F-7</font></td>
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<td style="height: 17px;"><a href="#B15_C7VV30HWE800000000000000000000">Consolidated&nbsp;Statements of Comprehensive Income</a></td>
<td style="text-align: right;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">F-8</font></td>
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<td style="height: 17px;"><a href="#B963_G0LFTOJQW000000000000000000000">Consolidated&nbsp;Statements of Changes in Equity</a></td>
<td style="text-align: right;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">F-9<font>&nbsp;</font></font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; font-size: 13.3333px; text-align: -webkit-right; float: none; display: inline !important;">&#8211; F-11</font></td>
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<td style="height: 17px;"><a href="#B878_5ED0GFMC0000000000000000000000">Consolidated&nbsp;Statements of Cash Flows &#8211; Indirect Method</a></td>
<td style="text-align: right;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; font-size: 13.3333px; float: none; display: inline !important;">F-12<font>&nbsp;</font></font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; font-size: 13.3333px; text-align: -webkit-right; float: none; display: inline !important;">&#8211; F-13</font></td>
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<td style="height: 17px;"><a href="#B545478_2IWSD3OCAO00000000000000000000">Notes to the Consolidated Financial Statements</a></td>
<td style="text-align: right;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">F-14&nbsp;<font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#8211; F-124</font></font></td>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">F-2</font></font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><font style="font-size: 10pt;"><a href="#TOC">Table of Contents</a></font></div>
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<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div style="margin-top: 0pt; margin-bottom: 20pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#" name="Babc1_WDAPNLJESW00000000000000000000" class="customBookmark"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold;">Report of Independent Registered Public Accounting Firm</font></a></div>
<p style="margin-top: 0pt; margin-bottom: 10pt; page-break-inside: avoid; line-height: 12pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">To the Stockholders and Board of Directors</font><br><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt;">Ultrapar</font><font style="font-size: 10pt;"> </font><font style="font-size: 10pt;">Participa&#231;&#245;es</font><font style="font-size: 10pt;"> S.A.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 5pt; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Opinion on the Consolidated Financial Statements</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; line-height: 12pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt;">We have audited the accompanying </font><font style="font-size: 10pt;">consolidated</font><font style="font-size: 10pt;"> statements of financial position of </font><font style="font-size: 10pt;">Ultrapar</font><font style="font-size: 10pt;"> </font><font style="font-size: 10pt;">Participa&#231;&#245;es</font><font style="font-size: 10pt;"> S.A. </font><font style="font-size: 10pt;">and</font><font style="font-size: 10pt;">&nbsp;</font><font style="font-size: 10pt;">subsidiaries</font><font style="font-size: 10pt;"> (the Company) as of December</font><font style="font-size: 10pt;">&nbsp;</font><font style="font-size: 10pt;">31, 2020 and 2019, the related </font><font style="font-size: 10pt;">consolidated</font><font style="font-size: 10pt;"> statements of profit or loss, comprehensive income, changes in equity, and cash flows for each of the years in the three</font><font style="font-size: 10pt;">&#8209;</font><font style="font-size: 10pt;">year period ended December</font><font style="font-size: 10pt;">&nbsp;</font><font style="font-size: 10pt;">31, 20</font><font style="font-size: 10pt;">20</font><font style="font-size: 10pt;">,</font><font style="font-size: 10pt;"> and the related notes collectively, the </font><font style="font-size: 10pt;">consolidated</font><font style="font-size: 10pt;"> financial statements. In our opinion, the </font><font style="font-size: 10pt;">consolidated</font><font style="font-size: 10pt;"> financial statements present fairly, in all material respects, the financial position of the Company as of December</font><font style="font-size: 10pt;">&nbsp;</font><font style="font-size: 10pt;">31, 2020 and 2019, and the results of its operations and its cash flows for each of the years in the three</font><font style="font-size: 10pt;">&#8209;</font><font style="font-size: 10pt;">year period ended December</font><font style="font-size: 10pt;">&nbsp;</font><font style="font-size: 10pt;">31, 2020, in conformity with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; line-height: 12pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt;">We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company&#8217;s internal control over financial reporting as of December</font><font style="font-size: 10pt;">&nbsp;</font><font style="font-size: 10pt;">31, 2020, based on &#8220;criteria established in </font><font style="font-size: 10pt;">Internal Control &#8211; Integrated Framework (2013)</font><font style="font-size: 10pt;"> issued by the Committee of Sponsoring Organizations of the Treadway Commission&#8221;, and our report dated April 29, 2021&nbsp;</font><font style="font-size: 10pt;">expressed </font><font style="font-size: 10pt;">&#8220;</font><font style="font-size: 10pt;">an unqualified opinion on the effectiveness of the Company</font><font style="font-size: 10pt;">&#8217;</font><font style="font-size: 10pt;">s internal control over financial reporting</font><font style="font-size: 10pt;">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 5pt; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Change in Accounting Principle</font></p>
<p style="margin-top: 0pt; margin-bottom: 5pt; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt;">As discussed in Note 2h&nbsp;</font><font style="font-size: 10pt;">to the consolidated financial statements, the Company has changed its method of accounting for lease arrangements as of January 1, 2019 due to the adoption of IFRS 16 &#8220;Leases&#8221;.&nbsp;</font></font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'times new roman', times;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 5pt; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">Basis for Opinion</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; line-height: 12pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt;">These </font><font style="font-size: 10pt;">consolidated</font><font style="font-size: 10pt;"> financial statements are the responsibility of the </font><font style="font-size: 10pt;">Company</font><font style="font-size: 10pt;">&#8217;</font><font style="font-size: 10pt;">s</font><font style="font-size: 10pt;"> management. Our responsibility is to express an opinion on these </font><font style="font-size: 10pt;">consolidated</font><font style="font-size: 10pt;"> financial statements based on our audits</font><font style="font-size: 10pt;">.</font><font style="font-size: 10pt;"> We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the </font><font style="font-size: 10pt;">U.S. </font><font style="font-size: 10pt;">federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; page-break-inside: avoid; line-height: 12pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt;">We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the </font><font style="font-size: 10pt;">consolidated</font><font style="font-size: 10pt;"> financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the </font><font style="font-size: 10pt;">consolidated</font><font style="font-size: 10pt;"> financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the </font><font style="font-size: 10pt;">consolidated</font><font style="font-size: 10pt;"> financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the </font><font style="font-size: 10pt;">consolidated</font><font style="font-size: 10pt;"> financial statements. We believe that our audits provide a reasonable basis for our opinion.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 5pt; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-style: italic;">Critical Audit Matter</font></p>
<p style="margin-top: 0pt; margin-bottom: 5pt; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt;">The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.</font><font style="font-size: 10pt;"> </font></font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-3</font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin-top: 0pt; margin-bottom: 5pt; page-break-inside: avoid; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt;"><br></font></font></p>
<p style="margin-top: 10pt; margin-bottom: 10pt; page-break-inside: avoid; line-height: 12pt;"><font style="font-family: 'times new roman', times; font-size: 10pt; font-weight: bold; font-style: italic;">Evaluation of the recoverability of the deferred tax assets</font></p>
<p style="margin-top: 10pt; margin-bottom: 10pt; page-break-inside: avoid; line-height: 12pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt;">As discussed in note 2.m and note 9.a to the consolidated financial statements, the Company had R$ 1,588,001 thousand of deferred tax assets as of December 31, 2020 of which R$ </font><font style="font-size: 10pt;">1,224,139 </font><font style="font-size: 10pt;">&nbsp;</font><font style="font-size: 10pt;">thousand was related to temporary differences and R$</font><font style="font-size: 10pt;">363,862</font><font style="font-size: 10pt;"> thousand was from carry-forward tax losses.</font><font style="font-size: 10pt;">The Company prepares a projection of future taxable </font><font style="font-size: 10pt;">income projections from</font><font style="font-size: 10pt;">&nbsp;</font><font style="font-size: 10pt;">business plans of each segment of the Company</font><font style="font-size: 10pt;"> to support the recognition of deferred tax assets. The projection of future taxable profits involves certain key assumptions that require the Company to make significant judgments, including those relating to growth in gross domestic product (GDP),</font><font style="font-size: 10pt;"> </font><font style="font-size: 10pt;">exchange rate, basic interest rate (SELIC) and DI</font><font style="font-size: 10pt;"> - </font><font style="font-size: 10pt;">&nbsp;</font><font style="font-size: 10pt;">(</font><font style="font-size: 10pt;">l</font><font style="font-size: 10pt;">ocal interbank offering rate)</font><font style="font-size: 10pt;">, inflation rate, commodity price index, among others</font><font style="font-size: 10pt;">. Significant judgment was also required to determine the discount rate. The assumptions relating to future cash flows are based on the business plan and budget prepared by the Company and approved by the Board of Directors.</font></font></p>
<p style="margin-top: 10pt; margin-bottom: 10pt; page-break-inside: avoid; line-height: 12pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt;">We identified the evaluation of the recoverability of the deferred tax assets as a critical audit matter because the determination of the key assumptions</font><font style="font-size: 10pt;"> and the </font><font style="font-size: 10pt;">likelihood of future taxable profits</font><font style="font-size: 10pt;"> by the Company involved significant complexity, judgment and uncertainty and, therefore, required subjective auditor judgment to assess. In addition, the Company&#8217;s evaluation of the recoverability of the deferred tax assets was sensitive to possible changes in the key assumptions and judgments.</font></font></p>
<p style="margin-top: 10pt; margin-bottom: 10pt; page-break-inside: avoid; line-height: 12pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">The primary procedures we performed to address this critical audit matter included the following: </font></p>
<p style="margin-top: 10pt; margin-bottom: 10pt; page-break-inside: avoid; line-height: 12pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt;">We </font><font style="font-size: 10pt;">evaluated the design</font><font style="font-size: 10pt;"> </font><font style="font-size: 10pt;">and </font><font style="font-size: 10pt;">tested the </font><font style="font-size: 10pt;">operating effectiveness of</font><font style="font-size: 10pt;"> </font><font style="font-size: 10pt;">certain internal controls over the Company&#8217;s process for projecting future taxable profits, including controls related to the development and approval of the underlying assumptions and the final projections of future taxable profits.&nbsp;</font><font style="font-size: 10pt;">To assess the Company&#8217;s ability to forecast, we compared the Company&#8217;s prior year projections of taxable profits for 2020 to actual taxable profits in 2019. Additionally, we analyzed the Company&#8217;s history of realizing its deferred tax assets within the periods previously projected. We performed a sensitivity analysis on the assumptions related to growth in GDP, costs, gross margin, exchange rate, interest rates, inflation, the commodity price index and the discount rate to assess their impact on the recoverability of t</font><font style="font-size: 10pt;">he</font><font style="font-size: 10pt;"> deferred tax assets.</font></font></p>
<p style="margin-top: 10pt; margin-bottom: 10pt; page-break-inside: avoid; line-height: 12pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt;">We involved corporate finance professionals with specialized skills and knowledge, who assisted in evaluating the assumptions used by the Company in the projections of future taxable profits by comparing them to internal and external </font><font style="font-size: 10pt;">sources</font><font style="font-size: 10pt;">. We also involved tax professionals with specialized skills and knowledge, who assisted in evaluating of the determination of taxable profits.</font></font></p>
<p style="margin-top: 10pt; margin-bottom: 10pt; page-break-inside: avoid; line-height: 12pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'times new roman', times;"><font style="font-size: 10pt;">KPMG </font><font style="font-size: 10pt;">Auditores</font><font style="font-size: 10pt;"> </font><font style="font-size: 10pt;">Independentes</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 10pt; page-break-after: avoid; line-height: 12pt;"><font style="font-family: 'times new roman', times; font-size: 10pt;">We have served as the Company<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#8217;</font>s auditor since 2017</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'times new roman', times;">S&#227;o Paulo, SP, Brazil</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'times new roman', times;">April 29, 2021</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'times new roman', times; background-color: #ffff00;"><br></font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-4</font></td>
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<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'times new roman', times; background-color: #ffff00;"><br></font></p>
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<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries&nbsp;</font></font></p>
<div style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none;" href="#" name="B456_JUCZQDI3PC00000000000000000000" class="customBookmark"><font style="font-size: 10pt;"><font><font style="font-family: 'Times New Roman';"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Consolidated<font>&nbsp;</font></font>Statements of Financial Position</font></font></font></a></div>
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">A</font><font style="font-family: 'Times New Roman'; font-weight: bold;">s of </font><font style="font-family: 'Times New Roman'; font-weight: bold;">December 31, </font><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>2020</font> and </font><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>201</font></font><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>9</font></font></font></p>
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Note </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2019 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Assets </font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; background-color: #cceeff;"><br></td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
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<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Current assets </font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle;"><br></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></font></p>
</td>
<td style="vertical-align: bottom;"><br></td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></font></p>
</td>
<td style="vertical-align: bottom;"><br></td>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 69%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Cash and cash equivalents </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4</font>.a </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; width: 9%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,661,494</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; width: 9%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,115,379</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; width: 1%; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Financial investments and hedging instruments</font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4</font>.b </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,033,258</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,090,212</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Trade receivables </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5</font>.a </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,318,927</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,635,834</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Reseller financing </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5</font>.b </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>549,129</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>436,188</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Inventories </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,846,196</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,715,560</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Recoverable taxes </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7</font>.a </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,044,850</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,122,335</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Recoverable income and social contribution taxes </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7</font>.b </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>366,080</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>325,343</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Dividends receivable </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,152</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,630</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other receivables </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>56,955</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>36,765</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Prepaid expenses </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>132,122</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>111,355</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Contractual assets with customers &#8211; exclusive rights </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>11</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>478,908</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>465,454</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 20pt; margin-bottom: 0pt; text-indent: 0.75pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total current <font>assets </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>17,489,071</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>15,058,055</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Non-current assets </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Financial investments and hedging instruments </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4</font>.b </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>977,408</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>506,506</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Trade receivables </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5</font>.a </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>72,195</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>53,666</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Reseller financing </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5</font>.b </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>419,255</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>364,748</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Related parties </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8</font>.a </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,824</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>490</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Deferred income and social contribution taxes </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9</font>.a </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>974,711</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: middle;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>653,694</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Recoverable taxes </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7</font>.a </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,474,808</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>767,360</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Recoverable income and social contribution taxes </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7</font>.b </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>261,205</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>104,947</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Escrow deposits </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>22</font>.a </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>949,796</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>921,443</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Indemnification asset &#8211; business combination </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>22</font>.c </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>204,439</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>193,496</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other receivables </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>20,238</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,430</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Prepaid expenses </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>70,507</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>69,216</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Contractual assets with customers &#8211; exclusive rights </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>11</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,227,423</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,000,535</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Investments </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 20pt; margin-bottom: 0pt; text-indent: 0.75pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> In joint ventures </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>12</font>.a </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>139,100</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>153,076</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 20pt; margin-bottom: 0pt; text-indent: 0.75pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> In associates </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>12</font>.b </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>25,588</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>25,750</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 20pt; margin-bottom: 0pt; text-indent: 0.75pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Others </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,793</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,793</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>167,481</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>181,619</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Right-of-use assets </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>13</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,150,286</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,980,912</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Property, plant, and equipment </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>14</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8,005,860</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,572,762</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Intangible assets </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>15</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,782,655</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,762,593</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 20pt; margin-bottom: 0pt; text-indent: 0.75pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total non-current assets </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>18,761,091</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>16,137,417</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 30pt; margin-bottom: 0pt; text-indent: 1.15pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total assets </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>36,250,162</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>31,195,472</font> </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>

</table>
</div>
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin: 0px; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The accompanying notes are an integral part of the consolidated<font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>&nbsp;</font></font></font><font style="font-family: 'Times New Roman';">financial </font><font style="font-family: 'Times New Roman';">statements.</font></font></p>
<p style="margin: 0px; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-5</font></td>
</tr>

</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-family: 'Times New Roman';"><br></font></p>
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Consolidated&nbsp;</font>Statements of Financial Position</font></p>
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">A</font><font style="font-family: 'Times New Roman'; font-weight: bold;">s of</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> </font><font style="font-family: 'Times New Roman'; font-weight: bold;">December 31, </font><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>2020</font> and </font><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>2019</font></font></font></p>
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;">(In thousands of Brazilian Reais)</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><br></font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 639px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 14px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Note </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> 12/31/2020 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> 12/31/2019 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Liabilities </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Current liabilities </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle;"><br></td>
<td style="vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom;"><br></td>
<td style="vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 14px; background-color: #cceeff; width: 69%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Loans, financing and hedge derivative financial instruments </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>16</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,306,036</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>867,871</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 14px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Debentures </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>16</font>.g </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>949,908</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>249,570</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Trade payables </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>17</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,745,019</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,158,478</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 14px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Trade payables &#8211; reverse factoring </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>17</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,295,633</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>541,593</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Salaries and related charges </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>18</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>468,630</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>405,636</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 14px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Taxes payable </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>19</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>286,014</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>269,922</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Dividends payable </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>25</font>.h </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>442,133</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>16,694</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 14px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Income and social contribution taxes payable </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>169,317</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>164,757</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Post-employment benefits </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>20</font>.b </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>27,077</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>28,951</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 14px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Provision for asset retirement obligation </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>21</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,267</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,847</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Provision for tax, civil, and labor risks&nbsp;</font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>22</font>.a </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>43,660</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>40,455</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 14px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Leases payable </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>13</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>260,189</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>206,396</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other payables </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>224,676</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>213,273</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 14px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Deferred revenue </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>23</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>18,282</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>27,626</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 20pt; margin-bottom: 0pt; text-indent: 0.75pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total current liabilities </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,240,841</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,195,069</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;" class="selected"> Non-current liabilities </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Loans, financing and hedge derivative financial instruments </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>16</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8,526,064</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,907,113</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 14px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Debentures </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>16</font>.g </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,594,208</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,368,168</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Related parties </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8</font>.a </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,711</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,925</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 14px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Deferred income and social contribution taxes </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9</font>.a </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>12,732</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,531</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Post-employment benefits </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>20</font>.b </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>257,647</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>243,916</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 14px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Provision for asset retirement obligation </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>21</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>49,168</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>47,395</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Provision for tax, civil, and labor risks </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>22</font>.a; <font>22</font>.c </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>854,385</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>884,140</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 14px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Leases payable </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>13</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,573,099</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,382,277</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Subscription warrants &#8211; indemnification </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>24</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>86,439</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>130,657</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 14px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;" class="selected"> Provision for short-term liabilities of joint venture&nbsp;</font></font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>12</font>.a </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,096</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other payables </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>139,507</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>190,106</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 14px;">
<p style="margin-top: 0pt; margin-left: 20pt; margin-bottom: 0pt; text-indent: 0.75pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total non-current liabilities </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>17,099,056</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>16,165,228</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Equity </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Share capital </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-size: 10pt;"> <font>25</font>.a; <font>25</font>.f </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,171,752</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,171,752</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Equity instrument granted </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>25</font>.b </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>22,404</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>11,970</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 14px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Capital reserve </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>25</font>.d </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>594,049</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>542,400</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Treasury shares </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>25</font>.c </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>489,068</font></font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>485,383</font></font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
</tr>
<tr style="height: 14px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 14px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Revaluation reserve on subsidiaries </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>25</font>.e </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,337</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,522</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Profit reserves </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>25</font>.f </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,408,275</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,995,414</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 14px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Valuation adjustments </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>25</font>.g<font>.1</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>464,990</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom;">)</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>146,317</font> </font></p>
</td>
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom;">)</td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Cumulative translation adjustments </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>25</font>.g<font>.2</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>231,596</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>102,427</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 14px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Additional dividends to the minimum mandatory dividends </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>25</font>.h </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>55,391</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>261,470</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 20pt; margin-bottom: 0pt; text-indent: 0.75pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Equity attributable to: </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-left: 30pt; margin-bottom: 0pt; text-indent: 1.15pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Shareholders of the Company </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,533,746</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,458,255</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 30pt; margin-bottom: 0pt; text-indent: 1.15pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Non-controlling interests in subsidiaries&nbsp;</font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>376,519</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>376,920</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 13px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 13px;">
<p style="margin-top: 0pt; margin-left: 20pt; margin-bottom: 0pt; text-indent: 0.75pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total equity </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,910,265</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 13px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,835,175</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 30pt; margin-bottom: 0pt; text-indent: 1.15pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total liabilities and equity </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>36,250,162</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 14px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>31,195,472</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>

</table>
</div>
<p style="margin: 0px; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin: 0px; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The accompanying notes are an integral part of the <font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">consolidated&nbsp;</font>financial </font><font style="font-family: 'Times New Roman';">statements</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-6</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin: 0px; text-align: justify; font-size: 9pt; text-indent: 0px;"><br></p>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin: 0px; text-align: justify; line-height: 115%; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<div style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none;" href="#" name="B789_OGT046A7HS00000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Consolidated&nbsp;</font>Statements of Profit or Loss</font></a></div>
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">For </font><font style="font-family: 'Times New Roman'; font-weight: bold;">the </font><font style="font-family: 'Times New Roman'; font-weight: bold;">years</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> ended</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> </font><font style="font-family: 'Times New Roman'; font-weight: bold;">December</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> 3</font><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>1</font></font><font style="font-family: 'Times New Roman'; font-weight: bold;">, <font>2020</font></font><font style="font-family: 'Times New Roman'; font-weight: bold;">,</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font></font><font style="font-family: 'Times New Roman'; font-weight: bold;"> and <font>2018</font></font></font></p>
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, except earnings per share)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 443px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 14px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;&nbsp;</font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Note </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="vertical-align: top; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top;"><br></td>
<td style="vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2018</font> </font></p>
</td>
<td style="vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 58%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Net revenue from sales and services</font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>26</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>81,241,102</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>89,297,975</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; background-color: #cceeff; padding: 0px; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; background-color: #cceeff; padding: 0px; width: 1%;"><br></td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding: 0px; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>90,697,983</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px; width: 1%;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Cost of products and services sold </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>27</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>75,628,214</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">)</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>83,187,109</font></font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px;">)</td>
<td style="vertical-align: top; padding: 0px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>84,537,368</font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px;">)</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Gross profit </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,612,888</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,110,866</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; background-color: #cceeff; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; background-color: #cceeff; padding: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,160,615</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font><font><font><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;" class="selected"> Operating income (expenses) </font></font></font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Selling and marketing </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>27</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,547,850</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,610,384</font></font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff; padding: 0px;">)</td>
<td style="vertical-align: top; background-color: #cceeff; padding: 0px;"><br></td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,601,617</font></font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Expected losses on doubtful accounts </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>13,947</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>30,003</font></font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px;">)</td>
<td style="vertical-align: top; padding: 0px;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>69,250</font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> General and administrative </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>27</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,536,580</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,726,253</font></font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff; padding: 0px;">)</td>
<td style="vertical-align: top; background-color: #cceeff; padding: 0px;"><br></td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,625,839</font></font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px;">)</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Gain (loss) on disposal of property, plant and equipment and intangibles </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>28</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>76,150</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>30,019</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px;">)</td>
<td style="vertical-align: top; padding: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>22,088</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Impairment </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>15</font>; <font>28</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>593,280</font></font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff; padding: 0px;">)</td>
<td style="vertical-align: top; background-color: #cceeff; padding: 0px;"><br></td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other operating income, net </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>29</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>221,394</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>179,625</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>57,533</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font><font><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;" class="selected"> Operating income before finance&nbsp;income (expenses) and share of profit (loss) of joint ventures and associates</font></font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,812,055</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,300,552</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; background-color: #cceeff; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; background-color: #cceeff; padding: 0px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 10px; background-color: #cceeff; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,899,354</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Share of profit (loss) of joint ventures and associates </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>12</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>43,617</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>12,145</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px;">)</td>
<td style="vertical-align: top; padding: 0px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>14,779</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px;">)</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;" class="selected"> Operating income before finance income (expenses) and income and social contribution taxes </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,768,438</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,288,407</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; background-color: #cceeff; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; background-color: #cceeff; padding: 0px;"><br></td>
<td style="border-top: 0.75pt solid #000000; vertical-align: bottom; height: 10px; background-color: #cceeff; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,884,575</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Finance income </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>30</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>527,710</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>457,289</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>681,235</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Finance expenses </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>30</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>797,084</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>964,143</font></font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff; padding: 0px;">)</td>
<td style="vertical-align: top; background-color: #cceeff; padding: 0px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; background-color: #cceeff; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>794,771</font></font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 20pt; margin-bottom: 0pt; text-indent: 0.75pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Financial result, net </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>30</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>269,374</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>506,854</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px;">)</td>
<td style="vertical-align: top; padding: 0px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>113,536</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font><font><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;" class="selected"> Income before income and social contribution taxes </font></font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,499,064</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>781,553</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; background-color: #cceeff; padding: 0px;"><br></td>
<td style="border-top: 0.75pt solid #000000; vertical-align: bottom; height: 17px; background-color: #cceeff; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,771,039</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;" class="selected"> Income and social contribution taxes </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Current </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9</font>.b; <font>9</font>.c </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>659,306</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>476,074</font></font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff; padding: 0px;">)</td>
<td style="vertical-align: top; background-color: #cceeff; padding: 0px;"><br></td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>476,302</font></font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Deferred </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9</font>.b </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>87,939</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>97,465</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>162,417</font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>571,367</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>378,609</font></font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff; padding: 0px;">)</td>
<td style="vertical-align: top; background-color: #cceeff; padding: 0px;"><br></td>
<td style="border-top: 0.75pt solid #000000; vertical-align: bottom; height: 17px; background-color: #cceeff; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>638,719</font></font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px;">)</td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;" class="selected"> Net income for the year </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>927,697</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>402,944</font> </font></p>
</td>
<td style="vertical-align: top; height: 18px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px;"><br></td>
<td style="vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,132,320</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px;"><br></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;" class="selected"> Income attributable to: </font></font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-top: 1.5pt double #000000; padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-top: 1.5pt double #000000; padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 18px; background-color: #cceeff; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; background-color: #cceeff; padding: 0px;"><br></td>
<td style="border-top: 1.5pt double #000000; vertical-align: bottom; height: 18px; background-color: #cceeff; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp; Shareholders of the Company </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>893,383</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>373,526</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,150,421</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp; Non-controlling interests in subsidiaries </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>34,314</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>29,418</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; background-color: #cceeff; padding: 0px;"><br></td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>18,101</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px;">)</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Earnings per share (based on weighted average number of shares outstanding) &#8211; R$ </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp; Basic </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>31</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>0.8218</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>0.3437</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; background-color: #cceeff; padding: 0px;"><br></td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1.0589</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp; Diluted </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>31</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>0.8170</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>0.3418</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1.0530</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px;"><br></td>
</tr>

</table>
</div>
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0px; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The accompanying notes are an integral part of the <font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">consolidated&nbsp;</font></font><font style="font-family: 'Times New Roman';">f</font><font style="font-family: 'Times New Roman';">inancial </font><font style="font-family: 'Times New Roman';">statements</font></font></p>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-7</font></td>
</tr>

</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<div style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none;" href="#" name="B15_C7VV30HWE800000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Consolidated&nbsp;</font>Statements of Comprehensive Income</font></a></div>
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">For</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> </font><font style="font-family: 'Times New Roman'; font-weight: bold;">the </font><font style="font-family: 'Times New Roman'; font-weight: bold;">years</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> e</font><font style="font-family: 'Times New Roman'; font-weight: bold;">nded </font><font style="font-family: 'Times New Roman'; font-weight: bold;">December</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> 3</font><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>1</font></font><font style="font-family: 'Times New Roman'; font-weight: bold;">, <font>2020</font></font><font style="font-family: 'Times New Roman'; font-weight: bold;">,</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font></font><font style="font-family: 'Times New Roman'; font-weight: bold;"> and <font>2018</font></font></font></p>
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 148px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 14px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> Note </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2020</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px;"><br></td>
<td style="vertical-align: top; height: 14px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 14px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2018</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 14px; padding: 0px;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net income for the year </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 14px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>927,697</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 14px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>402,944</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 14px;"><br></td>
<td style="vertical-align: top; height: 14px; background-color: #cceeff; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 14px; background-color: #cceeff; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,132,320</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 14px; padding: 0px;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Items that are subsequently reclassified to profit or loss: </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px;"><br></td>
<td style="vertical-align: top; height: 14px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 14px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 14px; padding: 0px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 58%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;" class="selected"> Fair value adjustments of financial instruments of subsidiaries, net </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>25</font>.g<font>.1</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-size: 10pt;"> (<font>313,271</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1%;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding: 0px; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-size: 10pt;"> (<font>51,319</font></font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px; padding: 0px; width: 1%;">)</td>
<td style="vertical-align: top; height: 10px; background-color: #cceeff; padding: 0px; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; line-height: 115%; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>213,937</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1%;">)</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Fair value adjustments of financial instruments of joint ventures, net </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>25</font>.g<font>.1</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>190</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>978</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">)</td>
<td style="vertical-align: top; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; line-height: 115%; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,329</font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 10px;">)</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Cumulative translation adjustments and hedge of net investments in foreign operations, net</font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>25</font>.g<font>.2</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>129,169</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>36,570</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="vertical-align: top; height: 10px; background-color: #cceeff; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>12,796</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px; padding: 0px;"><br></td>
</tr>
<tr style="height: 14px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Items that are not subsequently reclassified to profit or loss: </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px;"><br></td>
<td style="vertical-align: top; height: 14px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 14px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 14px; padding: 0px;"><br></td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Actuarial gain (losses) of post-employment benefits of subsidiaries, net </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>25</font>.g<font>.1</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 14px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-size: 10pt;"> (<font>17,762</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 14px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>29,996</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 14px;">)</td>
<td style="vertical-align: top; height: 14px; background-color: #cceeff; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 14px; background-color: #cceeff; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>5,282</font></font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 14px; padding: 0px;">)</td>
</tr>
<tr style="height: 14px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Actuarial gain (losses) of post-employment benefits of joint ventures, net </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>25</font>.g<font>.1</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>875</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>6,791</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px;">)</td>
<td style="vertical-align: top; height: 14px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 14px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,375</font></font></p>
</td>
<td style="vertical-align: bottom; height: 14px; padding: 0px;">)</td>
</tr>
<tr style="height: 14px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total comprehensive income for the year </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 14px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 14px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>726,898</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 14px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 14px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>350,430</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 14px;"><br></td>
<td style="vertical-align: top; height: 14px; background-color: #cceeff; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; vertical-align: bottom; height: 14px; border-bottom: 2.8pt double #000000; background-color: #cceeff; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>922,193</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 14px; padding: 0px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total comprehensive income for the period attributable to shareholders of the Company </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>703,879</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>327,768</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="vertical-align: top; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>944,404</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total comprehensive income for the period attributable to non-controlling interest in subsidiaries </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>23,019</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>22,662</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="vertical-align: top; height: 10px; background-color: #cceeff; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>22,211</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px; padding: 0px;">)</td>
</tr>

</table>
</div>
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin: 0px; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The accompanying notes are an integral part of the <font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">consolidated&nbsp;</font></font><font style="font-family: 'Times New Roman';">financial </font><font style="font-family: 'Times New Roman';">statements</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin: 0px; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-8</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>
<div style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none; pointer-events: none;" href="#" name="B963_G0LFTOJQW000000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Consolidated&nbsp;</font>Statements of Changes in Equity</font></a></div>
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">For the </font><font style="font-family: 'Times New Roman'; font-weight: bold;">years</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> </font><font style="font-family: 'Times New Roman'; font-weight: bold;">e</font><font style="font-family: 'Times New Roman'; font-weight: bold;">nded </font><font style="font-family: 'Times New Roman'; font-weight: bold;">December</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> 3</font><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>1</font></font><font style="font-family: 'Times New Roman'; font-weight: bold;">, <font>2020</font></font><font style="font-family: 'Times New Roman'; font-weight: bold;">,</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font></font><font style="font-family: 'Times New Roman'; font-weight: bold;"> and <font>2018</font></font></font></p>
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, except dividends per share)</font></p>
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><br></font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 323px; width: 100%;" width="100%">

<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 11.3276%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 3.53228%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4.7503%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="3" style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; width: 10.5968%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> Profit reserve </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="3" style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; width: 13.1547%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> Equity attributable to: </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 50px;">
<td style="padding: 0px; vertical-align: bottom; height: 50px; width: 11.3276%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 50px; width: 3.53228%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;" class="selected"> Note </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 50px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 50px; width: 4.7503%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> Share capital </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 50px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 50px; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> Equity instrument granted </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 50px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 50px; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> Capital reserve </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 50px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 50px; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> Treasury shares </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 50px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 50px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> Revaluation reserve on subsidiaries </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 50px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 50px; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> Legal reserve </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 50px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 50px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> Investments statutory reserve </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 50px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 50px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> Valuation adjustments </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 50px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 50px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> Cumulative translation adjustments </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 50px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 50px; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> Retained earnings </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 50px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 50px; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> Additional dividends to the minimum mandatory dividends </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 50px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 50px; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> Shareholders of the Company </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 50px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 50px; width: 5.96833%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> Non-controlling interests in subsidiaries </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 50px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 50px; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> Consolidated equity </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 11.3276%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> Balance as of December 31, 2019 </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 3.53228%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4.7503%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp;<font>5,171,752</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 5.60292%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp;<font>11,970</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 3.89769%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp;<font>542,400</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4.6285%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> (<font>485,383</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%; background-color: #cceeff;"><font style="font-size: 7pt;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp;<font>4,522</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 3.89769%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp;<font>705,341</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp;<font>3,290,073</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> (<font>146,317</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp;<font>102,427</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4.6285%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> <font style="border-left: none; border-right: none;">-</font>&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 5.60292%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp;<font>261,470</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.57734%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp;<font>9,458,255</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 5.96833%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp;<font>376,920</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.57734%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp;<font>9,835,175</font> </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 11.3276%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;" class="selected"> Net income for the year </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 3.53228%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4.7503%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp;<font>893,383</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp;<font>893,383</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 5.96833%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp;<font>34,314</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp;<font>927,697</font> </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 11.3276%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;" class="selected"> Other comprehensive income: </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 3.53228%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 4.7503%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5.96833%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 11.3276%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> Fair value adjustments of available for financial instruments, net of income taxes: </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 3.53228%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4.7503%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 5.96833%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 11.3276%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> Subsidiaries </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 3.53228%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> <font style="border-left: none; border-right: none;">25</font>.g<font style="border-left: none; border-right: none;">.1</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 4.7503%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> (<font>313,271</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> (<font>313,271</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5.96833%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> (<font>313,271</font>) </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 11.3276%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 6pt;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 7pt;"> Joint ventures </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 3.53228%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> <font style="border-left: none; border-right: none;">12</font>.a; <font style="border-left: none; border-right: none;">25</font>.g<font style="border-left: none; border-right: none;">.1</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4.7503%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp;<font>190</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp;<font>190</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 5.96833%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp;<font>190</font> </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 11.3276%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> Actuarial (gain) losses of post-employment benefits, net of income taxes: </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 3.53228%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 4.7503%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5.96833%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 11.3276%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> Subsidiaries </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 3.53228%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> <font style="border-left: none; border-right: none;">25</font>.g<font style="border-left: none; border-right: none;">.1</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4.7503%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> (<font>6,467</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> (<font>6,467</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 5.96833%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> (<font>11,295</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> (<font>17,762</font>) </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 11.3276%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 6pt;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 7pt;"> Joint ventures </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 3.53228%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> <font style="border-left: none; border-right: none;">12</font>.a; <font style="border-left: none; border-right: none;">25</font>.g<font style="border-left: none; border-right: none;">.1</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 4.7503%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp;<font>875</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp;<font>875</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5.96833%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp;<font>875</font> </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 11.3276%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> Currency translation of foreign subsidiaries, including the effect of net investments hedge </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 3.53228%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> <font style="border-left: none; border-right: none;">25</font>.g<font style="border-left: none; border-right: none;">.2</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; width: 4.7503%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp;<font>129,169</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp;<font>129,169</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; width: 5.96833%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp;<font>129,169</font> </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 11.3276%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> Total comprehensive income for the year </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 3.53228%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 4.7503%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> (<font>318,673</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp;<font>129,169</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp;<font>893,383</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp;<font>703,879</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5.96833%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp;<font>23,019</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp;<font>726,898</font> </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 11.3276%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> Issuance of shares related to the subscription warrants - indemnification - Extrafarma acquisition </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 3.53228%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> <font style="border-left: none; border-right: none;">25</font>.d </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4.7503%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp;<font>54,763</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp;<font>54,763</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 5.96833%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp;<font>54,763</font> </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 11.3276%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> Stock plan </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 3.53228%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> <font style="border-left: none; border-right: none;">8</font>.c </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 4.7503%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> (<font>3,114</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 9.33333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> (<font>3,685</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;"><font style="font-size: 7pt;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> (<font>6,799</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5.96833%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> (<font>6,799</font>) </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 11.3276%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> Equity instrument granted </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 3.53228%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> <font style="border-left: none; border-right: none;">25</font>.b </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4.7503%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp;<font>4,526</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp;<font>4,526</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 5.96833%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp;<font>4,526</font> </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 11.3276%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> Equity instrument granted of subsidiaries </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 3.53228%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> <font style="border-left: none; border-right: none;">25</font>.b </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 4.7503%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp;<font>5,908</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp;<font>5,908</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5.96833%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp;<font>5,908</font> </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 11.3276%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> Income and social contribution taxes on realization of revaluation reserve of subsidiaries </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 3.53228%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> <font style="border-left: none; border-right: none;">25</font>.e </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4.7503%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> (<font>185</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp;<font>185</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 5.96833%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 11.3276%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 7pt;"> Transfer to statutory reserve </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 3.53228%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 4.7503%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> (<font>774</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp;<font>774</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5.96833%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 11.3276%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 7pt;"> Loss due to the payments fixed dividends to preferred shares </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 3.53228%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4.7503%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> (<font>1,001</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> (<font>1,001</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 5.96833%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp;<font>1,001</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 11.3276%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 7pt;"> Shareholder transaction &#8211; changes of investiments </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 3.53228%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 4.7503%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp;<font>42</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp;<font>42</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5.96833%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> (<font>42</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 11.3276%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> Dividends attributable to non-controlling interests </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 3.53228%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4.7503%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 5.96833%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> (<font>24,379</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> (<font>24,379</font>) </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 11.3276%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> Approval of additional dividends by the Shareholders&#8217; Meeting </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 3.53228%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> <font style="border-left: none; border-right: none;">25</font>.h </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 4.7503%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> (<font>261,470</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> (<font>261,470</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5.96833%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> (<font>261,470</font>) </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 11.3276%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;" class="selected"> Allocation of net income: </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 3.53228%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4.7503%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 5.96833%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 11.3276%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> Legal reserve </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 3.53228%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> <font style="border-left: none; border-right: none;">25</font>.f; <font style="border-left: none; border-right: none;">25</font>.h </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 4.7503%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp;<font>44,669</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> (<font>44,669</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5.96833%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 11.3276%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 6pt;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 7pt;"> Investments statutory reserve </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 3.53228%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> <font style="border-left: none; border-right: none;">25</font>.f; <font style="border-left: none; border-right: none;">25</font>.h </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4.7503%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp;<font>368,966</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> (<font>368,966</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 5.96833%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 11.3276%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 6pt;"><font><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> Proposed dividends (R$ <font style="border-left: none; border-right: none;"><font>0.44</font></font> per share) </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 3.53228%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> <font style="border-left: none; border-right: none;">25</font>.h </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 4.7503%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> (<font>479,748</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp;<font>55,391</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> (<font>424,357</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 5.96833%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> (<font>424,357</font>) </font></p>
</td>
</tr>
<tr style="height: 13px;">
<td style="padding: 0px; vertical-align: bottom; height: 13px; width: 11.3276%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> Balance as of December 31, 2020 </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; width: 3.53228%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'times new roman', times; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; width: 4.7503%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp;<font>5,171,752</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp;<font>22,404</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp;<font>594,049</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> (<font>489,068</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; width: 0.609013%;"><font style="font-size: 7pt;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp;<font>4,337</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; width: 3.89769%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp;<font>750,010</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp;<font>3,658,265</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> (<font>464,990</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; width: 6.09013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp;<font>231,596</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; width: 4.6285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; width: 5.60292%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp;<font>55,391</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp;<font>9,533,746</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; width: 5.96833%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp;<font>376,519</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; width: 0.609013%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; border-bottom: 2.8pt double #000000; width: 6.57734%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'times new roman', times; font-weight: bold; color: #000000; font-size: 7pt;"> &nbsp;<font>9,910,265</font> </font></p>
</td>
</tr>

</table>
</div>
<p style="margin: 0px; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman';"><br></font></p>
<p style="margin: 0px; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The accompanying notes are an integral part of the <font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">consolidated&nbsp;</font></font><font style="font-family: 'Times New Roman';">financial </font><font style="font-family: 'Times New Roman';">statements</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin: 0px; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin: 0px; text-align: justify; font-size: 9pt; text-indent: 0px;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-9</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p><br></p>
<p style="margin: 0px; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman';"><br></font></p>
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Consolidated&nbsp;</font>Statements of Changes in Equity</font></p>
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">For </font><font style="font-family: 'Times New Roman'; font-weight: bold;">the </font><font style="font-family: 'Times New Roman'; font-weight: bold;">years</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> </font><font style="font-family: 'Times New Roman'; font-weight: bold;">e</font><font style="font-family: 'Times New Roman'; font-weight: bold;">nded </font><font style="font-family: 'Times New Roman'; font-weight: bold;">December</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> 3</font><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>1</font></font><font style="font-family: 'Times New Roman'; font-weight: bold;">, <font>2020</font></font><font style="font-family: 'Times New Roman'; font-weight: bold;">,</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font></font><font style="font-family: 'Times New Roman'; font-weight: bold;"> and <font>2018</font></font></font></p>
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, except dividends per share)</font></p>
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><br></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> Profit reserve </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> Equity attributable to: </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'Times New Roman'; color: #0563c1; font-size: 7pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> Note </font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> Share capital </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> Equity instrument granted </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> Capital reserve </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> Treasury shares </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> Revaluation reserve on subsidiaries </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> Legal reserve </font></p>
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<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> Investments statutory reserve </font></p>
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<td style="padding: 0px; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> Valuation adjustments </font></p>
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<td style="padding: 0px; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> Cumulative translation adjustments </font></p>
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<td style="padding: 0px; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
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<td style="padding: 0px; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> Retained earnings </font></p>
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<td style="padding: 0px; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> Additional dividends to the minimum mandatory dividends </font></p>
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<td style="padding: 0px; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> Shareholders of the Company </font></p>
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<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> Non-controlling interests in subsidiaries </font></p>
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<td style="padding: 0px; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> Consolidated equity </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 25%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> Balance as of December 31, 2018 </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 5%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp;<font>5,171,752</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp;<font>4,309</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp;<font>542,400</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> (<font>485,383</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp;<font>4,712</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp;<font>686,665</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp;<font>3,412,427</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> (<font>63,989</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp;<font>65,857</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp;<font>109,355</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp;<font>9,448,105</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp;<font>351,924</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 4%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp;<font>9,800,029</font> </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> Net income for the year </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp;<font>373,526</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp;<font>373,526</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp;<font>29,418</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp;<font>402,944</font> </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font><font style="font-family: 'Times New Roman'; font-size: 7pt;" class="selected"> Other comprehensive income: </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> Fair value adjustments of available for fi<font style="color: #000000;">nancial instrume</font>nts, net of income taxes: </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> Subsidiaries </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font style="border-left: none; border-right: none;">25</font>.g<font style="border-left: none; border-right: none;">.1</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>51,340</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>51,340</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font>21</font>&nbsp;&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>51,319</font>) </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 6pt;"><font><font style="font-family: 'Times New Roman'; font-size: 7pt;"> Joint ventures </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font style="border-left: none; border-right: none;">12</font>.a; <font style="border-left: none; border-right: none;">25</font>.g<font style="border-left: none; border-right: none;">.1</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>978</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>978</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>978</font>) </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> Actuarial losses of post-employment benefits, net of income taxes </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font style="border-left: none; border-right: none;">25</font>.g<font style="border-left: none; border-right: none;">.1</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>30,010</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>30,010</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>6,777</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>36,787</font>) </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> Currency translation of foreign subsidiaries, including the effect of net investments hedge </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font style="border-left: none; border-right: none;">25</font>.g<font style="border-left: none; border-right: none;">.2</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp;<font>36,570</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp;<font>36,570</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp;<font>36,570</font> </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> Total comprehensive income for the year </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>82,328</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp;<font>36,570</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp;<font>373,526</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp;<font>327,768</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp;<font>22,662</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp;<font>350,430</font> </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> Equity instrument granted os subsidiaries </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font style="border-left: none; border-right: none;">25</font>.b </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp;<font>7,661</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp;<font>7,661</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp;<font>7,661</font> </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> Shareholder transaction - gain in reimbursement of shares pref. B from Oxiteno Nordeste </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp;<font>1,489</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp;<font>1,489</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>1,489</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> Realization of revaluation reserve of subsidiaries </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font style="border-left: none; border-right: none;">25</font>.e </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>190</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp;<font>190</font> </font></p>
</td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> -&nbsp; </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> Income and social contribution taxes on realization of revaluation reserve of subsidiaries </font></p>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font style="border-left: none; border-right: none;">25</font>.e </font></p>
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<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>31</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>31</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>31</font>) </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font><font style="font-family: 'Times New Roman'; font-size: 7pt;"> Transfer to statutory reserve </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp;<font>1,648</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>1,648</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> Dividends attributable to non-controlling interests </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>993</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>993</font>) </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> Redemption of non-controlling shares of Oxiteno Nordeste </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>2,180</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>2,180</font>) </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> Capital increase from Iconic non-controlling shareholders </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp;<font>6,996</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp;<font>6,996</font> </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> Approval of additional dividends by the Shareholders&#8217; Meeting </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font style="border-left: none; border-right: none;">25</font>.h </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>109,355</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>109,355</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font style="border-left: none; border-right: none;"><font>109,355</font></font>) </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font><font style="font-family: 'Times New Roman'; font-size: 7pt;" class="selected"> Allocation of net income: </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> Legal reserve </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font style="border-left: none; border-right: none;">25</font>.f; <font style="border-left: none; border-right: none;">25</font>.h </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp;<font>18,676</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>18,676</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> Interim dividends (R$ <font style="border-left: none; border-right: none;"><font>0.20</font></font> per share of the Company) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font style="border-left: none; border-right: none;">25</font>.h </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>217,382</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>217,382</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>217,382</font>) </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> Proposed dividends (R$ <font style="border-left: none; border-right: none;"><font>0.24</font></font> per share of the Company) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font style="border-left: none; border-right: none;">25</font>.h </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>124,002</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>137,468</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp;<font>261,470</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> Balance as of December 31, 2019 </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp;<font>5,171,752</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp;<font>11,970</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp;<font>542,400</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> (<font>485,383</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp;<font>4,522</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp;<font>705,341</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp;<font>3,290,073</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> (<font>146,317</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp;<font>102,427</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> -&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp;<font>261,470</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp;<font>9,458,255</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp;<font>376,920</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp;<font>9,835,175</font> </font></p>
</td>
</tr>

</table>
</div>
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin: 0px; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The accompanying notes are an integral part of the <font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">consolidated&nbsp;</font>financial </font><font style="font-family: 'Times New Roman';">statements</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin: 0px; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-10</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<a href="#TOC"></a>
<p><br></p>
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Consolidated&nbsp;</font>Statements of Changes in Equity</font></p>
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">For the </font><font style="font-family: 'Times New Roman'; font-weight: bold;">years</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> ended </font><font style="font-family: 'Times New Roman'; font-weight: bold;">December</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> 3</font><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>1</font></font><font style="font-family: 'Times New Roman'; font-weight: bold;">, <font>2020</font></font><font style="font-family: 'Times New Roman'; font-weight: bold;">,</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font></font><font style="font-family: 'Times New Roman'; font-weight: bold;"> and <font>2018</font></font></font></p>
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, except <font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">dividends</font> per share)</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin: 0px; height: 230px; text-indent: 0px;" width="100%">

<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 25.0204%;">
<p style="margin-top: 2pt; margin-bottom: 1.1pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 5.0695%;">
<p style="margin-top: 2pt; margin-bottom: 1.1pt; text-align: justify; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 1.06296%; height: 10px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%;">
<p style="margin-top: 2pt; margin-bottom: 1.1pt; text-align: justify; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px; width: 1.06296%;">
<p style="margin-top: 2pt; margin-bottom: 1.1pt; text-align: justify; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px; width: 4.00654%;">
<p style="margin-top: 2pt; margin-bottom: 1.1pt; text-align: justify; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.06296%;">
<p style="margin-top: 2pt; margin-bottom: 1.1pt; text-align: justify; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%;">
<p style="margin-top: 2pt; margin-bottom: 1.1pt; text-align: justify; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px; width: 0.765111%;">
<p style="margin-top: 2pt; margin-bottom: 1.1pt; text-align: right; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; width: 0.765111%; height: 10px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.53928%;">
<p style="margin-top: 2pt; margin-bottom: 1.1pt; text-align: right; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; width: 0.53148%; height: 10px;"><br></td>
<td style="vertical-align: top; height: 10px; padding: 0px; width: 0.53148%;">
<p style="margin-top: 2pt; margin-bottom: 1.1pt; text-align: justify; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%;">
<p style="margin-top: 2pt; margin-bottom: 1.1pt; text-align: justify; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.53148%; height: 10px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.53148%;">
<p style="margin-top: 2pt; margin-bottom: 1.1pt; text-align: justify; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 10px; padding: 0px; width: 8.8907%;" colspan="3">
<p style="margin-top: 2pt; margin-bottom: 1.1pt; text-align: center; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> Profit reserve</font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.978793%; height: 10px;"><br></td>
<td style="vertical-align: bottom; padding: 0px; width: 1.79445%; height: 10px;"><br></td>
<td colspan="4" style="vertical-align: bottom; height: 10px; padding: 0px; width: 7.43084%;">
<p style="margin-top: 12pt; margin-bottom: 1.1pt; text-align: center; page-break-after: avoid; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.981194%;">
<p style="margin-top: 2pt; margin-bottom: 1.1pt; text-align: justify; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; height: 10px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00129%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%;">
<p style="margin-top: 2pt; margin-bottom: 1.1pt; text-align: justify; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="8" style="vertical-align: middle; height: 10px; padding: 0px; width: 22.8966%; border-bottom: 1pt solid #000000;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> Shareholders&#8217; equity attributable to: </font><br></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.449714%; height: 10px;"><br></td>
<td style="vertical-align: bottom; padding: 0px; width: 0.449714%; height: 10px;"><br></td>
<td style="vertical-align: bottom; padding: 0px; width: 2.24857%; height: 10px;"><br></td>
<td style="vertical-align: bottom; padding: 0px; width: 2.24857%; height: 10px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 25.0204%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 5.0695%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 6.5pt;"><font><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> Note </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 1.06296%; height: 10px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> Share capital </font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px; width: 1.06296%;">
<p style="margin-top: 12pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> Equity instrument granted </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.06296%;">
<p style="margin-top: 12pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> Capital reserve </font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px; width: 0.765111%;">
<p style="margin-top: 12pt; margin-bottom: 0pt; text-align: right; page-break-after: avoid; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; width: 0.765111%; height: 10px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.53928%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> Treasury shares </font></p>
</td>
<td style="vertical-align: top; padding: 0px; width: 0.53148%; height: 10px;"><br></td>
<td style="vertical-align: top; height: 10px; padding: 0px; width: 0.53148%;">
<p style="margin-top: 12pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> Revaluation reserve on subsidiaries </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.53148%; height: 10px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.53148%;">
<p style="margin-top: 12pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.99674%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> Legal reserve </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.978793%;">
<p style="margin-top: 12pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.91517%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> Investments statutory reserve </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.978793%;">
<p style="margin-top: 12pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.31932%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> Valuation adjustments </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%;">
<p style="margin-top: 12pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; height: 10px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> Cumulative translation adjustments </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.981194%;">
<p style="margin-top: 12pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> Retained earnings </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; height: 10px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%;">
<p style="margin-top: 12pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> Additional dividends to the minimum mandatory dividends </font></p>
</td>
<td colspan="3" style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.72013%;">
<p style="margin-top: 12pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.88967%; height: 10px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.19863%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> Shareholders of the Company </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; height: 10px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%;">
<p style="margin-top: 12pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="3" style="vertical-align: bottom; height: 10px; padding: 0px; width: 17.6741%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> Non-controlling interests in subsidiaries </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.449714%; height: 10px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.449714%;">
<p style="margin-top: 12pt; margin-bottom: 0pt; text-align: center; page-break-after: avoid; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 2.24857%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> Consolidated shareholders&#8217; equity </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 2.24857%; height: 10px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 25.0204%; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> Balance as of December 31, 2017 </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 5.0695%; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 1.06296%; height: 10px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> <font>5,171,752</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.06296%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> <font>536</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.06296%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> <font>549,778</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.765111%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.765111%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.53928%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> (<font>482,260</font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.53148%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 7pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.53148%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> <font>4,930</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.53148%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.53148%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.99674%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> <font>629,144</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.978793%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.91517%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> <font>3,000,707</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.978793%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.31932%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> <font>154,824</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> <font>53,061</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.981194%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> <font>163,742</font> </font></p>
</td>
<td colspan="3" style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.72013%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.88967%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.19863%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> <font>9,246,214</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="3" style="vertical-align: bottom; height: 10px; padding: 0px; width: 17.6741%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> <font>377,824</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.449714%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.449714%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 2.24857%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> <font>9,624,038</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 2.24857%; background-color: #cceeff; height: 10px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 25.0204%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> Net income for the year </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 5.0695%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 1.06296%; height: 10px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.06296%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.06296%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.765111%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.765111%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.53928%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.53148%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.53148%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.53148%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.53148%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.99674%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.978793%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.91517%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.978793%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.31932%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.981194%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font>1,150,421</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td colspan="3" style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.72013%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.88967%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.19863%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font>1,150,421</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="3" style="vertical-align: bottom; height: 10px; padding: 0px; width: 17.6741%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>18,101</font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.449714%; height: 10px; margin: 0px; text-indent: 0px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 7pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.449714%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 2.24857%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font>1,132,320</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 2.24857%; height: 10px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 25.0204%; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 6.5pt;"><font><font style="font-family: 'Times New Roman'; font-size: 7pt;"> Other comprehensive income: </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 5.0695%; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 1.06296%; height: 10px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.06296%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.06296%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.765111%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.765111%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.53928%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.53148%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.53148%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.53148%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.53148%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.99674%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.978793%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.91517%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.978793%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.31932%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.981194%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="3" style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.72013%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.88967%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.19863%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="3" style="vertical-align: bottom; height: 10px; padding: 0px; width: 17.6741%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.449714%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.449714%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 2.24857%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 2.24857%; background-color: #cceeff; height: 10px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 25.0204%;">
<p style="margin-top: 2pt; margin-left: 14.4pt; margin-bottom: 0pt; text-indent: -7.1pt; text-align: justify; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> Fair value adjustments of financial assets </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 5.0695%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font style="border-left: none; border-right: none;">25</font>.g<font style="border-left: none; border-right: none;">.1</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 1.06296%; height: 10px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.06296%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.06296%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.765111%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.765111%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.53928%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.53148%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.53148%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.53148%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.53148%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.99674%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.978793%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.91517%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.978793%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.31932%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>216,245</font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font>&nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.981194%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td colspan="3" style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.72013%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.88967%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.19863%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>216,245</font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; height: 10px; margin: 0px; text-indent: 0px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 7pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="3" style="vertical-align: bottom; height: 10px; padding: 0px; width: 17.6741%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>21</font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.449714%; height: 10px; margin: 0px; text-indent: 0px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 7pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.449714%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 2.24857%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>216,266</font>) </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 2.24857%; height: 10px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 25.0204%; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-left: 14.4pt; margin-bottom: 0pt; text-indent: -7.1pt; text-align: justify; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> Actuarial losses of post-employment benefits, net of income taxes </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 5.0695%; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font style="border-left: none; border-right: none;">25</font>.g<font style="border-left: none; border-right: none;">.1</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 1.06296%; height: 10px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.06296%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.06296%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.765111%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.765111%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.53928%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.53148%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.53148%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.53148%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.53148%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.99674%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.978793%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.91517%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.978793%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.31932%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>2,568</font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font>&nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.981194%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td colspan="3" style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.72013%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.88967%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.19863%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>2,568</font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 7pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="3" style="vertical-align: bottom; height: 10px; padding: 0px; width: 17.6741%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>4,089</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.449714%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><font style="font-size: 7pt;">)</font></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.449714%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 2.24857%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>6,657</font>) </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 2.24857%; background-color: #cceeff; height: 10px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 25.0204%;">
<p style="margin-top: 2pt; margin-left: 14.4pt; margin-bottom: 0pt; text-indent: -7.1pt; text-align: justify; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> Currency translation of foreign subsidiaries, including the effect of net investments hedge </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 5.0695%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font style="border-left: none; border-right: none;">25</font>.g<font style="border-left: none; border-right: none;">.2</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 1.06296%; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.06296%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.06296%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.765111%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.765111%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 10px; padding: 0px; width: 3.53928%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.53148%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.53148%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.53148%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.53148%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 10px; padding: 0px; width: 3.99674%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.978793%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 10px; padding: 0px; width: 3.91517%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.978793%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="2" style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 10px; padding: 0px; width: 4.31932%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font>12,796</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.981194%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td colspan="3" style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.72013%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; padding: 0px; width: 0.88967%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 10px; padding: 0px; width: 3.19863%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font>12,796</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="3" style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 10px; padding: 0px; width: 17.6741%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.449714%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.449714%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 10px; padding: 0px; width: 2.24857%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font>12,796</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; padding: 0px; width: 2.24857%; height: 10px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 25.0204%; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> Total comprehensive income for the year </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 5.0695%; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 1.06296%; height: 10px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.06296%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.06296%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.765111%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.765111%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.53928%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.53148%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.53148%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.53148%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.53148%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.99674%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.978793%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.91517%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.978793%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.31932%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>218,813</font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font>&nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font>12,796</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.981194%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font>1,150,421</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td colspan="3" style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.72013%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.88967%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.19863%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font>944,404</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="3" style="vertical-align: bottom; height: 10px; padding: 0px; width: 17.6741%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>22,211</font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.449714%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 7pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.449714%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 2.24857%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font>922,193</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 2.24857%; background-color: #cceeff; height: 10px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 25.0204%;">
<p style="margin-top: 2pt; margin-left: 7.3pt; margin-bottom: 0pt; text-indent: -7.3pt; text-align: justify; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> Equity instrument granted </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 5.0695%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font style="border-left: none; border-right: none;">25</font>.b </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 1.06296%; height: 10px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.06296%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font>3,773</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.06296%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.765111%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.765111%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.53928%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.53148%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.53148%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.53148%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.53148%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.99674%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.978793%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.91517%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.978793%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.31932%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.981194%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td colspan="3" style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.72013%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.88967%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.19863%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font>3,773</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="3" style="vertical-align: bottom; height: 10px; padding: 0px; width: 17.6741%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.449714%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.449714%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 2.24857%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font>3,773</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 2.24857%; height: 10px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 25.0204%; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-left: 7.3pt; margin-bottom: 0pt; text-indent: -7.3pt; text-align: justify; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> Stock plan </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 5.0695%; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font style="border-left: none; border-right: none;">8</font>.c; <font style="border-left: none; border-right: none;">25</font>.c </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 1.06296%; height: 10px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.06296%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.06296%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 6.5pt; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>7,378</font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.765111%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: left;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font>&nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.765111%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.53928%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>3,123</font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.53148%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 7pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.53148%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.53148%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.53148%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.99674%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.978793%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.91517%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.978793%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.31932%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.981194%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td colspan="3" style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.72013%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.88967%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.19863%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>10,501</font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 7pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="3" style="vertical-align: bottom; height: 10px; padding: 0px; width: 17.6741%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.449714%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.449714%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 2.24857%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>10,501</font>) </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 2.24857%; background-color: #cceeff; height: 10px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 25.0204%;">
<p style="margin-top: 2pt; margin-left: 7.3pt; margin-bottom: 0pt; text-indent: -7.3pt; text-align: justify; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> Realization of revaluation reserve of subsidiaries&nbsp;</font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 5.0695%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font style="border-left: none; border-right: none;">25</font>.e </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 1.06296%; height: 10px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.06296%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.06296%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.765111%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.765111%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.53928%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.53148%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.53148%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>218</font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.53148%; height: 10px; margin: 0px; text-indent: 0px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 7pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.53148%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.99674%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.978793%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.91517%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.978793%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.31932%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.981194%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font>218</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td colspan="3" style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.72013%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.88967%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.19863%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="3" style="vertical-align: bottom; height: 10px; padding: 0px; width: 17.6741%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.449714%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.449714%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 2.24857%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 2.24857%; height: 10px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 25.0204%; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-left: 7.3pt; margin-bottom: 0pt; text-indent: -7.3pt; text-align: justify; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> Income and social contribution taxes on realization of revaluation reserve of subsidiaries </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 5.0695%; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font style="border-left: none; border-right: none;">25</font>.e </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 1.06296%; height: 10px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.06296%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.06296%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.765111%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.765111%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.53928%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.53148%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.53148%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.53148%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.53148%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.99674%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.978793%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.91517%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.978793%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.31932%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.981194%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>3</font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 7pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td colspan="3" style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.72013%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.88967%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.19863%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>3</font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 7pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="3" style="vertical-align: bottom; height: 10px; padding: 0px; width: 17.6741%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.449714%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.449714%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 2.24857%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>3</font>) </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 2.24857%; background-color: #cceeff; height: 10px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 25.0204%;">
<p style="margin-top: 2pt; margin-left: 7.3pt; margin-bottom: 0pt; text-indent: -7.3pt; text-align: justify; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> Expired dividends </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 5.0695%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 1.06296%; height: 10px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.06296%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.06296%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.765111%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.765111%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.53928%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.53148%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.53148%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.53148%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.53148%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.99674%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.978793%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.91517%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.978793%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.31932%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.981194%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font>3,170</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td colspan="3" style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.72013%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.88967%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.19863%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font>3,170</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="3" style="vertical-align: bottom; height: 10px; padding: 0px; width: 17.6741%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.449714%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.449714%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 2.24857%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font>3,170</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 2.24857%; height: 10px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 25.0204%; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-left: 7.3pt; margin-bottom: 0pt; text-indent: -7.3pt; text-align: justify; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> Transfer to investments reserve </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 5.0695%; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 1.06296%; height: 10px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.06296%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.06296%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.765111%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.765111%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.53928%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.53148%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.53148%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.53148%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.53148%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.99674%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.978793%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.91517%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font>3,385</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.978793%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.31932%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.981194%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>3,385</font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 7pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td colspan="3" style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.72013%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.88967%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.19863%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="3" style="vertical-align: bottom; height: 10px; padding: 0px; width: 17.6741%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.449714%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.449714%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 2.24857%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 2.24857%; background-color: #cceeff; height: 10px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 25.0204%;">
<p style="margin-top: 2pt; margin-left: 7.3pt; margin-bottom: 0pt; text-indent: -7.3pt; text-align: justify; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> Additional dividends attributable to non-controlling interests </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 5.0695%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 1.06296%; height: 10px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.06296%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.06296%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.765111%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.765111%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.53928%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.53148%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.53148%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.53148%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.53148%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.99674%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.978793%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.91517%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.978793%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.31932%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.981194%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td colspan="3" style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.72013%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.88967%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.19863%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="3" style="vertical-align: bottom; height: 10px; padding: 0px; width: 17.6741%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>3,689</font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.449714%; height: 10px; margin: 0px; text-indent: 0px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 7pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.449714%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 2.24857%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>3,689</font>) </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 2.24857%; height: 10px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 25.0204%; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-left: 7.3pt; margin-bottom: 0pt; text-indent: -7.3pt; text-align: justify; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> Approval of additional dividends by the&nbsp;Shareholders&#8217; Meeting </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 5.0695%; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font style="border-left: none; border-right: none;">25</font>.h </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 1.06296%; height: 10px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.06296%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.06296%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.765111%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.765111%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.53928%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.53148%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.53148%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.53148%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.53148%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.99674%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.978793%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.91517%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.978793%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.31932%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.981194%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>163,742</font></font></p>
</td>
<td colspan="3" style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.72013%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: left;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.88967%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.19863%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>163,742</font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 7pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="3" style="vertical-align: bottom; height: 10px; padding: 0px; width: 17.6741%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.449714%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.449714%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 2.24857%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>163,742</font>) </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 2.24857%; background-color: #cceeff; height: 10px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 25.0204%;">
<p style="margin-top: 2pt; margin-left: 7.3pt; margin-bottom: 0pt; text-indent: -7.3pt; text-align: justify; font-size: 6.5pt;"><font><font style="font-family: 'Times New Roman'; font-size: 7pt;"> Allocation of net income: </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 5.0695%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 1.06296%; height: 10px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.06296%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.06296%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.765111%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.765111%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.53928%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.53148%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.53148%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.53148%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.53148%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.99674%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.978793%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.91517%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.978793%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.31932%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.981194%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="3" style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.72013%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.88967%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.19863%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="3" style="vertical-align: bottom; height: 10px; padding: 0px; width: 17.6741%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.449714%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.449714%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 2.24857%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 2.24857%; height: 10px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 25.0204%; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-left: 7.3pt; margin-bottom: 0pt; text-indent: -7.3pt; text-align: justify; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> Legal reserve </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 5.0695%; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font style="border-left: none; border-right: none;">25</font>.f; <font style="border-left: none; border-right: none;">25</font>.h </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 1.06296%; height: 10px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.06296%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.06296%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.765111%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.765111%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.53928%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.53148%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.53148%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.53148%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.53148%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.99674%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font>57,521</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.978793%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.91517%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.978793%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.31932%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.981194%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>57,521</font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 7pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td colspan="3" style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.72013%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.88967%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.19863%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="3" style="vertical-align: bottom; height: 10px; padding: 0px; width: 17.6741%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.449714%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.449714%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 2.24857%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 2.24857%; background-color: #cceeff; height: 10px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 25.0204%;">
<p style="margin-top: 2pt; margin-left: 7.3pt; margin-bottom: 0pt; text-indent: -7.3pt; text-align: justify; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> Interim dividends (R$ <font>0.56</font> per share of the Company) </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 5.0695%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font style="border-left: none; border-right: none;">25</font>.h </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 1.06296%; height: 10px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.06296%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.06296%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.765111%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.765111%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.53928%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.53148%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.53148%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.53148%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.53148%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.99674%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.978793%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.91517%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.978793%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.31932%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.981194%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>304,241</font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; height: 10px; margin: 0px; text-indent: 0px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 7pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td colspan="3" style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.72013%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.88967%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.19863%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>304,241</font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; height: 10px; margin: 0px; text-indent: 0px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 7pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="3" style="vertical-align: bottom; height: 10px; padding: 0px; width: 17.6741%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.449714%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.449714%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 2.24857%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font style="border-left: none; border-right: none;"><font>304,241</font></font>) </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 2.24857%; height: 10px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 25.0204%; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-left: 7.3pt; margin-bottom: 0pt; text-indent: -7.3pt; text-align: justify; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> Proposed dividends (R$ <font>0.70</font> per share of the Company) </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 5.0695%; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font style="border-left: none; border-right: none;">25</font>.h </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 1.06296%; height: 10px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.06296%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.06296%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.765111%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.765111%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.53928%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.53148%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.53148%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.53148%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.53148%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.99674%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.978793%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.91517%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.978793%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.31932%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.981194%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>380,324</font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 7pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font>109,355</font> </font></p>
</td>
<td colspan="3" style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.72013%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.88967%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.19863%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>270,969</font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 7pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="3" style="vertical-align: bottom; height: 10px; padding: 0px; width: 17.6741%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.449714%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.449714%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 2.24857%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>270,969</font>) </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 2.24857%; background-color: #cceeff; height: 10px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 25.0204%;">
<p style="margin-top: 2pt; margin-left: 7.3pt; margin-bottom: 0pt; text-indent: -7.3pt; text-align: justify; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> Statutory reserve </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 5.0695%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font style="border-left: none; border-right: none;">25</font>.f; <font style="border-left: none; border-right: none;">25</font>.h </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 1.06296%; height: 10px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.06296%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.06296%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.765111%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.765111%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.53928%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.53148%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.53148%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.53148%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.53148%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.99674%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.978793%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.91517%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> <font>408,335</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.978793%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.31932%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.981194%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> (<font>408,335</font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; height: 10px; margin: 0px; text-indent: 0px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 7pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td colspan="3" style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.72013%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.88967%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.19863%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="3" style="vertical-align: bottom; height: 10px; padding: 0px; width: 17.6741%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.449714%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.449714%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 2.24857%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 2.24857%; height: 10px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 25.0204%; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> Balance as of December 30, 2018 </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 5.0695%; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 6.5pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 1.06296%; height: 10px; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; background-color: #cceeff; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> <font>5,171,752</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.06296%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; background-color: #cceeff; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> <font>4,309</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 1.06296%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; background-color: #cceeff; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> <font>542,400</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.765111%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.765111%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.53928%; background-color: #cceeff; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> (<font>485,383</font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.53148%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 7pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.53148%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.00654%; background-color: #cceeff; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> <font>4,712</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.53148%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.53148%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.99674%; background-color: #cceeff; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> <font>686,665</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.978793%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.91517%; background-color: #cceeff; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> <font>3,412,427</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.978793%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="2" style="vertical-align: bottom; height: 10px; padding: 0px; width: 4.31932%; background-color: #cceeff; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> (<font>63,989</font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; background-color: #cceeff; margin: 0px; text-indent: 0px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 7pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; background-color: #cceeff; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> <font>65,857</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.981194%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; background-color: #cceeff; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"><font style="border-left: none; border-right: none;"> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.92478%; background-color: #cceeff; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> <font>109,355</font> </font></p>
</td>
<td colspan="3" style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.72013%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.88967%; background-color: #cceeff; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 3.19863%; background-color: #cceeff; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> <font>9,448,105</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.490597%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.490597%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td colspan="3" style="vertical-align: bottom; height: 10px; padding: 0px; width: 17.6741%; background-color: #cceeff; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> <font>351,924</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.449714%; background-color: #cceeff; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 0.449714%; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 2.24857%; background-color: #cceeff; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 6.5pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 7pt;"> <font>9,800,029</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 2.24857%; background-color: #cceeff; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; height: 10px;"><br></td>
</tr>

</table>
</div>
<p style="margin: 0px; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin: 0px; text-align: justify; font-size: 8pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The accompanying notes are an integral part of the <font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">consolidated&nbsp;</font></font><font style="font-family: 'Times New Roman';">financial statements</font><font style="font-family: 'Times New Roman';">.&nbsp;&nbsp;</font></font></p>
<p style="margin: 0px; text-align: justify; font-size: 8pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin: 0px; text-align: justify; font-size: 8pt; text-indent: 0px;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-11</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p><br></p>
<p style="margin-top: 3pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><br></p>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>
<div style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none;" href="#" name="B878_5ED0GFMC0000000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Consolidated&nbsp;</font>Statements of Cash Flows &#8211; Indirect Method</font></a></div>
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">For the </font><font style="font-family: 'Times New Roman'; font-weight: bold;">years</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> ended </font><font style="font-family: 'Times New Roman'; font-weight: bold;">December</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> 3</font><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>1</font></font><font style="font-family: 'Times New Roman'; font-weight: bold;">, <font>2020</font></font><font style="font-family: 'Times New Roman'; font-weight: bold;">,</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font>2019</font></font><font style="font-family: 'Times New Roman'; font-weight: bold;"> and <font>2018</font></font></font></p>
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 693px; width: 99.9179%;" width="100%">

<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.933%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Note </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.4556%;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2020</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.01892%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.01892%;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2019</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 0.873362%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.873362%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>2018</font> </font></p>
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<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 1.4556%;"><br></td>
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<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 57.933%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Cash flows from operating activities </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.4556%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff; width: 1.01892%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; background-color: #cceeff; width: 1.01892%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; background-color: #cceeff; width: 0.873362%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 17px; background-color: #cceeff; width: 0.873362%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; background-color: #cceeff; width: 1.4556%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.933%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Net income for the year </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 1.4556%; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>927,697</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01892%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.01892%; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>402,944</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.873362%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; width: 0.873362%; padding: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; height: 17px; width: 8.87918%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,132,320</font> </font></p>
</td>
<td style="vertical-align: bottom; width: 1.4556%; padding: 0px; height: 17px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 57.933%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Adjustments to reconcile net income to cash provided by operating activities </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.4556%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.01892%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.01892%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px; background-color: #cceeff; width: 0.873362%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 10px; background-color: #cceeff; width: 0.873362%;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 10px; background-color: #cceeff; width: 1.4556%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.933%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Share of loss (profit) of joint ventures and associates </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">12</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.4556%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>43,617</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01892%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01892%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>12,145</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 0.873362%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.873362%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>14,779</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 1.4556%;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 57.933%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Amortization of contractual assets with customers &#8211; exclusive rights </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">11</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.4556%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>289,436</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.01892%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.01892%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>355,250</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px; background-color: #cceeff; width: 0.873362%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 10px; background-color: #cceeff; width: 0.873362%;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>371,825</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 10px; background-color: #cceeff; width: 1.4556%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.933%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Amortization of right-of-use assets </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">13</font>.a </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.4556%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>328,322</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01892%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01892%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>300,058</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 0.873362%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.873362%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 1.4556%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 57.933%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Depreciation and amortization </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">14</font>; <font style="border-left: none; border-right: none;">15</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.4556%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>938,841</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.01892%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.01892%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>844,647</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; background-color: #cceeff; width: 0.873362%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 17px; background-color: #cceeff; width: 0.873362%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>812,489</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; background-color: #cceeff; width: 1.4556%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.933%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> PIS and COFINS credits on depreciation </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">14</font>; <font style="border-left: none; border-right: none;">15</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.4556%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>15,683</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01892%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01892%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>14,918</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 0.873362%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.873362%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>15,721</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 1.4556%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 57.933%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Interest and foreign exchange rate variations </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.4556%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>904,937</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.01892%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.01892%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,248,741</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; background-color: #cceeff; width: 0.873362%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 17px; background-color: #cceeff; width: 0.873362%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,026,515</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; background-color: #cceeff; width: 1.4556%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.933%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Deferred income and social contribution taxes </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">9</font>.b </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.4556%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>87,939</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01892%;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01892%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>97,465</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 0.873362%;">)</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.873362%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>162,417</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 1.4556%;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 57.933%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (Loss) Gain on disposal of property, plant, and equipment and intangibles </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">28</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.4556%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>76,150</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.01892%;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.01892%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>30,019</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px; background-color: #cceeff; width: 0.873362%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 10px; background-color: #cceeff; width: 0.873362%;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>22,088</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 10px; background-color: #cceeff; width: 1.4556%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.933%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Impairment </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">15</font>.a; <font style="border-left: none; border-right: none;">28</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.4556%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01892%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01892%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>593,280</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 0.873362%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.873362%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 1.4556%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 57.933%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Expected losses on doubtful accounts </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">5</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.4556%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>13,947</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.01892%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.01892%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>30,003</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; background-color: #cceeff; width: 0.873362%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 17px; background-color: #cceeff; width: 0.873362%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>69,250</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; background-color: #cceeff; width: 1.4556%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.933%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Provision for losses in inventories </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">6</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.4556%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>269</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01892%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01892%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>816</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 0.873362%;">)</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.873362%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,498</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 1.4556%;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 57.933%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Provision for post-employment benefits </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">20</font>.b </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.4556%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>22,950</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.01892%;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.01892%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,682</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; background-color: #cceeff; width: 0.873362%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 17px; background-color: #cceeff; width: 0.873362%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,854</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; background-color: #cceeff; width: 1.4556%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.933%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Equity instrument granted </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">8</font>.c </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.4556%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,434</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01892%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01892%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,661</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 0.873362%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.873362%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,773</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 1.4556%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 57.933%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;" class="selected"> Provision of decarbonization - CBIO </font></font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">15</font>; <font style="border-left: none; border-right: none;">29</font> </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.4556%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>124,287</font> </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.01892%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.01892%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; background-color: #cceeff; width: 0.873362%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 17px; background-color: #cceeff; width: 0.873362%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; background-color: #cceeff; width: 1.4556%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.933%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;" class="selected"> Provision for tax, civil, and labor risks </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">22</font>.a; <font style="border-left: none; border-right: none;">22</font>.c </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.4556%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>18,817</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01892%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01892%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,604</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 0.873362%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.873362%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>48,828</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 1.4556%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 57.933%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other provisions and adjustments </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.4556%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>795</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.01892%;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.01892%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,364</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; background-color: #cceeff; width: 0.873362%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 17px; background-color: #cceeff; width: 0.873362%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>3,908</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; background-color: #cceeff; width: 1.4556%;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.933%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.4556%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,428,453</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01892%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01892%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,761,035</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 0.873362%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.873362%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-size: 10pt;"> <font>3,679,453</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 1.4556%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 57.933%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (Increase) decrease in current assets </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.4556%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.01892%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.01892%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; background-color: #cceeff; width: 0.873362%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 17px; background-color: #cceeff; width: 0.873362%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; background-color: #cceeff; width: 1.4556%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.933%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Trade receivables and reseller financing </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">5</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.4556%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>209,468</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01892%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01892%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>361,563</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 0.873362%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.873362%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>355,854</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 1.4556%;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 57.933%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Inventories </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">6</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.4556%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>125,001</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.01892%;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.01892%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>357,553</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; background-color: #cceeff; width: 0.873362%;">)</td>
<td style="vertical-align: top; padding: 0px; height: 17px; background-color: #cceeff; width: 0.873362%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>168,704</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; background-color: #cceeff; width: 1.4556%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.933%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Recoverable taxes </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">7</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.4556%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>36,748</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01892%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01892%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>550,805</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 0.873362%;">)</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.873362%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>11,467</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 1.4556%;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 57.933%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Dividends received from joint ventures </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.4556%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,836</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.01892%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.01892%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,108</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; background-color: #cceeff; width: 0.873362%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 17px; background-color: #cceeff; width: 0.873362%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>42,436</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; background-color: #cceeff; width: 1.4556%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.933%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other receivables </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.4556%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>20,191</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01892%;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01892%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>21,737</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 0.873362%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.873362%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>14,536</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 1.4556%;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 57.933%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Prepaid expenses </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">10</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.4556%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>74,622</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.01892%;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.01892%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>15,507</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; background-color: #cceeff; width: 0.873362%;">)</td>
<td style="vertical-align: top; padding: 0px; height: 17px; background-color: #cceeff; width: 0.873362%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>37,525</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; background-color: #cceeff; width: 1.4556%;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.933%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font><font><font><font style="font-family: 'Times New Roman'; font-weight: bold;"><font style="font-size: 10pt;"> Increase (decrease) in current liabilities</font> </font></font></font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.4556%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01892%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01892%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 0.873362%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.873362%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 1.4556%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 57.933%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Trade payables </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">17</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.4556%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,147,541</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.01892%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.01892%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>31,605</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; background-color: #cceeff; width: 0.873362%;">)</td>
<td style="vertical-align: top; padding: 0px; height: 17px; background-color: #cceeff; width: 0.873362%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>576,164</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; background-color: #cceeff; width: 1.4556%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.933%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Salaries and related charges </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">18</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.4556%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>62,994</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01892%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01892%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>22,556</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 0.873362%;">)</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.873362%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>40,074</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 1.4556%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 57.933%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Taxes payable </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">19</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.4556%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>16,092</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.01892%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.01892%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,917</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; background-color: #cceeff; width: 0.873362%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 17px; background-color: #cceeff; width: 0.873362%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>46,476</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; background-color: #cceeff; width: 1.4556%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.933%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Income and social contribution taxes </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.4556%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>347,224</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01892%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01892%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>250,486</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 0.873362%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.873362%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>166,527</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 1.4556%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 57.933%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Post-employment benefits </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">20</font>.b </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.4556%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,874</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.01892%;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.01892%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>16,704</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; background-color: #cceeff; width: 0.873362%;">)</td>
<td style="vertical-align: top; padding: 0px; height: 17px; background-color: #cceeff; width: 0.873362%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>15,596</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; background-color: #cceeff; width: 1.4556%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.933%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other payables </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.4556%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>307</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01892%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01892%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>66,819</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 0.873362%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.873362%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>59,237</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 1.4556%;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 57.933%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Deferred revenue </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">23</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.4556%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>9,344</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.01892%;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.01892%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,054</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; background-color: #cceeff; width: 0.873362%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 17px; background-color: #cceeff; width: 0.873362%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8,159</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; background-color: #cceeff; width: 1.4556%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.933%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;" class="selected"> (Increase) decrease in non-current assets </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.4556%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01892%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01892%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 0.873362%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.873362%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 1.4556%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 57.933%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Trade receivables and reseller financing </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">5</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.4556%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>73,036</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.01892%;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.01892%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>11,422</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; background-color: #cceeff; width: 0.873362%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 17px; background-color: #cceeff; width: 0.873362%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>99,622</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; background-color: #cceeff; width: 1.4556%;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.933%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Recoverable taxes </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">7</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.4556%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>863,706</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01892%;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01892%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>19,526</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 0.873362%;">)</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.873362%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>539,539</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 1.4556%;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 57.933%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Escrow deposits </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.4556%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>28,353</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.01892%;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.01892%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>39,936</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; background-color: #cceeff; width: 0.873362%;">)</td>
<td style="vertical-align: top; padding: 0px; height: 17px; background-color: #cceeff; width: 0.873362%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>58,757</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; background-color: #cceeff; width: 1.4556%;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.933%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other receivables </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.4556%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>27,751</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01892%;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01892%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>797</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 0.873362%;">)</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.873362%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,350</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 1.4556%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 57.933%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Prepaid expenses </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">10</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.4556%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.02475%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>14,965</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.01892%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.01892%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4,379</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; background-color: #cceeff; width: 0.873362%;">)</td>
<td style="vertical-align: top; padding: 0px; height: 17px; background-color: #cceeff; width: 0.873362%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff; width: 8.87918%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>58,735</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; background-color: #cceeff; width: 1.4556%;">)</td>
</tr>

</table>
</div>
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0px; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The accompanying notes are an integral part of the <font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">consolidated&nbsp;</font>financial </font><font style="font-family: 'Times New Roman';">statements</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"><br></font></p>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-12</font></td>
</tr>

</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin: 0px; text-align: justify; line-height: 115%; font-size: 11pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
<p style="margin: 0px; text-align: justify; line-height: 115%; font-size: 11pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Consolidated&nbsp;</font>Statements of Cash Flows &#8211; Indirect Method</font></p>
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">For the </font><font style="font-family: 'Times New Roman'; font-weight: bold;">years</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> ended </font><font style="font-family: 'Times New Roman'; font-weight: bold;">December</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> 3</font><font style="font-family: 'Times New Roman'; font-weight: bold;"><font style="border-left: none; border-right: none;">1</font></font><font style="font-family: 'Times New Roman'; font-weight: bold;">, <font style="border-left: none; border-right: none;">2020</font></font><font style="font-family: 'Times New Roman'; font-weight: bold;">,</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2019</font></font><font style="font-family: 'Times New Roman'; font-weight: bold;"> and <font style="border-left: none; border-right: none;">2018</font></font></font></p>
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais)</font></p>
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><br></font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100.019%; height: 674px;" width="100%">

<tr style="height: 14px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 14px; width: 57.9809%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; width: 9.00409%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 14px; width: 1.36426%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; width: 9.00409%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; width: 0.95498%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; width: 0.95498%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 14px; width: 8.86767%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="vertical-align: top; height: 14px; padding: 0px; width: 1.36426%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 14px; width: 0.95498%;"><br></td>
<td style="vertical-align: bottom; height: 14px; padding: 0px; width: 8.86767%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;"> <font style="border-left: none; border-right: none;">2018</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 14px; width: 0.95498%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.9809%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Increase (decrease) in non-current liabilities </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.00409%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.36426%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.00409%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.86767%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 1.36426%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.95498%; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.86767%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 0.95498%; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.9809%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Post-employment benefits </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.00409%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">20</font>.b </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.36426%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.00409%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>12,072</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.95498%; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.86767%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>15,415</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.36426%; padding: 0px;">)</td>
<td style="vertical-align: top; width: 0.95498%; padding: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; height: 17px; width: 8.86767%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>8,457</font> </font></p>
</td>
<td style="vertical-align: bottom; width: 0.95498%; padding: 0px; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.9809%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other payables </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.00409%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.36426%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.00409%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>49,282</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.86767%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>27,698</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 1.36426%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.95498%; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.86767%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4,397</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 0.95498%; background-color: #cceeff;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.9809%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Deferred revenue </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.00409%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">23</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.36426%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.00409%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.86767%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>11,850</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 1.36426%;">)</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.95498%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.86767%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,046</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 0.95498%;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.9809%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Acquisition of CBIO </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.00409%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">15</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.36426%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.00409%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>125,345</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.86767%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 1.36426%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.95498%; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.86767%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 0.95498%; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.9809%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Payments of contractual assets with customers &#8211; exclusive rights </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.00409%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">11</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.36426%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.00409%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>356,045</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.86767%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>330,068</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 1.36426%;">)</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.95498%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.86767%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>390,177</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 0.95498%;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.9809%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Payments of contingencies </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.00409%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">22</font>.a </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.36426%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.00409%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>45,367</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.86767%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>25,080</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 1.36426%; background-color: #cceeff;">)</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.95498%; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.86767%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>23,745</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 0.95498%; background-color: #cceeff;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.9809%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Income and social contribution taxes paid </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.00409%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.36426%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; width: 9.00409%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>342,664</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; width: 8.86767%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>141,206</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 1.36426%;">)</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.95498%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; padding: 0px; width: 8.86767%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>197,886</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 0.95498%;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.9809%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Net cash provided by operating activities </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.00409%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.36426%; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; width: 9.00409%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,138,119</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; width: 8.86767%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,924,852</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 1.36426%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.95498%; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; padding: 0px; width: 8.86767%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,888,959</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 0.95498%; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.9809%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Cash flows from investing activities </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.00409%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.36426%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.00409%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.86767%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 1.36426%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.95498%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.86767%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 0.95498%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.9809%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Financial investments, net of redemptions </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.00409%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">4</font>.b </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.36426%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.00409%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,116,774</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.86767%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>555,378</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 1.36426%; background-color: #cceeff;">)</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.95498%; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.86767%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,669,937</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 0.95498%; background-color: #cceeff;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.9809%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Cash of companies acquired </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.00409%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">3</font>.c </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.36426%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.00409%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.86767%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 1.36426%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.95498%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.86767%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,662</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 0.95498%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.9809%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Acquisition of property, plant, and equipment </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.00409%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">14</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.36426%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.00409%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>965,747</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.86767%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,020,042</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 1.36426%; background-color: #cceeff;">)</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.95498%; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.86767%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,178,312</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 0.95498%; background-color: #cceeff;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.9809%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Acquisition of intangible assets </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.00409%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">15</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.36426%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.00409%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>185,067</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.86767%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>151,997</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 1.36426%;">)</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.95498%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.86767%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>237,593</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 0.95498%;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.9809%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Acquisition of companies </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.00409%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">3</font>.c </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.36426%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.00409%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.86767%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 1.36426%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.95498%; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.86767%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>103,373</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 0.95498%; background-color: #cceeff;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.9809%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Capital increase in joint ventures </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.00409%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">12</font>.b </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.36426%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.00409%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>28,840</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.86767%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>79,124</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 1.36426%;">)</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.95498%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.86767%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>31,908</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 0.95498%;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.9809%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Capital reduction in associates </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.00409%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">12</font>.b </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.36426%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.00409%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.86767%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 1.36426%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.95498%; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.86767%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,250</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 0.95498%; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.9809%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Initial direct costs of right-of-use assets </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.00409%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">13</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.36426%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.00409%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.86767%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>68,007</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 1.36426%;">)</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.95498%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.86767%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 0.95498%;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 57.9809%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Proceeds from disposal of property, plant, and equipment and intangibles </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 9.00409%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">28</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.36426%; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; width: 9.00409%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>160,023</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.95498%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.95498%; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; width: 8.86767%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>39,287</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px; width: 1.36426%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 10px; width: 0.95498%; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 10px; padding: 0px; width: 8.86767%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>38,578</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 10px; width: 0.95498%; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.9809%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Net cash used in investing activities </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.00409%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.36426%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; width: 9.00409%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,136,405</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; width: 8.86767%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,835,261</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 1.36426%;">)</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.95498%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; padding: 0px; width: 8.86767%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>3,177,633</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 0.95498%;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.9809%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Cash flows from financing activities </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.00409%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.36426%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.00409%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.86767%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 1.36426%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.95498%; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.86767%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 0.95498%; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.9809%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Loans and debentures </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.00409%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.36426%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.00409%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.86767%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 1.36426%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.95498%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.86767%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 0.95498%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.9809%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 20pt; margin-bottom: 0pt; text-indent: 0.75pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Proceeds </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.00409%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">16</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.36426%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.00409%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,591,624</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.86767%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,105,737</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 1.36426%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.95498%; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.86767%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,461,112</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 0.95498%; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.9809%;">
<p style="margin-top: 0pt; margin-left: 20pt; margin-bottom: 0pt; text-indent: 0.75pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Repayments </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.00409%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">16</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.36426%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.00409%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,795,002</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.86767%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,644,704</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 1.36426%;">)</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.95498%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.86767%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>3,710,718</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 0.95498%;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.9809%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 20pt; margin-bottom: 0pt; text-indent: 0.75pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Interest paid </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.00409%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">16</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.36426%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.00409%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>740,853</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.86767%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,469,780</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 1.36426%; background-color: #cceeff;">)</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.95498%; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.86767%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>737,564</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 0.95498%; background-color: #cceeff;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.9809%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Payments of lease </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.00409%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">13</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.36426%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.00409%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>360,787</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.86767%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>321,716</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 1.36426%;">)</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.95498%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.86767%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>5,120</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 0.95498%;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.9809%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Dividends paid </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.00409%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">25</font>.h </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.36426%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.00409%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>284,767</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.86767%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>596,436</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 1.36426%; background-color: #cceeff;">)</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.95498%; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.86767%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>808,603</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 0.95498%; background-color: #cceeff;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.9809%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-size: 10pt;"> Redemption of non-controlling shares of Oxiteno Nordeste </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.00409%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.36426%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.00409%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.86767%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,180</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 1.36426%;">)</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.95498%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.86767%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 0.95498%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.9809%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Capital increase from Iconic non-controlling shareholders </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.00409%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.36426%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.00409%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.86767%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,996</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 1.36426%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.95498%; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.86767%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 0.95498%; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.9809%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Related parties </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.00409%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">8</font>.a </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.36426%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; width: 9.00409%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,548</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; width: 8.86767%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>146</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 1.36426%;">)</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.95498%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; padding: 0px; width: 8.86767%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>114</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 0.95498%;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.9809%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Net cash provided by (used in) financing activities </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.00409%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.36426%; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; width: 9.00409%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>592,333</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; width: 8.86767%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,922,229</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 1.36426%; background-color: #cceeff;">)</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.95498%; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; padding: 0px; width: 8.86767%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>801,007</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 0.95498%; background-color: #cceeff;">)</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 57.9809%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Effect of exchange rate changes on cash and cash equivalents in foreign currency </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 9.00409%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.36426%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 9.00409%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>136,734</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.95498%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.95498%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.86767%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,066</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px; width: 1.36426%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 10px; width: 0.95498%;"><br></td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; width: 8.86767%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>26,628</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 10px; width: 0.95498%;"><br></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; width: 57.9809%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Increase (decrease) in cash and cash equivalents </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; width: 9.00409%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; width: 1.36426%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; width: 9.00409%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>546,115</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; width: 0.95498%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; width: 0.95498%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; width: 8.86767%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,823,572</font> </font></p>
</td>
<td style="vertical-align: top; height: 18px; padding: 0px; width: 1.36426%; background-color: #cceeff;">)</td>
<td style="vertical-align: top; padding: 0px; height: 18px; width: 0.95498%; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; padding: 0px; width: 8.86767%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,063,053</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 18px; width: 0.95498%; background-color: #cceeff;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.9809%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Cash and cash equivalents at the beginning of the year </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.00409%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">4</font>.a </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.36426%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.00409%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,115,379</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.86767%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,938,951</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 1.36426%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.95498%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.86767%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,002,004</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 0.95498%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.9809%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Cash and cash equivalents at the end of the year </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.00409%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">4</font>.a </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.36426%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.00409%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,661,494</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.86767%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,115,379</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 1.36426%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.95498%; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.86767%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,938,951</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 0.95498%; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.9809%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt;"><font><font><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Transactions without cash effect: </font></font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.00409%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.36426%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.00409%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.86767%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 1.36426%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.95498%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.86767%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 0.95498%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.9809%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Addition on right-of-use assets and leases payable </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.00409%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">13</font>.a </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.36426%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.00409%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>484,121</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.86767%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>334,857</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 1.36426%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.95498%; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.86767%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 0.95498%; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.9809%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Addition on contractual assets with customers &#8211; exclusive rights </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.00409%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;">11</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.36426%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.00409%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>193,040</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.86767%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 1.36426%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.95498%;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.86767%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 0.95498%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 57.9809%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 8pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Reversion fund &#8211; private pension </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 9.00409%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-size: 10pt;"> <font style="border-left: none; border-right: none;">10</font>; <font style="border-left: none; border-right: none;">20</font>.a </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.36426%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.00409%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>47,088</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.95498%; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.86767%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 1.36426%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 17px; width: 0.95498%; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 8.86767%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px; width: 0.95498%; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 14px; vertical-align: bottom; width: 57.9809%; height: 10px;"><font lang="PT-BR" style="font-size: 10pt; font-family: 'times new roman', times; color: #000000;"> Issuance of shares related to the subscription warrants - indemnification - Extrafarma acquisition </font></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 9.00409%; text-align: center; height: 10px;">25.d</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 1.36426%; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; width: 9.00409%; text-align: right; height: 10px;"><font>54,763</font></td>
<td style="padding: 0px; vertical-align: bottom; width: 0.95498%; text-align: right; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; width: 0.95498%; text-align: right; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; width: 8.86767%; text-align: right; height: 10px;"><font>-</font></td>
<td style="vertical-align: top; padding: 0px; width: 1.36426%; text-align: right; height: 10px;"><br></td>
<td style="vertical-align: top; padding: 0px; width: 0.95498%; text-align: right; height: 10px;"><br></td>
<td style="vertical-align: bottom; padding: 0px; width: 8.86767%; text-align: right; height: 10px;"><font>-</font></td>
<td style="vertical-align: bottom; padding: 0px; width: 0.95498%; height: 10px;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The accompanying notes are an integral part of the <font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">consolidated&nbsp;</font>financial </font><font style="font-family: 'Times New Roman';">statements</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
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<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-13</font></td>
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</table>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div style="-aw-headerfooter-type: header-primary; clear: both;">
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><a style="text-decoration: none; color: #000000; cursor: default; outline: none;" href="#" name="B545478_2IWSD3OCAO00000000000000000000" class="customBookmark"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font></a><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</div>
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<div style="border-right: none; border-left: none;">
<h1 style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 12pt;"><font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;" class="selected"><font style="border-left: none; border-right: none;">1</font>. Operations</font></font></font></h1>
<p style="margin: 0px; text-align: justify; font-size: 10pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Participa&#231;&#245;es</font><font style="font-family: 'Times New Roman';"> S.A. (&#8220;</font><font style="font-family: 'Times New Roman';">Ultrapar</font><font style="font-family: 'Times New Roman';">&#8221; or &#8220;Company&#8221;) is a publicly-traded company headquartered at the </font><font style="font-family: 'Times New Roman';">Brigadeiro</font><font style="font-family: 'Times New Roman';"> Luis Ant&#244;nio Avenue, <font>1343</font> in the city of S&#227;o Paulo &#8211; SP, Brazil, listed on B<font>3</font> S.A. &#8211; </font><font style="font-family: 'Times New Roman';">Brasil</font><font style="font-family: 'Times New Roman';">, Bolsa, </font><font style="font-family: 'Times New Roman';">Balc&#227;o</font><font style="font-family: 'Times New Roman';"> (&#8220;B<font>3</font>&#8221;), in the Novo Mercado listing segment under the ticker &#8220;UGPA<font>3</font>&#8221; and on the New York Stock Exchange (&#8220;NYSE&#8221;) in the form of level III American Depositary Receipts (&#8220;ADRs&#8221;) under the ticker &#8220;UGP&#8221;.</font></font></p>
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company engages in the investment of its own capital in services, commercial, and industrial activities, through the subscription or acquisition of shares of other companies. Through its subsidiaries, it operates in the segments of liquefied petroleum gas - LPG distribution (&#8220;Ultragaz&#8221;), fuel distribution and related businesses (&#8220;</font><font style="font-family: 'Times New Roman';">Ipiranga</font><font style="font-family: 'Times New Roman';">&#8221;), production and marketing of chemicals (&#8220;</font><font style="font-family: 'Times New Roman';">Oxiteno</font><font style="font-family: 'Times New Roman';">&#8221;), and storage services for liquid bulk (&#8220;</font><font style="font-family: 'Times New Roman';">Ultracargo</font><font style="font-family: 'Times New Roman';">&#8221;) and retail distribution of pharmaceutical, hygiene, beauty, and skincare products (&#8220;</font><font style="font-family: 'Times New Roman';">Extrafarma</font><font style="font-family: 'Times New Roman';">&#8221;). </font><font style="font-family: 'Times New Roman';">The information about segments are disclosed in Note <font>32</font>.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;" class="selected">a. Clarifications on the impacts of COVID-<font>19</font></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The World Health Organization (&#8220;WHO&#8221;) declared a coronavirus pandemic (COVID-<font>19</font>) on March 11, 2020. To contain a spread of the virus in Brazil, the Ministry of Health (&#8220;MH&#8221;) and the state governments announced several actions to reduce the agglomeration and movement of people, including the closing of commerce, parks and common areas. In this context, the Company created a Crisis Committee to keep up with it and monitor the main risks and adopt preventive and emergency measures to reduce the pandemic effects.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Since the beginning of the </font><font style="font-family: 'Times New Roman';">coronavirus pandemic</font><font style="font-family: 'Times New Roman';">, the Company and its subsidiaries </font><font style="font-family: 'Times New Roman';">acted</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">n numerous initiatives to ensure the safety</font><font style="font-family: 'Times New Roman';"> and security</font><font style="font-family: 'Times New Roman';"> of its employees</font><font style="font-family: 'Times New Roman';"> and</font><font style="font-family: 'Times New Roman';"> the stability and continuity of its operations and </font><font style="font-family: 'Times New Roman';">partners, </font><font style="font-family: 'Times New Roman';">the financial solidity of the Company. All the activities of the companies controlled by the Company are classified as essential in the context of the measures adopted to face the pandemic.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company and its subsidiaries quickly adopted the work at home (expressed by home office) for the administrative public, </font><font style="font-family: 'Times New Roman';">with</font><font style="font-family: 'Times New Roman';"> all the necessary support for the </font><font style="font-family: 'Times New Roman';">operational continuity</font><font style="font-family: 'Times New Roman';">. In addition to basic safety concerns with employees, companies </font><font style="font-family: 'Times New Roman';">implemented</font><font style="font-family: 'Times New Roman';"> several initiatives aimed at welfare, such as virtual meetings, psychological support and concern for ergonomics, following </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> principle of valuing people.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Through a multidisciplinary committee, a plan for the gradual resumption of employees from administrative areas to offices was structured </font><font style="font-family: 'Times New Roman';">and included the adoption of</font><font style="font-family: 'Times New Roman';"> numerous preventive measures and intensification of cleaning and safety, according to the guidelines of the state governments and municipal</font><font style="font-family: 'Times New Roman';"> and health entities</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">For the purpose to preserve </font><font style="font-family: 'Times New Roman';">job positions</font><font style="font-family: 'Times New Roman';"> and mitigate the impacts of the crisis, </font><font style="font-family: 'Times New Roman';">the Company and its subsidiaries </font><font style="font-family: 'Times New Roman';">made use of</font><font style="font-family: 'Times New Roman';"> resources made available by the government, such as reduced working hours and/or wages, suspension of contracts and reorganization of the vacation plan, as required.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The emergency measures and speed in </font><font style="font-family: 'Times New Roman';">answer</font><font style="font-family: 'Times New Roman';"> to the first effects of the crisis, as well as initiatives to support the supply chain, were effective </font><font style="font-family: 'Times New Roman';">to keep</font><font style="font-family: 'Times New Roman';"> the activities of the subsidiaries in operation, ensuring the delivery of essential services to the population and preserving the health </font><font style="font-family: 'Times New Roman';">and security </font><font style="font-family: 'Times New Roman';">of employees</font><font style="font-family: 'Times New Roman';"> and partners</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<div>
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<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-14</font></td>
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</table>
</div>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin: 0pt 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; * background-color: #ffffff; * text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar<font>&nbsp;</font>Participa&#231;&#245;es<font>&nbsp;</font>S.A.<font>&nbsp;</font></font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"><font>&nbsp;</font></font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; *background-color: #ffffff; *text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial<font>&nbsp;</font></font><font style="font-family: 'Times New Roman';">Statements</font></font></p>
<p style="margin-top: 6pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; *background-color: #ffffff; *text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian&nbsp;Reais, unless otherwise stated)</font></p>
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<p style="margin: 0pt 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; * background-color: #ffffff; * text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><br></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Uncertainty remains to what extent the </font><font style="font-family: 'Times New Roman';">financial </font><font style="font-family: 'Times New Roman';">information</font><font style="font-family: 'Times New Roman';">, after</font><font style="font-family: 'Times New Roman';"> December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, 2020, may </font><font style="font-family: 'Times New Roman';">be affected by the commercial, operational and financial impacts of the pandemic, because it will depend on its duration and the impacts on economic activities, as well as government, business in response to the crisis. In this context, some financial risk assessments, projections and impairment tests, in connection with the preparation of th</font><font style="font-family: 'Times New Roman';">ese</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">financial statements</font><font style="font-family: 'Times New Roman';">, may be impacted by the pandemic, and may adversely affect the financial position of the Company and its subsidiaries.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; font-size: 10pt;">Operational impacts</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The implemented measures of social isolation</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">restrictions on the movement of people and the operation of certain businesses significantly impacted economic activity in Brazil.</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultragaz presented </font><font style="font-family: 'Times New Roman';">in the second quarter </font><font style="font-family: 'Times New Roman';">a redu</font><font style="font-family: 'Times New Roman';">c</font><font style="font-family: 'Times New Roman';">tion in the volume sold in the bulk segment, because </font><font style="font-family: 'Times New Roman';">of</font><font style="font-family: 'Times New Roman';"> the lower demand from industries and small and medium-sized companies, that were directly impacted by the social isolation measures. However, this effect was compensated by the increase in sales in the bottled segment, due to the higher demand for LPG for residential use. In terms of costs and expenses, Ultragaz incurred additional freight expenses, due to the need to remove LPG on more distant supply bases, protection materials and temporary workers, in addition to numerous donations to hospitals focused in the pandemic and needy communities.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">There was no record of an increase in </font><font style="font-family: 'Times New Roman';">clients</font><font style="font-family: 'Times New Roman';"> payment </font><font style="font-family: 'Times New Roman';">defaults in the period.</font><font style="font-family: 'Times New Roman';">&nbsp;In</font><font style="font-family: 'Times New Roman';">&nbsp;the </font><font style="font-family: 'Times New Roman';">third and fourth quarters</font><font style="font-family: 'Times New Roman';">, Ultragaz had a recovery in volume in the bulk segment, due the resumption of the industry, while sales in the bottled segment continued gradually returning to pre-pandemic levels.</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">At Ultracargo no relevant operating impacts due to the pandemic were noted. Ultracargo provided support to the Pernambuco Solid&#225;rio (solidarity) campaign against COVID-19, lead by Associa&#231;&#227;o Incubadora Porto Social and the state government, and donated hospital equipment and beds in the states of Maranh&#227;o and Par&#225;. Ultracargo also donated <font>3</font> thousand basic baskets of goods to local communities nearby its <font>six</font> port terminals.</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">At </font><font style="font-family: 'Times New Roman';">Oxiteno</font><font style="font-family: 'Times New Roman';">, the paint, automotive and oil &amp; gas industries suffered a retraction in demand</font><font style="font-family: 'Times New Roman';"> in the second quarter of 2020</font><font style="font-family: 'Times New Roman';">, an effect that was partially compensated by the higher sales volume in the Home &amp; Personal Care and Crop Solutions segments. </font><font style="font-family: 'Times New Roman';">In the third quarter, </font><font style="font-family: 'Times New Roman';">Oxiteno</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">had</font><font style="font-family: 'Times New Roman';"> a recovery in sales volume for the</font><font style="font-family: 'Times New Roman';"> automotive fluids,</font><font style="font-family: 'Times New Roman';"> paint and </font><font style="font-family: 'Times New Roman';">varnishes</font><font style="font-family: 'Times New Roman';">, with maintenance of increasing volumes for the hygiene and beauty sector.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">In the fourth quarter of 2020, </font><font style="font-family: 'Times New Roman';">Oxiteno's</font><font style="font-family: 'Times New Roman';"> volume was practically in line with the third quarter. In addition, the US</font><font style="font-family: 'Times New Roman';">A</font><font style="font-family: 'Times New Roman';"> unit continued to ramp-up, contributing to the increase in sales volume in the period and the recovery of the company's profitability.</font></font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-15</font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin: 0pt 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; * background-color: #ffffff; * text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar<font>&nbsp;</font>Participa&#231;&#245;es<font>&nbsp;</font>S.A.<font>&nbsp;</font></font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"><font>&nbsp;</font></font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; *background-color: #ffffff; *text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial<font>&nbsp;</font></font><font style="font-family: 'Times New Roman';">Statements</font></font></p>
<p style="margin-top: 6pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; *background-color: #ffffff; *text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian&nbsp;Reais, unless otherwise stated)</font></p>
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<p style="margin: 0pt 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; * background-color: #ffffff; * text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><br></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ipiranga</font><font style="font-family: 'Times New Roman';"> was the business most impacted by the crisis due to the measures </font><font style="font-family: 'Times New Roman';">for</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">isolation and </font><font style="font-family: 'Times New Roman';">social distanc</font><font style="font-family: 'Times New Roman';">ing</font><font style="font-family: 'Times New Roman';">. In April, volumes sold for the <font>Otto</font> cycle and diesel registered a reduction of <font>37</font>% (unaudited) and <font>17</font>% (unaudited), respectively, compared to the same period of the last year. In May and June of 2020, volumes sold improved gradually compared to April. In addition, the volatility in the prices of oil and oil products since the end of March, combined with </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">&nbsp;fall in the price of ethanol in April, caused inventories losses in the </font><font style="font-family: 'Times New Roman';">second </font><font style="font-family: 'Times New Roman';">quarter. To mitigate these effects, the company</font><font style="font-family: 'Times New Roman';"> acted promptly with</font><font style="font-family: 'Times New Roman';"> initiatives to </font><font style="font-family: 'Times New Roman';">retain</font><font style="font-family: 'Times New Roman';"> cash and reduce expenses in several areas, which made it possible to reduce general, administrative and sales expenses.&nbsp;</font><font style="font-family: 'Times New Roman';">In the third quarter of 2020, the Company</font><font style="font-family: 'Times New Roman';">&nbsp;is observed</font><font style="font-family: 'Times New Roman';"> a gradual evolution in the volumes sold of fuels over the quarter and an improvement in the operating environment</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">In the fourth quarter, the volume sold was <font>5</font>% (unaudited) higher than the third quarter, with an <font>18</font>% (unaudited) growth in the </font><font style="font-family: 'Times New Roman';"><font>Otto</font></font><font style="font-family: 'Times New Roman';"> cycle, as a result of the gradual recovery over the months, offset by the <font>5</font>% (unaudited) reduction in diesel.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br>Extrafarma</font><font style="font-family: 'Times New Roman';"> recorded a <font>3</font>% decrease in sales</font><font style="font-family: 'Times New Roman';">, mainly due to the temporary closure of brick-and-mortar drugstores located in shopping centers and reduced costumer&#8217;s flow at the drugstores that remained open. To oppose this effect, sales were implemented through alternative delivery channels and partnerships with delivery applications. In addition, the extension of Provisional Measure <font>936</font> by the government, involving the suspension of labor contracts and temporary reduction in wages.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">In the third quarter of 2020, </font><font style="font-family: 'Times New Roman';">Extrafarma</font><font style="font-family: 'Times New Roman';"> reopen</font><font style="font-family: 'Times New Roman';">ed the</font><font style="font-family: 'Times New Roman';"> stores located in malls, contributing to an increase in revenue and cost dilution</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">compared to the second quarter. During the fourth quarter, stores located in malls remained with a flow of people below the pre-pandemic period</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; font-size: 10pt;">Main risks and associated measures</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Credit risk - the subsidiary </font><font style="font-family: 'Times New Roman';">Ipiranga</font><font style="font-family: 'Times New Roman';"> implemented a help package for </font><font style="font-family: 'Times New Roman';">Ipiranga</font><font style="font-family: 'Times New Roman';"> resellers, including anticipation of sales credits through the </font><font style="font-family: 'Times New Roman';">Abastece</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">A&#237;</font><font style="font-family: 'Times New Roman';"> application, postponement of lease and financing payments and temporary suspension of volume performance clauses. These actions soft</font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">ned the impacts of the pandemic on </font><font style="font-family: 'Times New Roman';">Ipiranga&#8217;s</font><font style="font-family: 'Times New Roman';"> clients' financial condition and, consequently, mitigated its potential effects on </font><font style="font-family: 'Times New Roman';">Ipiranga's</font><font style="font-family: 'Times New Roman';"> default rates</font><font style="font-family: 'Times New Roman';">, that</font><font style="font-family: 'Times New Roman';"> remained at the same levels as <font>2019</font></font><font style="font-family: 'Times New Roman';">. The effects of expected losses on doubtful accounts </font><font style="font-family: 'Times New Roman';">of quarter </font><font style="font-family: 'Times New Roman';">ended </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, <font>2020</font> are disclosed in Notes <font>5</font> and <font>33</font>.d.</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Risk of impairment and intangible assets of indefinite useful life - the Company </font><font style="font-family: 'Times New Roman';">and its subsidiaries </font><font style="font-family: 'Times New Roman';">reviewed the projections used in impairment tests and assets allocated to cash generation units, considering the current impacts of the pandemic. The</font><font style="font-family: 'Times New Roman';"> impairment</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">tests </font><font style="font-family: 'Times New Roman';">did not </font><font style="font-family: 'Times New Roman';">indicate </font><font style="font-family: 'Times New Roman';">the need </font><font style="font-family: 'Times New Roman';">to</font><font style="font-family: 'Times New Roman';"> recogni</font><font style="font-family: 'Times New Roman';">ze</font><font style="font-family: 'Times New Roman';"> a provision for losses as of </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, <font>2020</font>.</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Risk of realization of deferred tax assets - the Company </font><font style="font-family: 'Times New Roman';">and its subsidiaries realized </font><font style="font-family: 'Times New Roman';">technical feasibility study of </font><font style="font-family: 'Times New Roman';">the constitution and realization of deferred tax credits, considering the current projections </font><font style="font-family: 'Times New Roman';">approved by the Board of Directors </font><font style="font-family: 'Times New Roman';">for each business segment </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">nd did not identify the need for write-offs for the period ended on </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, <font>2020</font>.</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Risks in financial instruments - the increase in volatility in financial markets may impact financial results according to sensitivity analyzes presented in Note <font>33</font>.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Liquidity risk </font><font style="font-family: 'Times New Roman';">&#8211;</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">w</font><font style="font-family: 'Times New Roman';">ith the objective </font><font style="font-family: 'Times New Roman';">to strengthen the Company's liquidity and cash position, in view of the uncertainty generated by the pandemic, at the end of March and start April 2020, the Company and the subsidiary IPP obtained R$ <font>1.5</font> billion in new financing maturing in <font>one</font> year. Of this total, R$ <font>1.3</font> billion was obtained through the issuance of promissory notes with credit in April</font><font style="font-family: 'Times New Roman';"> 2020</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">of w</font><font style="font-family: 'Times New Roman';">hich</font><font style="font-family: 'Times New Roman';"> R$ <font>0.3</font> billion was </font><font style="font-family: 'Times New Roman';">paid </font><font style="font-family: 'Times New Roman';">in advance in November 2020</font><font style="font-family: 'Times New Roman';">. In addition, as a measure of cash containment, the Company announced in April a reduction of approximately <font>30</font>% in its investment plan for <font>2020</font> and in August, the management opted to not pay interim dividends for the </font><font style="font-family: 'Times New Roman';">year of <font>2020</font></font><font style="font-family: 'Times New Roman';">. As stated in the Bylaws, the minimum mandatory dividends will be paid after the disclosure of the year's results.</font></font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-16</font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin: 0pt 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; * background-color: #ffffff; * text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar<font>&nbsp;</font>Participa&#231;&#245;es<font>&nbsp;</font>S.A.<font>&nbsp;</font></font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"><font>&nbsp;</font></font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; *background-color: #ffffff; *text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial<font>&nbsp;</font></font><font style="font-family: 'Times New Roman';">Statements</font></font></p>
<p style="margin-top: 6pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; *background-color: #ffffff; *text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian&nbsp;Reais, unless otherwise stated)</font></p>
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<p style="margin: 0pt 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; * background-color: #ffffff; * text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><br></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">In July 2020, the Company reopened bonds issued on the market maturing in <font>2029</font> and raised US$ <font>350</font> million with a coupon of <font>5.25</font>% per year. The proceeds </font><font style="font-family: 'Times New Roman';">were</font><font style="font-family: 'Times New Roman';"> used to pay debts maturing in the short term, allowing the Company's debt profile to be lengthened, in addition to strengthening its cash position.</font></font></p>
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<h1 style="margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 12pt;"><font><font><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">2. Presentation </font><font style="font-family: 'Times New Roman';">of </font><font style="font-family: 'Times New Roman';">f</font><font style="font-family: 'Times New Roman';">inancial </font><font style="font-family: 'Times New Roman';">statements</font><font style="font-family: 'Times New Roman';"> and </font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">ummary </font><font style="font-family: 'Times New Roman';">of </font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">ignificant </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">ccounting </font><font style="font-family: 'Times New Roman';">p</font><font style="font-family: 'Times New Roman';">olicies </font></font></font></font></h1>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The consolidated </font><font style="font-family: 'Times New Roman';">financial </font><font style="font-family: 'Times New Roman';">statements</font><font style="font-family: 'Times New Roman';"> (&#8220;financial </font><font style="font-family: 'Times New Roman';">statements</font><font style="font-family: 'Times New Roman';">&#8221;)</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">were prepared</font><font style="font-family: 'Times New Roman';"> in accordance with </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">International </font><font style="font-family: 'Times New Roman';">Financial Reporting</font><font style="font-family: 'Times New Roman';"> Standard</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> (&#8220;</font><font style="font-family: 'Times New Roman';">IFRS</font><font style="font-family: 'Times New Roman';">&#8221;) </font><font style="font-family: 'Times New Roman';">issued by the International Accounting Standards Board (&#8220;IASB&#8221;)</font><font style="font-family: 'Times New Roman';">.</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The presentation currency of the Company&#8217;s </font><font style="font-family: 'Times New Roman';">financial </font><font style="font-family: 'Times New Roman';">statements</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">is the Brazilian Real (&#8220;R$&#8221;), which is the Company&#8217;s functional currency.</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company and its subsidiaries applied the accounting policies described below in a consistent manner for all years presented in these financial statements, except for the adoption of IFRS <font>16</font> as of January 1, 2019 as described in Note <font>2</font>.h.</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">a. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Recognition of revenue</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Revenue</font><font style="font-family: 'Times New Roman';"> of sales and services</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">rendered is measured at the value of the consideration that the Company's subsidiaries expect to be entitled to, net of sales returns, discounts</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> amortization of </font><font style="font-family: 'Times New Roman';">contractual assets with customers </font><font style="font-family: 'Times New Roman';">and other deduction</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">, if applicable, being recognized as the entity fulfills its performance obligation</font><font style="font-family: 'Times New Roman';"> and freight mode of delivery</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">At </font><font style="font-family: 'Times New Roman';">Ipiranga</font><font style="font-family: 'Times New Roman';">, the r</font><font style="font-family: 'Times New Roman';">evenue from sales of fuels and lubricants is recognized when the products are delivered to gas stations and to large consumers. </font><font style="font-family: 'Times New Roman';">At Ultragaz, r</font><font style="font-family: 'Times New Roman';">evenue from sales </font><font style="font-family: 'Times New Roman';">of LPG </font><font style="font-family: 'Times New Roman';">is recognized when the products are delivered to customers at home, to independent dealers and to industrial and commercial customers. </font><font style="font-family: 'Times New Roman';">At </font><font style="font-family: 'Times New Roman';">Extrafarma</font><font style="font-family: 'Times New Roman';">, the r</font><font style="font-family: 'Times New Roman';">evenue from sales of</font><font style="font-family: 'Times New Roman';"> pharmaceutical</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> is recognized when the products are delivered to end </font><font style="font-family: 'Times New Roman';">user </font><font style="font-family: 'Times New Roman';">customers</font><font style="font-family: 'Times New Roman';"> in own drugstores and when the</font><font style="font-family: 'Times New Roman';"> products</font><font style="font-family: 'Times New Roman';"> are delivered to independent resellers. </font><font style="font-family: 'Times New Roman';">At </font><font style="font-family: 'Times New Roman';">Oxiteno</font><font style="font-family: 'Times New Roman';">, the r</font><font style="font-family: 'Times New Roman';">evenue </font><font style="font-family: 'Times New Roman';">from sales </font><font style="font-family: 'Times New Roman';">of chemical products is recognized when the products are delivered to </font><font style="font-family: 'Times New Roman';">industrial</font><font style="font-family: 'Times New Roman';"> customers. </font><font style="font-family: 'Times New Roman';">At </font><font style="font-family: 'Times New Roman';">Ultracargo</font><font style="font-family: 'Times New Roman';">, t</font><font style="font-family: 'Times New Roman';">he revenue provided </font><font style="font-family: 'Times New Roman';">from </font><font style="font-family: 'Times New Roman';">storage services is recognized </font><font style="font-family: 'Times New Roman';">as </font><font style="font-family: 'Times New Roman';">services</font><font style="font-family: 'Times New Roman';"> are performed</font><font style="font-family: 'Times New Roman';">. The </font><font style="font-family: 'Times New Roman';">breakdown</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> of revenue</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> from</font><font style="font-family: 'Times New Roman';"> sales and services</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">are</font><font style="font-family: 'Times New Roman';"> shown in N</font><font style="font-family: 'Times New Roman';">ote</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> <font>2</font></font><font style="font-family: 'Times New Roman';"><font>6</font></font><font style="font-family: 'Times New Roman';"> and <font>3</font></font><font style="font-family: 'Times New Roman';"><font>2</font></font><font style="font-family: 'Times New Roman';">.</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Amortization of contract</font><font style="font-family: 'Times New Roman';">ual</font><font style="font-family: 'Times New Roman';"> assets</font><font style="font-family: 'Times New Roman';"> with customers</font><font style="font-family: 'Times New Roman';"> for the exclusive rights in </font><font style="font-family: 'Times New Roman';">Ipiranga</font><font style="font-family: 'Times New Roman';">&#8217;</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">reseller service stations </font><font style="font-family: 'Times New Roman';">and the bonus</font><font style="font-family: 'Times New Roman';">es paid in performance obligation sales</font><font style="font-family: 'Times New Roman';"> are recognized </font><font style="font-family: 'Times New Roman';">in the income statement </font><font style="font-family: 'Times New Roman';">as a </font><font style="font-family: 'Times New Roman';">d</font><font style="font-family: 'Times New Roman';">eduction of the revenue </font><font style="font-family: 'Times New Roman';">from sale </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">ccord</font><font style="font-family: 'Times New Roman';">ing to </font><font style="font-family: 'Times New Roman';">the conditions established in the </font><font style="font-family: 'Times New Roman';">agreements</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">whic</font><font style="font-family: 'Times New Roman';">h is </font><font style="font-family: 'Times New Roman';">reviewed as </font><font style="font-family: 'Times New Roman';">per the </font><font style="font-family: 'Times New Roman';">changes </font><font style="font-family: 'Times New Roman';">occurred </font><font style="font-family: 'Times New Roman';">in </font><font style="font-family: 'Times New Roman';">the agreements</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">(see Notes <font>2</font>.f and <font>11</font>)</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The am/pm franchising upfront fee received by </font><font style="font-family: 'Times New Roman';">Ipiranga</font><font style="font-family: 'Times New Roman';"> is deferred and recognized in profit or loss as the entity fulfills each performance obligation throughout the terms of the agreements with the franchisees. For more information, see Note <font>2</font></font><font style="font-family: 'Times New Roman';"><font>3</font></font><font style="font-family: 'Times New Roman';">.a.</font></font></p>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin: 0pt 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin: 0pt 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar<font>&nbsp;</font>Participa&#231;&#245;es<font>&nbsp;</font>S.A.<font>&nbsp;</font></font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"><font>&nbsp;</font></font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial<font>&nbsp;</font></font><font style="font-family: 'Times New Roman';">Statements</font></font></p>
<p style="margin-top: 6pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian&nbsp;Reais, unless otherwise stated)</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Deferred revenue from loyalty program is recognized in the income statement when the points are redeemed, on which occasion the costs incurred are also recognized in profit or loss. Deferred revenue of unredeemed points is also recognized in profit or loss when points expire. For more information, see Note <font>23</font>.b.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Costs of products </font><font style="font-family: 'Times New Roman';">sold</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and services provided include goods (mainly fuels</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">lubricants</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> LPG</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> and pharmaceutical</font><font style="font-family: 'Times New Roman';"> products</font><font style="font-family: 'Times New Roman';">), raw materials (chemicals and petrochemicals) and production, distribution, storage</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> and </font><font style="font-family: 'Times New Roman';">fulfillment</font><font style="font-family: 'Times New Roman';"> costs.</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Exchange variations and the results of derivative financial instruments are presented in the statement of </font><font style="font-family: 'Times New Roman';">profit and loss</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">on</font><font style="font-family: 'Times New Roman';"> finance expenses.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Research and development expenses are recognized in the statements of profit or loss </font><font style="font-family: 'Times New Roman';">in general and administrative</font><font style="font-family: 'Times New Roman';"> expenses</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and amounted to </font><font style="font-family: 'Times New Roman';">R$ <font>63,746</font></font><font style="font-family: 'Times New Roman';"> in </font><font style="font-family: 'Times New Roman';"><font>2020</font></font><font style="font-family: 'Times New Roman';"> (</font><font style="font-family: 'Times New Roman';">R$</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';"><font>61,589</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">in </font><font style="font-family: 'Times New Roman';"><font>2019</font></font><font style="font-family: 'Times New Roman';"> and </font><font style="font-family: 'Times New Roman';">R$ <font>63,085</font> in <font>2018</font></font><font style="font-family: 'Times New Roman';">).</font><font style="font-family: 'Times New Roman';">&nbsp;</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">b. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Cash and </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">c</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">ash </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">e</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">quivalents</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Include</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> cash, banks deposits</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> and short-term up to <font>90</font> days of maturity,&nbsp;</font><font style="font-family: 'Times New Roman';">highly</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">liquid investments that are readily convertible into a known amount of cash and are subject to an insignificant risk of change in value. </font><font style="font-family: 'Times New Roman';">F</font><font style="font-family: 'Times New Roman';">or further </font><font style="font-family: 'Times New Roman';">information</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">on cash and cash equivalents of the Company and its subsidiaries</font><font style="font-family: 'Times New Roman';">, see Note <font>4</font>.a</font><font style="font-family: 'Times New Roman';">.</font></font></p>
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<p style="margin: 0px; line-height: 115%; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">c. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Financial assets</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">&nbsp;</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">T</font><font style="font-family: 'Times New Roman';">he Company and its subsidiaries</font><font style="font-family: 'Times New Roman';"> evaluated the classification and measurement of financial assets</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">based on its business</font><font style="font-family: 'Times New Roman';"> model</font><font style="font-family: 'Times New Roman';"> of financial assets</font><font style="font-family: 'Times New Roman';"> as follows:</font></font></p>
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<li style="margin-left: 50pt; text-align: justify; padding-left: 20pt; font-family: serif; font-size: 11pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Amortized cost: financial assets held </font><font style="font-family: 'Times New Roman';">in order to collect</font><font style="font-family: 'Times New Roman';"> contractual </font><font style="font-family: 'Times New Roman';">cash </font><font style="font-family: 'Times New Roman';">flows, </font><font style="font-family: 'Times New Roman';">solely</font><font style="font-family: 'Times New Roman';"> principal and interest. The interest earned and the foreign currency exchange variation are recognized in profit or loss and balances are stated at acquisition cost plus the interest earned, using the effective interest rate method.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Financial</font><font style="font-family: 'Times New Roman';"> investments </font><font style="font-family: 'Times New Roman';">in guarantee of</font><font style="font-family: 'Times New Roman';"> loans are classified as amortized cost.</font></font></li>
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<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<li style="text-align: justify; font-family: serif; font-size: 11pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;'; margin-left: 50pt; padding-left: 20pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Measured at fair value through other comprehensive income: financial assets that are acquired or originated for the purpose of </font><font style="font-family: 'Times New Roman';">collecting</font><font style="font-family: 'Times New Roman';"> contractual cash flows or </font><font style="font-family: 'Times New Roman';">selling financial assets</font><font style="font-family: 'Times New Roman';">. The balances are stated at fair value, and the interest earned</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> and the foreign currency exchange variation are recognized in profit or loss. Differences between fair value and </font><font style="font-family: 'Times New Roman';">initial amount of financial investments</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">plus the interest earned are recognized</font><font style="font-family: 'Times New Roman';"> in equity</font><font style="font-family: 'Times New Roman';"> in other comprehensive income in the &#8220;Valuation adjustments&#8221;. Accumulated gains and losses recognized in equity are reclassified to profit or loss at the time of their settlement. Substantially the financial investments in Bank Certificates</font><font style="font-family: 'Times New Roman';"> of Deposit</font><font style="font-family: 'Times New Roman';"> (</font><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman';">CDB</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';">) and repurchase agreements are classified as measured at fair value through other comprehensive income.</font></font></li>
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<p style="margin: 0pt 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<div style="font-family: 'times new roman', times; font-size: 10pt;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</div>
<div style="font-family: 'times new roman', times; font-size: 10pt; margin-top: 6pt;">Notes to the Consolidated Financial Statements</div>
<div style="font-family: 'times new roman', times; font-size: 10pt; margin-top: 6pt;">(In thousands of Brazilian Reais, unless otherwise stated)</div>
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<li style="text-align: justify; font-family: serif; font-size: 11pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;'; margin-left: 50pt; padding-left: 20pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Measured at fair value through profit or loss: financial assets </font><font style="font-family: 'Times New Roman';">that were </font><font style="font-family: 'Times New Roman';">not classified as amortized cost or measured at fair value through other comprehensive income. </font><font style="font-family: 'Times New Roman';">The b</font><font style="font-family: 'Times New Roman';">alances are stated at fair value and both </font><font style="font-family: 'Times New Roman';">the interest</font><font style="font-family: 'Times New Roman';"> earned and </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">exchange variations and changes in fair value are r</font><font style="font-family: 'Times New Roman';">ecognized</font><font style="font-family: 'Times New Roman';"> in the income statement. Investment funds and derivative</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> are classified as measured at fair value through profit or loss.</font></font></li>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt; padding-left: 30px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp; The Company and its subsidiaries use financial instruments for hedging purposes, applying the concepts described below:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<li style="text-align: justify; font-family: serif; font-size: 11pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;'; margin-left: 50pt; padding-left: 20pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Hedge accounting &#8211; fair value hedge: financial instruments used to hedge exposure to changes in the fair value of an item, attributable to a particular risk, which can affect the entity&#8217;s </font><font style="font-family: 'Times New Roman';">statements of </font><font style="font-family: 'Times New Roman';">profit or loss. In the initial designation of the fair value hedge, the relationship between the hedging instrument and the hedged item is documented, including the objectives of risk management, the strategy in conducting the transaction, and the methods to be used to evaluate its effectiveness. Once the fair value hedge has been qualified as effective, the hedge item is also measured at fair value. Gains and losses from hedge instruments and hedge items are recognized in </font><font style="font-family: 'Times New Roman';">the statements of </font><font style="font-family: 'Times New Roman';">profit or loss. The hedge accounting </font><font style="font-family: 'Times New Roman';">must be</font><font style="font-family: 'Times New Roman';"> discontinued when the hedge becomes ineffective.</font></font></li>
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<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<li style="text-align: justify; font-family: serif; font-size: 11pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;'; margin-left: 50pt; padding-left: 20pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Hedge accounting &#8211; cash flow hedge: financial instruments used to hedge the exposure to variability in cash flows that is attributable to a risk associated with an asset or liability or highly probable transaction </font><font style="font-family: 'Times New Roman';">or firm commitment </font><font style="font-family: 'Times New Roman';">that may affect the </font><font style="font-family: 'Times New Roman';">statements of profit or loss</font><font style="font-family: 'Times New Roman';">. The portion of the gain or loss on the hedging instrument that is determined to be effective relating to the effects of exchange rate effect, is recognized directly in equity in accumulated other comprehensive income as &#8220;Valuation adjustments&#8221; while the ineffective portion is recognized in </font><font style="font-family: 'Times New Roman';">the statements of </font><font style="font-family: 'Times New Roman';">profit or loss. Gain</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> or loss</font><font style="font-family: 'Times New Roman';">es</font><font style="font-family: 'Times New Roman';"> on the hedging instrument relating to the effective portion of this hedge that had been recognized directly in accumulated other comprehensive income </font><font style="font-family: 'Times New Roman';">shall be</font><font style="font-family: 'Times New Roman';"> recognized in </font><font style="font-family: 'Times New Roman';">the statements of </font><font style="font-family: 'Times New Roman';">profit or loss in the period in which the hedged item is recognized in profit or loss or as initial cost of non- financial assets, in the same line of the statement that the hedged item is recognized. The hedge accounting </font><font style="font-family: 'Times New Roman';">shall be</font><font style="font-family: 'Times New Roman';"> discontinued when (</font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">the hedging relationship</font><font style="font-family: 'Times New Roman';"> is canceled</font><font style="font-family: 'Times New Roman';">; (ii) the hedging instrument expires; and (iii) the hedging instrument no longer qualifies for hedge accounting. When hedge accounting is discontinued, gains and losses recognized </font><font style="font-family: 'Times New Roman';">in equity</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">in other comprehensive income are reclassified to </font><font style="font-family: 'Times New Roman';">the statements of </font><font style="font-family: 'Times New Roman';">profit or loss in the period which the hedged item is recognized in profit or loss. If the transaction hedged is canceled or is not expected to occur, the cumulative gains and losses </font><font style="font-family: 'Times New Roman';">in equity</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">in other comprehensive income </font><font style="font-family: 'Times New Roman';">shall be</font><font style="font-family: 'Times New Roman';"> recognized immediately in profit or loss.</font></font></li>
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<li style="text-align: justify; font-family: serif; font-size: 11pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;'; margin-left: 50pt; padding-left: 20pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Hedge accounting &#8211;</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">hedge of net investments in foreign operation: financial instruments used to hedge exposure on net investments in foreign subsidiaries </font><font style="font-family: 'Times New Roman';">due to the fact that</font><font style="font-family: 'Times New Roman';"> the local functional currency is different from the functional currency of the Company. The portion of the gain or loss on the hedging instrument that is determined to be effective, referring to the exchange rate effect, is recognized directly in equity in accumulated other comprehensive income as cumulative translation adjustments, while the ineffective portion and the operating costs are recognized in </font><font style="font-family: 'Times New Roman';">the statements of </font><font style="font-family: 'Times New Roman';">profit or loss. The gain or loss on the hedging instrument that has been recognized directly in accumulated other comprehensive income </font><font style="font-family: 'Times New Roman';">shall be</font><font style="font-family: 'Times New Roman';"> recognized in </font><font style="font-family: 'Times New Roman';">the statements of profit or loss</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">when the</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">disposal of the foreign </font><font style="font-family: 'Times New Roman';">subsidiary occur</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">.</font></font></li>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">For further </font><font style="font-family: 'Times New Roman';">information on </font><font style="font-family: 'Times New Roman';">financial instruments, see Note </font><font style="font-family: 'Times New Roman';"><font>3</font></font><font style="font-family: 'Times New Roman';"><font>3</font></font><font style="font-family: 'Times New Roman';">.</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<div style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; font-size: 10pt;">Ultrapar<font>&nbsp;</font>Participa&#231;&#245;es<font>&nbsp;</font>S.A. and Subsidiaries</div>
<div style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; font-size: 10pt; margin-top: 6pt;">Notes to the Consolidated Financial Statements</div>
<div style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; font-size: 10pt; margin-top: 6pt;">(In thousands of Brazilian<font>&nbsp;</font>Reais, unless otherwise stated)</div>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">d. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Trade receivables and reseller financing</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Trade receivables are recognized at the amount invoiced</font><font style="font-family: 'Times New Roman';"> to the counterparty that the Company subsidiaries are entitled</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">(see Notes <font>5</font></font><font style="font-family: 'Times New Roman';">.a</font><font style="font-family: 'Times New Roman';"> and <font>3</font></font><font style="font-family: 'Times New Roman';"><font>3</font></font><font style="font-family: 'Times New Roman';">.d.<font>3</font>)</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">The </font><font style="font-family: 'Times New Roman';">expected</font><font style="font-family: 'Times New Roman';"> losses take into account, </font><font style="font-family: 'Times New Roman';">(</font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">) </font><font style="font-family: 'Times New Roman';">at the initial recognition of the contract, the expect</font><font style="font-family: 'Times New Roman';">ed</font><font style="font-family: 'Times New Roman';"> losses for the next <font>12</font> months </font><font style="font-family: 'Times New Roman';">or</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">(ii) </font><font style="font-family: 'Times New Roman';">for </font><font style="font-family: 'Times New Roman';">the life</font><font style="font-family: 'Times New Roman';">time</font><font style="font-family: 'Times New Roman';"> of the contract </font><font style="font-family: 'Times New Roman';">when</font><font style="font-family: 'Times New Roman';"> the deterioration or improvement of the </font><font style="font-family: 'Times New Roman';">customers&#8217; </font><font style="font-family: 'Times New Roman';">credit quality</font><font style="font-family: 'Times New Roman';">, considering the customers&#8217; </font><font style="font-family: 'Times New Roman';">characteristics in each business segment</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> The amount</font><font style="font-family: 'Times New Roman';"> of the </font><font style="font-family: 'Times New Roman';">expected</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">credit losses</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">is deemed by management to be </font><font style="font-family: 'Times New Roman';">sufficient</font><font style="font-family: 'Times New Roman';"> to cover any loss on realization of trade receivables.</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Reseller financing is provided at subsidized rate for renovation and upgrading of service stations, purchase of products and development of the automotive fuels and lubricants distribution market</font><font style="font-family: 'Times New Roman';"> (see Notes <font>5</font>.b and <font>33</font>.d.<font>3</font>).</font><font style="font-family: 'Times New Roman';"> The terms of reseller financing range between <font>12</font> and <font>60</font> months, with an average term of <font>40</font> months. The minimum and maximum </font><font style="font-family: 'Times New Roman';">subsisted</font><font style="font-family: 'Times New Roman';"> interest rates are <font>0</font>% per month and <font>1</font>% per month respectively. These financing are remeasured at a market rate for working capital loans and the remeasurement adjus</font><font style="font-family: 'Times New Roman';">t</font><font style="font-family: 'Times New Roman';">ment between the market rate and the rate subsidized is recognized as a reduction to the reseller&#8217;s revenue at the beginning of the contract. Throughout the contract, the interest appropriated by the market rate is recognized to the financial result.</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin-top: 2pt; margin-bottom: 10pt; line-height: 115%; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">e. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Inventories</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Inventories are stated at the lower of acquisition cost or net realizable value</font><font style="font-family: 'Times New Roman';"> (see Note <font>6</font>)</font><font style="font-family: 'Times New Roman';">. The cost value of inventory is measured using the weighted average cost and includes the costs of acquisition and processing directly </font><font style="font-family: 'Times New Roman';">and indirectly </font><font style="font-family: 'Times New Roman';">related to the units produced based on the normal capacity of production. Estimates of net realizable value are based on the average selling prices at the end of the reporting period, net of applicable direct selling expenses. Subsequent events related to the fluctuation of prices and costs are also considered, if relevant. If net realizable values are below inventory costs, a provision corresponding to this difference is recognized. Provisions are also made for obsolescence of products, materials</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> or supplies that (</font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">) do not meet its subsidiaries&#8217; specifications, (ii) have exceeded their expiration date</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> or (iii) are considered slow-moving inventory. This classification is made by management with the support of its industrial </font><font style="font-family: 'Times New Roman';">and operation</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">team</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">.</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">f. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Contractual assets with customers &#8211; exclusive rights</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Exclusive rights disbursements as provided in </font><font style="font-family: 'Times New Roman';">Ipiranga&#8217;s</font><font style="font-family: 'Times New Roman';"> agreements with reseller service stations and major consumers are recognized as </font><font style="font-family: 'Times New Roman';">contractual assets</font><font style="font-family: 'Times New Roman';"> when paid and amortized according to the conditions established in the agreements (see Note </font><font style="font-family: 'Times New Roman';"><font>2</font>.a and </font><font style="font-family: 'Times New Roman';"><font>11</font>).</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">g. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Investments</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Investments in associates and joint ventures are accounted for under the equity method of accounting in the </font><font style="font-family: 'Times New Roman';">financial </font><font style="font-family: 'Times New Roman';">statements</font><font style="font-family: 'Times New Roman';"> (see Note <font>12</font> items a and b). An associate is an investment, in which an investor has significant influence, that is, has the power to participate in the financial and operating decisions of the investee but does not exercise control. A joint venture is an investment in which the shareholders have the right to net assets on behalf of a joint control. Joint control is the agreement, which establish that decisions about the relevant activities of the investee require the consent from the parties that share control.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Other investments are stated at acquisition cost less provision for losses, unless the loss is considered temporary.</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">h. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Right-of-use assets and leases payable</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The </font><font style="font-family: 'Times New Roman';">Company and its </font><font style="font-family: 'Times New Roman';">subsidiaries recognized in the financial position, a right-of-use assets and the </font><font style="font-family: 'Times New Roman';">respective lease</font><font style="font-family: 'Times New Roman';"> liabilities</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">initially measured at the present value of future lease payments, considering the related contract costs (see Note <font>13</font>). </font><font style="font-family: 'Times New Roman';">The amortization expenses of right-of-use assets is recognized in statement of profit or loss </font><font style="font-family: 'Times New Roman';">over the lease contract term</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">The liability is increased for interest and </font><font style="font-family: 'Times New Roman';">decreased by lease</font><font style="font-family: 'Times New Roman';"> payments</font><font style="font-family: 'Times New Roman';"> made</font><font style="font-family: 'Times New Roman';">. The </font><font style="font-family: 'Times New Roman';">interests</font><font style="font-family: 'Times New Roman';"> are recognized in the statement of profit or loss using the effective interest rate method.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">The remeasurement of assets and liabilities based on the contractual index is recognized in the financial position, not having an effect in the result. In case of cancellation of the contract, the assets and respective liabilities are written off to the result</font><font style="font-family: 'Times New Roman';">, considering, if it is the case, any penalties provided in contractual clauses.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">The Company and its subsidiaries have no intention </font><font style="font-family: 'Times New Roman';">in</font><font style="font-family: 'Times New Roman';"> purchasing the underlying asset. </font><font style="font-family: 'Times New Roman';">The Company and its subsidiaries </font><font style="font-family: 'Times New Roman';">periodically </font><font style="font-family: 'Times New Roman';">review the existence of an indication that the righ</font><font style="font-family: 'Times New Roman';">t-of-use assets may </font><font style="font-family: 'Times New Roman';">be impaired</font><font style="font-family: 'Times New Roman';"> (see </font><font style="font-family: 'Times New Roman';">N</font><font style="font-family: 'Times New Roman';">ote <font>2</font>.u).</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Right-of-use assets include amo</font><font style="font-family: 'Times New Roman';">u</font><font style="font-family: 'Times New Roman';">nts related to </font><font style="font-family: 'Times New Roman';">area port leases</font><font style="font-family: 'Times New Roman';"> grants (see Note <font>3</font></font><font style="font-family: 'Times New Roman';"><font>4</font></font><font style="font-family: 'Times New Roman';">.c)</font><font style="font-family: 'Times New Roman';">.</font></font></p>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<div style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; font-size: 10pt;">Ultrapar<font>&nbsp;</font>Participa&#231;&#245;es<font>&nbsp;</font>S.A. and Subsidiaries</div>
<div style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; font-size: 10pt; margin-top: 6pt;">Notes to the Consolidated Financial Statements</div>
<div style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; font-size: 10pt; margin-top: 6pt;">(In thousands of Brazilian<font>&nbsp;</font>Reais, unless otherwise stated)</div>
<div style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; font-size: 10pt;"><br></div>
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<p style="margin: 0pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font>The </font><font>Company and its </font><font>subsidiaries </font><font>apply </font><font>the </font><font>recognition&nbsp;</font><font>exemptions </font><font>to </font><font>short-term leases of <font>12</font> months or less, and leases of low amount assets such. In these cases, the recognition of the lease expense in the statements of profit or loss is on a straight-line basis.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-indent: 0px; text-align: justify;"><font style="font-size: 10pt;">The following standards, amendments, and interpretations to IFRS were issued by the IASB, which are effective as of January 1, 2019:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-indent: 0px; text-align: justify;"><font style="font-size: 10pt;">IFRS <font>16</font> - Lease:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-indent: 0px; text-align: justify;"><font style="font-size: 10pt;">With the adoption of IFRS <font>16</font>, the leases contracted by the Company&#8217;s subsidiaries, identified and effective at the date of transition and with maturities of more than <font>12</font> months, were accounted in the financial statements:<br></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-indent: 0px; text-align: justify;"><font style="font-size: 10pt;">&nbsp;- recognition of right-of-use assets and lease liabilities in financial position, initially measured at the present value of future lease payments; and</font></p>
<p style="margin: 0pt; text-indent: 0px; text-align: justify;"><font style="font-size: 10pt;">&nbsp;- recognition of amortization expenses of right-of-use assets and interest expenses on the lease payable in the financial result in the statements of profits or loss.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-indent: 0px; text-align: justify;"><font style="font-size: 10pt;">The Company selected as transition method the modified retrospective approach, with the cumulative effect of initial application of this new pronouncement recorded as an adjustment to the opening balance of equity and without restatement of comparative periods.<br></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-indent: 0px; text-align: justify;"><font style="font-size: 10pt;">In the analysis of the adoption, the Company&#8217;s management, with the assistance of specialized consulting, carried out the inventory of the contracts, evaluating whether or not each agreement contains a lease in accordance with IFRS <font>16</font>. This analysis identified impacts mainly related to the lease of properties from third parties, port areas and lower amounts arising from other operations where the existence of leased assets individually or combined in service contracts was identified.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-indent: 0px; text-align: justify;"><font style="font-size: 10pt;">As allowed in the standard, short-term leases with a term of <font>12</font> months or less, variable amounts, indefinite term and leases of low amount assets such as computers and office furniture, are recognized as lease expenses on a straight-line basis in profit or loss.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font>In addition, the following practical expedients were used to transition to new lease accounting requirements:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8226; application of the IFRS <font>16</font> to all contracts initiated before January 1, 2019 that were identified as leases in accordance with IAS <font>7</font> and IFRIC <font>4</font>;</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8226; use of discount rate according to the lease term and similar characteristics;</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8226; contracts with a term up to <font>12</font> months from the date of the initial adoption of the standard or less;</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8226; exclusion of the initial direct costs of the measurement of the opening balance from right-of-use asset; and</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8226; options for extension of the term or termination were considered, when applicable.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The table below summarizes the effects on the initial adoption of the IFRS <font>16</font>:<br></font></font></p>
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<p style="text-indent: 0px; margin: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 30px; padding-right: 0px;"><font lang="PT-BR" style="font-size: 10pt; color: black; font-family: 'times new roman', times;"> Prepaid expenses </font></p>
</td>
<td valign="bottom" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 2.02808%;">
<p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"> &nbsp; </font></p>
</td>
<td valign="bottom" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 15.7566%;">
<p align="right" style="text-align: right; text-indent: 0px; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"><font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"> (<font>39,066</font> </font></p>
</td>
<td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2.02809%;">)</td>
</tr>
<tr style="height: 11px; background-color: #cceeff;">
<td style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 80.0312%;">
<p style="margin: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b><font lang="PT-BR" style="color: #000000;">Non-current assets</font></b></font></p>
</td>
<td valign="bottom" style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 2.02808%;">
<p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b><font lang="PT-BR" style="color: #000000;">&nbsp;</font></b></font></p>
</td>
<td valign="bottom" style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 15.7566%;">
<p align="right" style="text-align: right; text-indent: 0px; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"><font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"> &nbsp; </font></p>
</td>
<td style="background: #cceeff; padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2.02809%;"><br></td>
</tr>
<tr style="height: 11px;">
<td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 80.0312%;">
<p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 30px; padding-right: 0px;"><font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"> Prepaid expenses </font></p>
</td>
<td valign="bottom" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 2.02808%;">
<p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"> &nbsp; </font></p>
</td>
<td valign="bottom" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 15.7566%;">
<p align="right" style="text-align: right; text-indent: 0px; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"><font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"> (<font>288,630</font> </font></p>
</td>
<td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2.02809%;">)</td>
</tr>
<tr style="height: 11px; background-color: #cceeff;">
<td style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 80.0312%;">
<p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 30px; padding-right: 0px;"><font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"> Right-of-use assets </font></p>
</td>
<td valign="bottom" style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 2.02808%;">
<p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"> &nbsp; </font></p>
</td>
<td valign="bottom" style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 15.7566%;">
<p align="right" style="text-align: right; text-indent: 0px; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"><font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"> <font>1,731,427</font> </font></p>
</td>
<td style="background: #cceeff; padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2.02809%;"><br></td>
</tr>
<tr style="height: 11px;">
<td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 80.0312%;">
<p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 30px; padding-right: 0px;"><font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"> Intangible assets </font></p>
</td>
<td valign="bottom" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 2.02808%;">
<p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"> &nbsp; </font></p>
</td>
<td valign="bottom" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 15.7566%;">
<p align="right" style="text-align: right; text-indent: 0px; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"><font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"> (<font>39,928</font> </font></p>
</td>
<td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2.02809%;">)</td>
</tr>
<tr style="height: 11px; background-color: #cceeff;">
<td style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 80.0312%;">
<p style="margin: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b><font lang="PT-BR" style="color: #000000;">Total assets</font></b><font lang="PT-BR" style="color: #000000;"></font></font></p>
</td>
<td valign="bottom" style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 2.02808%;">
<p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"> &nbsp; </font></p>
</td>
<td valign="bottom" style="border-right: none; border-left: none; border-image: initial; background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; width: 15.7566%;">
<p align="right" style="text-align: right; text-indent: 0px; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"><font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"> <font>1,363,803</font> </font></p>
</td>
<td style="border-right: none; border-left: none; border-image: initial; background: #cceeff; padding: 0in 0px; margin: 0px; text-indent: 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; width: 2.02809%;"><br></td>
</tr>
<tr style="height: 11px;">
<td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 80.0312%;">
<p style="margin: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b><font lang="PT-BR" style="color: #000000;">Current liabilities</font></b><font lang="PT-BR" style="color: black;"></font></font></p>
</td>
<td valign="bottom" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 2.02808%;">
<p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"> &nbsp; </font></p>
</td>
<td valign="bottom" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 15.7566%;">
<p align="right" style="text-align: right; text-indent: 0px; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"><font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"> &nbsp; </font></p>
</td>
<td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2.02809%;"><br></td>
</tr>
<tr style="height: 11px; background-color: #cceeff;">
<td style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 80.0312%;">
<p style="text-indent: 0px; margin: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 30px; padding-right: 0px;"><font><font lang="PT-BR" style="font-size: 10pt; color: black; font-family: 'times new roman', times;"> Leases payable </font></font></p>
</td>
<td valign="bottom" style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 2.02808%;">
<p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"> &nbsp; </font></p>
</td>
<td valign="bottom" style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 15.7566%;">
<p align="right" style="text-align: right; text-indent: 0px; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"><font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"> <font>13,827</font> </font></p>
</td>
<td style="background: #cceeff; padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2.02809%;"><br></td>
</tr>
<tr style="height: 11px;">
<td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 80.0312%;">
<p style="margin: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b><font lang="PT-BR" style="color: #000000;">Non-current liabilities</font></b><font lang="PT-BR" style="color: black;"></font></font></p>
</td>
<td valign="bottom" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 2.02808%;">
<p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"> &nbsp; </font></p>
</td>
<td valign="bottom" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 15.7566%;">
<p align="right" style="text-align: right; text-indent: 0px; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"><font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"> &nbsp; </font></p>
</td>
<td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2.02809%;"><br></td>
</tr>
<tr style="height: 11px; background-color: #cceeff;">
<td style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 80.0312%;">
<p style="text-indent: 0px; margin: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 30px; padding-right: 0px;"><font><font lang="PT-BR" style="font-size: 10pt; color: black; font-family: 'times new roman', times;" class="selected"> Leases payable </font></font></p>
</td>
<td valign="bottom" style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 2.02808%;">
<p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"> &nbsp; </font></p>
</td>
<td valign="bottom" style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 15.7566%;">
<p align="right" style="text-align: right; text-indent: 0px; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"><font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"> <font>1,349,976</font> </font></p>
</td>
<td style="background: #cceeff; padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2.02809%;"><br></td>
</tr>
<tr style="height: 11px;">
<td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 80.0312%;">
<p style="margin: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'times new roman', times; font-size: 10pt;"><b><font lang="PT-BR" style="color: #000000;">Total liabilities</font></b><font lang="PT-BR" style="color: #000000;"></font></font></p>
</td>
<td valign="bottom" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 2.02808%;">
<p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"> &nbsp; </font></p>
</td>
<td valign="bottom" style="border-right: none; border-left: none; border-image: initial; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; width: 15.7566%;">
<p align="right" style="text-align: right; text-indent: 0px; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"><font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"> <font>1,363,803</font> </font></p>
</td>
<td style="border-right: none; border-left: none; border-image: initial; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; margin: 0px; text-indent: 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; width: 2.02809%;"><br></td>
</tr>

</table>
</div>
</div>
</div>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-21</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<div style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; font-size: 10pt;">Ultrapar<font>&nbsp;</font>Participa&#231;&#245;es<font>&nbsp;</font>S.A. and Subsidiaries</div>
<div style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; font-size: 10pt; margin-top: 6pt;">Notes to the Consolidated Financial Statements<br></div>
<div style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; font-size: 10pt; margin-top: 6pt;">(In thousands of Brazilian<font>&nbsp;</font>Reais, unless otherwise stated)</div>
</div>
</div>
<div style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt;"><br></div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">To measurement, the Company used an incremental discount rate, ranging between <font>4.81</font>% p.a. and <font>11.04</font>% p.a., according to the terms of the contracts, and estimated the payment flows for the gross portion of taxes.<br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The table below summarizes the reconciliation of the operating lease commitments to leases payable:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<div style="border-right: none; border-left: none;">
<table border="0" cellspacing="0" cellpadding="0" width="80%" style="height: 105px; width: 80%; border-collapse: collapse; margin: 0px 0px 0px 0.1px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt; margin-left: 0.1px;">

<tr style="height: 15px; background-color: #cceeff;">
<td width="463" nowrap="nowrap" valign="bottom" style="width: 87.5761%; padding: 0px 0px 0px 15px; height: 15px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"><font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"> Operating lease commitments as of December 31, 2018 </font></p>
</td>
<td width="67" nowrap="nowrap" valign="bottom" style="width: 10.9269%; padding: 0in 0px; height: 15px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font lang="PT-BR" style="font-size: 10pt; font-family: 'times new roman', times;"> <font>1,540,994</font> </font></p>
</td>
<td style="width: 1.37522%; padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 15px;">
<td width="463" nowrap="nowrap" valign="bottom" style="width: 87.5761%; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px 0px 0px 15px; height: 15px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"><font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"> Discounted using the incremental borrowing rate on January 1, 2019 </font></p>
</td>
<td width="67" nowrap="nowrap" valign="bottom" style="width: 10.9269%; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 15px; margin: 0px; text-indent: 0px;">
<p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font lang="PT-BR" style="font-size: 10pt; font-family: 'times new roman', times;"> (<font>177,707</font> </font></p>
</td>
<td style="width: 1.37522%; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; margin: 0px; text-indent: 0px;">)</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td width="463" nowrap="nowrap" valign="bottom" style="width: 87.5761%; padding: 0px 0px 0px 15px; height: 15px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"><font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"> Finance lease liabilities recognised as of December 31, 2018 </font></p>
</td>
<td width="67" nowrap="nowrap" valign="bottom" style="width: 10.9269%; padding: 0in 0px; height: 15px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font lang="PT-BR" style="font-size: 10pt; font-family: 'times new roman', times;"> <font>46,066</font> </font></p>
</td>
<td style="width: 1.37522%; padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 15px;">
<td width="463" nowrap="nowrap" valign="bottom" style="width: 87.5761%; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px 0px 0px 15px; height: 15px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"><font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"> (-) Recognition exemption for leases of low amount assets </font></p>
</td>
<td width="67" nowrap="nowrap" valign="bottom" style="width: 10.9269%; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 15px; margin: 0px; text-indent: 0px;">
<p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font lang="PT-BR" style="font-size: 10pt; font-family: 'times new roman', times;"> (<font>33,893</font> </font></p>
</td>
<td style="width: 1.37522%; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; margin: 0px; text-indent: 0px;">)</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td width="463" nowrap="nowrap" valign="bottom" style="width: 87.5761%; padding: 0px 0px 0px 15px; height: 15px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"><font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"> (-) Recognition exemption for leases with less than <font>12</font> months of lease term at transition </font></p>
</td>
<td width="67" nowrap="nowrap" valign="bottom" style="width: 10.9269%; padding: 0in 0px; height: 15px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font lang="PT-BR" style="font-size: 10pt; font-family: 'times new roman', times;"> (<font>11,657</font> </font></p>
</td>
<td style="width: 1.37522%; padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;">)</td>
</tr>
<tr style="height: 15px;">
<td width="463" nowrap="nowrap" valign="bottom" style="width: 87.5761%; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px 0px 0px 15px; height: 15px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"><font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"> (-) Extension options reasonably certain to be exercised </font></p>
</td>
<td width="67" nowrap="nowrap" valign="bottom" style="width: 10.9269%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 15px; margin: 0px; text-indent: 0px;">
<p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font>-</font></p>
</td>
<td style="width: 1.37522%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td width="463" nowrap="nowrap" valign="bottom" style="width: 87.5761%; padding: 0px 0px 0px 15px; height: 15px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"><font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"> Leases payable recognised on January 1, 2019 </font></p>
</td>
<td width="67" nowrap="nowrap" valign="bottom" style="width: 10.9269%; padding: 0in 0px; height: 15px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font lang="PT-BR" style="font-size: 10pt; font-family: 'times new roman', times;"> <font>1,363,803</font> </font></p>
</td>
<td style="width: 1.37522%; padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"><br></td>
</tr>

</table>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><br></p>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">i</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Property, plant, and equipment</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Property, plant</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> and equipment </font><font style="font-family: 'Times New Roman';">(&#8220;PP&amp;E&#8221;) </font><font style="font-family: 'Times New Roman';">is recognized at acquisition or construction cost, including financial charges incurred on </font><font style="font-family: 'Times New Roman';">PP&amp;E</font><font style="font-family: 'Times New Roman';"> under construction, as well as </font><font style="font-family: 'Times New Roman';">qualifying</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">maintenance costs resulting from scheduled plant outages and estimated costs to remove, to decommission</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> or to restore assets (see Note</font><font style="font-family: 'Times New Roman';">s <font>2</font>.</font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';"> and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';"><font>2</font></font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">less </font><font style="font-family: 'Times New Roman';">accumulated depreciation and, when applicable, </font><font style="font-family: 'Times New Roman';">less</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">provision for </font><font style="font-family: 'Times New Roman';">losses</font><font style="font-family: 'Times New Roman';"> (see Note <font>1</font></font><font style="font-family: 'Times New Roman';"><font>4</font></font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Depreciation is calculated using the straight-line method, </font><font style="font-family: 'Times New Roman';">over </font><font style="font-family: 'Times New Roman';">the periods mentioned in Note <font>1</font></font><font style="font-family: 'Times New Roman';"><font>4</font></font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">taking into account</font><font style="font-family: 'Times New Roman';"> the </font><font style="font-family: 'Times New Roman';">estimated </font><font style="font-family: 'Times New Roman';">useful li</font><font style="font-family: 'Times New Roman';">ves</font><font style="font-family: 'Times New Roman';"> of the assets, which are reviewed annually.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Lease hold improvements are depreciated over the shorter of the lease contract term and useful life of the property.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
</div>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">j. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Intangible </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">a</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">ssets</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Intangible assets include assets acquired by the Company and its subsidiaries from third parties,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and </font><font style="font-family: 'Times New Roman';">are recognized</font><font style="font-family: 'Times New Roman';"> according to the criteria below:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="text-align: justify; font-family: serif; font-size: 11pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;'; margin-left: 50pt; padding-left: 20pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Goodwill is shown as intangible assets corresponding to the positive difference between the amount paid or payable to the seller and the fair value of the identifiable assets and liabilities assumed of the acquired entity. Goodwill is tested annually for impairment. Goodwill is allocated to the business segments, which represent the lowest level that goodwill is monitored for impairment testing purposes (see Note <font>15</font>.a).</font></li>
</ul>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="text-align: justify; font-family: serif; font-size: 11pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;'; margin-left: 50pt; padding-left: 20pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Other intangible assets acquired from third parties, such as software, technology, and commercial property rights, are measured at the total acquisition cost and amortized using straight-line method, over the periods mentioned in Note <font>15</font>, taking into account their useful lives, which are reviewed annually.</font></li>
</ul>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company and its subsidiaries have not recognized intangible assets that were </font><font style="font-family: 'Times New Roman';">generated</font><font style="font-family: 'Times New Roman';"> internally. </font><font style="font-family: 'Times New Roman';">The Company and its subsidiaries have goodwill and brands acquired in business combination</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">, which are evaluated as intangible assets with indefinite useful life (see Note <font>1</font></font><font style="font-family: 'Times New Roman';"><font>5</font></font><font style="font-family: 'Times New Roman';"> items </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';"> and </font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">).</font></font></p>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">k. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Other assets</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Other assets are stated at the lower of cost and realizable value, including, if applicable, interest earned, monetary changes and changes in exchange rates incurred</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> less </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> provision</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> for loss</font><font style="font-family: 'Times New Roman';">es</font><font style="font-family: 'Times New Roman';"> and, if applicable, </font><font style="font-family: 'Times New Roman';">adjusted</font><font style="font-family: 'Times New Roman';"> to present value.</font></font></p>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-22</font></td>
</tr>

</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<div style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; font-size: 10pt;"><br></div>
<div style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; font-size: 10pt;">Ultrapar<font>&nbsp;</font>Participa&#231;&#245;es<font>&nbsp;</font>S.A. and Subsidiaries</div>
<div style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; font-size: 10pt; margin-top: 6pt;">Notes to the Consolidated Financial Statements</div>
<div style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; font-size: 10pt; margin-top: 6pt;">(In thousands of Brazilian<font>&nbsp;</font>Reais, unless otherwise stated)</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
</div>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">l. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">F</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">inancial </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">l</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">iabilities</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The financial liabilities include trade payables, loans, </font><font style="font-family: 'Times New Roman';">financing, </font><font style="font-family: 'Times New Roman';">debentures</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">leases</font><font style="font-family: 'Times New Roman';"> payable</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and </font><font style="font-family: 'Times New Roman';">derivative financial </font><font style="font-family: 'Times New Roman';">instruments. Financial liabilities are classified as &#8220;financial liabilities at fair value through profit or loss&#8221; or &#8220;financial liabilities at amorti</font><font style="font-family: 'Times New Roman';">z</font><font style="font-family: 'Times New Roman';">ed cost&#8221;. The financial liabilities at fair value through profit or loss refer to derivative financial instruments</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">subscription warrants</font><font style="font-family: 'Times New Roman';"> - indemnification</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">and financial liabilities designated as hedged items in a fair value hedge relationship upon initial recognition (see Note <font>2</font>.c &#8211; </font><font style="font-family: 'Times New Roman';">F</font><font style="font-family: 'Times New Roman';">air </font><font style="font-family: 'Times New Roman';">V</font><font style="font-family: 'Times New Roman';">alue </font><font style="font-family: 'Times New Roman';">H</font><font style="font-family: 'Times New Roman';">edge). The financial liabilities at amorti</font><font style="font-family: 'Times New Roman';">z</font><font style="font-family: 'Times New Roman';">ed cost are stated at the initial transaction amount plus related charges and </font><font style="font-family: 'Times New Roman';">net of amortization and </font><font style="font-family: 'Times New Roman';">transaction costs. The charges are recognized in </font><font style="font-family: 'Times New Roman';">the statement of </font><font style="font-family: 'Times New Roman';">profit or loss using the effective interest rate method.</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Transaction costs incurred and directly attributable to the activities necessary for contracting loans or for issuing bonds, as well as premiums and discounts upon issuance of debentures and other debt, are allocated to the instrument and amortized </font><font style="font-family: 'Times New Roman';">in the statement of</font><font style="font-family: 'Times New Roman';"> profit or loss </font><font style="font-family: 'Times New Roman';">taking into</font><font style="font-family: 'Times New Roman';"> its term,</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">using the effective interest rate method</font><font style="font-family: 'Times New Roman';"> (see Note <font>1</font></font><font style="font-family: 'Times New Roman';"><font>6</font></font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">h</font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';">.</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">m. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Income and </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">s</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">ocial </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">c</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">ontribution </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">t</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">axes on </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">i</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">ncome</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Current and deferred income tax (&#8220;IRPJ&#8221;) and social contribution on net income tax (&#8220;CSLL&#8221;) are calculated based on their current rates</font><font style="font-family: 'Times New Roman';">. For the calculation of current IRPJ</font><font style="font-family: 'Times New Roman';">, the value of tax incentives</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">is</font><font style="font-family: 'Times New Roman';"> also considered</font><font style="font-family: 'Times New Roman';">. Taxes are recognized based on the rates of IRPJ and CSLL provided for by the laws enacted on the last day of the </font><font style="font-family: 'Times New Roman';">financial </font><font style="font-family: 'Times New Roman';">statements</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">The current rates in Brazil are <font>25</font><font><font>% for </font></font></font><font><font><font style="font-family: 'Times New Roman';">IRPJ</font></font></font><font style="font-family: 'Times New Roman';"><font><font> and </font></font><font>9</font><font><font>%</font></font> for </font><font style="font-family: 'Times New Roman';">CSLL</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">For further </font><font style="font-family: 'Times New Roman';">information</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">about recognition and realization of IRPJ and CSLL, see Note <font>9</font>.</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">For purposes of disclosure, deferred tax assets were offset against the deferred tax liability, </font><font style="font-family: 'Times New Roman';">IRPJ</font><font style="font-family: 'Times New Roman';"> and </font><font style="font-family: 'Times New Roman';">CSLL</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">in</font><font style="font-family: 'Times New Roman';"> the same taxable entity and the same tax authority.</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">n. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Provision for </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">a</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">sset </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">r</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">et</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">i</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">rement </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">o</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">bligation &#8211; </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">f</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">uel </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">t</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">anks</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The subsidiar</font><font style="font-family: 'Times New Roman';">y </font><font style="font-family: 'Times New Roman';">Ipiranga</font><font style="font-family: 'Times New Roman';"> ha</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> the legal obligation to remove </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> underground fuel tanks </font><font style="font-family: 'Times New Roman';">located at</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Ipiranga</font><font style="font-family: 'Times New Roman';">-branded service stations after a certain period. The estimated cost of the obligation to remove these fuel tanks is recognized as a liability when </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">tanks are installed. The estimated cost is recognized in </font><font style="font-family: 'Times New Roman';">PP&amp;E</font><font style="font-family: 'Times New Roman';"> and depreciated over the respective useful li</font><font style="font-family: 'Times New Roman';">ves</font><font style="font-family: 'Times New Roman';"> of the </font><font style="font-family: 'Times New Roman';">asset</font><font style="font-family: 'Times New Roman';">. The amounts recognized as a liability </font><font style="font-family: 'Times New Roman';">accrue inflation effect</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">using the</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Amplified</font><font style="font-family: 'Times New Roman';"> Consumer Price Index </font><font style="font-family: 'Times New Roman';">(&#8220;</font><font style="font-family: 'Times New Roman';">IPCA</font><font style="font-family: 'Times New Roman';">&#8221;)</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">until the tank is removed (see Note</font><font style="font-family: 'Times New Roman';"> <font>2</font></font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">). The estimated removal cost is reviewed and updated annually or when there is significant change in its amount</font><font style="font-family: 'Times New Roman';"> and change in the estimated cost</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> are recognized in </font><font style="font-family: 'Times New Roman';">statements of profit or loss</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">when they become known</font><font style="font-family: 'Times New Roman';">.</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">o. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Provisions for </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">t</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">ax, </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">c</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">ivil, and </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">l</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">abor </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">r</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">isks</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">A provision for tax, civil and labor risks is recognized for quantifiable risks, when the chance of loss is more-likely-than-not in the opinion of management and internal and external legal counsel, and the amounts are recognized based on </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">evaluation of the outcomes of the legal proceedings (see Note </font><font style="font-family: 'Times New Roman';"><font>2</font></font><font style="font-family: 'Times New Roman';"><font>2</font></font><font style="font-family: 'Times New Roman';">).</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">p. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Post-</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">e</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">mployment </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">b</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">enefits</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Post-employment benefits granted and to be granted to employees, retirees, and pensioners are based on an actuarial calculation prepared by an independent actuary</font><font style="font-family: 'Times New Roman';"> and reviewed by management</font><font style="font-family: 'Times New Roman';">, using the projected unit credit method (see Note </font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';">.b). The actuarial gains and losses are recognized in </font><font style="font-family: 'Times New Roman';">equity in </font><font style="font-family: 'Times New Roman';">cumulative </font><font style="font-family: 'Times New Roman';">other comprehensive income</font><font style="font-family: 'Times New Roman';"> in the &#8220;Valuation adjustments&#8221;</font><font style="font-family: 'Times New Roman';">.</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">q. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Other </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">l</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">iabilities</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Other liabilities are stated at known or measurable amounts and changes in exchange rates incurred. When applicable, other liabilities are recognized at present value</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> based on interest rates that reflect the term, currency</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> and risk of each transaction.</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">r. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Foreign </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">c</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">urrency </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">t</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">ransactions</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Foreign currency transactions carried out by the Company or its subsidiaries are remeasured into their functional currency at the exchange rate prevailing at the date of each transaction. Outstanding monetary assets and liabilities of the Company and its subsidiaries are translated using the exchange rate at the </font><font style="font-family: 'Times New Roman';">date</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">of the</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">financial </font><font style="font-family: 'Times New Roman';">statements</font><font style="font-family: 'Times New Roman';">. The effect of the difference between those exchange rates is recognized in </font><font style="font-family: 'Times New Roman';">financial results</font><font style="font-family: 'Times New Roman';"> until the conclusion of each transaction.</font></font></p>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<div style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; font-size: 10pt;"><br></div>
<div style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; font-size: 10pt;">Ultrapar<font>&nbsp;</font>Participa&#231;&#245;es<font>&nbsp;</font>S.A. and Subsidiaries</div>
<div style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; font-size: 10pt; margin-top: 6pt;">Notes to the Consolidated Financial Statements</div>
<div style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; font-size: 10pt; margin-top: 6pt;">(In thousands of Brazilian<font>&nbsp;</font>Reais, unless otherwise stated)</div>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">s. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Basis for </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">t</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">ranslation of </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">f</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">inancial </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">statements</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"> of </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">f</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">oreign </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">s</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">ubsidiaries</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;">s.<font>1</font> Subsidiaries with administrative autonomy</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Assets and liabilities of the foreign subsidiaries, denominated in currencies other than Brazilian Real, which have administrative autonomy, are translated using the exchange rate at the </font><font style="font-family: 'Times New Roman';">date of the </font><font style="font-family: 'Times New Roman';">financial </font><font style="font-family: 'Times New Roman';">statements</font><font style="font-family: 'Times New Roman';">. Revenues and expenses are translated using the average exchange rate of each </font><font style="font-family: 'Times New Roman';">year</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and equity </font><font style="font-family: 'Times New Roman';">is</font><font style="font-family: 'Times New Roman';"> translated at the historic</font><font style="font-family: 'Times New Roman';">al</font><font style="font-family: 'Times New Roman';"> exchange rate of each transaction affecting equity. Gains and losses resulting from changes in these foreign investments are directly recognized in equity in&nbsp;</font><font style="font-family: 'Times New Roman';">the &#8220;</font><font style="font-family: 'Times New Roman';">cumulative translation adjustments</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';"> and will be recognized in profit or loss </font><font style="font-family: 'Times New Roman';">if </font><font style="font-family: 'Times New Roman';">and when</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">these investments are disposed of. The balance in </font><font style="font-family: 'Times New Roman';">cumulative </font><font style="font-family: 'Times New Roman';">translation adjustments&nbsp;</font><font style="font-family: 'Times New Roman';">on </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';"><font>3</font></font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, <font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">was a </font><font style="font-family: 'Times New Roman';">gain </font><font style="font-family: 'Times New Roman';">of R$ </font><font style="border-right: none; border-left: none;"><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;"><font>231,596</font></font></font></font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">(gain of R$ </font><font style="font-family: 'Times New Roman';"><font>102,427</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">on December 31, 2019</font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';"> -</font><font style="font-family: 'Times New Roman';"> see Note <font>2</font></font><font style="font-family: 'Times New Roman';"><font>5</font></font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">g</font><font style="font-family: 'Times New Roman';">.<font>2</font></font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The foreign subsidiaries with functional currency different from the Company and which have administrative autonomy are listed below:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; font-size: 10pt;"> Subsidiary </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Functional currency </font></p>
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<td style="width: 1.21971%; vertical-align: bottom;"><br></td>
<td style="width: 27.8672%; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Location </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Oxiteno M&#233;xico S.A. de C.V. </font></p>
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<td style="width: 32.2975%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Mexican Peso</font> </font></p>
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<td style="width: 1.21971%; vertical-align: top;"><br></td>
<td style="width: 27.8672%; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Mexico</font> </font></p>
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<td style="width: 38.5321%; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;Oxiteno Servicios Corporativos S.A. de C.V. </font></p>
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<td style="width: 32.2975%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Mexican Peso</font> </font></p>
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<td style="width: 1.21971%; vertical-align: top;"><br></td>
<td style="width: 27.8672%; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Mexico</font> </font></p>
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<td style="width: 38.5321%; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;Oxiteno Servicios Industriales S.A. de C.V. </font></p>
</td>
<td style="width: 32.2975%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Mexican Peso</font> </font></p>
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<td style="width: 1.21971%; vertical-align: top;"><br></td>
<td style="width: 27.8672%; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Mexico</font> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"> &nbsp;&nbsp;&nbsp;Oxiteno USA LLC </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>U.S. Dollar</font> </font></p>
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<td style="width: 1.21971%; vertical-align: bottom;"><br></td>
<td style="width: 27.8672%; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>United States</font> </font></p>
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<td style="width: 38.5321%; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"> Oxiteno Uruguay S.A. (i) </font></p>
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<td style="width: 32.2975%; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>U.S. Dollar</font> </font></p>
</td>
<td style="width: 1.21971%; vertical-align: bottom;"><br></td>
<td style="width: 27.8672%; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Uruguay</font> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<td style="vertical-align: top; width: 4%;" valign="top"><font style="font-size: 10pt;">(i)</font></td>
<td style="width: 96%;"><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">The subsidiary Oxiteno Uruguay S.A. (&#8220;Oxiteno Uruguay&#8221;) determined its functional currency as the U.S. dollar (&#8220;US$&#8221;), as its inventory sales, purchases of raw material inputs, and financing activities are performed substantially in this currency.</font></font></td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">s.<font>2</font> Subsidiaries without </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">self-</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">administrative autonomy</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Assets and liabilities of the other foreign subsidiaries, which do not have administrative autonomy, are considered an </font><font style="font-family: 'Times New Roman';">extension</font><font style="font-family: 'Times New Roman';"> of the activities of their parent company and are translated using the exchange rate at the </font><font style="font-family: 'Times New Roman';">date of the </font><font style="font-family: 'Times New Roman';">financial </font><font style="font-family: 'Times New Roman';">statements</font><font style="font-family: 'Times New Roman';">. Gains and losses resulting from changes in these foreign investments are directly recognized as financial </font><font style="font-family: 'Times New Roman';">result</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">T</font><font style="font-family: 'Times New Roman';">he </font><font style="font-family: 'Times New Roman';">gain</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">recognized in </font><font style="font-family: 'Times New Roman';">income </font><font style="font-family: 'Times New Roman';">in</font><font style="font-family: 'Times New Roman';"> <font>2020</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">amounted to R$ <font>30,928</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">(</font><font style="font-family: 'Times New Roman';">R$ </font><font style="font-family: 'Times New Roman';"><font>2,444</font></font><font style="font-family: 'Times New Roman';">, gain</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">in</font><font style="font-family: 'Times New Roman';"> <font>2019</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and </font><font style="font-family: 'Times New Roman';">R$ </font><font style="font-family: 'Times New Roman';"><font>4,090</font>, gain in <font>2018</font></font><font style="font-family: 'Times New Roman';">).</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">t. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Use of </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">e</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">stimates, </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">a</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">ssumptions and </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">j</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">udgments&nbsp;</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The preparation of the </font><font style="font-family: 'Times New Roman';">financial </font><font style="font-family: 'Times New Roman';">statements</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">requires the use of estimates, assumptions</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> and judgments for the accounting and disclosure of certain assets, liabilities</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> and </font><font style="font-family: 'Times New Roman';">profit or loss</font><font style="font-family: 'Times New Roman';">. Therefore, </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">Company and subsidiaries&#8217; management use the best information available at the </font><font style="font-family: 'Times New Roman';">date</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">of preparation of the </font><font style="font-family: 'Times New Roman';">financial </font><font style="font-family: 'Times New Roman';">statements</font><font style="font-family: 'Times New Roman';">, as well as the experience of past and current events, also considering assumptions regarding future events. The estimates and assumptions are reviewed periodically</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-24</font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<div style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; font-size: 10pt;"><br></div>
<div style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; font-size: 10pt;">Ultrapar<font>&nbsp;</font>Participa&#231;&#245;es<font>&nbsp;</font>S.A. and Subsidiaries</div>
<div style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; font-size: 10pt; margin-top: 6pt;">Notes to the Consolidated Financial Statements<br></div>
<div style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; font-size: 10pt; margin-top: 6pt;">(In thousands of Brazilian<font>&nbsp;</font>Reais, unless otherwise stated)</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;">t.<font>1</font> Judgments</font></p>
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Information on the judgments is included: in </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">determin</font><font style="font-family: 'Times New Roman';">ation of</font><font style="font-family: 'Times New Roman';"> control </font><font style="font-family: 'Times New Roman';">in</font><font style="font-family: 'Times New Roman';"> subsidiaries (Notes <font>2</font>.g, <font>2</font>.s.<font>1</font></font><font style="font-family: 'Times New Roman';"> and</font><font style="font-family: 'Times New Roman';"> <font>3</font>), </font><font style="font-family: 'Times New Roman';">the determination of </font><font style="font-family: 'Times New Roman';">joint control </font><font style="font-family: 'Times New Roman';">in</font><font style="font-family: 'Times New Roman';"> joint venture (Notes <font>2</font>.g</font><font style="font-family: 'Times New Roman';"> and</font><font style="font-family: 'Times New Roman';"> <font>12</font>.a)</font><font style="font-family: 'Times New Roman';"> and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">determin</font><font style="font-family: 'Times New Roman';">ation</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">of </font><font style="font-family: 'Times New Roman';">significant influence </font><font style="font-family: 'Times New Roman';">in associates </font><font style="font-family: 'Times New Roman';">(Notes <font>2</font>.g and <font>12</font>.</font><font style="font-family: 'Times New Roman';">b</font><font style="font-family: 'Times New Roman';">).</font></font><br></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">t.<font>2</font> Uncertainties </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">related to the</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"> assumptions and estimates</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The information regarding uncertainties related to the assumptions and estimates are included: in </font><font style="font-family: 'Times New Roman';">determining the fair value of financial instruments (Notes </font><font style="font-family: 'Times New Roman';"><font>2</font>.c, <font>2</font>.</font><font style="font-family: 'Times New Roman';">l</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';"><font>4</font>, <font>1</font></font><font style="font-family: 'Times New Roman';"><font>6</font></font><font style="font-family: 'Times New Roman';"> and </font><font style="font-family: 'Times New Roman';"><font>3</font></font><font style="font-family: 'Times New Roman';"><font>3</font></font><font style="font-family: 'Times New Roman';">), the determination of the </font><font style="font-family: 'Times New Roman';">expected</font><font style="font-family: 'Times New Roman';"> losses on</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">doubtful accounts (Note</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';"><font>2</font>.d, </font><font style="font-family: 'Times New Roman';"><font>5</font></font><font style="font-family: 'Times New Roman';"> and </font><font style="font-family: 'Times New Roman';"><font>3</font></font><font style="font-family: 'Times New Roman';"><font>3</font></font><font style="font-family: 'Times New Roman';">.d.<font>3</font></font><font style="font-family: 'Times New Roman';">), </font><font style="font-family: 'Times New Roman';">the determination of provisions for losses of inventories (Note</font><font style="font-family: 'Times New Roman';">s <font>2</font>.e</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and </font><font style="font-family: 'Times New Roman';"><font>6</font>), </font><font style="font-family: 'Times New Roman';">the estimative of </font><font style="font-family: 'Times New Roman';">realization of deferred </font><font style="font-family: 'Times New Roman';">IRPJ and CSLL</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">amounts </font><font style="font-family: 'Times New Roman';">(Note</font><font style="font-family: 'Times New Roman';">s <font>2</font>.</font><font style="font-family: 'Times New Roman';">m</font><font style="font-family: 'Times New Roman';"> and</font><font style="font-family: 'Times New Roman';"> <font>9</font></font><font style="font-family: 'Times New Roman';">.a</font><font style="font-family: 'Times New Roman';">), </font><font style="font-family: 'Times New Roman';">the useful lives and discount rate of right-of-</font><font style="font-family: 'Times New Roman';">use assets (Notes <font>2</font>.h and <font>13</font>),</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">the useful li</font><font style="font-family: 'Times New Roman';">ves </font><font style="font-family: 'Times New Roman';">of </font><font style="font-family: 'Times New Roman';">PP&amp;E</font><font style="font-family: 'Times New Roman';"> (Note</font><font style="font-family: 'Times New Roman';">s <font>2</font>.</font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';"> and</font><font style="font-family: 'Times New Roman';"> <font>1</font></font><font style="font-family: 'Times New Roman';"><font>4</font></font><font style="font-family: 'Times New Roman';">), the useful li</font><font style="font-family: 'Times New Roman';">ves</font><font style="font-family: 'Times New Roman';"> of intangible assets</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> and the determination of the recoverable amount of goodwill (Note</font><font style="font-family: 'Times New Roman';">s <font>2</font>.</font><font style="font-family: 'Times New Roman';">j</font><font style="font-family: 'Times New Roman';"> and</font><font style="font-family: 'Times New Roman';"> <font>1</font></font><font style="font-family: 'Times New Roman';"><font>5</font></font><font style="font-family: 'Times New Roman';">.a</font><font style="font-family: 'Times New Roman';">), provisions for assets retirement obligations (Note</font><font style="font-family: 'Times New Roman';">s <font>2</font>.</font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';"> and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';"><font>2</font></font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">), </font><font style="font-family: 'Times New Roman';">provisions for </font><font style="font-family: 'Times New Roman';">tax, civil</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> and labor</font><font style="font-family: 'Times New Roman';"> risks</font><font style="font-family: 'Times New Roman';"> (Note</font><font style="font-family: 'Times New Roman';">s <font>2</font>.</font><font style="font-family: 'Times New Roman';">o</font><font style="font-family: 'Times New Roman';"> and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';"><font>2</font></font><font style="font-family: 'Times New Roman';"><font>2</font></font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> estimates for the preparation of actuarial reports (Note</font><font style="font-family: 'Times New Roman';">s <font>2</font>.</font><font style="font-family: 'Times New Roman';">p</font><font style="font-family: 'Times New Roman';"> and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';">.b)</font><font style="font-family: 'Times New Roman';"> and the determination of fair value of subscription warrants &#8211; indemnification</font><font style="font-family: 'Times New Roman';"> (Notes </font><font style="font-family: 'Times New Roman';"><font>2</font></font><font style="font-family: 'Times New Roman';"><font>4</font></font><font style="font-family: 'Times New Roman';"> and </font><font style="font-family: 'Times New Roman';"><font>3</font></font><font style="font-family: 'Times New Roman';"><font>3</font></font><font style="font-family: 'Times New Roman';">.j</font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';">. The actual result of the transactions and information may differ from their estimates.</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">u. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Impairment of assets</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company and its subsidiaries review </font><font style="font-family: 'Times New Roman';">in </font><font style="font-family: 'Times New Roman';">every report</font><font style="font-family: 'Times New Roman';">ing</font><font style="font-family: 'Times New Roman';"> period</font><font style="font-family: 'Times New Roman';"> the existence of </font><font style="font-family: 'Times New Roman';">any </font><font style="font-family: 'Times New Roman';">indication that an asset may be impaired</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">To </font><font style="font-family: 'Times New Roman';">intangible assets with indefinite useful life</font><font style="font-family: 'Times New Roman';"> the review is done annually</font><font style="font-family: 'Times New Roman';">. If there is an indication</font><font style="font-family: 'Times New Roman';"> of impairment</font><font style="font-family: 'Times New Roman';">, the Company and its subsidiaries estimate the recoverable amount of the asset. Assets that </font><font style="font-family: 'Times New Roman';">cannot be</font><font style="font-family: 'Times New Roman';"> evaluated individually are grouped in the smallest group of assets that generate cash </font><font style="font-family: 'Times New Roman';">inflow</font><font style="font-family: 'Times New Roman';"> from continuous use and that are largely independent of cash flows of other assets (</font><font style="font-family: 'Times New Roman';">cash generating units &#8220;</font><font style="font-family: 'Times New Roman';">CGU</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';">). The recoverable amount of assets or CGUs corresponds to the greater of their fair value net of applicable direct selling costs and their value in use.</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The fair value </font><font style="font-family: 'Times New Roman';">less</font><font style="font-family: 'Times New Roman';"> costs </font><font style="font-family: 'Times New Roman';">to sell</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">is determined by the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date, net of costs of removing the asset, and direct incremental costs to bring an asset into condition for its sale, legal costs</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> and taxes.</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">To assess the value in use, the projections of future cash flows, trends</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> and outlooks, as well as the effects of obsolescence, demand, competition</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> and other economic factors</font><font style="font-family: 'Times New Roman';"> were considered</font><font style="font-family: 'Times New Roman';">. Such cash flows are discounted to their present values &#8203;&#8203;using the discount rate before tax that reflects market conditions for the period of impairment testing and the specific risks of the asset or CGU being evaluated. In cases where the expected discounted future cash flows are less than their carrying amount, </font><font style="font-family: 'Times New Roman';">an </font><font style="font-family: 'Times New Roman';">impairment loss is recognized for the amount by which the carrying value exceeds the fair value of these assets. Losses for impairment of assets are recognized in profit or loss. In case goodwill has been allocated to a CGU, the recognized losses are first allocated to reduce the corresponding goodwill. If the goodwill is not enough to absorb such losses, the surplus is allocated to the assets on a pro-rata basis. An impairment of goodwill cannot be reversed. For other assets, impairment losses </font><font style="font-family: 'Times New Roman';">may be</font><font style="font-family: 'Times New Roman';"> reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if the impairment had not been recognized.</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">No impairment was recognized </font><font style="font-family: 'Times New Roman';">on December </font><font style="font-family: 'Times New Roman';">3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, <font>2020</font>. </font><font style="font-family: 'Times New Roman';">On December 31, 2019, t</font><font style="font-family: 'Times New Roman';">he Company </font><font style="font-family: 'Times New Roman';">recognized an impairment loss for</font><font style="font-family: 'Times New Roman';"> the subsidiary </font><font style="font-family: 'Times New Roman';">Imifarma</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Produtos</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Farmac&#234;uticos</font><font style="font-family: 'Times New Roman';"> e </font><font style="font-family: 'Times New Roman';">Cosm&#233;ticos</font><font style="font-family: 'Times New Roman';"> S.A. (&#8220;</font><font style="font-family: 'Times New Roman';">Extrafarma</font><font style="font-family: 'Times New Roman';">&#8221;)</font><font style="font-family: 'Times New Roman';"> (see Note <font>15</font>.a)</font><font style="font-family: 'Times New Roman';">.</font></font></p>
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<div style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; font-size: 10pt;"><br></div>
<div style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; font-size: 10pt;">Ultrapar<font>&nbsp;</font>Participa&#231;&#245;es<font>&nbsp;</font>S.A. and Subsidiaries</div>
<div style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; font-size: 10pt; margin-top: 6pt;">Notes to the Consolidated Financial Statements</div>
<div style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'times new roman', times; font-size: 10pt; margin-top: 6pt;">(In thousands of Brazilian<font>&nbsp;</font>Reais, unless otherwise stated)</div>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">v. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Business </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">c</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">ombination</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">A business combination is accounted </font><font style="font-family: 'Times New Roman';">applying</font><font style="font-family: 'Times New Roman';"> the acquisition method. The cost of </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">acquisition is measured </font><font style="font-family: 'Times New Roman';">based on </font><font style="font-family: 'Times New Roman';">the consideration transferred and to be transferred, measured at fair value at the acquisition date. In </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';"> business</font><font style="font-family: 'Times New Roman';"> combination</font><font style="font-family: 'Times New Roman';">, the assets acquired</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> and liabilities assumed are </font><font style="font-family: 'Times New Roman';">measured </font><font style="font-family: 'Times New Roman';">in order to classify and allocate them accordingly to the contractual terms, economic circumstances and relevant conditions on the acquisition date. The non-controlling interest in the</font><font style="font-family: 'Times New Roman';"> acquired company</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">is measured based on its interest in net assets </font><font style="font-family: 'Times New Roman';">identified in the </font><font style="font-family: 'Times New Roman';">acquired</font><font style="font-family: 'Times New Roman';"> company</font><font style="font-family: 'Times New Roman';">. Goodwill is measured as the excess of the </font><font style="font-family: 'Times New Roman';">consideration transferred and to be transferred</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">over the fair value of net assets acquired (identifiable assets and liabilities assumed, net). After </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">initial recognition, goodwill is measured at cost less any accumulated impairment losses. For impairment testing purposes, goodwill is allocated to the Company&#8217;s </font><font style="font-family: 'Times New Roman';">operating </font><font style="font-family: 'Times New Roman';">segment</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">. When the </font><font style="font-family: 'Times New Roman';">c</font><font style="font-family: 'Times New Roman';">ost of the acquisition</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">is </font><font style="font-family: 'Times New Roman';">lower</font><font style="font-family: 'Times New Roman';"> than the fair value of net assets acquired, </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';"> gain is recognized directly in the statement</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">of profit or loss</font><font style="font-family: 'Times New Roman';">. Costs related to the acquisition</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> are recorded in the statement </font><font style="font-family: 'Times New Roman';">of profit or loss </font><font style="font-family: 'Times New Roman';">when incurred.</font><font style="font-family: 'Times New Roman';"> For the year ended on December 31, 2020 and <font>2019</font> there are not business combinations.&nbsp;</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">w</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Statements of </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">c</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">ash </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">f</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">lows </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">i</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">ndirect </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">m</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">ethod</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">&nbsp;</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company and its subsidiaries present the interest paid on loans</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">financing, </font><font style="font-family: 'Times New Roman';">debentures</font><font style="font-family: 'Times New Roman';">, and leases payable</font><font style="font-family: 'Times New Roman';"> in financing activities</font><font style="font-family: 'Times New Roman';"> and present </font><font style="font-family: 'Times New Roman';">financial investments, net of </font><font style="font-family: 'Times New Roman';">redemptions,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">in </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">invest</font><font style="font-family: 'Times New Roman';">ing </font><font style="font-family: 'Times New Roman';">activities</font><font style="font-family: 'Times New Roman';">.</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">x</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Adoption of the pronouncements issued by IASB</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">There are not standards, amendments and interpretations to IFRS issued by the IASB which are effective</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and could have impact in </font><font style="font-family: 'Times New Roman';">th</font><font style="font-family: 'Times New Roman';">ese</font><font style="font-family: 'Times New Roman';"> financial </font><font style="font-family: 'Times New Roman';">statements</font><font style="font-family: 'Times New Roman';"> to </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, <font>2020</font></font><font style="font-family: 'Times New Roman';">&nbsp;and <font>2019</font> that have not been adopted by the Company</font><font style="font-family: 'Times New Roman';">.</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">y</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Authorization for </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">i</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">ssuance of the </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">f</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">inancial </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">statements</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Th</font><font style="font-family: 'Times New Roman';">ese</font><font style="font-family: 'Times New Roman';"> financial </font><font style="font-family: 'Times New Roman';">statements</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">were</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">authorized for issuance by the Management</font><font style="font-family: 'Times New Roman';">&nbsp;on</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">April</font><font style="font-family: 'Times New Roman';">&nbsp;29</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">202</font></font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">1</font></font><font style="font-family: 'Times New Roman';">.</font></font></p>
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<div style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><br></div>
<div style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">Ultrapar<font>&nbsp;</font>Participa&#231;&#245;es<font>&nbsp;</font>S.A. and Subsidiaries</div>
<div style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt;">Notes to the Consolidated Financial Statements<br></div>
<div style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt;">(In thousands of Brazilian<font>&nbsp;</font>Reais, unless otherwise stated)</div>
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<h1 style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 12pt; text-indent: 0px;"><font><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">3. </font><font style="font-family: 'Times New Roman';">Principles of </font><font style="font-family: 'Times New Roman';">c</font><font style="font-family: 'Times New Roman';">onsolidation</font><font style="font-family: 'Times New Roman';"> and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">nvestments in </font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">ubsidiaries </font></font></font></h1>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">a. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Principles of </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">c</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">onsolidation</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">In the preparation of the consolidated </font><font style="font-family: 'Times New Roman';">financial </font><font style="font-family: 'Times New Roman';">statements</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">nvestments of <font>one</font> company in another, balances of asset and liability accounts</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> revenues </font><font style="font-family: 'Times New Roman';">transactions, costs </font><font style="font-family: 'Times New Roman';">and expenses were eliminated, as well as the effects of transactions conducted between the companies. Non-controlling interests in subsidiaries are presented within consolidated equity and net income.</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Consolidation of a subsidiary begins when the </font><font style="font-family: 'Times New Roman';">p</font><font style="font-family: 'Times New Roman';">arent company obtains direct or indirect control over a c</font><font style="font-family: 'Times New Roman';">ompany and ceases when the p</font><font style="font-family: 'Times New Roman';">arent company loses control of a company. Income and expenses of a subsidiary acquired are included in the consolidated </font><font style="font-family: 'Times New Roman';">statement of</font><font style="font-family: 'Times New Roman';"> profit or </font><font style="font-family: 'Times New Roman';">loss and</font><font style="font-family: 'Times New Roman';"> comprehe</font><font style="font-family: 'Times New Roman';">nsive income from the date the p</font><font style="font-family: 'Times New Roman';">arent company gains the control. Income and expenses of a subsidiary</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">in </font><font style="font-family: 'Times New Roman';">which </font><font style="font-family: 'Times New Roman';">the p</font><font style="font-family: 'Times New Roman';">arent company loses control,</font><font style="font-family: 'Times New Roman';"> are included in the consolidated </font><font style="font-family: 'Times New Roman';">statement of</font><font style="font-family: 'Times New Roman';"> profit or </font><font style="font-family: 'Times New Roman';">loss and</font><font style="font-family: 'Times New Roman';"> comprehen</font><font style="font-family: 'Times New Roman';">sive income until the date the p</font><font style="font-family: 'Times New Roman';">arent company loses control. </font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">When necessary, adjustments are made to the </font><font style="font-family: 'Times New Roman';">financial </font><font style="font-family: 'Times New Roman';">statements</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">of </font><font style="font-family: 'Times New Roman';">subsidiaries to bring their accounting policies into line with the Company&#8217;s accounting policies.</font></font></p>
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<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font><i></i></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">b. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Investments in </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">s</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">ubsidiaries</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"> </font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The consolidated </font><font style="font-family: 'Times New Roman';">financial </font><font style="font-family: 'Times New Roman';">statements</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">include the following direct and indirect subsidiaries:</font></font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-size: 8pt; font-weight: bold;"> 12/31/2020 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2018 </font></p>
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</td>
<td style="vertical-align: bottom; height: 13px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Indirect </font></p>
</td>
<td style="vertical-align: top; height: 13px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 13px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Direct </font></p>
</td>
<td style="vertical-align: top; height: 13px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 13px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Indirect </font></p>
</td>
<td style="vertical-align: top; padding: 0px; height: 13px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 45.5%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Ipiranga Produtos de Petr&#243;leo S.A.</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 9%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Brazil</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 9%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Ipiranga</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 1%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 5%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 1%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 5%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 1%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 5%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 1%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 5%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; width: 1%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 5%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 1%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; width: 5%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; width: 0.5%; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-size: 10pt;"> <font>am/pm Comest&#237;veis Ltda.</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Brazil</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Ipiranga</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-size: 10pt;"> <font>Icorban &#8211; Correspondente Banc&#225;rio Ltda.</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Brazil</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Ipiranga</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-size: 10pt;"> <font>Ipiranga Trading Limited</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-size: 10pt;"> <font>British Virgin Islands</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Ipiranga</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 10px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-size: 10pt;"> <font>Tropical Transportes Ipiranga Ltda.</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Brazil</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Ipiranga</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-size: 10pt;"> <font>Ipiranga Imobili&#225;ria Ltda.</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Brazil</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Ipiranga</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-size: 10pt;"> <font>Ipiranga Log&#237;stica Ltda.</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Brazil</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Ipiranga</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-size: 10pt;"> <font>Oil Trading Importadora e Exportadora Ltda.</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Brazil</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Ipiranga</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 10px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-size: 10pt;"> <font>Iconic Lubrificantes S.A.</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Brazil</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Ipiranga</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>56</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>56</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>56</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Integra Frotas Ltda.</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Brazil</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Ipiranga</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Companhia Ultragaz S.A.</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Brazil</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Ultragaz</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>99</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>99</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>99</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-left: 28.4pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Ultragaz Comercial Ltda.</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Brazil</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Ultragaz</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 28.4pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><font>Nova Paran&#225; Distribuidora de G&#225;s Ltda.</font> </font><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">(<font>1</font>)</font></sup></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Brazil</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Ultragaz</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; background-color: #cceeff; height: 10px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<div style="border-right: none; border-left: none;">
<p style="margin-top: 0pt; margin-left: 28.4pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-size: 10pt;"><font><font style="font-family: 'Times New Roman';">Uting&#225;s</font><font style="font-family: 'Times New Roman';"> Armazenadora S</font><font style="font-family: 'Times New Roman';">.A.</font></font></font> <font style="font-size: 10pt;"><sup><font style="font-family: 'Times New Roman'; vertical-align: super;"> </font></sup><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">(<font>2</font>)</font></sup></font></p>
</div>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Brazil</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Ultragaz</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>57</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>57</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>57</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 10px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-size: 10pt;"> <font>Bahiana Distribuidora de G&#225;s Ltda.</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Brazil</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Ultragaz</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>LPG International Inc.</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Cayman Islands</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Ultragaz</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 10px;"><br></td>
</tr>
<tr style="height: 11px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 11px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-size: 10pt;"> <font>Imaven Im&#243;veis Ltda.</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 11px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Brazil</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 11px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Others</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 11px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 11px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 11px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 11px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 11px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 11px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 11px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 11px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: top; height: 11px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 11px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 11px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 11px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; background-color: #cceeff; height: 11px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-size: 10pt;"> <font>Imifarma Produtos Farmac&#234;uticos e Cosm&#233;ticos S.A.</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Brazil</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Extrafarma</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 10px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: middle; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-size: 10pt;"><font><font style="font-family: 'Times New Roman';">UVC Investimentos </font><font style="font-family: 'Times New Roman';">Ltda.</font></font><sup><font style="font-family: 'Times New Roman'; vertical-align: super;"> </font></sup><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">(</font></sup><sup><font style="font-family: 'Times New Roman'; vertical-align: super;"><font>3</font></font></sup><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">)</font></sup></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-size: 10pt;"> <font>Brazil</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Others</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>99</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; background-color: #cceeff; height: 10px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-size: 10pt;"><font style="/* border-right: 3px solid #5355bc; *//* border-left: 3px solid #5355bc;"><font style="font-family: 'Times New Roman';"><font>Centro de Conveni&#234;ncias Millennium Ltda. and subsidiaries</font></font></font><font style="font-family: 'Times New Roman';">&nbsp;</font><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">(</font></sup><sup><font style="font-family: 'Times New Roman'; vertical-align: super;"><font>4</font></font></sup><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">)</font></sup></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Brazil</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Ipiranga</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 10px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Oxiteno S.A. Ind&#250;stria e Com&#233;rcio</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Brazil</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Oxiteno</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><font>Oxiteno Nordeste S.A. Ind&#250;stria e Com&#233;rcio</font></font><font style="font-family: 'Times New Roman';"> </font><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">(<font>5</font>)</font></sup></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Brazil</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Oxiteno</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>99</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 10px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-size: 10pt;"> <font>Oxiteno Argentina Sociedad de Responsabilidad Ltda.</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Argentina</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Oxiteno</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; background-color: #cceeff; height: 10px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-size: 10pt;"> <font>Oleoqu&#237;mica Ind&#250;stria e Com&#233;rcio de Produtos Qu&#237;micos Ltda.</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Brazil</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Oxiteno</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 10px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-size: 10pt;"> <font>Oxiteno Uruguay S.A.</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Uruguay</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Oxiteno</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Oxiteno M&#233;xico S.A. de C.V.</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Mexico</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Oxiteno</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 28.4pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-size: 10pt;"> <font>Oxiteno Servicios Corporativos S.A. de C.V.</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Mexico</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Oxiteno</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; background-color: #cceeff; height: 10px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-left: 28.4pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-size: 10pt;"> <font>Oxiteno Servicios Industriales S.A. de C.V.</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Mexico</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Oxiteno</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 10px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 28.4pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-size: 10pt;"> <font>Oxiteno USA LLC</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>United States</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Oxiteno</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; background-color: #cceeff; height: 10px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Global Petroleum Products Trading Corp.</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Virgin Islands</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Oxiteno</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 10px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-size: 10pt;"><font><font style="font-family: 'Times New Roman';">Oxiteno</font><font style="font-family: 'Times New Roman';"> Andina, C.A.</font></font><font style="font-family: 'Times New Roman';"> </font><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">(<font>6</font>)</font></sup></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Venezuela</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Oxiteno</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; background-color: #cceeff; height: 10px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-size: 10pt;"> <font>Oxiteno Europe SPRL</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Belgium</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Oxiteno</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-size: 10pt;"> <font>Oxiteno Colombia S.A.S</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Colombia</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Oxiteno</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-size: 10pt;"> <font>Oxiteno Shanghai LTD.</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>China</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Oxiteno</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Empresa Carioca de Produtos Qu&#237;micos S.A.</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Brazil</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Oxiteno</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; background-color: #cceeff; height: 10px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-size: 10pt;"> <font>Ultracargo - Opera&#231;&#245;es Log&#237;sticas e Participa&#231;&#245;es Ltda.</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Brazil</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Ultracargo</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 10px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-size: 10pt;"> <font>Terminal Qu&#237;mico de Aratu S.A. &#8211; Tequimar</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Brazil</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Ultracargo</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>99</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>99</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>99</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; background-color: #cceeff; height: 10px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-left: 28.4pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>TEAS &#8211; Terminal Exportador de &#193;lcool de Santos Ltda.</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Brazil</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Ultracargo</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 10px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 28.4pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-size: 10pt;"> <font>Tequimar Vila do Conde Log&#237;stica Portu&#225;ria S.A.</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Brazil</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Ultracargo</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; background-color: #cceeff; height: 10px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-size: 10pt;"> <font>Ultrapar International S.A.</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Luxembourg</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Others</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 17px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-size: 10pt;"> <font>SERMA - Ass. dos usu&#225;rios equip. proc. de dados</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Brazil</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Others</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; background-color: #cceeff; height: 10px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: middle; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-size: 10pt;"><font style="border-left: none; border-right: none;"><font style="font-family: 'Times New Roman';"><font>UVC - Fundo de investimento em participa&#231;&#245;es multiestrat&#233;gia investimento no exterior</font> </font></font><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">(</font></sup><sup><font style="font-family: 'Times New Roman'; vertical-align: super;"><font>7</font></font></sup><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">)</font></sup><font style="font-family: 'Times New Roman';"> </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-size: 10pt;"> <font>Brazil</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Others</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; height: 10px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: middle; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-size: 10pt;"><font><font style="font-family: 'Times New Roman';">Ea</font><font style="font-family: 'Times New Roman';">&#237;</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Clube</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Automobilista</font><font style="font-family: 'Times New Roman';"> S.A</font><font style="font-family: 'Times New Roman';">.</font></font><font style="font-family: 'Times New Roman';"> </font><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">(</font></sup><sup><font style="font-family: 'Times New Roman'; vertical-align: super;"><font>8</font></font></sup><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">)</font></sup></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Brazil</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Abastece A&#237;</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: top; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; background-color: #cceeff; height: 10px;"><br></td>
</tr>

</table>
</div>
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The percentages in the table above are rounded</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<div>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-28</font></td>
</tr>

</table>
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<p style="margin: 0cm 0cm 0.0001pt; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; color: #000000;"><font lang="PT-BR" style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
<p style="margin: 0cm 0cm 0.0001pt; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; color: #000000;"><font lang="PT-BR" style="font-family: 'times new roman', times; font-size: 10pt;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
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<td style="width: 3.02403%; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(1)</font></td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font><font style="font-family: 'Times New Roman';">Non operating</font><font style="font-family: 'Times New Roman';"> company in closing phase</font><font style="font-family: 'Times New Roman';">.</font></font></font></p>
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<td style="width: 3.02403%; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(2)</font><br></td>
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<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font><font style="font-family: 'Times New Roman';">I</font><font style="font-family: 'Times New Roman';">n October 2020, there was a change in the share capital of the company </font><font style="font-family: 'Times New Roman';">Uting&#225;s</font><font style="font-family: 'Times New Roman';">, which became controlled by </font><font style="font-family: 'Times New Roman';">Companhia</font><font style="font-family: 'Times New Roman';"> Ultragaz S.A.</font><font style="font-family: 'Times New Roman';"> (&#8220;Ultragaz&#8221;).</font></font></font></p>
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<td style="width: 3.02403%; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(3)</font><br></td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font><font style="font-family: 'Times New Roman';">Subsidiary</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">created</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">n </font><font style="font-family: 'Times New Roman';">January</font><font style="font-family: 'Times New Roman';"> 20</font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">20</font>&nbsp;to provide</font><font style="font-family: 'Times New Roman';">&nbsp;valuation, business management and financial </font><font style="font-family: 'Times New Roman';">advisory services to UVC - Fundo de investimento em participa&#231;&#245;es multiestrat&#233;gia investimento no exterior</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> In September 2020 the company&#8217;s name was changed to &#8220;UVC </font><font style="font-family: 'Times New Roman';">Investimentos</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Ltda</font><font style="font-family: 'Times New Roman';">&#8221;.</font></font></font></p>
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<td style="width: 3.02403%; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(4)</font><br></td>
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<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font><font style="font-family: 'Times New Roman';">In May 2020 t</font><font style="font-family: 'Times New Roman';">here was a c</font><font style="font-family: 'Times New Roman';">hange in the participation of the capital of the </font><font style="font-family: 'Times New Roman';">subsidiary</font><font style="font-family: 'Times New Roman';"> Millen</font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ium</font><font style="font-family: 'Times New Roman';"> which became a direct subsidiary of the Company</font><font style="font-family: 'Times New Roman';">.</font></font></font></p>
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<td style="width: 3.02403%; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(5)</font><br></td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font><font style="font-family: 'Times New Roman';">On April 30, 2019, the shareholders of </font><font style="font-family: 'Times New Roman';">Oxiteno</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Nordeste</font><font style="font-family: 'Times New Roman';"> S.A. </font><font style="font-family: 'Times New Roman';">Ind&#250;stria</font><font style="font-family: 'Times New Roman';"> e </font><font style="font-family: 'Times New Roman';">Com&#233;rcio</font><font style="font-family: 'Times New Roman';"> (&#8220;</font><font style="font-family: 'Times New Roman';">Oxiteno</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Nordeste</font><font style="font-family: 'Times New Roman';">&#8221;) approved the </font><font style="font-family: 'Times New Roman';">redemption</font><font style="font-family: 'Times New Roman';"> of all of its preferred shares class &#8220;B&#8221;, with </font><font style="font-family: 'Times New Roman';">sub</font><font style="font-family: 'Times New Roman';">sequent cancellation. On December 2, 2019, </font><font style="font-family: 'Times New Roman';">in order to simplify the corporate structure</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> the subsidiary </font><font style="font-family: 'Times New Roman';">Oxiteno</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Nordeste</font><font style="font-family: 'Times New Roman';"> was incorporated by its parent </font><font style="font-family: 'Times New Roman';">Oxiteno</font><font style="font-family: 'Times New Roman';"> S.A. </font><font style="font-family: 'Times New Roman';">Ind&#250;stria</font><font style="font-family: 'Times New Roman';"> e </font><font style="font-family: 'Times New Roman';">Com&#233;rcio</font><font style="font-family: 'Times New Roman';"> (&#8220;</font><font style="font-family: 'Times New Roman';">Oxiteno</font><font style="font-family: 'Times New Roman';"> S</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">A</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">&#8221;)</font><font style="font-family: 'Times New Roman';">.</font></font></font></p>
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<td style="width: 3.02403%; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(6)</font></td>
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<p style="margin-top: 2pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font><font style="font-family: 'Times New Roman';">On October 15, 2019, the subsidiary Oxiteno S.A. approved the </font><font style="font-family: 'Times New Roman';">asset write-offs</font><font style="font-family: 'Times New Roman';"> of</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Oxiteno Andina C.A. (&#8220;Oxiteno Andina&#8221;).</font></font></font></p>
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<td style="width: 3.02403%; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(7)</font><br></td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font><font style="font-family: 'Times New Roman';">F</font><font style="font-family: 'Times New Roman';">und constituted</font><font style="font-family: 'Times New Roman';"> on January 2020, the UVC has </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> purpose to </font><font style="font-family: 'Times New Roman';">invest in promising companies that can leverage or complement the Company's business,</font><font style="font-family: 'Times New Roman';"> besides</font><font style="font-family: 'Times New Roman';"> to supporting the mapping and sharing of startups and new technologies</font><font style="font-family: 'Times New Roman';">.</font></font></font></p>
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<td style="width: 3.02403%; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(8)</font><br></td>
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<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"> </font><font><font style="font-family: 'Times New Roman';">Subsidiary</font><font style="font-family: 'Times New Roman';"> created in July 2020</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">adding</font><font style="font-family: 'Times New Roman';"> the </font><font style="font-family: 'Times New Roman';">Abastece</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">A&#237;</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">app </font><font style="font-family: 'Times New Roman';">and Km de </font><font style="font-family: 'Times New Roman';">Vantagens</font><font style="font-family: 'Times New Roman';"> programs to operate in the digital payments segment under the </font><font style="font-family: 'Times New Roman';">Abastece</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">A&#237;</font><font style="font-family: 'Times New Roman';"> brand.</font></font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">c. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">TEAS &#8211; Terminal Exportador de &#193;lcool de Santos Ltda. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Acquisition</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The </font><font style="font-family: 'Times New Roman';">Company</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">through</font><font style="font-family: 'Times New Roman';"> its </font><font style="font-family: 'Times New Roman';">subsidiary</font><font style="font-family: 'Times New Roman';"> Terminal Qu&#237;mico de Aratu S.A. &#8211; </font><font style="font-family: 'Times New Roman';">Tequimar</font><font style="font-family: 'Times New Roman';"> (&#8220;</font><font style="font-family: 'Times New Roman';">Tequimar</font><font style="font-family: 'Times New Roman';">&#8221;) </font><font style="font-family: 'Times New Roman';">acquired</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';"><font>100</font>% </font><font style="font-family: 'Times New Roman';">of</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> quotas </font><font style="font-family: 'Times New Roman';">of</font><font style="font-family: 'Times New Roman';"> TEAS Terminal Exportador de &#193;lcool de Santos Ltda. </font><font style="font-family: 'Times New Roman';">(&#8220;</font><font style="font-family: 'Times New Roman';">TEAS</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';">. On March 29, 2018, the acquisition was </font><font style="font-family: 'Times New Roman';">concluded through the </font><font style="font-family: 'Times New Roman';">closing </font><font style="font-family: 'Times New Roman';">of the operation.</font></font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-29</font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
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<h1 style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 12pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">4. Cash and </font><font style="font-family: 'Times New Roman';">c</font><font style="font-family: 'Times New Roman';">ash </font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">quivalents</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">f</font><font style="font-family: 'Times New Roman';">inancial </font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">nvestments</font><font style="font-family: 'Times New Roman';"> and </font><font style="font-family: 'Times New Roman';">h</font><font style="font-family: 'Times New Roman';">edge </font><font style="font-family: 'Times New Roman';">d</font><font style="font-family: 'Times New Roman';">erivative </font><font style="font-family: 'Times New Roman';">f</font><font style="font-family: 'Times New Roman';">inancial </font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">nstruments</font></font></h1>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Cash equivalents and financial investments, excluding cash and bank deposits, are substantially represented by investments: (</font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">) in Brazil, in certificates of deposit of financial institutions linked to </font><font style="font-family: 'Times New Roman';">interest rate of </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">Interbank Deposit</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> Interest Rate</font><font style="font-family: 'Times New Roman';"> (&#8220;DI&#8221;)</font><font style="font-family: 'Times New Roman';">, in </font><font style="font-family: 'Times New Roman';">repurchase agreement</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> financial bills,</font><font style="font-family: 'Times New Roman';"> and in short term investments funds, whose portfolio comprised of Brazilian Federal Government bonds</font><font style="font-family: 'Times New Roman';"> and in certificates of deposit of financial institutions</font><font style="font-family: 'Times New Roman';">; (ii) outside Brazil, in certificates of deposit of financial institutions</font><font style="font-family: 'Times New Roman';"> and in short</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">term investments funds, </font><font style="font-family: 'Times New Roman';">whose portfolio compris</font><font style="font-family: 'Times New Roman';">ed of </font><font style="font-family: 'Times New Roman';">F</font><font style="font-family: 'Times New Roman';">ederal </font><font style="font-family: 'Times New Roman';">G</font><font style="font-family: 'Times New Roman';">overnment </font><font style="font-family: 'Times New Roman';">bond</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">; and (iii) in currency and interest rate hedging instruments.</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The financial assets were classified in Note </font><font style="font-family: 'Times New Roman';"><font>3</font></font><font style="font-family: 'Times New Roman';"><font>3</font></font><font style="font-family: 'Times New Roman';">.j</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">based on business model of financial assets</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">of the Company and its subsidiaries.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Cash, cash equivalents and financial investments amounted </font><font style="font-family: 'Times New Roman';">to </font><font style="font-family: 'Times New Roman';">R$</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';"><font>8,672,160</font>&nbsp;</font><font style="font-family: 'Times New Roman';">as of </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"><font>2</font>0</font><font style="font-family: 'Times New Roman';">&nbsp;(</font><font style="font-family: 'Times New Roman';">R$</font><font style="font-family: 'Times New Roman';"> <font>5,712,097</font> </font><font style="font-family: 'Times New Roman';">as of December 31, 201</font><font style="font-family: 'Times New Roman';"><font>9</font></font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">are as follows:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;">a. Cash and cash equivalents</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Cash and cash equivalents </font><font style="font-family: 'Times New Roman';">of the Company and its subsidiaries are </font><font style="font-family: 'Times New Roman';">presented</font><font style="font-family: 'Times New Roman';"> as follows:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 239px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%">

<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2019 </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Cash and bank deposits </font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 71%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> In local currency </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 13%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>285,306</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 3%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 13%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>182,237</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> In foreign currency </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>119,775</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>102,755</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Financial investments considered cash equivalents </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> In local currency </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 20pt; margin-bottom: 0pt; text-indent: 0.75pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Fixed-income securities </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,241,852</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,780,939</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> In foreign currency </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 20pt; margin-bottom: 0pt; text-indent: 0.75pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Fixed-income securities </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>14,561</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>49,448</font> </font></p>
</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total cash and cash equivalents </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,661,494</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,115,379</font> </font></p>
</td>
</tr>

</table>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-30</font></td>
</tr>

</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar<font>&nbsp;</font>Participa&#231;&#245;es<font>&nbsp;</font>S.A.<font>&nbsp;</font></font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"><font>&nbsp;</font></font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">b. Financial investments</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"> and</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"> </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">c</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">urrency and </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">i</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">nterest </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">r</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">ate </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">h</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">edging </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">i</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">nstruments</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The financial investments</font><font style="font-family: 'Times New Roman';"> which are not classified as cash and cash equivalents</font><font style="font-family: 'Times New Roman';"> are </font><font style="font-family: 'Times New Roman';">presented</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as follows:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; margin-left: auto; width: 76%; margin-right: auto;" width="76%">

<tr style="height: 12.75pt; -aw-height-rule: exactly;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2019 </font></p>
</td>
</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 12.75pt; -aw-height-rule: exactly;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Financial investments </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> In local currency </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 12.75pt; -aw-height-rule: exactly;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 71%;">
<p style="margin-top: 0pt; margin-left: 20pt; margin-bottom: 0pt; text-indent: 0.75pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Fixed-income securities and funds </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 13%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,749,852</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 3%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 13%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,610,686</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 12.75pt; -aw-height-rule: exactly;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> In foreign currency </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 20pt; margin-bottom: 0pt; text-indent: 0.75pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Fixed-income securities and funds </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,278,940</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>303,417</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt; -aw-height-rule: exactly;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Currency and interest rate hedging instruments (a) </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>981,874</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>682,615</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt; -aw-height-rule: exactly;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total financial investments </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,010,666</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,596,718</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt; -aw-height-rule: exactly;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 1.5pt double #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 1.5pt double #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Current </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,033,258</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,090,212</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt; -aw-height-rule: exactly;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Non-current </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>977,408</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>506,506</font> </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(a) <font>Accumulated gains, net of income tax (see Note <font style="border-left: none; border-right: none;">33</font>.i).</font></font></p>
</div>
</div>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<h1 style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 12pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">5. Trade </font><font style="font-family: 'Times New Roman';">r</font><font style="font-family: 'Times New Roman';">eceivables </font><font style="font-family: 'Times New Roman';">and </font><font style="font-family: 'Times New Roman';">r</font><font style="font-family: 'Times New Roman';">eseller </font><font style="font-family: 'Times New Roman';">f</font><font style="font-family: 'Times New Roman';">inancing</font></font></h1>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">a. Trade </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">r</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">eceivables</font></font></p>
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The </font><font style="font-family: 'Times New Roman';">composition</font><font style="font-family: 'Times New Roman';"> of t</font><font style="font-family: 'Times New Roman';">rade receivables </font><font style="font-family: 'Times New Roman';">is</font><font style="font-family: 'Times New Roman';"> as follows:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<table style="height: 147px; border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 10pt; width: 99.7433%; margin: 0px; text-indent: 0px;" width="99.7433%">

<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 70.948%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 14.3688%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.777001%; height: 17px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.55757%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 12.0674%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2019 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.878594%; height: 17px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 70.948%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Domestic customers </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 14.3688%; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;<font>3,443,641</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.777001%; background-color: rgb(204, 238, 255); height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.55757%; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 12.0674%; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;<font>3,867,163</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.878594%; background-color: rgb(204, 238, 255); height: 10px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 70.948%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Domestic customers &#8211; related parties (see Note <font>8</font>.a) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 14.3688%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;<font>151</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.777001%; height: 17px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.55757%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 12.0674%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;<font>739</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.878594%; height: 17px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 70.948%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Foreign customers </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 14.3688%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;<font>326,442</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.777001%; height: 17px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.55757%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 12.0674%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;<font>223,308</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.878594%; height: 17px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 70.948%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Foreign customers &#8211; related parties (see Note <font>8</font>.a) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 14.3688%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;<font>2,984</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.777001%; height: 17px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.55757%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 12.0674%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;<font>3,176</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.878594%; height: 17px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 70.948%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (-) Expected losses on doubtful accounts </font></font></font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 14.3688%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>382,096</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.777001%; height: 17px; margin: 0px; text-indent: 0px;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.55757%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 12.0674%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>404,886</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.878594%; height: 17px; margin: 0px; text-indent: 0px;">)</td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; width: 70.948%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); height: 18px; width: 14.3688%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;<font>3,391,122</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.777001%; height: 18px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; width: 1.55757%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); height: 18px; width: 12.0674%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;<font>3,689,500</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); width: 0.878594%; height: 18px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 70.948%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Current </font></font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 14.3688%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;<font>3,318,927</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.777001%; height: 17px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.55757%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 12.0674%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;<font>3,635,834</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.878594%; height: 17px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 70.948%;">
<p style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 10pt; text-indent: 0px;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Non-current </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 14.3688%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-size: 10pt;"> &nbsp;<font>72,195</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.777001%; height: 17px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.55757%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 12.0674%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-size: 10pt;"> &nbsp;<font>53,666</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.878594%; height: 17px; margin: 0px; text-indent: 0px;"><br></td>
</tr>

</table>
</div>
</div>
<div>
<div>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-31</font></td>
</tr>

</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><font style="font-size: 10pt;"><a href="#TOC">Table of Contents</a></font></div>
</div>
<p style="margin: 0pt 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin: 0pt 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar&nbsp;Participa&#231;&#245;es&nbsp;S.A.&nbsp;</font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The breakdown of trade receivables, gross</font><font style="font-family: 'Times New Roman';"> of </font><font style="font-family: 'Times New Roman';">expected</font><font style="font-family: 'Times New Roman';"> losses on</font><font style="font-family: 'Times New Roman';"> doubtful accounts</font><font style="font-family: 'Times New Roman';">, is as follows:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 95px; width: 99.8338%;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td colspan="9" style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-bottom: 1pt solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Past due </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Total </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Current </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> less than <br><font style="border-left: none; border-right: none;">30</font> days </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font style="border-left: none; border-right: none;">31</font>-<font style="border-left: none; border-right: none;">60</font> days </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font style="border-left: none; border-right: none;">61</font>-<font style="border-left: none; border-right: none;">90</font> days </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font style="border-left: none; border-right: none;">91</font>-<font style="border-left: none; border-right: none;">180</font> days </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> more <br>than <font style="border-left: none; border-right: none;">180<br></font>days </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 39%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> 12/31/2020 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 7%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>3,773,218</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 7%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>2,963,163</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 7%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>124,606</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 7%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>27,970</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 7%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>21,389</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 7%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>47,169</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 7%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>588,921</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> 12/31/2019 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>4,094,386</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>3,199,315</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>159,350</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>27,320</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>12,245</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>61,489</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>634,667</font> </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</div>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The breakdown of </font><font style="font-family: 'Times New Roman';">expected</font><font style="font-family: 'Times New Roman';"> losses on doubtful accounts, is as follows:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.6878%;" width="100%">

<tr style="height: 12.75pt;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td colspan="9" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Past due </font></p>
</td>
</tr>
<tr style="height: 25.5pt; -aw-height-rule: exactly;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Total </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Current </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> less than <br><font style="border-left: none; border-right: none;">30</font> days </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font style="border-left: none; border-right: none;">31</font>-<font style="border-left: none; border-right: none;">60</font> days </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font style="border-left: none; border-right: none;">61</font>-<font style="border-left: none; border-right: none;">90</font> days </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font style="border-left: none; border-right: none;">91</font>-<font style="border-left: none; border-right: none;">180</font> days </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> more <br>than <font style="border-left: none; border-right: none;">180<br></font>days </font></p>
</td>
</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; width: 39%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> 12/31/2020 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 7%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>382,096</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 7%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>21,219</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 7%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>2,154</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 7%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>1,751</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 7%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>2,233</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 7%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>13,378</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 7%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>341,361</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> 12/31/2019 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>404,886</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>28,861</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>1,456</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>1,625</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>3,749</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>23,698</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>345,497</font> </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</div>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Movements in the allowance for </font><font style="font-family: 'Times New Roman';">expected</font><font style="font-family: 'Times New Roman';"> losses on doubtful accounts are as follows:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 10pt; height: 139px; width: 100%; margin: 0px; text-indent: 0px;" width="100%">

<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 88%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance as of December 31, 2018 </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 2%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 9.0404%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;<font>385,080</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.959596%; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 88%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Additions </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 2%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.0404%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;<font>189,192</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.959596%; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 88%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Reversals </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 2%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 9.0404%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>119,640</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.959596%; margin: 0px; text-indent: 0px; height: 17px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 88%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Write-offs </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 2%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 9.0404%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>49,746</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; width: 0.959596%; margin: 0px; text-indent: 0px; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 88%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance as of December 31, 2019 </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 2%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 9.0404%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;<font>404,886</font> </font></p>
</td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.959596%; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 88%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Additions </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 2%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.0404%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;<font>194,220</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.959596%; margin: 0px; text-indent: 0px; height: 17px;"><br></td>
</tr>
<tr style="height: 10px; background-color: rgb(204, 238, 255);">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px; width: 88%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Reversals </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px; width: 2%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px; width: 9.0404%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>203,994</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.959596%; margin: 0px; text-indent: 0px; height: 10px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 88%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Write-offs </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 2%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 9.0404%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>13,016</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; width: 0.959596%; margin: 0px; text-indent: 0px; height: 17px;">)</td>
</tr>
<tr style="height: 10px; background-color: rgb(204, 238, 255);">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px; width: 88%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance as of December 31, 2020 </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px; width: 2%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); height: 10px; width: 9.0404%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;<font>382,096</font> </font></p>
</td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 0.959596%; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
</tr>

</table>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">For further information about the allowance for </font><font style="font-family: 'Times New Roman';">expected</font><font style="font-family: 'Times New Roman';"> losses on doubtful accounts, see Note <font>3</font></font><font style="font-family: 'Times New Roman';"><font>3</font></font><font style="font-family: 'Times New Roman';">.d.<font>3</font>.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-32</font></td>
</tr>

</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><font style="font-size: 10pt;"><a href="#TOC">Table of Contents</a></font></div>
</div>
<p style="margin: 0pt 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin: 0pt 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar&nbsp;Participa&#231;&#245;es&nbsp;S.A.&nbsp;</font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin: 0pt 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;">b. Reseller financing</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The composition of reseller financing is as follows:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 96px; border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 10pt; width: 76%; margin: 0px auto; text-indent: 0px;" width="76%">

<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 70.9611%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 13.4969%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.02249%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 1.84049%; height: 17px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 12.2188%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2019 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 1.02249%; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 70.9611%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> Reseller financing &#8211; Ipiranga </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 13.4969%; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-size: 10pt;"> &nbsp;<font>1,165,395</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 1.02249%; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.84049%; background-color: rgb(204, 238, 255); height: 17px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 12.2188%; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>956,942</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.02249%; background-color: rgb(204, 238, 255); height: 17px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 70.9611%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (-) Expected losses on doubtful accounts </font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 13.4969%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>197,011</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 1.02249%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.84049%; height: 17px; margin: 0px; text-indent: 0px;"><br></td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 12.2188%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>156,006</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.02249%; height: 17px; margin: 0px; text-indent: 0px;">)</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 70.9611%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); height: 18px; background-color: rgb(204, 238, 255); width: 13.4969%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>968,384</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; background-color: rgb(204, 238, 255); width: 1.02249%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.84049%; height: 18px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); height: 18px; background-color: rgb(204, 238, 255); width: 12.2188%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>800,936</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 1.02249%; height: 18px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 70.9611%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Current </font></font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 10px; width: 13.4969%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>549,129</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 10px; width: 1.02249%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.84049%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 10px; width: 12.2188%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>436,188</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.02249%; height: 10px; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 70.9611%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Non-current </font></font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 13.4969%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>419,255</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.02249%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.84049%; height: 17px; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 12.2188%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>364,748</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.02249%; height: 17px; margin: 0px; text-indent: 0px;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</div>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The breakdown of </font><font style="font-family: 'Times New Roman';">reseller financing</font><font style="font-family: 'Times New Roman';">, gross of </font><font style="font-family: 'Times New Roman';">expected</font><font style="font-family: 'Times New Roman';"> losses on doubtful accounts, is as follows:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 78px; width: 99.8338%;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"><br></td>
<td colspan="9" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Past due </font></p>
</td>
</tr>
<tr style="height: 34px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Total </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Current </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> less than <br><font style="border-left: none; border-right: none;">30</font> days </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font style="border-left: none; border-right: none;">31</font>-<font style="border-left: none; border-right: none;">60</font> days </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font style="border-left: none; border-right: none;">61</font>-<font style="border-left: none; border-right: none;">90</font> days </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font style="border-left: none; border-right: none;">91</font>-<font style="border-left: none; border-right: none;">180</font> days </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> more <br>than <font style="border-left: none; border-right: none;">180<br></font>days </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 39%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> 12/31/2020 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,165,395</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>787,904</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,230</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>15,237</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>21,200</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>28,989</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; height: 10px; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>301,835</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> 12/31/2019 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>956,942</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>644,488</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>26,262</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,481</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>12,616</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>30,144</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>232,951</font> </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</div>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The breakdown of </font><font style="font-family: 'Times New Roman';">expected</font><font style="font-family: 'Times New Roman';"> losses on doubtful accounts, is as follows:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.834%;" width="100%">

<tr style="height: 12.75pt;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td colspan="9" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Past due </font></p>
</td>
</tr>
<tr style="height: 25.5pt; -aw-height-rule: exactly;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Total </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Current </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> less than <br><font style="border-left: none; border-right: none;">30</font> days </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font style="border-left: none; border-right: none;">31</font>-<font style="border-left: none; border-right: none;">60</font> days </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font style="border-left: none; border-right: none;">61</font>-<font style="border-left: none; border-right: none;">90</font> days </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font style="border-left: none; border-right: none;">91</font>-<font style="border-left: none; border-right: none;">180</font> days </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> more <br>than <font style="border-left: none; border-right: none;">180<br></font>days </font></p>
</td>
</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 39%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> 12/31/2020 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 7%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>197,011</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 7%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>22,872</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 7%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>785</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 7%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,812</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 7%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,397</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 7%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>14,684</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 7%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>154,461</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> 12/31/2019 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>156,006</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>21,337</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,519</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,063</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,313</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>14,639</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>115,135</font> </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</div>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Movements in the allowance for expected losses on doubtful accounts are as follows:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 137px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-left: auto; margin-right: auto;" width="68%">

<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 86%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance as of December 31, 2018 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.9143%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>139,699</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.14286%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 86%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Additions </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 10.9143%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>30,601</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.14286%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 86%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Reversals </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.9143%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>14,294</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.14286%;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 86%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance as of December 31, 2019 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 10.9143%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>156,006</font> </font></p>
</td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; width: 1.14286%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 86%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Additions </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.9143%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>74,745</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.14286%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 86%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Reversals </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 10.9143%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>29,791</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.14286%;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 86%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Write-offs </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.9143%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>3,949</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.14286%;">)</td>
</tr>
<tr style="height: 18px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; width: 86%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance as of December 31, 2020 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); width: 10.9143%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>197,011</font> </font></p>
</td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); width: 1.14286%;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">For further information about the allowance for expected losses on doubtful accounts see Note <font>33</font>.d.<font>3</font>.</font></p>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-33</font></td>
</tr>

</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin: 0pt 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar&nbsp;Participa&#231;&#245;es&nbsp;S.A.&nbsp;</font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin: 6pt 0px 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial<font>&nbsp;</font></font><font style="font-family: 'Times New Roman';">Statements</font></font></p>
<p style="margin: 6pt 0px 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<h1 style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 12pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">6. Inventories</font></h1>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font><font><font><font><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The composition of i</font><font style="font-family: 'Times New Roman';">nventories </font><font style="font-family: 'Times New Roman';">is</font><font style="font-family: 'Times New Roman';"> as follows:</font></font></font></font></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.9223%; height: 170px;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 44.5221%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td colspan="6" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 27.195%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.4763%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td colspan="6" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 26.7288%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2019 </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 44.5221%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; width: 8.00311%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Cost </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.554%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; width: 8.00311%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Provision <br>for losses </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 0.77821%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.931191%; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; width: 7.92541%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Net balance </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.4763%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; width: 7.92541%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Cost </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.4763%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; width: 7.92541%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Provision <br>for losses </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 0.73815%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.73815%; height: 10px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; width: 7.92541%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Net balance </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 44.5221%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Fuels, lubricants and greases </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.00311%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,682,841</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.554%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.00311%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>5,344</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.77821%;">)</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.931191%; height: 10px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.92541%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,677,497</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.4763%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.92541%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,843,257</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.4763%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.92541%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,073</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.73815%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; break-inside: avoid; break-after: avoid; font-size: 10pt; text-align: left;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font>&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.73815%; height: 10px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.92541%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,841,184</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 44.5221%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Finished goods </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 8.00311%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>646,180</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.554%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.00311%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>22,281</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.77821%;">)</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.931191%; height: 17px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 7.92541%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>623,899</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.4763%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 7.92541%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>541,689</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.4763%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 7.92541%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>22,048</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.73815%;">)</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.73815%; height: 17px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 7.92541%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>519,641</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 44.5221%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Work in process </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.00311%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,450</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.554%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.00311%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.77821%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.931191%; height: 17px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.92541%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,450</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.4763%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.92541%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,971</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.4763%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.92541%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.73815%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.73815%; height: 17px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.92541%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,971</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 44.5221%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Raw materials </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 8.00311%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>568,185</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.554%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.00311%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,827</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.77821%;">)</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.931191%; height: 17px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 7.92541%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>566,358</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.4763%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 7.92541%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>365,960</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.4763%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 7.92541%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,552</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.73815%;">)</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.73815%; height: 17px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 7.92541%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>363,408</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 44.5221%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Liquefied petroleum gas (LPG) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.00311%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>110,767</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.554%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.00311%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>5,761</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.77821%;">)</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.931191%; height: 17px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.92541%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>105,006</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.4763%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.92541%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>101,715</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.4763%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.92541%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>5,761</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.73815%;">)</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.73815%; height: 17px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.92541%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>95,954</font> </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 44.5221%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Consumable materials and other items for resale </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 8.00311%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>129,559</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.554%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.00311%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,598</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.77821%;">)</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.931191%; height: 10px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.92541%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>126,961</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.4763%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.92541%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>140,058</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.4763%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 7.92541%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,587</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.73815%;">)</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.73815%; height: 10px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.92541%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>137,471</font> </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 44.5221%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Pharmaceutical, hygiene, and beauty products </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.00311%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>521,689</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.554%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.00311%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,611</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.77821%;">)</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.931191%; height: 10px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.92541%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>519,078</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.4763%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.92541%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>549,191</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.4763%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.92541%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,877</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.73815%;">)</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.73815%; height: 10px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.92541%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>546,314</font> </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 44.5221%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Purchase for future delivery </font><font style="font-size: 9pt;"><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">(<font>1</font>)</font></sup></font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 8.00311%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>198,986</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.554%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.00311%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>464</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.77821%;">)</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.931191%; height: 10px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.92541%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>198,522</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.4763%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.92541%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>183,170</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.4763%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 7.92541%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,719</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.73815%;">)</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.73815%; height: 10px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.92541%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>180,451</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 44.5221%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Properties for resale </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.00311%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>27,532</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.554%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.00311%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>107</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.77821%;">)</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.931191%; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.92541%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>27,425</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.4763%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.92541%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>29,273</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.4763%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.92541%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>107</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.73815%;">)</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.73815%; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.92541%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>29,166</font> </font></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; width: 44.5221%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; width: 8.00311%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,887,189</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; width: 1.554%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; width: 8.00311%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>40,993</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; width: 0.77821%;">)</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.931191%; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; width: 7.92541%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,846,196</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; width: 1.4763%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; width: 7.92541%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,756,284</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; width: 1.4763%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; width: 7.92541%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>40,724</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; width: 0.73815%;">)</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.73815%; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; width: 7.92541%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,715,560</font> </font></p>
</td>
</tr>

</table>
</div>
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0px; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-size: 10pt;"><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">(<font>1</font>)</font></sup><font><font style="font-family: 'Times New Roman';"> Refers </font><font style="font-family: 'Times New Roman';">substantially </font><font style="font-family: 'Times New Roman';">to </font><font style="font-family: 'Times New Roman';">ethanol, biodiesel</font><font style="font-family: 'Times New Roman';"> and advance of fuels.</font></font></font></p>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Movements in the provision for losses are as follows:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 205px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-left: auto; margin-right: auto;" width="68%">

<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 75.8857%; padding: 0px 4px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> Balance as of December 31, 2017 </font></p>
</td>
<td style="width: 22.7429%; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>37,099</font> </font></p>
</td>
<td style="width: 1.25714%; padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="width: 75.8857%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> Additions to net realizable value adjustment </font></p>
</td>
<td style="width: 22.7429%; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>600</font> </font></p>
</td>
<td style="width: 1.25714%; padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 75.8857%; padding: 0px 4px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> Additions of obsolescence and other losses </font></p>
</td>
<td style="width: 22.7429%; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,903</font> </font></p>
</td>
<td style="width: 1.25714%; padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="width: 75.8857%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font><font style="font-size: 10pt;"> Oxiteno Andina (i) </font></font></p>
</td>
<td style="width: 22.7429%; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>985</font> </font></p>
</td>
<td style="width: 1.25714%; padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 75.8857%; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance as of December 31, 2018 </font></font></p>
</td>
<td style="width: 22.7429%; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>42,587</font> </font></p>
</td>
<td style="width: 1.25714%; padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="width: 75.8857%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Reversals to net realizable value adjustment </font></p>
</td>
<td style="width: 22.7429%; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>5,174</font> </font></p>
</td>
<td style="width: 1.25714%; padding: 0px; vertical-align: bottom;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 75.8857%; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> Additions of obsolescence and other losses </font></p>
</td>
<td style="width: 22.7429%; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,296</font> </font></p>
</td>
<td style="width: 1.25714%; padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="width: 75.8857%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font><font style="font-size: 10pt;"> Oxiteno Andina (ii) </font></font></p>
</td>
<td style="width: 22.7429%; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>985</font> </font></p>
</td>
<td style="width: 1.25714%; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 75.8857%; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance as of December 31, 2019 </font></font></p>
</td>
<td style="width: 22.7429%; border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>40,724</font> </font></p>
</td>
<td style="width: 1.25714%; border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="width: 75.8857%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> Additions to net realizable value adjustment </font></p>
</td>
<td style="width: 22.7429%; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,245</font> </font></p>
</td>
<td style="width: 1.25714%; padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 75.8857%; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Reversals of obsolescence and other losses </font></p>
</td>
<td style="width: 22.7429%; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,976</font> </font></p>
</td>
<td style="width: 1.25714%; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
</tr>
<tr style="height: 18px;">
<td style="width: 75.8857%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance as of December 31, 2020 </font></font></p>
</td>
<td style="width: 22.7429%; border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>40,993</font> </font></p>
</td>
<td style="width: 1.25714%; border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><sup><font style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: super;">&nbsp;</font></sup></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(</font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">) <font>R</font></font><font><font style="font-family: 'Times New Roman';">efers to impairment for subsidiary </font><font style="font-family: 'Times New Roman';">Oxiteno</font><font style="font-family: 'Times New Roman';"> Andina.</font></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(ii) <font>R</font></font><font><font style="font-family: 'Times New Roman';">efers to the asset write-offs of </font><font style="font-family: 'Times New Roman';">Oxiteno</font><font style="font-family: 'Times New Roman';"> Andina in <font style="border-left: none; border-right: none;">2019</font> (see Note <font style="border-left: none; border-right: none;">3</font>.</font><font style="font-family: 'Times New Roman';">b</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">6</font></font><font style="font-family: 'Times New Roman';">).</font></font></font></p>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The breakdown of provisions for losses related to inventories is shown in the table below:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 62px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-left: auto; margin-right: auto;" width="76%">

<tr style="height: 17px;">
<td style="width: 296.45pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2019 </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="width: 296.45pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net realizable value adjustment </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>17,488</font> </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>15,243</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 296.45pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Obsolescence and other losses </font></p>
</td>
<td style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>23,505</font> </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>25,481</font> </font></p>
</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="width: 296.45pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total </font></p>
</td>
<td style="width: 50.7pt; border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>40,993</font> </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>40,724</font> </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"><font style="font-size: 10pt;">&nbsp;</font></font></p>
</div>
<div>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt; height: 17px;">

<tr style="height: 17px;">
<td class="pgno" style="padding: 0px; text-align: center; height: 17px;"><font style="font-size: 10pt;" class="pageno">F-34</font></td>
</tr>

</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><font style="font-size: 10pt;"><a href="#TOC">Table of Contents</a></font></div>
</div>
</div>
</div>
</div>
<div>
<p style="margin: 0pt 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar&nbsp;Participa&#231;&#245;es&nbsp;S.A.&nbsp;</font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin: 6pt 0px 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial<font>&nbsp;</font></font><font style="font-family: 'Times New Roman';">Statements</font></font></p>
<p style="margin: 6pt 0px 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
</div>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<h1 style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 12pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">7. Taxes</font><font style="font-family: 'Times New Roman';"> to </font><font style="font-family: 'Times New Roman';">r</font><font style="font-family: 'Times New Roman';">ecover</font></font></h1>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">a. Recoverable </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">t</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">axes</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Recoverable taxes are substantially represented by credits of </font><font style="font-family: 'Times New Roman';">Tax on Goods and Services (&#8220;ICMS&#8221;, the Brazilian VAT)</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">Contribution </font><font style="font-family: 'Times New Roman';">for Social Security Financing (</font><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman';">COFINS</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';"> and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Social Integration</font><font style="font-family: 'Times New Roman';"> Program (</font><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman';">PIS</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';">).</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 130px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%">

<tr style="height: 17px;">
<td style="width: 305.8pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 45.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> 12/31/2020 </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 45.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> 12/31/2019 </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="width: 305.8pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> ICMS (a<font>.1</font>) </font></p>
</td>
<td style="width: 45.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>1,129,325</font> </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 45.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>872,670</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 305.8pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> PIS and COFINS (a<font>.2</font>) (a<font>.3</font>) </font></p>
</td>
<td style="width: 45.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>1,297,029</font> </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 45.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>930,570</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 305.8pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Value-added tax (IVA) of foreign subsidiaries </font></p>
</td>
<td style="width: 45.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>35,600</font> </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 45.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>29,707</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 305.8pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Others </font></p>
</td>
<td style="width: 45.6pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>57,704</font> </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 45.6pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>56,748</font> </font></p>
</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="width: 305.8pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total </font></p>
</td>
<td style="width: 45.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>2,519,658</font> </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 45.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>1,889,695</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 305.8pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Current </font></font></p>
</td>
<td style="width: 45.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>1,044,850</font> </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 45.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>1,122,335</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 305.8pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Non-current </font></p>
</td>
<td style="width: 45.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>1,474,808</font> </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 45.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>767,360</font> </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">a.<font>1</font></font><font style="font-family: 'Times New Roman';"> The </font><font style="font-family: 'Times New Roman';">recoverable </font><font style="font-family: 'Times New Roman';">ICMS</font><font style="font-family: 'Times New Roman';"> net of provision for losses</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">is substantially related to the following subsidiaries and operations:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 40pt; margin-bottom: 0pt; /* text-indent: -14.2pt; */text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(</font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">) </font><font style="font-family: 'Times New Roman';">The subsidiar</font><font style="font-family: 'Times New Roman';">ies</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Oxiteno</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">S.A.</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">Empresa</font><font style="font-family: 'Times New Roman';"> Carioca de </font><font style="font-family: 'Times New Roman';">Produtos</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Qu&#237;micos</font><font style="font-family: 'Times New Roman';"> S.A. (&#8220;EMCA&#8221;)</font><font style="font-family: 'Times New Roman';">&nbsp;and</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Oleoqu&#237;mica</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Ind&#250;stria</font><font style="font-family: 'Times New Roman';"> e </font><font style="font-family: 'Times New Roman';">Com&#233;rcio</font><font style="font-family: 'Times New Roman';"> de </font><font style="font-family: 'Times New Roman';">Produtos</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Qu&#237;micos</font><font style="font-family: 'Times New Roman';"> Ltda. (&#8220;</font><font style="font-family: 'Times New Roman';">Oleoqu&#237;mica</font><font style="font-family: 'Times New Roman';">&#8221;) </font><font style="font-family: 'Times New Roman';">accumulate credits</font><font style="font-family: 'Times New Roman';"> in the amount of R$ <font>195,037</font></font><font style="font-family: 'Times New Roman';">&nbsp;(R$ <font>151,393</font> as of December 31, 2019)</font><font style="font-family: 'Times New Roman';">&nbsp;due to sales and transfer transactions&nbsp;</font><font style="font-family: 'Times New Roman';">within and outside the State of Bahia at reduced rates;</font></font></p>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 40pt; margin-bottom: 0pt; /* text-indent: -14.2pt; */text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(ii) </font><font style="font-family: 'Times New Roman';">The subsidiar</font><font style="font-family: 'Times New Roman';">ies</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Ipiranga</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Produtos</font><font style="font-family: 'Times New Roman';"> de </font><font style="font-family: 'Times New Roman';">Petr&#243;leo</font><font style="font-family: 'Times New Roman';"> S.A. (&#8220;IPP&#8221;)</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">Bahiana</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Distribuidora</font><font style="font-family: 'Times New Roman';"> de </font><font style="font-family: 'Times New Roman';">G&#225;s</font><font style="font-family: 'Times New Roman';"> Ltda.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">(&#8220;</font><font style="font-family: 'Times New Roman';">Bahiana</font><font style="font-family: 'Times New Roman';">&#8221;),</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Ultragaz</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">AMPM, Iconic </font><font style="font-family: 'Times New Roman';">Lubrificantes</font><font style="font-family: 'Times New Roman';"> S.A. (&#8220;Iconic&#8221;)</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">have credits </font><font style="font-family: 'Times New Roman';">in the amount of R$ </font><font style="font-family: 'Times New Roman';"><font>754,882</font></font><font style="font-family: 'Times New Roman';"> (R$ </font><font style="font-family: 'Times New Roman';"><font>563,565</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as of December </font><font style="font-family: 'Times New Roman';">31</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> <font>2019</font>)</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">recognized</font><font style="font-family: 'Times New Roman';">, mainly, of the following nature: a) transactions of inputs and outputs of products subject to taxation of the own ICMS;</font><font style="font-family: 'Times New Roman';"> b) </font><font style="font-family: 'Times New Roman';">interstate outflows of oil-related products whose ICMS was prepaid by the supplier (</font><font style="font-family: 'Times New Roman';">Petr&#243;leo</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Brasileiro</font><font style="font-family: 'Times New Roman';"> S.A. (&#8220;Petrobras&#8221;)),</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">in the case of the subsidiaries </font><font style="font-family: 'Times New Roman';">Ipiranga</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">Bahiana</font><font style="font-family: 'Times New Roman';"> and Ultragaz and c)</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">credits for refunds of the ICMS</font><font style="font-family: 'Times New Roman';">-ST (tax substitution)</font><font style="font-family: 'Times New Roman';"> overpaid when the estimated calculation base is used higher than the actual operation practiced by the subsidiary </font><font style="font-family: 'Times New Roman';">Ipiranga</font><font style="font-family: 'Times New Roman';">;</font></font></p>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 40pt; margin-bottom: 0pt; /* text-indent: -14.2pt; */text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(iii) </font><font style="font-family: 'Times New Roman';">The subsidiary </font><font style="font-family: 'Times New Roman';">Extrafarma</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">has ICMS credits and ICMS-ST (tax substitution) advances </font><font style="font-family: 'Times New Roman';">in the amount of </font><font style="font-family: 'Times New Roman';">R$ </font><font style="font-family: 'Times New Roman';"><font>179,405</font></font><font style="font-family: 'Times New Roman';"> (R$ </font><font style="font-family: 'Times New Roman';"><font>157,713</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as of December </font><font style="font-family: 'Times New Roman';">31</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> <font>2019</font>)</font><font style="font-family: 'Times New Roman';"> on the inflow and outflow of operations carried out by its distribution centers, mostly in the North and Northeast</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> as well as refunds of the ICMS-ST portion overpaid when the estimated calculation bas</font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';"> is </font><font style="font-family: 'Times New Roman';">used </font><font style="font-family: 'Times New Roman';">higher than th</font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';"> actual operation</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The amounts of recoverable ICMS credits are classified as current assets and consumed by the operations itself, being a revolving credit, which means that the credits are monthly offset with the tax payable on sales and new credits are generated by the acquisition of inputs, as well as by the State's refund on tax substitution operations. Management estimates the realization of the credits classified in non-current assets within </font><font style="font-family: 'Times New Roman';">an average term of </font><font style="font-family: 'Times New Roman';">up </font><font style="font-family: 'Times New Roman';">to </font><font style="font-family: 'Times New Roman';"><font>10</font> years</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 2pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<div>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-35</font></td>
</tr>

</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin: 0cm 0cm 0.0001pt; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; color: #000000;"><font lang="PT-BR" style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
<p style="margin: 0cm 0cm 0.0001pt; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; color: #000000;"><font lang="PT-BR" style="font-family: 'times new roman', times; font-size: 10pt;">Ultrapar<font>&nbsp;</font>Participa&#231;&#245;es<font>&nbsp;</font>S.A. and Subsidiaries</font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><br></p>
</div>
</div>
</div>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The estimated recovery of ICMS assets is stated as follows:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 120px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-left: auto; margin-right: auto;" width="76%">

<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 363.2pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Up to <font>1</font> year </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>422,548</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 363.2pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> From <font>1</font> to <font>2</font> years </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>362,062</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 363.2pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> From <font>2</font> to <font>3</font> years </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>200,586</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 363.2pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> From <font>3</font> to <font>5</font> years </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>88,483</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 363.2pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> From <font>5</font> to <font>7</font> years </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>26,420</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 363.2pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> From <font>7</font> to <font>10</font> years </font></p>
</td>
<td style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>29,226</font> </font></p>
</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="width: 363.2pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> Total of recoverable ICMS, net of provision </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>1,129,325</font> </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The provision for ICMS losses relates to tax credits of the subsidiaries whose amounts are not included within the term determined by its policy.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">a.<font>2</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">The balance r</font><font style="font-family: 'Times New Roman';">efers, mainly, to the PIS and COFINS credits recorded under Laws <font>10,637</font>/<font>2002</font> and <font>10,833</font>/<font>2003</font></font><font style="font-family: 'Times New Roman';"> in the amount of <font>R$ </font><font>651,051</font></font><font style="font-family: 'Times New Roman';"><font> (R$ </font><font>539,026</font> as of December 31, 2019)</font><font style="font-family: 'Times New Roman';">, whose consumption will occur through the offset of debts administered by the Brazilian Federal Revenue Service (&#8220;RFB&#8221;) in an estimated term of <font>2</font> years by management. The subsidiaries </font><font style="font-family: 'Times New Roman';">Extrafarma</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">Tropical</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Transportes</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Ipiranga</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Ltda</font><font style="font-family: 'Times New Roman';"> (&#8220;Tropical&#8221;), EMCA, </font><font style="font-family: 'Times New Roman';">Oleoqu&#237;mica</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and </font><font style="font-family: 'Times New Roman';">Oxiteno</font><font style="font-family: 'Times New Roman';"> S.A. have credits</font><font style="font-family: 'Times New Roman';"> in the amount of <font>R$ </font><font>645,978</font></font><font><font style="font-family: 'Times New Roman';"> </font></font><font style="font-family: 'Times New Roman';">(<font>R$ </font><font>391,544</font> as of December 31, 2019) </font><font style="font-family: 'Times New Roman';">resulting from a definitive favorab</font><font style="font-family: 'Times New Roman';">le decision on the exclusion of</font><font style="font-family: 'Times New Roman';"> ICMS from the calculation basis of PIS and COFINS</font><font style="font-family: 'Times New Roman';"> (see Note <font>22</font>.d.<font>1</font>)</font><font style="font-family: 'Times New Roman';">. For these cases, management estimates the realization of these credits within up to </font><font style="font-family: 'Times New Roman';"><font>5</font> years.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">a.<font>3</font></font><font style="font-family: 'Times New Roman';"> On March 15, 2017, due to general repercussions, the STF decided that ICMS does not compose the basis for calculating PIS and COFINS. The subsidiaries </font><font style="font-family: 'Times New Roman';">Extrafarma</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">Tequimar</font><font style="font-family: 'Times New Roman';">, Tropical and </font><font style="font-family: 'Times New Roman';">Oxiteno</font><font style="font-family: 'Times New Roman';"> SA have credits </font><font style="font-family: 'Times New Roman';">originated</font><font style="font-family: 'Times New Roman';"> from final definitive decisions on the exclusion of ICMS from the PIS and COFINS calculation base (see note <font>22</font>.d), having been recorded&nbsp;</font><font style="font-family: 'Times New Roman';">in results, up to the present year of <font>2020</font>, the amount of R$ <font>746,962</font> (R$ <font>338,110</font> up to&nbsp;<font>2019</font>). For these cases, management estimates that these credits will be realized within up to <font>5</font> years.</font></font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font><font><font><font><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The estimated recovery of </font><font style="font-family: 'Times New Roman';">PIS and COFINS</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">credits</font><font style="font-family: 'Times New Roman';"> is stated as follows:</font></font></font></font></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; margin-left: auto; width: 76%; margin-right: auto;" width="76%">

<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="width: 363.2pt; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Up to <font>1</font> year </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>528,999</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt; -aw-height-rule: exactly;">
<td style="width: 363.2pt; padding: 0px 4px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> From <font>1</font> to <font>2</font> years </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>405,998</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="width: 363.2pt; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> From <font>2</font> to <font>3</font> years </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>178,049</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt; -aw-height-rule: exactly;">
<td style="width: 363.2pt; padding: 0px 4px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> From <font>3</font> to <font>5</font> years </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>183,983</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="width: 363.2pt; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total of recoverable PIS and COFINS </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> <font>1,297,029</font> </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</div>
<div>
<div>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-36</font></td>
</tr>

</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin: 0cm 0cm 0.0001pt; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; color: #000000;"><font lang="PT-BR" style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
<p style="margin: 0cm 0cm 0.0001pt; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; color: #000000;"><font lang="PT-BR" style="font-family: 'times new roman', times; font-size: 10pt;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><br></p>
</div>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;">b. Recoverable income tax and social contribution taxes</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Represented by recoverable IRPJ and CSLL.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; margin-left: auto; width: 76%; margin-right: auto; height: 68px;" width="76%">

<tr style="height: 17px;">
<td style="width: 297.3pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.75pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2019 </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 297.3pt; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> IRPJ and CSLL </font></p>
</td>
<td style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>627,285</font> </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.75pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>430,290</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 297.3pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Current </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>366,080</font> </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.75pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>325,343</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 297.3pt; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Non-current </font></font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>261,205</font> </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.75pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>104,947</font> </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Relates to IRPJ and CSLL to be recovered by the Company and its subsidiaries arising from the tax advances of previous </font><font style="font-family: 'Times New Roman';">years</font><font style="font-family: 'Times New Roman';">, with management estimating the realization of these credits within up to </font><font style="font-family: 'Times New Roman';"><font>5</font> years.</font></font></p>
</div>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<h1 style="margin-top: 12pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 12pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">8. Related </font><font style="font-family: 'Times New Roman';">p</font><font style="font-family: 'Times New Roman';">arties</font></font></h1>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;">a. Related parties</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Balances and transactions between the Company and its subsidiaries and between subsidiaries have been eliminated in consolidation and are not disclosed in this note. The balances and transactions between the Company and its subsidiaries with other related parties are disclosed below:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
<div>
<div style="border-right: none; border-left: none;">
<table cellspacing="0" cellpadding="0" style="height: 82px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%">

<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td colspan="3" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Loans </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Assets </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Liabilities </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 71%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Q<font>u&#237;mica</font></font><font><font style="font-family: 'Times New Roman';"> da Bahia </font><font style="font-family: 'Times New Roman';">Ind&#250;stria</font><font style="font-family: 'Times New Roman';"> e </font><font style="font-family: 'Times New Roman';">Com&#233;rcio</font><font style="font-family: 'Times New Roman';"> S.A.<font style="font-size: 8pt;"><sup> (1)</sup></font></font></font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 13%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 3%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 13%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,875</font> </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Routeasy</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Servi&#231;os</font><font style="font-family: 'Times New Roman';"> de </font><font style="font-family: 'Times New Roman';">Assessoria</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Log&#237;stica</font><font style="font-family: 'Times New Roman';"> Ltda.<font style="font-size: 8pt;"><sup> (2)</sup></font></font></font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,334</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Others<font style="font-size: 8pt;"><sup> (1)</sup></font></font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>490</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>836</font> </font></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total as of December 31, 2020 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,824</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,711</font> </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-37</font></td>
</tr>

</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin: 0cm 0cm 0.0001pt; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
<p style="margin: 0cm 0cm 0.0001pt; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-family: 'times new roman', times; font-size: 10pt;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin: 0pt 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font style="font-family: 'times new roman', times;"><i><font lang="PT-BR"><br></font></i></font></font></p>
</div>
</div>
<div style="border-right: none; border-left: none;">
<table cellspacing="0" cellpadding="0" style="height: 64px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%">

<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td colspan="3" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Loans </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Assets </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Liabilities </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 71%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Qu&#237;mica</font><font style="font-family: 'Times New Roman';"> da Bahia </font><font style="font-family: 'Times New Roman';">Ind&#250;stria</font><font style="font-family: 'Times New Roman';"> e </font><font style="font-family: 'Times New Roman';">Com&#233;rcio</font><font style="font-family: 'Times New Roman';"> S.A.<font style="font-size: 8pt;"><sup> (1)</sup></font></font></font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 13%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 3%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 13%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,875</font> </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Others<font style="font-size: 8pt;"><sup> (1)</sup></font></font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>490</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,050</font> </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total as of December 31, 2019 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>490</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,925</font> </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt; padding-left: 30px; line-height: 1;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">(<font>1</font>)</font></sup><font><font style="font-family: 'Times New Roman';"> Loans contracted have indefinite terms and do not contain remuneration clauses.</font></font></font></p>
<p style="margin-top: 2pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">(<font>2</font>)</font></sup><font><font style="font-family: 'Times New Roman';"> The loans contracted have a term </font><font style="font-family: 'Times New Roman';">of <font>36</font> months </font><font style="font-family: 'Times New Roman';">and can be extended by mutual agreement between the parties</font><font style="font-family: 'Times New Roman';"> being remunerated by the DI plus a premium of <font>3</font>% p.a.</font></font></font></p>
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><br></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 276px;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td colspan="9" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Commercial transactions </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Receivables </font><sup><font style="font-family: 'Times New Roman'; font-weight: bold; vertical-align: super;">(<font>1</font>)</font></sup></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Payables </font><sup><font style="font-family: 'Times New Roman'; font-weight: bold; vertical-align: super;">(<font>1</font>)</font></sup></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Sales and <br>services </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Purchases </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Expenses </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 52%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> Oxicap Ind&#250;stria de Gases Ltda. </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>1,772</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>471</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>19,077</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> Refinaria de Petr&#243;leo Riograndense S.A. </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>65,215</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>314,587</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> ConectCar Solu&#231;&#245;es de Mobilidade Eletr&#244;nica S.A. </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>151</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>104</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>3,062</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>154</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> LA&#8217;<font>7</font> Participa&#231;&#245;es e Empreend. Imob. Ltda. (a) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>1,613</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Chevron (Thailand) Limited </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>166</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>6</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>759</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> Chevron Brasil Oleos Basicos LTDA </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>6</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Chevron Latin America Marketing LLC </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>118</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Chevron Lubricants Lanka PLC </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>3</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Chevron Lubricants Oils S.A. </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>823</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Chevron Marine Products </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>1,873</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> Chevron Oronite Brasil LTDA. </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>37,482</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>108,198</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Chevron Products Company </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>87,754</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>247,578</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Chevron Belgium NV </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>785</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>6,707</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Chevron Petroleum CO Colombia </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>1</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total as of December 31, 2020 </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>3,135</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>193,124</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>3,533</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>697,060</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>1,613</font> </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-38</font></td>
</tr>

</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin: 0cm 0cm 0.0001pt; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
<p style="margin: 0cm 0cm 0.0001pt; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-family: 'times new roman', times; font-size: 10pt;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin: 0pt 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font style="font-family: 'times new roman', times;"><i><font lang="PT-BR"><br></font></i></font></font></p>
</div>
</div>
<div>
<table cellspacing="0" cellpadding="0" style="margin-right: auto; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 248px;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td colspan="11" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Commercial transactions </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Receivables </font><sup><font style="font-family: 'Times New Roman'; font-weight: bold; vertical-align: super;">(<font>1</font>)</font></sup></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Payables </font><sup><font style="font-family: 'Times New Roman'; font-weight: bold; vertical-align: super;">(<font>1</font>)</font></sup></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Other payables </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Sales and <br>services </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Purchases </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Expenses </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 42%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> Oxicap Ind&#250;stria de Gases Ltda. </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>1,545</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>1</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>18,565</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> Refinaria de Petr&#243;leo Riograndense S.A. </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>264,602</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>1,019,108</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> ConectCar Solu&#231;&#245;es de Mobilidade Eletr&#244;nica S.A. </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>739</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>113</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>7,385</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>121</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> LA&#8217;<font>7</font> Participa&#231;&#245;es e Empreend. Imob. Ltda. (a) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>124</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>1,477</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Chevron (Thailand) Limited </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>1,333</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>5,177</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>90,912</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> Chevron Brasil Oleos Basicos LTDA </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>6</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>6,336</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Chevron Latin America Marketing LLC </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>86</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>6</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>13</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>506</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Chevron Lubricants Lanka PLC </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>285</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Chevron Lubricants Oils S.A. </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>58</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>42</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Chevron Marine Products </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>506</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>104</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> Chevron Oronite Brasil LTDA. </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>1,193</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>345</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Chevron Products Company </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>16,302</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>212,915</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Chevron Belgium NV </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>2,119</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>15,019</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Chevron Petroleum CO Colombia </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>7</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>30</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> -&nbsp; </font></p>
</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total as of December 31, 2019 </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>3,915</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>289,988</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>298</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>7,920</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>1,363,482</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"> &nbsp;<font>1,477</font> </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt; height: 17px;">

<tr style="height: 17px;">
<td class="pgno" style="padding: 0px; text-align: center; height: 17px;"><font style="font-size: 10pt;" class="pageno">F-39</font></td>
</tr>

</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin: 0cm 0cm 0.0001pt; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
<p style="margin: 0cm 0cm 0.0001pt; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-family: 'times new roman', times; font-size: 10pt;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin: 0pt 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt;"><br></p>
</div>
</div>
<div>
<table cellspacing="0" cellpadding="0" style="height: 89px; margin: 0px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; margin-left: 0.1px;" width="100%">

<tr style="height: 19px;">
<td style="vertical-align: middle; height: 19px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td colspan="6" style="border-bottom: 1pt solid #000000; vertical-align: top; height: 19px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Commercial transactions </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: middle; height: 10px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Sales and <br>services </font></p>
</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Purchases </font></p>
</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Expenses </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: middle; background-color: #cceeff; height: 10px; padding: 0px; width: 70%;">
<p style="margin: 0px; text-align: justify; font-size: 10pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Oxicap Ind&#250;stria de Gases Ltda. </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px; width: 8%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px; width: 8%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,032</font> </font></p>
</td>
<td style="vertical-align: top; background-color: #cceeff; height: 10px; width: 2%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; background-color: #cceeff; height: 10px; width: 8%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: middle; height: 10px; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: justify; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Refinaria de Petr&#243;leo Riograndense S.A. </font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,008,860</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: middle; background-color: #cceeff; height: 10px; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: justify; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> ConectCar Solu&#231;&#245;es de Mobilidade Eletr&#244;nica S.A. </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,844</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>186</font> </font></p>
</td>
<td style="vertical-align: top; background-color: #cceeff; height: 10px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; background-color: #cceeff; height: 10px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: middle; height: 10px; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: justify; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> LA&#8217;<font>7</font> Participa&#231;&#245;es e Empreend. Imob. Ltda. (a) </font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,469</font> </font></p>
</td>
</tr>
<tr style="height: 20px; background-color: #cceeff;">
<td style="vertical-align: middle; background-color: #cceeff; height: 20px; padding: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: justify; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total as of December 31, 2018 </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 20px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 20px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,850</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 20px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 20px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,018,078</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 20px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 20px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,469</font> </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">(<font>1</font>)</font></sup><font><font style="font-family: 'Times New Roman';"> Included in &#8220;domestic trade receivables&#8221;</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> &#8220;domestic trade payables&#8221;</font><font style="font-family: 'Times New Roman';"> and &#8220;domestic trade payables </font><font style="font-family: 'Times New Roman';">&#8211;</font><font style="font-family: 'Times New Roman';"> reverse factoring</font><font style="font-family: 'Times New Roman';">&#8221;,</font><font style="font-family: 'Times New Roman';"> respectively.</font></font></font></p>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(a) <font>Refers to rental contracts of </font></font><font><font style="font-family: 'Times New Roman';"><font>15</font></font><font style="font-family: 'Times New Roman';"> drugstores owned by LA&#8217;<font style="border-left: none; border-right: none;">7</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as of </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">1</font></font><font style="font-family: 'Times New Roman';">, <font style="border-left: none; border-right: none;">2020</font> and </font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">2019</font></font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> a company </font><font style="font-family: 'Times New Roman';">of the former shareholders of </font><font style="font-family: 'Times New Roman';">Extrafarma</font><font style="font-family: 'Times New Roman';"> that are</font><font style="font-family: 'Times New Roman';"> current shareholders of </font><font style="font-family: 'Times New Roman';">Ultrapar</font><font style="font-family: 'Times New Roman';">.</font></font></font></p>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Purchase and sale transactions relate substantially to the purchase of raw materials, feedstock, transportation</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> and storage services based on </font><font style="font-family: 'Times New Roman';">similar</font><font style="font-family: 'Times New Roman';"> market prices and terms with customers and suppliers with comparable operational performance. The operations </font><font style="font-family: 'Times New Roman';">of</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">ConectCar</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Solu&#231;&#245;es</font><font style="font-family: 'Times New Roman';"> de </font><font style="font-family: 'Times New Roman';">Mobilidade</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Eletr&#244;nica</font><font style="font-family: 'Times New Roman';"> S.A. (&#8220;</font><font style="font-family: 'Times New Roman';">ConectCar</font><font style="font-family: 'Times New Roman';">&#8221;)</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">refer to </font><font style="font-family: 'Times New Roman';">services</font><font style="font-family: 'Times New Roman';"> provided</font><font style="font-family: 'Times New Roman';">. In the opinion of the Company and its subsidiaries&#8217; management, transactions with related parties are not subject to credit risk, therefore,<font> <font>no</font></font> provision for expected losses on accounts receivable or guarantees are recorded. Guarantees&nbsp;</font><font style="font-family: 'Times New Roman';">provided by the Company in loans of subsidiaries and affiliates are mentioned in Note </font><font style="font-family: 'Times New Roman';"><font>16</font>.</font><font style="font-family: 'Times New Roman';">j</font><font style="font-family: 'Times New Roman';">.&nbsp;</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;">b. Key executives</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company&#8217;s compensation strategy combines short and long-term elements, following the principles of alignment of interests and of </font><font style="font-family: 'Times New Roman';">maintaining</font><font style="font-family: 'Times New Roman';"> a competitive compensation, and is aimed at retaining key officers and remunerating them adequately according to their attributed responsibilities and the value created to the Company and its shareholders.&nbsp;</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Short-term compensation is comprised of: (a) fixed monthly compensation paid with the objective of rewarding the executive&#8217;s experience, responsibility</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> and his/her position&#8217;s complexity, and includes salary and benefits such as medical coverage, check-up, life insurance</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> and others; (b) variable compensation paid annually with the objective of aligning the executive&#8217;s and the Company&#8217;s objectives, which is linked to: (</font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">) the business performance measured through its economic value creation and (ii) the fulfillment of individual annual goals that are based on the strategic plan and are focused on expansion and operational excellence projects, people development and market positioning, among others. Further details about the Deferred Stock Plan are contained in Note <font>8</font>.c and about post</font><font style="font-family: 'Times New Roman';">-</font><font style="font-family: 'Times New Roman';">employment benefits in Note </font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';">.b.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-40</font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin: 0cm 0cm 0.0001pt; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
<p style="margin: 0cm 0cm 0.0001pt; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-family: 'times new roman', times; font-size: 10pt;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin: 0pt 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><font style="font-family: 'times new roman', times;"><i><font lang="PT-BR"><br></font></i></font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">T</font><font style="font-family: 'Times New Roman';">he expenses for compensation of its key executives (Company&#8217;s directors and executive officers)</font><font style="font-family: 'Times New Roman';"> as shown below:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<table cellspacing="0" cellpadding="0" style="height: 96px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 84%; margin-left: auto; margin-right: auto;" width="84%">

<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2020</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2019</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2018</font> </font></p>
</td>
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<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 66%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Short-term compensation </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 10%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>47,936</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 10%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>41,659</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; width: 2%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 10%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>36,504</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Stock compensation </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,786</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,881</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,407</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Post-employment benefits </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,866</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,640</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,278</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Termination benefit </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>905</font> </font></p>
</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>55,588</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>54,180</font> </font></p>
</td>
<td style="vertical-align: top; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; border-bottom: 2.8pt double #000000; height: 18px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>41,094</font> </font></p>
</td>
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</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;">c. Deferred stock plan</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Since <font>2003</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Ultrapar</font><font style="font-family: 'Times New Roman';"> has adopted a </font><font style="font-family: 'Times New Roman';">stock</font><font style="font-family: 'Times New Roman';"> plan in which the executive h</font><font style="font-family: 'Times New Roman';">as</font><font style="font-family: 'Times New Roman';"> the usufruct of shares held in treasury</font><font style="font-family: 'Times New Roman';"> until</font><font style="font-family: 'Times New Roman';"> the transfer of the </font><font style="font-family: 'Times New Roman';">full </font><font style="font-family: 'Times New Roman';">ownership of the shares to those eligible members of management after <font>five</font> to <font>seven</font> years from the initial concession of the rights subject to uninterrupted employment of the participant during the period</font><font style="font-family: 'Times New Roman';">. The volume of shares and the executives </font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">ligible</font><font style="font-family: 'Times New Roman';"> are determined by the Board of Directors, and there is no mandatory annual grant. The total number of shares to be used in the plan is subject to the </font><font style="font-family: 'Times New Roman';">number</font><font style="font-family: 'Times New Roman';"> of shares in treasury. </font><font style="font-family: 'Times New Roman';">Ultrapar&#8217;s</font><font style="font-family: 'Times New Roman';"> Board of Directors </font><font style="font-family: 'Times New Roman';">members are </font><font style="font-family: 'Times New Roman';">not </font><font style="font-family: 'Times New Roman';">eligible</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">to participate in the </font><font style="font-family: 'Times New Roman';">stock</font><font style="font-family: 'Times New Roman';"> plan.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">The fair value of the awards </font><font style="font-family: 'Times New Roman';">was</font><font style="font-family: 'Times New Roman';"> determined on the grant date based on the market value of the shares on the </font><font style="font-family: 'Times New Roman';">B<font>3</font></font><font style="font-family: 'Times New Roman';">, the Brazilian Securities, Commodities and Futures Exchange</font><font style="font-family: 'Times New Roman';"> and the amounts are amortized </font><font style="font-family: 'Times New Roman';">between</font><font style="font-family: 'Times New Roman';"> <font>five</font> </font><font style="font-family: 'Times New Roman';">to</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';"><font>seven</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">years from the </font><font style="font-family: 'Times New Roman';">grant date</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-41</font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin: 0cm 0cm 0.0001pt; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
<p style="margin: 0cm 0cm 0.0001pt; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-family: 'times new roman', times; font-size: 10pt;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin: 0pt 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt;"><br></p>
</div>
</div>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The table below summarizes shares </font><font style="font-family: 'Times New Roman';">granted </font><font style="font-family: 'Times New Roman';">to the Company and its subsidiaries&#8217; management:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-right: none; border-left: none;">
<table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 10pt; width: 99.8395%; height: 118px;" width="100%">

<tr style="height: 56px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 56px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Grant date </font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 56px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Balance of <br>number of <br>shares <br>granted </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 56px;"><br></td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 56px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Vesting period </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 56px;"><br></td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 56px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Market price of shares on the <br>grant date (in <br>R$ per share) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 56px;"><br></td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 56px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Total grant <br>costs, <br>including <br>taxes </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 56px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 56px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Accumulated recognized <br>grant costs </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 56px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 56px;"><br></td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 56px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Accumulated unrecognized <br>grant costs </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 35%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>March 4, 2016</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;<font>380,000</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 2%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"><font><font style="border-right: none; border-left: none;"><font>2021 to 2023</font></font></font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 2%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;<font>32.72</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 2%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;<font>17,147</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>14,076</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; text-align: left; width: 1%;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;<font>3,071</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>December 10, 2014</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;<font>266,660</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2021</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;<font>25.32</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;<font>28,405</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>26,726</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;<font>1,679</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>March 5, 2014</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;<font>55,600</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2021</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;<font>26.08</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;<font>5,999</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>5,951</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;<font>48</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255);"><br></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); height: 18px; border-top: 1pt solid rgb(0, 0, 0);">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;<font>702,260</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); height: 18px; border-top: 1pt solid rgb(0, 0, 0);">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;<font>51,551</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); height: 18px; border-top: 1pt solid rgb(0, 0, 0);">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>46,753</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-top: 1pt solid rgb(0, 0, 0); border-bottom: 2.8pt double rgb(0, 0, 0);">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;<font>4,798</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
</tr>

</table>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">In</font><font style="font-family: 'Times New Roman';"> <font>2020</font></font><font style="font-family: 'Times New Roman';">, t</font><font style="font-family: 'Times New Roman';">he amortization in the amount </font><font style="font-family: 'Times New Roman';">of R$</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';"><font>2,360</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">(R$ </font><font style="font-family: 'Times New Roman';"><font>10,321</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">in</font><font style="font-family: 'Times New Roman';"> <font>2019</font></font><font style="font-family: 'Times New Roman';"> and </font><font style="font-family: 'Times New Roman';">R$ <font>3,922</font> in <font>2018</font></font><font style="font-family: 'Times New Roman';">) was recognized as a general and administrative expense.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The table below summarizes the changes of</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">number of shares granted:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-right: none; border-left: none;">
<table cellspacing="0" cellpadding="0" style="height: 103px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-left: auto; margin-right: auto;" width="68%">

<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 84.1756%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance on December 31, 2018 </font></p>
</td>
<td style="width: 3.12122%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 11.2132%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,700,128</font> </font></p>
</td>
<td style="width: 1.40707%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="width: 84.1756%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Shares vested and transferred </font></p>
</td>
<td style="width: 3.12122%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 11.2132%; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>475,604</font> </font></p>
</td>
<td style="width: 1.40707%; padding: 0px; vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 84.1756%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance on December 31, 2019 </font></p>
</td>
<td style="width: 3.12122%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 11.2132%; border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,224,524</font> </font></p>
</td>
<td style="width: 1.40707%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="width: 84.1756%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Cancellation of granted shares due to termination of executive employment </font></p>
</td>
<td style="width: 3.12122%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 11.2132%; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>200,000</font> </font></p>
</td>
<td style="width: 1.40707%; padding: 0px; vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 84.1756%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Shares vested and transferred </font></p>
</td>
<td style="width: 3.12122%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 11.2132%; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>322,264</font> </font></p>
</td>
<td style="width: 1.40707%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;">)</td>
</tr>
<tr style="height: 18px;">
<td style="width: 84.1756%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance on December 31, 2020 </font></p>
</td>
<td style="width: 3.12122%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 11.2132%; padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>702,260</font> </font></p>
</td>
<td style="width: 1.40707%; padding: 0px; vertical-align: bottom; height: 18px;"><br></td>
</tr>

</table>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">In addition, </font><font style="font-family: 'Times New Roman';">on April 19, 2017, </font><font style="font-family: 'Times New Roman';">the Ordinary and Extraordinary General Shareholders&#8217; Meeting (&#8220;OEGM&#8221;) of </font><font style="font-family: 'Times New Roman';">approved</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">a new incentive plan</font><font style="font-family: 'Times New Roman';"> based on shares </font><font style="font-family: 'Times New Roman';">(</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';">Plan</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';">), which establishes the general terms and conditions for the concession of common shares issued by the Company </font><font style="font-family: 'Times New Roman';">and </font><font style="font-family: 'Times New Roman';">held in treasury, </font><font style="font-family: 'Times New Roman';">that</font><font style="font-family: 'Times New Roman';"> may or may not involve the granting of usufruct of part of these shares for later transfer of the </font><font style="font-family: 'Times New Roman';">ownership of the shares</font><font style="font-family: 'Times New Roman';">, in periods of </font><font style="font-family: 'Times New Roman';"><font>three</font></font><font style="font-family: 'Times New Roman';"> to </font><font style="font-family: 'Times New Roman';"><font>six</font></font><font style="font-family: 'Times New Roman';"> years</font><font style="font-family: 'Times New Roman';">, to directors or employees of the Company or </font><font style="font-family: 'Times New Roman';">its </font><font style="font-family: 'Times New Roman';">subsidiaries.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">As a result of the Plan, </font><font style="font-family: 'Times New Roman';">common</font><font style="font-family: 'Times New Roman';"> shares representing at most <font>1</font>% of the Company's </font><font style="font-family: 'Times New Roman';">share </font><font style="font-family: 'Times New Roman';">capital</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">may be delivered to the </font><font style="font-family: 'Times New Roman';">p</font><font style="font-family: 'Times New Roman';">articipants, which corresponds, at the date of approval of </font><font style="font-family: 'Times New Roman';">this</font><font style="font-family: 'Times New Roman';"> Plan, to </font><font style="font-family: 'Times New Roman';"><font>11,128,102</font></font><font style="font-family: 'Times New Roman';"> common shares.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-42</font></td>
</tr>

</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin: 0cm 0cm 0.0001pt; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
<p style="margin: 0cm 0cm 0.0001pt; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-family: 'times new roman', times; font-size: 10pt;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin: 0pt 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt;"><br></p>
</div>
</div>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The table </font><font style="font-family: 'Times New Roman';">below</font><font style="font-family: 'Times New Roman';"> summarizes the </font><font style="font-family: 'Times New Roman';">r</font><font style="font-family: 'Times New Roman';">estricted and </font><font style="font-family: 'Times New Roman';">p</font><font style="font-family: 'Times New Roman';">erformance</font><font style="font-family: 'Times New Roman';"> stock</font><font style="font-family: 'Times New Roman';"> programs:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-right: none; border-left: none;">
<table cellspacing="0" cellpadding="0" style="height: 110px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 32.9977%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Program </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 12.0062%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; break-inside: avoid; break-after: avoid; font-size: 8pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Grant date </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.0488%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Balance of number of shares <br>granted </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 8.05577%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Vesting <br>period </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.0488%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Market price <br>of shares on <br>the grant date (in R$ per<br>share) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.93648%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 6.97134%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Total <br>grant <br>costs, <br>including <br>taxes </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.93648%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 6.97134%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Accumulated recognized grant costs </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.00697%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.929512%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 6.97134%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Accumulated unrecognized grant costs </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 32.9977%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Restricted </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 12.0062%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>October 1, 2017</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2.01394%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.0488%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;<font>240,000</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2.01394%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.05577%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2023</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2.01394%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.0488%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>38.19</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.93648%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.97134%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;<font>12,642</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.93648%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.97134%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>6,848</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.00697%;">)</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.929512%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.97134%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;<font>5,794</font> </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 32.9977%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Restricted and performance </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 12.0062%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>November 8, 2017</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.0488%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;<font>23,674</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 8.05577%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"><font><font style="border-right: none; border-left: none;"><font>2021 to 2022</font></font></font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.0488%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>38.19</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.93648%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 6.97134%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;<font>2,723</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.93648%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.97134%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,852</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.00697%;">)</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.929512%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 6.97134%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;<font>871</font> </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 32.9977%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Restricted and performance </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 12.0062%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>April 4, 2018</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2.01394%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.0488%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;<font>121,720</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2.01394%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.05577%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"><font><font>2021 to 2023</font></font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2.01394%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.0488%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>34.35</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.93648%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.97134%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;<font>8,451</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.93648%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.97134%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>5,522</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.00697%;">)</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.929512%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.97134%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;<font>2,929</font> </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 32.9977%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Restricted </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 12.0062%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>September 19, 2018</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.0488%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;<font>80,000</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 8.05577%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2024</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.0488%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>19.58</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.93648%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 6.97134%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;<font>3,691</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.93648%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.97134%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>810</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.00697%;">)</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.929512%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 6.97134%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;<font>2,881</font> </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 32.9977%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Restricted </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 12.0062%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>September 24, 2018</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2.01394%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.0488%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;<font>80,000</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2.01394%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.05577%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2024</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2.01394%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.0488%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>18.40</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.93648%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.97134%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;<font>2,030</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.93648%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.97134%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>761</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.00697%;">)</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.929512%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.97134%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;<font>1,269</font> </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 32.9977%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Restricted and performance </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 12.0062%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>April 3, 2019</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.0488%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;<font>469,872</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 8.05577%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"><font><font style="border-right: none; border-left: none;"><font>2022 to 2024</font></font></font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.0488%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>23.25</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.93648%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 6.97134%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;<font>20,900</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.93648%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.97134%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>9,573</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.00697%;">)</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.929512%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 6.97134%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;<font>11,327</font> </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 32.9977%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Restricted </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 12.0062%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>September 2, 2019</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2.01394%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.0488%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;<font>440,000</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2.01394%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.05577%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2025</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2.01394%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.0488%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>16.42</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.93648%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.97134%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;<font>9,965</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.93648%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.97134%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,215</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.00697%;">)</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.929512%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.97134%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;<font>7,750</font> </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 32.9977%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Restricted and performance </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 12.0062%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>April 1, 2020</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.0488%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;<font>754,896</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 8.05577%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"><font><font>2023 to 2025</font></font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.0488%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>12.53</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.93648%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 6.97134%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;<font>18,653</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.93648%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.97134%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>3,584</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.00697%;">)</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.929512%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 6.97134%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;<font>15,069</font> </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 32.9977%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Restricted </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 12.0062%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>September 16, 2020</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2.01394%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.0488%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;<font>700,000</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2.01394%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.05577%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2026</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2.01394%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.0488%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>23.03</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.93648%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.97134%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;<font>22,236</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.93648%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.97134%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,235</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.00697%;">)</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.929512%;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.97134%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;<font>21,001</font> </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 32.9977%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 12.0062%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 10px; width: 7.0488%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;<font>2,910,162</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 8.05577%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.0488%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.93648%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 10px; width: 6.97134%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;<font>101,291</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.93648%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 10px; width: 6.97134%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>32,400</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.00697%;">)</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.929512%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 10px; width: 6.97134%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"><font style="font-size: 10pt;"> &nbsp;<font>68,891</font> </font></p>
</td>
</tr>

</table>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">In</font><font style="font-family: 'Times New Roman';"> <font>2020</font></font><font style="font-family: 'Times New Roman';">, a general and administrative expense </font><font style="font-family: 'Times New Roman';">in the amount of</font><font style="font-family: 'Times New Roman';"> R$ </font><font style="font-family: 'Times New Roman';"><font>12,664</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">was recognized in relation to the Plan</font><font style="font-family: 'Times New Roman';"> (R$ </font><font style="font-family: 'Times New Roman';"><font>12,893</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">in</font><font style="font-family: 'Times New Roman';"> <font>201</font></font><font style="font-family: 'Times New Roman';"><font>9</font></font><font style="font-family: 'Times New Roman';"> and R$ </font><font style="border-right: none; border-left: none;"><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;"><font>6,001</font></font></font></font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">in </font><font style="font-family: 'Times New Roman';"><font>201</font></font><font style="font-family: 'Times New Roman';"><font>8</font></font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 188px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-left: auto; margin-right: auto;" width="68%">

<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 73.0901%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance on December 31, 2018 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1.93843%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 25.1996%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>739,952</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.14025%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 73.0901%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Shares granted on April 3, 2019 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; width: 1.93843%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 25.1996%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>567,876</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.14025%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 73.0901%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Shares granted on September 2, 2019 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1.93843%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 25.1996%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>440,000</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.14025%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 73.0901%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Cancellation of granted shares due to termination of executive employment </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; width: 1.93843%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; width: 25.1996%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>9,168</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.14025%;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 73.0901%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance on December 31, 2019 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1.93843%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 25.1996%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,738,660</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.14025%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 73.0901%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Shares granted on April 1, 2020 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; width: 1.93843%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 25.1996%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>877,788</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.14025%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 73.0901%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Shares granted on September 16, 2020 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1.93843%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 25.1996%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>700,000</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.14025%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 73.0901%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Cancellation of granted shares due to termination of executive employment </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; width: 1.93843%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 25.1996%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>353,294</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.14025%;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 73.0901%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Cancellation of performance shares </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.93843%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 25.1996%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>52,992</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.14025%;">)</td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; width: 73.0901%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance on December 31, 2020 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; width: 1.93843%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; width: 25.1996%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,910,162</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.14025%;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The information above was adjusted </font><font style="font-family: 'Times New Roman';">restrospectively</font><font style="font-family: 'Times New Roman';"> as disclosure in Note <font style="border-left: none; border-right: none;">25.a</font>.&nbsp;</font></font></p>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<div>
<div style="border-left: none; border-right: none;">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-43</font></td>
</tr>

</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin: 0cm 0cm 0.0001pt; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
<p style="margin: 0cm 0cm 0.0001pt; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-family: 'times new roman', times; font-size: 10pt;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font><font lang="PT-BR" style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div style="border-left: none; border-right: none;">
<div>
<div style="border-left: none; border-right: none;">
<h1 style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 12pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">9</font>. Income and </font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">ocial </font><font style="font-family: 'Times New Roman';">c</font><font style="font-family: 'Times New Roman';">ontribution </font><font style="font-family: 'Times New Roman';">t</font><font style="font-family: 'Times New Roman';">axes</font></font></h1>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;">a. Deferred income (IRPJ) and social contribution taxes (CSLL)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company and its subsidiaries recognize </font><font style="font-family: 'Times New Roman';">deferred tax assets and liabilities</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> which are not subject to </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">statute of limitations, mainly resulting from </font><font style="font-family: 'Times New Roman';">p</font><font style="font-family: 'Times New Roman';">rovision for differences between cash and accrual basis</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">tax loss carryforwards</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">negative tax bases</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and provisions for tax, civil, and labor risks</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Deferred tax assets </font><font style="font-family: 'Times New Roman';">are sustained by the continued profitability of their operations.&nbsp;</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Deferred IRPJ and CSLL are recognized under the following main categories:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<div style="border-left: none; border-right: none;">
<div style="border-left: none; border-right: none;">
<div>
<table cellspacing="0" cellpadding="0" style="height: 495px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;" width="100%">

<tr style="height: 17px;">
<td style="width: 71.2538%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 15.5963%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
</td>
<td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="width: 10.9474%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2019 </font></p>
</td>
<td style="width: 2.30444%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Assets - deferred income and social contribution taxes on: </font></p>
</td>
<td style="width: 15.5963%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; background-color: #cceeff;"><br></td>
<td style="width: 10.9474%; padding-right: 3pt; padding-left: 3pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 2.30444%; padding-right: 3pt; padding-left: 3pt; vertical-align: top; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Provision for impairment of assets </font></p>
</td>
<td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>75,231</font> </font></p>
</td>
<td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>72,377</font> </font></p>
</td>
<td style="width: 2.30444%; padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Provisions for tax, civil, and labor risks </font></p>
</td>
<td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>138,516</font> </font></p>
</td>
<td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>150,085</font> </font></p>
</td>
<td style="width: 2.30444%; padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Provision for post-employment benefits </font></p>
</td>
<td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>96,108</font> </font></p>
</td>
<td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>92,199</font> </font></p>
</td>
<td style="width: 2.30444%; padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Provision for differences between cash and accrual basis (i) </font></p>
</td>
<td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>606,054</font> </font></p>
</td>
<td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>224,065</font> </font></p>
</td>
<td style="width: 2.30444%; padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Goodwill </font></p>
</td>
<td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,161</font> </font></p>
</td>
<td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8,161</font> </font></p>
</td>
<td style="width: 2.30444%; padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Business combination &#8211; tax basis vs. accounting basis of goodwill </font></p>
</td>
<td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>75,515</font> </font></p>
</td>
<td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>75,745</font> </font></p>
</td>
<td style="width: 2.30444%; padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Provision for asset retirement obligation </font></p>
</td>
<td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>15,728</font> </font></p>
</td>
<td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>14,762</font> </font></p>
</td>
<td style="width: 2.30444%; padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Provision for suppliers </font></p>
</td>
<td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>49,501</font> </font></p>
</td>
<td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>35,214</font> </font></p>
</td>
<td style="width: 2.30444%; padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Provision for profit sharing and bonus </font></p>
</td>
<td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>56,873</font> </font></p>
</td>
<td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>44,818</font> </font></p>
</td>
<td style="width: 2.30444%; padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Leases payable </font></p>
</td>
<td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>41,932</font> </font></p>
</td>
<td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>19,003</font> </font></p>
</td>
<td style="width: 2.30444%; padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Change in fair value of subscription warrants </font></p>
</td>
<td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>22,833</font> </font></p>
</td>
<td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>16,338</font> </font></p>
</td>
<td style="width: 2.30444%; padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Provision for deferred revenue </font></p>
</td>
<td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>25,770</font> </font></p>
</td>
<td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>29,961</font> </font></p>
</td>
<td style="width: 2.30444%; padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other provisions </font></p>
</td>
<td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>14,917</font> </font></p>
</td>
<td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>15,355</font> </font></p>
</td>
<td style="width: 2.30444%; padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Tax losses and negative basis for social contribution carryforwards (<font>9</font>.d) </font></p>
</td>
<td style="width: 15.5963%; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>363,862</font> </font></p>
</td>
<td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="width: 10.9474%; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>278,140</font> </font></p>
</td>
<td style="width: 2.30444%; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total </font></p>
</td>
<td style="width: 15.5963%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,588,001</font> </font></p>
</td>
<td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="width: 10.9474%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,076,223</font> </font></p>
</td>
<td style="width: 2.30444%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Offset liability balance of deferred IRPJ and CSLL </font></p>
</td>
<td style="width: 15.5963%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>613,290</font> </font></p>
</td>
<td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="width: 10.9474%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>422,529</font> </font></p>
</td>
<td style="width: 2.30444%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
</tr>
<tr style="height: 18px;">
<td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net balance of deferred taxes assets </font></p>
</td>
<td style="width: 15.5963%; border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>974,711</font> </font></p>
</td>
<td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="width: 10.9474%; border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>653,694</font> </font></p>
</td>
<td style="width: 2.30444%; border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Liabilities - deferred income and social contribution taxes on: </font></p>
</td>
<td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 2.30444%; padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Revaluation of PP&amp;E </font></p>
</td>
<td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,776</font> </font></p>
</td>
<td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,866</font> </font></p>
</td>
<td style="width: 2.30444%; padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Leases payable </font></p>
</td>
<td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,895</font> </font></p>
</td>
<td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,356</font> </font></p>
</td>
<td style="width: 2.30444%; padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Provision for differences between cash and accrual basis (i) </font></p>
</td>
<td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>402,780</font> </font></p>
</td>
<td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>257,718</font> </font></p>
</td>
<td style="width: 2.30444%; padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Provision for goodwill </font></p>
</td>
<td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>92,242</font> </font></p>
</td>
<td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>39,186</font> </font></p>
</td>
<td style="width: 2.30444%; padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Business combination &#8211; fair value of assets </font></p>
</td>
<td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>111,832</font> </font></p>
</td>
<td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>114,125</font> </font></p>
</td>
<td style="width: 2.30444%; padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other provisions </font></p>
</td>
<td style="width: 15.5963%; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>15,497</font> </font></p>
</td>
<td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="width: 10.9474%; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>14,809</font> </font></p>
</td>
<td style="width: 2.30444%; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total </font></p>
</td>
<td style="width: 15.5963%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>626,022</font> </font></p>
</td>
<td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="width: 10.9474%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>430,060</font> </font></p>
</td>
<td style="width: 2.30444%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Offset asset balance of deferred IRPJ and CSLL </font></p>
</td>
<td style="width: 15.5963%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>613,290</font> </font></p>
</td>
<td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="width: 10.9474%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>422,529</font> </font></p>
</td>
<td style="width: 2.30444%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
</tr>
<tr style="height: 18px;">
<td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net balance of deferred taxes liabilities </font></p>
</td>
<td style="width: 15.5963%; border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>12,732</font> </font></p>
</td>
<td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="width: 10.9474%; border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,531</font> </font></p>
</td>
<td style="width: 2.30444%; border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(</font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">) <font><font style="border-right: none; border-left: none;"><font style="border-right: none; border-left: none;"><font style="border-right: none; border-left: none;">Refers mainly to the income tax on the exchange variation of the derivate hedging instruments.</font></font></font></font></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><font style="border-right: none; border-left: none;"><font style="border-right: none; border-left: none;"><font style="border-right: none; border-left: none;"><br></font></font></font></font></font></p>
</div>
</div>
</div>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
<div>
<div style="border-left: none; border-right: none;">
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-44</font></td>
</tr>

</table>
</div>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><font style="font-size: 10pt;"><a href="#TOC">Table of Contents</a></font></div>
</div>
<p style="margin: 0cm 0cm 0.0001pt; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
<p style="margin: 0cm 0cm 0.0001pt; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-family: 'times new roman', times; font-size: 10pt;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin: 0pt 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt;"><br></p>
</div>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Changes in </font><font style="font-family: 'Times New Roman';">the net balance of </font><font style="font-family: 'Times New Roman';">deferred IRPJ and CSLL are as follows:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<div>
<table cellspacing="0" cellpadding="0" style="height: 102px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 84%; margin-left: auto; margin-right: auto;" width="84%">

<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 58%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2020</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2019</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 12.7921%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2018</font> </font></p>
</td>
<td style="vertical-align: top; width: 1.20792%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 58%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Initial balance </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>646,163</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>504,890</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); width: 2%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 12.7921%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>530,419</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.20792%; padding: 0px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 58%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Deferred IRPJ and CSLL recognized in income of the year </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>87,939</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>97,465</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; width: 2%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 12.7921%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>162,417</font> </font></p>
</td>
<td style="vertical-align: bottom; width: 1.20792%; padding: 0px;">)</td>
</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 13px; background-color: rgb(204, 238, 255); width: 58%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Deferred IRPJ and CSLL recognized in other comprehensive income </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: rgb(204, 238, 255); width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>210,034</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: rgb(204, 238, 255); width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: rgb(204, 238, 255); width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>40,497</font> </font></p>
</td>
<td style="vertical-align: top; height: 13px; background-color: rgb(204, 238, 255); width: 2%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 13px; background-color: rgb(204, 238, 255); width: 12.7921%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>133,124</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.20792%; padding: 0px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 58%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Deferred IRPJ and CSLL recognized in business combination </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: top; height: 10px; width: 2%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 12.7921%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,054</font> </font></p>
</td>
<td style="vertical-align: bottom; width: 1.20792%; padding: 0px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 58%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Others </font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>17,843</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,311</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); width: 2%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 12.7921%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,710</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.20792%; padding: 0px;"><br></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; width: 58%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Final balance </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>961,979</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>646,163</font> </font></p>
</td>
<td style="vertical-align: top; height: 18px; width: 2%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); width: 12.7921%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>504,890</font> </font></p>
</td>
<td style="vertical-align: bottom; width: 1.20792%; padding: 0px;"><br></td>
</tr>

</table>
</div>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The estimated recovery of deferred tax assets relating to IRPJ and CSLL is stated as follows:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<div>
<table cellspacing="0" cellpadding="0" style="margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-right: auto;" width="68%">

<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Up to <font>1</font> year </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>203,341</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt; -aw-height-rule: exactly;">
<td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> From <font>1</font> to <font>2</font> years </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>154,684</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> From <font>2</font> to <font>3</font> years </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>79,646</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt; -aw-height-rule: exactly;">
<td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> From <font>3</font> to <font>5</font> years </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>189,231</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> From <font>5</font> to <font>7</font> years </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>634,200</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt; -aw-height-rule: exactly;">
<td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> From <font>7</font> to <font>10</font> years </font></p>
</td>
<td style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>326,899</font> </font></p>
</td>
</tr>
<tr style="height: 13.5pt; background-color: #cceeff;">
<td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total of deferred tax assets relating to IRPJ and CSLL </font></p>
</td>
<td style="width: 50.7pt; border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,588,001</font> </font></p>
</td>
</tr>

</table>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><br></p>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">In order to evaluate the realization of</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">deferred tax assets, the taxable income projections from</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">business plans of each segment of the Company</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">which indicates trends and perspectives, demand effects, competition and other economic factors</font><font style="font-family: 'Times New Roman';">, and</font><font style="font-family: 'Times New Roman';"> that represent the management&#8217;s best estimate about the economic conditions existing during the period of realization of the deferred tax asset were taken into account.&nbsp;</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The main key assumptions used to calculate the realization of deferred tax assets </font><font style="font-family: 'Times New Roman';">are:</font><font style="font-family: 'Times New Roman';"> growth in Gross Domestic Product (&#8220;GDP&#8221;), exchange rate, basic interest rate (SELIC) and DI, inflation rate, commodity price index, among others. The balance of R$ <font>1</font>,</font><font style="font-family: 'Times New Roman';"><font>588,001</font></font><font style="font-family: 'Times New Roman';"> was supported by the technical study on taxable profit projections for the realization of deferred tax assets, examined by the Fiscal Council (&#8220;CF&#8221;) and by the Audit and Risks Committee (&#8220;CAR&#8221;).</font></font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<div style="border-left: none; border-right: none;">
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font style="color: #000000; font-family: 'times new roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">F-45</font></font></td>
</tr>

</table>
</div>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><font style="font-size: 10pt;"><a href="#TOC">Table of Contents</a></font></div>
</div>
<p style="margin: 0cm 0cm 0.0001pt; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
<p style="margin: 0cm 0cm 0.0001pt; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-family: 'times new roman', times; font-size: 10pt;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin: 0pt 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt;"><br></p>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;">b. Reconciliation of income and social contribution taxes</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">IRPJ and CSLL are reconciled to the statutory tax rates as follows:&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<div style="border-left: none; border-right: none;">
<div style="border-left: none; border-right: none;">
<div>
<table cellspacing="0" cellpadding="0" style="height: 247px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;" width="100%">

<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 60.037%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 12.0259%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2020</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2.03515%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 12.0259%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2019</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.94265%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 10.9709%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2018</font> </font></p>
</td>
<td style="vertical-align: top; width: 0.869935%;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 60.037%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Income (loss) before taxes and share of profit (loss) of joint ventures, and associates </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 12.0259%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,542,681</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2.03515%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 12.0259%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>793,698</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; background-color: #cceeff; width: 1.94265%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10.9709%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,785,818</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 0.869935%; padding: 0px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 60.037%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Statutory tax rates &#8211; % </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; width: 12.0259%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>34</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 2.03515%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; width: 12.0259%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>34</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.94265%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; width: 10.9709%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>34</font> </font></p>
</td>
<td style="vertical-align: bottom; width: 0.869935%; padding: 0px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 60.037%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Income and social contribution taxes at the statutory tax rates </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 12.0259%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>524,512</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2.03515%;">)</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 12.0259%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>269,857</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; background-color: #cceeff; width: 1.94265%; padding: 0px;">)</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10.9709%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>607,178</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.869935%; padding: 0px;">)</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 60.037%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Adjustments to the statutory income and social contribution taxes: </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 12.0259%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 2.03515%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 12.0259%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 10px; width: 1.94265%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 10px; width: 10.9709%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; width: 0.869935%; padding: 0px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 60.037%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Nondeductible expenses (i) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 12.0259%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>74,877</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2.03515%;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 12.0259%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>68,795</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff; width: 1.94265%; padding: 0px;">)</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.9709%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>82,784</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 0.869935%; padding: 0px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 60.037%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Nontaxable revenues (ii) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 12.0259%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>33,552</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 2.03515%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 12.0259%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>28,235</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.94265%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 10.9709%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>32,523</font> </font></p>
</td>
<td style="vertical-align: bottom; width: 0.869935%; padding: 0px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 60.037%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Adjustment to estimated income (iii) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 12.0259%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8,850</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2.03515%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 12.0259%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,511</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff; width: 1.94265%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.9709%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,706</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 0.869935%; padding: 0px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 60.037%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Interest on equity (iv) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 12.0259%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 2.03515%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 12.0259%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.94265%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 10.9709%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>538</font> </font></p>
</td>
<td style="vertical-align: bottom; width: 0.869935%; padding: 0px;">)</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 60.037%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Unrecorded deferred income and social contribution taxes carryforwards deferred (v) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 12.0259%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>123,300</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2.03515%;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 12.0259%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>146,820</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; background-color: #cceeff; width: 1.94265%; padding: 0px;">)</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10.9709%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>95,480</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 0.869935%; padding: 0px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 60.037%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other adjustments </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; width: 12.0259%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>24,992</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 2.03515%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; width: 12.0259%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>24,873</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.94265%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; width: 10.9709%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,634</font> </font></p>
</td>
<td style="vertical-align: bottom; width: 0.869935%; padding: 0px;">)</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 60.037%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Income and social contribution taxes before tax incentives </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 12.0259%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>655,295</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2.03515%;">)</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 12.0259%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>421,853</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; background-color: #cceeff; width: 1.94265%; padding: 0px;">)</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10.9709%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>746,385</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.869935%; padding: 0px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 60.037%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Tax incentives - SUDENE </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; width: 12.0259%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>83,928</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 2.03515%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; width: 12.0259%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>43,244</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.94265%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; width: 10.9709%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>107,666</font> </font></p>
</td>
<td style="vertical-align: bottom; width: 0.869935%; padding: 0px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 60.037%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Income and social contribution taxes in the income statement </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; border-bottom: 2.8pt double #000000; background-color: #cceeff; width: 12.0259%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>571,367</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2.03515%;">)</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; border-bottom: 2.8pt double #000000; background-color: #cceeff; width: 12.0259%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>378,609</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; background-color: #cceeff; width: 1.94265%; padding: 0px;">)</td>
<td style="border-top: 0.75pt solid #000000; vertical-align: bottom; height: 10px; border-bottom: 2.8pt double #000000; background-color: #cceeff; width: 10.9709%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>638,719</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.869935%; padding: 0px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 60.037%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Current </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 12.0259%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>659,306</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 2.03515%;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 12.0259%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>476,074</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.94265%; padding: 0px;">)</td>
<td style="vertical-align: bottom; height: 17px; width: 10.9709%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>476,302</font> </font></p>
</td>
<td style="vertical-align: bottom; width: 0.869935%; padding: 0px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 60.037%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Deferred </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 12.0259%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>87,939</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2.03515%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 12.0259%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>97,465</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff; width: 1.94265%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.9709%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>162,417</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 0.869935%; padding: 0px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 60.037%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Effective IRPJ and CSLL rates &#8211; % </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 12.0259%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>37.0</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 2.03515%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 12.0259%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>47.7</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.94265%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 10.9709%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>35.8</font> </font></p>
</td>
<td style="vertical-align: bottom; width: 0.869935%; padding: 0px;"><br></td>
</tr>

</table>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<table style="width: 100%; margin-left: 0.1px; height: 170px; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 34px;">
<td style="width: 3.60398%; height: 34px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</font></td>
<td style="width: 96.396%; height: 34px;"><font><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">C</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">onsist&nbsp;of certain expenses that cannot be deducted for tax purposes under applicable tax legislation, such as expenses with fines, donations, gifts, losses of assets</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">,</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">negative effects of foreign subsidiaries&nbsp;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">and certain provisions</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">.</font></font></font></td>
</tr>
<tr style="height: 17px;">
<td style="width: 3.60398%; height: 17px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(ii)</font></td>
<td style="width: 96.396%; height: 17px;"><font><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">C</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">onsist&nbsp;of certain gains and income that are not taxable under applicable tax legislation, such as the reimbursement of taxes and the reversal of certain provisions</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">.</font></font></font></td>
</tr>
<tr style="height: 68px;">
<td style="width: 3.60398%; height: 68px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(iii)</font></td>
<td style="width: 96.396%; height: 68px;"><font><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">Brazilian tax law allows for an alternative method of taxation for companies that generated gross revenues of up to R$&nbsp;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">7</font></font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">8</font>&nbsp;million in their previous fiscal year. Certain subsidiaries of the Company adopted this alternative form of taxation, whereby income and social contribution taxes are calculated on a basis equal to&nbsp;<font style="border-left: none; border-right: none;">32</font>% of operating revenues, as opposed to being calculated based on the effective taxable income of these subsidiaries. The&nbsp;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">adjustment to estimated income represents the&nbsp;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">difference between the taxation under this alternative method and the income and social contribution taxes that would have been pa</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">id</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;based on the effective statutory rate applied to the taxable income&nbsp;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">of these subsidiaries</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">.</font></font></font></td>
</tr>
<tr style="height: 34px;">
<td style="width: 3.60398%; height: 34px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(iv)</font></td>
<td style="width: 96.396%; height: 34px;"><font><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Interest on equity is an option foreseen in Brazilian corporate law to distribute profits to shareholders, calculated based on the long-term interest rate (&#8220;TJLP&#8221;), which does not affect the income statement, but is deductible for purposes of IRPJ and CSLL, being taxable to the beneficiary and deductible to the entity that pays.</font></font></td>
</tr>
<tr style="height: 17px;">
<td style="width: 3.60398%; height: 17px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(v)</font></td>
<td style="width: 96.396%; height: 17px;"><font><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">See Note&nbsp;<font style="border-left: none; border-right: none;">9</font>.d</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">.</font></font></font></td>
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<p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; text-indent: -21.3pt; text-align: justify; font-size: 9pt;"><br></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-46</font></td>
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<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><font style="font-size: 10pt;"><a href="#TOC">Table of Contents</a></font></div>
</div>
<p style="margin: 0cm 0cm 0.0001pt; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
<p style="margin: 0cm 0cm 0.0001pt; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-family: 'times new roman', times; font-size: 10pt;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin: 0pt 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt;"><br></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">c. Tax </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">i</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">ncentives &#8211; SUDENE</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following subsidiaries are entitled to federal tax benefits providing for IRPJ reduction under the program for development of northeastern Brazil operated by the </font><font style="font-family: 'Times New Roman';">Superintendence</font><font style="font-family: 'Times New Roman';"> for the Development of the Northeast (&#8220;SUDENE&#8221;)</font><font style="font-family: 'Times New Roman';">, as shown below</font><font style="font-family: 'Times New Roman';">:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<div style="border-left: none; border-right: none;">
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<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 84%; margin-left: auto; margin-right: auto; height: 176px;" width="84%">

<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px; width: 60.8997%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font><font><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Subsidiary </font></font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 15.0519%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font><font><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Units </font></font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 11.9377%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Incentive - % </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 11.9377%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Expiration </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 60.8997%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Bahiana Distribuidora de G&#225;s Ltda.</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 15.0519%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Mataripe base</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 11.9377%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>75</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 11.9377%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2024</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px; width: 60.8997%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 15.0519%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Caucaia base</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 11.9377%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>75</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 11.9377%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2025</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 60.8997%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 15.0519%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Juazeiro base</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 11.9377%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>75</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 11.9377%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2026</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px; width: 60.8997%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 15.0519%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Aracaju base</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 11.9377%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>75</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 11.9377%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2027</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 60.8997%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 15.0519%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Suape base</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 11.9377%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>75</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 11.9377%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2027</font> </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px; width: 60.8997%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Terminal Qu&#237;mico de Aratu S.A. &#8211; Tequimar</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 15.0519%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-size: 10pt;"><font><font style="font-family: 'Times New Roman';">Suape</font><font style="font-family: 'Times New Roman';"> terminal</font></font><font style="font-family: 'Times New Roman';"> </font><sup><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">(<font style="border-left: none; border-right: none;">1</font>)</font></sup></sup></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 11.9377%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>75</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 11.9377%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2020</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 60.8997%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 15.0519%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Aratu terminal</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 11.9377%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>75</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 11.9377%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2022</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px; width: 60.8997%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 15.0519%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Itaqui terminal</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 11.9377%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>75</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 11.9377%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2025</font> </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 60.8997%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Oleoqu&#237;mica Ind&#250;stria e Com&#233;rcio de Produtos Qu&#237;micos Ltda.</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 15.0519%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Cama&#231;ari plant</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 11.9377%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>75</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 11.9377%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2021</font> </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px; width: 60.8997%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><font>Oxiteno S.A. Ind&#250;stria e Com&#233;rcio</font> </font><sup><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">(<font>2</font>)</font></sup></sup></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 15.0519%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Cama&#231;ari plant</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 11.9377%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>75</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 11.9377%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2026</font> </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 60.8997%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><font>Empresa Carioca de Produtos Qu&#237;micos S.A.</font> </font><sup><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">(<font>3</font>)</font></sup></sup></font></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 15.0519%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Cama&#231;ari plant</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 11.9377%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>75</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 11.9377%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2026</font> </font></p>
</td>
</tr>

</table>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<td style="width: 3.60398%; height: 10px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 11.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(1)</font></td>
<td style="width: 96.396%; height: 10px;"><font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">Based on the legislation in force the enterprise belongs to the sectors identified as priorities for the development of the Northeast region of Brazil</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">.</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">C</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">ombined&nbsp;with&nbsp;</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">Tequimar's</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;successful track record in meeting the requirements for maintaining and renewing the incentive, as well as in the fact&nbsp;</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">that</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;several investments have been made in the modernization of the production process of the unit that is the object of the benefit &#8211;&nbsp;</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">Suape</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;Terminal, the</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;request for the</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;extension of the incentive for another&nbsp;<font style="border-left: none; border-right: none;">10</font>&nbsp;years</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">will be filed in&nbsp;<font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;">2021</font></font>&nbsp;at SUDENE.</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">The&nbsp;ren</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">ewal</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;request is usually made in the year&nbsp;</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">after the year in which&nbsp;</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">the incentive expires and generates retroactive effects&nbsp;</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">as of</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;January of the year in which the request is filed.</font></font></td>
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<td style="width: 3.60398%; height: 17px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 11.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(2)</font></td>
<td style="width: 96.396%; height: 17px;"><font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">The request for&nbsp;renewal</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">of the&nbsp;</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">Oleoqu&#237;mica</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;incentive will be filed in&nbsp;<font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;">2022</font></font>,&nbsp;</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">for the same reasons</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;described in note&nbsp;<font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;">1</font></font>&nbsp;above.</font></font></td>
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<td style="width: 3.60398%; height: 10px; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 11.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(3)</font><br></td>
<td style="width: 96.396%; height: 10px;"><font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">The request to transfer the right to reduce the IRPJ to&nbsp;</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">Oxiteno</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;S</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">.</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">A</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">.</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">was</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;submitted to SUDENE</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;and waits decision</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">.</font></font></td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;">d. Income and social contribution taxes carryforwards</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">In</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;"><font>1</font></font></font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> <font style="border-left: none; border-right: none;"><font>20</font></font></font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;"><font>20</font></font></font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">the Company and </font><font style="font-family: 'Times New Roman';">certain subsidiaries ha</font><font style="font-family: 'Times New Roman';">d</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">tax </font><font style="font-family: 'Times New Roman';">loss carryforwards </font><font style="font-family: 'Times New Roman';">related to </font><font style="font-family: 'Times New Roman';">income tax</font><font style="font-family: 'Times New Roman';"> (IRPJ)</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">of</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">R$ </font><font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;"><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;"><font>1,687,482</font></font></font></font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">(R$ </font><font style="font-family: 'Times New Roman';"><font>1,268,964</font></font><font style="font-family: 'Times New Roman';"> as of December 31, 201</font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;"><font>9</font></font></font><font style="font-family: 'Times New Roman';">) </font><font style="font-family: 'Times New Roman';">and negative basis of CSLL of R$</font><font style="font-family: 'Times New Roman';"> </font><font style="border-left: none; border-right: none;"><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;"><font>1,689,232</font></font></font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">(</font><font style="font-family: 'Times New Roman';">R$ </font><font style="font-family: 'Times New Roman';"><font>1,270,714</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as of December 31, 201</font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;"><font>9</font></font></font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';">, whose compensations are limited to <font>30</font>% of taxable income</font><font style="font-family: 'Times New Roman';"> in a given tax year</font><font style="font-family: 'Times New Roman';">, which do not expire.</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-47</font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><font style="font-size: 10pt;"><a href="#TOC">Table of Contents</a></font></div>
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<p style="margin: 0cm 0cm 0.0001pt; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
<p style="margin: 0cm 0cm 0.0001pt; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-family: 'times new roman', times; font-size: 10pt;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font><font lang="PT-BR" style="font-size: 10pt; font-family: 'times new roman', times;">&nbsp;</font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin: 0pt 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt;"><br></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The balances which are constituted of deferred taxes related to income tax loss carryforwards and negative basis of social contribution base are as follows:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<table cellspacing="0" cellpadding="0" style="height: 198px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%">

<tr style="height: 17px;">
<td style="width: 300.15pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2019 </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Oxiteno S.A. </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>205,604</font> </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>148,306</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Extrafarma </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>72,318</font> </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>72,318</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Ipiranga </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>44,537</font> </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Ultrapar </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>27,736</font> </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>27,051</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Iconic </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,691</font> </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><br></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Abastece A&#237; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,362</font> </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Tequimar Vila do Conde </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>489</font> </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font>17,657</font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Ultracargo </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>107</font> </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> UVC Investimentos </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>18</font> </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Cia Ultragaz </font></p>
</td>
<td style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>12,808</font> </font></p>
</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; border-bottom: 2.8pt double #000000; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>363,862</font> </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; border-bottom: 2.8pt double #000000; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>278,140</font> </font></p>
</td>
</tr>

</table>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The </font><font style="font-family: 'Times New Roman';">balances which are not constituted</font><font style="font-family: 'Times New Roman';"> of deferred </font><font style="font-family: 'Times New Roman';">taxes related to </font><font style="font-family: 'Times New Roman';">income </font><font style="font-family: 'Times New Roman';">tax loss carryforwards </font><font style="font-family: 'Times New Roman';">and </font><font style="font-family: 'Times New Roman';">negative basis of </font><font style="font-family: 'Times New Roman';">social contribution </font><font style="font-family: 'Times New Roman';">base </font><font style="font-family: 'Times New Roman';">are as follows:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<div>
<table cellspacing="0" cellpadding="0" style="height: 79px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-left: auto; margin-right: auto;" width="76%">

<tr style="height: 17px;">
<td style="width: 300.15pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2019 </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="width: 300.15pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Extrafarma </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>294,400</font> </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>237,664</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 300.15pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Millennium </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>640</font> </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>96</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 300.15pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Integra Frotas </font></p>
</td>
<td style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,802</font> </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,636</font> </font></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="width: 300.15pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>302,842</font> </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>242,396</font> </font></p>
</td>
</tr>

</table>
</div>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</div>
<div>
<div style="border-left: none; border-right: none;">
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">In addition, the following foreign subsidiaries that do not have deferred taxes recognized related to income tax, as shown below, subject to local compensation rules.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 113px; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2019 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2019 </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> US$ (thousands) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> US$ (thousands) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> R$ (thousands) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> R$ (thousands) </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 58%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Oxiteno USA </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>217,837</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>184,781</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,132,035</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>744,797</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Oxiteno Uruguai </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,943</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,444</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>41,279</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>30,005</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Ultrapar International </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,261</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,420</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>32,535</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>42,000</font> </font></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>232,041</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>202,645</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,205,849</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>816,802</font> </font></p>
</td>
</tr>

</table>
</div>
</div>
</div>
</div>
<p style="margin: 0cm 0cm 0.0001pt; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><br></p>
</div>
</div>
</div>
<div>
<div style="border-left: none; border-right: none;">
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-48</font></td>
</tr>

</table>
</div>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><font style="font-size: 10pt;"><a href="#TOC">Table of Contents</a></font></div>
</div>
<p style="margin: 0cm 0cm 0.0001pt; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-family: 'times new roman', times; font-size: 10pt;"><br></font></p>
<p style="margin: 0cm 0cm 0.0001pt; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"><font lang="PT-BR" style="font-family: 'times new roman', times; font-size: 10pt;">Ultrapar Participa&#231;&#245;es S.A. and Subsidiaries</font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><br></p>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<h1 style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 12pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">10</font>. Prepaid </font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">xpenses</font></font></h1>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 215px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%">

<tr style="height: 17px;">
<td style="width: 291.65pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="width: 56.4pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2019 </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 291.65pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Rents </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>30,400</font> </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="width: 56.4pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>37,106</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 291.65pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Advertising and publicity </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>17,752</font> </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="width: 56.4pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>24,857</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 291.65pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Deferred stock plan, net (see Note <font>8</font>.c) </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>9,900</font> </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="width: 56.4pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>15,965</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 291.65pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Insurance premiums </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>58,675</font> </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="width: 56.4pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>61,884</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 291.65pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font><font style="font-family: 'Times New Roman';"> Software maintenance </font></font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>24,233</font> </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="width: 56.4pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>23,216</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 291.65pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Employee benefits </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>8,924</font> </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="width: 56.4pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>3,425</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 291.65pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> IPVA and IPTU </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>2,632</font> </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="width: 56.4pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>937</font> </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="width: 291.65pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font><font style="font-family: 'Times New Roman';"> Contribution - private pension fund (see Note <font>20</font>.a) </font></font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>36,068</font> </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="width: 56.4pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><font> - </font></font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 291.65pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> Other prepaid expenses </font></p>
</td>
<td style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>14,045</font> </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="width: 56.4pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>13,181</font> </font></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="width: 291.65pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>202,629</font> </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="width: 56.4pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>180,571</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 291.65pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font><font style="font-family: 'Times New Roman';"> Current </font></font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>132,122</font> </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="width: 56.4pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>111,355</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 291.65pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font><font style="font-family: 'Times New Roman';"> Non-current </font></font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>70,507</font> </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;"> &nbsp; </font></p>
</td>
<td style="width: 56.4pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman';"> <font>69,216</font> </font></p>
</td>
</tr>

</table>
</div>
</div>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<div style="-aw-headerfooter-type: footer-primary; clear: both;">
<div style="-aw-sdt-tag: '';">
<div>
<h1 style="margin-top: 12pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 12pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">11</font>. Contractual </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">ssets with </font><font style="font-family: 'Times New Roman';">c</font><font style="font-family: 'Times New Roman';">ustomers &#8211; </font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">xclusive </font><font style="font-family: 'Times New Roman';">r</font><font style="font-family: 'Times New Roman';">ights</font></font></h1>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Refers to exclusive rights disbursements of</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Ipiranga&#8217;s</font><font style="font-family: 'Times New Roman';"> agreements with reseller service stations and major consumers that are recognized at the time of their occurrence and recognized as a reduction</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> of the </font><font style="font-family: 'Times New Roman';">revenue from sales and services</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">in the statement </font><font style="font-family: 'Times New Roman';">of profit or loss </font><font style="font-family: 'Times New Roman';">according to the conditions established in the agreement</font><font style="font-family: 'Times New Roman';">, being</font><font style="font-family: 'Times New Roman';"> reviewed as changes occur under the terms of the agreements.</font><font style="font-family: 'Times New Roman';"> In December 31, 2020 the contracts </font><font style="font-family: 'Times New Roman';">amortization weighted average term </font><font style="font-family: 'Times New Roman';">was</font><font style="font-family: 'Times New Roman';"> <font>five</font> years</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Balance and</font><font style="font-family: 'Times New Roman';"> changes are shown below:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" style="height: 257px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-left: auto; margin-right: auto;" width="68%">

<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 76.0547%; padding: 0px 4px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance as of December 31, 2017 </font></p>
</td>
<td style="width: 1.93843%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 20.9991%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,502,360</font> </font></p>
</td>
<td style="width: 1.20192%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255);"><br></td>
</tr>
<tr style="height: 17px;">
<td style="width: 76.0547%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Additions </font></p>
</td>
<td style="width: 1.93843%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 20.9991%; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>390,177</font> </font></p>
</td>
<td style="width: 1.20192%; padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 76.0547%; padding: 0px 4px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Amortization </font></p>
</td>
<td style="width: 1.93843%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 20.9991%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>371,825</font> </font></p>
</td>
<td style="width: 1.20192%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255);">)</td>
</tr>
<tr style="height: 17px;">
<td style="width: 76.0547%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Transfer </font></p>
</td>
<td style="width: 1.93843%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 20.9991%; border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,235</font> </font></p>
</td>
<td style="width: 1.20192%; padding: 0px; vertical-align: bottom;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 76.0547%; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance as of December 31, 2018 </font></p>
</td>
<td style="width: 1.93843%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 20.9991%; border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,518,477</font> </font></p>
</td>
<td style="width: 1.20192%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255);"><br></td>
</tr>
<tr style="height: 17px;">
<td style="width: 76.0547%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Additions </font></p>
</td>
<td style="width: 1.93843%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 20.9991%; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>330,068</font> </font></p>
</td>
<td style="width: 1.20192%; padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 76.0547%; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Amortization </font></p>
</td>
<td style="width: 1.93843%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 20.9991%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>355,250</font> </font></p>
</td>
<td style="width: 1.20192%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255);">)</td>
</tr>
<tr style="height: 17px;">
<td style="width: 76.0547%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Transfer </font></p>
</td>
<td style="width: 1.93843%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 20.9991%; border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>27,306</font> </font></p>
</td>
<td style="width: 1.20192%; padding: 0px; vertical-align: bottom;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 76.0547%; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance as of December 31, 2019 </font></p>
</td>
<td style="width: 1.93843%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 20.9991%; border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,465,989</font> </font></p>
</td>
<td style="width: 1.20192%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255);"><br></td>
</tr>
<tr style="height: 17px;">
<td style="width: 76.0547%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Additions </font></p>
</td>
<td style="width: 1.93843%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 20.9991%; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>549,085</font> </font></p>
</td>
<td style="width: 1.20192%; padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 76.0547%; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Amortization </font></p>
</td>
<td style="width: 1.93843%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 20.9991%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>289,436</font> </font></p>
</td>
<td style="width: 1.20192%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255);">)</td>
</tr>
<tr style="height: 17px;">
<td style="width: 76.0547%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Transfer </font></p>
</td>
<td style="width: 1.93843%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 20.9991%; border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>19,307</font> </font></p>
</td>
<td style="width: 1.20192%; padding: 0px; vertical-align: bottom;">)</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="width: 76.0547%; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance as of December 31, 2020 </font></p>
</td>
<td style="width: 1.93843%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 20.9991%; border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,706,331</font> </font></p>
</td>
<td style="width: 1.20192%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255);"><br></td>
</tr>
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<td style="width: 76.0547%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Current </font></p>
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<td style="width: 1.93843%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="width: 20.9991%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>478,908</font> </font></p>
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<td style="width: 1.20192%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
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<td style="width: 76.0547%; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Non-current </font></p>
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<td style="width: 1.93843%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="width: 20.9991%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,227,423</font> </font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-49</font></td>
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<p><font style="font-size: 10pt; text-align: justify; font-family: 'Times New Roman';"><br></font></p>
<p><font style="font-size: 10pt;"><font style="text-align: justify; font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="text-align: justify; font-family: 'Times New Roman';">and</font><font style="text-align: justify; font-family: 'Times New Roman';"> </font><font style="text-align: justify; font-family: 'Times New Roman';">Subsidiaries</font></font></p>
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<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
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<h1 style="margin-top: 12pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 12pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">12. </font><font style="font-family: 'Times New Roman';">Investments</font></font></h1>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">a</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">. Joint ventures</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company holds an interest in </font><font style="font-family: 'Times New Roman';">Refinaria</font><font style="font-family: 'Times New Roman';"> de </font><font style="font-family: 'Times New Roman';">Petr&#243;leo</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Riograndense</font><font style="font-family: 'Times New Roman';"> (&#8220;</font><font style="font-family: 'Times New Roman';">RPR</font><font style="font-family: 'Times New Roman';">&#8221;)</font><font style="font-family: 'Times New Roman';">, which is primarily engaged in oil refining.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The </font><font style="font-family: 'Times New Roman';">subsidiary</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Ultracargo</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">&#8211; Opera&#231;&#245;es Log&#237;sticas e</font><font style="font-family: 'Times New Roman';"> Participa&#231;&#245;es </font><font style="font-family: 'Times New Roman';">Ltda. (&#8220;</font><font style="font-family: 'Times New Roman';">Ultracargo</font><font style="font-family: 'Times New Roman';"> Participa&#231;&#245;es&#8221;) </font><font style="font-family: 'Times New Roman';">holds</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">an</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">interest</font><font style="font-family: 'Times New Roman';"> in Uni</font><font style="font-family: 'Times New Roman';">&#227;</font><font style="font-family: 'Times New Roman';">o </font><font style="font-family: 'Times New Roman';">Vopak</font><font style="font-family: 'Times New Roman';"> &#8211; Armaz&#233;ns Gerais Ltda. </font><font style="font-family: 'Times New Roman';">(&#8220;</font><font style="font-family: 'Times New Roman';">Uni&#227;o</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Vopak</font><font style="font-family: 'Times New Roman';">&#8221;)</font><font style="font-family: 'Times New Roman';">, which is primarily engaged in liquid bulk storage in the port of </font><font style="font-family: 'Times New Roman';">Paranagu&#225;</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The subsidiary IPP holds an interest in </font><font style="font-family: 'Times New Roman';">ConectCar</font><font style="font-family: 'Times New Roman';">, which is primarily engaged in </font><font style="font-family: 'Times New Roman';">automatic</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">payment of tolls</font><font style="font-family: 'Times New Roman';"> and </font><font style="font-family: 'Times New Roman';">parking </font><font style="font-family: 'Times New Roman';">in the State</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> of</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Bahia, </font><font style="font-family: 'Times New Roman';">Cear&#225;</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">Esp&#237;rito</font><font style="font-family: 'Times New Roman';"> Santo, </font><font style="font-family: 'Times New Roman';">Goi&#225;s</font><font style="font-family: 'Times New Roman';">, Mato Grosso, Mato Grosso do Sul, Minas Gerais, Paran&#225;, Pernambuco, Rio de Janeiro, Rio Grande do Sul, Santa Catarina, S&#227;o Paulo and Distrito Federal</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The </font><font style="font-family: 'Times New Roman';">subsidiary</font><font style="font-family: 'Times New Roman';"> IPP participat</font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> in </font><font style="font-family: 'Times New Roman';">the port concession </font><font style="font-family: 'Times New Roman';">BEL<font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;">02</font></font>A</font><font style="font-family: 'Times New Roman';"> at</font><font style="font-family: 'Times New Roman';"> the port of Miramar</font><font style="font-family: 'Times New Roman';">, in </font><font style="font-family: 'Times New Roman';">Bel&#233;m</font><font style="font-family: 'Times New Roman';"> (PA),</font><font style="font-family: 'Times New Roman';"> through</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Latitude </font><font style="font-family: 'Times New Roman';">Log</font><font style="font-family: 'Times New Roman';">&#237;</font><font style="font-family: 'Times New Roman';">stica</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Portu&#225;ria</font><font style="font-family: 'Times New Roman';"> S.A. (&#8220;Latitude&#8221;)</font><font style="font-family: 'Times New Roman';">;</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">f</font><font style="font-family: 'Times New Roman';">or the port of Vit&#243;ria</font><font style="font-family: 'Times New Roman';"> (ES),</font><font style="font-family: 'Times New Roman';"> participate</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> through</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Navegantes</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Log&#237;stica</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Portu&#225;ria</font><font style="font-family: 'Times New Roman';"> S.A. (&#8220;</font><font style="font-family: 'Times New Roman';">Navegantes</font><font style="font-family: 'Times New Roman';">&#8221;)</font><font style="font-family: 'Times New Roman';">;</font><font style="font-family: 'Times New Roman';"> in </font><font style="font-family: 'Times New Roman';">Cabedelo</font><font style="font-family: 'Times New Roman';"> (PB)</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">has </font><font style="font-family: 'Times New Roman';">participat</font><font style="font-family: 'Times New Roman';">ion</font><font style="font-family: 'Times New Roman';"> in the </font><font style="font-family: 'Times New Roman';">Nordeste</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Log&#237;stica</font><font style="font-family: 'Times New Roman';"> I S.A. ("</font><font style="font-family: 'Times New Roman';">Nordeste</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Log&#237;stica</font><font style="font-family: 'Times New Roman';"> I"), </font><font style="font-family: 'Times New Roman';">Nordeste</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Log&#237;stica</font><font style="font-family: 'Times New Roman';"> II S.A. ("</font><font style="font-family: 'Times New Roman';">Nordeste</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Log&#237;stica</font><font style="font-family: 'Times New Roman';"> II") and </font><font style="font-family: 'Times New Roman';">Nordeste</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Log&#237;stica</font><font style="font-family: 'Times New Roman';"> III S.A. ("</font><font style="font-family: 'Times New Roman';">Nordeste</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Log&#237;stica</font><font style="font-family: 'Times New Roman';"> III&#8221;)</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">(see Note <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;">3</font></font></font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;">4</font></font></font><font style="font-family: 'Times New Roman';">.c</font><font style="font-family: 'Times New Roman';">).</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">These investments are accounted for under the equity method of accounting based on their </font><font style="font-family: 'Times New Roman';">financial </font><font style="font-family: 'Times New Roman';">statements</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">of </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;">1</font></font></font><font style="font-family: 'Times New Roman';">, <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;">20</font></font></font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;">20</font></font></font><font style="font-family: 'Times New Roman';">.</font></font></p>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Balances and changes in joint ventures are as follows:</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-size: 8pt; font-weight: bold;"> Uni&#227;o <br>Vopak </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> RPR </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> ConectCar </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-size: 8pt; font-weight: bold;"> Latitude Log&#237;stica </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-size: 8pt; font-weight: bold;"> Navegantes Log&#237;stica </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-size: 8pt; font-weight: bold;"> Nordeste Log&#237;stica I </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 31px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 31px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 31px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-size: 8pt; font-weight: bold;"> Nordeste Log&#237;stica II </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 31px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 31px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 31px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-size: 8pt; font-weight: bold;"> Nordeste Log&#237;stica III </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 31px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 31px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 31px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Total </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 31px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 29%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance as of December 31, 2017 </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"> <font>6,096</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"> <font>54,739</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"> <font>61,226</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"> <font>122,061</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Capital increase </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"> <font>31,908</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"> <font>31,908</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Valuation adjustments </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"> (<font>3,704</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"> (<font>3,704</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Dividends</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"> (<font>32,065</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"> (<font>32,065</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Share of profit (loss) of joint ventures </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"> <font>1,350</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"> <font>1,148</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"> (<font>18,744</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"> (<font>16,246</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance as of December 31, 2018 </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,446</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>20,118</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>74,390</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>101,954</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Capital increase </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>35,000</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,351</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>23,581</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,930</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,183</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,079</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>79,124</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Valuation adjustments </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>7,771</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>7,771</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Dividends </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,474</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4,295</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>5,769</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Share of profit (loss) of joint ventures </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,370</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,740</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>26,572</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>14,462</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance as of December 31, 2019 </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,342</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>18,792</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>82,818</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,351</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>23,581</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,930</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,183</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,079</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>153,076</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Capital increase </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>20,000</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>303</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,894</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,006</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>29,203</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Capital reduction (i)</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>363</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>363</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Valuation adjustments </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,065</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,065</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Dividends </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>165</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>165</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Share of profit (loss) of joint ventures </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>392</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>21,788</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>21,638</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,594</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,409</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>401</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>626</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>45,812</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 19px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Transfer to provision for short-term liabilities </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,096</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,096</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"><br></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance as of December 31, 2020 </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,734</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>81,180</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,351</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>21,624</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>824</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,676</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,711</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>139,100</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;"><br></td>
</tr>

</table>
</div>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(</font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">) <font>Refers to reimbursement of expenses that preceded the port auctions and that were apportioned among the members of the consortium.</font></font></font></p>
<div>
<div style="border-left: none; border-right: none;">
<div style="border-left: none; border-right: none;">
<div style="border-right: none; border-left: none;">
<table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 12.75pt;">
<td style="width: 85.2181%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td rowspan="2" style="width: 14.686%; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"><font><font><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Provision for short-term liabilities </font></font></font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 85.2181%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 85.2181%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 14.686%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> RPR </font></p>
</td>
</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="width: 85.2181%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance as of December 31, 2019 </font></font></p>
</td>
<td style="width: 14.686%; border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>-</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 85.2181%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Transfer to provision for short-term liabilities </font></p>
</td>
<td style="width: 14.686%; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,096</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="width: 85.2181%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance as of December 31, 2020 </font></p>
</td>
<td style="width: 14.686%; border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,096</font> </font></p>
</td>
</tr>

</table>
</div>
</div>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><br></p>
<div style="-aw-headerfooter-type: linked; clear: both;">
<div>
<div>
<div style="-aw-headerfooter-type: linked; clear: both;">
<div>
<div style="border-left: none; border-right: none;">
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-51</font></td>
</tr>

</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
</div>
</div>
<p><br></p>
<div>
<div style="-aw-headerfooter-type: linked; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</div>
</div>
</div>
</div>
</div>
<div>
<div style="border-right: none; border-left: none;">
<div style="border-left: none; border-right: none;">
<div>
<div style="border-right: none; border-left: none;">
<div style="border-left: none; border-right: none;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The table below presents the </font><font style="font-family: 'Times New Roman';">statements of financial position</font><font style="font-family: 'Times New Roman';"> and </font><font style="font-family: 'Times New Roman';">statements of profit or </font><font style="font-family: 'Times New Roman';">loss of</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">joint ventures: </font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="height: 227px; margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td colspan="19" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 32px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 32px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-size: 8pt; font-weight: bold;"> Uni&#227;o Vopak </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> RPR </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> ConectCar </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-size: 8pt; font-weight: bold;"> Navegantes Log&#237;stica</font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-size: 8pt; font-weight: bold;"> Nordeste Log&#237;stica I</font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-size: 8pt; font-weight: bold;"> Nordeste Log&#237;stica II</font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-size: 8pt; font-weight: bold;"> Nordeste Log&#237;stica III</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 32px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 38%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Current assets </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8,510</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>291,720</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>161,371</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>24,691</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>972</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>18,531</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>21,513</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Non-current assets </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,796</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>171,270</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>169,843</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>166,389</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,021</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>18,005</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>30,503</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Current liabilities </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,698</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>363,388</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>168,854</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Non-current liabilities </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>140</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>105,912</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>126,201</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,516</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>13,504</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>22,877</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Equity </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>15,468</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>6,310</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>162,360</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>64,871</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,473</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>23,027</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>29,133</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net revenue from sales and services </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>15,666</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,455,668</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>91,096</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Costs, operating expenses and income </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>14,408</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,531,652</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>134,961</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>3,480</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4,225</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,203</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,878</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net finance income and income and social contribution taxes </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>474</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,361</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>589</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,301</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net income (loss) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>784</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>65,623</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>43,276</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4,781</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4,226</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,203</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,878</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Number of shares or units held </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>29,995</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,078,888</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>248,768,000</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>22,298,195</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>681,637</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,933,265</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,871,241</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> % of capital held </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>50</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>33</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>50</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>33</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>33</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>33</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>33</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<div>
<div style="border-left: none; border-right: none;">
<div>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-52</font></td>
</tr>

</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; /* background-color: #ffffff; */text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar<font>&nbsp;</font>Participa&#231;&#245;es<font>&nbsp;</font>S.A.<font>&nbsp;</font></font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"><font>&nbsp;</font></font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
</div>
</div>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><br></p>
</div>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;" width="100%">

<tr style="height: 12.75pt;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td colspan="7" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2019 </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 12.75pt; -aw-height-rule: exactly;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-size: 8pt; font-weight: bold;"> Uni&#227;o Vopak </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> RPR </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-weight: bold;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">Con</font><font style="font-family: 'Times New Roman'; font-size: 8pt;">ectCar</font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 68%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Current assets </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,818</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>428,880</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>159,972</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
</tr>
<tr style="height: 12.75pt; -aw-height-rule: exactly;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Non-current assets </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,182</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>133,565</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>161,817</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Current liabilities </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,116</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>418,289</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>155,542</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 12.75pt; -aw-height-rule: exactly;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Non-current liabilities </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>200</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>87,562</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>612</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Equity </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>14,684</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>56,594</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>165,635</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 12.75pt; -aw-height-rule: exactly;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net revenue from sales and services </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>15,400</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,156,432</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>80,387</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Costs, operating expenses and income </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>12,083</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,130,323</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>136,764</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
</tr>
<tr style="height: 12.75pt; -aw-height-rule: exactly;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net finance income and income and social contribution taxes </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>577</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;">)</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,237</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,234</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net income (loss) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,740</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>32,346</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>53,143</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
</tr>
<tr style="height: 12.75pt;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Number of shares or units held </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>29,995</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,078,888</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>228,768,000</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> % of capital held </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>50</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>33</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>50</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="height: 123px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;" width="100%">

<tr style="height: 10px;">
<td style="vertical-align: middle; height: 10px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td colspan="7" style="border-bottom: 1pt solid #000000; vertical-align: middle; height: 10px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2018 </font></p>
</td>
<td style="border-bottom: 1pt solid #000000; vertical-align: middle;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-size: 8pt; font-weight: bold;"> Uni&#227;o Vopak </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> RPR </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-weight: bold;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">Con</font><font style="font-family: 'Times New Roman'; font-size: 8pt;">ectCar</font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 68%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net revenue from sales and services </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"> <font>16,938</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"> <font>2,092,548</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"> <font>57,506</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
</tr>
<tr style="height: 19px;">
<td style="vertical-align: bottom; height: 19px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Costs, operating expenses and income </font></p>
</td>
<td style="vertical-align: bottom; height: 19px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>13,154</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 19px;">)</td>
<td style="vertical-align: bottom;"><br></td>
<td style="vertical-align: bottom; height: 19px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,083,592</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 19px;">)</td>
<td style="vertical-align: bottom;"><br></td>
<td style="vertical-align: bottom; height: 19px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>114,336</font> </font></p>
</td>
<td style="vertical-align: bottom;">)</td>
</tr>
<tr style="height: 19px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 19px; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net finance income and income and social contribution taxes </font></p>
</td>
<td style="vertical-align: bottom; height: 19px; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"> (<font>1,084</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 19px; background-color: #cceeff;">)</td>
<td style="vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; height: 19px; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>261</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 19px; background-color: #cceeff;">)</td>
<td style="vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; height: 19px; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"> <font>19,343</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 19px;">
<td style="vertical-align: bottom; height: 19px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net income (loss) </font></p>
</td>
<td style="vertical-align: bottom; height: 19px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,700</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 19px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom;"><br></td>
<td style="vertical-align: bottom; height: 19px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8,695</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 19px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom;"><br></td>
<td style="vertical-align: bottom; height: 19px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>37,487</font> </font></p>
</td>
<td style="vertical-align: bottom;">)</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Number of shares or units held </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>29,995</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,078,888</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>193,768,000</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 19px;">
<td style="vertical-align: middle; height: 19px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> % of capital held </font></p>
</td>
<td style="vertical-align: bottom; height: 19px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>50</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 19px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom;"><br></td>
<td style="vertical-align: bottom; height: 19px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>33</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 19px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom;"><br></td>
<td style="vertical-align: bottom; height: 19px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>50</font> </font></p>
</td>
<td style="vertical-align: bottom;"><br></td>
</tr>

</table>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The percentages in the table above are rounded</font><font style="font-family: 'Times New Roman';">.</font></font></p>
</div>
</div>
</div>
<div style="-aw-headerfooter-type: linked; clear: both;">
<div style="-aw-sdt-tag: '';">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><br></p>
</div>
</div>
</div>
<div>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-53</font></td>
</tr>

</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<div>
<div style="-aw-headerfooter-type: linked; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</div>
</div>
</div>
</div>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">b</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Associates</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Subsidiary IPP holds an interest in </font><font style="font-family: 'Times New Roman';">Transportadora</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Sulbrasileira</font><font style="font-family: 'Times New Roman';"> de </font><font style="font-family: 'Times New Roman';">G&#225;s</font><font style="font-family: 'Times New Roman';"> S.A., which is primarily engaged in natural gas transportation services.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Subsidiary </font><font style="font-family: 'Times New Roman';">Oxiteno</font><font style="font-family: 'Times New Roman';"> S.A</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">holds an interest in </font><font style="font-family: 'Times New Roman';">Oxicap</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Ind&#250;stria</font><font style="font-family: 'Times New Roman';"> de Gases Ltda. (&#8220;</font><font style="font-family: 'Times New Roman';">Oxicap</font><font style="font-family: 'Times New Roman';">&#8221;), which is primarily engaged in the supply of nitrogen and oxygen for its shareholders in the </font><font style="font-family: 'Times New Roman';">Mau&#225;</font><font style="font-family: 'Times New Roman';"> petrochemical complex.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman';">T</font><font style="font-family: 'Times New Roman';">he subsidiary </font><font style="font-family: 'Times New Roman';">Oxiteno</font><font style="font-family: 'Times New Roman';"> S.A.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">holds an interest in </font><font style="font-family: 'Times New Roman';">Qu&#237;mica</font><font style="font-family: 'Times New Roman';"> da Bahia </font><font style="font-family: 'Times New Roman';">Ind&#250;stria</font><font style="font-family: 'Times New Roman';"> e </font><font style="font-family: 'Times New Roman';">Com&#233;rcio</font><font style="font-family: 'Times New Roman';"> S.A., which is primarily engaged in manufacturing, marketing</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> and processing of chemicals. The operations of </font><font style="font-family: 'Times New Roman';">Qu&#237;mica</font><font style="font-family: 'Times New Roman';"> da Bahia</font><font style="font-family: 'Times New Roman';"> are currently suspended.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Subsidiary Cia.</font><font style="font-family: 'Times New Roman';"> Ultragaz</font><font style="font-family: 'Times New Roman';"> holds an interest in </font><font style="font-family: 'Times New Roman';">Metal&#250;rgica</font><font style="font-family: 'Times New Roman';"> Plus S.A., which is primarily engaged in the manufacture and trading of LPG containers. The operations of this associate are currently suspended.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Subsidiary </font><font style="font-family: 'Times New Roman';">Cia. Ultragaz</font><font style="font-family: 'Times New Roman';"> holds an interest in </font><font style="font-family: 'Times New Roman';">Plenog&#225;s</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Distribuidora</font><font style="font-family: 'Times New Roman';"> de </font><font style="font-family: 'Times New Roman';">G&#225;s</font><font style="font-family: 'Times New Roman';"> S.A., which is primarily engaged in the marketing of LPG. The operations of this associate are currently suspended.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The</font><font style="font-family: 'Times New Roman';">se</font><font style="font-family: 'Times New Roman';"> investment</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">are</font><font style="font-family: 'Times New Roman';"> accounted for under the equity method of accounting based on</font><font style="font-family: 'Times New Roman';"> the</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">financial </font><font style="font-family: 'Times New Roman';">statements</font><font style="font-family: 'Times New Roman';"> as of</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;"><font>1</font></font></font><font style="font-family: 'Times New Roman';">, <font style="border-left: none; border-right: none;"><font>2020</font></font>.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="-aw-headerfooter-type: linked; clear: both;">
<div style="-aw-sdt-tag: '';">
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Balances and changes in associates are as follows:</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 198px; width: 100%;" width="100%">

<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-size: 8pt; font-weight: bold;"> Transportadora <br>Sulbrasileira de <br>G&#225;s S.A. </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-size: 8pt; font-weight: bold;"> Oxicap <br>Ind&#250;stria <br>de Gases <br>Ltda. </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-size: 8pt; font-weight: bold;"> Qu&#237;mica da <br>Bahia Ind&#250;stria <br>e Com&#233;rcio <br>S.A. </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-size: 8pt; font-weight: bold;"> Metal&#250;rgica <br>Plus S.A. </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-size: 8pt; font-weight: bold;"> Plenog&#225;s <br>Distribuidora <br>de G&#225;s S.A. </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;">Total</font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 40%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance as of December 31, 2017 </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,348</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; text-align: right; padding: 0px; height: 17px; width: 1%;"><br></td>
<td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>14,458</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; text-align: right; padding: 0px; height: 17px; width: 1%;"><br></td>
<td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,618</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; text-align: right; padding: 0px; height: 17px; width: 1%;"><br></td>
<td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>340</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; text-align: right; padding: 0px; height: 17px; width: 1%;"><br></td>
<td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>577</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; text-align: right; padding: 0px; height: 17px; width: 1%;"><br></td>
<td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>25,341</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; text-align: right; padding: 0px; height: 17px; width: 1%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Capital reduction </font></p>
</td>
<td style="vertical-align: bottom; text-align: right; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,250</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; text-align: left;">)</td>
<td style="vertical-align: bottom; text-align: right; padding: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; text-align: right; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; text-align: right; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; text-align: right; padding: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; text-align: right; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; text-align: right; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; text-align: right; padding: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; text-align: right; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; text-align: right; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; text-align: right; padding: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; text-align: right; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; text-align: right; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; text-align: right; padding: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; text-align: right; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,250</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px; text-align: left; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Dividends </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>984</font></font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px; padding: 0px; text-align: left;">)</td>
<td style="vertical-align: bottom; background-color: #cceeff; text-align: right; padding: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; text-align: right; padding: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; text-align: right; padding: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; text-align: right; padding: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>236</font></font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px; padding: 0px; text-align: left;">)</td>
<td style="vertical-align: bottom; background-color: #cceeff; text-align: right; padding: 0px; height: 17px;"><br></td>
<td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,220</font></font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px; text-align: left; height: 17px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Share of profit (loss) of associates </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>575</font> </font></p>
</td>
<td style="vertical-align: bottom; text-align: right; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; text-align: right; padding: 0px; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>908</font> </font></p>
</td>
<td style="vertical-align: bottom; text-align: right; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; text-align: right; padding: 0px; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>28</font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; text-align: left;">)</td>
<td style="vertical-align: bottom; text-align: right; padding: 0px; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>112</font></font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px; text-align: left;">)</td>
<td style="vertical-align: bottom; text-align: right; padding: 0px; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>124</font> </font></p>
</td>
<td style="vertical-align: bottom; text-align: right; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; text-align: right; padding: 0px; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,467</font> </font></p>
</td>
<td style="vertical-align: bottom; text-align: right; padding: 0px; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance as of December 31, 2018 </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,689</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>15,366</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,590</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>228</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>465</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>24,338</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Dividends </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>818</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>87</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>905</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Share of profit (loss) of associates </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,790</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>568</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>36</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>90</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>85</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,317</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance as of December 31, 2019 </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,661</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>15,934</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,554</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>138</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>463</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>25,750</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Dividends </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,357</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,357</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Share of profit (loss) of associates </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,846</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>414</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>12</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>91</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>38</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,195</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance as of December 31, 2020 </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; border-bottom: 2.8pt double #000000; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,150</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; border-bottom: 2.8pt double #000000; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>16,348</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; border-bottom: 2.8pt double #000000; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,542</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; border-bottom: 2.8pt double #000000; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>47</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; border-bottom: 2.8pt double #000000; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>501</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; border-bottom: 2.8pt double #000000; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>25,588</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
</tr>

</table>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><br></p>
</div>
</div>
</div>
<div>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-54</font></td>
</tr>

</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<div>
<div style="-aw-headerfooter-type: linked; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</div>
</div>
</div>
</div>
<div>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The table below presents the </font><font style="font-family: 'Times New Roman';">stat</font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">ments of financial position</font><font style="font-family: 'Times New Roman';"> and </font><font style="font-family: 'Times New Roman';">statements of profit or loss</font><font style="font-family: 'Times New Roman';"> of associates: </font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 207px; margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td colspan="13" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-size: 8pt; font-weight: bold;"> Transportadora <br>Sulbrasileira de <br>G&#225;s S.A. </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-size: 8pt; font-weight: bold;"> Oxicap <br>Ind&#250;stria de <br>Gases Ltda. </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-size: 8pt; font-weight: bold;"> Qu&#237;mica da Bahia <br>Ind&#250;stria e <br>Com&#233;rcio S.A. </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-size: 8pt; font-weight: bold;"> Metal&#250;rgica <br>Plus S.A. </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-size: 8pt; font-weight: bold;"> Plenog&#225;s <br>Distribuidora de <br>G&#225;s S.A. </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 51%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Current assets </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,570</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>65,136</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>47</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>58</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>352</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Non-current assets </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>12,822</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>77,339</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,146</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>414</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,196</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Current liabilities </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,189</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>26,116</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>28</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>154</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Non-current liabilities </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>602</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,994</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,109</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>302</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>890</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Equity </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>20,601</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>108,365</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,084</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>142</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,504</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net revenue from sales and services </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>14,295</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>58,677</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Costs, operating expenses and income </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>6,475</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>54,163</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>24</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>212</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>396</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net finance income and income and social contribution taxes </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>437</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">)</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,770</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">)</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>60</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">)</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>39</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net income (loss) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,383</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,744</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>24</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>272</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>357</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Number of shares or units held </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>20,124,996</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,987</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,493,120</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,000</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,384,308</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> % of capital held </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>25</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>15</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>50</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>33</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>33</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 237px; margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td colspan="13" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2019 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 47px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 47px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 47px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-size: 8pt; font-weight: bold;"> Transportadora <br>Sulbrasileira de <br>G&#225;s S.A. </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 47px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 47px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-size: 8pt; font-weight: bold;"> Oxicap <br>Ind&#250;stria de <br>Gases Ltda. </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 47px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 47px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-size: 8pt; font-weight: bold;"> Qu&#237;mica da Bahia <br>Ind&#250;stria e <br>Com&#233;rcio S.A. </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 47px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 47px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-size: 8pt; font-weight: bold;"> Metal&#250;rgica <br>Plus S.A. </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 47px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 47px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-size: 8pt; font-weight: bold;"> Plenog&#225;s <br>Distribuidora de <br>G&#225;s S.A. </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 51%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Current assets </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>12,172</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>45,178</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>71</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>40</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>151</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Non-current assets </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>14,041</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>84,705</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,147</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>703</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,440</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Current liabilities </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,944</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>11,041</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>25</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>34</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Non-current liabilities </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>626</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,634</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,110</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>302</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,167</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Equity </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>22,643</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>109,208</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,108</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>416</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,390</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net revenue from sales and services </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>12,348</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>43,463</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Costs, operating expenses and income </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4,815</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>36,791</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>84</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>213</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>285</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net finance income and income and social contribution taxes </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>157</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">)</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,483</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">)</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>12</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>57</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">)</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>29</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net income (loss) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,376</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,189</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>72</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>270</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>256</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Number of shares or units held </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>20,124,996</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,987</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,493,120</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,000</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,384,308</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> % of capital held </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>25</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>15</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>50</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>33</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>33</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 151px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%">

<tr style="height: 19px;">
<td style="vertical-align: bottom; height: 19px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td colspan="13" style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 19px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2018 </font></p>
</td>
<td style="vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 36px;">
<td style="vertical-align: bottom; height: 36px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 36px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Transportadora<br>Sulbrasileira de <br>G&#225;s S.A. </font></p>
</td>
<td style="vertical-align: bottom; height: 36px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom;"><br></td>
<td style="vertical-align: bottom; height: 36px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Oxicap <br>Ind&#250;stria de <br>Gases Ltda. </font></p>
</td>
<td style="vertical-align: bottom; height: 36px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom;"><br></td>
<td style="vertical-align: bottom; height: 36px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Qu&#237;mica da Bahia<br>Ind&#250;stria e <br>Com&#233;rcio S.A. </font></p>
</td>
<td style="vertical-align: bottom; height: 36px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom;"><br></td>
<td style="vertical-align: bottom; height: 36px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Metal&#250;rgica <br>Plus S.A. </font></p>
</td>
<td style="vertical-align: bottom; height: 36px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom;"><br></td>
<td style="vertical-align: bottom; height: 36px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Plenog&#225;s <br>Distribuidora de <br>G&#225;s S.A. </font></p>
</td>
<td style="vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 19px; background-color: #cceeff;">
<td style="vertical-align: top; height: 19px; background-color: #cceeff; width: 51%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net revenue from sales and services </font></p>
</td>
<td style="vertical-align: bottom; height: 19px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,595</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 19px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="vertical-align: bottom; height: 19px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>53,288</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 19px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="vertical-align: bottom; height: 19px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 19px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="vertical-align: bottom; height: 19px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; height: 19px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="vertical-align: bottom; height: 19px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
</tr>
<tr style="height: 19px;">
<td style="vertical-align: top; height: 19px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Costs, operating expenses and income </font></p>
</td>
<td style="vertical-align: bottom; height: 19px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>7,957</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 19px;">)</td>
<td style="vertical-align: bottom;"><br></td>
<td style="vertical-align: bottom; height: 19px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>43,814</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 19px;">)</td>
<td style="vertical-align: bottom;"><br></td>
<td style="vertical-align: bottom; height: 19px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>78</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 19px;">)</td>
<td style="vertical-align: bottom;"><br></td>
<td style="vertical-align: bottom; height: 19px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>266</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 19px;">)</td>
<td style="vertical-align: bottom;"><br></td>
<td style="vertical-align: bottom; height: 19px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>399</font> </font></p>
</td>
<td style="vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net finance income and income and social contribution taxes </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>211</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">)</td>
<td style="vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>3,453</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">)</td>
<td style="vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>22</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>69</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">)</td>
<td style="vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>27</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff;">)</td>
</tr>
<tr style="height: 19px;">
<td style="vertical-align: top; height: 19px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net income (loss) </font></p>
</td>
<td style="vertical-align: bottom; height: 19px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,427</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 19px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom;"><br></td>
<td style="vertical-align: bottom; height: 19px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,021</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 19px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom;"><br></td>
<td style="vertical-align: bottom; height: 19px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>56</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 19px;">)</td>
<td style="vertical-align: bottom;"><br></td>
<td style="vertical-align: bottom; height: 19px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>335</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 19px;">)</td>
<td style="vertical-align: bottom;"><br></td>
<td style="vertical-align: bottom; height: 19px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>372</font> </font></p>
</td>
<td style="vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Number of shares or units held </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>20,124,996</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,987</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,493,120</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,000</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,384,308</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 19px;">
<td style="vertical-align: bottom; height: 19px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> % of capital held </font></p>
</td>
<td style="vertical-align: bottom; height: 19px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>25</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 19px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom;"><br></td>
<td style="vertical-align: bottom; height: 19px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>15</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 19px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom;"><br></td>
<td style="vertical-align: bottom; height: 19px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>50</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 19px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom;"><br></td>
<td style="vertical-align: bottom; height: 19px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>33</font> </font></p>
</td>
<td style="vertical-align: bottom; height: 19px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom;"><br></td>
<td style="vertical-align: bottom; height: 19px;">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>33</font> </font></p>
</td>
<td style="vertical-align: bottom;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><br></p>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The percentages in the table above are rounded.</font></p>
</div>
</div>
</div>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
<div style="-aw-headerfooter-type: linked; clear: both;">
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-55</font></td>
</tr>

</table>
</div>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
</div>
</div>
<p><br></p>
<div>
<div style="-aw-headerfooter-type: linked; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</div>
</div>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<div>
<div>
<h1 style="margin-top: 12pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 12pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">13</font>. </font><font style="font-family: 'Times New Roman';">Right-of-</font><font style="font-family: 'Times New Roman';">u</font><font style="font-family: 'Times New Roman';">se </font><font style="font-family: 'Times New Roman';">as</font><font style="font-family: 'Times New Roman';">sets and </font><font style="font-family: 'Times New Roman';">l</font><font style="font-family: 'Times New Roman';">eases </font><font style="font-family: 'Times New Roman';">p</font><font style="font-family: 'Times New Roman';">ayable</font></font></h1>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Some of the subsidiaries of the Company have real estate leases, substantially related to: (</font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">) </font><font style="font-family: 'Times New Roman';">Ipiranga</font><font style="font-family: 'Times New Roman';">: fuel stations</font><font style="font-family: 'Times New Roman';"> and distribution center</font><font style="font-family: 'Times New Roman';">; (ii) </font><font style="font-family: 'Times New Roman';">Extrafarma</font><font style="font-family: 'Times New Roman';">: pharmacies</font><font style="font-family: 'Times New Roman';"> and distribution center</font><font style="font-family: 'Times New Roman';">; (iii) Ultragaz: points of sale and bottling base; (iv) </font><font style="font-family: 'Times New Roman';">Ultracargo</font><font style="font-family: 'Times New Roman';">: port areas; and (v) </font><font style="font-family: 'Times New Roman';">Oxiteno</font><font style="font-family: 'Times New Roman';">: industrial plant. Some subsidiaries also have lease agreements relating to vehicles.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font><font><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">a. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Right-of-</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">u</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">se </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">a</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">ssets</font></font></font></font></p>
<div>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 316px; width: 100%;" width="100%">

<tr style="height: 60px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Weighted <br>average useful <br>life (years) </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Balance on 12/31/2019 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Additions <br>and remeasurement </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Write-offs </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Effect of foreign currency <br>exchange rate variation </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Amortization </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Balance on 12/31/2020 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 31%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Cost: </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Real estate </font></font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,068,254</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>259,244</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>78,529</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,463</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,254,432</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Port area (i) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>20</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>68,007</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>200,527</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>268,534</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Vehicles </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>91,868</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>55,616</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>7,893</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>252</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>139,843</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Equipment </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>31,822</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,833</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>572</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,853</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>44,936</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Others </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>20</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>27,846</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>27,846</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,287,797</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>523,220</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>86,994</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>11,568</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,735,591</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Accumulated amortization: </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Real estate </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>256,430</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>46,282</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>697</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>271,130</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>481,975</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Port area (i) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>3,962</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>3,962</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Vehicles </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>27,492</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,509</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>232</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>41,340</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>63,091</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Equipment </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>7,600</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>572</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,996</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>10,595</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>19,619</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Others </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>15,363</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,295</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>16,658</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>306,885</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>52,363</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,461</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>328,322</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>585,305</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">)</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net amount </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,980,912</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>523,220</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>34,631</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,107</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>328,322</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,150,286</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 18px;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 224px; width: 99.8343%;" width="100%">

<tr style="height: 60px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> Weighted <br>average useful<br>life (years) </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> Adoption <br>IFRS <font style="border-left: none; border-right: none;">16</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> Additions <br>and&nbsp;remeasurement </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> Write-offs </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> Transfer </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> Effect of foreign currency <br>exchange rate variation </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> Amortization </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 60px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-weight: bold; font-size: 8pt;"><font style="font-family: 'Times New Roman';">Balance on 12/3</font><font style="font-family: 'Times New Roman';">1/2019 </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 21%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Cost: </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Real estate </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,636,330</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>308,622</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>55,605</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: middle;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>98,043</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>80,930</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,068,320</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Port area (i) </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>68,007</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>68,007</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Others </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>95,097</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>26,235</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,981</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: middle;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>27,847</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,272</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>151,470</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,731,427</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>402,864</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>57,586</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>125,890</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>85,202</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,287,797</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Accumulated amortization: </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Real estate </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,682</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>36</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>262,750</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>256,032</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Others </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>442</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>14,068</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: middle;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>81</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>37,308</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: middle;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>50,853</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,124</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>14,068</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>117</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>300,058</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>306,885</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff;">)</td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net amount </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 18px; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,731,427</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 18px; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>402,864</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 18px; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>50,462</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 18px;">)</td>
<td style="padding: 0px; vertical-align: middle;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 18px; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>111,822</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 18px; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>85,319</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 18px; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>300,058</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 18px;">)</td>
<td style="padding: 0px; vertical-align: middle;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 18px; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,980,912</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(</font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">) Refers to the area port lease, which R$ <font>68,007</font> was paid by the Company&#8217;s subsidiaries in the fourth quarter of <font style="border-left: none; border-right: none;">2019</font> (see Note <font style="border-left: none; border-right: none;">34</font>.c).</font></font></p>
</div>
</div>
<div>
<div style="-aw-headerfooter-type: linked; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<div style="-aw-headerfooter-type: linked; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font><font style="font-family: 'Times New Roman';">The amortization expenses were recognized in the f</font><font style="font-family: 'Times New Roman';">inancial </font><font style="font-family: 'Times New Roman';">statements</font><font style="font-family: 'Times New Roman';"> as shown below:</font></font></p>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 84%; margin-right: auto;" width="84%">

<tr style="height: 12.75pt; -aw-height-rule: exactly;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font style="border-left: none; border-right: none;">2020</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font style="border-left: none; border-right: none;">2019</font> </font></p>
</td>
<td style="vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font style="border-left: none; border-right: none;">2018</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; width: 66%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Cost of products and services sold </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>66,604</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 2%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 10%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>48,134</font> </font></p>
</td>
<td style="vertical-align: top; width: 2%; background-color: #cceeff; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; width: 10%; background-color: #cceeff; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>15,044</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt; -aw-height-rule: exactly;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Selling and marketing </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>257,846</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>244,974</font> </font></p>
</td>
<td style="vertical-align: top; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8,920</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> General and administrative </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,872</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,950</font> </font></p>
</td>
<td style="vertical-align: top; background-color: #cceeff; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #cceeff; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>75,370</font> </font></p>
</td>
</tr>
<tr style="height: 13.5pt; -aw-height-rule: exactly;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>328,322</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>300,058</font> </font></p>
</td>
<td style="vertical-align: top; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: 2.8pt double #000000; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>99,334</font> </font></p>
</td>
</tr>

</table>
</div>
</div>
</div>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-56</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 5pt;"><br></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><br></p>
</div>
</div>
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">b. Lease</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">s</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"> </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">p</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">ayable</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The changes in leases </font><font style="font-family: 'Times New Roman';">payable </font><font style="font-family: 'Times New Roman';">are shown below:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="height: 307px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;" width="100%">

<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 87%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance as of December 31, 2018 </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>46,066</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Adoption IFRS <font>16</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,363,803</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Interest accrued </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>128,996</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Payments </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>321,716</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Additions and remeasurement </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>334,857</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Write-offs </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>52,129</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Effect of foreign currency exchange rate variation </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>88,796</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance as of December 31, 2019 </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,588,673</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Interest accrued </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>144,655</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Payments </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>360,787</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Additions and remeasurement </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>484,121</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Write-offs </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>35,381</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Effect of foreign currency exchange rate variation </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom: 1pt solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>12,007</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance as of December 31, 2020 </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,833,288</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Current </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>260,189</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Non-current </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,573,099</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>

</table>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The future disbursements (installments) assumed under leases contracts are presented below:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="height: 129px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-right: auto;" width="68%">

<tr style="height: 17px;">
<td style="width: 362.5pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 45.9pt; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Up to <font>1</font> year </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>396,010</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> From <font>1</font> to <font>2</font> years </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>351,894</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> From <font>2</font> to <font>3</font> years </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>316,195</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> From <font>3</font> to <font>4</font> years </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>284,575</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> From <font>4</font> to <font>5</font> years </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>256,429</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> More than <font>5</font> years </font></p>
</td>
<td style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,129,281</font> </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,734,384</font> </font></p>
</td>
</tr>

</table>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The contracts related to the </font><font style="font-family: 'Times New Roman';">leases</font><font style="font-family: 'Times New Roman';"> payable are substantially indexed by the IGP-M (General Market Price Index is a measure of Brazilian inflation, calculated by the </font><font style="font-family: 'Times New Roman';">Get&#250;lio</font><font style="font-family: 'Times New Roman';"> Vargas Foundation).</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<p style="margin: 0cm 0cm 0.0001pt; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; color: #000000;"><font lang="EN-US" style="font-size: 10pt;">The weighted average discount rates for the lease payable are presented below:</font></p>
<table border="1" cellspacing="0" cellpadding="0" width="100%" style="height: 27px; margin-left: 0.1px; border-collapse: collapse; border: none; width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px; background-color: #cceeff;">
<td style="width: 222.017px; background: #cceeff; padding: 0cm 3pt; height: 10px;">
<p align="center" style="text-align: center; break-after: avoid; margin: 0cm 0cm 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><b><font lang="EN-US" style="color: #000000;">Maturity date of the contracts</font></b></font></p>
</td>
<td style="width: 70.1989px; background: #cceeff; padding: 0cm 3pt; height: 10px;">
<p align="center" style="text-align: center; break-after: avoid; margin: 0cm 0cm 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><b style="mso-bidi-font-weight: normal;"><font lang="EN-US" style="color: #000000;">Up to 5 <br>years</font></b></font></p>
</td>
<td valign="bottom" style="width: 4.74432px; background: #cceeff; padding: 0cm 3pt; height: 10px;">
<p align="center" style="text-align: center; break-after: avoid; margin: 0cm 0cm 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="color: #000000; font-size: 8pt; font-family: 'times new roman', times;">&nbsp;</font></p>
</td>
<td style="width: 71.108px; background: #cceeff; padding: 0cm 3pt; height: 10px;">
<p align="center" style="text-align: center; break-after: avoid; margin: 0cm 0cm 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><b><font lang="EN-US" style="color: #000000;">From 5 to <br>10 years</font></b><b><font lang="EN-US" style="color: #000000;"></font></b></font></p>
</td>
<td valign="top" style="width: 4.54545px; background: #cceeff; padding: 0cm; height: 10px;">
<p align="center" style="text-align: center; break-after: avoid; margin: 0cm 0cm 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><b><font lang="EN-US" style="color: #000000;">&nbsp;</font></b></font></p>
</td>
<td valign="top" style="width: 72.7273px; background: #cceeff; padding: 0cm; height: 10px;">
<p align="center" style="text-align: center; break-after: avoid; margin: 0cm 0cm 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><b><font lang="EN-US" style="color: #000000;">From 10 to <br>15 years</font></b></font></p>
</td>
<td valign="top" style="width: 10px; background: #cceeff; padding: 0cm; height: 10px;">
<p align="center" style="text-align: center; break-after: avoid; margin: 0cm 0cm 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><b><font lang="EN-US" style="color: #000000;">&nbsp;</font></b></font></p>
</td>
<td valign="top" style="width: 77.2727px; background: #cceeff; padding: 0cm; height: 10px;">
<p align="center" style="text-align: center; break-after: avoid; margin: 0cm 0cm 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><font style="font-size: 8pt; font-family: 'times new roman', times;"><b><font lang="EN-US" style="color: #000000;">More than <br>15 years</font></b></font></p>
</td>
</tr>
<tr style="height: 17px;">
<td valign="bottom" style="width: 222.017px; padding: 0cm 3pt; height: 17px;">
<p style="break-after: avoid; margin: 0cm 0cm 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="font-size: 10pt;"><font>Weighted average discount rates (% p.a.)</font><font style="color: #000000;"></font></font></p>
</td>
<td valign="bottom" style="width: 70.1989px; padding: 0cm 3pt; height: 17px;">
<p align="right" style="text-align: right; break-after: avoid; margin: 0cm 0cm 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="color: #000000; font-size: 10pt;"><font>7.2</font></font></p>
</td>
<td valign="bottom" style="width: 4.74432px; padding: 0cm 3pt; height: 17px;">
<p align="right" style="text-align: right; break-after: avoid; margin: 0cm 0cm 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="color: #000000; font-size: 10pt;">&nbsp;</font></p>
</td>
<td valign="bottom" style="width: 71.108px; padding: 0cm 3pt; height: 17px;">
<p align="right" style="text-align: right; break-after: avoid; margin: 0cm 0cm 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><font style="font-size: 10pt;"><font lang="EN-US" style="color: #000000;"><font>8.8</font></font><font lang="EN-US" style="color: #000000;"></font></font></p>
</td>
<td valign="bottom" style="width: 4.54545px; padding: 0cm; height: 17px;">
<p align="right" style="text-align: right; break-after: avoid; margin: 0cm 0cm 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="color: #000000; font-size: 10pt;">&nbsp;</font></p>
</td>
<td valign="bottom" style="width: 72.7273px; padding: 0cm; height: 17px;">
<p align="right" style="margin: 0cm 2.85pt 0.0001pt 0cm; text-align: right; break-after: avoid; font-size: 10pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="color: #000000; font-size: 10pt;"><font>8.9</font></font></p>
</td>
<td valign="bottom" style="width: 10px; padding: 0cm; height: 17px;">
<p align="right" style="text-align: right; break-after: avoid; margin: 0cm 0cm 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="color: #000000; font-size: 10pt;">&nbsp;</font></p>
</td>
<td valign="bottom" style="width: 77.2727px; padding: 0cm; height: 17px;">
<p align="right" style="margin: 0cm 2.85pt 0.0001pt 0cm; text-align: right; break-after: avoid; font-size: 10pt; font-family: 'Times New Roman', serif;"><font lang="EN-US" style="color: #000000; font-size: 10pt;"><font>9.2</font></font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">c. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Lease contracts of low amount assets</font></font><br></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Subsidiaries Cia. Ultragaz, </font><font style="font-family: 'Times New Roman';">Bahiana</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">Extrafarma</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">Ipiranga</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">Serma</font><font style="font-family: 'Times New Roman';"> and </font><font style="font-family: 'Times New Roman';">Oxiteno</font><font style="font-family: 'Times New Roman';"> S.A. have operating lease contracts </font><font style="font-family: 'Times New Roman';">consider as low value, short term and variable payments </font><font style="font-family: 'Times New Roman';">for the use of</font><font style="font-family: 'Times New Roman';"> factory and</font><font style="font-family: 'Times New Roman';"> IT equipment</font><font style="font-family: 'Times New Roman';">&#8217;</font><font style="font-family: 'Times New Roman';">s, vehicles and real states</font><font style="font-family: 'Times New Roman';">. The subsidiaries have the option to purchase the assets </font><font style="font-family: 'Times New Roman';">referring to IT equipment </font><font style="font-family: 'Times New Roman';">at a price equal to the fair </font><font style="font-family: 'Times New Roman';">value</font><font style="font-family: 'Times New Roman';"> on the date of option, and management does not intend to exercise such option.</font></font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The future disbursements (</font><font style="font-family: 'Times New Roman';">payments</font><font style="font-family: 'Times New Roman';">), assumed </font><font style="font-family: 'Times New Roman';">as a result of</font><font style="font-family: 'Times New Roman';"> these contracts amount approximately to:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; widows: 0; orphans: 0; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 92%; margin-left: auto; margin-right: auto;" width="92%">

<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; break-inside: avoid; break-after: avoid; font-size: 10pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Up to <font>1</font> year </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; break-inside: avoid; break-after: avoid; font-size: 10pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Between <font>1</font> and <font>5</font> years </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; break-inside: avoid; break-after: avoid; font-size: 10pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> More than <font>5</font> years </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; break-inside: avoid; break-after: avoid; font-size: 10pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Total </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 54%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> 12/31/2020 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,147</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,145</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,292</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> 12/31/2019 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,474</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,028</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,502</font> </font></p>
</td>
</tr>

</table>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The</font><font style="font-family: 'Times New Roman';"> amount of lease considered</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as</font><font style="font-family: 'Times New Roman';"> of</font><font style="font-family: 'Times New Roman';"> low value, short term and variable payments, recognized as an </font><font style="font-family: 'Times New Roman';">expense </font><font style="font-family: 'Times New Roman';">in</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';"><font>2020</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">was R</font><font style="font-family: 'Times New Roman';">$ </font><font style="font-family: 'Times New Roman';"><font>17,749</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">(R$ </font><font style="font-family: 'Times New Roman';"><font>11,400</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">in</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';"><font>2019</font></font><font style="font-family: 'Times New Roman';"> and R$ <font>11,386</font> in <font>2018</font></font><font style="font-family: 'Times New Roman';">).</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">&nbsp;</font><br></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-57</font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font><br></p>
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<div style="-aw-headerfooter-type: linked; clear: both;">
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
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</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
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<h1 style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 12pt; text-indent: 0px;"><font><font><font><font><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">14</font>. </font><font style="font-family: 'Times New Roman';">Property, </font><font style="font-family: 'Times New Roman';">p</font><font style="font-family: 'Times New Roman';">lant, and </font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">quipment</font></font></font></font></font></font></h1>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Balances and changes in </font><font style="font-family: 'Times New Roman';">PP&amp;E</font><font style="font-family: 'Times New Roman';"> are as follows:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 299px; width: 99.8343%;" width="100%">

<tr style="height: 68px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 68px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 68px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Weighted <br>average <br>useful life <br>(years) </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 68px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Balance on 12/31/2019 </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 68px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 68px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 68px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Additions </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 68px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 68px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 68px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Depreciation </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 68px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 68px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 68px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Transfer (i) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 68px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 68px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 68px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Write-<br>offs and <br>disposals </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 68px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 68px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 68px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Effect of foreign currency <br>exchange rate variation </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 68px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 68px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 68px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Balance on 12/31/2020 </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 68px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Cost: </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 23%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Land </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>667,865</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>21,300</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,113</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>14,427</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,257</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>687,108</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Buildings </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>32</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,925,946</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>25,572</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>148,527</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>27,210</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>81,875</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,154,710</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Leasehold improvements </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,121,528</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>28,374</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>89,559</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>16,954</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>315</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,222,822</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Machinery and equipment </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>13</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,707,721</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>144,089</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>378,883</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>5,554</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>273,223</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,498,362</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Automotive fuel/lubricant distribution equipment and facilities </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>13</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,991,472</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>90,279</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>133,963</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>46,394</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,169,320</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> LPG tanks and bottles </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>755,460</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>65,230</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>289</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>44,500</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>776,479</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Vehicles </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>320,161</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>22,495</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8,363</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>40,517</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>334</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>310,836</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Furniture and utensils </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>295,604</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>13,985</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,775</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>3,694</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,042</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>316,712</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Construction in progress </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>827,086</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>506,367</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>765,785</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,167</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>14,194</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>580,695</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Advances to suppliers </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>12,544</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>28,339</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>6,185</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>56</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>34,642</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Imports in progress </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>250</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,437</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>822</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>866</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> IT equipment </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>412,809</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>32,134</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>539</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,827</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,189</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>444,844</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>15,038,446</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>979,601</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>3,781</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>203,300</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>386,430</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>16,197,396</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-right: none; border-left: none;">
<table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 351px; width: 99.9171%;" width="100%">

<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Balance on 12/31/2019 </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Additions </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Depreciation </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Transfer (i) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Write-<br>offs and <br>disposals </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Effect of foreign currency <br>exchange rate variation </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Balance on 12/31/2020 </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 23%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Accumulated depreciation: </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Buildings </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>793,835</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>65,318</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,376</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>20,021</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>14,641</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>851,397</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Leasehold improvements </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>614,379</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>80,995</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>49</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,252</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>88</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>689,161</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Machinery and equipment </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>3,231,627</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>317,694</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>59</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,091</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>53,133</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>3,598,304</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 34px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Automotive fuel/lubricant distribution equipment and facilities </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,766,878</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>176,404</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>6</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>36,335</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,906,953</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> LPG tanks and bottles </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>425,554</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>56,267</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>30</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>27,200</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>454,651</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Vehicles </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>139,045</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>24,585</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>48</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>19,997</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>269</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>143,854</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Furniture and utensils </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>171,475</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>21,060</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,988</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,173</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>191,713</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> IT equipment </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>318,063</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>35,080</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>122</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,676</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,911</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>352,256</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>7,460,856</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>777,403</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,625</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>119,560</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>72,215</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>8,188,289</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Provision for losses: </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Advances to suppliers </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>110</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>110</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Land </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>146</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>146</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Leasehold improvements </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,599</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>910</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>639</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>11</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>61</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Machinery and equipment </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,875</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>156</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>138</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,857</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">)</td>
</tr>
<tr style="height: 34px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Automotive fuel/lubricant distribution equipment and facilities </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>98</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>25</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>73</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4,828</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>910</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>820</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>149</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>3,247</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">)</td>
</tr>
<tr style="height: 18px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net amount </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,572,762</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>980,511</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>777,403</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,156</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>82,920</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>314,066</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8,005,860</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">(</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">i</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">) <font>Refers to amounts transferred&nbsp;</font></font><font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">between rubrics and&nbsp;</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">to&nbsp;</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">intangible assets.</font></font></font></p>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-58</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin: 0px; text-align: justify; font-size: 9pt; text-indent: 0px;"><br></p>
</div>
</div>
<p style="margin: 0px; text-align: justify; font-size: 9pt; text-indent: 0px;"><br></p>
<div style="border-right: none; border-left: none;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 241px; width: 99.9171%;" width="100%">

<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><br></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Weighted </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;">average <br>useful life <br>(years) </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Balance on 12/31/2018 </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Additions </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Depreciation </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Transfer (i) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Write-offs <br>and <br>disposals </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Effect of <br>foreign <br>currency <br>exchange rate variation </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Oxiteno <br>Andina (*) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Balance on 12/30/2019 </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Cost: </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 31%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Land </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>620,879</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>43,420</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,785</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,017</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;">)</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,059</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>261</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;">)</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>667,865</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Buildings </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>32</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,801,073</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>18,117</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>105,861</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4,339</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,023</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,789</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,925,946</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Leasehold improvements </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,015,640</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>19,191</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>129,234</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>42,552</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>15</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,121,528</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Machinery and equipment </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>13</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,219,256</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>131,831</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>365,953</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4,967</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,596</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>13,948</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,707,721</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Automotive fuel/lubricant distribution equipment and facilities </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>14</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,864,333</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>103,288</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>81,038</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>57,187</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,991,472</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> LPG tanks and bottles </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>743,016</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>65,351</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>6,993</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>45,914</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>755,460</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Vehicles </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>308,756</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>24,686</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,564</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>20,353</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>394</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>98</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>320,161</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Furniture and utensils </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>279,016</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>15,009</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,399</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,665</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>198</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>353</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>295,604</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Construction in progress </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>922,799</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>591,525</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>695,301</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>108</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8,344</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>173</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>827,086</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Advances to suppliers </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>14,088</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,378</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>8,921</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>12,544</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Imports in progress </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>41</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,513</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>9,304</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>250</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> IT equipment </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>395,063</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>21,771</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>872</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>5,249</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>352</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>412,809</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>14,183,960</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,051,080</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>20,813</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>185,351</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>26,192</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>16,622</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>15,038,446</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>

</table>
</div>
<p style="/* margin-top: 2pt; */margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-59</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="/* margin-top: 2pt; */margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
<p style="margin: 0pt 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar<font>&nbsp;</font>Participa&#231;&#245;es<font>&nbsp;</font>S.A.<font>&nbsp;</font></font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"><font>&nbsp;</font></font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin: 6pt 0px 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial<font>&nbsp;</font></font><font style="font-family: 'Times New Roman';">Statements</font></font></p>
<p style="margin: 6pt 0px 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian<font>&nbsp;</font>Reais, unless otherwise stated)</font></p>
<p style="margin: 0px; text-align: justify; font-size: 9pt; text-indent: 0px;"><br></p>
</div>
</div>
<div style="border-right: none; border-left: none;">
<table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 436px; width: 100%;" width="100%">

<tr style="height: 51px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 51px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><br></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 51px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 51px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Balance on 12/31/2018 </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 51px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 51px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 51px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Additions </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 51px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 51px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 51px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Depreciation </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 51px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 51px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 51px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Transfer (i) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 51px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 51px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 51px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Write-offs <br>and <br>disposals </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 51px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 51px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 51px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Effect of <br>foreign <br>currency <br>exchange&nbsp;rate<br>variation </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 51px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 51px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 51px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Oxiteno <br>Andina (*) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 51px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 51px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 51px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Balance on 12/31/2019 </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 51px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 20%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Accumulated depreciation: </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Buildings </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>743,117</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>58,158</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>187</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,681</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>893</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,679</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>793,835</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Leasehold improvements </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>558,042</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>84,664</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,040</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>26,291</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>614,379</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Machinery and equipment </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,969,209</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>298,767</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,983</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,510</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>16,340</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>13,516</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>3,231,627</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 34px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Automotive fuel/lubricant distribution equipment and facilities </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,657,608</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>159,961</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>50,691</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,766,878</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> LPG tanks and bottles </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>401,056</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>57,890</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,467</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>28,925</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>425,554</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Vehicles </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>123,650</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>27,106</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>28</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>11,274</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>311</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>98</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>139,045</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Furniture and utensils </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>155,339</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>18,944</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>12</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,280</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>204</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>336</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>171,475</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> IT equipment </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>288,083</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>34,782</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>50</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,061</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>309</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>318,063</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Construction in progress </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>6,896,104</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>740,272</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,743</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>132,713</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>17,435</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>15,629</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>7,460,856</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Provision for losses: </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Advances to suppliers </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>83</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>27</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>110</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Buildings </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>306</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>306</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Land </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>827</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>681</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>146</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Leasehold improvements </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,385</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,528</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>111</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,203</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,599</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">)</td>
</tr>
<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Machinery and equipment </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>6,117</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>769</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,138</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,335</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,875</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">)</td>
</tr>
<tr style="height: 34px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Automotive fuel/lubricant distribution equipment and facilities </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>165</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>67</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>98</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Construction in progress </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>38</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>38</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Furniture and utensils </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>70</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>69</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>8,991</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,555</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>948</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,341</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,429</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4,828</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net amount </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,278,865</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,049,525</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>740,272</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>11,070</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>51,690</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>45,968</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,436</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,572,762</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(i) <font>Refers to amounts transferred to intangible assets, inventories and right-of-use assets.</font></font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(*) <font>Refers to the asset write-offs of Oxiteno Andina</font></font><font><font style="font-family: 'Times New Roman';"> (see Note <font>3</font>.b.<font>6</font>)</font><font style="font-family: 'Times New Roman';">.</font></font></font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-60</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin: 0pt 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar<font>&nbsp;</font>Participa&#231;&#245;es<font>&nbsp;</font>S.A.<font>&nbsp;</font></font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"><font>&nbsp;</font></font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin: 6pt 0px 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial<font>&nbsp;</font></font><font style="font-family: 'Times New Roman';">Statements</font></font></p>
<p style="margin: 6pt 0px 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian<font>&nbsp;</font>Reais, unless otherwise stated)</font></p>
<p style="margin: 0px; text-align: justify; font-size: 9pt; text-indent: 0px;"><br></p>
</div>
</div>
<div style="border-right: none; border-left: none;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.917%; height: 366px;" width="100%">

<tr style="height: 85px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 85px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 85px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Weighted <br>average <br>useful life <br>(years) </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 85px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Balance on 12/31/2017 </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 85px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 85px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Additions </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 85px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 85px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Depreciation </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 85px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 85px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Transfer (i) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 85px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 85px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Write-offs <br>and <br>disposals </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 85px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 85px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Effect of <br>foreign <br>currency <br>exchange rate variation </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 85px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 85px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Balance acquisition <br>TEAS (ii) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 85px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 85px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Balance on 12/31/2018 </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 85px;"><br></td>
</tr>
<tr style="height: 19px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Cost: </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"><br></td>
</tr>
<tr style="height: 19px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 19px; width: 22%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Land </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 19px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>576,642</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,994</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,261</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>895</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px; width: 1%;">)</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,238</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px; width: 1%;">)</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>33,115</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>620,879</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px; width: 1%;"><br></td>
</tr>
<tr style="height: 19px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Buildings </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>32</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,637,871</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,041</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>151,937</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,929</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>10,914</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>18,067</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,801,073</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"><br></td>
</tr>
<tr style="height: 19px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Leasehold improvements </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>912,555</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>11,931</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>103,371</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>12,273</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">)</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>56</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,015,640</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;"><br></td>
</tr>
<tr style="height: 19px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Machinery and equipment </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>13</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,721,931</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>115,171</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>588,696</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4,895</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>261,955</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>60,308</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,219,256</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"><br></td>
</tr>
<tr style="height: 34px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Automotive fuel/lubricant distribution equipment&nbsp;and facilities </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>13</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,729,522</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>98,478</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>98,573</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>62,240</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px;">)</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,864,333</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px;"><br></td>
</tr>
<tr style="height: 19px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> LPG tanks and bottles </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>692,856</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>78,995</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,552</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>31,387</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>743,016</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"><br></td>
</tr>
<tr style="height: 19px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Vehicles </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>287,295</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>29,141</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>18,061</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>23,996</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">)</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,745</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">)</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>308,756</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;"><br></td>
</tr>
<tr style="height: 19px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Furniture and utensils </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>265,909</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>18,417</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,078</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>863</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>10,570</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>45</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>279,016</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"><br></td>
</tr>
<tr style="height: 19px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Construction in progress </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>929,000</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>796,909</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>883,994</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">)</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>578</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">)</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>81,462</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>922,799</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;"><br></td>
</tr>
<tr style="height: 19px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Advances to suppliers </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>112,167</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,317</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>100,233</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4,163</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>14,088</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"><br></td>
</tr>
<tr style="height: 19px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Imports in progress </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>786</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>699</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,446</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">)</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>41</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;"><br></td>
</tr>
<tr style="height: 19px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> IT equipment </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>352,986</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>34,921</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,942</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,953</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,161</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>395,063</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"><br></td>
</tr>
<tr style="height: 19px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>13,219,520</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,202,014</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>798</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>142,009</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">)</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>207,904</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">)</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>111,541</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>14,183,960</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 19px;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0px; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(i) R</font><font style="font-family: 'Times New Roman';">efers to amounts transferred to intangible assets, inventories and right-of-use assets as from <font>2019</font>.</font></font></p>
<p style="margin: 0px; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(ii) S</font><font style="font-family: 'Times New Roman';">ee Note <font>3</font>.c.</font></font></p>
<p style="margin: 0px; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-61</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin: 0px; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin: 0pt 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar<font>&nbsp;</font>Participa&#231;&#245;es<font>&nbsp;</font>S.A.<font>&nbsp;</font></font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"><font>&nbsp;</font></font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin: 6pt 0px 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial<font>&nbsp;</font></font><font style="font-family: 'Times New Roman';">Statements</font></font></p>
<p style="margin: 6pt 0px 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian<font>&nbsp;</font>Reais, unless otherwise stated)</font></p>
<p style="margin: 0px; text-align: justify; font-size: 9pt; text-indent: 0px;"><br></p>
</div>
</div>
<div style="border-right: none; border-left: none;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 443px; width: 100%;" width="100%">

<tr style="height: 51px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 51px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 51px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 51px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Balance on 12/31/2017 </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 51px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 51px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 51px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Additions </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 51px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 51px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 51px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Depreciation </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 51px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 51px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 51px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Transfer (i) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 51px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 51px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 51px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Write-offs <br>and <br>disposals </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 51px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 51px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 51px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Effect of <br>foreign <br>currency <br>exchange rate variation </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 51px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 51px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 51px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Balance acquisition <br>TEAS (ii) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 51px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 51px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 51px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Balance on 12/31/2018 </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 51px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 28%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Accumulated depreciation: </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Buildings </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>724,408</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>53,462</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,046</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,608</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>26,533</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4,434</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>743,117</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Leasehold improvements </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>475,651</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>83,208</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4,574</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,398</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>7</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>558,042</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Machinery and equipment </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,980,166</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>271,867</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,143</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,449</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>288,461</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>10,229</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,969,209</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 34px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Automotive fuel/lubricant distribution equipment&nbsp;and facilities </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,545,806</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>162,815</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>7,232</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>58,245</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,657,608</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> LPG tanks and bottles </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>328,384</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>88,308</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,347</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>17,983</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>401,056</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Vehicles </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>112,200</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>28,792</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>498</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>15,002</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,842</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>123,650</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Furniture and utensils </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>148,575</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>18,482</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>292</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>513</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>11,517</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>20</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>155,339</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> IT equipment </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>260,859</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>30,659</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,702</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,819</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,080</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>6</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>288,083</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>6,576,049</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>737,593</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>56</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>105,017</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>327,266</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>14,689</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>6,896,104</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Provision for losses: </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Advances to suppliers </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>83</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>83</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Buildings </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>306</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>306</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Land </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>104</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>723</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>827</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Leasehold improvements </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>564</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>733</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>90</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,385</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Machinery and equipment </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4,724</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,532</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>444</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>305</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>6,117</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 34px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Automotive fuel/lubricant distribution equipment&nbsp;and facilities </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>169</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>165</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Construction in progress </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>38</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>38</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Furniture and utensils </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>69</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: Calibri; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>70</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>5,645</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>3,401</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>450</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>395</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>8,991</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net amount </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,637,826</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,198,613</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>737,593</font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>742</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>36,542</font></font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>118,967</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>96,852</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,278,865</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 18px;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(i) <font>Refers to amounts transferred to intangible assets, inventories and right-of-use assets as from <font style="border-left: none; border-right: none;">2019</font>.</font></font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(ii) <font>See Note </font><font>3</font><font>.c.</font></font></p>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><br></p>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-62</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin: 0pt 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin: 0pt 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar<font>&nbsp;</font>Participa&#231;&#245;es<font>&nbsp;</font>S.A.<font>&nbsp;</font></font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"><font>&nbsp;</font></font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin: 6pt 0px 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial<font>&nbsp;</font></font><font style="font-family: 'Times New Roman';">Statements</font></font></p>
<p style="margin: 6pt 0px 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian<font>&nbsp;</font>Reais, unless otherwise stated)</font></p>
<p style="margin: 0px; text-align: justify; font-size: 9pt; text-indent: 0px;"><br></p>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Construction in progress relates substantially to expansions, renovations, constructions and upgrade of industrial facilities, terminals, stores, service stations and distribution bases.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><br><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Advances to suppliers is related, basically, to manufacturing of assets for expansion of plants, terminals, stores</font><font style="font-family: 'Times New Roman';">, service stations</font><font style="font-family: 'Times New Roman';"> and bases and acquisition of real estate.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The depreciation expenses were recognized in the </font><font style="font-family: 'Times New Roman';">f</font><font style="font-family: 'Times New Roman';">inancial </font><font style="font-family: 'Times New Roman';">statements</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as shown below:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-right: none; border-left: none;">
<table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 79px; width: 99.8343%;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2020</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2019</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2018</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 65%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Inventories and cost of products and services sold </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>429,984</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>405,966</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; background-color: #cceeff; padding: 0px; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding: 0px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>406,002</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px; width: 1%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Selling and marketing </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>297,172</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>285,671</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>279,023</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> General and administrative </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>50,247</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>48,635</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; background-color: #cceeff; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>52,568</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px;"><br></td>
</tr>
<tr style="height: 18px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>777,403</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>740,272</font> </font></p>
</td>
<td style="vertical-align: top; height: 18px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>737,593</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px;"><br></td>
</tr>

</table>
</div>
</div>
</div>
</div>
<div>
<div style="-aw-headerfooter-type: linked; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
</div>
</div>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<div>
<div>
<h1 style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 12pt; text-indent: 0px;"><font><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">15</font>. </font><font style="font-family: 'Times New Roman';">Intangible </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">ssets</font></font></font></h1>
<p><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Balances and changes in intangible assets are </font><font style="font-family: 'Times New Roman';">as follows</font><font style="font-family: 'Times New Roman';">:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<div style="border-right: none; border-left: none;">
<div>
<div style="border-right: none; border-left: none;">
<table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 348px; width: 99.9171%;" width="100%">

<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Weighted average useful life (years) </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Balance on 12/31/2019 </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Additions </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Amortization </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Transfer (i) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Write-offs <br>and disposals </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Effect of foreign currency exchange rate variation </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Balance on 12/31/2020 </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Cost: </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px; width: 23%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Goodwill (a) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,525,088</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,525,088</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%; height: 15px;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Software (b) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,210,529</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>184,027</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>993</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>6,633</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,130</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,395,046</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Technology (c) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>32,617</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>32,617</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Commercial property rights </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,934</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>7,934</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Distribution rights </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>133,599</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>133,599</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Brands (d) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>122,504</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>14,458</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>136,962</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Trademark rights (d) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>39</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>114,792</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>114,792</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Others (e) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>44,900</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,040</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,758</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>50,698</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Decarbonization credits (f) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>125,345</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,058</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>124,287</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,191,963</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>310,412</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>65</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>138,854</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>25,346</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,388,802</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Accumulated amortization: </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Software </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>648,861</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>175,144</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,375</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4,394</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>825,024</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;">)</td>
</tr>
<tr style="height: 15px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Technology </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>32,616</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>32,616</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">)</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Commercial property rights </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>6,384</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>85</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,469</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
</tr>
<tr style="height: 15px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Distribution rights </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>108,932</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4,394</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>113,326</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">)</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Trademark rights </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>6,119</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,937</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>9,056</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;">)</td>
</tr>
<tr style="height: 15px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Others </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>32,713</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>121</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>11</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>32,845</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px;">)</td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>835,625</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>182,681</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,844</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4,405</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,012,867</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;">)</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Provision for losses and impairment: </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Goodwill (a) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>593,280</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>593,280</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;">)</td>
</tr>
<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Commercial property rights </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>465</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>465</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>593,745</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>465</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>593,280</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;">)</td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net amount </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,762,593</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>310,412</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>182,681</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>65</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>128,545</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>20,941</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,782,655</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(</font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">) </font><font style="font-family: 'Times New Roman';">Refers to amounts transferred to PP&amp;E</font><font style="font-family: 'Times New Roman';"> and prepaid expenses</font><font style="font-family: 'Times New Roman';">.</font></font><br></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-63</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar<font>&nbsp;</font>Participa&#231;&#245;es<font>&nbsp;</font>S.A.<font>&nbsp;</font>and<font>&nbsp;</font>Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><br></p>
</div>
</div>
<div style="border-right: none; border-left: none;">
<table cellspacing="0" cellpadding="0" style="margin-right: auto; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 327px; width: 99.8344%;" width="100%">

<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"><font> Weighted </font><br><font>average useful </font><br><font>life (years</font>) </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Balance on 12/31/2018 </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Adoption <br>IFRS <font>16</font> </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Additions </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Amortization </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Transfer (i) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Write-offs <br>and <br>disposals </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Effect of foreign currency exchange rate variation </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Oxiteno <br>Andina (*) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Balance on 12/31/2019 </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Cost: </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 16px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; width: 23%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Goodwill (a) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,525,088</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,525,088</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%;"><br></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Software (b) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,062,486</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>145,004</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,553</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>784</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,551</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>281</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,210,529</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 16px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Technology (c) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>32,617</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>32,617</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Commercial property rights </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>64,032</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>56,114</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,820</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,401</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,403</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,934</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Distribution rights </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>142,989</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,505</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>10,895</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">)</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>133,599</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Brands (d) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>120,571</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,933</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>122,504</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Trademark rights (d) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>35</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>114,792</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>114,792</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Others (e) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>43,281</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,668</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>355</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>306</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>44,900</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 16px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,105,856</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>56,114</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">)</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>151,997</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>10,098</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">)</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>3,187</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">)</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,790</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>281</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">)</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,191,963</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Accumulated amortization: </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 16px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Software </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>537,438</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">)</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>110,088</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">)</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>13</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>611</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">)</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>998</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">)</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>261</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>648,861</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Technology </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>32,613</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>3</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>32,616</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
</tr>
<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Commercial property rights </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>23,931</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">)</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>16,186</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>848</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">)</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>669</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">)</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,878</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>6,384</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;">)</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Distribution rights </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>106,597</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>6,511</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,176</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>108,932</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
</tr>
<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Trademark rights </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>3,182</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">)</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,937</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">)</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>6,119</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;">)</td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Others </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>32,740</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>105</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>136</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>32,713</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
</tr>
<tr style="height: 16px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>736,501</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">)</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>16,186</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>120,492</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">)</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,656</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,267</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,002</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">)</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>261</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>835,625</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;">)</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Provision for losses and impairment: </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 16px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Goodwill (a) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>593,280</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">)</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>593,280</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;">)</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Commercial property rights </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>465</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>465</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
</tr>
<tr style="height: 16px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>593,745</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">)</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>593,745</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net amount </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,369,355</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>39,928</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>441,748</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>120,492</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>6,442</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>920</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,788</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>20</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,762,593</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(</font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">) Refers to amounts transferred to </font><font style="font-family: 'Times New Roman';">PP&amp;E</font><font style="font-family: 'Times New Roman';"> and right-of-use assets.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(*) Refers to the asset write-offs of </font><font style="font-family: 'Times New Roman';">Oxiteno</font><font style="font-family: 'Times New Roman';"> Andina</font><font style="font-family: 'Times New Roman';"> (</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">ee Note <font>3</font>.b.<font>6</font>)</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-64</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar<font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&nbsp;</font>Participa&#231;&#245;es<font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&nbsp;</font><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">S.A.</font><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&nbsp;</font><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">and</font><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&nbsp;</font><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Subsidiaries</font></font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><br></p>
</div>
<div style="border-right: none; border-left: none;">
<table cellspacing="0" cellpadding="0" style="margin-right: auto; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 278px; width: 99.9171%;" width="100%">

<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Weighted <br>average <br>useful life <br>(years) </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Balance on 12/31/2017 </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Additions </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Amortization </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Transfer (i) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Write-offs <br>and <br>disposals </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Effect of foreign currency <br>exchange rate variation </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Balance acquisition <br>TEAS (ii) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Balance on 12/31/2018 </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 31%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Cost: </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Goodwill (a) </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,524,291</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>797</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,525,088</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Software (b) </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>853,079</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>223,964</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,258</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>15,401</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,053</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>49</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,062,486</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Technology (c) </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>32,617</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>32,617</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Commercial property rights (d) </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>55,069</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>11,117</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,154</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>64,032</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Distribution rights </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>142,669</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>690</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>350</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>20</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>142,989</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Brands (e) </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>113,543</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,028</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>120,571</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Trademark rights (e) </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>39</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>114,792</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>114,792</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Others (f) </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>40,514</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,822</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>945</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>43,281</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,876,574</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>237,593</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,608</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>17,555</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,006</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>846</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,105,856</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Accumulated amortization: </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Software </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>456,799</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>79,845</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>59</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>28</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>832</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>49</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>537,438</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Technology </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>32,541</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;- </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>72</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;- </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;- </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>32,613</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">)</td>
</tr>
<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Commercial property rights </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>21,292</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;- </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4,679</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,040</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;- </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>23,931</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">)</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Distribution rights </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>96,704</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;- </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>10,018</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>125</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;- </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;- </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>106,597</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;">)</td>
</tr>
<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Trademark rights </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 10px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;- </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>3,182</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;- </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;- </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;- </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;- </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>3,182</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Others </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>31,196</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;- </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,538</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;- </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;- </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>6</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;- </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>32,740</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>638,532</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>99,334</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>184</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,068</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>838</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>49</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>736,501</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">)</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net amount </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,238,042</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>237,593</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>99,334</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,424</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>15,487</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,168</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>797</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,369,355</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; widows: 0; orphans: 0; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(i)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">Refers</font><font style="font-family: 'Times New Roman';"> to amounts transferred to PP&amp;E.</font></font></p>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; widows: 0; orphans: 0; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(ii)</font><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp; </font><font style="font-family: 'Times New Roman';">See Note <font>3</font>.c.</font></font></p>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; widows: 0; orphans: 0; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
</div>
</div>
</div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt; height: 17px;">

<tr style="height: 17px;">
<td class="pgno" style="padding: 0px; text-align: center; height: 17px;"><font style="font-size: 10pt;" class="pageno">F-65</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
</div>
<div>
<div>
<div style="-aw-headerfooter-type: linked; clear: both;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 6pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</div>
</div>
</div>
<div>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The amortization expenses were recognized in the </font><font style="font-family: 'Times New Roman';">financial </font><font style="font-family: 'Times New Roman';">statements</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as shown below:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-right: none; border-left: none;">
<table cellspacing="0" cellpadding="0" style="margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 84%; margin-right: auto;" width="84%">

<tr style="height: 12.75pt; -aw-height-rule: exactly;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2020</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2019</font> </font></p>
</td>
<td style="vertical-align: top; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2018</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 66%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Inventories and cost of products and services sold </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,575</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>11,183</font> </font></p>
</td>
<td style="vertical-align: top; background-color: #cceeff; width: 2%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 10%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>15,044</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt; -aw-height-rule: exactly;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Selling and marketing </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,825</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,872</font> </font></p>
</td>
<td style="vertical-align: top; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8,920</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> General and administrative </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>165,281</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>105,437</font> </font></p>
</td>
<td style="vertical-align: top; background-color: #cceeff; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #cceeff; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>75,370</font> </font></p>
</td>
</tr>
<tr style="height: 13.5pt; -aw-height-rule: exactly;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>182,681</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>120,492</font> </font></p>
</td>
<td style="vertical-align: top; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: 2.8pt double #000000; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>99,334</font> </font></p>
</td>
</tr>

</table>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><br></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">a. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Goodwill</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The balance </font><font style="font-family: 'Times New Roman';">of the goodwill </font><font style="font-family: 'Times New Roman';">is tested annually for impairment</font><font style="font-family: 'Times New Roman';"> and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">is represented by</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">the following </font><font style="font-family: 'Times New Roman';">acquisitions</font><font style="font-family: 'Times New Roman';">:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-right: none; border-left: none;">
<table cellspacing="0" cellpadding="0" style="height: 295px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.7357%; margin-left: auto; margin-right: auto;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Segment </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2019 </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Goodwill on the acquisition of: </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 67%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Extrafarma </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Extrafarma</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>661,553</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>661,553</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Extrafarma &#8211; impairment </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Extrafarma</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>593,280</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>593,280</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Extrafarma &#8211; net </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Extrafarma</font> </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>68,273</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>68,273</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 22px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 22px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ipiranga</font><font style="font-family: 'Times New Roman';"> </font><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">(<font>1</font>)</font></sup></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 22px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Ipiranga</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 22px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>276,724</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 22px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 22px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>276,724</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Uni&#227;o Terminais </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Ultracargo</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>211,089</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>211,089</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Texaco </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Ipiranga</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>177,759</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>177,759</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Iconic (CBLSA) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Ipiranga</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>69,807</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>69,807</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Oxiteno Uruguay </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Oxiteno</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>44,856</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>44,856</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Temmar </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Ultracargo</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>43,781</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>43,781</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> DNP </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Ipiranga</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>24,736</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>24,736</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Repsol </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Ultragaz</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>13,403</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>13,403</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> TEAS </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Ultracargo</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>797</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>797</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Others </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Oxiteno</font> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>583</font> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>583</font> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>931,808</font> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>931,808</font> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">&nbsp;</font></sup><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">(<font>1</font>)</font></sup><font style="font-family: 'Times New Roman';"> Including R$ <font>246,163</font> </font><font style="font-family: 'Times New Roman';">at</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Ultrapar</font><font style="font-family: 'Times New Roman';">.</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">On December 31, </font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">the Company tested the balances of goodwill shown in the table above for impairment. The determination of value in use involves assumptions, judgments</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> and estimates of cash flows, such as growth rates of revenues, costs and expenses, estimates of investments and working capital</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> and discount rates. The assumptions about growth projections and future cash flows are based on the </font><font style="font-family: 'Times New Roman';">Company&#8217;s </font><font style="font-family: 'Times New Roman';">business plan</font><font style="font-family: 'Times New Roman';"> of </font><font style="font-family: 'Times New Roman';">its </font><font style="font-family: 'Times New Roman';">operating </font><font style="font-family: 'Times New Roman';">segments</font><font style="font-family: 'Times New Roman';">, as well as comparable market data, and represent management&#8217;s best estimate of the economic conditions that will exist over the economic life of the various CGUs, to which goodwill is related. The main key-assumptions used by the Company to calculate the value in use are described below:</font></font></p>
<p style="/* margin-top: 2pt; *//* margin-bottom: 10pt; */text-align: justify; line-height: 115%; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; text-decoration: underline;">Period of evaluation</font><font style="font-family: 'Times New Roman';">: t</font><font style="font-family: 'Times New Roman';">he evaluation of the value in use is calculated for a period of </font><font style="font-family: 'Times New Roman';"><font>five</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">years</font><font style="font-family: 'Times New Roman';"> (exce</font><font style="font-family: 'Times New Roman';">p</font><font style="font-family: 'Times New Roman';">t </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">Extrafarma</font><font style="font-family: 'Times New Roman';"> segment</font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';">, after which </font><font style="font-family: 'Times New Roman';">the Company</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">calculate</font><font style="font-family: 'Times New Roman';">d</font><font style="font-family: 'Times New Roman';"> the perpetuity, considering the possibility of carrying the business on indefinitely.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">For </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">Extrafarma</font><font style="font-family: 'Times New Roman';"> segment, a period of </font><font style="font-family: 'Times New Roman';"><font>ten</font></font><font style="font-family: 'Times New Roman';"> years </font><font style="font-family: 'Times New Roman';">was used </font><font style="font-family: 'Times New Roman';">due to </font><font style="font-family: 'Times New Roman';">a <font>four</font>-year</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">period </font><font style="font-family: 'Times New Roman';">to maturity </font><font style="font-family: 'Times New Roman';">of </font><font style="font-family: 'Times New Roman';">new stores</font><font style="font-family: 'Times New Roman';"> were considered</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; text-decoration: underline;">Discount and real growth rates</font><font style="font-family: 'Times New Roman';">:</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">o</font><font style="font-family: 'Times New Roman';">n December 31, </font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> t</font><font style="font-family: 'Times New Roman';">he discount and </font><font style="font-family: 'Times New Roman';">real </font><font style="font-family: 'Times New Roman';">growth rates used to extrapolate the projections ranged from </font><font style="font-family: 'Times New Roman';"><font>8.5</font></font><font style="font-family: 'Times New Roman';">% to </font><font style="font-family: 'Times New Roman';"><font>11.0</font></font><font style="font-family: 'Times New Roman';">% </font><font style="font-family: 'Times New Roman';">and </font><font style="font-family: 'Times New Roman';">from </font><font style="font-family: 'Times New Roman';"><font>0</font></font><font style="font-family: 'Times New Roman';">% to </font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">% p.a</font><font style="font-family: 'Times New Roman';">.,</font><font style="font-family: 'Times New Roman';"> respectively, depending on the CGU analyzed.</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar<font>&nbsp;</font>Participa&#231;&#245;es<font>&nbsp;</font>S.A.<font>&nbsp;</font>and<font>&nbsp;</font>Subsidiaries<br></font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; text-decoration: underline;">Revenue from sales and services, costs and expenses, and gross margin</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">considers</font><font style="font-family: 'Times New Roman';"> the budget prepared</font><font style="font-family: 'Times New Roman';"> for </font><font style="font-family: 'Times New Roman';"><font>202</font></font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';"> and the long-term strategic plan prepared</font><font style="font-family: 'Times New Roman';"> by management and approved by the Board of Directors.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The goodwill impairment </font><font style="font-family: 'Times New Roman';">tests,</font><font style="font-family: 'Times New Roman';"> and net assets of the Company and its subsidiaries </font><font style="font-family: 'Times New Roman';">did not </font><font style="font-family: 'Times New Roman';">result in the recognition of impairment</font><font style="font-family: 'Times New Roman';">. In the year ended December 31, 2019 recorded an impairment provision</font><font style="font-family: 'Times New Roman';"> in the amount of R$ <font>593,280</font> for subsidiary </font><font style="font-family: 'Times New Roman';">Extrafarma</font><font style="font-family: 'Times New Roman';"> (see Note <font>2</font>.u).</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company </font><font style="font-family: 'Times New Roman';">assessed</font><font style="font-family: 'Times New Roman';"> a sensitivity analysis of discount and growth rate of perpetuity, due to </font><font style="font-family: 'Times New Roman';">their</font><font style="font-family: 'Times New Roman';"> significant impact on cash flows</font><font style="font-family: 'Times New Roman';"> and value in use</font><font style="font-family: 'Times New Roman';">. An increase of <font>0.5</font> percentage points in the discount rate or a decrease of <font>0.5</font> percentage </font><font style="font-family: 'Times New Roman';">points </font><font style="font-family: 'Times New Roman';">in the growth rate of the perpetuity of the cash flow of each business segment </font><font style="font-family: 'Times New Roman';">would</font><font style="font-family: 'Times New Roman';"> not result in </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">recognition of </font><font style="font-family: 'Times New Roman';">impairment</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">b. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Software</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">I</font><font style="font-family: 'Times New Roman';">ncludes user licenses and costs for the implementation of the various systems used by the Company and its subsidiaries: integrated management and control, financial management, foreign trade, industrial automation, operational and storage management, accounting information</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> and other systems.</font><font style="font-family: 'Times New Roman';"> Also include expenses related to software in progress </font><font style="font-family: 'Times New Roman';">in the amount of R$ </font><font style="font-family: 'Times New Roman';"><font>35,718</font></font><font style="font-family: 'Times New Roman';"> on</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, <font>2020</font> and R$ <font>56,472</font> on December 31, 2019.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">c. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Technology</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The subsidiaries </font><font style="font-family: 'Times New Roman';">Oxiteno</font><font style="font-family: 'Times New Roman';"> S.A.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and </font><font style="font-family: 'Times New Roman';">Oleoqu&#237;mica</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">recognize as technology certain rights of use held by them. Such licenses include the production of ethylene oxide, ethylene glycols, </font><font style="font-family: 'Times New Roman';">ethanolamines</font><font style="font-family: 'Times New Roman';">, glycol ethers, ethoxylates, solvents, fatty acids from vegetable oils, fatty alcohols, and specialty chemicals, which are products that are supplied to various industries.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">d. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Brands and </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">t</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">rademark rights</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Brands </font><font style="font-family: 'Times New Roman';">are represented by the acquisition cost of the &#8216;am/pm&#8217; brand in Brazil</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">of the </font><font style="font-family: 'Times New Roman';">Extrafarma</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">brand</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">acquired in the business combination</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and Chevron</font><font style="font-family: 'Times New Roman';"> and Texaco</font><font style="font-family: 'Times New Roman';"> trademark rights</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">e. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Other intangible</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">s</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">R</font><font style="font-family: 'Times New Roman';">efer</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> mainly to </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">loyalty program </font><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman';">Clube </font><font style="font-family: 'Times New Roman';">Extrafarma</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">f. Decarboni</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">z</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">ation credits</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The decarbonization credits (&#8220;CBIO&#8221;) acquired are recorded at acquisition cost and are retired in the year to </font><font style="font-family: 'Times New Roman';">fulfillment</font><font style="font-family: 'Times New Roman';"> the individual target set by the National Agency of Petroleum, Natural Gas and Biofuels (&#8220;ANP&#8221;).</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"><br></font></p>
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</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
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<h1 style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 12pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">16.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Loans</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">f</font><font style="font-family: 'Times New Roman';">inancing,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">d</font><font style="font-family: 'Times New Roman';">ebentures</font><font style="font-family: 'Times New Roman';"> and </font><font style="font-family: 'Times New Roman';">h</font><font style="font-family: 'Times New Roman';">edge </font><font style="font-family: 'Times New Roman';">d</font><font style="font-family: 'Times New Roman';">erivative </font><font style="font-family: 'Times New Roman';">f</font><font style="font-family: 'Times New Roman';">inancial </font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">nstruments</font></font></h1>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">a. Composition</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; text-align: left;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Description </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2019 </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Index/ <br>Currency </font></font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Weighted average <br>financial charges <br>12/31/2020 &#8211; % p.a. </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Maturity </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Foreign currency &#8211; denominated loans: </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; width: 40%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>N<font>otes in the foreign market</font></font> (b) (*) </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,267,687</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,213,662</font> </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font><font style="border-right: none; border-left: none;">US</font>$</font> </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5.3</font> </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-right: none; border-left: none;"><font style="border-left: none; border-right: none;"><font>2026 to 2029</font></font></font> </font></p>
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<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Foreign loan</font> (c<font>.1</font>) (*) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,047,644</font> </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,057,407</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font><font style="border-right: none; border-left: none;">US</font>$</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3.9</font> </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-right: none; border-left: none;"><font style="border-left: none; border-right: none;"><font>2021 to 2023</font></font></font> </font></p>
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<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Financial institutions</font> (e) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>312,200</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>604,741</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>US$ + <font style="border-left: none; border-right: none;">LIBOR</font></font> (<font style="border-left: none; border-right: none;">1</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1.4</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2021</font> </font></p>
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<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Foreign loan</font> (c<font>.1</font>) (*) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>261,284</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>608,685</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>US$ + <font style="border-left: none; border-right: none;">LIBOR</font></font> (<font style="border-left: none; border-right: none;">1</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1.0</font> </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2022</font> </font></p>
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<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Financial institutions</font> (e) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>154,783</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>132,417</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>US$</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2.5</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-right: none; border-left: none;"><font style="border-left: none; border-right: none;"><font>2020 to 2022</font></font></font> </font></p>
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<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Advances on foreign exchange contracts</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>105,579</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>US$</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3.7</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2021</font> </font></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Financial institutions</font> (e) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>39,350</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>41,164</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>MX$</font> (<font style="border-left: none; border-right: none;">2</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8.4</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2021</font> </font></p>
</td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Foreign loan</font> (c<font>.2</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>243,837</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>US$ + <font style="border-left: none; border-right: none;">LIBOR</font></font> (<font style="border-left: none; border-right: none;">1</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2020</font> </font></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>BNDES</font> (d) </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>208</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>US$</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2020</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total foreign currency </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; border-bottom: 1pt solid #000000; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,188,527</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; border-bottom: 1pt solid #000000; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,902,121</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"><br></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Brazilian Reais &#8211; denominated loans: </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Debentures &#8211; CRA</font> (g<font style="border-left: none; border-right: none;">.2</font>, g<font style="border-left: none; border-right: none;">.4</font> and g<font style="border-left: none; border-right: none;">.6</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>2,037,602</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>2,036,647</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>DI</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>95.8</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-size: 10pt;"><font><font>2022 to 2023</font></font></font></p>
</td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-right: none; border-left: none;"><font style="border-left: none; border-right: none;"><font>Debentures - 6</font></font></font>&#170; issuance (g<font style="border-left: none; border-right: none;">.5</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>1,734,113</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>1,752,080</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>DI</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>105.3</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2023</font> </font></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Debentures &#8211; Ipiranga</font> (g<font style="border-left: none; border-right: none;">.1</font> and g<font style="border-left: none; border-right: none;">.3</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>1,679,036</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>1,868,612</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>DI</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>105.0</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;"><font>2021 to 2022</font></font></font> </font></p>
</td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Notes - Ultrapar</font> (h<font style="border-left: none; border-right: none;">.1</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>1,038,499</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>R$ + DI</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3.1</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2021</font> </font></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Debentures &#8211; CRA</font> (g<font style="border-left: none; border-right: none;">.2</font>, g<font style="border-left: none; border-right: none;">.4</font> and g<font style="border-left: none; border-right: none;">.6</font>) (*)&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>1,000,824</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>941,614</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>IPCA</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4.6</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;"><font>2024 to 2025</font></font></font> </font></p>
</td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Banco do Brasil</font> (f) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>407,420</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>611,276</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>DI</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>110.9</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;"><font>2021 to 2022</font></font></font> </font></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Bank Credit Bill</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>50,692</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>R$ + DI</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3.5</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2021</font> </font></p>
</td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Debentures &#8211; Tequimar</font> (g<font style="border-left: none; border-right: none;">.7</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>92,541</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>89,278</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>R$</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6.5</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2024</font> </font></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>FINEP</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>29,803</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>41,345</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>TJLP</font> (<font style="border-left: none; border-right: none;">3</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1.6</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;"><font>2020 to 2023</font></font></font> </font></p>
</td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>BNDES</font> (d) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>62,578</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>TJLP</font> (<font style="border-left: none; border-right: none;">3</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2021</font> </font></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Banco do Nordeste do Brasil</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>10,039</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>R$</font> (<font style="border-left: none; border-right: none;">4</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2021</font> </font></p>
</td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>FINEP</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>12,820</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>R$</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;"><font>2020 to 2021</font></font></font> </font></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>BNDES</font> (d) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>30,392</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>SELIC</font> (<font style="border-left: none; border-right: none;">5</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2020</font> </font></p>
</td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>BNDES</font> (d) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>3,913</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>R$</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;"><font>2020 to 2022</font></font></font> </font></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;">
<div style="border-right: none; border-left: none;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>FINAME</font></font></p>
</div>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>22</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;">
<div style="border-right: none; border-left: none;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>TJLP</font></font></p>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font style="border-left: none; border-right: none;">3</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;"><font>2020 to 2022</font></font></font> </font></p>
</td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total in Brazilian Reais </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>8,070,530</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-bottom: 1pt solid #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>7,460,616</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total foreign currency and Brazilian Reais </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>17,259,057</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>14,362,737</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Currency and interest rate hedging instruments (**) </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>117,159</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>29,985</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>17,376,216</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>14,392,722</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Current </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>3,255,944</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>1,117,441</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Non-current </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>14,120,272</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>13,275,281</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><br></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(*) These transactions were designated for hedge accounting (see Note </font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">3</font></font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">3</font></font><font style="font-family: 'Times New Roman';">.h</font><font style="font-family: 'Times New Roman';">).</font></font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font><font style="font-family: 'Times New Roman';">(**) </font><font style="font-family: 'Times New Roman';">Accumulated</font><font style="font-family: 'Times New Roman';"> losses (see Note <font style="border-left: none; border-right: none;">3</font></font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">3</font></font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">).</font></font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-68</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><br></p>
</div>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">(<font>1</font>)</font></sup><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';"><font>LIBOR</font> = London Interbank Offered Rate.</font></font></p>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">&nbsp;</font></sup><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">(<font>2</font>)</font></sup><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">MX$ = Mexican Peso; TIIE = the Mexican interbank balance interest rate.</font></font></p>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">&nbsp;</font></sup><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">(<font>3</font>)</font></sup><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">TJLP (Long-term Interest Rate) = set by the National Monetary Council, TJLP is the basic financing cost of Banco Nacional de Desenvolvimento Econ&#244;mico e Social (&#8220;BNDES&#8221;), the Brazilian Development Bank. </font><font style="font-family: 'Times New Roman';">On </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">1</font></font><font style="font-family: 'Times New Roman';">, <font style="border-left: none; border-right: none;">2020</font>, TJLP was fixed at <font>4.55</font></font><font style="font-family: 'Times New Roman';">% p.a.</font></font></p>
<p style="margin-top: 2pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">&nbsp;</font></sup><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">(<font>4</font>)</font></sup><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">Contract linked to the rate of FNE (Northeast Constitutional Financing Fund) fund whose purpose is to promote the development of the industrial sector, managed by Banco do Nordeste do Brasil. On </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">1</font></font><font style="font-family: 'Times New Roman';">, <font style="border-left: none; border-right: none;">2020</font>, the FNE interest </font><font style="font-family: 'Times New Roman';">rate was <font>10</font>% p.a. FNE grants a discount of <font>15</font>% on the interest rate for timely payments.&nbsp;</font></font></p>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">(<font>5</font>)</font></sup><font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';">&nbsp;&nbsp; </font><font style="font-family: 'Times New Roman';">SELIC = basic interest rate set by the Brazilian Central Bank.</font></font></p>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The changes in </font><font style="font-family: 'Times New Roman';">loans</font><font style="font-family: 'Times New Roman';"> and</font><font style="font-family: 'Times New Roman';"> debentures </font><font style="font-family: 'Times New Roman';">are shown below:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; widows: 0; orphans: 0; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-right: none; border-left: none;">
<table cellspacing="0" cellpadding="0" style="height: 273px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-left: auto; margin-right: auto;" width="68%">

<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 86.4312%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance as of December 31, 2018 </font></p>
</td>
<td style="width: 12.691%; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>15,116,139</font> </font></p>
</td>
<td style="width: 1.21951%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><br></td>
</tr>
<tr style="height: 17px;">
<td style="width: 86.4312%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> New loans and debentures with cash effect </font></p>
</td>
<td style="width: 12.691%; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,105,737</font> </font></p>
</td>
<td style="width: 1.21951%; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 86.4312%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Interest accrued </font></p>
</td>
<td style="width: 12.691%; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>845,844</font> </font></p>
</td>
<td style="width: 1.21951%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><br></td>
</tr>
<tr style="height: 17px;">
<td style="width: 86.4312%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Principal payment </font></p>
</td>
<td style="width: 12.691%; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,644,704</font> </font></p>
</td>
<td style="width: 1.21951%; vertical-align: bottom;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 86.4312%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Interest payment </font></p>
</td>
<td style="width: 12.691%; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,469,780</font> </font></p>
</td>
<td style="width: 1.21951%; vertical-align: bottom; background-color: rgb(204, 238, 255);">)</td>
</tr>
<tr style="height: 17px;">
<td style="width: 86.4312%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Monetary and exchange rate variation </font></p>
</td>
<td style="width: 12.691%; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>296,441</font> </font></p>
</td>
<td style="width: 1.21951%; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 86.4312%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Change in fair value </font></p>
</td>
<td style="width: 12.691%; border-bottom: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>113,060</font> </font></p>
</td>
<td style="width: 1.21951%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><br></td>
</tr>
<tr style="height: 17px;">
<td style="width: 86.4312%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance as of December 31, 2019 </font></p>
</td>
<td style="width: 12.691%; vertical-align: bottom; height: 17px; border-top: 0.75pt solid rgb(0, 0, 0) !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>14,362,737</font> </font></p>
</td>
<td style="width: 1.21951%; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 86.4312%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> New loans and debentures with cash effect </font></p>
</td>
<td style="width: 12.691%; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,591,624</font> </font></p>
</td>
<td style="width: 1.21951%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><br></td>
</tr>
<tr style="height: 17px;">
<td style="width: 86.4312%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Interest accrued </font></p>
</td>
<td style="width: 12.691%; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>757,161</font> </font></p>
</td>
<td style="width: 1.21951%; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 86.4312%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Principal payment </font></p>
</td>
<td style="width: 12.691%; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,795,002</font> </font></p>
</td>
<td style="width: 1.21951%; vertical-align: bottom; background-color: rgb(204, 238, 255);">)</td>
</tr>
<tr style="height: 17px;">
<td style="width: 86.4312%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Interest payment </font></p>
</td>
<td style="width: 12.691%; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>740,853</font> </font></p>
</td>
<td style="width: 1.21951%; vertical-align: bottom;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 86.4312%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Monetary and exchange rate variation </font></p>
</td>
<td style="width: 12.691%; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,048,688</font> </font></p>
</td>
<td style="width: 1.21951%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><br></td>
</tr>
<tr style="height: 17px;">
<td style="width: 86.4312%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Change in fair value </font></p>
</td>
<td style="width: 12.691%; border-bottom: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>34,702</font> </font></p>
</td>
<td style="width: 1.21951%; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="width: 86.4312%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance as of December 31, 2020 </font></p>
</td>
<td style="width: 12.691%; vertical-align: bottom; height: 18px; background-color: rgb(204, 238, 255); border-bottom: 2.8pt double rgb(0, 0, 0);">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>17,259,057</font> </font></p>
</td>
<td style="width: 1.21951%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><br></td>
</tr>

</table>
<br></div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><br></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The long-term debt had the following </font><font style="font-family: 'Times New Roman';">principal </font><font style="font-family: 'Times New Roman';">maturity schedule:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; widows: 0; orphans: 0; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-right: none; border-left: none;">
<table cellspacing="0" cellpadding="0" style="height: 113px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%">

<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2019 </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 74%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> From <font>1</font> to <font>2</font> years </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,702,626</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,424,775</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> From <font>2</font> to <font>3</font> years </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,091,641</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,115,495</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> From <font>3</font> to <font>4</font> years </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>784,778</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,451,988</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> From <font>4</font> to <font>5</font> years </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>231,271</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>765,263</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> More than <font>5</font> years </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,309,956</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,517,760</font> </font></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>14,120,272</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>13,275,281</font></font></p>
</td>
</tr>

</table>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">T</font><font style="font-family: 'Times New Roman';">he transaction costs and issuance premiums associated with debt issuance were added to their financial liabilities, as shown in Note <font style="border-left: none; border-right: none;">1</font></font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">6</font></font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company&#8217;s management </font><font style="font-family: 'Times New Roman';">entered into</font><font style="font-family: 'Times New Roman';"> hedging instruments against foreign exchange and interest rate variations for a portion of its debt obligations (see Note </font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">3</font></font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">3</font></font><font style="font-family: 'Times New Roman';">.h</font><font style="font-family: 'Times New Roman';">).</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-69</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><br></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">b.</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Notes in the </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">f</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">oreign </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">m</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">arket</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">On October 6, 2016, </font><font style="font-family: 'Times New Roman';">the subsidiary </font><font style="font-family: 'Times New Roman';">Ultrapar</font><font style="font-family: 'Times New Roman';"> Internat</font><font style="font-family: 'Times New Roman';">ional </font><font style="font-family: 'Times New Roman';">S.A. (&#8220;</font><font style="font-family: 'Times New Roman';">Ultrapar</font><font style="font-family: 'Times New Roman';"> International&#8221;) </font><font style="font-family: 'Times New Roman';">issued US$ <font>750,000</font></font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">(equivalent </font><font style="font-family: 'Times New Roman';">to R$ <font>3,897,525</font></font><font style="font-family: 'Times New Roman';">&nbsp;as of </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">1</font></font><font style="font-family: 'Times New Roman';">, <font style="border-left: none; border-right: none;">20</font></font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">20</font></font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">in notes</font><font style="font-family: 'Times New Roman';"> in the foreign market, maturing in <font>October 2026</font>,</font><font style="font-family: 'Times New Roman';">&nbsp;with interest rate o</font><font style="font-family: 'Times New Roman';">f <font>5.25</font>% p</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">, paid semiannually. The issue price was <font>98.097</font>% of the face value of the note. The notes were guaranteed by the Company and </font><font style="font-family: 'Times New Roman';">its subsidiary </font><font style="font-family: 'Times New Roman';">IPP</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">The Company has designated hedge</font><font style="font-family: 'Times New Roman';"> relationships</font><font style="font-family: 'Times New Roman';"> for this transaction (see </font><font style="font-family: 'Times New Roman';">N</font><font style="font-family: 'Times New Roman';">ote <font style="border-left: none; border-right: none;">3</font></font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">3</font></font><font style="font-family: 'Times New Roman';">.h</font><font style="font-family: 'Times New Roman';">.<font style="border-left: none; border-right: none;">3</font></font><font style="font-family: 'Times New Roman';">).</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">On</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">June 6, 2019, the</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">subsidiary</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Ultrapar</font><font style="font-family: 'Times New Roman';"> International</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">issued US$ <font>500,000</font></font><font style="font-family: 'Times New Roman';">&nbsp;(equivalent</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">to R$ <font>2,598,350</font></font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> of</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">1</font></font><font style="font-family: 'Times New Roman';">, <font style="border-left: none; border-right: none;">20</font></font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">20</font></font><font style="font-family: 'Times New Roman';">) in notes in the</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">foreign</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">market, maturing in</font><font style="font-family: 'Times New Roman';">&nbsp;<font>June 2029</font>,</font><font style="font-family: 'Times New Roman';">&nbsp;with</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">interest rate of</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';"><font>5.25</font>% p. a., paid</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">semiannually. The issue</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">price</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">was <font>100</font>% of</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">the face value</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">of</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">the note. The notes were</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">guaranteed</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">by</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Company</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and its subsidiary IPP. The Company</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">has</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">designated hedge relationships for </font><font style="font-family: 'Times New Roman';">part of </font><font style="font-family: 'Times New Roman';">this</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">transaction (see Note <font style="border-left: none; border-right: none;">3</font></font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">3</font></font><font style="font-family: 'Times New Roman';">.h.<font style="border-left: none; border-right: none;">3</font>).</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">On June 21, </font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">2019</font>, </font><font style="font-family: 'Times New Roman';">the subsidiary </font><font style="font-family: 'Times New Roman';">Ultrapar</font><font style="font-family: 'Times New Roman';"> International</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">repurchased</font><font style="font-family: 'Times New Roman';"> US$ <font>200,000</font></font><font style="font-family: 'Times New Roman';">&nbsp;(equivalent</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">to</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">R</font><font style="font-family: 'Times New Roman';">$ <font>1,039,340</font></font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">as</font><font style="font-family: 'Times New Roman';"> of </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">1</font></font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">20</font></font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">20</font></font><font style="font-family: 'Times New Roman';">) </font><font style="font-family: 'Times New Roman';">in notes in the foreign market maturing in <font>October 2026</font>.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">On July 13, </font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">2020</font>, </font><font style="font-family: 'Times New Roman';">the subsidiary </font><font style="font-family: 'Times New Roman';">Ultrapar</font><font style="font-family: 'Times New Roman';"> Interna</font><font style="font-family: 'Times New Roman';">t</font><font style="font-family: 'Times New Roman';">ional made </font><font style="font-family: 'Times New Roman';">the reopening</font><font style="font-family: 'Times New Roman';"> of notes in the foreign market </font><font style="font-family: 'Times New Roman';">issued in <font style="border-left: none; border-right: none;">2019</font></font><font style="font-family: 'Times New Roman';">, in the amount of US$</font><font style="font-family: 'Times New Roman';">&nbsp;<font>350,000</font></font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">(equivalent to R$ <font>1,818,845</font></font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">as of December 31</font><font style="font-family: 'Times New Roman';">, <font style="border-left: none; border-right: none;">2020</font>)</font><font style="font-family: 'Times New Roman';"> maturing in </font><font><font style="font-family: 'Times New Roman';">June </font><font style="font-family: 'Times New Roman';">2029</font></font><font style="font-family: 'Times New Roman';">, to the coupon (interest) and yield of <font>5.25</font>% per year, paid semiannually. The </font><font style="font-family: 'Times New Roman';">issue price </font><font style="font-family: 'Times New Roman';">was </font><font style="font-family: 'Times New Roman';"><font>99.994</font>% of face value of the note</font><font style="font-family: 'Times New Roman';">. The notes were guaranteed by the Company and the subsidiary IPP.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">As a result of the issuance of</font><font style="font-family: 'Times New Roman';"> the</font><font style="font-family: 'Times New Roman';"> notes</font><font style="font-family: 'Times New Roman';"> in the foreign market</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">the Company and its subsidiaries are </font><font style="font-family: 'Times New Roman';">required </font><font style="font-family: 'Times New Roman';">to </font><font style="font-family: 'Times New Roman';">perform</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">certain </font><font style="font-family: 'Times New Roman';">obligations</font><font style="font-family: 'Times New Roman';">, including:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 50pt; text-align: justify; padding-left: 20pt; font-family: serif; font-size: 11pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Restriction on sale of all or </font><font style="font-family: 'Times New Roman';">substantially</font><font style="font-family: 'Times New Roman';"> all assets of the Company and subsidiaries </font><font style="font-family: 'Times New Roman';">Ultrapar</font><font style="font-family: 'Times New Roman';"> International and IPP.</font></font></li>
</ul>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 50pt; text-align: justify; padding-left: 20pt; font-family: serif; font-size: 11pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Restriction o</font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';"> encumbrance </font><font style="font-family: 'Times New Roman';">of</font><font style="font-family: 'Times New Roman';"> assets </font><font style="font-family: 'Times New Roman';">exceeding</font><font style="font-family: 'Times New Roman';"> US$ <font>150,000</font></font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">(equivalent to R</font><font style="font-family: 'Times New Roman';">$ <font>779,505</font></font><font style="font-family: 'Times New Roman';">&nbsp;as</font><font style="font-family: 'Times New Roman';"> of </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">1</font></font><font style="font-family: 'Times New Roman';">, <font style="border-left: none; border-right: none;">20</font></font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">20</font></font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">or <font>15</font>% of the </font><font style="font-family: 'Times New Roman';">amount</font><font style="font-family: 'Times New Roman';"> of </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">consolidated tangible assets</font><font style="font-family: 'Times New Roman';">.</font></font></li>
</ul>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company and its subsidiaries </font><font style="font-family: 'Times New Roman';">are in compliance with</font><font style="font-family: 'Times New Roman';"> the levels of covenants required by </font><font style="font-family: 'Times New Roman';">this</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">debt</font><font style="font-family: 'Times New Roman';">. The restrictions imposed on the Company and its subsidiaries are customary in transactions of this </font><font style="font-family: 'Times New Roman';">nature</font><font style="font-family: 'Times New Roman';"> and have not limited their ability to conduct their business to date.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; color: #212121; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">c. Foreign </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">l</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">oans</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; color: #212121; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">c.<font style="border-left: none; border-right: none;">1</font></font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> </font><font style="font-family: 'Times New Roman';">T</font><font style="font-family: 'Times New Roman';">he subsidiary IPP </font><font style="font-family: 'Times New Roman';">has </font><font style="font-family: 'Times New Roman';">foreign loan</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> in the amount of <font>US$ </font></font><font><font style="font-family: 'Times New Roman';"><font>235,000</font></font><font style="font-family: 'Times New Roman';"> </font></font><font style="font-family: 'Times New Roman';">(equivalent to <font>R$</font></font><font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';"><font>1,221,225</font></font><font style="font-family: 'Times New Roman';"> </font></font><font style="font-family: 'Times New Roman';">as of </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">1</font></font><font style="font-family: 'Times New Roman';">, <font style="border-left: none; border-right: none;">20</font></font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">20</font></font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';">. IPP also contracted hedging instruments with floating interest rate in U.S. dollar and exchange rate variation, changing the foreign loan</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> charge</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">, on average,</font><font style="font-family: 'Times New Roman';"> to </font><font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">104.1</font></font><font style="font-family: 'Times New Roman';">% of DI</font></font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">IPP designated th</font><font style="font-family: 'Times New Roman';">ese</font><font style="font-family: 'Times New Roman';"> hedging instrument</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> as a fair value hedge</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">(see Note <font style="border-left: none; border-right: none;">3</font></font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">3</font></font><font style="font-family: 'Times New Roman';">.h.<font style="border-left: none; border-right: none;">1</font>)</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">T</font><font style="font-family: 'Times New Roman';">herefore, loan</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> and hedging instrument</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> are both </font><font style="font-family: 'Times New Roman';">measured </font><font style="font-family: 'Times New Roman';">at fair value from inception</font><font style="font-family: 'Times New Roman';">, with changes in fair value recognized through profit or loss</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">The foreign loan</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">are </font><font style="font-family: 'Times New Roman';">secured by the Company.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The foreign loans ha</font><font style="font-family: 'Times New Roman';">ve</font><font style="font-family: 'Times New Roman';"> the maturity distributed as follows:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-right: none; border-left: none;">
<table cellspacing="0" cellpadding="0" style="height: 113px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 84%; margin-right: auto;" width="84%">

<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Maturity </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> US$ (thousands) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> R$ (thousands) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Cost in % of DI </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 66%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Charges </font><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">(<font>1</font>)</font></sup></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; width: 10%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>16,877</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; width: 2%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; width: 10%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>87,703</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; width: 2%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; width: 10%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Jul/2021</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>60,000</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>311,802</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>101.8</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Jun/2022</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>50,000</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>259,835</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>105.0</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;"><font>Sep/2023</font></font></font></font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>60,000</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>311,802</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>105.0</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;"><font style="border-right: none; border-left: none;"><font style="border-left: none; border-right: none;"><font>Sep/2023</font></font></font></font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>65,000</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>337,786</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>104.8</font> </font></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total / average cost </font></p>
</td>
<td style="border-top: 0.75pt solid #000000 !important; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>251,877</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000 !important; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,308,928</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000 !important; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>104.1</font> </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">&nbsp;</font></sup><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">(<font>1</font>)</font></sup><font style="font-family: 'Times New Roman';"> Includes interest, transaction costs </font><font style="font-family: 'Times New Roman';">and </font><font style="font-family: 'Times New Roman';">fair value adjustments</font><font style="font-family: 'Times New Roman';">.</font></font></p>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-70</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The subsidiary IPP paid off in advance of such financing in the amount of US$ <font>160,000</font> in <font>2020</font>. From the <font>2020</font>, the subsidiary IPP</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">does not have </font><font style="font-family: 'Times New Roman';">contracts of foreign loans with covenants.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">c.<font>2</font></font><font style="font-family: 'Times New Roman'; font-weight: bold;"> </font><font style="font-family: 'Times New Roman';">The subsidiary</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Global Petroleum Products Trading Corporation</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">(&#8220;GPPTC&#8221;) </font><font style="font-family: 'Times New Roman';">contracted</font><font style="font-family: 'Times New Roman';"> a </font><font style="font-family: 'Times New Roman';">foreign loan in the amount of <font>US$ </font><font>60,000</font></font><font><font style="font-family: 'Times New Roman';"> </font></font><font style="font-family: 'Times New Roman';">with maturity on <font>June 22, 2020</font> and interest of <font>LIBOR</font> + <font>2.0</font>% p.a</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">, paid quarterly. The Company, through the subsidiary Cia. Ultragaz, contracted </font><font style="font-family: 'Times New Roman';">hedging instruments </font><font style="font-family: 'Times New Roman';">subject to </font><font style="font-family: 'Times New Roman';">floating interest rate</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> in dollar and exchange </font><font style="font-family: 'Times New Roman';">rate </font><font style="font-family: 'Times New Roman';">variation, changing the </font><font style="font-family: 'Times New Roman';">foreign loan</font><font style="font-family: 'Times New Roman';"> charge to <font>105.9% of DI</font>. </font><font style="font-family: 'Times New Roman';">The foreign loan</font><font style="font-family: 'Times New Roman';"> is guaranteed by the Company and </font><font style="font-family: 'Times New Roman';">its</font><font style="font-family: 'Times New Roman';"> subsidiary </font><font style="font-family: 'Times New Roman';">Oxiteno</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">S.A</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> The foreign loan w</font><font style="font-family: 'Times New Roman';">as</font><font style="font-family: 'Times New Roman';"> settled by </font><font style="font-family: 'Times New Roman';">sudsidiary</font><font style="font-family: 'Times New Roman';"> GPPTC on the maturity date.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">d. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">BNDES</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The subsidiaries ha</font><font style="font-family: 'Times New Roman';">d</font><font style="font-family: 'Times New Roman';"> financing from BNDES for some of their investments and for working capital.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The subsidiaries paid such loans off in advance in the amount of R$ <font>39,843</font> on December 2020.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">e. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Financial </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">i</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">nstitutions</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The subsidiaries </font><font style="font-family: 'Times New Roman';">Oxiteno</font><font style="font-family: 'Times New Roman';"> Mexico S.A. de C.V., </font><font style="font-family: 'Times New Roman';">Oxiteno</font><font style="font-family: 'Times New Roman';"> USA LLC</font><font style="font-family: 'Times New Roman';"> (&#8220;</font><font style="font-family: 'Times New Roman';">Oxiteno</font><font style="font-family: 'Times New Roman';"> USA&#8221;)</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and </font><font style="font-family: 'Times New Roman';">Oxiteno</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Uruguay </font><font style="font-family: 'Times New Roman';">have loans </font><font style="font-family: 'Times New Roman';">for</font><font style="font-family: 'Times New Roman';"> investments and working capital.</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The </font><font style="font-family: 'Times New Roman';">subsidiary </font><font style="font-family: 'Times New Roman';">Oxiteno</font><font style="font-family: 'Times New Roman';"> USA </font><font style="font-family: 'Times New Roman';">has</font><font style="font-family: 'Times New Roman';"> loan</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">with </font><font style="font-family: 'Times New Roman';">bearing interest of </font><font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">LIBOR</font> + </font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">1</font>.</font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">4</font></font><font style="font-family: 'Times New Roman';">%</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> maturity as shown below:</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; break-inside: avoid; break-after: avoid; font-size: 10pt; text-align: left;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Maturity </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> US$ <br>(thousands) </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> R$ <br>(thousands) </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Charges </font><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">(<font>1</font>)</font></sup></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3</font> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>15</font> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Mar/2021</font> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>60,000</font> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>312,185</font> </font></p>
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<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>60,003</font> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>312,200</font> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; widows: 0; orphans: 0; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">&nbsp;</font></sup><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">(<font>1</font>)</font></sup><font style="font-family: 'Times New Roman';"> Includes interest.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The proceeds of this loan </font><font style="font-family: 'Times New Roman';">were</font><font style="font-family: 'Times New Roman';"> used</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">in the working capital and </font><font style="font-family: 'Times New Roman';">to fund the construction of a new alkoxylation plant in the state of Texas.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The subsidiary </font><font style="font-family: 'Times New Roman';">Oxiteno</font><font style="font-family: 'Times New Roman';"> USA paid off in advance </font><font style="font-family: 'Times New Roman';">of such financing in </font><font style="font-family: 'Times New Roman';">the amount of US$ </font><font style="font-family: 'Times New Roman';"><font>70,000</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">in <font>2020</font>. As from the third quarter of <font>2020</font>, t</font><font style="font-family: 'Times New Roman';">he </font><font style="font-family: 'Times New Roman';">subsidiary </font><font style="font-family: 'Times New Roman';">Oxiteno</font><font style="font-family: 'Times New Roman';"> USA</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">does not have the need to maintain </font><font style="font-family: 'Times New Roman';">the levels of covenants required by these loans.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">f. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Banco do </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Brasil</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The subsidiary IPP has floating interest rate loans with Banco do </font><font style="font-family: 'Times New Roman';">Brasil</font><font style="font-family: 'Times New Roman';"> to marketing, processing</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> or manufacturing of agricultural goods (ethanol)</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">These loans mature, as follows</font><font style="font-family: 'Times New Roman';"> (</font><font style="font-family: 'Times New Roman';">includes </font><font style="font-family: 'Times New Roman';">accrued</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">interest </font><font style="font-family: 'Times New Roman';">through</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, <font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';">:</font></font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Maturity </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> May/2021 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>204,328</font> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> May/2022 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>203,092</font> </font></p>
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<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>407,420</font> </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">&nbsp;</font></p>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-71</font></td>
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</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">g. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Debentures</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">g.</font><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>1</font></font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> In May 2016, the subsidiary IPP made its fourth issuance of public debentures</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> in </font><font style="font-family: 'Times New Roman';"><font>one</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">single series of <font>500</font> simple</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">nominative</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> registered debentures,</font><font style="font-family: 'Times New Roman';"> nonconvertible into shares and unsecured, </font><font style="font-family: 'Times New Roman';">which main characteristics</font><font style="font-family: Times;"> </font><font style="font-family: Times;">are </font><font style="font-family: Times;">as follows:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: Times; font-size: 10pt;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-left: auto; margin-right: auto;" width="68%">

<tr style="height: 12.75pt;">
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: Times; font-size: 10pt;"> Face value unit: </font></p>
</td>
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: Times; font-size: 10pt;"> R$ <font>1,000,000.00</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: Times; font-size: 10pt;"> Final maturity: </font></p>
</td>
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: Times; font-size: 10pt;"> <font>May 25, 2021</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: Times; font-size: 10pt;"> Payment of the face value: </font></p>
</td>
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: Times; font-size: 10pt;"> <font>Annual as from May 2019</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: Times; font-size: 10pt;"> Interest: </font></p>
</td>
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: Times; font-size: 10pt;"> <font><font style="border-left: none; border-right: none;">105.0</font>% of DI</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: Times; font-size: 10pt;"> Payment of interest: </font></p>
</td>
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: Times; font-size: 10pt;"> <font>Semiannually</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: Times; font-size: 10pt;"> Reprice: </font></p>
</td>
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: Times; font-size: 10pt;"> <font>Not applicable</font> </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">g.</font><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>2</font></font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">In April 2017, </font><font style="font-family: 'Times New Roman';">the subsidiary </font><font style="font-family: 'Times New Roman';">IPP carried out its fifth issuance of debentures, in <font>two</font> series</font><font style="font-family: 'Times New Roman';">, being <font>one</font></font><font><font style="font-family: 'Times New Roman';"> of</font></font><font style="font-family: 'Times New Roman';"><font>&nbsp;</font><font>660,139</font> and </font><font style="font-family: 'Times New Roman';">another of </font><font style="font-family: 'Times New Roman';"><font>352,361</font>, simple, nonconvertible into shares, nominative, book-entry and unsecured debentures. The debentures have been subscribed by Eco Consult &#8211; </font><font style="font-family: 'Times New Roman';">Consultoria</font><font style="font-family: 'Times New Roman';"> de </font><font style="font-family: 'Times New Roman';">Opera&#231;&#245;es</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Financeiras</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Agropecu&#225;rias</font><font style="font-family: 'Times New Roman';"> Ltda. </font><font style="font-family: 'Times New Roman';">T</font><font style="font-family: 'Times New Roman';">he proceeds from this issuance</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">were</font><font style="font-family: 'Times New Roman';"> used</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">exclusively </font><font style="font-family: 'Times New Roman';">for the purchase of ethanol</font><font style="font-family: 'Times New Roman';"> by subsidiary IPP</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The debentures were later assigned and transferred to Eco </font><font style="font-family: 'Times New Roman';">Securitizadora</font><font style="font-family: 'Times New Roman';"> de </font><font style="font-family: 'Times New Roman';">Direitos</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Credit&#243;rios</font><font style="font-family: 'Times New Roman';"> do </font><font style="font-family: 'Times New Roman';">Agroneg&#243;cio</font><font style="font-family: 'Times New Roman';"> S.A. that acquired these agribusiness credit rights with the purpose to bind the issuance of Certificates of Agribusiness Receivables (CRA). </font><font style="font-family: 'Times New Roman';">The </font><font style="font-family: 'Times New Roman';">debentures have an additional guarantee from </font><font style="font-family: 'Times New Roman';">Ultrapar</font><font style="font-family: 'Times New Roman';"> and the </font><font style="font-family: 'Times New Roman';">main characteristics of the debentures are as follows:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="height: 126px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-left: auto; margin-right: auto;" width="68%">

<tr style="height: 12px;">
<td style="width: 141.75pt; vertical-align: top; height: 12px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: Times; font-size: 10pt;"> Amount: </font></p>
</td>
<td style="width: 141.75pt; vertical-align: top; height: 12px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: Times; font-size: 10pt;"> <font>660,139</font> </font></p>
</td>
</tr>
<tr style="height: 19px;">
<td style="width: 141.75pt; vertical-align: top; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: Times; font-size: 10pt;"> Face value unit: </font></p>
</td>
<td style="width: 141.75pt; vertical-align: top; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: Times; font-size: 10pt;"> R$ <font>1,000.00</font> </font></p>
</td>
</tr>
<tr style="height: 19px;">
<td style="width: 141.75pt; vertical-align: top; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: Times; font-size: 10pt;"> Final maturity: </font></p>
</td>
<td style="width: 141.75pt; vertical-align: top; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: Times; font-size: 10pt;"> <font>April 18, 2022</font> </font></p>
</td>
</tr>
<tr style="height: 19px;">
<td style="width: 141.75pt; vertical-align: top; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: Times; font-size: 10pt;"> Payment of the face value: </font></p>
</td>
<td style="width: 141.75pt; vertical-align: top; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: Times; font-size: 10pt;"> <font>Lump sum at final maturity</font> </font></p>
</td>
</tr>
<tr style="height: 19px;">
<td style="width: 141.75pt; vertical-align: top; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: Times; font-size: 10pt;"> Interest: </font></p>
</td>
<td style="width: 141.75pt; vertical-align: top; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: Times; font-size: 10pt;"> <font><font style="border-left: none; border-right: none;">95.0</font>% of DI</font> </font></p>
</td>
</tr>
<tr style="height: 19px;">
<td style="width: 141.75pt; vertical-align: top; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: Times; font-size: 10pt;"> Payment of interest: </font></p>
</td>
<td style="width: 141.75pt; vertical-align: top; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: Times; font-size: 10pt;"> <font>Semiannually</font> </font></p>
</td>
</tr>
<tr style="height: 19px;">
<td style="width: 141.75pt; vertical-align: top; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: Times; font-size: 10pt;"> Reprice: </font></p>
</td>
<td style="width: 141.75pt; vertical-align: top; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: Times; font-size: 10pt;"> <font>Not applicable</font> </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: Times; font-size: 10pt;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-left: auto; margin-right: auto;" width="68%">

<tr style="height: 12.75pt;">
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: Times; font-size: 10pt;"> Amount: </font></p>
</td>
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: Times; font-size: 10pt;"> <font>352,361</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: Times; font-size: 10pt;"> Face value unit: </font></p>
</td>
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: Times; font-size: 10pt;"> R$ <font>1,000.00</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: Times; font-size: 10pt;"> Final maturity: </font></p>
</td>
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: Times; font-size: 10pt;"> <font>April 15, 2024</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: Times; font-size: 10pt;"> Payment of the face value: </font></p>
</td>
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: Times; font-size: 10pt;"> <font>Lump sum at final maturity</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: Times; font-size: 10pt;"> Interest: </font></p>
</td>
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: Times; font-size: 10pt;"> <font>IPCA + <font style="border-left: none; border-right: none;">4.68</font>%</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: Times; font-size: 10pt;"> Payment of interest: </font></p>
</td>
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: Times; font-size: 10pt;"> <font>Annually</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: Times; font-size: 10pt;"> Reprice: </font></p>
</td>
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: Times; font-size: 10pt;"> <font>Not applicable</font> </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The subsidiary IPP </font><font style="font-family: 'Times New Roman';">contracted hedging instruments subjected to</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">IPCA variation,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">changing the </font><font style="font-family: 'Times New Roman';">debentures</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">charge</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">linked to IPCA</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">to <font><font style="border-left: none; border-right: none;">93.9</font>% of DI</font>. IPP </font><font style="font-family: 'Times New Roman';">designated these hedging instruments as fair value hedge</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">; therefore, </font><font style="font-family: 'Times New Roman';">debentures</font><font style="font-family: 'Times New Roman';"> and hedging instruments are both measured at fair value from inception, with changes in fair value recognized through profit or loss.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">g.</font><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>3</font></font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">In July</font><font style="font-family: 'Times New Roman';"> 2017</font><font style="font-family: 'Times New Roman';">, the subsidiary IPP made its sixth issuance of public debentures, in <font>one</font> single series of <font>1,500,000</font> simple, nonconvertible into shares and unsecured debentures, which main characteristics are as follows:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="height: 114px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-left: auto; margin-right: auto;" width="68%">

<tr style="height: 19px;">
<td style="width: 49.9517%; vertical-align: top; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Face value unit: </font></p>
</td>
<td style="width: 49.9517%; vertical-align: top; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> R$ <font>1,000.00</font> </font></p>
</td>
</tr>
<tr style="height: 19px;">
<td style="width: 49.9517%; vertical-align: top; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Final maturity: </font></p>
</td>
<td style="width: 49.9517%; vertical-align: top; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>July 28, 2022</font> </font></p>
</td>
</tr>
<tr style="height: 19px;">
<td style="width: 49.9517%; vertical-align: top; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Payment of the face value: </font></p>
</td>
<td style="width: 49.9517%; vertical-align: top; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Annual as from July 2021</font> </font></p>
</td>
</tr>
<tr style="height: 19px;">
<td style="width: 49.9517%; vertical-align: top; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Interest: </font></p>
</td>
<td style="width: 49.9517%; vertical-align: top; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font><font style="border-left: none; border-right: none;">105.0</font>% of DI</font> </font></p>
</td>
</tr>
<tr style="height: 19px;">
<td style="width: 49.9517%; vertical-align: top; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Payment of interest: </font></p>
</td>
<td style="width: 49.9517%; vertical-align: top; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Annually</font> </font></p>
</td>
</tr>
<tr style="height: 19px;">
<td style="width: 49.9517%; vertical-align: top; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Reprice: </font></p>
</td>
<td style="width: 49.9517%; vertical-align: top; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Not applicable</font> </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-72</font></td>
</tr>

</table>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><br></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">g.</font><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>4</font></font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">In October 2017, the subsidiary IPP carried out its seventh issuance of debentures in the amount of R$ <font>944,077</font>, in <font>two</font> series</font><font style="font-family: 'Times New Roman';">, being on</font><font style="font-family: 'Times New Roman';"><font> of </font><font>730,384</font> and </font><font style="font-family: 'Times New Roman';">another of </font><font style="font-family: 'Times New Roman';"><font>213,693</font>, simple, nonconvertible into shares, nominative, book-entry and unsecured debentures. The debentures have been subscribed by </font><font style="font-family: 'Times New Roman';">Vert</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp;</font><font style="font-family: 'Times New Roman';">Companhia</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Securitizadora</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">T</font><font style="font-family: 'Times New Roman';">he proceeds from this issuance were</font><font style="font-family: 'Times New Roman';"> used </font><font style="font-family: 'Times New Roman';">exclusively </font><font style="font-family: 'Times New Roman';">for the purchase of ethanol</font><font style="font-family: 'Times New Roman';"> by subsidiary IPP</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><br></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The debentures were later assigned and transferred to Vert </font><font style="font-family: 'Times New Roman';">Cr&#233;ditos</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Ltda</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">, that acquired these agribusiness credit rights with the purpose to bind the issuance of Certificates of Agribusiness Receivables (CRA).</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">The financial settlement occurred on November 1, 2017</font><font style="font-family: 'Times New Roman';">. T</font><font style="font-family: 'Times New Roman';">he debentures have an additional guarantee from </font><font style="font-family: 'Times New Roman';">Ultrapar</font><font style="font-family: 'Times New Roman';"> and the main characteristics of the debentures are as follows:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-right: auto;" width="68%">

<tr style="height: 12.75pt;">
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Amount: </font></p>
</td>
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>730,384</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Face value unit: </font></p>
</td>
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> R$ <font>1,000.00</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Final maturity: </font></p>
</td>
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>October 24, 2022</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Payment of the face value: </font></p>
</td>
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Lump sum at final maturity</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Interest: </font></p>
</td>
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font><font style="border-left: none; border-right: none;">95.0</font>% of DI</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Payment of interest: </font></p>
</td>
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Semiannually</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Reprice: </font></p>
</td>
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Not applicable</font> </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-right: auto;" width="68%">

<tr style="height: 12.75pt;">
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Amount: </font></p>
</td>
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>213,693</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Face value unit: </font></p>
</td>
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> R$ <font>1,000.00</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Final maturity: </font></p>
</td>
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>October 24, 2024</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Payment of the face value: </font></p>
</td>
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Lump sum at final maturity</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Interest: </font></p>
</td>
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>IPCA + <font style="border-left: none; border-right: none;">4.34</font>%</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Payment of interest: </font></p>
</td>
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Annually</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Reprice: </font></p>
</td>
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Not applicable</font> </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The subsidiary IPP contracted hedging instruments subjected to</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">IPCA variation,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">changing the debentures charges</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">linked to IPCA to</font><font style="font-family: 'Times New Roman';">&nbsp;<font><font style="border-left: none; border-right: none;">97.3</font>% of DI</font>. IPP designated these hedging instruments as fair value hedges; therefore, debentures and hedging instruments are both measured at fair value from inception, with changes in fair value recognized through profit or loss.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">g.</font><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>5</font></font><font style="font-family: 'Times New Roman'; font-weight: bold;">.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">In March 2018, the Company made its sixth issuance of public debentures, in </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';"> single series of <font>1,725,000</font> simple, nonconvertible into shares and unsecured debentures, which main characteristics are as follows:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-right: auto;" width="68%">

<tr style="height: 12.75pt;">
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Face value unit: </font></p>
</td>
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> R$ <font>1,000.00</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Final maturity: </font></p>
</td>
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>March 5, 2023</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Payment of the face value: </font></p>
</td>
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Lump sum at final maturity</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Interest: </font></p>
</td>
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font><font style="border-left: none; border-right: none;">105.25</font>% of DI</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Payment of interest: </font></p>
</td>
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Semiannually</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Reprice: </font></p>
</td>
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Not applicable</font> </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><br></p>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-73</font></td>
</tr>

</table>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">g.<font>6</font>.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">In December 2018, the subsidiary IPP carried out its eighth issuance of debentures in the amount of R$ <font>900,000</font>, in <font>two</font> series</font><font style="font-family: 'Times New Roman';">, being <font>one</font></font><font style="font-family: 'Times New Roman';"><font> of </font><font>660,000</font> and </font><font style="font-family: 'Times New Roman';">another of </font><font style="font-family: 'Times New Roman';"><font>240,000</font>, simple, nonconvertible into shares, nominative, book-entry and unsecured debentures. The debentures have been subscribed by Vert </font><font style="font-family: 'Times New Roman';">Companhia</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Securitizadora</font><font style="font-family: 'Times New Roman';">. The proceeds from this issuance </font><font style="font-family: 'Times New Roman';">were</font><font style="font-family: 'Times New Roman';"> used exclusively for the purchase of ethanol</font><font style="font-family: 'Times New Roman';"> by subsidiary IPP</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">The debentures were subscribed with the purpose to bind the issuance of CRA. </font><font style="font-family: 'Times New Roman';">T</font><font style="font-family: 'Times New Roman';">he financial settlement occurred on December 21, 2018</font><font style="font-family: 'Times New Roman';">. T</font><font style="font-family: 'Times New Roman';">he debentures have an additional guarantee from </font><font style="font-family: 'Times New Roman';">Ultrapar</font><font style="font-family: 'Times New Roman';"> and the main characteristics of the debentures are as follows:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-right: auto;" width="68%">

<tr style="height: 12.75pt;">
<td style="width: 49.9517%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Amount: </font></p>
</td>
<td style="width: 49.9517%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>660,000</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 49.9517%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Face value unit: </font></p>
</td>
<td style="width: 49.9517%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> R$ <font>1,000.00</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 49.9517%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Final maturity: </font></p>
</td>
<td style="width: 49.9517%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>December 18, 2023</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 49.9517%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Payment of the face value: </font></p>
</td>
<td style="width: 49.9517%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Lump sum at final maturity</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 49.9517%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Interest: </font></p>
</td>
<td style="width: 49.9517%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font><font style="border-left: none; border-right: none;">97.5</font>% of DI</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 49.9517%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Payment of interest: </font></p>
</td>
<td style="width: 49.9517%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Semiannually</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 49.9517%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Reprice: </font></p>
</td>
<td style="width: 49.9517%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Not applicable</font> </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-right: auto;" width="68%">

<tr style="height: 12.75pt;">
<td style="width: 49.9517%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Amount: </font></p>
</td>
<td style="width: 49.9517%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>240,000</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 49.9517%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Face value unit: </font></p>
</td>
<td style="width: 49.9517%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> R$ <font>1,000.00</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 49.9517%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Final maturity: </font></p>
</td>
<td style="width: 49.9517%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>December 15, 2025</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 49.9517%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Payment of the face value: </font></p>
</td>
<td style="width: 49.9517%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Lump sum at final maturity</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 49.9517%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Interest: </font></p>
</td>
<td style="width: 49.9517%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>IPCA + <font style="border-left: none; border-right: none;">4.61</font>%</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 49.9517%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Payment of interest: </font></p>
</td>
<td style="width: 49.9517%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Annually</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 49.9517%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Reprice: </font></p>
</td>
<td style="width: 49.9517%; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Not applicable</font> </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The subsidiary IPP contracted hedging instruments subjected to</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">IPCA variation,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">changing the debentures charges</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">linked to IPCA to <font><font style="border-left: none; border-right: none;">97.1</font>% of DI</font>. IPP designated these hedging instruments as fair value hedges; therefore, debentures and hedging instruments are both measured at fair value from inception, with changes in fair value recognized through profit or loss.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">g.<font>7</font>.</font><font style="font-family: 'Times New Roman';"> In November 2019, the subsidiary </font><font style="font-family: 'Times New Roman';">Tequimar</font><font style="font-family: 'Times New Roman';"> made its first issuance of debentures, in a single series of <font>90,000</font> simple, nonconvertible into shares and unsecured debentures, which main characteristics are as follows:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<tr style="height: 12.75pt;">
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Face value unit: </font></p>
</td>
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> R$ <font>1,000.00</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Final maturity: </font></p>
</td>
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>November 19, 2024</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Payment of the face value: </font></p>
</td>
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Lump sum at final maturity</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Interest: </font></p>
</td>
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font><font style="border-left: none; border-right: none;">6.47</font>%</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Payment of interest: </font></p>
</td>
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Semiannually</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Reprice: </font></p>
</td>
<td style="width: 141.75pt; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Not applicable</font> </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The subsidiary </font><font style="font-family: 'Times New Roman';">Tequimar</font><font style="font-family: 'Times New Roman';"> contracted hedging instruments subjected interest rate variation, changing the debentures fixed for <font>99.94</font>% of the DI. </font><font style="font-family: 'Times New Roman';">Tequimar</font><font style="font-family: 'Times New Roman';"> designated these hedging instruments as fair value hedges; therefore, debentures and hedging instruments are both measured at fair value from inception, with changes in fair value recognized </font><font style="font-family: 'Times New Roman';">in</font><font style="font-family: 'Times New Roman';"> profit or loss.</font></font></p>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-74</font></td>
</tr>

</table>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
</div>
</div>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt; padding-left: 30px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The debentures have maturity dates distributed as shown below (</font><font style="font-family: 'Times New Roman';">includes </font><font style="font-family: 'Times New Roman';">accrued</font><font style="font-family: 'Times New Roman';"> interest </font><font style="font-family: 'Times New Roman';">through </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, <font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';">).</font></font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><br></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-right: auto; height: 249px;" width="68%">

<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Maturity </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 86%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Charges </font><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">(<font>1</font>)</font></sup></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; width: 2%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 12%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>205,533</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> May/2021 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>166,670</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Jul/2021 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>750,000</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Apr/2022 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>660,139</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Jul/2022 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>750,000</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Oct/2022 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>730,384</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Mar/2023 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,725,336</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Dec/2023 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>660,000</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Apr/2024 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>352,361</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Oct/2024 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>213,693</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Nov/2024 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>90,000</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Dec/2025 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>240,000</font> </font></p>
</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,544,116</font> </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">&nbsp;</font></sup><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">(<font>1</font>)</font></sup><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Includes interest, transaction cost and mark to market.</font></font></p>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">h. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Notes</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">h.<font>1</font> </font><font style="font-family: 'Times New Roman';">In April 2020, the Company made its second public issuance of notes in a single series of <font>40</font> commercial notes, not convertible into shares, of unsecured type, whose main characteristics are:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-left: auto; margin-right: auto;" width="68%">

<tr style="height: 12.75pt;">
<td style="width: 49.6774%; padding: 0px; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Face value unit: </font></p>
</td>
<td style="width: 50.1076%; padding: 0px; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> R$ <font>25,000,000.00</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 49.6774%; padding: 0px; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Final maturity: </font></p>
</td>
<td style="width: 50.1076%; padding: 0px; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>April 6, 2021</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 49.6774%; padding: 0px; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Payment of the face value: </font></p>
</td>
<td style="width: 50.1076%; padding: 0px; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Lump sum at final maturity</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 49.6774%; padding: 0px; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Interest: </font></p>
</td>
<td style="width: 50.1076%; padding: 0px; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>DI + <font style="border-left: none; border-right: none;">3.10</font>%</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 49.6774%; padding: 0px; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Payment of interest: </font></p>
</td>
<td style="width: 50.1076%; padding: 0px; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Lump sum at final maturity</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 49.6774%; padding: 0px; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Reprice: </font></p>
</td>
<td style="width: 50.1076%; padding: 0px; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font style="border-left: none; border-right: none;"><font>Not applicable</font></font> </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">h.<font>2</font> </font><font style="font-family: 'Times New Roman';">In April 2020, the subsidiary IPP made its first public issuance of notes in a single series of <font>15</font> commercial notes, not convertible into shares, of unsecured type, whose main characteristics are:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-right: auto;" width="68%">

<tr style="height: 12.75pt;">
<td style="width: 49.8925%; padding: 0px; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Face value unit: </font></p>
</td>
<td style="width: 49.8925%; padding: 0px; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> R$ <font>20,000,000.00</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 49.8925%; padding: 0px; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Final maturity: </font></p>
</td>
<td style="width: 49.8925%; padding: 0px; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>April 3, 2021</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 49.8925%; padding: 0px; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Payment of the face value: </font></p>
</td>
<td style="width: 49.8925%; padding: 0px; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Lump sum at final maturity</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 49.8925%; padding: 0px; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Interest: </font></p>
</td>
<td style="width: 49.8925%; padding: 0px; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>DI + <font style="border-left: none; border-right: none;">2.00</font>%</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 49.8925%; padding: 0px; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Payment of interest: </font></p>
</td>
<td style="width: 49.8925%; padding: 0px; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Lump sum at final maturity</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt;">
<td style="width: 49.8925%; padding: 0px; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Reprice: </font></p>
</td>
<td style="width: 49.8925%; padding: 0px; vertical-align: top;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Not applicable</font> </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The subsidiary IPP paid off in advance the notes in November 2020.</font><br></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-75</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><br></p>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">i</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Transaction </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">c</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">osts</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Transaction costs incurred in issuing debt were deducted from the value of the related financial instrument</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> and are recognized as </font><font style="font-family: 'Times New Roman';">an </font><font style="font-family: 'Times New Roman';">expense according to the effective interest rate method, as follows:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 130px; width: 100%;" width="100%">

<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Effective rate <br>of transaction <br>costs (% p.a.) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Balance on 12/31/2019 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Incurred <br>cost </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Amortization </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Balance on 12/31/2020 </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 47%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Debentures (g) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>0.2</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>41,406</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>13,058</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>28,348</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Notes in the foreign market (b) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>0.1</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>28,114</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>13,263</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4,265</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>37,112</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Notes (h) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>0.5</font> </font></p>
</td>
<td style="vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,802</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>5,484</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,318</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Banco do Brasil (f) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>0.1</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>770</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>438</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>332</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Foreign loans (c) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>94</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>94</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Others </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,382</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,382</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>71,766</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>20,065</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>24,721</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>67,110</font> </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 38.25pt; -aw-height-rule: exactly;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Effective rate <br>of transaction <br>costs (% p.a.) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Balance on 12/31/2018 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Incurred <br>cost </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Amortization </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Balance on 12/31/2019 </font></p>
</td>
</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 47%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Debentures (g) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>0.2</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; background-color: #cceeff; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>56,376</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>692</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>15,662</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>41,406</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt; -aw-height-rule: exactly;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Notes in the foreign market (b) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>0.1</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>13,881</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>18,442</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4,209</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>28,114</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Banco do Brasil (f) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>0.2</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,437</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,667</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>770</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt; -aw-height-rule: exactly;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Foreign loans (c) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>331</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>237</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>94</font> </font></p>
</td>
</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Others </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>0.2</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,432</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,050</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,382</font> </font></p>
</td>
</tr>
<tr style="height: 13.5pt;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>76,457</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>19,134</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>23,825</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>71,766</font> </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 10pt; height: 130px; width: 100%;" width="100%">

<tr style="height: 34px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: Calibri; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Effective rate <br>of transaction <br>costs (% p.a.) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 9pt;"><font style="font-family: Calibri; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Balance on 12/31/2017 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 9pt;"><font style="font-family: Calibri; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Incurred <br>cost </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 9pt;"><font style="font-family: Calibri; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Amortization </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 9pt;"><font style="font-family: Calibri; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Balance on 12/31/2018 </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 47%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Debentures (g) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>0.2</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>44,709</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>21,308</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>9,641</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>56,376</font> </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Notes in the foreign market (b) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>15,298</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,417</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>13,881</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Banco do Brasil (f) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>0.2</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8,065</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4,628</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,437</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Foreign loans (c) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>0.1</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,213</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>882</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>331</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>0.2</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,801</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>366</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>735</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,432</font> </font></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>72,086</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>21,674</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>17,303</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>76,457</font></font></p>
</td>
</tr>

</table>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-76</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><br></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
</div>
</div>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The amount to be appropriated to profit or loss in the future is as follows:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="height: 96px; margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Up to <br><font>1</font> year </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>1</font> to <font>2</font> <br>years </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2</font> to <font>3</font> <br>years </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>3</font> to <font>4</font> <br>years </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>4</font> to <font>5</font> <br>years </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> More than <font>5</font> <br>years </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Total </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 31%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Debentures (g) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>12,403</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,274</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,318</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,139</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>214</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>28,348</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Notes in the foreign market (b) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,890</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,893</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,896</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,913</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,903</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>12,617</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>37,112</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Notes (h) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,318</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,318</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Banco do Brasil (f) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>257</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>75</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>332</font> </font></p>
</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000; border-top: 1pt solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>18,868</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000; border-top: 1pt solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>14,242</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000; border-top: 1pt solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,214</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000; border-top: 1pt solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,052</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000; border-top: 1pt solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,117</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000; border-top: 1pt solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>12,617</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000; border-top: 1pt solid #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>67,110</font> </font></p>
</td>
</tr>

</table>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><br></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;">j. Guarantees</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The financings are guaranteed by collateral in the amount of R$ </font><font style="font-family: 'Times New Roman';"><font>75,251</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as of </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, <font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"> (R$ </font><font style="font-family: 'Times New Roman';"><font>73,536</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as of December 31, 201</font><font style="font-family: 'Times New Roman';"><font>9</font></font><font style="font-family: 'Times New Roman';">) </font><font style="font-family: 'Times New Roman';">and by guarantees and promissory notes in the amount </font><font style="font-family: 'Times New Roman';">of R$</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';"><font>13,758,033</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as</font><font style="font-family: 'Times New Roman';"> of </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"> (</font><font style="font-family: 'Times New Roman';">R$ </font><font style="font-family: 'Times New Roman';"><font>11,833,294</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as of December 31, 201</font><font style="font-family: 'Times New Roman';"><font>9</font></font><font style="font-family: 'Times New Roman';">).</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">T</font><font style="font-family: 'Times New Roman';">he Company and its subsidiaries offer collateral in the form of letters of credit for commercial and legal proceedings in the amount of </font><font style="font-family: 'Times New Roman';">R$ </font><font style="font-family: 'Times New Roman';"><font>129,139</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as of </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"> (</font><font style="font-family: 'Times New Roman';">R$ </font><font style="font-family: 'Times New Roman';"><font>293,509</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as of December 31, 201</font><font style="font-family: 'Times New Roman';"><font>9</font></font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';">. </font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Some subsidiaries</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">of </font><font style="font-family: 'Times New Roman';">Company</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">issue collateral to financial institutions in connection with the amounts owed by some of their customers to such institutions (vendor financing) as follows:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="height: 95px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 92%; margin-right: auto;" width="92%">

<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td colspan="3" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> IPP </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td colspan="3" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Oxiteno </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2019 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2019 </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 58%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Maximum amount of future payments related to these collaterals </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>330,944</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>81,344</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,753</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Maturities of up to </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>46</font> months </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>60</font> months </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4</font> months </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Fair value of collaterals </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,496</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,237</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>68</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">If a subsidiary is required to make any payment under these collaterals, this subsidiary may recover the amount paid directly from its customers through commercial collection. </font><font style="font-family: 'Times New Roman';">Until </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, <font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';">, the subsidiaries did not have losses in connection with these collaterals. The fair value of collaterals </font><font style="font-family: 'Times New Roman';">is </font><font style="font-family: 'Times New Roman';">recognized in current liabilities as </font><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman';">other payables</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';">, which is recognized </font><font style="font-family: 'Times New Roman';">in the statement of</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">profit or loss as customers settle their obligations with the financial institutions.</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-77</font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
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<h1 style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 12pt; text-indent: 0px;"><font><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">17</font>. </font><font style="font-family: 'Times New Roman';">Trade </font><font style="font-family: 'Times New Roman';">p</font><font style="font-family: 'Times New Roman';">ayables</font></font></font></h1>
<p><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
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<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2019 </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 78%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Domestic suppliers </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,306,398</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,800,348</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Domestic suppliers &#8211; related parties (see Note <font>8</font>.a)</font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,102</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>96,908</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Domestic suppliers &#8211; reverse factoring (i) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,021,424</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>262,870</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Domestic suppliers &#8211; reverse factoring (i) - related parties (see Note <font>8</font>.a) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>61,989</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>193,080</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Foreign suppliers </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>307,486</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>237,618</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Foreign suppliers - related parties (see Note <font>8</font>.a) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>126,033</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>23,604</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Foreign suppliers &#8211; reverse factoring (i) </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>212,220</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>85,643</font> </font></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,040,652</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,700,071</font> </font></p>
</td>
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</table>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(</font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">) Suppliers</font><font style="font-family: 'Times New Roman';"> &#8211; </font><font style="font-family: 'Times New Roman';">reverse factoring</font><font style="font-family: 'Times New Roman';">: </font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">ome subsidiaries of the Company entered into an </font><font style="font-family: 'Times New Roman';">agreement</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> with a financial institution</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">These agreements </font><font style="font-family: 'Times New Roman';">consist </font><font style="font-family: 'Times New Roman';">in</font><font style="font-family: 'Times New Roman';"> the anticipation of </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">receipt of </font><font style="font-family: 'Times New Roman';">trade payables</font><font style="font-family: 'Times New Roman';"> by the supplier, </font><font style="font-family: 'Times New Roman';">in which</font><font style="font-family: 'Times New Roman';"> the financial institution</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">prepay</font><font style="font-family: 'Times New Roman';"> a certain amount fr</font><font style="font-family: 'Times New Roman';">om</font><font style="font-family: 'Times New Roman';"> the </font><font style="font-family: 'Times New Roman';">supplier</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> and</font><font style="font-family: 'Times New Roman';"> receives on the </font><font style="font-family: 'Times New Roman';">maturity</font><font style="font-family: 'Times New Roman';"> date the amount </font><font style="font-family: 'Times New Roman';">payable</font><font style="font-family: 'Times New Roman';"> by the subsidiaries of the Company. The decision to </font><font style="font-family: 'Times New Roman';">join </font><font style="font-family: 'Times New Roman';">this </font><font style="font-family: 'Times New Roman';">type of </font><font style="font-family: 'Times New Roman';">transaction is solely and exclusively </font><font style="font-family: 'Times New Roman';">of</font><font style="font-family: 'Times New Roman';"> the supplier. The agreement does not </font><font style="font-family: 'Times New Roman';">substantially</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">change the main characteristics of the commercial conditions previously established </font><font style="font-family: 'Times New Roman';">between the subsidiaries of the Company and </font><font style="font-family: 'Times New Roman';">the supplier</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">. These </font><font style="font-family: 'Times New Roman';">transactions</font><font style="font-family: 'Times New Roman';"> are presented </font><font style="font-family: 'Times New Roman';">in </font><font style="font-family: 'Times New Roman';">operating activities</font><font style="font-family: 'Times New Roman';"> in the statements of cash flow</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Some</font><font style="font-family: 'Times New Roman';"> Company</font><font style="font-family: 'Times New Roman';">&#8217;s</font><font style="font-family: 'Times New Roman';"> subsidiaries acquire oil</font><font style="font-family: 'Times New Roman';">-</font><font style="font-family: 'Times New Roman';">based fuels and LPG from Petrobras and its subsidiaries and ethylene from Braskem </font><font style="font-family: 'Times New Roman';">S.A. </font><font style="font-family: 'Times New Roman';">These suppliers control almost all the markets for these products in Brazil.</font></font></p>
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<h1 style="margin-top: 12pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 12pt;"><font><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">18</font>. </font><font style="font-family: 'Times New Roman';">Salaries and </font><font style="font-family: 'Times New Roman';">r</font><font style="font-family: 'Times New Roman';">elated </font><font style="font-family: 'Times New Roman';">c</font><font style="font-family: 'Times New Roman';">harges</font></font></font></h1>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<table cellspacing="0" cellpadding="0" style="height: 103px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%">

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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2019 </font></p>
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</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 78%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Provisions on salaries </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>195,286</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>184,716</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Profit sharing, bonus and premium </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>184,306</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>133,533</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Social charges </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>73,267</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>70,228</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Others </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>15,771</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>17,159</font> </font></p>
</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>468,630</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>405,636</font> </font></p>
</td>
</tr>

</table>
</div>
<h1 style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 12pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></h1>
</div>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<h1 style="margin-top: 12pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 12pt;"><font><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">19</font>. </font><font style="font-family: 'Times New Roman';">Taxes </font><font style="font-family: 'Times New Roman';">p</font><font style="font-family: 'Times New Roman';">ayable</font></font></font></h1>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 120px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%">

<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2019 </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 78%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> ICMS </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>180,522</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>149,547</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> PIS and COFINS </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>13,187</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>40,676</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> ISS </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>38,328</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>26,986</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Value-added tax (IVA) of foreign subsidiaries </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>27,322</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>25,619</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Others </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>26,655</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>27,094</font> </font></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>286,014</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>269,922</font> </font></p>
</td>
</tr>

</table>
</div>
</div>
</div>
<div>
<p><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<table style="width: 100%; height: 17px; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 17px;">
<td class="pgno" style="padding: 0px; text-align: center; height: 17px;"><font style="font-size: 10pt;" class="pageno">F-78</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<h1 style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 12pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">20</font>. </font><font style="font-family: 'Times New Roman';">Employee </font><font style="font-family: 'Times New Roman';">b</font><font style="font-family: 'Times New Roman';">enefits and </font><font style="font-family: 'Times New Roman';">p</font><font style="font-family: 'Times New Roman';">rivate </font><font style="font-family: 'Times New Roman';">p</font><font><font style="font-family: 'Times New Roman';">ension </font></font><font style="font-family: 'Times New Roman';">p</font><font style="font-family: 'Times New Roman';">lan</font></font></h1>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">a. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">ULTRAPREV</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"> </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">- </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">A</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">ssocia&#231;&#259;o</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"> de </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">P</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">revid&#234;ncia </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">C</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">omplementar</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">In February 2001, the Company&#8217;s Board of Directors approved the adoption of a defined contribution pension plan to be sponsored by the Company and each of its subsidiaries. Participating employees have been contributing to this plan, managed by </font><font style="font-family: 'Times New Roman';">Ultraprev</font><font style="font-family: 'Times New Roman';"> - </font><font style="font-family: 'Times New Roman';">Associa&#231;</font><font style="font-family: 'Times New Roman';">&#227;</font><font style="font-family: 'Times New Roman';">o</font><font style="font-family: 'Times New Roman';"> de </font><font style="font-family: 'Times New Roman';">Previd&#234;ncia</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Complementar</font><font style="font-family: 'Times New Roman';"> (&#8220;</font><font style="font-family: 'Times New Roman';">Ultraprev</font><font style="font-family: 'Times New Roman';">&#8221;), since August 2001. Under the terms of the plan, every year each participating employee chooses his or her basic contribution to the plan. Each sponsoring company provides a matching contribution in an amount equivalent to each basic contribution, up to a limit of <font>11</font>% of the employee&#8217;s reference salary, according to the rules of the plan. As participating employees retire, they may choose to receive either (</font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">) a monthly sum ranging between <font>0.3</font></font><font style="font-family: 'Times New Roman';">% and <font>1.0</font>% of their respective accumulated fund in </font><font style="font-family: 'Times New Roman';">Ultraprev</font><font style="font-family: 'Times New Roman';"> or (ii) a fixed monthly amount</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> which will </font><font style="font-family: 'Times New Roman';">exhaust their respective accumulated fund over a period of <font>5</font> to </font><font style="font-family: 'Times New Roman';"><font>35</font></font><font style="font-family: 'Times New Roman';"> years. The sponsoring company does not </font><font style="font-family: 'Times New Roman';">take responsibility for </font><font style="font-family: 'Times New Roman';">guarantee</font><font style="font-family: 'Times New Roman';">ing</font><font style="font-family: 'Times New Roman';"> amounts or the duration of the benefits received by </font><font style="font-family: 'Times New Roman';">the retired </font><font style="font-family: 'Times New Roman';">employee. </font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">In May 2020, the Deliberative Council of </font><font style="font-family: 'Times New Roman';">Ultraprev</font><font style="font-family: 'Times New Roman';"> approved the use of the reversion fund</font><font style="font-family: 'Times New Roman';"> in the amount of <font>R$ </font><font>47,088</font></font><font><font style="font-family: 'Times New Roman';">, </font></font><font style="font-family: 'Times New Roman';">which R$ </font><font style="font-family: 'Times New Roman';"><font>11,020</font></font><font style="font-family: 'Times New Roman';"> used to deduct the sponsors&#8217; normal contributions. The balance of <font>R$ </font></font><font><font style="font-family: 'Times New Roman';"><font>36,068</font></font></font><font style="font-family: 'Times New Roman';"> on </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, <font>2020</font> will be</font><font style="font-family: 'Times New Roman';"> used </font><font style="font-family: 'Times New Roman';">to deduct normal sponsor contributions</font><font style="font-family: 'Times New Roman';"> in </font><font style="font-family: 'Times New Roman';">an average period between <font>10</font> and <font>70</font> months depending on the sponsor.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">In</font><font style="font-family: 'Times New Roman';"> <font style="border-left: none; border-right: none;">2020</font>, the subsidiaries contributed</font><font style="font-family: 'Times New Roman';"> to </font><font style="font-family: 'Times New Roman';">Ultraprev</font><font style="font-family: 'Times New Roman';"> with</font><font style="font-family: 'Times New Roman';"> R$ </font><font style="font-family: 'Times New Roman';"><font>20,505</font></font><font style="font-family: 'Times New Roman';">, including the use of the reversion fund of R$ <font>11,020</font></font><font style="font-family: 'Times New Roman';"> (</font><font style="font-family: 'Times New Roman';">in <font style="border-left: none; border-right: none;">2019</font> the subsidiaries contributed to </font><font style="font-family: 'Times New Roman';">Ultraprev</font><font style="font-family: 'Times New Roman';"> with </font><font style="font-family: 'Times New Roman';">R$ </font><font style="font-family: 'Times New Roman';"><font>21,357</font></font><font style="font-family: 'Times New Roman';"> and R$ <font>24,323</font> in <font style="border-left: none; border-right: none;">2018</font></font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';">, which is recognized as expense in the income statement. The total number of participating employees as of </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">1</font></font><font style="font-family: 'Times New Roman';">, <font style="border-left: none; border-right: none;">2020</font> was <font>7,290</font>&nbsp;</font><font style="font-family: 'Times New Roman';">active participants and <font>361</font>&nbsp;</font><font style="font-family: 'Times New Roman';">retired participants. In addition, </font><font style="font-family: 'Times New Roman';">Ultraprev</font><font style="font-family: 'Times New Roman';"> had <font>23</font>&nbsp;</font><font style="font-family: 'Times New Roman';">former employees receiving benefits under the rules of a previous plan whose reserves are fully constituted.</font></font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">b. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Post-employment </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">b</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">enefits</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The subsidiaries recognized a provision for post-employment benefits mainly related to seniority bonus, </font><font style="font-family: 'Times New Roman';">payment of G</font><font style="font-family: 'Times New Roman';">overnment Severance Indemnity Fund (&#8220;FGTS&#8221;), and health, dental care, and life insurance plan for eligible retirees.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The amounts related to such benefits were determined based on a valuation conducted by an independent actuary </font><font style="font-family: 'Times New Roman';">and reviewed by management</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as of </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">1</font></font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">20</font></font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">20</font></font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="height: 116px; margin-left: auto; border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 10pt; width: 76%; margin-right: auto;" width="76%">

<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2019 </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 74%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Health and dental care plan<font style="font-size: 8pt;"><sup>(1)</sup></font></font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>200,318</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>154,142</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Indemnification of FGTS </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>53,952</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>66,309</font> </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: rgb(204, 238, 255);">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255);">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Seniority bonus<font style="font-size: 8pt;"><sup>(2)</sup></font></font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255);">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>16,336</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255);">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255);">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>34,485</font> </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Life insurance<font style="font-size: 8pt;"><sup><font style="color: rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(1)</font></sup></font></font></font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>14,118</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>17,931</font> </font></p>
</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>284,724</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>272,867</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Current </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>27,077</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>28,951</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Non-current </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>257,647</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>243,916</font> </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">(<font>1</font>) </font></sup><font style="font-family: 'Times New Roman';">Only </font><font style="font-family: 'Times New Roman';">IPP</font><font style="font-family: 'Times New Roman';">, Tropical</font><font style="font-family: 'Times New Roman';"> and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Iconic</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">(<font>2</font>)</font></sup><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">In September 2020, there was a change in the bonus policy </font><font style="font-family: 'Times New Roman';">to retirement </font><font style="font-family: 'Times New Roman';">with reduced benefit.</font></font></p>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><br></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The change in the present value of the post-employment benefit obligation </font><font style="font-family: 'Times New Roman';">occurred </font><font style="font-family: 'Times New Roman';">as follows:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="height: 188px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin: 0px auto; text-indent: 0px;" width="76%">

<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 73.8022%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 12.7421%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 1.01937%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 1.22324%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 10.1427%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2019 </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.78389%; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 73.8022%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Opening balance </font></font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 12.7421%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>272,867</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.01937%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.22324%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.1427%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>249,815</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.78389%; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 73.8022%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Current service cost </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 12.7421%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>13,568</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01937%; margin: 0px; text-indent: 0px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.22324%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 10.1427%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>10,704</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.78389%; margin: 0px; text-indent: 0px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 73.8022%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Interest cost </font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 12.7421%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>18,779</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.01937%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.22324%;"><br></td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.1427%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>21,386</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.78389%; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 73.8022%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Expense for the year </font></p>
</td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 12.7421%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,211</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01937%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.22324%;"><br></td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 10.1427%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,682</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.78389%; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 73.8022%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Losses from changes in actuarial assumptions </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 12.7421%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>24,822</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.01937%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.22324%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.1427%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>44,489</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.78389%; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 73.8022%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Benefits paid directly by Company and its subsidiaries </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 12.7421%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>18,969</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01937%; margin: 0px; text-indent: 0px;"><font style="font-size: 10pt;">)</font></td>
<td style="padding: 0px; vertical-align: bottom; width: 1.22324%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 10.1427%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>33,510</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.78389%; margin: 0px; text-indent: 0px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 73.8022%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Exchange rates from post employment benefits </font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 12.7421%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>793</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.01937%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.22324%;"><br></td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.1427%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,391</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.78389%; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; width: 73.8022%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Ending balance </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); width: 12.7421%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>284,724</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; width: 1.01937%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.22324%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); width: 10.1427%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>272,867</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.78389%; margin: 0px; text-indent: 0px;"><br></td>
</tr>

</table>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><br></p>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-79</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
</div>
</div>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The </font><font style="font-family: 'Times New Roman';">total of </font><font style="font-family: 'Times New Roman';">expense </font><font style="font-family: 'Times New Roman';">in each period </font><font style="font-family: 'Times New Roman';">is presented below:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="height: 96px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin: 0px auto; text-indent: 0px;" width="76%">

<tr style="height: 17px;">
<td style="width: 55.2497%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 14.1692%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2020</font> </font></p>
</td>
<td style="width: 1.01937%; padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="width: 1.73293%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="width: 12.946%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2019</font> </font></p>
</td>
<td style="width: 0.866465%; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="width: 0.866465%; vertical-align: top;"><br></td>
<td style="width: 12.0795%; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2018</font> </font></p>
</td>
<td style="width: 1.07031%; vertical-align: bottom;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="width: 55.2497%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Health and dental care plan </font></p>
</td>
<td style="width: 14.1692%; padding: 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255);">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>11,127</font> </font></p>
</td>
<td style="width: 1.01937%; padding: 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 1.73293%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255);"><br></td>
<td style="width: 12.946%; padding: 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255);">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,442</font> </font></p>
</td>
<td style="width: 0.866465%; vertical-align: top; height: 10px; background-color: rgb(204, 238, 255); padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 0.866465%; vertical-align: top; background-color: rgb(204, 238, 255); padding: 0px;"><br></td>
<td style="width: 12.0795%; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,559</font> </font></p>
</td>
<td style="width: 1.07031%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding: 0px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="width: 55.2497%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Indemnification of FGTS </font></p>
</td>
<td style="width: 14.1692%; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,689</font> </font></p>
</td>
<td style="width: 1.01937%; padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 1.73293%; padding: 0px; vertical-align: bottom;"><br></td>
<td style="width: 12.946%; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>5,818</font> </font></p>
</td>
<td style="width: 0.866465%; vertical-align: top; height: 17px; padding: 0px;">)</td>
<td style="width: 0.866465%; vertical-align: top; padding: 0px;"><br></td>
<td style="width: 12.0795%; vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>11,159</font> </font></p>
</td>
<td style="width: 1.07031%; vertical-align: bottom; padding: 0px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 55.2497%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Seniority bonus </font></p>
</td>
<td style="width: 14.1692%; padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>13,722</font> </font></p>
</td>
<td style="width: 1.01937%; padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;">)</td>
<td style="width: 1.73293%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255);"><br></td>
<td style="width: 12.946%; padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,765</font> </font></p>
</td>
<td style="width: 0.866465%; vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 0.866465%; vertical-align: top; background-color: rgb(204, 238, 255); padding: 0px;"><br></td>
<td style="width: 12.0795%; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,460</font> </font></p>
</td>
<td style="width: 1.07031%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding: 0px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="width: 55.2497%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Life insurance </font></p>
</td>
<td style="width: 14.1692%; border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,117</font> </font></p>
</td>
<td style="width: 1.01937%; padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 1.73293%; padding: 0px; vertical-align: bottom;"><br></td>
<td style="width: 12.946%; border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,293</font> </font></p>
</td>
<td style="width: 0.866465%; vertical-align: top; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 0.866465%; vertical-align: top; padding: 0px;"><br></td>
<td style="width: 12.0795%; border-bottom: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,380</font> </font></p>
</td>
<td style="width: 1.07031%; vertical-align: bottom; padding: 0px;"><br></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="width: 55.2497%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total </font></font></p>
</td>
<td style="width: 14.1692%; padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,211</font> </font></p>
</td>
<td style="width: 1.01937%; padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 1.73293%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255);"><br></td>
<td style="width: 12.946%; padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,682</font> </font></p>
</td>
<td style="width: 0.866465%; vertical-align: top; height: 18px; background-color: rgb(204, 238, 255); padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 0.866465%; vertical-align: top; background-color: rgb(204, 238, 255); padding: 0px;"><br></td>
<td style="width: 12.0795%; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>27,558</font></font></p>
</td>
<td style="width: 1.07031%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding: 0px;"><br></td>
</tr>

</table>
</div>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><br></p>
<div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The main actuarial assumptions used are:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="height: 95px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%">

<tr style="height: 17px;">
<td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Economic factors </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
</td>
<td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2019 </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> % p.a. </font></p>
</td>
<td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> % p.a. </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Discount rate for the actuarial obligation at present value </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8.22</font> </font></p>
</td>
<td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8.79</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Average projected salary growth rate </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7.07</font> </font></p>
</td>
<td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7.64</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Inflation rate (long term) </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3.25</font> </font></p>
</td>
<td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3.80</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Growth rate of medical services </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7.38</font> </font></p>
</td>
<td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7.95</font></font></p>
</td>
</tr>

</table>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; text-decoration: underline; font-size: 10pt;"><br></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><br></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">&nbsp;</font></p>
<table style="width: 68%; margin-left: auto; margin-right: auto; height: 85px; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 17px;">
<td style="width: 100%; height: 17px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;">Demographic factors</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 100%; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Mortality Table for the life insurance benefit &#8211; CSO-</font><font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-left: none; border-right: none;">80</font></font></td>
</tr>
<tr style="height: 17px;">
<td style="width: 100%; height: 17px;"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Mortality Table for other benefits &#8211; AT&nbsp;</font><font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-left: none; border-right: none;">2000</font><font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;Basic decreased by&nbsp;</font><font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-left: none; border-right: none;">10</font><font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">%</font></font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 100%; height: 17px; background-color: #cceeff;"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Disabled Mortality Table &#8211; RRB&nbsp;</font><font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-left: none; border-right: none;">1983</font><font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp;and RRB-</font><font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-left: none; border-right: none;">1944</font></font></td>
</tr>
<tr style="height: 17px;">
<td style="width: 100%; height: 17px;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Disability Table &#8211; Weak light</font></td>
</tr>

</table>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><br></p>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-80</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; text-decoration: underline; font-size: 10pt;">Sensitivity analysis</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The significant actuarial assumptions to determine the provision for post-employment benefits </font><font style="font-family: 'Times New Roman';">are:</font><font style="font-family: 'Times New Roman';"> discount rate, wage and medical costs increases. The following sensitivity analyses on December 31, 2020, </font><font style="font-family: 'Times New Roman';">as shown </font><font style="font-family: 'Times New Roman';">below, were determined based on possible changes of assumptions occurring at the reporting date of the financial statements, keeping all other assumptions constant.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> 12/31/2020 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Assumption </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Change in <br>assumptions </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Decrease in <br>liability </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Change in <br>assumptions </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Increase in <br>liability </font></p>
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<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 16px; width: 46%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Discount rate </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; width: 12%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-right: none; border-left: none;"><font>increase by 1.0 p.p</font>.</font></font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; width: 2%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; width: 12%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,559</font> </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; width: 2%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; width: 12%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-right: none; border-left: none;"><font>decrease by 1.0 p.p</font>.</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; width: 2%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; width: 12%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,857</font> </font></p>
</td>
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<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Medical services growth rate </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="border-right: none; border-left: none;"><font>decrease by 1.0 p.p</font>.</font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>18,391</font> </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>increase by 1.0 p.p</font>.</font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>23,271</font> </font></p>
</td>
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</table>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The sensitivity analyses presented may not represent the real change in the post-employment benefits obligation, since it is unlikely that changes occur in just <font>one</font> assumption alone, considering that some of these assumptions may be correlated.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; text-decoration: underline; font-size: 10pt;">Inherent risks related to post-employment benefits</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Interest rate risk: a long-term interest rate is used to calculate the present value of post-employment liabilities. A reduction in this interest rate will increase the corresponding liability.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Wage growth risk: the present value of the liability is calculated using as reference the wages of the plan participants, projected with the average nominal wage growth rate. An increase in the real wages of plan participants will increase the corresponding liability.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Medical costs growth risk: the present value of the liability is calculated using as reference the medical cost by age based on actual healthcare costs, projected based on the growth rate of medical services costs. An increase in the real medical costs will increase the corresponding liability.</font></p>
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</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<h1 style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 12pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">21</font>. </font><font style="font-family: 'Times New Roman';">Provision for </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">sset </font><font style="font-family: 'Times New Roman';">r</font><font style="font-family: 'Times New Roman';">etirement </font><font style="font-family: 'Times New Roman';">o</font><font style="font-family: 'Times New Roman';">bligation &#8211; </font><font style="font-family: 'Times New Roman';">f</font><font style="font-family: 'Times New Roman';">uel </font><font style="font-family: 'Times New Roman';">t</font><font style="font-family: 'Times New Roman';">anks</font></font></h1>
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">T</font><font style="font-family: 'Times New Roman';">h</font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';"> provision corresponds to the legal obligation to remove </font><font style="font-family: 'Times New Roman';">the subsidiary IPP</font><font style="font-family: 'Times New Roman';">&#8217;s underground fuel tanks </font><font style="font-family: 'Times New Roman';">located at by </font><font style="font-family: 'Times New Roman';">Ipiranga</font><font style="font-family: 'Times New Roman';">-branded service stations after a certain use period (see Note <font>2</font>.</font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">).</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Changes in the provision for asset retirement obligation are as follows:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-right: none; border-left: none;">
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="height: 257px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin: 0px auto; text-indent: 0px;" width="68%">

<tr style="background-color: #cceeff; height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 79%;"><font><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Balance as of December 31, 2017</font></font></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); height: 17px; width: 20%;"><font style="font-size: 10pt;"><font>64,774</font></font></td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px; width: 1%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">Additions (new tanks)</font></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 17px;"><font style="font-size: 10pt;"><font>264</font></font></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="background-color: #cceeff; height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"><font><font style="font-size: 10pt;">Expenditure with tanks removed</font></font></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); height: 17px;"><font style="font-size: 10pt;">(<font>12,752</font></font></td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"><font style="font-size: 10pt;">Accretion expense</font></td>
<td style="padding: 0px; vertical-align: bottom; text-align: right; height: 17px;"><font style="font-size: 10pt;"><font>2,381</font></font></td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance as of December 31, 2018 </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>54,667</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Additions (new tanks) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>290</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Expenditure</font> with tanks removed </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>5,456</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Accretion expense </font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,741</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance as of December 31, 2019 </font></p>
</td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>51,242</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Additions (new tanks) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>163</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Expenditure</font> with tanks removed </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4,306</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Accretion expense </font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,336</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: rgb(204, 238, 255);">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance as of December 31, 2020 </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); height: 18px; background-color: rgb(204, 238, 255);">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>53,435</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Current </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,267</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Non-current </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>49,168</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;"><br></td>
</tr>

</table>
</div>
</div>
</div>
</div>
</div>
<div>
<p><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt; height: 17px;">

<tr style="height: 17px;">
<td class="pgno" style="padding: 0px; text-align: center; height: 17px;"><font style="font-size: 10pt;" class="pageno">F-81</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<h1 style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 0px; break-inside: avoid; break-after: avoid; font-size: 12pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><font>22</font>.&nbsp;</font>Provisions and contingencies</font><br></h1>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">a. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Provisions for tax, civil, and labor risks</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company and its subsidiaries are parties in tax, civil, environmental, regulatory, and labor disputes at the administrative and judiciary levels, </font><font style="font-family: 'Times New Roman';">which</font><font style="font-family: 'Times New Roman';">, when applicable, are backed by escrow deposits. Provisions for losses are estimated and updated by</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">m</font><font style="font-family: 'Times New Roman';">anagement </font><font style="font-family: 'Times New Roman';">based on </font><font style="font-family: 'Times New Roman';">the opinion of the </font><font style="font-family: 'Times New Roman';">Company&#8217;s </font><font style="font-family: 'Times New Roman';">legal department and its </font><font style="font-family: 'Times New Roman';">external </font><font style="font-family: 'Times New Roman';">legal </font><font style="font-family: 'Times New Roman';">advisors</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The table below demonstrates the breakdown of provisions by nature and its movement:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 157px; margin: 0px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.9223%; text-indent: 0px;" width="100%">

<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; text-align: left; width: 37.5291%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Provisions </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Balance on 12/31/2019 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.9425%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Additions </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.9425%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Reversals </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.0101%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.932401%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Payments </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 0.97125%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.97125%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Interest </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.0101%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Balance on 12/31/2020 </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; text-align: left; width: 37.5291%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> IRPJ and CSLL (a<font>.1.1</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%; background-color: rgb(204, 238, 255);">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>541,281</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.9425%; background-color: rgb(204, 238, 255);">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%; background-color: rgb(204, 238, 255);">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.9425%; background-color: rgb(204, 238, 255);">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%; background-color: rgb(204, 238, 255);">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>537</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.0101%; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.932401%; background-color: rgb(204, 238, 255);"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%; background-color: rgb(204, 238, 255);">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.97125%; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.97125%; background-color: rgb(204, 238, 255);"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%; background-color: rgb(204, 238, 255);">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,118</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.0101%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 8.93551%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>547,862</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; text-align: left; width: 37.5291%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> PIS and COFINS </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,155</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.9425%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.9425%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>10,264</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.0101%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.932401%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.97125%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.97125%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>109</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.0101%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; text-align: left; background-color: #cceeff; width: 37.5291%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> ICMS </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>96,472</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.9425%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>15,580</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.9425%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.0101%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.932401%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4,085</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 0.97125%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.97125%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>601</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.0101%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>108,568</font> </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; text-align: left; width: 37.5291%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Civil, environmental and regulatory claims (a<font>.2.1</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>85,855</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.9425%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.9425%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4,070</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.0101%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.932401%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>24,199</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.97125%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.97125%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>186</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.0101%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>57,772</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; text-align: left; background-color: #cceeff; width: 37.5291%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Labor litigation (a<font>.3.1</font>) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>98,010</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.9425%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,382</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.9425%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.0101%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.932401%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>17,083</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 0.97125%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.97125%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,366</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.0101%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>90,675</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; text-align: left; width: 37.5291%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Others </font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>92,822</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.9425%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.9425%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>254</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.0101%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.932401%;"><br></td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.97125%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.97125%;"><br></td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>600</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.0101%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>93,168</font> </font></p>
</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; text-align: left; background-color: #cceeff; width: 37.5291%;">
<p style="margin: 0px; font-size: 10pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>924,595</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(204, 238, 255); width: 1.9425%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>21,962</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(204, 238, 255); width: 1.9425%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>15,125</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(204, 238, 255); width: 1.0101%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.932401%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>45,367</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(204, 238, 255); width: 0.97125%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.97125%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>11,980</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.0101%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff; width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>898,045</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; text-align: left; width: 37.5291%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Current </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>40,455</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.9425%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.9425%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.0101%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.932401%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.97125%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.97125%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.0101%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>43,660</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; text-align: left; background-color: #cceeff; width: 37.5291%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Non-current </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>884,140</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.9425%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.9425%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.0101%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.932401%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 0.97125%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.97125%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.0101%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.93551%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>854,385</font> </font></p>
</td>
</tr>

</table>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Some of the provisions above involve</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">in whole or in part, </font><font style="font-family: 'Times New Roman';">escrow deposits</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Balances of escrow</font><font style="font-family: 'Times New Roman';"> deposits are as follows:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 79px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%">

<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2019 </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 74%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Tax matters </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 12%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>789,624</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 12%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>753,810</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Labor litigation </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>57,603</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>71,605</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Civil and other </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>102,569</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>96,028</font> </font></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total &#8211; non-current assets </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>949,796</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>921,443</font> </font></p>
</td>
</tr>

</table>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><br></p>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt; height: 17px;">

<tr style="height: 17px;">
<td class="pgno" style="padding: 0px; text-align: center; height: 17px;"><font style="font-size: 10pt;" class="pageno">F-82</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;">a.<font>1</font> Provisions for tax matters and social security</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">a.<font>1.1</font></font><font style="font-family: 'Times New Roman';"> On October 7, 2005, the subsidiaries Cia. Ultragaz and </font><font style="font-family: 'Times New Roman';">Bahiana</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">filed for and obtained a preliminary injunction to recognize and offset PIS and COFINS credits on LPG purchases, against other taxes levied by the</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">R</font><font style="font-family: 'Times New Roman';">FB</font><font style="font-family: 'Times New Roman';">, notably IRPJ and CSLL. The decision was confirmed by a trial court on May 16, 2008. Under the preliminary injunction, the subsidiaries made escrow deposits for these debits which amounted to R</font><font style="font-family: 'Times New Roman';">$ </font><font style="border-right: none; border-left: none;"><font style="border-left: none; border-right: none;"><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;"><font>523,136</font></font></font></font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as of </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, <font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">(R$ </font><font style="font-family: 'Times New Roman';"><font>515,825</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as of December 31, 201</font><font style="font-family: 'Times New Roman';"><font>9</font></font><font style="font-family: 'Times New Roman';">). On July 18, 2014, a second instance unfavorable decision was published</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> and the subsidiaries suspended the escrow deposits, and started to pay income taxes from that date. To revert the court decision, the subsidiaries presented a writ of prevention which was dismissed on December 30, 2014, and the </font><font style="font-family: 'Times New Roman';">subsidiaries </font><font style="font-family: 'Times New Roman';">appealed this decision on February 3, 2015. Appeals were also presented to the respective higher courts </font><font style="font-family: 'Times New Roman';">Superior Court of Justice </font><font style="font-family: 'Times New Roman';">(</font><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman';">STJ</font><font style="font-family: 'Times New Roman';">&#8221;) </font><font style="font-family: 'Times New Roman';">and </font><font style="font-family: 'Times New Roman';">Federal Supreme Court (&#8220;</font><font style="font-family: 'Times New Roman';">STF</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';">) whose </font><font style="font-family: 'Times New Roman';">final </font><font style="font-family: 'Times New Roman';">trial are pending.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">a.<font>2</font> Provisions for </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">c</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">ivil, </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">e</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">nvironmental and </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">r</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">egulatory </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">c</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">laims</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">a.<font>2.1</font></font><font style="font-family: 'Times New Roman';"> The Company and its subsidiaries </font><font style="font-family: 'Times New Roman';">maintain</font><font style="font-family: 'Times New Roman';"> provisions for lawsuits and administrative proceedings, mainly derived from contracts entered into with customers and former services providers, as well as proceedings related to environmental and regulatory issues in the amount of R</font><font style="font-family: 'Times New Roman';">$ </font><font style="font-family: 'Times New Roman';"><font>57,772</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as</font><font style="font-family: 'Times New Roman';"> of </font><font style="font-family: 'Times New Roman';">December </font><font style="font-family: 'Times New Roman';">3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, <font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">(R$ </font><font style="font-family: 'Times New Roman';"><font>85,855</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as of December 31, 201</font><font style="font-family: 'Times New Roman';"><font>9</font></font><font style="font-family: 'Times New Roman';">).</font><font style="font-family: 'Times New Roman';"> The subsidiary IPP entered into an agreement in <font>two</font> civil lawsuits that were provisioned for the expected loss in the amount </font><font style="font-family: 'Times New Roman';">of</font><font style="font-family: 'Times New Roman';"> R$ <font>27,995</font></font><font style="font-family: 'Times New Roman';">&nbsp;due to</font><font style="font-family: 'Times New Roman';">&nbsp;the end of the lawsuits</font><font style="font-family: 'Times New Roman';">, this provision was written-</font><font style="font-family: 'Times New Roman';">off in the period.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;">a.<font>3</font> Provisions for labor matters</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">a.<font>3.1</font></font><font style="font-family: 'Times New Roman';"> The Company and its subsidiaries maintain provisions of </font><font style="font-family: 'Times New Roman';">R$ </font><font style="font-family: 'Times New Roman';"><font>90,675</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as</font><font style="font-family: 'Times New Roman';"> of </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"> (</font><font style="font-family: 'Times New Roman';">R$ </font><font style="font-family: 'Times New Roman';"><font>98,010</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as of December 31, 201</font><font style="font-family: 'Times New Roman';"><font>9</font></font><font style="font-family: 'Times New Roman';">) for labor litigation filed by former employees and by employees of our service providers</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> mainly</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> contesting the non-payment of labor rights.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">b.</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Contingent </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">l</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">iabilities</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company and its subsidiaries </font><font style="font-family: 'Times New Roman';">are parties in</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">tax, civil, environmental, regulatory, and labor </font><font style="font-family: 'Times New Roman';">claims whose loss </font><font style="font-family: 'Times New Roman';">is assessed as </font><font style="font-family: 'Times New Roman';">possible (proceedings whose chance of loss is </font><font style="font-family: 'Times New Roman';">more than <font>25</font>% and less or equal than </font><font style="font-family: 'Times New Roman';"><font>50</font>%) </font><font style="font-family: 'Times New Roman';">by</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">the Company</font><font style="font-family: 'Times New Roman';"> and its subsidiaries</font><font style="font-family: 'Times New Roman';">&#8217; legal departments</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> based on the opinion of its external legal advisors</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and, based on th</font><font style="font-family: 'Times New Roman';">ese</font><font style="font-family: 'Times New Roman';"> assessment</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">, these claims </font><font style="font-family: 'Times New Roman';">were not recognized in the </font><font style="font-family: 'Times New Roman';">financial statements</font><font style="font-family: 'Times New Roman';">. The estimated amount of this contingency is R$ </font><font style="font-family: 'Times New Roman';"><font>3,236,982</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as of </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, <font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"> (R$ </font><font style="font-family: 'Times New Roman';"><font>2,840,086</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as of December 31, 201</font><font style="font-family: 'Times New Roman';"><font>9</font></font><font style="font-family: 'Times New Roman';">).</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">b.<font>1</font> Contingent </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">l</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">iabilities for </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">t</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">ax </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">m</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">atters and </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">s</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">ocial </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">s</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">ecurity </font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company and its subsidiaries have contingent liabilities for tax matters and social security in the amount of </font><font style="font-family: 'Times New Roman';">R$</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';"><font>2,419,000</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as of </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, <font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"> (R$ </font><font style="font-family: 'Times New Roman';"><font>2,028,159</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as of December 31, 201</font><font style="font-family: 'Times New Roman';"><font>9</font></font><font style="font-family: 'Times New Roman';">), mainly represented by:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">b.<font>1.1</font></font><font style="font-family: 'Times New Roman';"> The subsidiary IPP and its subsidiaries have assessments invalidating the offset of excise tax (&#8220;IPI&#8221;) credits in connection with the purchase of raw materials used in the manufacturing of products which sales are not subject to IPI under the protection of tax immunity. The amount of this contingency is R</font><font style="font-family: 'Times New Roman';">$</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';"><font>176,390</font></font><font style="font-family: 'Times New Roman';"> a</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> of </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, <font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"> (R$ </font><font style="font-family: 'Times New Roman';"><font>173,738</font></font><font style="font-family: 'Times New Roman';"> as of December 31, 201</font><font style="font-family: 'Times New Roman';"><font>9</font></font><font style="font-family: 'Times New Roman';">).</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">b.<font>1.2</font></font><font style="font-family: 'Times New Roman';"> The subsidiary IPP and its subsidiaries have legal proceedings related to ICMS. The total amount involved in these proceedings, was R$ </font><font style="font-family: 'Times New Roman';"><font>958,134</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as of </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';"><font>3</font></font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"> (</font><font style="font-family: 'Times New Roman';">R$ </font><font style="font-family: 'Times New Roman';"><font>836,822</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as of December 31, 201</font><font style="font-family: 'Times New Roman';"><font>9</font></font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> Such proceedings arise mostly of the disregard of ICMS credits amounting to R$ </font><font style="font-family: 'Times New Roman';"><font>300,707</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as of </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"> (</font><font style="font-family: 'Times New Roman';">R$ </font><font style="font-family: 'Times New Roman';"><font>319,849</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as of December 31, 201</font><font style="font-family: 'Times New Roman';"><font>9</font></font><font style="font-family: 'Times New Roman';">), of which R$ </font><font style="font-family: 'Times New Roman';"><font>92,687</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">(R$ </font><font style="font-family: 'Times New Roman';"><font>126,772</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as of December 31, 201</font><font style="font-family: 'Times New Roman';"><font>9</font></font><font style="font-family: 'Times New Roman';">) refer to proportional reversal requirement of ICMS credits related to the acquisition of hydrated alcohol; of alleged non-payment in the amount of R$ </font><font style="font-family: 'Times New Roman';"><font>98,157</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as of </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"> (</font><font style="font-family: 'Times New Roman';">R$ </font><font style="font-family: 'Times New Roman';"><font>92,567</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as of December 31, 201</font><font style="font-family: 'Times New Roman';"><font>9</font></font><font style="font-family: 'Times New Roman';">);</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">of conditioned fruition of fiscal incentive in the amount of </font><font style="font-family: 'Times New Roman';">R$ </font><font style="font-family: 'Times New Roman';"><font>119,894</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as of December 31</font><font style="font-family: 'Times New Roman';">, <font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"> (</font><font style="font-family: 'Times New Roman';">R$ </font><font style="font-family: 'Times New Roman';"><font>117,753</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as of December 31, 201</font><font style="font-family: 'Times New Roman';"><font>9</font></font><font style="font-family: 'Times New Roman';">); </font><font style="font-family: 'Times New Roman';">and </font><font style="font-family: 'Times New Roman';">inventory differences in the amount of R$ </font><font style="font-family: 'Times New Roman';"><font>269,581</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as of </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"> (</font><font style="font-family: 'Times New Roman';">R$ </font><font style="font-family: 'Times New Roman';"><font>172,736</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as of December 31, 201</font><font style="font-family: 'Times New Roman';"><font>9</font></font><font style="font-family: 'Times New Roman';">) related to the leftovers or faults due to temperature changes or product handling.</font></font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-83</font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">b.<font>1.3</font></font><font style="font-family: 'Times New Roman';"> The Company and its subsidiaries are parties to administrative and judicial suits involving Income Tax, Social Security Contribution, PIS and COFINS, substantially about denials of offset claims and credits disallowance which total amount is R$ </font><font style="font-family: 'Times New Roman';"><font>709,338</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as of </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, <font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"> (R$ </font><font style="font-family: 'Times New Roman';"><font>699,360</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as of December 31, 201</font><font style="font-family: 'Times New Roman';"><font>9</font></font><font style="font-family: 'Times New Roman';">), mainly represented by:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">b.<font>1.3.1</font></font><font style="font-family: 'Times New Roman'; font-weight: bold;"> </font><font style="font-family: 'Times New Roman';">T</font><font style="font-family: 'Times New Roman';">he subsidiary IPP received a tax assessment related to the IRPJ and CSLL resulting from the supposedly undue amortization of the goodwill paid on acquisition of a subsidiary, in the amount of R$ </font><font style="font-family: 'Times New Roman';"><font>212,350</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as</font><font style="font-family: 'Times New Roman';"> of </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, <font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"> (R$ </font><font style="font-family: 'Times New Roman';"><font>208,449</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as of December 31, 201</font><font style="font-family: 'Times New Roman';"><font>9</font></font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';">, which includes the amount of the income taxes, interest and penalty. Management assessed the likelihood of the tax assessment, supported by the opinion of its legal advisors, as &#8220;possible&#8221;, and therefore did not recognize a provision for this contingent liability.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">b.<font>2</font> Contingent </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">l</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">iabilities for </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">c</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">ivil, </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">e</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">nvironmental and </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">r</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">egulatory </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">c</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">laims </font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company and its subsidiaries have contingent liabilities for civil, environmental and regulatory claims in the </font><font style="font-family: 'Times New Roman';">amount of R$</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';"><font>561,713</font></font><font style="font-family: 'Times New Roman';">, totaling </font><font style="font-family: 'Times New Roman';"><font>2,840</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">lawsuits</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as of </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, <font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"> (R$</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';"><font>549,664</font></font><font style="font-family: 'Times New Roman';">,&nbsp;totaling </font><font style="font-family: 'Times New Roman';"><font>3,109</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">lawsuits</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as of December 31, 201</font><font style="font-family: 'Times New Roman';"><font>9</font></font><font style="font-family: 'Times New Roman';">), mainly represented by:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">b.<font>2.1</font></font><font style="font-family: 'Times New Roman';"> The subsidiary Cia. Ultragaz is party to an administrative proceeding before CADE based on alleged anti-competitive practices in the State of Minas Gerais in <font>2001</font>. The CADE entered a decision against Cia. Ultragaz and imposed a penalty of R$ </font><font style="font-family: 'Times New Roman';"><font>33,895</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as of </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, <font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"> (R$ </font><font style="font-family: 'Times New Roman';"><font>33,603</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as of December 31, 201</font><font style="font-family: 'Times New Roman';"><font>9</font></font><font style="font-family: 'Times New Roman';">). The imposition of such administrative decision was suspended by a court order and its merit is being judicially reviewed. </font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">b.<font>2.2</font></font><font style="font-family: 'Times New Roman'; font-weight: bold;"> </font><font style="font-family: 'Times New Roman';">In <font>2016</font>, the subsidiary Cia. Ultragaz</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">became party to <font>two</font> administrative proceedings filed by CADE,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">related to allegations of anti-competitive practices: </font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">) <font>one</font> of the proceedings relate to practices in the State of </font><font style="font-family: 'Times New Roman';">Para&#237;ba</font><font style="font-family: 'Times New Roman';"> and other Northeast States, in which the subsidiary </font><font style="font-family: 'Times New Roman';">Bahiana</font><font style="font-family: 'Times New Roman';"> is part along with Cia. Ultragaz.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">On this proceeding, Cia. Ultragaz and </font><font style="font-family: 'Times New Roman';">Bahiana</font><font style="font-family: 'Times New Roman';"> signed a Cessation Commitment Agreement (</font><font style="font-family: 'Times New Roman';">&#8220;</font><font style="font-family: 'Times New Roman';">TCC</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';">) with CADE, approved on November 22, 2017, in the amount of R$ <font>95,987</font></font><font style="font-family: 'Times New Roman';">, paid in <font>8</font> (<font>eight</font>) equal installments updated </font><font style="font-family: 'Times New Roman';">semiannually</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">by SELIC, with maturity of the first <font>one</font> in <font>180</font> (<font>one</font> hundred and <font>eighty</font>) days from the date of publication of the approval</font><font style="font-family: 'Times New Roman';">. <font>Three</font> employees and <font>one</font> former employee signed TCC in the total amount of R$ <font>1,100</font>. With the TCC, the administrative proceeding will be suspended in relation to the Cia. Ultragaz and </font><font style="font-family: 'Times New Roman';">Bahiana</font><font style="font-family: 'Times New Roman';"> until final decision</font><font style="font-family: 'Times New Roman';">;</font><font style="font-family: 'Times New Roman';"> ii) the second proceeding</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">relate to practices in the Federal District and around, in which only Cia. Ultragaz is part. On this proceeding, Cia. Ultragaz signed a TCC with CADE, approved on September 6, 2017, in the amount of R$ <font>2,154</font></font><font style="font-family: 'Times New Roman';">, paid in a single installment in </font><font style="font-family: 'Times New Roman';">March 8, 2018</font><font style="font-family: 'Times New Roman';">. <font>Two</font> former employees signed TCC in the amount of R$ <font>50</font> each. With the TCC, the administrative proceeding will be suspended in relation to the Cia. Ultragaz</font><font style="font-family: 'Times New Roman';"> until final decision</font><font style="font-family: 'Times New Roman';">.</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">b.<font>2.3</font></font><font style="font-family: 'Times New Roman'; font-weight: bold;"> </font><font style="font-family: 'Times New Roman';">The subsidiary IPP</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">became party to <font>two</font> administrative proceedings filed by CADE,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">related to allegations of anti-competitive practices in the city of Joinville, </font><font style="font-family: 'Times New Roman';">S</font><font style="font-family: 'Times New Roman';">tate of Santa Catarina and in the Distrito Federal.</font><font style="font-family: 'Times New Roman';"> The process related to the </font><font style="font-family: 'Times New Roman';">anti-competitive </font><font style="font-family: 'Times New Roman';">acts of Joinville, established in October 2015, is under judgment (until now <font>two</font></font><font style="font-family: 'Times New Roman';"> favorable votes and <font>one</font> unfavorable vote have been pronounced)</font><font style="font-family: 'Times New Roman';"> while the lawsuit related to the Distrito Federal, from an administrative inquiry initiated in May 2012, which was converted into an administrative proceeding in June 2020, is in the stage of presentation of defense. Besides these, i</font><font style="font-family: 'Times New Roman';">n </font><font style="font-family: 'Times New Roman';">April,</font><font style="font-family: 'Times New Roman';"> <font>2019</font></font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">IPP received </font><font style="font-family: 'Times New Roman';">an administrative </font><font style="font-family: 'Times New Roman';">fine</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">in the amount of R$ <font>40,693</font></font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">for allegedly influencing uniform commercial conduct among fuel resellers</font><font style="font-family: 'Times New Roman';"> around</font><font style="font-family: 'Times New Roman';"> the </font><font style="font-family: 'Times New Roman';">city</font><font style="font-family: 'Times New Roman';"> of </font><font style="font-family: 'Times New Roman';">Belo Horizonte, state of Minas Gerais.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">In this case, there was an option for the judicial discussion of the assessment and penalty applied,</font><font style="font-family: 'Times New Roman';"> which has as last relevant movement the </font><font style="font-family: 'Times New Roman';">presentation of a reply by IPP, and it is certain that a decision has already been issued granting protection to suspend the enforceability of the fine. Management did not recognize a provision for these contingencies, </font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">upported by the opinion of external legal counsel that classified the probability of loss as remote</font><font style="font-family: 'Times New Roman';">.</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">b.<font>2</font>.</font><font style="font-family: 'Times New Roman'; font-weight: bold;"><font>4</font></font><font style="font-family: 'Times New Roman';"> On November 29, 2016, a technical opinion was issued by the Operational Support Center for Execution (Centro de </font><font style="font-family: 'Times New Roman';">Apoio</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Operacional</font><font style="font-family: 'Times New Roman';"> &#224; </font><font style="font-family: 'Times New Roman';">Execu&#231;&#227;o</font><font style="font-family: 'Times New Roman';"> - CAEX), a technical body linked to the S&#227;o Paulo State Public Prosecutor (&#8220;MPE&#8221;), presenting a proposal of compensation for the alleged environmental damages caused by the fire on April 2</font><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">nd</font></sup><font style="font-family: 'Times New Roman';">, <font>2015</font> at the Santos Terminal of the subsidiary </font><font style="font-family: 'Times New Roman';">Tequimar</font><font style="font-family: 'Times New Roman';">. This technical opinion is non-binding, with no condemnatory or sanctioning nature, and will still be evaluated by the authorities and parties. The subsidiary </font><font style="font-family: 'Times New Roman';">disagrees with the methodology and the assumptions adopted in the proposal and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">is negotiating an agreement with the MPE and the Brazilian Federal Public Prosecutor (&#8220;MPF&#8221;), </font><font style="font-family: 'Times New Roman';">since the beginning of the investigation </font><font style="font-family: 'Times New Roman';">and currently there is no </font><font style="font-family: 'Times New Roman';">civil </font><font style="font-family: 'Times New Roman';">lawsuit filed on the matter. The negotiations relate to </font><font style="font-family: 'Times New Roman'; font-style: italic;">in </font><font style="font-family: 'Times New Roman'; font-style: italic;">natura</font><font style="font-family: 'Times New Roman';"> repair of the any damages</font><font style="font-family: 'Times New Roman';">. T</font><font style="font-family: 'Times New Roman';">hus, on May 15, 2019, the subsidiary </font><font style="font-family: 'Times New Roman';">Tequimar</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">signed</font><font style="font-family: 'Times New Roman';"> a Partial Conduct Adjustment Commitment Agreement (&#8220;TAC&#8221;) </font><font style="font-family: 'Times New Roman';">in the amount of R$ <font>67,539</font> </font><font style="font-family: 'Times New Roman';">with the MPE and MPF to compensate for diffuse and collective damages of any kind arising from the fish mortality and the damage caused to the ichthyofauna. </font><font style="font-family: 'Times New Roman';">The n</font><font style="font-family: 'Times New Roman';">egotiations on compensation for other alleged damages are still ongoing and once concluded</font><font style="font-family: 'Times New Roman';">, the payments related to the project costs may affect the </font><font style="font-family: 'Times New Roman';">future </font><font style="font-family: 'Times New Roman';">Company&#8217;s </font><font style="font-family: 'Times New Roman';">f</font><font style="font-family: 'Times New Roman';">inancial statements</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">In the criminal sphere</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">the MP</font><font style="font-family: 'Times New Roman';">F </font><font style="font-family: 'Times New Roman';">denounced </font><font style="font-family: 'Times New Roman';">the subsidiary </font><font style="font-family: 'Times New Roman';">Tequimar</font><font style="font-family: 'Times New Roman';">, which</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">was summoned and replied to the </font><font style="font-family: 'Times New Roman';">complaint</font><font style="font-family: 'Times New Roman';"> on June 19</font><font style="font-family: 'Times New Roman';">, <font>2018</font></font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">On September 12, 2019, at a hearing in the federal court of Santos, the MPF and </font><font style="font-family: 'Times New Roman';">Tequimar</font><font style="font-family: 'Times New Roman';"> agreed, and the judicial authority approved, the conditional suspension of the criminal proceedings for a period of <font>2</font> years, when </font><font style="font-family: 'Times New Roman';">Tequimar</font><font style="font-family: 'Times New Roman';"> shall then prove compliance with the execution of the Partial TAC signed, with the obligation of a complementary allocation of R$ <font>13,000</font> to the Fisheries Management Project, to obtain the definitive filing of the process</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">In addition, </font><font style="font-family: 'Times New Roman';">as of</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';"><font>3</font></font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, <font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';">, there </font><font style="font-family: 'Times New Roman';">are</font><font style="font-family: 'Times New Roman';"> contingent liabilities</font><font style="font-family: 'Times New Roman';"> not recognized</font><font style="font-family: 'Times New Roman';"> related to lawsuits in the amount of </font><font style="font-family: 'Times New Roman';">R$ </font><font style="font-family: 'Times New Roman';"><font>4,428</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">(R$ </font><font style="font-family: 'Times New Roman';"><font>11,403</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as of</font><font style="font-family: 'Times New Roman';"> December 31, 201</font><font style="font-family: 'Times New Roman';"><font>9</font></font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';">. O</font><font style="font-family: 'Times New Roman';">n </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';"> and December</font><font style="font-family: 'Times New Roman';"> 31</font><font style="font-family: 'Times New Roman';">, <font>2019</font></font><font style="font-family: 'Times New Roman';">, there </font><font style="font-family: 'Times New Roman';">were</font><font style="font-family: 'Times New Roman';"> no</font><font style="font-family: 'Times New Roman';">t</font><font style="font-family: 'Times New Roman';"> extrajudicial </font><font style="font-family: 'Times New Roman';">claims</font><font style="font-family: 'Times New Roman';">.</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">b.<font>3</font> Contingent </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">l</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">iabilities for </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">l</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">abor </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">m</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">atters </font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company and its subsidiaries have contingent liabilities for labor matters in the amount of R$</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';"><font>256,269</font>,</font><font style="font-family: 'Times New Roman';">&nbsp;totaling </font><font style="font-family: 'Times New Roman';"><font>1,306</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">lawsuits</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as of </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, <font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">(R$ </font><font style="font-family: 'Times New Roman';"><font>262,263</font>,</font><font style="font-family: 'Times New Roman';">&nbsp;totaling </font><font style="font-family: 'Times New Roman';"><font>1,649</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">lawsuits</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as of December 31,</font><font style="font-family: 'Times New Roman';"> <font>201</font></font><font style="font-family: 'Times New Roman';"><font>9</font></font><font style="font-family: 'Times New Roman';">), mainly represented by:</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">b.<font>3.1</font></font><font style="font-family: 'Times New Roman'; font-weight: bold;"> </font><font style="font-family: 'Times New Roman';">T</font><font style="font-family: 'Times New Roman';">he Petrochemical Industry Labor Union (</font><font style="font-family: 'Times New Roman';">Sindiqu&#237;mica</font><font style="font-family: 'Times New Roman';">), of which the employees of </font><font style="font-family: 'Times New Roman';">Oxiteno</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">S.A.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and EMCA, companies located in the </font><font style="font-family: 'Times New Roman';">Cama&#231;ari</font><font style="font-family: 'Times New Roman';"> Petrochemical Complex, are members, filed</font><font style="font-family: 'Times New Roman';">, in <font>1990</font>,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">collective</font><font style="font-family: 'Times New Roman';"> lawsuits against the subsidiaries</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> demanding the compliance </font><font style="font-family: 'Times New Roman';">of</font><font style="font-family: 'Times New Roman';"> the fourth section of the collective labor agreement</font><font style="font-family: 'Times New Roman';"> <font>1989</font>/<font>1990</font> (CCT <font>1989</font>/<font>1990</font>)</font><font style="font-family: 'Times New Roman';">, which provided for a salary</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> adjustment in lieu of the salary policies practiced. The </font><font style="font-family: 'Times New Roman';">collective actions against the subsidiaries, which have already become final, </font><font style="font-family: 'Times New Roman';">were judged in a favorable way to </font><font style="font-family: 'Times New Roman';">Oxiteno</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Nordeste</font><font style="font-family: 'Times New Roman';"> and </font><font style="font-family: 'Times New Roman';">EMCA</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">At the same time, in <font>1990</font>, </font><font style="font-family: 'Times New Roman';">there was the proposal for a</font><font style="font-family: 'Times New Roman';"> collective agreement</font><font style="font-family: 'Times New Roman';"> of</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">which appeared </font><font style="font-family: 'Times New Roman';">in</font><font style="font-family: 'Times New Roman';"> the collective action</font><font style="font-family: 'Times New Roman';">, the </font><font style="font-family: 'Times New Roman';">Union</font><font style="font-family: 'Times New Roman';"> of </font><font style="font-family: 'Times New Roman';">Employees</font><font style="font-family: 'Times New Roman';"> and the </font><font style="font-family: 'Times New Roman';">Union of </font><font style="font-family: 'Times New Roman';">Companies</font><font style="font-family: 'Times New Roman';"> (SINPEQ)</font><font style="font-family: 'Times New Roman';">, discussing the same object (validity of the fourth clause of CCT <font>1989</font>/<font>1990</font>). </font><font style="font-family: 'Times New Roman';">This action</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">that transit judged only</font><font style="font-family: 'Times New Roman';"> in October 2019</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> and remained unfavorable to SINPEQ</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">having the STF declared valid </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">fourth clause. During the process of collective </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">greement</font><font style="font-family: 'Times New Roman';"> between the Unions</font><font style="font-family: 'Times New Roman';">, some companies in the </font><font style="font-family: 'Times New Roman';">Cama&#231;ari</font><font style="font-family: 'Times New Roman';"> Petrochemical Complex signed an agreement with </font><font style="font-family: 'Times New Roman';">Sindiqu&#237;mica</font><font style="font-family: 'Times New Roman';">. In October 2015, </font><font style="font-family: 'Times New Roman';">Sindiqu&#237;mica</font><font style="font-family: 'Times New Roman';"> filed enforcement lawsuits against </font><font style="font-family: 'Times New Roman';">Oxiteno</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Nordeste</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';">, in <font>2017</font>,</font><font style="font-family: 'Times New Roman';"> EMCA</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">because</font><font style="font-family: 'Times New Roman';"> these companies did not sign the agreement</font><font style="font-family: 'Times New Roman';"> of <font>2010</font></font><font style="font-family: 'Times New Roman';"> with </font><font style="font-family: 'Times New Roman';">Sindiqu&#237;mica</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">In addition to collective actions, individual </font><font style="font-family: 'Times New Roman';">claims</font><font style="font-family: 'Times New Roman';"> containing the same object have been filed.</font><font style="font-family: 'Times New Roman';"> In all the ongoing lawsuits whose object is the fourth clause, all applicable legal measures have been taken to defend companies and there are no</font><font style="font-family: 'Times New Roman';">t</font><font style="font-family: 'Times New Roman';"> new final decisions in addition to those judged in favor of companies in the <font>1990</font>s.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-85</font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">c.</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Lubricants operation between IPP and Chevron</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">In the process of </font><font style="font-family: 'Times New Roman';">transaction</font><font style="font-family: 'Times New Roman';"> of </font><font style="font-family: 'Times New Roman';">the lubricants</font><font style="font-family: 'Times New Roman';">'</font><font style="font-family: 'Times New Roman';"> operation in Brazil between Chevron and subsidiary IPP, it was agreed that each shareholder is responsible for any claims arising out of acts, facts or omissions </font><font style="font-family: 'Times New Roman';">that occurred </font><font style="font-family: 'Times New Roman';">prior to the </font><font style="font-family: 'Times New Roman';">transaction</font><font style="font-family: 'Times New Roman';">. T</font><font style="font-family: 'Times New Roman';">he liability provisions of the Chevron shareholder in the amount of </font><font style="font-family: 'Times New Roman';">R$ </font><font style="font-family: 'Times New Roman';"><font>101,663</font></font><font style="font-family: 'Times New Roman';"> (R$ </font><font style="font-family: 'Times New Roman';"><font>5,423</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as of December 31, 201</font><font style="font-family: 'Times New Roman';"><font>9</font></font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';"> are reflected in the consolidation of these</font><font style="font-family: 'Times New Roman';"> financial </font><font style="font-family: 'Times New Roman';">statements</font><font style="font-family: 'Times New Roman';">. Additionally, in connection with the business combination, a provision in the amount of R$ <font>198,900</font> was recognized on December 1, 2017 due </font><font style="font-family: 'Times New Roman';">contingent liabilities</font><font style="font-family: 'Times New Roman';">, amounted </font><font style="font-family: 'Times New Roman';">to </font><font style="font-family: 'Times New Roman';">R$</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';"><font>102,777</font></font><font style="font-family: 'Times New Roman';"> as</font><font style="font-family: 'Times New Roman';"> of </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, <font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"> (R$</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';"><font>188,073</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as of December 31, 201</font><font style="font-family: 'Times New Roman';"><font>9</font></font><font style="font-family: 'Times New Roman';">. The amounts of provisions of Chevron's liability </font><font style="font-family: 'Times New Roman';">recognized in the business combination </font><font style="font-family: 'Times New Roman';">will be reimbursed to subsidiary </font><font style="font-family: 'Times New Roman';">Iconic</font><font style="font-family: 'Times New Roman';"> in the event of losses and an indemnity asset </font><font style="font-family: 'Times New Roman';">was</font><font style="font-family: 'Times New Roman';"> hereby constituted in the same amount</font><font style="font-family: 'Times New Roman';">, without the need to establish a provision for uncollectible amounts</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;">d. Exclusion of ICMS from the calculation basis of PIS and COFINS (contingent assets)</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">In March 15, 2017, STF decided that ICMS is not included in the PIS and COFINS basis. All subsidiaries </font><font style="font-family: 'Times New Roman';">of the Company </font><font style="font-family: 'Times New Roman';">have actions aimed at obtaining this right, </font><font style="font-family: 'Times New Roman';">as long as</font><font style="font-family: 'Times New Roman';"> applicable. </font><font style="font-family: 'Times New Roman';">The</font><font style="font-family: 'Times New Roman';"> subsidiaries </font><font style="font-family: 'Times New Roman';">Oxiteno</font><font style="font-family: 'Times New Roman';"> S.A., </font><font style="font-family: 'Times New Roman';">Extrafarma</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Tequimar</font><font style="font-family: 'Times New Roman';"> and Tropical</font><font style="font-family: 'Times New Roman';"> have final and unappealable decision, and </font><font style="font-family: 'Times New Roman';">management confirmed </font><font style="font-family: 'Times New Roman';">the respective subsidies to prove the amounts to be refunded </font><font style="font-family: 'Times New Roman';">and recorded in results</font><font style="font-family: 'Times New Roman';"> (see Note <font>7</font>.a.<font>3</font>)</font><font style="font-family: 'Times New Roman';">. As a result of injunctions obtained, some subsidiaries have already excluded ICMS from the PIS and COFINS calculation base in the amount of R$ </font><font style="font-family: 'Times New Roman';"><font>215,365</font></font><font style="font-family: 'Times New Roman';"> until </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, <font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font> (R$ <font>141,618</font> as of December 31, 2019)</font><font style="font-family: 'Times New Roman';">. The amounts to be recovered</font><font style="font-family: 'Times New Roman';"> from the other subsidiaries will be recognized to the extent that, there are </font><font style="font-family: 'Times New Roman';">both </font><font style="font-family: 'Times New Roman';">the final and unappealable decision of the individual action and confirmation of the evidences.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company's management emphasizes that it is possible for the STF to modulate the effects of </font><font style="font-family: 'Times New Roman';">its&nbsp;</font><font style="font-family: 'Times New Roman';">judgment</font><font style="font-family: 'Times New Roman';">, either by restricting its effectiveness or determining when the decision will become effective, or by reinterpreting the value of ICMS to be excluded. After the decision of the STF has become final and unappealable, the Company's management will assess the impact on the </font><font style="font-family: 'Times New Roman';">claims</font><font style="font-family: 'Times New Roman';"> of its subsidiaries, which may result in a reduction in the claimed tax credits.</font></font></p>
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<h1 style="margin-top: 12pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 12pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">23</font>. </font><font style="font-family: 'Times New Roman';">Deferred </font><font style="font-family: 'Times New Roman';">r</font><font style="font-family: 'Times New Roman';">evenue</font></font></h1>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The subsidiaries </font><font style="font-family: 'Times New Roman';">of the Company </font><font style="font-family: 'Times New Roman';">have recognized the following deferred revenue:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2019 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8216;am/pm&#8217; and Jet Oil franchising upfront fee (a) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>814</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>956</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Loyalty program &#8220;Km de Vantagens&#8221; (b) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>15,424</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>25,096</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Loyalty program &#8220;Clube Extrafarma&#8221; (b) </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,044</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,574</font> </font></p>
</td>
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<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total current </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>18,282</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>27,626</font> </font></p>
</td>
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</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">a. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Franchising </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">u</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">pfront </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">f</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">ee</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">am/</font><font style="font-family: 'Times New Roman';">pm is the convenience stores chain of the </font><font style="font-family: 'Times New Roman';">Ipiranga</font><font style="font-family: 'Times New Roman';"> service stations</font><font style="font-family: 'Times New Roman';"> and, on December 31, 2020, had</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';"><font>58</font> stores </font><font style="font-family: 'Times New Roman';">with initial</font><font style="font-family: 'Times New Roman';"> deferred</font><font style="font-family: 'Times New Roman';"> franchi</font><font style="font-family: 'Times New Roman';">sing upfront</font><font style="font-family: 'Times New Roman';"> fee</font><font style="font-family: 'Times New Roman';"> (</font><font style="font-family: 'Times New Roman';"><font>63</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">stores </font><font style="font-family: 'Times New Roman';">as of December 31, 201</font><font style="font-family: 'Times New Roman';"><font>9</font></font><font style="font-family: 'Times New Roman';">). Jet Oil is </font><font style="font-family: 'Times New Roman';">Ipiranga&#8217;s</font><font style="font-family: 'Times New Roman';"> lubricant-changing and automotive service specialized network</font><font style="font-family: 'Times New Roman';"> and, on December 31, 2020 had <font>45</font> stores </font><font style="font-family: 'Times New Roman';">with initial</font><font style="font-family: 'Times New Roman';"> deferred</font><font style="font-family: 'Times New Roman';"> franchi</font><font style="font-family: 'Times New Roman';">sing upfront</font><font style="font-family: 'Times New Roman';"> fee </font><font style="font-family: 'Times New Roman';">(</font><font style="font-family: 'Times New Roman';"><font>46</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">stores as of December 31, 201</font><font style="font-family: 'Times New Roman';"><font>9</font></font><font style="font-family: 'Times New Roman';">).</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">For more information on the deferred revenue from the franchi</font><font style="font-family: 'Times New Roman';">sing upfront</font><font style="font-family: 'Times New Roman';"> fee, see </font><font style="font-family: 'Times New Roman';">N</font><font style="font-family: 'Times New Roman';">ote <font>2</font>.a.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">b. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Loyalty </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">p</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">rogram</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">s</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Subsidiary </font><font style="font-family: 'Times New Roman';">Ipiranga</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">participates in</font><font style="font-family: 'Times New Roman';"> a loyalty program called Km de </font><font style="font-family: 'Times New Roman';">Vantagens</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman'; text-decoration: underline;">(www.kmdevantagens.com.br</font><font style="font-family: 'Times New Roman';">) </font><font style="font-family: 'Times New Roman';">under which registered customers are rewarded with points when they buy products at </font><font style="font-family: 'Times New Roman';">Ipiranga</font><font style="font-family: 'Times New Roman';"> service stations or at its partners. The customers may exchange these points, during the period of <font>one</font> year, for discounts on products and services offered by </font><font style="font-family: 'Times New Roman';">Ipiranga</font><font style="font-family: 'Times New Roman';"> and its partners. Points received by </font><font style="font-family: 'Times New Roman';">Ipiranga&#8217;s</font><font style="font-family: 'Times New Roman';"> customers that may be used with the partner </font><font style="font-family: 'Times New Roman';">Multiplus</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Fidelidade</font><font style="font-family: 'Times New Roman';"> and for discounts of fuel in </font><font style="font-family: 'Times New Roman';">Ipiranga&#8217;s</font><font style="font-family: 'Times New Roman';"> website (</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">www.postoipiranganaweb.com.br</font><font style="font-family: 'Times New Roman';">) </font><font style="font-family: 'Times New Roman';">and </font><font style="font-family: 'Times New Roman';">recognized as a reduction</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">of revenue from sales and services</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Subsidiary </font><font style="font-family: 'Times New Roman';">Extrafarma</font><font style="font-family: 'Times New Roman';"> has a loyalty program called </font><font style="font-family: 'Times New Roman';">Clube </font><font style="font-family: 'Times New Roman';">Extrafarma</font><font style="font-family: 'Times New Roman';"> (</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">www.club</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">e</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">extra</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">farma</font><font style="font-family: 'Times New Roman'; text-decoration: underline;">.com.br</font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';"> under which registered customers are rewarded with points when they buy products at its drugstore chain. The customers may exchange these points, during the period of </font><font style="font-family: 'Times New Roman';"><font>six</font> months</font><font style="font-family: 'Times New Roman';">, for</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">discounts in products at its drugstore chain</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">recharge credit on a mobile phone, and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">prizes</font><font style="font-family: 'Times New Roman';"> offered by partners</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Multiplus</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Fidelidade</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Ipiranga</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">through</font><font style="font-family: 'Times New Roman';"> Km de </font><font style="font-family: 'Times New Roman';">Vantagens</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">Points received by </font><font style="font-family: 'Times New Roman';">Extrafarma&#8217;s</font><font style="font-family: 'Times New Roman';"> customers are </font><font style="font-family: 'Times New Roman';">recognized as a reduction</font><font style="font-family: 'Times New Roman';"> of</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">revenue from sales and services</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Deferred revenue is </font><font style="font-family: 'Times New Roman';">estimated </font><font style="font-family: 'Times New Roman';">based on the fair value of the points granted, considering the value of the </font><font style="font-family: 'Times New Roman';">prizes</font><font style="font-family: 'Times New Roman';"> and the expected redemption of </font><font style="font-family: 'Times New Roman';">these </font><font style="font-family: 'Times New Roman';">points.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">For more information on deferred revenue from loyalty program, see Note </font><font style="font-family: 'Times New Roman';"><font>2</font>.a.</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
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<h1 style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 12pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">24</font>.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Subscription </font><font style="font-family: 'Times New Roman';">w</font><font style="font-family: 'Times New Roman';">arrants &#8211; </font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">ndemnification</font></font></h1>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Because of the association between the Company and </font><font style="font-family: 'Times New Roman';">Extrafarma</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">o</font><font style="font-family: 'Times New Roman';">n January 31, 2014, <font>7</font> subscription warrants &#8211; indemnification </font><font style="font-family: 'Times New Roman';">could be </font><font style="font-family: 'Times New Roman';">issued, corresponding to up to </font><font style="font-family: 'Times New Roman';"><font>6,411,244</font></font><font style="font-family: 'Times New Roman';"> shares</font><font style="font-family: 'Times New Roman';"> of the Company</font><font style="font-family: 'Times New Roman';">. The subscription warrants &#8211; indemnification may be exercised </font><font style="font-family: 'Times New Roman';">beginning</font><font style="font-family: 'Times New Roman';"> <font>2020</font> </font><font style="font-family: 'Times New Roman';">by the former shareholders of </font><font style="font-family: 'Times New Roman';">Extrafarma</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and are adjusted according to the changes in the amounts of provisions for tax, civil, and labor risks and contingent liabilities related to the period prior to January 31, 2014. The subscription warrants &#8211; indemnification&#8217;s fair value is measured based on the share price of </font><font style="font-family: 'Times New Roman';">Ultrapar</font><font style="font-family: 'Times New Roman';"> (UGPA<font>3</font>) and is reduced by the dividend yield until <font>2020</font>, since the exercise is possible only from <font>2020</font>, and they are not entitled to dividends while they are not converted into shares.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company&#8217;s Board of Directors confirmed on February 19 and August 12, 2020, the issuance of</font><font style="font-family: 'Times New Roman';">, respectively,</font><font style="font-family: 'Times New Roman';"> <font>2,108,542</font> </font><font style="font-family: 'Times New Roman';">and <font>86,978</font> </font><font style="font-family: 'Times New Roman';">common shares and on February 24, 2021 the issuance of <font>70,939</font> common shares (see Note 35.b) within the authorized capital limit provided by the art. <font>6</font> of the Bylaws, due to the partial exercise of the rights conferred by the subscription warrants issued by the Company when the merger of all </font><font style="font-family: 'Times New Roman';">Extrafarma</font><font style="font-family: 'Times New Roman';"> shares by the Company, approved by the extraordinary general meeting of the Company held in January 31, 2014.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">In the association agreement between the Company and </font><font style="font-family: 'Times New Roman';">Extrafarma</font><font style="font-family: 'Times New Roman';"> on January 31, 2014 and due to the unfavorable decisions of some processes prior on January 31, 2014,&nbsp;</font><font style="font-family: 'Times New Roman';"><font>574,648</font></font><font style="font-family: 'Times New Roman';"> shares linked to the subscription warrants </font><font style="font-family: 'Times New Roman';">&#8211;</font><font style="font-family: 'Times New Roman';"> indemnification were canceled and </font><font style="font-family: 'Times New Roman';">not</font><font style="font-family: 'Times New Roman';"> issue</font><font style="font-family: 'Times New Roman';">d</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">Also, </font><font style="font-family: 'Times New Roman';"><font>3,641,075</font></font><font style="font-family: 'Times New Roman';"> shares </font><font style="font-family: 'Times New Roman';">were</font><font style="font-family: 'Times New Roman';"> retained, linked to subscription warrants </font><font style="font-family: 'Times New Roman';">&#8211;</font><font style="font-family: 'Times New Roman';"> indemnification, which </font><font style="font-family: 'Times New Roman';">will</font><font style="font-family: 'Times New Roman';"> be issued </font><font style="font-family: 'Times New Roman';">or canceled according </font><font style="font-family: 'Times New Roman';">as the final decision </font><font style="font-family: 'Times New Roman';">of the processes are favorable or unfavorable, respectively</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">On December 31, 2020</font><font style="font-family: 'Times New Roman';">, the maximum number of shares, which </font><font style="font-family: 'Times New Roman';">may</font><font style="font-family: 'Times New Roman';"> be issued in the future, linked to the subscription warrants </font><font style="font-family: 'Times New Roman';">&#8211;</font><font style="font-family: 'Times New Roman';"> indemnification, </font><font style="font-family: 'Times New Roman';">is</font><font style="font-family: 'Times New Roman';"> up </font><font style="font-family: 'Times New Roman';">to </font><font style="font-family: 'Times New Roman';"><font>3,641,075</font></font><font style="font-family: 'Times New Roman';">&nbsp;shares, totaling R</font><font style="font-family: 'Times New Roman';">$ </font><font style="font-family: 'Times New Roman';"><font>86,439</font></font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<h1 style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 12pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><font>25</font>. </font><font style="font-family: 'Times New Roman';">Equity</font></font></h1>
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">a.&nbsp; &nbsp; &nbsp; &nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Share </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">c</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">apital</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">On </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, <font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> t</font><font style="font-family: 'Times New Roman';">he subscribed and paid-in capital stock consists of </font><font style="font-family: 'Times New Roman';"><font>1,115,005,712</font></font><font style="font-family: 'Times New Roman';"> (</font><font style="font-family: 'Times New Roman';"><font>1,112,810,192</font> as of December 31, 2019)</font><font style="font-family: 'Times New Roman';"> common shares with no par value</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and the issuance of preferred shares and participation certificates is prohibited.</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">Each common share entitles its holder to <font>one</font> vote at Shareholders&#8217; Meetings.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The price of the outstanding shares as of </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, <font>2020</font>, on B<font>3</font> was R$ </font><font style="font-family: 'Times New Roman';"><font>23.74</font></font><font style="font-family: 'Times New Roman';"> (R$ <font>25.48</font> as of December 31, 2019).</font></font></p>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">As of </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, <font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';">, t</font><font style="font-family: 'Times New Roman';">he Company is authorized to increase capital up to the limit of </font><font style="font-family: 'Times New Roman';"><font>1,600,000,000</font></font><font style="font-family: 'Times New Roman';"> common shares, without amendment to the Bylaws, by resolution of the Board of Directors.</font><font style="font-family: 'Times New Roman';">&nbsp;As a result of the conversion of the subscription warrants <font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#8211;</font>&nbsp;indemnification into shares on&nbsp;</font><font style="font-family: 'Times New Roman';">February 19, August 12, 2020 and on February 24, 2021 the Company&#8217;s Board of Directors confirmed the issuance of <font>2,108,542</font>,&nbsp;<font>86,978</font>&nbsp;and</font><font style="font-family: 'Times New Roman';">&nbsp;<font>70,939</font> common shares,&nbsp;</font><font style="font-family: 'Times New Roman';">see note 24</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">As of</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, <font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';">, there were </font><font style="font-family: 'Times New Roman';"><font>47,413,094</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">common shares outstanding abroad in the form of ADRs</font><font style="font-family: 'Times New Roman';"> (</font><font style="font-family: 'Times New Roman';"><font>46,518,315</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">shares </font><font style="font-family: 'Times New Roman';">as of December</font><font style="font-family: 'Times New Roman';"> 31</font><font style="font-family: 'Times New Roman';">, <font>201</font></font><font style="font-family: 'Times New Roman';"><font>9</font></font><font style="font-family: 'Times New Roman';"> and <font>55,725,974</font> shares as of December 31, 2018</font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">On April 10, 2019, the Company&#8217;s extraordinary and annual general meeting approved the stock split of common shares issued by </font><font style="font-family: 'Times New Roman';">Ultrapar</font><font style="font-family: 'Times New Roman';">, at a ratio of <font>one</font> currently existing share to <font>two</font> shares of the same class and type as well as</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">the changing of the number of shares in which the capital stock of the Company is divided. The stock split approved herein shall not imply in any change in the </font><font style="font-family: 'Times New Roman';">Ultrapar&#8217;s</font><font style="font-family: 'Times New Roman';"> capital stock</font><font style="font-family: 'Times New Roman';">. T</font><font style="font-family: 'Times New Roman';">he new shares and ADRs resulting from the stock split approved herein </font><font style="font-family: 'Times New Roman';">are</font><font style="font-family: 'Times New Roman';"> of the same class and type and grant</font><font style="font-family: 'Times New Roman';">ed</font><font style="font-family: 'Times New Roman';"> to its holders the same rights of the current shares and ADRs. </font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">b.<font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: italic; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp; &nbsp; &nbsp; &nbsp;</font></font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Equity instrument granted</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company has a </font><font style="font-family: 'Times New Roman';">share-based incentive plan, which establishes the general terms and conditions for the concession of common shares issued by the Company held in treasury (see </font><font style="font-family: 'Times New Roman';">N</font><font style="font-family: 'Times New Roman';">ote <font>8</font>.c).</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">c.<font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: italic; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp; &nbsp; &nbsp; &nbsp;</font></font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Treasury </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">s</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">hares</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The Company acquired its own shares at market prices, without capital reduction, to be held in treasury and to be subsequently disposed of or cancelled. </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">As of </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font>,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';"><font>24,739,626</font></font><font style="font-family: 'Times New Roman';"> common shares were held in the Company's treasury, acquired at an average cost of R$ </font><font style="font-family: 'Times New Roman';"><font>19.77</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">(R$ <font>18.12</font> as of December 31, 2019 and <font>2018</font>) </font><font style="font-family: 'Times New Roman';">(</font><font style="font-family: 'Times New Roman';"><font>26,780,298</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as of December</font><font style="font-family: 'Times New Roman';"> 31</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> <font>2019</font></font><font style="font-family: 'Times New Roman';"> and <font>2018</font></font><font style="font-family: 'Times New Roman';">).</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">d.<font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: italic; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp; &nbsp; &nbsp; &nbsp;</font></font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Capital </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">r</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">eserve </font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The capital reserve reflects the gain on the transfer of shares at market price used in the Deferred Stock Plan granted to executives of the subsidiaries</font><font style="font-family: 'Times New Roman';"> of the Company</font><font style="font-family: 'Times New Roman';">, as mentioned in Note <font>8</font>.c.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Because </font><font style="font-family: 'Times New Roman';">of </font><font style="font-family: 'Times New Roman';">Extrafarma</font><font style="font-family: 'Times New Roman';">&#8217;</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> associa</font><font style="font-family: 'Times New Roman';">tion</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">in</font><font style="font-family: 'Times New Roman';"> <font>2014</font></font><font style="font-family: 'Times New Roman';">, the Company recognized an increase in the capital reserves in the amount of R$ <font>498,812</font>,&nbsp;due to the difference between the value attributable to share capital and the market value of the </font><font style="font-family: 'Times New Roman';">Ultrapar</font><font style="font-family: 'Times New Roman';"> shares on the date of issue</font><font style="font-family: 'Times New Roman';">, deducted </font><font style="font-family: 'Times New Roman';">by </font><font style="font-family: 'Times New Roman';">R$ <font>2,260</font> related to the</font><font style="font-family: 'Times New Roman';"> incurred costs directly attributable to issuing new shares</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> Additionally, on February 19</font><font style="font-family: 'Times New Roman';"> and August 12</font><font style="font-family: 'Times New Roman';">, <font>2020</font>, there was an increase in the reserve </font><font style="font-family: 'Times New Roman';">in the</font><font style="font-family: 'Times New Roman';"> amount of R$ <font>53,072</font></font><font style="font-family: 'Times New Roman';"> and R$ <font>1,691</font>, respectively</font><font style="font-family: 'Times New Roman';">, due to the partial exercise of the subscription warrants &#8211; indemnification (see note <font>24</font>).</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">e.<font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: italic; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp; &nbsp; &nbsp; &nbsp;</font></font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Revaluation </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">r</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">eserve</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The revaluation reserve</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">recognized</font><font style="font-family: 'Times New Roman';"> prior to the adoption of </font><font style="font-family: 'Times New Roman';">the international accounting standards (IFRS)</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> reflects the revaluation of assets of subsidiaries and is based on depreciation, write-off, or disposal of the revalued assets of the subsidiaries, as well as the tax effects recognized by these subsidiaries.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-88</font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">f.<font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: italic; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp; &nbsp; &nbsp; &nbsp;</font></font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Profit </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">r</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">eserves</font></font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">f.<font>1</font> </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Legal </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">r</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">eserve</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Under Brazilian Corporate Law, the Company is required to </font><font style="font-family: 'Times New Roman';">allocate</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';"><font>5</font>% of net annual earnings to a legal reserve, until the balance reaches <font>20</font>% of capital stock. This reserve may be used to increase capital or </font><font style="font-family: 'Times New Roman';">to </font><font style="font-family: 'Times New Roman';">absorb losses but may not be distributed as dividends.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">f.</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"><font>2</font></font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"> </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Investments </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">r</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">eserve</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">In compliance with Article 194 of the Brazilian Corporate Law and Article <font style="border-left: none; border-right: none;">5</font></font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">4</font></font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">b</font><font style="font-family: 'Times New Roman';">) of the Bylaws this reserve is aimed to protect the integrity of the Company&#8217;s assets and to supplement its capital stock, in order to allow new investments to be made. As provided in </font><font style="font-family: 'Times New Roman';">its</font><font style="font-family: 'Times New Roman';"> Bylaws, the Company may allocate up to <font>50</font></font><font style="font-family: 'Times New Roman';">% of </font><font style="font-family: 'Times New Roman';">the annual </font><font style="font-family: 'Times New Roman';">net income to the investments reserve</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> up to the limit of <font>100</font>% of the </font><font style="font-family: 'Times New Roman';">share </font><font style="font-family: 'Times New Roman';">capital.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The investments reserve </font><font style="font-family: 'Times New Roman';">is </font><font style="font-family: 'Times New Roman';">free of distribution restrictions and totaled R$ </font><font style="font-family: 'Times New Roman';"><font>3,658,265</font>,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as</font><font style="font-family: 'Times New Roman';"> of </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, <font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">(R$ </font><font style="font-family: 'Times New Roman';"><font>3,290,073</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as of</font><font style="font-family: 'Times New Roman';"> December 31, </font><font style="font-family: 'Times New Roman';"><font>201</font></font><font style="font-family: 'Times New Roman';"><font>9</font></font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">g.<font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: italic; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&nbsp; &nbsp; &nbsp; &nbsp;Other comprehensive income</font></font></font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">g.<font>1</font> </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Valuation </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">a</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">djustments</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"><br></font></font></p>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 3%; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</font></td>
<td style="width: 97%; padding: 1px 1px 10px;"><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">Actuarial g</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">ains and losses relating to post-employment benefits, calculated based on a valuation conducted by an independent actuary, are recognized in equity<font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">under<font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">the title<font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&#8220;</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">valuation adjustments</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&#8221;</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">.<font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">Actuarial g</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">ains and losses recorded in equity are<font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">not<font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">reclassified to profit or loss in<font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">subsequent periods</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">.</font></td>
</tr>
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<td style="vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(ii)</font><br></td>
<td style="padding: 1px 1px 10px;"><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">Gains and losses on the hedging instruments<font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">of exchange rate related to</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"><font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">firm commitment<font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">and highly probable transactions<font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">designated as cash flows<font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">hedges<font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">are<font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">recognized</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"><font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">in equity<font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">as</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"><font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&#8220;</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">v</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">aluation<font>&nbsp;</font>adjustments</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&#8221;</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">. Gains and losses are reclassified to<font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">initial cost of non-financial assets</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">.</font></td>
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<td style="vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(iii)</font></td>
<td style="padding: 1px 1px 10px;"><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">The differences between the fair value of financial investments measured at fair value through other comprehensive income and the initial<font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">amount of financial investments</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"><font>&nbsp;</font>plus<font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">the </font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">earned income and<font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">the foreign currency exchange variation</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"><font>&nbsp;</font>are</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"><font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">recognized in equity<font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">as<font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">valuation adjustments. Gains and losses are reclassified to<font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">statements of profit or loss</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"><font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">when</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"><font>&nbsp;</font>the financial investment is<font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">settled</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">.</font></td>
</tr>
<tr>
<td style="vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(iv)</font></td>
<td style="padding: 1px 1px 10px;"><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">The Company<font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">also<font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">recognizes in this<font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">item</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"><font>&nbsp;</font>the effect of changes in the non-controlling interest in subsidiaries that do not result in loss of control. This amount corresponds to the difference between the amount by which the non</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">-</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">controlling interest was adjusted and the fair value of the consideration received or paid and represents a transaction with shareholders.</font></td>
</tr>

</table>
<p style="margin-top: 2pt; text-align: justify; line-height: 115%; font-size: 11pt;"><br></p>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-89</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
</div>
</div>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Balance and changes in valuation adjustments of the </font><font style="font-family: 'Times New Roman';">Company</font><font style="font-family: 'Times New Roman';"> are as follows:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="margin: 0px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 214px; width: 99.9225%; text-indent: 0px;" width="100%">

<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 47.0178%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; width: 9.06274%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Fair value <br>of cash flow <br>hedging <br>instruments (i)</font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.08443%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 1.00697%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; width: 8.98528%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Fair value <br>of financial<br>instruments (ii)</font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 0.96824%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.96824%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; width: 8.98528%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Actuarial gains (losses) of post-employment <br>benefits (iii)</font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 0.96824%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.96824%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; width: 8.98528%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Non-<br>controlling shareholders <br>interest change (iv)</font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.93648%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; width: 8.21646%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Total </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.775795%;"><br></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 16px; background-color: #cceeff; width: 47.0178%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance as of December 31, 2017 </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 9.06274%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>27,364</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.08443%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.00697%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>15,181</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>197,369</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.93648%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.21646%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>154,824</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.775795%; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; width: 47.0178%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Changes in fair value of financial instruments </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 9.06274%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>326,030</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.08443%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.00697%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.98528%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>273</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.96824%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.96824%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.98528%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.96824%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.96824%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.98528%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.93648%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.21646%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>326,303</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.775795%; margin: 0px; text-indent: 0px;">)</td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 16px; background-color: #cceeff; width: 47.0178%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> IRPJ and CSLL on fair value </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 9.06274%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>110,058</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.08443%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.00697%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.93648%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.21646%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>110,058</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.775795%; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; width: 47.0178%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Actuarial loss of post-employment benefits </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 9.06274%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.08443%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.00697%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.98528%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.96824%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.96824%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.98528%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,810</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.96824%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.96824%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.98528%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.93648%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.21646%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,810</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.775795%; margin: 0px; text-indent: 0px;">)</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; background-color: #cceeff; width: 47.0178%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Income and social contribution taxes on actuarial losses </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9.06274%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.08443%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.00697%; margin: 0px; text-indent: 0px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>242</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.93648%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.21646%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>242</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.775795%; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 16px; width: 47.0178%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance as of December 31, 2018 </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 9.06274%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>243,336</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1.08443%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.00697%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 8.98528%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>273</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 0.96824%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.96824%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 8.98528%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>17,749</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 0.96824%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.96824%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 8.98528%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>197,369</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1.93648%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 8.21646%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>63,989</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.775795%; margin: 0px; text-indent: 0px;">)</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; background-color: #cceeff; width: 47.0178%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Changes in fair value of financial instruments </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9.06274%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>76,479</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.08443%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.00697%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>478</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.93648%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.21646%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>76,001</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.775795%; margin: 0px; text-indent: 0px;">)</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 16px; width: 47.0178%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> IRPJ and CSLL on fair value </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 9.06274%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>23,683</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1.08443%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.00697%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 8.98528%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 0.96824%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.96824%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 8.98528%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 0.96824%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.96824%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 8.98528%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1.93648%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 8.21646%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>23,683</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.775795%; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; background-color: #cceeff; width: 47.0178%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Actuarial loss of post-employment benefits </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9.06274%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.08443%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.00697%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>41,794</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.93648%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.21646%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>41,794</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.775795%; margin: 0px; text-indent: 0px;">)</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; width: 47.0178%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Income and social contribution taxes on actuarial losses </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; width: 9.06274%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.08443%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.00697%; margin: 0px; text-indent: 0px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; width: 8.98528%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.96824%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.96824%; margin: 0px; text-indent: 0px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; width: 8.98528%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>11,784</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.96824%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.96824%; margin: 0px; text-indent: 0px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; width: 8.98528%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.93648%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; width: 8.21646%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>11,784</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.775795%; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 16px; background-color: #cceeff; width: 47.0178%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance as of December 31, 2019 </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 9.06274%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>296,132</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.08443%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.00697%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>205</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>47,759</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>197,369</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.93648%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.21646%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>146,317</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.775795%; margin: 0px; text-indent: 0px;">)</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; width: 47.0178%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Changes in fair value of financial instruments </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 9.06274%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>477,570</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.08443%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.00697%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.98528%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>64</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.96824%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.96824%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.98528%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.96824%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.96824%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.98528%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.93648%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.21646%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>477,507</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.775795%; margin: 0px; text-indent: 0px;">)</td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 16px; background-color: #cceeff; width: 47.0178%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> IRPJ and CSLL on fair value </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 9.06274%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>164,425</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.08443%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.00697%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.93648%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.21646%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>164,425</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.775795%; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 12px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 12px; width: 47.0178%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Actuarial loss of post-employment benefits </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; width: 9.06274%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; width: 1.08443%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.00697%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; width: 8.98528%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; width: 0.96824%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.96824%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; width: 8.98528%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>7,725</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; width: 0.96824%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.96824%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; width: 8.98528%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; width: 1.93648%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 12px; width: 8.21646%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>7,724</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.775795%; margin: 0px; text-indent: 0px;">)</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; background-color: #cceeff; width: 47.0178%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Income and social contribution taxes on actuarial losses </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9.06274%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.08443%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.00697%; margin: 0px; text-indent: 0px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,133</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.93648%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.21646%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,133</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.775795%; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 16px; width: 47.0178%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance as of December 31, 2020 </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; border-bottom: 2.8pt double #000000; width: 9.06274%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>609,277</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1.08443%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.00697%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; border-bottom: 2.8pt double #000000; width: 8.98528%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>269</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 0.96824%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.96824%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; border-bottom: 2.8pt double #000000; width: 8.98528%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>53,351</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 0.96824%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.96824%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; border-bottom: 2.8pt double #000000; width: 8.98528%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>197,369</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1.93648%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 16px; border-bottom: 2.8pt double #000000; width: 8.21646%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>464,990</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.775795%; margin: 0px; text-indent: 0px;">)</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><br></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;">(i) See Note 25.g.1.ii above.</font><br><font style="font-size: 10pt;">(ii) See Note 25.g.1.iii above.</font><br><font style="font-size: 10pt;">(iii) See Note 25.g.1.i above.</font><br><font style="font-size: 10pt;">(iv) See Note 25.g.1.iv above.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><br></p>
</div>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-90</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">g.<font>2</font> </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Cumulative </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">T</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">ranslation </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">A</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">djustments</font><font style="width: 28.41pt; display: inline-block;">&nbsp;</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The change in exchange rates on assets, liabilities</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> and income of foreign subsidiaries that have functional currency other than the presentation currency of the Company</font><font style="font-family: 'Times New Roman';"> and</font><font style="font-family: 'Times New Roman';"> an independent management</font><font style="font-family: 'Times New Roman';"> (see Note <font>2</font>.s.<font>1</font>)</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and </font><font style="font-family: 'Times New Roman';">the exchange rate variation on </font><font style="font-family: 'Times New Roman';">notes </font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">n the foreign market, net of income taxes (see Note <font>3</font></font><font style="font-family: 'Times New Roman';"><font>3</font></font><font style="font-family: 'Times New Roman';">.h.<font>3</font></font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';"> is directly recognized in the equity. This cumulative effect is reflected in profit or loss as a gain or loss only in case of disposal or write-off of the investment.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Balance and changes in </font><font style="font-family: 'Times New Roman';">cumulative translation adjustments</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">of the Company </font><font style="font-family: 'Times New Roman';">are as follows:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="height: 96px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin: 0px auto; text-indent: 0px;" width="68%">

<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2020</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2019</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top;"><br></td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2018</font> </font></p>
</td>
<td style="vertical-align: top;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 62.5998%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Initial balance </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.9464%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>102,427</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.48233%;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.02623%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.9464%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>65,857</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff; padding: 0px; width: 0.969215%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; background-color: #cceeff; padding: 0px; width: 0.969215%;"><br></td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; padding: 0px; width: 9.5781%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>53,061</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px; width: 1%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Currency translation adjustment of foreign subsidiaries </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>202,277</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>46,330</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px;"><br></td>
<td style="vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>52,531</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Effect of foreign currency exchange rate variation on financial instruments </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>110,770</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>14,788</font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;">)</td>
<td style="vertical-align: top; background-color: #cceeff; padding: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>60,204</font></font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> IRPJ and CSLL on foreign currency exchange rate variation on financial instruments</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>37,662</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,028</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; padding: 0px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>20,469</font> </font></p>
</td>
<td style="vertical-align: bottom; padding: 0px;"><br></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Final balance </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>231,596</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>102,427</font> </font></p>
</td>
<td style="vertical-align: top; height: 18px; background-color: #cceeff; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; background-color: #cceeff; padding: 0px;"><br></td>
<td style="vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>65,857</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; padding: 0px;"><br></td>
</tr>

</table>
</div>
</div>
<p style="margin-top: 2pt; margin-bottom: 10pt; text-align: justify; line-height: 115%; font-size: 11pt;"><br></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">h.&nbsp; &nbsp; &nbsp; &nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Dividends</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"> and </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">a</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">llocation of </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">n</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">et </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">i</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">ncome</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The shareholders </font><font style="font-family: 'Times New Roman';">of the Company </font><font style="font-family: 'Times New Roman';">is</font><font style="font-family: 'Times New Roman';"> entitled under the Bylaws to a minimum annual dividend of <font>50</font>% of adjusted net income</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">after allocation of&nbsp;</font><font style="font-family: 'Times New Roman';">5</font><font style="font-family: 'Times New Roman';">% to the legal reserve, </font><font style="font-family: 'Times New Roman';">calculated in accordance with Brazilian Corporate Law. The dividends and interest on equity in excess of the obligation established in the Bylaws are recognized in equity until the Shareholders</font><font style="font-family: 'Times New Roman';"> approve them</font><font style="font-family: 'Times New Roman';">. T</font><font style="font-family: 'Times New Roman';">he proposed dividends payable</font><font style="font-family: 'Times New Roman';"> that refers of the exercise of <font>2019</font>, the amount of which on </font><font style="font-family: 'Times New Roman';">as of December 31, 201</font><font style="font-family: 'Times New Roman';"><font>9</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">totaled</font><font style="font-family: 'Times New Roman';"> R$ </font><font style="font-family: 'Times New Roman';"><font>261,470</font></font><font style="font-family: 'Times New Roman';"> (R$ </font><font style="font-family: 'Times New Roman';">.<font>0.24</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">&#8211;</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';"><font>twenty-four</font> </font><font style="font-family: 'Times New Roman';">cents </font><font style="font-family: 'Times New Roman';">of Brazilian Real </font><font style="font-family: 'Times New Roman';">per share), were approved by the Board of Directors on February 19, 202</font><font style="font-family: 'Times New Roman';"><font>0</font></font><font style="font-family: 'Times New Roman';">, and </font><font style="font-family: 'Times New Roman';">were </font><font style="font-family: 'Times New Roman';">paid as of </font><font style="font-family: 'Times New Roman';">March </font><font style="font-family: 'Times New Roman';">06</font><font style="font-family: 'Times New Roman';">, <font>20</font></font><font style="font-family: 'Times New Roman';"><font>2</font></font><font style="font-family: 'Times New Roman';"><font>0</font></font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> The proposed </font><font style="font-family: 'Times New Roman';">dividends payable that refers of the exercise of <font>2020</font>, the amount of which on</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">as of December 31, 2020 </font><font style="font-family: 'Times New Roman';">totaled</font><font style="font-family: 'Times New Roman';"> R$ <font>479,748</font> (R$ <font>0.44</font> &#8211; <font>forty-four</font> cents of Brazilian Real per share), were approved by the Board of Directors on February 24, 2021, and </font><font style="font-family: 'Times New Roman';">will be</font><font style="font-family: 'Times New Roman';"> paid </font><font style="font-family: 'Times New Roman';">from </font><font style="font-family: 'Times New Roman';">March 12, 2021</font><font style="font-family: 'Times New Roman';"> onwards</font><font style="font-family: 'Times New Roman';">.&nbsp;</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The management proposal for the allocation of net income for <font>2020</font> and for distribution of dividends is as follow:&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="height: 230px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-right: auto;" width="68%">

<tr style="height: 17px;">
<td style="width: 362.5pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
</td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; text-decoration: underline; font-size: 10pt;"> Allocation of net income </font></font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net income for the period attributable to shareholders of Ultrapar </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>893,383</font> </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Legal reserve (<font>5</font>% of the net income) </font></p>
</td>
<td style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>44,669</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Adjusted net income (basis for dividends) </font></p>
</td>
<td style="width: 50.7pt; border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>848,714</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Minimum mandatory dividends for the period (<font>50</font>% of the adjusted net income) </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>424,357</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Additional dividends to minimum mandatory dividends </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>55,391</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Legal reserve (<font>5</font>% of the net income) </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>44,669</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Investments statutory reserve </font></p>
</td>
<td style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>368,966</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total allocation of net income </font></p>
</td>
<td style="width: 50.7pt; border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>893,383</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; text-decoration: underline; font-size: 10pt;"> Allocation of dividends </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Minimum mandatory dividends for the period (<font>50</font>% of the adjusted net income) </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>424,357</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Additional dividends to minimum mandatory dividends </font></p>
</td>
<td style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>55,391</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total allocation (R$ <font>0.44</font> per share) </font></p>
</td>
<td style="width: 50.7pt; border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>479,748</font> </font></p>
</td>
</tr>

</table>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-91</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
</div>
</div>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Balances and changes in dividends payable are as follows:</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="height: 113px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin: 0px auto; text-indent: 0px;" width="68%">

<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 79.6829%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance as of December 31, 2018 </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 19.3171%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>284,024</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 79.6829%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Provisions </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 19.3171%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>329,106</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 79.6829%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Payments </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 19.3171%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"> (</font><font style="font-family: 'Times New Roman';"><font>596,436</font></font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 79.6829%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance as of December 31, 2019 </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; width: 19.3171%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>16,694</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 79.6829%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Provisions </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 19.3171%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>710,206</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 79.6829%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Payments </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; width: 19.3171%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>284,767</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%;">)</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 79.6829%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Balance as of December 31, 2020 </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000; width: 19.3171%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>442,133</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"><br></td>
</tr>

</table>
</div>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><br></p>
</div>
</div>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<h1 style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 12pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">26</font>. </font><font style="font-family: 'Times New Roman';">Net </font><font style="font-family: 'Times New Roman';">r</font><font style="font-family: 'Times New Roman';">evenue from </font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">ale and </font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">ervices</font></font></h1>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<div>
<table cellspacing="0" cellpadding="0" style="height: 115px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 84%; margin: 0px auto; text-indent: 0px;" width="84%">

<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 63.0237%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; width: 11.02%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2020</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 1.18397%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.910747%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; width: 10.929%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2019</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.956285%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; width: 0.956285%;"><br></td>
<td style="vertical-align: bottom; height: 17px; width: 9.969%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2018</font> </font></p>
</td>
<td style="vertical-align: bottom; width: 0.959995%;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; background-color: #cceeff; width: 63.0237%; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Gross revenue from sale </font></p>
</td>
<td style="padding: 0px; background-color: rgb(204, 238, 255); width: 11.02%; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>86,754,003</font> </font></p>
</td>
<td style="padding: 0px; background-color: rgb(204, 238, 255); width: 1.18397%; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; background-color: rgb(204, 238, 255); width: 0.910747%; vertical-align: bottom;"><br></td>
<td style="padding: 0px; background-color: rgb(204, 238, 255); width: 10.929%; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>94,296,759</font> </font></p>
</td>
<td style="background-color: rgb(204, 238, 255); width: 0.956285%; height: 10px; vertical-align: bottom; padding: 0px;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="background-color: rgb(204, 238, 255); width: 0.956285%; vertical-align: bottom; padding: 0px;"><br></td>
<td style="background-color: rgb(204, 238, 255); width: 9.969%; height: 10px; vertical-align: bottom; padding: 0px;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>94,693,178</font> </font></p>
</td>
<td style="background-color: rgb(204, 238, 255); width: 0.959995%; vertical-align: bottom; padding: 0px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; height: 17px; vertical-align: bottom; width: 63.0237%;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Gross revenue from services </font></p>
</td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; width: 11.02%;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>929,304</font> </font></p>
</td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; width: 1.18397%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.910747%;"><br></td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; width: 10.929%;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>869,084</font> </font></p>
</td>
<td style="height: 17px; vertical-align: bottom; width: 0.956285%; padding: 0px;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; width: 0.956285%; padding: 0px;"><br></td>
<td style="height: 17px; vertical-align: bottom; width: 9.969%; padding: 0px;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>750,791</font> </font></p>
</td>
<td style="vertical-align: bottom; width: 0.959995%; padding: 0px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; background-color: #cceeff; height: 10px; vertical-align: bottom; width: 63.0237%;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Sales taxes <sup>(i)</sup></font></p>
</td>
<td style="padding: 0px; background-color: rgb(204, 238, 255); height: 10px; vertical-align: bottom; width: 11.02%;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4,291,081</font> </font></p>
</td>
<td style="padding: 0px; background-color: rgb(204, 238, 255); height: 10px; vertical-align: bottom; width: 1.18397%; margin: 0px; text-indent: 0px;" valign="bottom">)</td>
<td style="padding: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.910747%;"><br></td>
<td style="padding: 0px; background-color: rgb(204, 238, 255); height: 10px; vertical-align: bottom; width: 10.929%;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4,031,295</font> </font></p>
</td>
<td style="background-color: rgb(204, 238, 255); height: 10px; vertical-align: bottom; width: 0.956285%; padding: 0px;" valign="bottom">)</td>
<td style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.956285%; padding: 0px;"><br></td>
<td style="background-color: rgb(204, 238, 255); height: 10px; vertical-align: bottom; width: 9.969%; padding: 0px;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>3,027,597</font> </font></p>
</td>
<td style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.959995%; padding: 0px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; height: 17px; vertical-align: bottom; width: 63.0237%;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Discounts and sales returns </font></p>
</td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; width: 11.02%;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,871,825</font> </font></p>
</td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; width: 1.18397%; margin: 0px; text-indent: 0px;" valign="bottom">)</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.910747%;"><br></td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; width: 10.929%;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,494,814</font> </font></p>
</td>
<td style="height: 17px; vertical-align: bottom; width: 0.956285%; padding: 0px;" valign="bottom">)</td>
<td style="vertical-align: bottom; width: 0.956285%; padding: 0px;"><br></td>
<td style="height: 17px; vertical-align: bottom; width: 9.969%; padding: 0px;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,342,799</font> </font></p>
</td>
<td style="vertical-align: bottom; width: 0.959995%; padding: 0px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; width: 63.0237%;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Amortization of contractual assets with customers (see Note <font>11</font>) </font></p>
</td>
<td style="padding: 0px; background-color: rgb(204, 238, 255); height: 17px; vertical-align: bottom; width: 11.02%;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>289,436</font> </font></p>
</td>
<td style="padding: 0px; background-color: rgb(204, 238, 255); height: 17px; vertical-align: bottom; width: 1.18397%; margin: 0px; text-indent: 0px;" valign="bottom">)</td>
<td style="padding: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.910747%;"><br></td>
<td style="padding: 0px; background-color: rgb(204, 238, 255); height: 17px; vertical-align: bottom; width: 10.929%;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>355,250</font> </font></p>
</td>
<td style="background-color: rgb(204, 238, 255); height: 17px; vertical-align: bottom; width: 0.956285%; padding: 0px;" valign="bottom">)</td>
<td style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.956285%; padding: 0px;"><br></td>
<td style="background-color: rgb(204, 238, 255); height: 17px; vertical-align: bottom; width: 9.969%; padding: 0px;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>371,825</font> </font></p>
</td>
<td style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.959995%; padding: 0px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; height: 17px; vertical-align: bottom; width: 63.0237%;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Deferred revenue (see Note <font>23</font>) </font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; height: 17px; vertical-align: bottom; width: 11.02%;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,137</font> </font></p>
</td>
<td style="padding: 0px; height: 17px; vertical-align: bottom; width: 1.18397%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.910747%;"><br></td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; height: 17px; vertical-align: bottom; width: 10.929%;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>13,491</font> </font></p>
</td>
<td style="height: 17px; vertical-align: bottom; width: 0.956285%; padding: 0px;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; width: 0.956285%; padding: 0px;"><br></td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); height: 17px; vertical-align: bottom; width: 9.969%; padding: 0px;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>3,765</font> </font></p>
</td>
<td style="vertical-align: bottom; width: 0.959995%; padding: 0px;">)</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; background-color: #cceeff; height: 10px; vertical-align: bottom; width: 63.0237%;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net revenue from sales and services&nbsp;</font></font></p>
</td>
<td style="padding: 0px; background-color: rgb(204, 238, 255); border-bottom: 2.8pt double rgb(0, 0, 0); height: 10px; vertical-align: bottom; width: 11.02%;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>81,241,102</font> </font></p>
</td>
<td style="padding: 0px; background-color: rgb(204, 238, 255); height: 10px; vertical-align: bottom; width: 1.18397%; margin: 0px; text-indent: 0px;" valign="bottom">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.910747%;"><br></td>
<td style="padding: 0px; background-color: rgb(204, 238, 255); border-bottom: 2.8pt double rgb(0, 0, 0); height: 10px; vertical-align: bottom; width: 10.929%;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>89,297,975</font> </font></p>
</td>
<td style="background-color: rgb(204, 238, 255); height: 10px; vertical-align: bottom; width: 0.956285%; padding: 0px;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.956285%; padding: 0px;"><br></td>
<td style="background-color: rgb(204, 238, 255); border-bottom: 2.8pt double rgb(0, 0, 0); height: 10px; vertical-align: bottom; width: 9.969%; padding: 0px;" valign="bottom">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>90,697,983</font> </font></p>
</td>
<td style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.959995%; padding: 0px;"><br></td>
</tr>

</table>
<p><br></p>
<p style="margin: 0pt 0pt 0pt 80pt; text-indent: 0pt;"><sup>(i)</sup> <font>Presented as required by the Brazilian law.</font><br></p>
</div>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<h1 style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 12pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">27</font>. </font><font style="font-family: 'Times New Roman';">Expenses by </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ature</font></font></h1>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company presents its expenses by function in the consolidated statement </font><font style="font-family: 'Times New Roman';">of profit or loss </font><font style="font-family: 'Times New Roman';">and presents below its expenses by nature:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="height: 250px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 84%; margin-left: auto; margin-right: auto;" width="84%">

<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2020</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2019</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2018</font> </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 63%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Raw materials and materials for use and consumption </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 11%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>73,933,944</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 11%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>81,819,820</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; width: 2%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 11%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>83,116,950</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Personnel expenses </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,275,115</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,415,581</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,513,586</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Freight and storage </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,424,753</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,170,870</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,178,990</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Depreciation and amortization </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>938,841</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>844,647</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>812,489</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Amortization of right-of-use assets </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>328,322</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>300,058</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>&#8208;</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Advertising and marketing </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>153,057</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>206,103</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>173,988</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Services provided by third parties </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>357,195</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>322,589</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>328,361</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other expenses </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>301,417</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>444,078</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>709,710</font> </font></p>
</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-top: 1pt solid #000000; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>79,712,644</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-top: 1pt solid #000000; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>87,523,746</font> </font></p>
</td>
<td style="vertical-align: top; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff; border-top: 1pt solid #000000; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>88,834,074</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Classified as: </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Cost of products and services sold </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>75,628,214</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>83,187,109</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>84,537,368</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Selling and marketing </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,547,850</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,610,384</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,670,867</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> General and administrative </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,536,580</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,726,253</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,625,839</font> </font></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>79,712,644</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>87,523,746</font> </font></p>
</td>
<td style="vertical-align: top; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>88,834,074</font> </font></p>
</td>
</tr>

</table>
</div>
</div>
</div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-92</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<h1 style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 12pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">28</font></font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">Gain (loss) on </font><font style="font-family: 'Times New Roman';">d</font><font style="font-family: 'Times New Roman';">isposal of </font><font style="font-family: 'Times New Roman';">PP&amp;E</font><font style="font-family: 'Times New Roman';"> and </font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">ntangibles</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and impairment</font><font style="font-family: 'Times New Roman';"> </font></font></h1>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The </font><font style="font-family: 'Times New Roman';">gain or loss </font><font style="font-family: 'Times New Roman';">is determined as the difference between the selling price and residual book value of the investment, </font><font style="font-family: 'Times New Roman';">PP&amp;E</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> intangible asset. </font><font style="font-family: 'Times New Roman';">In</font><font style="font-family: 'Times New Roman';"> <font>2020</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">th</font><font style="font-family: 'Times New Roman';">e </font><font style="font-family: 'Times New Roman';">gain</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">was <font>R$</font></font><font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';"><font>76,150</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">(</font><font style="font-family: 'Times New Roman';">loss</font><font style="font-family: 'Times New Roman';">es</font><font style="font-family: 'Times New Roman';"> of R$ </font><font style="font-family: 'Times New Roman';"><font>30,019</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">in</font><font style="font-family: 'Times New Roman';"> <font>201</font></font><font style="font-family: 'Times New Roman';"><font>9</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and losses</font><font style="font-family: 'Times New Roman';"> of R$ <font>22,088</font></font><font style="font-family: 'Times New Roman';">&nbsp;in <font>2018</font></font></font><font style="font-family: 'Times New Roman';"><font>),</font> represented primarily from</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">sale o</font><font style="font-family: 'Times New Roman';">f PP&amp;E.</font><font style="font-family: 'Times New Roman';"> In <font>2019</font> the impairment tests identified the need to recognize a loss in the amount of R$ <font>593,280</font> for </font><font style="font-family: 'Times New Roman';">Extrafarma's</font><font style="font-family: 'Times New Roman';"> goodwill</font><font style="font-family: 'Times New Roman';">.</font></font></p>
</div>
</div><p style="margin-top: 0pt; margin-left: 7.1pt; margin-bottom: 0pt; text-indent: -7.1pt; text-align: justify; font-size: 9pt;"><br></p>
<div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<h1 style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 12pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">29</font>. </font><font style="font-family: 'Times New Roman';">Other </font><font style="font-family: 'Times New Roman';">o</font><font style="font-family: 'Times New Roman';">perating </font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">ncome, </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">et</font></font></h1>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<div>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="margin-left: auto; border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 10pt; width: 85.2438%; margin-right: auto; height: 117px;" width="84%">

<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 63.0048%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;">&nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 10.9855%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2020</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2.26171%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 10.8239%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2019</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 1.93861%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 10.8239%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2018</font> </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: rgb(204, 238, 255);">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; width: 63.0048%; background-color: rgb(204, 238, 255); height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Commercial partnerships<font style="font-size: 8pt;"><sup>(1)</sup></font></font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 10.9855%; background-color: rgb(204, 238, 255); height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>24,367</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2.26171%; background-color: rgb(204, 238, 255); height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 10.8239%; background-color: rgb(204, 238, 255); height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>40,816</font> </font></p>
</td>
<td style="vertical-align: top; width: 1.93861%; background-color: rgb(204, 238, 255); height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; width: 10.8239%; background-color: rgb(204, 238, 255); height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>53,671</font> </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; width: 63.0048%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Merchandising<font style="font-size: 8pt;"><sup>(2)</sup></font></font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 10.9855%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>29,672</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.26171%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 10.8239%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>44,396</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; width: 1.93861%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 10.8239%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>52,092</font> </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: rgb(204, 238, 255);">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; background-color: rgb(204, 238, 255); height: 10px; width: 63.0048%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Loyalty program<font style="font-size: 8pt;"><sup>(3)</sup></font></font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px; width: 10.9855%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>145</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px; width: 2.26171%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px; width: 10.8239%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>12,943</font> </font></p>
</td>
<td style="vertical-align: top; background-color: rgb(204, 238, 255); height: 10px; width: 1.93861%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px; width: 10.8239%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>25,682</font> </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; width: 63.0048%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultracargo</font><font style="font-family: 'Times New Roman';"> &#8211; fire accident in Santos<font style="font-size: 8pt;"><sup>(4)</sup></font></font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 10.9855%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.26171%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 10.8239%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>3,733</font>) </font></p>
</td>
<td style="vertical-align: top; height: 10px; width: 1.93861%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 10.8239%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4,951</font>) </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: rgb(204, 238, 255);">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; background-color: rgb(204, 238, 255); height: 10px; width: 63.0048%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Fine for unrealized acquisition<font style="font-size: 8pt;"><sup>(5)</sup></font></font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px; width: 10.9855%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px; width: 2.26171%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px; width: 10.8239%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: top; background-color: rgb(204, 238, 255); height: 10px; width: 1.93861%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px; width: 10.8239%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>286,160</font>) </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; width: 63.0048%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Extraordinary tax credits<font style="font-size: 8pt;"><sup>(6)</sup></font></font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 10.9855%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>292,977</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.26171%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 10.8239%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>144,949</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; width: 1.93861%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 10.8239%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>208,038</font> </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: rgb(204, 238, 255);">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; background-color: rgb(204, 238, 255); height: 10px; width: 63.0048%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Conduct adjustment commitment &#8211; </font><font style="font-family: 'Times New Roman';">Tequimar<font style="font-size: 8pt;"><sup>(7)</sup></font></font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px; width: 10.9855%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px; width: 2.26171%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px; width: 10.8239%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>65,539</font>) </font></p>
</td>
<td style="vertical-align: top; background-color: rgb(204, 238, 255); height: 10px; width: 1.93861%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px; width: 10.8239%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; width: 63.0048%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-size: 10pt;"><font><font style="font-family: 'Times New Roman';">Provision for decarbonization obligation<font style="font-size: 8pt;"><sup>(8)</sup></font></font></font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 10.9855%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>124,287</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.26171%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 10.8239%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: top; height: 10px; width: 1.93861%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; width: 10.8239%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
</tr>
<tr style="height: 10px; background-color: rgb(204, 238, 255);">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; background-color: rgb(204, 238, 255); height: 10px; width: 63.0048%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Others </font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px; width: 10.9855%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,480</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px; width: 2.26171%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px; width: 10.8239%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,793</font> </font></p>
</td>
<td style="vertical-align: top; background-color: rgb(204, 238, 255); height: 10px; width: 1.93861%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px; width: 10.8239%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,161</font> </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; width: 63.0048%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other operating income, net </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); height: 10px; width: 10.9855%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>221,394</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.26171%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); height: 10px; width: 10.8239%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>179,625</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; width: 1.93861%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); height: 10px; width: 10.8239%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>57,533</font> </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<table style="width: 100%; margin-left: 0.1px; height: 136px; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 17px;">
<td style="width: 3%; height: 17px; vertical-align: top;" valign="top"><font style="font-size: 9pt;"><font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(</font><font style="border-left: none; border-right: none;">1</font><font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></font></td>
<td style="width: 97%; height: 17px;"><font><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">Refers to contracts with service providers and suppliers</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">,</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;which establish trade agreements&nbsp;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">for</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;convenience stores and gas stations.</font></font></font></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; vertical-align: top; width: 3%;" valign="top"><font style="font-size: 9pt;"><font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(</font><font style="border-left: none; border-right: none;">2</font><font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></font></td>
<td style="height: 17px; width: 97%;"><font><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">Refers to contracts with suppliers of convenience stores</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">,&nbsp;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">which establish, among other agreements, promotional campaigns.</font></font></font></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; vertical-align: top; width: 3%;" valign="top"><font style="font-size: 9pt;"><font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(</font><font style="border-left: none; border-right: none;">3</font><font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></font></td>
<td style="height: 17px; width: 97%;"><font><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">Refers to sales of &#8220;Km de&nbsp;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">Vantagens</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&#8221; to partners of the loyalty program. Revenue is recognized at the time that the partners transfer</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;the points to their</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;customers.</font></font></font></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; vertical-align: top; width: 3%;" valign="top"><font style="font-size: 9pt;"><font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(</font><font style="border-left: none; border-right: none;">4</font><font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></font></td>
<td style="height: 17px; width: 97%;"><font><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">For more information</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;about the fire accident in&nbsp;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">Ultracargo</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">, see Note&nbsp;<font style="border-left: none; border-right: none;">22</font>.b.<font style="border-left: none; border-right: none;">2.4</font>.</font></font></font></td>
</tr>
<tr style="height: 17px;">
<td style="height: 17px; vertical-align: top; width: 3%;" valign="top"><font style="font-size: 9pt;"><font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(</font><font style="border-left: none; border-right: none;">5</font><font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">)</font></font></td>
<td style="height: 17px; width: 97%;"><font><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">Refers to a contractual fine paid in&nbsp;<font style="border-left: none; border-right: none;">2018</font>&nbsp;by&nbsp;Cia.&nbsp;Ultragaz&nbsp;in favor of&nbsp;Petrobras&nbsp;due to the non-closing of the acquisition of&nbsp;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">Liquig&#225;s</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">Distribuidora</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;S.A (&#8220;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">Liquig&#225;s</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&#8221;) transaction rejected by the CADE.</font></font></font></td>
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<tr style="height: 17px;">
<td style="height: 17px; vertical-align: top; width: 3%;" valign="top"><font style="font-size: 9pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; text-align: justify; text-indent: -9.46667px; float: none; display: inline !important;">(6</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; text-align: justify; text-indent: -9.46667px; float: none; display: inline !important;">)</font></font></td>
<td style="height: 17px; width: 97%;"><font><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">Refers</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;substantially</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;to&nbsp;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">Oxiteno</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;S.A.,&nbsp;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">Ipiranga</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">,&nbsp;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">Oleoqu</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&#237;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">mica</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">, EMCA,&nbsp;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">Tequimar</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">,</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">Ultracargo</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;and Tropical</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">PIS and COFINS&nbsp;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">credits (see Note&nbsp;<font style="border-left: none; border-right: none;">7</font>.a.<font style="border-left: none; border-right: none;">2</font>)</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">, and&nbsp;<font style="border-left: none; border-right: none;">2019</font>&nbsp;substantially to&nbsp;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">Extrafarma</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">,&nbsp;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">Ipiranga</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;and Iconic credits</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">.</font></font></font></td>
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<tr style="height: 17px;">
<td style="height: 17px; vertical-align: top; width: 3%;" valign="top"><font style="font-size: 9pt;">(7)</font></td>
<td style="height: 17px; width: 97%;"><font><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">For more information, see Note&nbsp;</font><font style="border-left: none; border-right: none;">22</font><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">.b.</font><font style="border-left: none; border-right: none;">2.4</font><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">.</font></font></td>
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<tr style="height: 17px;">
<td style="height: 17px; vertical-align: top; width: 3%;" valign="top"><font style="font-size: 9pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; text-align: justify; text-indent: -9.46667px; float: none; display: inline !important;">(8</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; text-align: justify; text-indent: -9.46667px; float: none; display: inline !important;">)</font></font></td>
<td style="height: 17px; width: 97%;"><font><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">Refers to the&nbsp;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">obligation</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;adopted by the <font style="border-right: none; border-left: none;">Brazilian</font> National&nbsp;Biofuels&nbsp;Policy &#8211; "</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">RenovaBio"</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;(implemented by Law No.&nbsp;<font style="border-left: none; border-right: none;">13,576</font>/<font style="border-left: none; border-right: none;">2017</font>, with additional regulations established by Decree No.&nbsp;<font style="border-left: none; border-right: none;">9,888</font>/<font style="border-left: none; border-right: none;">2019</font>&nbsp;and Ordinance No.&nbsp;<font style="border-left: none; border-right: none;">419</font>&nbsp;of November 20, 2019 issued by the Brazilian Ministry of Mines and Energy) to set&nbsp;decarbonization&nbsp;targets for its sector.</font></font></font></td>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-93</font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements&nbsp;</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<h1 style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 12pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">30</font>. </font><font style="font-family: 'Times New Roman';">Finance&nbsp;</font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">ncome (Expense)</font></font></h1>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 280px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 84%; margin-right: auto;" width="84%">

<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2020</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2019</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2018</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Finance income: </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 63%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Interest on financial investments </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>135,502</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>302,793</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>328,625</font> </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Interest from customers </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>134,001</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>138,462</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>135,514</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Changes in subscription warrants &#8211; indemnification (see Note <font>24</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>44,484</font> </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Selic interest on extraordinary PIS/COFINS credits (see Note <font>7</font>.a<font>.2</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>242,661</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>11,146</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>168,564</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other finance income </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>15,546</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,888</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,048</font> </font></p>
</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>527,710</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>457,289</font> </font></p>
</td>
<td style="vertical-align: top; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>681,235</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Finance expenses: </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Interest on loans </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>372,017</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>388,897</font>) </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>440,641</font>) </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Interest on debentures </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>321,654</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>482,361</font>) </font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>441,394</font>) </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Interest on leases payable </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>147,687</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>132,994</font>) </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,670</font>) </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Bank charges, financial transactions tax, and other charges </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>79,882</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>62,687</font>) </font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>92,558</font>) </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Exchange variation, net of gains and losses with derivative financial instruments </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>158,007</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>134,544</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>172,701</font> </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Changes in subscription warrants &#8211; indemnification (see Note <font>24</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>17,353</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>7,760</font>) </font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Interest of provisions and other expenses</font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>16,498</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>23,988</font>) </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,791</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>797,084</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>964,143</font>) </font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>794,771</font>) </font></p>
</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Finance income (expense) </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>269,374</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>506,854</font>) </font></p>
</td>
<td style="vertical-align: top; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>113,536</font>) </font></p>
</td>
</tr>

</table>
</div>
</div>
<div>
<p><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-94</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries&nbsp;</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<h1 style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 12pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;"><font style="border-left: none; border-right: none;">31</font></font>. </font><font style="font-family: 'Times New Roman';">Earnings per </font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">hare</font></font></h1>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The table below presents a reconciliation of numerators and denominators used in computing earnings per share. The Company has a deferred stock plan</font><font style="font-family: 'Times New Roman';"> and subscription warrants </font><font style="font-family: 'Times New Roman';">&#8211;</font><font style="font-family: 'Times New Roman';"> indemnification</font><font style="font-family: 'Times New Roman';">, as mentioned in Notes <font>8</font>.c</font><font style="font-family: 'Times New Roman';"> and <font>2</font></font><font style="font-family: 'Times New Roman';"><font>4</font></font><font style="font-family: 'Times New Roman';">, respectively.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<div>
<table cellspacing="0" cellpadding="0" style="height: 163px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 84%; margin-right: auto;" width="84%">

<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2020</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2019</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2018</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Basic earnings per share </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; width: 63%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net income for the year of the Company </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>893,383</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>373,526</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,150,421</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Weighted average shares outstanding (in thousands) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,087,050</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,086,642</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,086,394</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Basic earnings per share &#8211; R$ </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>0.8218</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>0.3437</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1.0589</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Diluted earnings per share </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net income for the year of the Company </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>893,383</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>373,526</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,150,421</font> </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Weighted average shares outstanding (in thousands), including dilution effects </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,093,478</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,092,826</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,092,566</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Diluted earnings per share &#8211; R$ </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>0.8170</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>0.3418</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1.0530</font> </font></p>
</td>
</tr>

</table>
</div>
</div>
<div style="border-left: none; border-right: none;">
<div>
<table cellspacing="0" cellpadding="0" style="height: 96px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 84%; margin-right: auto;" width="84%">

<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 63%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Weighted average shares outstanding (in thousands) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Weighted average shares outstanding for basic per share </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,087,050</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,086,642</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,086,394</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Dilution effect </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp; Subscription warrants &#8211; indemnification </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,570</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,570</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,570</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;&nbsp;&nbsp;&nbsp; Deferred stock plan </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,858</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,614</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,602</font> </font></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Weighted average shares outstanding for diluted per share </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,093,478</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,092,826</font> </font></p>
</td>
<td style="vertical-align: top; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,092,566</font> </font></p>
</td>
</tr>

</table>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Earnings per share were adjusted retrospectively by the </font><font style="font-family: 'Times New Roman';">issue of <font>2,195,520</font> common</font><font style="font-family: 'Times New Roman';"> shares due to the partial exercise of the rights conferred by the subscription warrants disclosed in note </font><font style="font-family: 'Times New Roman';"><font>24</font></font><font style="font-family: 'Times New Roman';"> and by the issue<font> of </font><font>70,939</font> common shares disclosed in note <font>35</font></font><font style="font-family: 'Times New Roman';">.b</font><font style="font-family: 'Times New Roman';">.</font></font></p>
</div>
</div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<div style="border-left: none; border-right: none;">
<div style="font-family: 'times new roman', times; font-size: 10pt;">
<div>
<div>
<h1 style="margin-top: 12pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 12pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">32</font>. </font><font style="font-family: 'Times New Roman';">Segment </font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">nformation</font></font></h1>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company operates </font><font style="font-family: 'Times New Roman';"><font>five</font> </font><font style="font-family: 'Times New Roman';">main business segments: gas distribution, fuel distribution, chemicals,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">storage</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and </font><font style="font-family: 'Times New Roman';">drugstores</font><font style="font-family: 'Times New Roman';">. The gas distribution segment (Ultragaz) distributes LPG to residential, commercial, and industrial consumers, especially in the South, Southeast, and Northeast regions of Brazil. The fuel distribution segment (</font><font style="font-family: 'Times New Roman';">Ipiranga</font><font style="font-family: 'Times New Roman';">) operates the distribution and marketing of gasoline, ethanol, diesel, fuel oil, kerosene, natural gas for vehicles</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> and lubricants and related activities throughout all the Brazilian territory. The chemicals segment (</font><font style="font-family: 'Times New Roman';">Oxiteno</font><font style="font-family: 'Times New Roman';">) produces ethylene oxide and its main derivatives and fatty alcohols, which are raw materials </font><font style="font-family: 'Times New Roman';">used in </font><font style="font-family: 'Times New Roman';">the home and personal care, agrochemical, paints, varnishes, and other industries. The storage segment (</font><font style="font-family: 'Times New Roman';">Ultracargo</font><font style="font-family: 'Times New Roman';">) operates liquid bulk terminals, especially in the Southeast and Northeast regions of Brazil</font><font style="font-family: 'Times New Roman';">. T</font><font style="font-family: 'Times New Roman';">he </font><font style="font-family: 'Times New Roman';">drugstores segment</font><font style="font-family: 'Times New Roman';"> (</font><font style="font-family: 'Times New Roman';">Extrafarma</font><font style="font-family: 'Times New Roman';">) trade</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> pharmaceutical, hygiene</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> and</font><font style="font-family: 'Times New Roman';"> beauty products through </font><font style="font-family: 'Times New Roman';">its </font><font style="font-family: 'Times New Roman';">own </font><font style="font-family: 'Times New Roman';">drugstore chain in the </font><font style="font-family: 'Times New Roman';">North, Northeast and Southeast </font><font style="font-family: 'Times New Roman';">regions </font><font style="font-family: 'Times New Roman';">of the country</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> The segments shown in the </font><font style="font-family: 'Times New Roman';">f</font><font style="font-family: 'Times New Roman';">inancial </font><font style="font-family: 'Times New Roman';">statements</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">are strategic business units supplying different products and services. Intersegment sales are at prices </font><font style="font-family: 'Times New Roman';">similar to</font><font style="font-family: 'Times New Roman';"> those that would be charged to third parties.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-95</font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;">a. Financial information related to segments</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The main financial information of each of the Company&#8217;s segments </font><font style="font-family: 'Times New Roman';">are</font><font style="font-family: 'Times New Roman';"> stated as follows:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-right: none; border-left: none;">
<table cellspacing="0" cellpadding="0" style="height: 690px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 84%; margin: 0px auto; text-indent: 0px;" width="84%">

<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 61.9004%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 11.0701%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2020</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 1.10701%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.93727%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2019</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.968635%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; width: 0.968635%;"><br></td>
<td style="vertical-align: bottom; height: 17px; width: 10.1937%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2018</font> </font></p>
</td>
<td style="vertical-align: bottom; width: 0.922509%;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 61.9004%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net revenue from sales and services: </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 11.0701%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1.10701%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1.93727%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff; width: 0.968635%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; background-color: #cceeff; width: 0.968635%;"><br></td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff; width: 10.1937%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; background-color: #cceeff; width: 0.922509%;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 61.9004%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Ultragaz </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 11.0701%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>7,408,342</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.10701%;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>7,094,823</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; width: 0.968635%; padding: 0px;"><br></td>
<td style="vertical-align: bottom; height: 17px; width: 10.1937%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,043,246</font> </font></p>
</td>
<td style="vertical-align: bottom; width: 0.922509%; padding: 0px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 61.9004%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Ipiranga </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 11.0701%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>66,133,035</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.10701%;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 1.93727%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>75,452,481</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"><br></td>
<td style="vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>76,477,640</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 61.9004%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Oxiteno </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 11.0701%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>5,210,704</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.10701%;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>4,254,237</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; width: 0.968635%; padding: 0px;"><br></td>
<td style="vertical-align: bottom; height: 17px; width: 10.1937%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,748,428</font> </font></p>
</td>
<td style="vertical-align: bottom; width: 0.922509%; padding: 0px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 61.9004%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Ultracargo </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 11.0701%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>644,177</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.10701%;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 1.93727%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>540,758</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"><br></td>
<td style="vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>493,649</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 61.9004%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Extrafarma </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 11.0701%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>1,988,411</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.10701%;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>2,060,568</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; width: 0.968635%; padding: 0px;"><br></td>
<td style="vertical-align: bottom; height: 17px; width: 10.1937%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,027,988</font> </font></p>
</td>
<td style="vertical-align: bottom; width: 0.922509%; padding: 0px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 61.9004%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Abastece A&#237; </font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 11.0701%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>17,223</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.10701%;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 1.93727%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"><br></td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 61.9004%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 11.0701%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>81,401,892</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.10701%;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>89,402,867</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; width: 0.968635%; padding: 0px;"><br></td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 17px; width: 10.1937%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>90,790,951</font> </font></p>
</td>
<td style="vertical-align: bottom; width: 0.922509%; padding: 0px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 61.9004%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-size: 10pt;"><font><font style="font-family: 'Times New Roman';">Others </font></font><sup><font style="font-family: 'Times New Roman'; vertical-align: super;"><font>(</font><font>1</font>)</font></sup></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); width: 11.0701%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>48,325</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.10701%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255); width: 1.93727%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>44,770</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"><br></td>
<td style="vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>46,937</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 61.9004%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Intersegment sales </font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 11.0701%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>209,115</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.10701%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>149,662</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;">)</td>
<td style="vertical-align: top; width: 0.968635%; padding: 0px;"><br></td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 17px; width: 10.1937%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>139,905</font> </font></p>
</td>
<td style="vertical-align: bottom; width: 0.922509%; padding: 0px;">)</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 61.9004%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total </font></p>
</td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 11.0701%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>81,241,102</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.10701%;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(204, 238, 255); width: 1.93727%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>89,297,975</font> </font></p>
</td>
<td style="vertical-align: top; height: 18px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"><br></td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>90,697,983</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 61.9004%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Intersegment sales: </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 11.0701%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; width: 1.10701%;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; width: 0.968635%; padding: 0px;"><br></td>
<td style="vertical-align: top; height: 17px; width: 10.1937%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; width: 0.922509%; padding: 0px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 61.9004%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Ultragaz </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 11.0701%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>4,710</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: rgb(204, 238, 255); width: 1.10701%;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 1.93727%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>3,794</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"><br></td>
<td style="vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,879</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 61.9004%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Ipiranga </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 11.0701%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>207</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; width: 1.10701%;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>535</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; width: 0.968635%; padding: 0px;"><br></td>
<td style="vertical-align: bottom; height: 17px; width: 10.1937%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,919</font> </font></p>
</td>
<td style="vertical-align: bottom; width: 0.922509%; padding: 0px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 61.9004%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Oxiteno </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 11.0701%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>16,069</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: rgb(204, 238, 255); width: 1.10701%;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 1.93727%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>22,265</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"><br></td>
<td style="vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,325</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 61.9004%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Ultracargo </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 11.0701%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>139,452</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; width: 1.10701%;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>78,390</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; width: 0.968635%; padding: 0px;"><br></td>
<td style="vertical-align: bottom; height: 17px; width: 10.1937%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>82,573</font> </font></p>
</td>
<td style="vertical-align: bottom; width: 0.922509%; padding: 0px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 61.9004%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 11.0701%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>160,438</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: rgb(204, 238, 255); width: 1.10701%;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 1.93727%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>104,984</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"><br></td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>94,696</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"><br></td>
</tr>
<tr style="height: 22px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 22px; width: 61.9004%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Others </font><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">(<font>1</font>)</font></sup></font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 22px; width: 11.0701%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>48,677</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; width: 1.10701%;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 22px; width: 1.93727%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 22px; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>44,678</font> </font></p>
</td>
<td style="vertical-align: top; height: 22px; width: 0.968635%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; width: 0.968635%; padding: 0px;"><br></td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 22px; width: 10.1937%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>45,209</font> </font></p>
</td>
<td style="vertical-align: bottom; width: 0.922509%; padding: 0px;"><br></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 61.9004%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total </font></p>
</td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 11.0701%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>209,115</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: rgb(204, 238, 255); width: 1.10701%;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 18px; background-color: rgb(204, 238, 255); width: 1.93727%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>149,662</font> </font></p>
</td>
<td style="vertical-align: top; height: 18px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"><br></td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>139,905</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 61.9004%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net revenue from sales and services, excluding intersegment sales: </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 11.0701%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; width: 1.10701%;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; width: 0.968635%; padding: 0px;"><br></td>
<td style="vertical-align: top; height: 17px; width: 10.1937%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; width: 0.922509%; padding: 0px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 61.9004%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Ultragaz </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 11.0701%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>7,403,632</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.10701%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.93727%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>7,091,029</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"><br></td>
<td style="vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,040,367</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 61.9004%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Ipiranga </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 11.0701%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>66,132,828</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; width: 1.10701%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>75,451,946</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; width: 0.968635%; padding: 0px;"><br></td>
<td style="vertical-align: bottom; height: 17px; width: 10.1937%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>76,474,721</font> </font></p>
</td>
<td style="vertical-align: bottom; width: 0.922509%; padding: 0px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 61.9004%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Oxiteno </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 11.0701%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>5,194,635</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: rgb(204, 238, 255); width: 1.10701%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 1.93727%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>4,231,971</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"><br></td>
<td style="vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,742,103</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 61.9004%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Ultracargo </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 11.0701%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>504,725</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; width: 1.10701%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>462,368</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; width: 0.968635%; padding: 0px;"><br></td>
<td style="vertical-align: bottom; height: 17px; width: 10.1937%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>411,076</font> </font></p>
</td>
<td style="vertical-align: bottom; width: 0.922509%; padding: 0px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 61.9004%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Extrafarma </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 11.0701%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>1,988,411</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: rgb(204, 238, 255); width: 1.10701%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 1.93727%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>2,060,569</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"><br></td>
<td style="vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,027,988</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 61.9004%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Abastece A&#237; </font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 17px; width: 11.0701%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>17,223</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; width: 1.10701%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 17px; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; width: 0.968635%; padding: 0px;"><br></td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); vertical-align: top; height: 17px; width: 10.1937%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: top; width: 0.922509%; padding: 0px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 61.9004%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 11.0701%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>81,241,454</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: rgb(204, 238, 255); width: 1.10701%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 1.93727%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>89,297,883</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"><br></td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>90,696,255</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"><br></td>
</tr>
<tr style="height: 22px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 22px; width: 61.9004%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Others </font><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">(<font>1</font>)</font></sup></font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 22px; width: 11.0701%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>352</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; width: 1.10701%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: middle; height: 22px; width: 1.93727%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 22px; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>92</font> </font></p>
</td>
<td style="vertical-align: top; height: 22px; width: 0.968635%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; width: 0.968635%; padding: 0px;"><br></td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 22px; width: 10.1937%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,728</font> </font></p>
</td>
<td style="vertical-align: bottom; width: 0.922509%; padding: 0px;"><br></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 61.9004%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total </font></p>
</td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 11.0701%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>81,241,102</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: rgb(204, 238, 255); width: 1.10701%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 18px; background-color: rgb(204, 238, 255); width: 1.93727%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>89,297,975</font> </font></p>
</td>
<td style="vertical-align: top; height: 18px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"><br></td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>90,697,983</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 61.9004%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Operating income (expense): </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 11.0701%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; width: 1.10701%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; width: 0.968635%; padding: 0px;"><br></td>
<td style="vertical-align: top; height: 17px; width: 10.1937%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; width: 0.922509%; padding: 0px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 61.9004%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Ultragaz </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 11.0701%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>494,213</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: rgb(204, 238, 255); width: 1.10701%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 1.93727%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>368,975</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"><br></td>
<td style="vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>52,564</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 61.9004%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Ipiranga </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 11.0701%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>915,432</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; width: 1.10701%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>1,674,439</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; width: 0.968635%; padding: 0px;"><br></td>
<td style="vertical-align: bottom; height: 17px; width: 10.1937%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,461,513</font> </font></p>
</td>
<td style="vertical-align: bottom; width: 0.922509%; padding: 0px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 61.9004%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Oxiteno </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 11.0701%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>355,852</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: rgb(204, 238, 255); width: 1.10701%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 1.93727%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>12,833</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;">)</td>
<td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"><br></td>
<td style="vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>471,927</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 61.9004%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Ultracargo </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 11.0701%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font> 251,759</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; width: 1.10701%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>83,171</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; width: 0.968635%; padding: 0px;"><br></td>
<td style="vertical-align: bottom; height: 17px; width: 10.1937%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>129,490</font> </font></p>
</td>
<td style="vertical-align: bottom; width: 0.922509%; padding: 0px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 61.9004%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Extrafarma </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 11.0701%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>69,672</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: rgb(204, 238, 255); width: 1.10701%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 1.93727%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>720,252</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;">)</td>
<td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"><br></td>
<td style="vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>113,769</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 61.9004%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Abastece A&#237; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 11.0701%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>28,966</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; width: 1.10701%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; width: 0.968635%; padding: 0px;"><br></td>
<td style="vertical-align: top; height: 17px; width: 10.1937%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: top; width: 0.922509%; padding: 0px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 61.9004%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Holding </font><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">(<font>2</font>)</font></sup></font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255); width: 11.0701%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>107,451</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: rgb(204, 238, 255); width: 1.10701%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255); width: 1.93727%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255); width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>96,432</font> </font></p>
</td>
<td style="height: 10px; background-color: rgb(204, 238, 255); width: 0.968635%; vertical-align: middle; padding: 0px;" valign="middle">)</td>
<td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"><br></td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); vertical-align: top; height: 10px; background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>106,065</font> </font></p>
</td>
<td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 61.9004%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 17px; width: 11.0701%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>1,811,167</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; width: 1.10701%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 17px; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>1,297,068</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; width: 0.968635%; padding: 0px;"><br></td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 17px; width: 10.1937%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,895,660</font> </font></p>
</td>
<td style="vertical-align: bottom; width: 0.922509%; padding: 0px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 61.9004%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Others </font><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">(<font>1</font>)</font></sup></font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255); width: 11.0701%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>888</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; background-color: rgb(204, 238, 255); width: 1.10701%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255); width: 1.93727%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255); width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>3,484</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"><br></td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,694</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"><br></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; width: 61.9004%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total </font></p>
</td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); width: 11.0701%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>1,812,055</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: middle; width: 1.10701%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: middle; height: 18px; width: 1.93727%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>1,300,552</font> </font></p>
</td>
<td style="vertical-align: top; height: 18px; width: 0.968635%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; width: 0.968635%; padding: 0px;"><br></td>
<td style="border-top: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); width: 10.1937%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,899,354</font> </font></p>
</td>
<td style="vertical-align: bottom; width: 0.922509%; padding: 0px;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt; height: 17px;">

<tr style="height: 17px;">
<td class="pgno" style="padding: 0px; text-align: center; height: 17px;"><font style="font-size: 10pt;" class="pageno">F-96</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
</div>
</div>
</div>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="height: 464px; border-collapse: collapse; font-family: &quot;times new roman&quot;; font-size: 10pt; width: 84%; margin: 0px auto; text-indent: 0px;" width="84%">

<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 62.9151%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2020</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 1.19926%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.922509%; height: 17px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2019</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.968635%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; width: 0.968635%; height: 17px;"><br></td>
<td style="vertical-align: bottom; height: 17px; width: 10.286%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2018</font> </font></p>
</td>
<td style="vertical-align: bottom; width: 0.922509%; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 62.9151%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Share of profit (loss) of joint ventures and associates: </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.19926%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 17px;"><br></td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff; width: 0.968635%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; background-color: #cceeff; width: 0.968635%; height: 17px;"><br></td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff; width: 10.286%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; background-color: #cceeff; width: 0.922509%; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 62.9151%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Ultragaz </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>53</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 1.19926%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.922509%; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>5</font>) </font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.968635%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; width: 0.968635%; height: 17px;"><br></td>
<td style="vertical-align: bottom; height: 17px; width: 10.286%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>12</font> </font></p>
</td>
<td style="vertical-align: bottom; width: 0.922509%; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 62.9151%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Ipiranga </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>932</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.19926%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>1,790</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff; width: 0.968635%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; background-color: #cceeff; width: 0.968635%; height: 17px;"><br></td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.286%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>576</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 62.9151%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Oxiteno </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>402</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 1.19926%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.922509%; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>532</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.968635%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; width: 0.968635%; height: 17px;"><br></td>
<td style="vertical-align: bottom; height: 17px; width: 10.286%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>880</font> </font></p>
</td>
<td style="vertical-align: bottom; width: 0.922509%; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 62.9151%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Ultracargo </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>392</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.19926%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>1,370</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff; width: 0.968635%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; background-color: #cceeff; width: 0.968635%; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.286%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,350</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 62.9151%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>191</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 1.19926%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.922509%; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>3,687</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.968635%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; width: 0.968635%; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; vertical-align: bottom; height: 17px; width: 10.286%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,818</font> </font></p>
</td>
<td style="vertical-align: bottom; width: 0.922509%; height: 17px;"><br></td>
</tr>
<tr style="height: 10px; background-color: rgb(204, 238, 255);">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); width: 62.9151%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Others<font style="font-size: 8pt;"><sup>(3)</sup></font></font></font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255); width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>43,426</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); width: 1.19926%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255); width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>15,832</font> </font></p>
</td>
<td style="height: 10px; background-color: rgb(204, 238, 255); width: 0.968635%; vertical-align: middle;" valign="middle">)</td>
<td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); width: 10.286%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>17,597</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; height: 10px;">)</td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; width: 62.9151%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: middle; height: 18px; border-bottom: 2.8pt double #000000; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>43,617</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; width: 1.19926%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.922509%; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: middle; height: 18px; border-bottom: 2.8pt double #000000; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>12,145</font> </font></p>
</td>
<td style="vertical-align: top; height: 18px; width: 0.968635%;">)</td>
<td style="vertical-align: top; width: 0.968635%; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; width: 10.286%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>14,779</font> </font></p>
</td>
<td style="vertical-align: bottom; width: 0.922509%; height: 18px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 62.9151%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Income before financial result, income and social contribution taxes </font></font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>1,768,438</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.19926%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>1,288,407</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff; width: 0.968635%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; background-color: #cceeff; width: 0.968635%; height: 17px;"><br></td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.286%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,884,575</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 62.9151%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Financial result, net </font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>269,374</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 1.19926%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.922509%; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>506,854</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.968635%;">)</td>
<td style="vertical-align: top; width: 0.968635%; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; width: 10.286%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>113,536</font> </font></p>
</td>
<td style="vertical-align: bottom; width: 0.922509%; height: 17px;">)</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 62.9151%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Income before income and social contribution taxes </font></font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>1,499,064</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.19926%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>781,553</font> </font></p>
</td>
<td style="vertical-align: top; height: 18px; background-color: #cceeff; width: 0.968635%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; background-color: #cceeff; width: 0.968635%; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000; width: 10.286%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,771,039</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; height: 18px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 62.9151%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Additions to PP&amp;E and intangible assets (excluding intersegment account balances): </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 10px; width: 1.19926%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.922509%; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 10px; width: 0.968635%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; width: 0.968635%; height: 10px;"><br></td>
<td style="vertical-align: top; height: 10px; width: 10.286%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; width: 0.922509%; height: 10px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 62.9151%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Ultragaz </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>309,083</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.19926%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>249,784</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff; width: 0.968635%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; background-color: #cceeff; width: 0.968635%; height: 17px;"><br></td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.286%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>245,069</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 62.9151%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Ipiranga </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>338,848</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.19926%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.922509%; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>370,864</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.968635%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; width: 0.968635%; height: 17px;"><br></td>
<td style="vertical-align: bottom; height: 17px; width: 10.286%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>417,519</font> </font></p>
</td>
<td style="vertical-align: bottom; width: 0.922509%; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 62.9151%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Oxiteno </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>210,144</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.19926%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>255,016</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff; width: 0.968635%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; background-color: #cceeff; width: 0.968635%; height: 17px;"><br></td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.286%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>473,026</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 62.9151%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Ultracargo </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>218,898</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.19926%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.922509%; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>217,377</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.968635%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; width: 0.968635%; height: 17px;"><br></td>
<td style="vertical-align: bottom; height: 17px; width: 10.286%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>167,034</font> </font></p>
</td>
<td style="vertical-align: bottom; width: 0.922509%; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 62.9151%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Extrafarma </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>39,824</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1.19926%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; background-color: #cceeff; width: 0.922509%; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>89,850</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff; width: 0.968635%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; background-color: #cceeff; width: 0.968635%; height: 17px;"><br></td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.286%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>118,577</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 62.9151%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Abastece A&#237; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>15,434</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; width: 1.19926%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; width: 0.922509%; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.968635%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; width: 0.968635%; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; width: 10.286%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; width: 0.922509%; height: 17px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 62.9151%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>1,132,231</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1.19926%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; background-color: #cceeff; width: 0.922509%; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>1,182,891</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff; width: 0.968635%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; background-color: #cceeff; width: 0.968635%; height: 17px;"><br></td>
<td style="border-top: 0.75pt solid #000000; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.286%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,421,225</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; height: 17px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 62.9151%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Others<font style="font-size: 8pt;"><sup>(1)</sup></font></font></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>32,437</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.19926%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.922509%; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>20,186</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; width: 0.968635%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; width: 0.968635%; height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 10px; width: 10.286%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>18,382</font> </font></p>
</td>
<td style="vertical-align: bottom; width: 0.922509%; height: 10px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 62.9151%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total additions to PP&amp;E and intangible assets (see Notes <font>14</font> and <font>15</font>) </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>1,164,668</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.19926%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>1,203,077</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; background-color: #cceeff; width: 0.968635%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; background-color: #cceeff; width: 0.968635%; height: 10px;"><br></td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10.286%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,439,607</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 10px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 62.9151%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Asset retirement obligation &#8211; fuel tanks (see Note <font>21</font>) </font></font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>163</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 1.19926%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.922509%; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>290</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.968635%;">)</td>
<td style="vertical-align: top; width: 0.968635%; height: 17px;"><br></td>
<td style="vertical-align: bottom; height: 17px; width: 10.286%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>264</font> </font></p>
</td>
<td style="vertical-align: bottom; width: 0.922509%; height: 17px;">)</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 62.9151%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Provision for demobilization of machinery and equipment </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>375</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.19926%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: top; height: 10px; background-color: #cceeff; width: 0.968635%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; background-color: #cceeff; width: 0.968635%; height: 10px;"><br></td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10.286%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 10px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 62.9151%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Capitalized borrowing costs </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>13,316</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 1.19926%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.922509%; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>30,748</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.968635%;">)</td>
<td style="vertical-align: top; width: 0.968635%; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; width: 10.286%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>23,438</font> </font></p>
</td>
<td style="vertical-align: bottom; width: 0.922509%; height: 17px;">)</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 62.9151%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total investments in PP&amp;E and intangible assets (cash flow) </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; background-color: #cceeff; border-bottom: 2.8pt double #000000; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>1,150,814</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.19926%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; background-color: #cceeff; border-bottom: 2.8pt double #000000; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>1,172,039</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; background-color: #cceeff; width: 0.968635%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; background-color: #cceeff; width: 0.968635%; height: 10px;"><br></td>
<td style="vertical-align: bottom; height: 10px; background-color: #cceeff; border-bottom: 2.8pt double #000000; width: 10.286%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,415,905</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; height: 10px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 62.9151%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Addition on contractual assets with customers &#8211; exclusive rights (see Note <font>11</font>): </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.19926%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.922509%; height: 10px;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 10px; width: 0.968635%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; width: 0.968635%; height: 10px;"><br></td>
<td style="vertical-align: top; height: 10px; width: 10.286%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; width: 0.922509%; height: 10px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 62.9151%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Ipiranga </font></p>
</td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>543,382</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.19926%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 17px;"><br></td>
<td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>330,068</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff; width: 0.968635%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; background-color: #cceeff; width: 0.968635%; height: 17px;"><br></td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.286%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>390,177</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 17px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 62.9151%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Ultragaz </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,703</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.19926%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.922509%; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 0.968635%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; width: 0.968635%; height: 17px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top; height: 17px; width: 10.286%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: top; width: 0.922509%; height: 17px;"><br></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 62.9151%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>549,085</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.19926%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000; width: 10.9779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>330,068</font> </font></p>
</td>
<td style="vertical-align: top; height: 18px; background-color: #cceeff; width: 0.968635%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; background-color: #cceeff; width: 0.968635%; height: 18px;"><br></td>
<td style="border-top: 0.75pt solid #000000; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000; width: 10.286%; padding: 0px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>390,177</font> </font></p>
</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; height: 18px;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-97</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
</div>
</div>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="height: 431px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 84%; margin-right: auto;" width="84%">

<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2020</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2019</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2018</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 63%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Depreciation of PP&amp;E and amortization of intangible assets charges: </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 11%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 2%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 11%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 2%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 11%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Ultragaz </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>192,241</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>186,221</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>222,527</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Ipiranga </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>314,511</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>290,747</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>283,426</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Oxiteno </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>260,780</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>212,328</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>167,357</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Ultracargo </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>65,838</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>59,618</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>52,414</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Extrafarma </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>82,530</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>80,550</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>71,552</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Abastece A&#237; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>4,053</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>919,953</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>829,464</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>797,276</font> </font></p>
</td>
</tr>
<tr style="height: 22px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 22px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Others </font><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">(<font>1</font>)</font></sup></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 22px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>18,888</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 22px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 22px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>15,183</font> </font></p>
</td>
<td style="vertical-align: top; height: 22px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 22px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>15,213</font> </font></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>938,841</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>844,647</font> </font></p>
</td>
<td style="vertical-align: top; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>812,489</font> </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Amortization of contractual assets with customers &#8211; exclusive rights (see Note <font>11</font>): </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Ipiranga </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>287,800</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>355,055</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>371,825</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Ultragaz </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>1,636</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>195</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>289,436</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>355,250</font> </font></p>
</td>
<td style="vertical-align: top; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>371,825</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Amortization of right-of-use assets: </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Ultragaz </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>41,015</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>31,264</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Ipiranga </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>177,039</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>164,543</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Oxiteno </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>14,283</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>9,676</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Ultracargo </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>19,482</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>20,673</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Extrafarma </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>71,369</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>73,774</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Abastece A&#237; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>40</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>323,228</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>299,930</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
</tr>
<tr style="height: 22px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 22px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Others </font><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">(<font>1</font>)</font></sup></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 22px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>5,094</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 22px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 22px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>128</font> </font></p>
</td>
<td style="vertical-align: top; height: 22px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 22px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208; </font></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>328,322</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>300,058</font> </font></p>
</td>
<td style="vertical-align: top; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &#8208;</font></p>
</td>
</tr>

</table>
</div>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><br></p>
<div>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 84%; margin-right: auto; height: 181px;" width="84%">

<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2020</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2019</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2018</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total assets (excluding intersegment account balances): </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 63%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Ultragaz </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>2,927,062</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>2,998,623</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,719,425</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Ipiranga </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>18,761,207</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>16,278,320</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>15,381,887</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Oxiteno </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>8,892,850</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>7,453,476</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,452,331</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Ultracargo </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>2,197,675</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>1,871,799</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,478,697</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Extrafarma </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>1,845,038</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>2,060,182</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,107,901</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Abastece A&#237; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>85,787</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>34,709,619</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>30,662,400</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>29,140,241</font> </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Others </font><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">(<font>1</font>)</font></sup></font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>1,540,543</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>533,072</font> </font></p>
</td>
<td style="vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,359,154</font> </font></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt double #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>36,250,162</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt double #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>31,195,472</font> </font></p>
</td>
<td style="vertical-align: top; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt double #000000; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>30,499,395</font> </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
</div>
<div>
<div>
<table style="width: 100%; margin-left: 0.1px; height: 10px; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="width: 3%; height: 10px; vertical-align: top;" valign="top"><sup style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; text-indent: -9.46667px;"><font style="font-family: 'Times New Roman'; vertical-align: super;">(</font></sup><sup style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; text-indent: -9.46667px;"><font style="font-family: 'Times New Roman'; vertical-align: super;"><font style="border-left: none; border-right: none;">1</font></font></sup><sup style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; text-indent: -9.46667px;"><font style="font-family: 'Times New Roman'; vertical-align: super;">)</font></sup></td>
<td style="width: 97%; height: 10px; padding: 1px 1px 10px;"><font><font style="border-right: none; border-left: none;"><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">Composed</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">of</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">the</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">parent</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">company</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;Ultrapar</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;(</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">including</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">goodwill</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">of</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">certain</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">acquisitions</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">)</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">and</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">s</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">ubsidiaries</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">Serma</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;- Associa&#231;&#227;o dos Usu&#225;rios de Equipamentos de Processamento de Dados e Servi&#231;os Correlatos (&#8220;</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">Serma</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&#8221;)</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">and</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">Imaven</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;Im&#243;veis Ltda</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">.&nbsp;</font></font></font></td>
</tr>

</table>
</div>
<table style="width: 100%; margin-left: 0.1px; height: 20px; font-family: 'times new roman'; font-size: 10pt;">

<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; width: 3%;" valign="top"><sup style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; text-indent: -9.46667px;"><font style="font-family: 'Times New Roman'; vertical-align: super;">(2</font></sup><sup style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; text-indent: -9.46667px;"><font style="font-family: 'Times New Roman'; vertical-align: super;">)</font></sup><br></td>
<td style="height: 10px; padding: 1px 1px 10px; width: 97%;"><font><font style="border-right: none; border-left: none;"><font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"><font lang="PT-BR" style="font-family: 'Times New Roman', serif;">New reporting practices were adopted that allocate holding expenses previously recognized by our five businesses segments as Ultrapar's expenses (on an unconsolidated basis). These holding expenses include those incurred by our main governance bodies (including our Board of Directors, Fiscal Council, advisory committees to the Board of Directors, holding CEO and CFO), in addition to areas that were considered and related to a holding-company framework such as investor relations and M&amp;A. The segregation of these expenses was adjusted retroactively to maintain comparability among the results of the Company in 2020, 2019 and 2018.</font></font></font></font></td>
</tr>
<tr style="height: 10px;">
<td style="height: 10px; vertical-align: top; width: 3%;" valign="top"><sup style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; text-indent: -9.46667px;"><font style="font-family: 'Times New Roman'; vertical-align: super;">(3</font></sup><sup style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; text-indent: -9.46667px;"><font style="font-family: 'Times New Roman'; vertical-align: super;">)</font></sup><br></td>
<td style="height: 10px; width: 97%;"><font><font style="border-right: none; border-left: none;"><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"><font style="border-right: none; border-left: none;">Includes</font> the share of profit (loss) in the joint</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">ventures&nbsp;</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">ConectCar</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">&nbsp;and RPR.</font></font></font></td>
</tr>

</table>
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<p style="margin-top: 0pt; margin-left: 7.1pt; margin-bottom: 0pt; text-indent: -7.1pt; text-align: justify; font-size: 9pt;"><br></p>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-98</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">b</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Geographic </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">a</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">rea </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">i</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">nformation</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The fixed and intangible assets of the Company and its subsidiaries </font><font style="font-family: 'Times New Roman';">are located in</font><font style="font-family: 'Times New Roman';"> Brazil, except those related to </font><font style="font-family: 'Times New Roman';">Oxiteno</font><font style="font-family: 'Times New Roman';">&#8217; plants abroad, as shown below:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="height: 86px; margin: 0px auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; text-indent: 0px;" width="76%">

<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2019 </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; width: 76%; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> United States of America </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 11%; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>1,152,876</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 11%; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>909,787</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Mexico </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>163,042</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>124,809</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0px; text-indent: 0px; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Uruguay </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>90,347</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>74,732</font> </font></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>1,406,265</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>1,109,328</font> </font></p>
</td>
</tr>

</table>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><br></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The </font><font style="font-family: 'Times New Roman';">subsidiaries</font><font style="font-family: 'Times New Roman';"> generate revenue from operations in Brazil, </font><font style="font-family: 'Times New Roman';">United Stated of America,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Mexico</font><font style="font-family: 'Times New Roman';"> and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Uruguay, as well as from exports of products to foreign customers, as disclosed below:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<table cellspacing="0" cellpadding="0" style="height: 209px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 84%; margin-right: auto;" width="84%">

<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2020</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2019</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2018</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net revenue from sale and services: </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 63%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Brazil </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>79,364,726</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>87,927,198</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>89,183,342</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Mexico </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>239,968</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>220,021</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>207,615</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Uruguay </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>59,606</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>41,648</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>48,096</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Venezuela (i) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>68,877</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other Latin American countries </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>647,469</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>418,368</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>425,973</font> </font></p>
</td>
</tr>
<tr style="height: 19px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 19px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> United States of America and Canada </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 19px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>590,926</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 19px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 19px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>437,669</font> </font></p>
</td>
<td style="vertical-align: top; height: 19px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 19px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>465,840</font> </font></p>
</td>
</tr>
<tr style="height: 19px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Far East </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>91,428</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>74,093</font> </font></p>
</td>
<td style="vertical-align: top; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 19px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>96,394</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Europe </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>151,150</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>118,917</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>138,347</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>95,829</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>60,061</font> </font></p>
</td>
<td style="vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>63,499</font> </font></p>
</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>81,241,102</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp;<font>89,297,975</font> </font></p>
</td>
<td style="vertical-align: top; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>90,697,983</font> </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(</font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">) </font><font style="border-right: none; border-left: none;"><font style="font-family: 'Times New Roman';">S</font><font style="font-family: 'Times New Roman';">ee Note <font style="border-left: none; border-right: none;">3</font>.b.</font><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">6</font>.</font></font></font></p>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Sales to the foreign market are made substantially by the </font><font style="font-family: 'Times New Roman';">Oxiteno</font><font style="font-family: 'Times New Roman';">.&nbsp;</font></font></p>
</div>
<div style="-aw-headerfooter-type: footer-primary; clear: both;">
<div style="-aw-sdt-tag: '';">
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-99</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
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<div>
<div>
<h1 style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 12pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><font style="border-left: none; border-right: none;">33</font>. </font><font style="font-family: 'Times New Roman';">Risks and </font><font style="font-family: 'Times New Roman';">f</font><font style="font-family: 'Times New Roman';">inancial </font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">nstruments</font></font></h1>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">a. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Risk </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">m</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">anagement and </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">f</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">inancial </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">i</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">nstruments </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">&#8211;</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"> </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">g</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">overnance</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The main risks to which the Company and its subsidiaries are exposed reflect strategic/operational and economic/financial aspects. Operational/strategic risks (including, but not limited to, demand behavior, competition, technological innovation, and material changes in the industry structure) are addressed by the Company&#8217;s management model. Economic/financial risks primarily reflect default of customers, behavior of macroeconomic variables, such as exchange and interest rates, as well as the characteristics of the financial instruments used by the Company and its subsidiaries and their counterparties. These risks are managed through control policies, specific strategies, and the establishment of limits.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company has a policy for the management of resources, financial instruments</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> and risks approved by its </font><font style="font-family: 'Times New Roman';">C</font><font style="font-family: 'Times New Roman';">ompany&#8217;s Board of Directors</font><font style="font-family: 'Times New Roman';"> (&#8220;Policy&#8221;). In accordance with the Policy, the main objectives of financial management are to preserve the value and liquidity of financial assets and ensure financial resources for the development of the business, including expansions. The main financial risks considered in the Policy are </font><font style="font-family: 'Times New Roman';">market </font><font style="font-family: 'Times New Roman';">risks </font><font style="font-family: 'Times New Roman';">(</font><font style="font-family: 'Times New Roman';">currencies, interest rates</font><font style="font-family: 'Times New Roman';"> and commodities)</font><font style="font-family: 'Times New Roman';">, liquidity and </font><font style="font-family: 'Times New Roman';">credit. </font><font style="font-family: 'Times New Roman';">The g</font><font style="font-family: 'Times New Roman';">overnance of the management of financial risks follows the segregation of duties below:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The execution of the Policy has done by corporate financial board, through its treasury department, with the assistance of the accounting, legal and tax departments.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The monitoring of compliance of the Policy and possible issues is the responsibility of the Risk and Investment Committee, (&#8220;Committee&#8221;), which is composed of CFO, Treasury Director, Controller and other directors designated by the CFO. The Committee holds quarte</font><font style="font-family: 'Times New Roman';">r</font><font style="font-family: 'Times New Roman';">ly meetings and monitors the risk standards established by the Policy through a monitoring map on a monthly basis.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Approval of the Policy and the periodic </font><font style="font-family: 'Times New Roman';">assessment</font><font style="font-family: 'Times New Roman';"> of Company exposure to financial risks are subject to the approval of the C</font><font style="font-family: 'Times New Roman';">ompany&#8217;s Board of Directors</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">of </font><font style="font-family: 'Times New Roman';">Ultrapar</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Audit and Risks Committee advises the C</font><font style="font-family: 'Times New Roman';">ompany&#8217;s Board of Directors</font><font style="font-family: 'Times New Roman';"> in the assessment of controls, management and exposure of financial risks and revision of Policy. The Risk, Compliance and Audit board monitors of standards compliance of the Policy and reports to the </font><font style="font-family: 'Times New Roman';">Audit and Risks Committee</font><font style="font-family: 'Times New Roman';"> the risks exposure and compliance or noncompliance of the Policy.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<div>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-100</font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">b. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Currency </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">r</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">isk</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Most transactions of the Company</font><font style="font-family: 'Times New Roman';">, through </font><font style="font-family: 'Times New Roman';">its subsidiaries</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">are located in</font><font style="font-family: 'Times New Roman';"> Brazil and, therefore, the reference currency for risk management is the Brazilian Real. Currency risk management is guided by neutrality of currency exposures and considers the risks of the Company and its subsidiaries and their exposure to changes in exchange rates. The Company considers as its main currency exposures the</font><font style="font-family: 'Times New Roman';"> changes in</font><font style="font-family: 'Times New Roman';"> assets and liabilities in foreign currency.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company and its subsidiaries use exchange rate hedging instruments (especially between the Brazilian Real and the U.S. dollar) available in the financial market to protect their assets, liabilities, receipts</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> and disbursements in foreign currency</font><font style="font-family: 'Times New Roman';"> and net investment</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> in foreign operation</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Hedge is used </font><font style="font-family: 'Times New Roman';">in order to reduce the effects of changes in exchange rates on </font><font style="font-family: 'Times New Roman';">the Company&#180;s income </font><font style="font-family: 'Times New Roman';">and cash flows in Brazilian Reais within the exposure limits under its Policy. Such foreign exchange hedging instruments have amounts, periods, and rates substantially equivalent to those of assets, liabilities, receipts</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> and disbursements in foreign currenc</font><font style="font-family: 'Times New Roman';">ies</font><font style="font-family: 'Times New Roman';"> to which they are related. </font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Assets and liabilities in foreign currencies are stated below, translated into Brazilian Reais:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">b.<font style="border-left: none; border-right: none;">1</font> </font><font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Assets and </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">l</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">iabilities in </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">f</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">oreign </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">c</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">urrencies</font></font></font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><br></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 219px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin: 0px auto; text-indent: 0px;" width="76%">

<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 75.7669%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 10.9407%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 1.32924%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.920245%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 9.56033%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2019 </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.38037%; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 75.7669%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Assets in foreign currency </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.9407%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.32924%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.920245%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.56033%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.38037%; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 75.7669%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Cash, cash equivalents and financial investments in foreign currency (except hedging instruments) </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 10.9407%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,413,276</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.32924%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.920245%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 9.56033%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>455,620</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.38037%; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 75.7669%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Foreign trade receivables, net of allowance for doubtful accounts and advances to foreign customers </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); width: 10.9407%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>307,829</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); width: 1.32924%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.920245%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); width: 9.56033%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>213,544</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.38037%; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 75.7669%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other assets </font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 10.9407%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,767,626</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.32924%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.920245%; margin: 0px; text-indent: 0px;"><br></td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 9.56033%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,445,022</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.38037%; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 75.7669%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 10.9407%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,488,731</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(204, 238, 255); width: 1.32924%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.920245%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 9.56033%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,114,186</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.38037%; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 75.7669%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Liabilities in foreign currency </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 10.9407%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.32924%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.920245%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.56033%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.38037%; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 75.7669%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Financing in foreign currency, gross of transaction costs and discount </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.9407%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>9,246,707</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.32924%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.920245%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 9.56033%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>6,895,052</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.38037%; margin: 0px; text-indent: 0px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 75.7669%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Payables arising from imports, net of advances to foreign suppliers </font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 10.9407%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>633,013</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.32924%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.920245%; margin: 0px; text-indent: 0px;"><br></td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 9.56033%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>344,523</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.38037%; margin: 0px; text-indent: 0px;">)</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 75.7669%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 10.9407%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>9,879,720</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(204, 238, 255); width: 1.32924%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.920245%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 9.56033%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>7,239,575</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.38037%; margin: 0px; text-indent: 0px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 75.7669%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Foreign currency hedging instruments </font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 10.9407%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,837,554</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.32924%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.920245%; margin: 0px; text-indent: 0px;"><br></td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 9.56033%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,636,418</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.38037%; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 75.7669%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net liability position &#8211; total </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 10.9407%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,553,435</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); width: 1.32924%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.920245%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 9.56033%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,488,971</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.38037%; margin: 0px; text-indent: 0px;">)</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 75.7669%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net asset (liability) position &#8211; income statement effect </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 10.9407%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>186,306</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.32924%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 0.920245%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.56033%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>452,178</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; width: 1.38037%; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 75.7669%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net liability position &#8211; equity effect </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.9407%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,739,741</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.32924%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.920245%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 9.56033%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,941,149</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.38037%; margin: 0px; text-indent: 0px;">)</td>
</tr>

</table>
<p><br></p>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><br></p>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-101</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">b.<font>2</font> </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Sensitivity </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">a</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">nalysis of </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">a</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">ssets and </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">l</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">iabilities in </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">f</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">oreign </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">c</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">urrency</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Scenarios I, II and III were</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">based on </font><font style="font-family: 'Times New Roman';"><font>10</font>%, <font>25</font>% and <font>50</font>% variations, respectively, applied </font><font style="font-family: 'Times New Roman';">on</font><font style="font-family: 'Times New Roman';"> the net position of the Company exposed to the currency risk, simulating the effects of appreciation and devaluation of the Real in the income statement and the equity</font><font style="font-family: 'Times New Roman';">:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The table below shows</font><font style="font-family: 'Times New Roman';">, in </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';"><font>three</font> scenarios,</font><font style="font-family: 'Times New Roman';"> the effect</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> of exchange rate changes</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">o</font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">the net </font><font style="font-family: 'Times New Roman';">liability</font><font style="font-family: 'Times New Roman';"> position</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">of </font><font style="font-family: 'Times New Roman';">R$ </font><font style="font-family: 'Times New Roman';"><font>1,553,435</font></font><font style="font-family: 'Times New Roman';"> in foreign currency</font><font style="font-family: 'Times New Roman';"> as of </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, <font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';">:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 131px; margin: 0px auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 92%; text-indent: 0px;" width="92%">

<tr style="height: 17px;">
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 53.9696%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 11.9088%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Risk </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 9.20608%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 10pt; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Scenario I </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.01352%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 1.94257%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 8.53041%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 10pt; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Scenario II </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.43581%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.94257%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 8.9527%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 10pt; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Scenario III </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.01352%; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 53.9696%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 11.9088%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 9.20608%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 10pt; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Base </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.01352%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 1.94257%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 8.53041%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 10pt; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>25</font>% </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.43581%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.94257%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 8.9527%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 10pt; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>50</font>% </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.01352%; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 53.9696%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1</font>) Income statement effect </font></p>
</td>
<td rowspan="2" style="padding-right: 0px; padding-left: 0px; height: 27px; vertical-align: middle; background-color: #cceeff; width: 11.9088%; margin: 0px; text-indent: 0px;" valign="middle">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Real devaluation </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.20608%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>18,631</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.01352%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.94257%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.53041%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>46,577</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.43581%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.94257%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.9527%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>93,153</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.01352%; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 53.9696%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2</font>) Equity effect </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9.20608%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>173,974</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.01352%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.94257%; margin: 0px; text-indent: 0px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.53041%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>434,935</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.43581%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.94257%; margin: 0px; text-indent: 0px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.9527%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>869,871</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.01352%; margin: 0px; text-indent: 0px;">)</td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px; vertical-align: bottom; height: 18px; width: 53.9696%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(<font>1</font>) + (<font>2</font>) </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; width: 11.9088%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net effect </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 9.20608%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>155,343</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.01352%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; width: 1.94257%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 8.53041%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>388,358</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.43581%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.94257%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 8.9527%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>776,718</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.01352%; margin: 0px; text-indent: 0px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 53.9696%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>3</font>) Income statement effect </font></p>
</td>
<td rowspan="2" style="padding-right: 0px; padding-left: 0px; height: 34px; background-color: #cceeff; vertical-align: middle; width: 11.9088%; margin: 0px; text-indent: 0px;" valign="middle">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Real appreciation </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.20608%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>18,631</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.01352%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.94257%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.53041%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>46,577</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.43581%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.94257%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.9527%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>93,153</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.01352%; margin: 0px; text-indent: 0px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 53.9696%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4</font>) Equity effect </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.20608%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>173,974</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.01352%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.94257%; margin: 0px; text-indent: 0px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.53041%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>434,935</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.43581%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.94257%; margin: 0px; text-indent: 0px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.9527%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>869,871</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.01352%; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px; vertical-align: bottom; height: 18px; width: 53.9696%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(<font>3</font>) + (<font>4</font>) </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; width: 11.9088%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net effect </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 9.20608%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>155,343</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.01352%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; width: 1.94257%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 8.53041%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>388,358</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.43581%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.94257%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 8.9527%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>776,718</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.01352%; margin: 0px; text-indent: 0px;"><br></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The table below shows, in the <font>three</font> scenarios, the effects of exchange rate changes on the net liability position </font><font style="font-family: 'Times New Roman';">of R$ </font><font style="font-family: 'Times New Roman';"><font>1,488,971</font> </font><font style="font-family: 'Times New Roman';">in foreign currency as of </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, <font>20</font></font><font style="font-family: 'Times New Roman';"><font>19</font></font><font style="font-family: 'Times New Roman';">:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 172px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 92%; margin: 0px auto; text-indent: 0px;" width="92%">

<tr style="height: 17px;">
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 54.0152%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 12.0034%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Risk </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 10.0592%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 10pt; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Scenario I </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 1.01437%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.929839%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 9.97464%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 10pt; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Scenario II </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 0.972105%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.972105%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 8.87246%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 10pt; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Scenario III </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.10218%; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 54.0152%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 12.0034%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 10.0592%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 10pt; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Base </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 1.01437%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.929839%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 9.97464%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 10pt; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>25</font>% </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 0.972105%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.972105%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 8.87246%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 10pt; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>50</font>% </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.10218%; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 54.0152%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1</font>) Income statement effect </font></p>
</td>
<td rowspan="2" style="padding-right: 0px; padding-left: 0px; height: 34px; background-color: #cceeff; vertical-align: middle; width: 12.0034%; margin: 0px; text-indent: 0px;" valign="middle">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Real devaluation </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.0592%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>45,218</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.01437%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.929839%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.97464%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>113,045</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.972105%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.972105%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.87246%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>226,089</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.10218%; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 54.0152%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2</font>) Equity effect </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.0592%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>194,115</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.01437%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.929839%; margin: 0px; text-indent: 0px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.97464%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>485,287</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.972105%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.972105%; margin: 0px; text-indent: 0px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.87246%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>970,575</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.10218%; margin: 0px; text-indent: 0px;">)</td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px; vertical-align: bottom; height: 18px; width: 54.0152%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(<font>1</font>) + (<font>2</font>) </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; width: 12.0034%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net effect </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; border-top: 0.75pt solid #000000 !important; width: 10.0592%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>148,897</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; width: 1.01437%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.929839%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; border-top: 0.75pt solid #000000 !important; width: 9.97464%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>372,242</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; width: 0.972105%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.972105%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; border-top: 0.75pt solid #000000 !important; width: 8.87246%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>744,486</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.10218%; margin: 0px; text-indent: 0px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 54.0152%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>3</font>) Income statement effect </font></p>
</td>
<td rowspan="2" style="padding-right: 0px; padding-left: 0px; height: 34px; background-color: #cceeff; vertical-align: middle; width: 12.0034%; margin: 0px; text-indent: 0px;" valign="middle">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Real appreciation </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.0592%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>45,218</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.01437%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.929839%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.97464%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>113,045</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.972105%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.972105%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.87246%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>226,089</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.10218%; margin: 0px; text-indent: 0px;">)</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 54.0152%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4</font>) Equity effect </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.0592%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>194,115</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.01437%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.929839%; margin: 0px; text-indent: 0px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.97464%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>485,287</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.972105%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.972105%; margin: 0px; text-indent: 0px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.87246%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>970,575</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.10218%; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px; vertical-align: bottom; height: 18px; width: 54.0152%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(<font>3</font>) + (<font>4</font>) </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; width: 12.0034%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net effect </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; border-top: 0.75pt solid #000000 !important; width: 10.0592%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>148,897</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; width: 1.01437%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.929839%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; border-top: 0.75pt solid #000000 !important; width: 9.97464%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>372,242</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; width: 0.972105%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.972105%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 8.87246%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>744,486</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.10218%; margin: 0px; text-indent: 0px;"><br></td>
</tr>

</table>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The equity effect refer</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> to </font><font style="font-family: 'Times New Roman';">cumulative translation adjustments </font><font style="font-family: 'Times New Roman';">of changes</font><font style="font-family: 'Times New Roman';"> in the exchange rate on equity of foreign subsidiaries (see Note</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> <font>2</font>.</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">.<font>1</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and </font><font style="font-family: 'Times New Roman';"><font>2</font></font><font style="font-family: 'Times New Roman';"><font>5</font></font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">g</font><font style="font-family: 'Times New Roman';">.<font>2</font></font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';">, net investments hedge in foreign entities, cash flow hedge of firm commitment and highly probable transaction (see Note <font>2</font>.c and </font><font style="font-family: 'Times New Roman';">&#8220;h. </font><font style="font-family: 'Times New Roman';">Hedge Accounting</font><font style="font-family: 'Times New Roman';">&#8221;</font><font style="font-family: 'Times New Roman';"> below)</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">c. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Interest </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">r</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">ate </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">r</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">isk</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company and its subsidiaries adopt policies for borrowing and investing financial resources and for capital cost minimization. The financial investments of the Company and its subsidiaries are primarily held in transactions linked to the DI, as set forth in Note <font>4</font>. Borrowings primarily relate to financing from Banco do </font><font style="font-family: 'Times New Roman';">Bra</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">il</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">as well as </font><font style="font-family: 'Times New Roman';">debentures and borrowings in foreign currency, as shown in Note <font>1</font></font><font style="font-family: 'Times New Roman';"><font>6</font></font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company attempts to maintain </font><font style="font-family: 'Times New Roman';">most of </font><font style="font-family: 'Times New Roman';">its financial interest assets and liabilities at floating rates.</font></font></p>
<p style="/* margin-top: 2pt; *//* margin-bottom: 10pt; */text-align: justify; line-height: 115%; font-size: 11pt;"><br></p>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-102</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;">c.<font>1</font> Assets and liabilities exposed to floating interest rates</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">T</font><font style="font-family: 'Times New Roman';">he financial assets and liabilities exposed to floating interest rates</font><font style="font-family: 'Times New Roman';"> are demonstrated below:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="margin: 0px auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 84%; text-indent: 0px;" width="84%">

<tr style="height: 12.75pt; -aw-height-rule: exactly;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 71.8779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 5.92044%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Note </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 9.99075%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.20259%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.925069%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 8.78816%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2019 </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.2026%; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 71.8779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> DI </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 5.92044%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 9.99075%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.20259%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.925069%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 8.78816%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.2026%; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 12.75pt; -aw-height-rule: exactly;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; width: 71.8779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Cash equivalents </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 5.92044%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4</font>.a </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 9.99075%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,241,852</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.20259%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.925069%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 8.78816%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,780,939</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.2026%; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 71.8779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Financial investments </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 5.92044%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4</font>.b </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 9.99075%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,749,852</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.20259%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.925069%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 8.78816%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,610,686</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.2026%; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 12.75pt; -aw-height-rule: exactly;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; width: 71.8779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Asset position of foreign exchange hedging instruments &#8211; DI </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 5.92044%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>33</font>.g </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 9.99075%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.20259%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.925069%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 8.78816%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>19,323</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.2026%; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 71.8779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Loans and debentures </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 5.92044%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>16</font>.a </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 9.99075%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>6,947,362</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.20259%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.925069%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 8.78816%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>6,268,615</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.2026%; margin: 0px; text-indent: 0px;">)</td>
</tr>
<tr style="height: 12.75pt; -aw-height-rule: exactly;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; width: 71.8779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Liability position of foreign exchange hedging instruments &#8211; DI </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 5.92044%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>33</font>.g </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 9.99075%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,124,146</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.20259%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.925069%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 8.78816%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>3,318,289</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.2026%; margin: 0px; text-indent: 0px;">)</td>
</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 71.8779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Liability position of fixed interest instruments + IPCA &#8211; DI </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 5.92044%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>33</font>.g </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 9.99075%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,203,705</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.20259%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.925069%; margin: 0px; text-indent: 0px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 8.78816%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>821,902</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.2026%; margin: 0px; text-indent: 0px;">)</td>
</tr>
<tr style="height: 12.75pt; -aw-height-rule: exactly;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; width: 71.8779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net liability position in DI </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 5.92044%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 9.99075%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>5,283,509</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.20259%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.925069%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 8.78816%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>5,997,858</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.2026%; margin: 0px; text-indent: 0px;">)</td>
</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 71.8779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> TJLP </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 5.92044%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 9.99075%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.20259%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.925069%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 8.78816%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.2026%; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 12.75pt; -aw-height-rule: exactly;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; width: 71.8779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Loans &#8211;TJLP </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 5.92044%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>16</font>.a </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 9.99075%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>29,803</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.20259%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.925069%; margin: 0px; text-indent: 0px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 8.78816%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>103,945</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.2026%; margin: 0px; text-indent: 0px;">)</td>
</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 71.8779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net liability position in TJLP </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 5.92044%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 9.99075%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>29,803</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.20259%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.925069%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 8.78816%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>103,945</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.2026%; margin: 0px; text-indent: 0px;">)</td>
</tr>
<tr style="height: 12.75pt; -aw-height-rule: exactly;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; width: 71.8779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> <font>LIBOR</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 5.92044%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 9.99075%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.20259%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.925069%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 8.78816%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.2026%; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 71.8779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Asset position of foreign exchange hedging instruments &#8211; <font>LIBOR</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 5.92044%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>33</font>.g </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 9.99075%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>260,958</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.20259%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.925069%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 8.78816%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>850,307</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.2026%; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 12.75pt; -aw-height-rule: exactly;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; width: 71.8779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Loans &#8211; <font>LIBOR</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 5.92044%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>16</font>.a </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 9.99075%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>573,484</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.20259%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.925069%; margin: 0px; text-indent: 0px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 8.78816%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,457,263</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.2026%; margin: 0px; text-indent: 0px;">)</td>
</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 71.8779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net liability position in <font>LIBOR</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 5.92044%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 9.99075%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>312,526</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.20259%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.925069%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 8.78816%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>606,956</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.2026%; margin: 0px; text-indent: 0px;">)</td>
</tr>
<tr style="height: 12.75pt; -aw-height-rule: exactly;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; width: 71.8779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> SELIC </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 5.92044%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 9.99075%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.20259%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.925069%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 8.78816%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.2026%; margin: 0px; text-indent: 0px;"><br></td>
</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 71.8779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Loans &#8211; SELIC </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 5.92044%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>16</font>.a </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 9.99075%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.20259%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.925069%; margin: 0px; text-indent: 0px;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 8.78816%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>30,392</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.2026%; margin: 0px; text-indent: 0px;">)</td>
</tr>
<tr style="height: 12.75pt; -aw-height-rule: exactly;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; width: 71.8779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net liability position in SELIC </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 5.92044%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 9.99075%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.20259%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.925069%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 8.78816%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>30,392</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.2026%; margin: 0px; text-indent: 0px;">)</td>
</tr>
<tr style="height: 12.75pt; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 71.8779%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Total net liability position exposed to floating interest </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 5.92044%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 9.99075%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>5,625,838</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.20259%; margin: 0px; text-indent: 0px;">)</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.925069%; margin: 0px; text-indent: 0px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 8.78816%; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>6,739,151</font> </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.2026%; margin: 0px; text-indent: 0px;">)</td>
</tr>

</table>
<p><br></p>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><br></p>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-103</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">c.</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"><font>2</font></font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"> </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Sensitivity </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">a</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">nalysis of </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">f</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">loating </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">i</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">nterest </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">r</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">ate </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">r</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">isk</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">For</font><font style="font-family: 'Times New Roman';"> sensitivity analysis of floating interest rate risk</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">the Company used the accumulated amount of the reference indexes (DI, TJLP, <font>LIBOR</font> and SELIC) as a base scenario. Scenarios I, II and III were </font><font style="font-family: 'Times New Roman';">based on</font><font style="font-family: 'Times New Roman';"> <font>10</font>%, <font>25</font>% and <font>50</font>%</font><font style="font-family: 'Times New Roman';"> variation</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">, respectively, </font><font style="font-family: 'Times New Roman';">applied </font><font style="font-family: 'Times New Roman';">in the floating interest rate</font><font style="font-family: 'Times New Roman';"> of the base scenario</font><font style="font-family: 'Times New Roman';">:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The tables below show the incremental expenses and income that would be recognized in finance income, </font><font style="font-family: 'Times New Roman';">due to the effect</font><font style="font-family: 'Times New Roman';"> of floating interest rate changes in different scenarios.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 255px; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td colspan="5" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Risk </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; text-align: center;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Scenario I </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-top: 0.75pt solid #000000 !important; text-align: center;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; text-align: center;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Scenario II </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-top: 0.75pt solid #000000 !important; text-align: center;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; text-align: center;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Scenario III </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; text-align: center;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Base </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; text-align: center;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; text-align: center;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>25</font>% </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; text-align: center;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; text-align: center;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>50</font>% </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; font-size: 10pt;"> Exposure of interest rate risk </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 56%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Interest effect on cash equivalents and financial </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 13%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Increase in DI </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>13,175</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>32,937</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>65,875</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Interest effect on debt in DI </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Increase in DI </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>19,674</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>49,184</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>98,368</font>) </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Interest rate hedging instruments (liabilities in DI) effect </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Increase in DI </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,137</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>11,934</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>29,929</font>) </font></p>
</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Incremental expenses </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>7,636</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>28,181</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>62,422</font>) </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Interest effect on debt in TJLP </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Increase in TJLP </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>301</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>752</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,503</font>) </font></p>
</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Incremental expenses </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>301</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>752</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,503</font>) </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Foreign exchange hedging instruments (assets in <font>LIBOR</font>) effect </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Increase in <font>LIBOR</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>528</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,320</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,640</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Interest effect on debt in <font>LIBOR</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Increase in <font>LIBOR</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,410</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>3,525</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>7,050</font>) </font></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Incremental expenses </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>882</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,205</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4,410</font>) </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Interest effect on debt in SELIC </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Increase in SELIC </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>41</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>102</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>203</font>) </font></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Incremental expenses </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>41</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>102</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>203</font>) </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-104</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
</div>
</div>
<div>
<table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 317px; width: 99.9168%;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td colspan="5" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2019 </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Risk </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; text-align: center;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Scenario I </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-top: 0.75pt solid #000000 !important; text-align: center;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; text-align: center;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Scenario II </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-top: 0.75pt solid #000000 !important; text-align: center;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; text-align: center;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Scenario III </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; text-align: center;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Base </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; text-align: center;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; text-align: center;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>25</font>% </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; text-align: center;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; text-align: center;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>50</font>% </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; font-size: 10pt;"> Exposure of interest rate risk </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 56%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Interest effect on cash equivalents and financial </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 13%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Increase in DI </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>29,304</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>73,261</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>146,522</font> </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Foreign exchange hedging instruments (assets in DI) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Increase in DI </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>55</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>137</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>274</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Interest effect on debt in DI </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Increase in DI </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>44,469</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>111,173</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>222,345</font>) </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Interest rate hedging instruments (liabilities in DI) effect </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Increase in DI </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>39,175</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>85,571</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>162,897</font>) </font></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Incremental expenses </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>54,285</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>123,346</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>238,446</font>) </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Interest effect on debt in TJLP </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Increase in TJLP </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,213</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>3,033</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>6,065</font>) </font></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Incremental expenses </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,213</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>3,033</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>6,065</font>) </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Foreign exchange hedging instruments (assets in <font>LIBOR</font>) effect </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Increase in <font>LIBOR</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,722</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,305</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8,609</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Interest effect on debt in <font>LIBOR</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Increase in <font>LIBOR</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>3,551</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>8,876</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>17,753</font>) </font></p>
</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Incremental expenses </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,829</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4,571</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>9,144</font>) </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Interest effect on debt in SELIC </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Increase in SELIC </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>251</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>628</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"><br></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,257</font>) </font></p>
</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Incremental expenses </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>251</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>628</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,257</font>) </font></p>
</td>
</tr>

</table>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">d. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Credit </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">r</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">isks</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The financial instruments that would expose the Company and its subsidiaries to credit risks of the counterparty are basically represented by cash and bank deposits, financial investments, hedging instruments</font><font style="font-family: 'Times New Roman';"> (see Note <font>4</font>)</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> and trade receivables</font><font style="font-family: 'Times New Roman';"> (see Note <font>5</font>)</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">d.<font>1</font> </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Credit risk of financial institutions </font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Such risk results from the inability of financial institutions to comply with their financial obligations to the Company and its subsidiaries due to insolvency. The Company and its subsidiaries regularly conduct a credit review of the institutions with which they hold cash and cash equivalents, financial investments, and hedging instruments through various methodologies that assess liquidity, solvency, leverage, portfolio quality, etc. Cash and cash equivalents, financial investments, and hedging instruments are held only with institutions with a solid credit history, chosen for safety and soundness. The volume of cash and cash equivalents, financial investments</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> and hedging instruments are subject to maximum limits by </font><font style="font-family: 'Times New Roman';">each </font><font style="font-family: 'Times New Roman';">institution and, therefore, require diversification of counterpart</font><font style="font-family: 'Times New Roman';">ies</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><br></p>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt; height: 17px;">

<tr style="height: 17px;">
<td class="pgno" style="padding: 0px; text-align: center; height: 17px;"><font style="font-size: 10pt;" class="pageno">F-105</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">d.<font>2</font> </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Government credit risk</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company's policy allows investments in government securities from countries classified as investment grade AAA or </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">aa</font><font style="font-family: 'Times New Roman';"> by specialized credit rating agencies</font><font style="font-family: 'Times New Roman';"> (S&amp;P, Moody&#8217;s and Fitch)</font><font style="font-family: 'Times New Roman';"> and in Brazilian government bonds. The volume of such financial investments is subject to maximum limits by each country and, therefore, requires diversification of counterparties.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The credit risk of </font><font style="font-family: 'Times New Roman';">financial institution and government of </font><font style="font-family: 'Times New Roman';">cash, cash equivalents and financial investments is summarized below:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 120px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%">

<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td colspan="3" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Fair value </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Counterparty credit rating </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2019 </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 74%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> AAA </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; width: 2%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 11%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8,190,428</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 11%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,906,077</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> AA </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>317,894</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>331,512</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> A </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>163,839</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>418,020</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> BBB </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>56,488</font> </font></p>
</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font><font><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Total </font></font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8,672,160</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,712,097</font> </font></p>
</td>
</tr>

</table>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">d.<font>3</font> </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Customer credit risk</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The credit policy establishes the analysis of the profile of each new customer</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> individually</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> regarding their financial condition. The review carried out by the subsidiaries of the Company includes the evaluation of external ratings, when available, </font><font style="font-family: 'Times New Roman';">f</font><font style="font-family: 'Times New Roman';">inancial statements</font><font style="font-family: 'Times New Roman';">, credit bureau information, industry information and, when necessary, bank references. Credit limits are established for each customer and reviewed periodically, in a shorter period the greater the risk, depending on the approval of the responsible area in cases of sales that exceed these limits.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">In monitoring credit risk, customers are grouped according to their credit characteristics and depending on the business the grouping takes into account, for example, whether they are natural or legal clients, whether they are wholesalers, resellers or final customers, considering also </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> geographic area.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The </font><font style="font-family: 'Times New Roman';">expected</font><font style="font-family: 'Times New Roman';"> of credit loss</font><font style="font-family: 'Times New Roman';">es</font><font style="font-family: 'Times New Roman';"> are calculated </font><font style="font-family: 'Times New Roman';">by </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">expected loss ap</font><font style="font-family: 'Times New Roman';">p</font><font style="font-family: 'Times New Roman';">roach</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">based on the probability of default</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">rates. Loss rates are calculated </font><font style="font-family: 'Times New Roman';">on the basis of</font><font style="font-family: 'Times New Roman';"> the average probability of a receivable amount to advance through successive stages of default until full write-off</font><font style="font-family: 'Times New Roman';">. The</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">probability of default</font><font style="font-family: 'Times New Roman';"> calculation takes into account a credit risk score for each exposure</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> based on data considered to be capable of fores</font><font style="font-family: 'Times New Roman';">eeing</font><font style="font-family: 'Times New Roman';"> the risk of loss (external classifications, audited </font><font style="font-family: 'Times New Roman';">f</font><font style="font-family: 'Times New Roman';">inancial statements</font><font style="font-family: 'Times New Roman';">, cash flow projections, customer information available in the press, for example), with addition of the credit assessment based on experience.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Such </font><font style="font-family: 'Times New Roman';">credit </font><font style="font-family: 'Times New Roman';">risks are managed by each business unit through specific criteria for acceptance of customers and </font><font style="font-family: 'Times New Roman';">their </font><font style="font-family: 'Times New Roman';">credit rating and are additionally mitigated by </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">diversification of sales. <font>No</font> single customer or group accounts for more than <font>10</font>% of total revenue.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><br></p>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-106</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
</div>
</div>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The subsidiaries of the Company request guarantees related to trade receivables and other receivables in specific situations to customers, but these guarantees don&#8217;t influence in the calculation of risk of loss. The subsidiaries of the Company maintained the following allowance for expected losses on doubtful accounts balances on trade receivables:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 113px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%">

<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2019 </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 76%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Ipiranga </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 11%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>447,389</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 11%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>447,235</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Ultragaz </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>113,621</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>94,985</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Oxiteno </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>16,430</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>13,252</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Extrafarma </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>73</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,419</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Ultracargo </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,594</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,001</font> </font></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Total </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>579,107</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>560,892</font> </font></p>
</td>
</tr>

</table>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The table below presents information about credit risk exposure:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 147px; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td colspan="5" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td colspan="5" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2019 </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Weighted <br>average rate <br>of losses </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Accounting balance </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Provision <br>for losses </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Weighted <br>average rate <br>of losses </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Accounting balance </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Provision for losses </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 41%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Current </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; width: 9%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1.2</font>% </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; width: 8%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,751,067</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; width: 8%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>44,091</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; width: 8%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1.3</font>% </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; width: 8%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,843,803</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; width: 8%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>50,198</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> less than <font>30</font> days </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2.2</font>% </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>134,836</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,939</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2.1</font>% </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>185,612</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,975</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>31</font>-<font>60</font> days </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8.2</font>% </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>43,207</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,563</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7.1</font>% </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>37,801</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,688</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>61</font>-<font>90</font> days </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10.9</font>% </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>42,589</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,630</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>20.4</font>% </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>24,861</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,062</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>91</font>-<font>180</font> days </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>36.8</font>% </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>76,158</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>28,062</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>41.8</font>% </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>91,633</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>38,337</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> more than <font>180</font> days </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>55.7</font>% </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>890,756</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>495,822</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>53.1</font>% </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>867,618</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>460,632</font> </font></p>
</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,938,613</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>579,107</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,051,328</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>560,892</font> </font></p>
</td>
</tr>

</table>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The information about expected losses on doubtful accounts balances by geographic area are as follows:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 147px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%">

<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2019 </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 78%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Brazil </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 10%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>568,461</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 10%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>550,928</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Mexico </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,123</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Uruguay </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>76</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>267</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Other Latin American countries </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>271</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>561</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> United States of America and Canada </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,146</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>889</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Europe </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,120</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,075</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<div style="border-right: none; border-left: none;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Others</font></p>
</div>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>33</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>49</font> </font></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>579,107</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>560,892</font> </font></p>
</td>
</tr>

</table>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">For further information about the allowance for </font><font style="font-family: 'Times New Roman';">expected</font><font style="font-family: 'Times New Roman';"> losses on doubtful accounts, see Notes</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';"><font>5</font>.a and <font>5</font>.b.</font></font></p>
</div>
<p><br></p>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-107</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
</div>
</div>
</div>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">d.</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"><font>4</font> Price risk</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company and its subsidiaries are exposed to commodity price risk, </font><font style="font-family: 'Times New Roman';">due</font><font style="font-family: 'Times New Roman';"> the fluctuation in prices for diesel and gasoline</font><font style="font-family: 'Times New Roman';">, among others</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">To mitigate th</font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';"> risk</font><font style="font-family: 'Times New Roman';"> of the fluctuation of diesel and gasoline prices</font><font style="font-family: 'Times New Roman';">, the Company and its subsidiaries permanently monitor the market, seeking to protect</font><font style="font-family: 'Times New Roman';">ion</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">of </font><font style="font-family: 'Times New Roman';">price movements through hedge transactions for cargo purchased in the international market</font><font style="font-family: 'Times New Roman';">, used contracts of derivative </font><font style="font-family: 'Times New Roman';">for heating oil (diesel) and RBOB (gasoline)</font><font style="font-family: 'Times New Roman';"> traded on the stock exchange</font><font style="font-family: 'Times New Roman';">. These </font><font style="font-family: 'Times New Roman';">products</font><font style="font-family: 'Times New Roman';"> are traded on the stock exchange and are subject</font><font style="font-family: 'Times New Roman';">ed</font><font style="font-family: 'Times New Roman';"> to the impacts of macroeconomic and geopolitical factors outside the control of the Company and its subsidiaries.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The table below shows the positions of derivative financial instruments to hedge commodity price risk at </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, <font>2020</font>:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 95px; width: 100%;" width="100%">

<tr style="height: 10px;">
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Derivative </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td colspan="5" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Contract </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td colspan="3" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Notional amount (m</font><sup><font style="font-family: 'Times New Roman'; font-weight: bold; vertical-align: super;"><font>3</font></font></sup><font style="font-family: 'Times New Roman'; font-weight: bold;">)</font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td colspan="3" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Notional amount (USD thousands) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td colspan="3" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Fair value </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Position </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Product </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Maturity </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2019 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2019 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2019 </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; text-align: center;"><font style="font-weight: bold; font-size: 8pt;">R$ thousands</font></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; text-align: center;"><font style="color: #000000; font-family: 'times new roman'; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">R$ thousands</font></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Term </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Sold </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Heating Oil </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> jan-21 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>108,429</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>76,950</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>42,399</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>40,529</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>563</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,378</font>) </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Term </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Sold </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> RBOB </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>64,867</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>29,243</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,107</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>563</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,271</font>)</font></p>
</td>
</tr>

</table>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-108</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
</div>
<div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
</div>
</div>
</div>
</div>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">e. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Liquidity </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">r</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">isk</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company and its subsidiaries&#8217; main sources of liquidity derive from (</font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">cash, cash equivalents</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> and financial investments, (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">cash generated from operations and (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">financing. The Company and its subsidiaries believe that these sources are </font><font style="font-family: 'Times New Roman';">sufficient</font><font style="font-family: 'Times New Roman';"> to satisfy their current funding requirements, which include, but are not limited to, working capital, capital expenditures, amortization of debt</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> and payment of dividends.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company and its subsidiaries periodically examine opportunities for acquisitions and investments. They consider different types of investments, either directly</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> through joint ventures, or </font><font style="font-family: 'Times New Roman';">through </font><font style="font-family: 'Times New Roman';">associated companies, and finance such investments using cash generated from operations, debt financing, through capital increases</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> or through a combination of these methods.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">On December</font><font style="font-family: 'Times New Roman';"> 31, 2020 t</font><font style="font-family: 'Times New Roman';">he Company and its subsidiaries believe to have enough working capital </font><font style="font-family: 'Times New Roman';">and sources of financing </font><font style="font-family: 'Times New Roman';">to satisfy their current needs. The gross indebtedness due over the next <font>twelve</font> months total</font><font style="font-family: 'Times New Roman';">ed</font><font style="font-family: 'Times New Roman';"> R$</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';"><font>3,620,550</font></font><font style="font-family: 'Times New Roman';"> including estimated interests on loans</font><font style="font-family: 'Times New Roman';"> (for quantitative information, see Note <font>1</font></font><font style="font-family: 'Times New Roman';"><font>6</font></font><font style="font-family: 'Times New Roman';">.a</font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';">. Furthermore, the investment for </font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"><font>2</font></font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">total</font><font style="font-family: 'Times New Roman';">ed</font><font style="font-family: 'Times New Roman';"> R$ </font><font style="font-family: 'Times New Roman';"><font>1,890,763</font></font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">On</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';">, the Company and its subsidiaries had R$</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';"><font>7,694,752</font></font><font style="font-family: 'Times New Roman';"> in c</font><font style="font-family: 'Times New Roman';">ash, cash equivalents</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> and short-term financial investments (for quantitative information, see Note <font>4</font>).</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The table below presents a summary of financial liabilities </font><font style="font-family: 'Times New Roman';">as of </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, <font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">by the Company and its subsidiaries, </font><font style="font-family: 'Times New Roman';">listed </font><font style="font-family: 'Times New Roman';">by maturity. The amounts disclosed in this table are the contractual undiscounted cash outflows, and, therefore, these amounts &#8203;&#8203;</font><font style="font-family: 'Times New Roman';">may </font><font style="font-family: 'Times New Roman';">be different from the amounts disclosed on the balance sheet.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 87px; width: 100%;" width="100%">

<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Financial liabilities </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Total </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Less than <br><font>1</font> year </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Between <br><font>1</font> and <font>3</font> <br>years </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Between <br><font>3</font> and <font>5</font> <br>years </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> More <br>than <font>5</font> <br>years </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 50%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Loans including future contractual interest (<font>1</font>) (<font>2</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>20,131,159</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,620,550</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,716,208</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,695,276</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>8,099,125</font> </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Currency and interest rate hedging instruments (<font>3</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>472,647</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>133,092</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>88,918</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>106,885</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>143,752</font> </font></p>
</td>
</tr>
<tr style="height: 20px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 20px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Trade payables </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 20px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,040,652</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 20px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,040,652</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 20px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 20px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 20px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
</tr>
<tr style="height: 20px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 20px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Leases payable </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 20px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,734,384</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 20px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>396,010</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 20px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>668,089</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 20px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>541,004</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 20px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,129,281</font> </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<table style="width: 100%; margin: 0px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 3%; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 11.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(1)</font></td>
<td style="width: 97%; padding: 1px 0px 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 9pt; padding-left: 0px; padding-right: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">To calculate the estimated interest on loans some macroeconomic assumptions were used, including averag</font><font style="font-family: 'Times New Roman';">ing</font><font style="font-family: 'Times New Roman';"> for the period</font><font style="font-family: 'Times New Roman';"> the following</font><font style="font-family: 'Times New Roman';">:</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">(</font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">) DI of </font><font style="font-family: 'Times New Roman';">% </font><font style="font-family: 'Times New Roman';"><font>2.29</font></font><font style="font-family: 'Times New Roman';">%</font><font style="font-family: 'Times New Roman';"> to <font>2021</font></font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';"><font>3.74</font></font><font style="font-family: 'Times New Roman';">%</font><font style="font-family: 'Times New Roman';"> to <font>2022</font></font><font style="font-family: 'Times New Roman';"> and </font><font style="font-family: 'Times New Roman';"><font>4.84</font></font><font style="font-family: 'Times New Roman';">% </font><font style="font-family: 'Times New Roman';">to</font><font style="font-family: 'Times New Roman';"> <font>2023</font></font><font style="font-family: 'Times New Roman';">;</font><font style="font-family: 'Times New Roman';"> (ii) exchange rate of the </font><font style="font-family: 'Times New Roman';">R</font><font style="font-family: 'Times New Roman';">eal against the U.S. dollar of </font><font style="font-family: 'Times New Roman';">R$ </font><font style="font-family: 'Times New Roman';"><font>4.86</font></font><font style="font-family: 'Times New Roman';"> in <font>2021</font>, R$ </font><font style="font-family: 'Times New Roman';"><font>4.33</font></font><font style="font-family: 'Times New Roman';"> in <font>2022</font>, R$ </font><font style="font-family: 'Times New Roman';"><font>4.17</font></font><font style="font-family: 'Times New Roman';"> in <font>2023</font>, R$ </font><font style="font-family: 'Times New Roman';"><font>4.20</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">in <font>2024</font>, R$ </font><font style="font-family: 'Times New Roman';"><font>4.22</font></font><font style="font-family: 'Times New Roman';"> in <font>2025</font></font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> R$ </font><font style="font-family: 'Times New Roman';"><font>4.24</font></font><font style="font-family: 'Times New Roman';"> in <font>2026</font></font><font style="font-family: 'Times New Roman';">, R$ </font><font style="font-family: 'Times New Roman';"><font>4.26</font></font><font style="font-family: 'Times New Roman';"> in <font>2027</font>, R$ </font><font style="font-family: 'Times New Roman';"><font>4.28</font></font><font style="font-family: 'Times New Roman';"> in <font>2028</font> and R$ </font><font style="font-family: 'Times New Roman';"><font>4.30</font></font><font style="font-family: 'Times New Roman';"> in <font>2029</font></font><font style="font-family: 'Times New Roman';">;</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">(iii) TJLP of </font><font style="font-family: 'Times New Roman';"><font>4.39</font></font><font style="font-family: 'Times New Roman';">%</font><font style="font-family: 'Times New Roman';">;</font><font style="font-family: 'Times New Roman';"> (iv) IGP-M of </font><font style="font-family: 'Times New Roman';"><font>4.79</font></font><font style="font-family: 'Times New Roman';">% in <font>2021</font>, </font><font style="font-family: 'Times New Roman';"><font>4.02</font></font><font style="font-family: 'Times New Roman';">%</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">in <font>2022</font>, </font><font style="font-family: 'Times New Roman';"><font>3.25</font></font><font style="font-family: 'Times New Roman';">% </font><font style="font-family: 'Times New Roman';">as</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">from</font><font style="font-family: 'Times New Roman';"> <font>20</font></font><font style="font-family: 'Times New Roman';"><font>2</font></font><font style="font-family: 'Times New Roman';"><font>3</font></font><font style="font-family: 'Times New Roman';">;</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">(v) IPCA of </font><font style="font-family: 'Times New Roman';"><font>3.6</font></font><font style="font-family: 'Times New Roman';">%</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">in <font>202</font></font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';"><font>3.3</font></font><font style="font-family: 'Times New Roman';">% in <font>202</font></font><font style="font-family: 'Times New Roman';"><font>2</font></font><font style="font-family: 'Times New Roman';">, <font>3.0</font></font><font style="font-family: 'Times New Roman';">% </font><font style="font-family: 'Times New Roman';">as from</font><font style="font-family: 'Times New Roman';"> <font>202</font></font><font style="font-family: 'Times New Roman';"><font>3</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">(source:</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">B<font>3</font></font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> B</font><font style="font-family: 'Times New Roman';">ulletin Focus and financial institutions)</font><font style="font-family: 'Times New Roman';">.</font></font></p>
</td>
</tr>
<tr>
<td style="vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 11.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(2)</font></td>
<td style="padding: 1px 0px 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 9pt; padding-left: 0px; padding-right: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Includes estimated interest payments on short-term and long-term loans until the payment</font><font style="font-family: 'Times New Roman';"> date</font><font style="font-family: 'Times New Roman';">.</font></font></p>
</td>
</tr>
<tr>
<td style="vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 11.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(3)</font><br></td>
<td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 9pt; padding-left: 0px; padding-right: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The currency and interest rate hedging instruments were estimated based on projected U.S dollar futures contracts and the futures curve</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> of DI x Pre</font><font style="font-family: 'Times New Roman';"> and Pre x IPCA</font><font style="font-family: 'Times New Roman';"> contract</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> quoted on </font><font style="font-family: 'Times New Roman';">B<font>3</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">on</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';"><font>3</font></font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';"><font>2020</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and on the futures curve of <font>LIBOR</font> (</font><font style="font-family: 'Times New Roman';">ICE </font><font style="font-family: 'Times New Roman';">&#8211;</font><font style="font-family: 'Times New Roman';"> Intercontinental</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Exchange</font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';"> and commodities heating oil</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">contracts</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and </font><font style="font-family: 'Times New Roman';">RBOB quoted on </font><font style="font-family: 'Times New Roman';">New York Mercantile Exchange</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">(&#8220;NYMEX&#8221;)</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">on</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';"><font>2020</font></font><font style="font-family: 'Times New Roman';">. In the table above, only the hedging instruments with negative result</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> at the time of settlement were considered.</font></font></p>
</td>
</tr>

</table>
</div>
<p style="/* margin-top: 2pt; *//* margin-bottom: 10pt; */text-align: justify; line-height: 115%; font-size: 11pt;"><br></p>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-109</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">f. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Capital </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">m</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">anagement</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company manages its capital structure based on indicators and benchmarks. The key performance indicators related to the capital structure management are the weighted average cost of capital, net debt / EBITDA, interest coverage</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> and indebtedness / equity ratios. Net debt is composed of cash, cash equivalents</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> and financial investments (see Note <font>4</font>) and loans, including debentures (see Note <font>1</font></font><font style="font-family: 'Times New Roman';"><font>6</font></font><font style="font-family: 'Times New Roman';">). The Company can change its capital structure depending on the economic and financial conditions, in order to optimize its financial leverage and capital management. The Company seeks to improve its return on </font><font style="font-family: 'Times New Roman';">invested </font><font style="font-family: 'Times New Roman';">capital by implementing efficient working capital management and a selective investment program.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">g. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Selection and </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">u</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">se of </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">f</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">inancial </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">i</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">nstruments</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">In selecting financial investments and hedging instruments, an analysis is conducted to estimate rates of return, risks involved, liquidity, calculation methodology for the carrying value and fair value, and </font><font style="font-family: 'Times New Roman';">a review is conducted of any </font><font style="font-family: 'Times New Roman';">documentation applicable to the financial instruments. The financial instruments used to manage the financial resources of the Company and its subsidiaries are intended to preserve value and liquidity.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Policy contemplates the use of derivative financial instruments only to cover identified risks and in amounts consistent with the risk (limited to <font>100</font>% of the identified risk). The risks identified in the Policy are described in the above sections and are subject to risk management. In accordance with the Policy, the Company and its subsidiaries can use forward contracts, </font><font style="font-family: 'Times New Roman';">S</font><font style="font-family: 'Times New Roman';">waps, options, and futures contracts to manage identified risks. Leveraged derivative instruments are not permitted. Because the use of derivative financial instruments is limited to the coverage of identified risks, the Company and its subsidiaries use the term &#8220;hedging instruments&#8221; to refer to derivative financial instruments.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-110</font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The table below summarizes the position of hedging instruments </font><font style="font-family: 'Times New Roman';">entered </font><font style="font-family: 'Times New Roman';">by the Company and its subsidiaries:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; font-size: 10pt;"> Designated as hedge accounting </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="width: 11.4713%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="width: 6.31754%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="width: 4.48878%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="width: 7.39817%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="width: 1.24688%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="width: 7.31505%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="width: 12.7182%; padding-right: 3pt; padding-left: 3pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="width: 8.4788%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="width: 16.0432%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="width: 11.4713%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="width: 6.31754%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="width: 4.48878%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
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<td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 7.39817%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="width: 1.24688%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 7.31505%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<tr style="height: 10px;">
<td style="width: 12.7182%; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Product </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="width: 8.4788%; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Hedged object </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
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<td colspan="2" style="width: 27.5145%; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Rates agreement </font></p>
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<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="width: 6.31754%; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Maturity </font></p>
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<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="width: 4.48878%; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Note </font></p>
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<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
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<td colspan="3" style="width: 17.4564%; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Notional amount </font><sup><font style="font-family: 'Times New Roman'; font-weight: bold; vertical-align: super;"><font>1</font></font></sup></font></p>
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<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
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<td colspan="3" style="width: 15.9601%; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Fair value </font></p>
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<td style="width: 12.7182%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="width: 8.4788%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
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<td style="width: 16.0432%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Assets </font></p>
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<td style="width: 11.4713%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Liabilities </font></p>
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<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="width: 6.31754%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="width: 4.48878%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="width: 8.1463%; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="width: 8.1463%; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2019 </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="width: 7.39817%; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
</td>
<td style="width: 1.24688%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="width: 7.31505%; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2019 </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="width: 12.7182%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Foreign exchange swap </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 8.4788%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Debt </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 16.0432%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>USD + <font style="border-left: none; border-right: none;">4.58</font> %</font> </font></p>
</td>
<td style="width: 11.4713%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font><font style="border-left: none; border-right: none;">103.9</font>% DI</font> </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 6.31754%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>nov-23</font> </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 4.48878%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>33</font>.h<font>.1</font> </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> USD <font>185,000</font> </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> USD <font>245,000</font> </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 7.39817%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>298,889</font> </font></p>
</td>
<td style="width: 1.24688%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 7.31505%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>69,298</font> </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="width: 12.7182%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Foreign exchange swap </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 8.4788%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Debt </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 16.0432%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>USD + <font style="border-left: none; border-right: none;">LIBOR</font>-<font style="border-left: none; border-right: none;">3</font>M + <font style="border-left: none; border-right: none;">1.14</font>%</font> </font></p>
</td>
<td style="width: 11.4713%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font><font style="border-left: none; border-right: none;">105.0</font>% DI</font> </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 6.31754%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>jun-22</font> </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 4.48878%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>33</font>.h<font>.1</font> </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> USD <font>50,000</font> </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> USD <font>150,000</font> </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 7.39817%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>94,782</font> </font></p>
</td>
<td style="width: 1.24688%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 7.31505%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>74,970</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 12.7182%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Interest rate swap </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 8.4788%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Debt </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 16.0432%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font><font style="border-left: none; border-right: none;">4.57</font>% + IPCA</font> </font></p>
</td>
<td style="width: 11.4713%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font><font style="border-left: none; border-right: none;">95.8</font>% DI</font> </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 6.31754%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>dec-25</font> </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 4.48878%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>33</font>.h<font>.1</font> </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> R$ <font>806,054</font> </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> R$ <font>806,054</font> </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 7.39817%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>203,837</font> </font></p>
</td>
<td style="width: 1.24688%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 7.31505%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>144,123</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 12.7182%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Interest rate swap </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 8.4788%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Debt </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 16.0432%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font><font style="border-left: none; border-right: none;">6.47</font>%</font> </font></p>
</td>
<td style="width: 11.4713%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font><font style="border-left: none; border-right: none;">99.9</font>% DI</font> </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 6.31754%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>nov-24</font> </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 4.48878%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>33</font>.h<font>.1</font> </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> R$ <font>90,000</font> </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> R$ <font>90,000</font> </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 7.39817%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,498</font> </font></p>
</td>
<td style="width: 1.24688%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 7.31505%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>584</font> </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="width: 12.7182%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Term </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 8.4788%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Firm commitments </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 16.0432%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>BRL</font> </font></p>
</td>
<td style="width: 11.4713%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Heating Oil / RBOB</font> </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 6.31754%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>jan-21</font> </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 4.48878%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>33</font>.h<font>.1</font> </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> USD <font>42,399</font> </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 7.39817%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>563</font>) </font></p>
</td>
<td style="width: 1.24688%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 7.31505%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="width: 12.7182%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> NDF </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 8.4788%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Firm commitments </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 16.0432%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>BRL</font> </font></p>
</td>
<td style="width: 11.4713%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>USD</font> </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 6.31754%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>jan-21</font> </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 4.48878%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>33</font>.h<font>.1</font> </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> USD <font>23,124</font> </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="width: 1.16376%; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 7.39817%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>733</font>) </font></p>
</td>
<td style="width: 1.24688%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 7.31505%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="width: 12.7182%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Zero</font> Cost Collar </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 8.4788%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Operating margin </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 16.0432%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Put USD <font style="border-left: none; border-right: none;">3.86</font></font> </font></p>
</td>
<td style="width: 11.4713%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Call USD <font style="border-left: none; border-right: none;">4.33</font></font> </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 6.31754%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 4.48878%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>33</font>.h<font>.2</font> </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> USD <font>60,000</font> </font></p>
</td>
<td style="width: 1.16376%; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 7.39817%; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="width: 1.24688%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 7.31505%; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>121</font>) </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 12.7182%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 8.4788%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 16.0432%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 11.4713%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 6.31754%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 4.48878%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 7.39817%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>599,710</font> </font></p>
</td>
<td style="width: 1.24688%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 7.31505%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>288,854</font> </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-111</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
</div>
</div>
<div>
<table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 197px; width: 100%;" width="100%">

<tr style="height: 17px;">
<td colspan="3" style="width: 98.65pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; font-size: 10pt;"> Not designated as hedge accounting </font></p>
</td>
<td style="width: 1.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 79.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 86.15pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 43.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 57.85pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 57.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 1.05pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 98.65pt; padding-right: 3pt; padding-left: 3pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 1.8pt; padding-right: 3pt; padding-left: 3pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 78.25pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 1.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 79.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 86.15pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 43.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 57.85pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 57.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 1.05pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="width: 98.65pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Product </font></p>
</td>
<td style="width: 1.8pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="width: 78.25pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Hedged object </font></p>
</td>
<td style="width: 1.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td colspan="2" style="width: 79.9pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Rates agreement </font></p>
</td>
<td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="width: 43.6pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Maturity </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td colspan="3" style="width: 57.85pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Notional amount </font><sup><font style="font-family: 'Times New Roman'; font-weight: bold; vertical-align: super;"><font>1</font></font></sup></font></p>
</td>
<td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td colspan="3" style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Fair value </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 98.65pt; border-top: 0.75pt solid #000000 !important; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="width: 1.8pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="width: 78.25pt; border-top: 0.75pt solid #000000 !important; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="width: 1.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="width: 79.9pt; border-top: 0.75pt solid #000000 !important; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Assets </font></p>
</td>
<td style="width: 86.15pt; border-top: 0.75pt solid #000000 !important; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Liabilities </font></p>
</td>
<td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="width: 43.6pt; border-top: 0.75pt solid #000000 !important; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="width: 57.85pt; border-top: 0.75pt solid #000000 !important; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
</td>
<td style="width: 1pt; border-top: 0.75pt solid #000000 !important; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="width: 57.9pt; border-top: 0.75pt solid #000000 !important; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2019 </font></p>
</td>
<td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; border-top: 0.75pt solid #000000 !important; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
</td>
<td style="width: 1.05pt; border-top: 0.75pt solid #000000 !important; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; border-top: 0.75pt solid #000000 !important; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2019 </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 98.65pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Foreign exchange swap </font></p>
</td>
<td style="width: 1.8pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 78.25pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Debt </font></p>
</td>
<td style="width: 1.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 79.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>USD + <font style="border-left: none; border-right: none;">0.18</font>%</font> </font></p>
</td>
<td style="width: 86.15pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font><font style="border-left: none; border-right: none;">55.5</font>% DI</font> </font></p>
</td>
<td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 43.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>jun-29</font> </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 57.85pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> USD <font>320,000</font> </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 57.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> USD <font>853,000</font> </font></p>
</td>
<td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>519,260</font> </font></p>
</td>
<td style="width: 1.05pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>353,451</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 98.65pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> NDF </font></p>
</td>
<td style="width: 1.8pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 78.25pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Firm commitments </font></p>
</td>
<td style="width: 1.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 79.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>BRL</font> </font></p>
</td>
<td style="width: 86.15pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>USD</font> </font></p>
</td>
<td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 43.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>may-21</font> </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 57.85pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> USD <font>378,550</font> </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 57.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> USD <font>71,600</font> </font></p>
</td>
<td style="width: 7.1pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>112,152</font>) </font></p>
</td>
<td style="width: 1.05pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,080</font>) </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 98.65pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Interest rate swap </font></p>
</td>
<td style="width: 1.8pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 78.25pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Debt </font></p>
</td>
<td style="width: 1.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 79.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font><font style="border-left: none; border-right: none;">1.9</font>%</font> </font></p>
</td>
<td style="width: 86.15pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font><font style="border-left: none; border-right: none;">100</font>% DI</font> </font></p>
</td>
<td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 43.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>jan-21</font> </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 57.85pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> R$ <font>1,300,000</font> </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 57.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="width: 7.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>5</font>) </font></p>
</td>
<td style="width: 1.05pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 98.65pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Foreign exchange swap </font></p>
</td>
<td style="width: 1.8pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 78.25pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Debt </font></p>
</td>
<td style="width: 1.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 79.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font><font style="border-left: none; border-right: none;">LIBOR</font>-<font style="border-left: none; border-right: none;">3</font>M + <font style="border-left: none; border-right: none;">2.0</font>%</font> </font></p>
</td>
<td style="width: 86.15pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font><font style="border-left: none; border-right: none;">105.9</font>% DI</font> </font></p>
</td>
<td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 43.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 57.85pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 57.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> USD <font>60,000</font> </font></p>
</td>
<td style="width: 7.1pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="width: 1.05pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>48,535</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 98.65pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Foreign exchange swap </font></p>
</td>
<td style="width: 1.8pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 78.25pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Firm commitments </font></p>
</td>
<td style="width: 1.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 79.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>USD + <font style="border-left: none; border-right: none;">0.00</font>%</font> </font></p>
</td>
<td style="width: 86.15pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font><font style="border-left: none; border-right: none;">33.5</font>% DI</font> </font></p>
</td>
<td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 43.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 57.85pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 57.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> USD <font>17,896</font> </font></p>
</td>
<td style="width: 7.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="width: 1.05pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,203</font>) </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 98.65pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Foreign exchange swap </font></p>
</td>
<td style="width: 1.8pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 78.25pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Operating margin </font></p>
</td>
<td style="width: 1.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 79.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font><font style="border-left: none; border-right: none;">34.8</font>% DI</font> </font></p>
</td>
<td style="width: 86.15pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>USD + <font style="border-left: none; border-right: none;">0.00</font>%</font> </font></p>
</td>
<td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 43.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 57.85pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 57.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> USD <font>4,680</font> </font></p>
</td>
<td style="width: 7.1pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="width: 1.05pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>612</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="width: 98.65pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Term </font></p>
</td>
<td style="width: 1.8pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 78.25pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Firm commitments </font></p>
</td>
<td style="width: 1.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 79.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>BRL</font> </font></p>
</td>
<td style="width: 86.15pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Heating Oil / RBOB</font> </font></p>
</td>
<td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 43.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 57.85pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 57.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> USD <font>56,000</font> </font></p>
</td>
<td style="width: 7.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="width: 1.05pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,271</font>) </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="width: 98.65pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 1.8pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 78.25pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 1.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 79.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 86.15pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 43.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 57.85pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: top; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 57.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>407,103</font> </font></p>
</td>
<td style="width: 1.05pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>398,044</font> </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">&nbsp;</font></sup><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">(<font>1</font>) </font></sup><font style="font-family: 'Times New Roman';">Currency as indicated.</font></font></p>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">All transactions mentioned above were properly registered with CETIP S.A.</font></p>
</div>
<p><br></p>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-112</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
</div>
</div>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">h. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Hedge </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">a</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">ccounting</font><font style="width: 32.33pt; display: inline-block; -aw-tabstop-align: left; -aw-tabstop-pos: 126.75pt;">&nbsp;</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company and its subsidiaries </font><font style="font-family: 'Times New Roman';">use derivative and non-derivative financial instruments</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">for hedging purposes and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">test, throughout the duration of the hedge, the</font><font style="font-family: 'Times New Roman';">ir</font><font style="font-family: 'Times New Roman';"> effectiveness, as well as the changes in their fair value. </font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;">h.<font>1</font> Fair value hedge</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company and its subsidiaries designate as fair value hedges certain financial instruments used to offset the variations in interest and exchange rates, which are based on the market value of financing contracted in Brazilian Reais and U.S. dollars</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-left: none; border-right: none;">
<div>
<div style="border-left: none; border-right: none;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">T</font><font style="font-family: 'Times New Roman';">he foreign exchange hedging instruments designated as fair value hedge</font><font style="font-family: 'Times New Roman';"> are:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 102px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%">

<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> In thousands, except the DI % </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2020</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2019</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 75%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Notional amount &#8211; US$ </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>235,000</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 3%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 11%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>395,000</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Result of hedging instruments &#8211; gain/(loss) &#8211; R$ </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>574,378</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>79,466</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Fair value adjustment of debt &#8211; R$ </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>13,131</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>36,764</font>) </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Finance expense in the statements of profit or loss &#8211; R$ </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>597,735</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>130,320</font>) </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Average effective cost &#8211; DI % </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>104.1</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>104.4</font> </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">For more information, see Note <font>16</font>.c.<font>1</font>.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">T</font><font style="font-family: 'Times New Roman';">he interest </font><font style="font-family: 'Times New Roman';">rate </font><font style="font-family: 'Times New Roman';">hedging instruments designated as fair value hedge</font><font style="font-family: 'Times New Roman';"> are:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 119px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%">

<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> In thousands, except the DI % </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2020</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2019</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 75%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Notional amount &#8211; US$ </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 11%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>806,054</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 3%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 11%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>806,054</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Result of hedging instruments &#8211; gain/(loss) &#8211; R$ </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>67,446</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>72,957</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Fair value adjustment of debt &#8211; R$ </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>18,446</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>76,992</font>) </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Finance expense in the statements of profit or loss &#8211; R$ </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>99,555</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>68,054</font>) </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Average effective cost &#8211; DI % </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>95.8</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>95.8</font> </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">For more information, see Note</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> <font>16</font>.g.<font>2</font>, <font>16</font>.g.<font>4</font> and <font>16</font>.g.<font>6</font>.</font></font></p>
<p style="/* margin-top: 2pt; *//* margin-bottom: 10pt; */text-align: justify; line-height: 115%; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 95px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%">

<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> In thousands, except the DI % </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2020</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2019</font> </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 75%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Notional amount &#8211; US$ </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 11%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>90,000</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 3%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 11%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>90,000</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Result of hedging instruments &#8211; gain/(loss) &#8211; R$ </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,528</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>584</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Fair value adjustment of debt &#8211; R$ </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,250</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>208</font>) </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Finance expense in the statements of profit or loss &#8211; R$ </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>8,968</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>377</font>) </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Average effective cost &#8211; DI % </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>99.9</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>99.9</font> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">For more information, see Note <font>16</font>.g.<font>7</font>.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-113</font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The foreign exchange hedging instruments and commodities designated as fair value hedge are as described below. The purpose of this relationship is to transform the cost of the imported product from fixed to variable until the moment of blend the fuel, as occurs with the price practiced in its sales. The subsidiary </font><font style="font-family: 'Times New Roman';">Ipiranga</font><font style="font-family: 'Times New Roman';"> realizes these operations with over-the-counter derivatives that are designated in a hedge </font><font style="font-family: 'Times New Roman';">accounting</font><font style="font-family: 'Times New Roman';"> relationship, as a fair value hedge in an amount equivalent to the inventories of imported product.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> In thousands, except the DI % </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2020</font> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2019</font> </font></p>
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<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 75%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Notional amount &#8211; US$ </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>65,523</font> </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 3%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Result of hedging instruments &#8211; gain/(loss) &#8211; R$ </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>87,448</font>) </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Fair value adjustment of inventories &#8211; R$ </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>18,468</font> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;">h.<font>2</font> Cash flow hedge</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; color: #212121; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; color: #212121;">The Company and its subsidiaries designate, as cash flow hedge </font><font style="font-family: 'Times New Roman'; color: #212121;">of firm commitment </font><font style="font-family: 'Times New Roman'; color: #212121;">and highly probable transactions, derivative financial instruments to </font><font style="font-family: 'Times New Roman'; color: #212121;">hedge</font><font style="font-family: 'Times New Roman'; color: #212121;"> firm commitments and non-derivative financial instruments to </font><font style="font-family: 'Times New Roman'; color: #212121;">hedge</font><font style="font-family: 'Times New Roman'; color: #212121;"> highly probable future transactions, to hedge against</font><font style="font-family: 'Times New Roman'; color: #212121;"> fluctuations</font><font style="font-family: 'Times New Roman'; color: #212121;"> </font><font style="font-family: 'Times New Roman'; color: #212121;">arising from </font><font style="font-family: 'Times New Roman'; color: #212121;">changes in </font><font style="font-family: 'Times New Roman'; color: #212121;">exchange rate.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; color: #212121;">On </font><font style="font-family: 'Times New Roman'; color: #212121;">December</font><font style="font-family: 'Times New Roman'; color: #212121;"> 3</font><font style="font-family: 'Times New Roman'; color: #212121;"><font>1</font></font><font style="font-family: 'Times New Roman'; color: #212121;">, <font>20</font></font><font style="font-family: 'Times New Roman'; color: #212121;"><font>20</font></font><font style="font-family: 'Times New Roman'; color: #212121;">, </font><font style="font-family: 'Times New Roman'; color: #212121;">the notional amount of foreign exchange hedging instruments for highly probable future transactions designated as </font><font style="font-family: 'Times New Roman'; color: #212121;">cash flow</font><font style="font-family: 'Times New Roman'; color: #212121;"> hedge</font><font style="font-family: 'Times New Roman'; color: #212121;">, related to</font><font style="font-family: 'Times New Roman'; color: #212121;"> </font><font style="font-family: 'Times New Roman'; color: #212121;">notes in the foreign market </font><font style="font-family: 'Times New Roman'; color: #212121;">totaled US$ </font><font style="font-family: 'Times New Roman'; color: #212121;"><font>468,215</font></font><font style="font-family: 'Times New Roman'; color: #212121;"> (US$ </font><font style="font-family: 'Times New Roman';"><font>550,000</font></font><font style="font-family: 'Times New Roman'; color: #212121;"> on December 31, 201</font><font style="font-family: 'Times New Roman'; color: #212121;"><font>9</font></font><font style="font-family: 'Times New Roman'; color: #212121;">)</font><font style="font-family: 'Times New Roman'; color: #212121;">.</font><font style="font-family: 'Times New Roman'; color: #212121;"> </font><font style="font-family: 'Times New Roman';">On </font><font style="font-family: 'Times New Roman'; color: #212121;">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, <font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">t</font><font style="font-family: 'Times New Roman'; color: #212121;">he</font><font style="font-family: 'Times New Roman'; color: #212121;"> </font><font style="font-family: 'Times New Roman'; color: #212121;">unrealized </font><font style="font-family: 'Times New Roman'; color: #212121;">loss of</font><font style="font-family: 'Times New Roman'; color: #212121;"> </font><font style="font-family: 'Times New Roman'; color: #212121;">&#8220;</font><font style="font-family: 'Times New Roman'; color: #212121;">Other comprehensive income</font><font style="font-family: 'Times New Roman'; color: #212121;">&#8221;</font><font style="font-family: 'Times New Roman'; color: #212121;"> </font><font style="font-family: 'Times New Roman'; color: #212121;">is</font><font style="font-family: 'Times New Roman'; color: #212121;"> R$</font><font style="font-family: 'Times New Roman'; color: #212121;"> </font><font style="font-family: 'Times New Roman'; color: #212121;"><font>315,403</font></font><font style="font-family: 'Times New Roman'; color: #212121;"> </font><font style="font-family: 'Times New Roman'; color: #212121;">(loss of R$ </font><font style="font-family: 'Times New Roman';"><font>293,277</font></font><font style="font-family: 'Times New Roman'; color: #212121;"> on December 31, 201</font><font style="font-family: 'Times New Roman'; color: #212121;"><font>9</font></font><font style="font-family: 'Times New Roman'; color: #212121;">)</font><font style="font-family: 'Times New Roman'; color: #212121;">, net of deferred </font><font style="font-family: 'Times New Roman'; color: #212121;">IRPJ and CSLL</font><font style="font-family: 'Times New Roman'; color: #212121;">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; color: #212121; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; color: #212121;">On </font><font style="font-family: 'Times New Roman'; color: #212121;">December</font><font style="font-family: 'Times New Roman'; color: #212121;"> 3</font><font style="font-family: 'Times New Roman'; color: #212121;"><font>1</font></font><font style="font-family: 'Times New Roman'; color: #212121;">, <font>20</font></font><font style="font-family: 'Times New Roman'; color: #212121;"><font>20</font></font><font style="font-family: 'Times New Roman'; color: #212121;">, the notional amount of foreign exchange hedging instruments for highly probable future transactions designated as </font><font style="font-family: 'Times New Roman'; color: #212121;">cash flow</font><font style="font-family: 'Times New Roman'; color: #212121;"> hedge, related to</font><font style="font-family: 'Times New Roman'; color: #212121;"> </font><font style="font-family: 'Times New Roman'; color: #212121;">future sales revenues of </font><font style="font-family: 'Times New Roman'; color: #212121;">Oxiteno</font><font style="font-family: 'Times New Roman'; color: #212121;"> (<font>zero</font> cost collars) </font><font style="font-family: 'Times New Roman'; color: #212121;">have not been renewed and did not have balance</font><font style="font-family: 'Times New Roman'; color: #212121;"> (US$ </font><font style="font-family: 'Times New Roman';"><font>60,000</font></font><font style="font-family: 'Times New Roman'; color: #212121;"> on </font><font style="font-family: 'Times New Roman'; color: #212121;">December</font><font style="font-family: 'Times New Roman'; color: #212121;"> 31, 20</font><font style="font-family: 'Times New Roman'; color: #212121;"><font>19</font></font><font style="font-family: 'Times New Roman'; color: #212121;">)</font><font style="font-family: 'Times New Roman'; color: #212121;"> or</font><font style="font-family: 'Times New Roman'; color: #212121;"> </font><font style="font-family: 'Times New Roman'; color: #212121;">loss </font><font style="font-family: 'Times New Roman'; color: #212121;">recognized in</font><font style="font-family: 'Times New Roman'; color: #212121;"> </font><font style="font-family: 'Times New Roman'; color: #212121;">&#8220;Other comprehensive income&#8221;</font><font style="font-family: 'Times New Roman'; color: #212121;"> (</font><font style="font-family: 'Times New Roman'; color: #212121;">loss</font><font style="font-family: 'Times New Roman'; color: #212121;"> of R$ </font><font style="font-family: 'Times New Roman'; color: #212121;"><font>74</font></font><font style="font-family: 'Times New Roman'; color: #212121;"> on December 31, 201</font><font style="font-family: 'Times New Roman'; color: #212121;"><font>9</font></font><font style="font-family: 'Times New Roman'; color: #212121;">)</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; color: #212121; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;">h.<font>3</font> Net investment hedge in foreign entities</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; color: #212121; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; color: #212121;">The Company and its subsidiaries designate, as net investment</font><font style="font-family: 'Times New Roman'; color: #212121;"> hedge </font><font style="font-family: 'Times New Roman'; color: #212121;">in foreign entities, </font><font style="font-family: 'Times New Roman'; color: #212121;">notes in the foreign market</font><font style="font-family: 'Times New Roman'; color: #212121;">,</font><font style="font-family: 'Times New Roman'; color: #212121;"> </font><font style="font-family: 'Times New Roman'; color: #212121;">for hedging net investment in foreign entities,</font><font style="font-family: 'Times New Roman'; color: #212121;"> </font><font style="font-family: 'Times New Roman'; color: #212121;">to offset </font><font style="font-family: 'Times New Roman'; color: #212121;">changes</font><font style="font-family: 'Times New Roman'; color: #212121;"> in exchange rates.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; color: #212121;">On </font><font style="font-family: 'Times New Roman'; color: #212121;">December</font><font style="font-family: 'Times New Roman'; color: #212121;"> 3</font><font style="font-family: 'Times New Roman'; color: #212121;"><font>1</font></font><font style="font-family: 'Times New Roman'; color: #212121;">, <font>20</font></font><font style="font-family: 'Times New Roman'; color: #212121;"><font>20</font></font><font style="font-family: 'Times New Roman'; color: #212121;">, the balance of </font><font style="font-family: 'Times New Roman'; color: #212121;">foreign </font><font style="font-family: 'Times New Roman'; color: #212121;">exchange hedging instruments designated as net investments </font><font style="font-family: 'Times New Roman'; color: #212121;">hedge </font><font style="font-family: 'Times New Roman'; color: #212121;">in foreign entities, related to </font><font style="font-family: 'Times New Roman'; color: #212121;">part of </font><font style="font-family: 'Times New Roman'; color: #212121;">the investments made in entities </font><font style="font-family: 'Times New Roman'; color: #212121;">which</font><font style="font-family: 'Times New Roman'; color: #212121;"> functional </font><font style="font-family: 'Times New Roman'; color: #212121;">currency </font><font style="font-family: 'Times New Roman'; color: #212121;">is </font><font style="font-family: 'Times New Roman'; color: #212121;">other than the Brazilian Real, totaled US$ </font><font style="font-family: 'Times New Roman';"><font>95,000</font></font><font style="font-family: 'Times New Roman'; color: #212121;"> (US$ </font><font style="font-family: 'Times New Roman';"><font>95,000</font></font><font style="font-family: 'Times New Roman'; color: #212121;"> on December 31, 201</font><font style="font-family: 'Times New Roman'; color: #212121;"><font>9</font></font><font style="font-family: 'Times New Roman'; color: #212121;">)</font><font style="font-family: 'Times New Roman'; color: #212121;">.</font><font style="font-family: 'Times New Roman';">On </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman'; color: #212121;"> 3</font><font style="font-family: 'Times New Roman'; color: #212121;"><font>1</font></font><font style="font-family: 'Times New Roman'; color: #212121;">, <font>20</font></font><font style="font-family: 'Times New Roman'; color: #212121;"><font>20</font></font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">t</font><font style="font-family: 'Times New Roman'; color: #212121;">he</font><font style="font-family: 'Times New Roman'; color: #212121;"> unrealized </font><font style="font-family: 'Times New Roman'; color: #212121;">loss</font><font style="font-family: 'Times New Roman'; color: #212121;"> of &#8220;Other comprehensive income&#8221; is </font><font style="font-family: 'Times New Roman'; color: #212121;">R$ </font><font style="font-family: 'Times New Roman';"><font>73,108</font></font><font style="font-family: 'Times New Roman'; color: #212121;"> (l</font><font style="font-family: 'Times New Roman'; color: #212121;">oss of R$ </font><font style="font-family: 'Times New Roman';"><font>55,682</font></font><font style="font-family: 'Times New Roman'; color: #212121;"> on December 31, 201</font><font style="font-family: 'Times New Roman'; color: #212121;"><font>9</font></font><font style="font-family: 'Times New Roman'; color: #212121;">)</font><font style="font-family: 'Times New Roman'; color: #212121;">, net of deferred income and social contribution taxes. The effects of exchange rate </font><font style="font-family: 'Times New Roman'; color: #212121;">changes</font><font style="font-family: 'Times New Roman'; color: #212121;"> on investments and hedg</font><font style="font-family: 'Times New Roman'; color: #212121;">ing</font><font style="font-family: 'Times New Roman'; color: #212121;"> instruments were offset in equity.</font></font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-114</font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">i</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">. Gains (losses) on </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">h</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">edging </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">i</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">nstruments</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The following tables summarize the value of gains (losses) recognized, which affected the equity of the Company and its subsidiaries:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto; height: 113px;" width="76%">

<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td colspan="3" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2020</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-top: 0.75pt solid #000000 !important; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Profit or loss </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-top: 0.75pt solid #000000 !important; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-top: 0.75pt solid #000000 !important; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Equity </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 75%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> a &#8211; Exchange rate derivates receivable in U.S. dollars (i) and (ii) and commodities </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 11%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>497,210</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 3%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 11%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> b &#8211; Exchange rate derivates payable in U.S. dollars (ii) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>330,999</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>80</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> c &#8211; Interest rate swaps in R$ (iii) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>58,131</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> d &#8211; Non-derivative financial instruments (iv) </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>919,219</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>737,471</font>) </font></p>
</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Total </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>694,877</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>737,391</font>) </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 113px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%">

<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td colspan="3" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2019</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Profit or loss </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Equity </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 75%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> a &#8211; Exchange rate derivates receivable in U.S. dollars (i) and (ii) and commodities </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 11%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>230,000</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 3%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 11%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> b &#8211; Exchange rate derivates payable in U.S. dollars (ii) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,667</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>80</font>) </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> c &#8211; Interest rate swaps in R$ (iii) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4,035</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> d &#8211; Non-derivative financial instruments (iv) </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>262,098</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>348,959</font>) </font></p>
</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Total </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>37,800</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>349,039</font>) </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 129px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-left: auto; margin-right: auto;" width="76%">

<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td colspan="3" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> <font>2018</font> </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td colspan="3" style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> R$ million </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Profit or loss </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Equity </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 75%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> a &#8211; Exchange rate swaps receivable in U.S. dollars (i) (ii) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 11%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>181,544</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 3%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 11%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> b &#8211; Exchange rate swaps payable in U.S. dollars (ii) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>3.903</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>0,176</font> </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> c &#8211; Interest rate swaps in R$ (iii) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>12,474</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> d &#8211; Non-derivative financial instruments (iv) </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>133,951</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>284,624</font>) </font></p>
</td>
</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Total </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>56,163</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>289,448</font>) </font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 3%; vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(i)</font></td>
<td style="width: 97%; padding: 1px 1px 10px;"><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">D</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">oes<font>&nbsp;</font>not consider the effect of exchange rate variation of exchange<font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">S</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">waps<font>&nbsp;</font>receivable in U</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">.</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">S</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">.</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"><font>&nbsp;</font>dollars when this effect is offset in the gain or loss of the hedged item (debt</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">/</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">firm commitments</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">)</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">.</font></td>
</tr>
<tr>
<td style="vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(ii)</font></td>
<td style="padding: 1px 1px 10px;"><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">Considers the designation effect of foreign exchange hedging</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">.</font></td>
</tr>
<tr>
<td style="vertical-align: top;" valign="top"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(iii)</font></td>
<td style="padding: 1px 1px 10px;"><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">C</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">onsiders<font>&nbsp;</font>the designation effect of interest rate hedging in Brazilian<font>&nbsp;</font>Reais</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">; and</font></td>
</tr>
<tr>
<td style="vertical-align: top;" valign="top">(iv)</td>
<td><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">Considers the<font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">results</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"><font>&nbsp;</font>of notes in<font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">the<font>&nbsp;</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">foreign market</font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"><font>&nbsp;</font>(for further information see Note<font>&nbsp;</font><font>1</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"><font>6</font></font><font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';">.b).</font></td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-115</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">j. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Fair </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">v</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">alue of </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">f</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">inancial </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">i</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">nstruments</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The fair values and the carrying values of the financial instruments, including currency and interest rate hedging instruments, are</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">stated below:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 302px; width: 100%;" width="100%">

<tr style="height: 16px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td colspan="3" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td colspan="3" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2019 </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Category </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Note </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Carrying <br>value </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Fair <br>value </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Carrying <br>value </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Fair <br>value </font></p>
</td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Financial assets: </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Cash and cash equivalents </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 37%;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Cash and bank </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 19%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at amortized cost</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4</font>.a </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>405,081</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>405,081</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>284,992</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>284,992</font> </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Financial investments in local currency </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at fair value through other comprehensive income</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4</font>.a </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,241,852</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,241,852</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,780,939</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,780,939</font> </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Financial investments in foreign currency </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at fair value through profit or loss</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4</font>.a </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>14,561</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>14,561</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>49,448</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>49,448</font> </font></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Financial investments: </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Fixed-income securities and funds in local currency </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at fair value through profit or loss</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4</font>.b </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,643,286</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,643,286</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,937,967</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,937,967</font> </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Fixed-income securities and funds in local currency </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at fair value through other comprehensive income</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4</font>.b </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>31,315</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>31,315</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>595,816</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>595,816</font> </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Fixed-income securities (guarantee of loans)</font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at amortized cost</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4</font>.b </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>75,251</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>75,251</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>76,904</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>76,904</font> </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Fixed-income securities and funds in foreign currency </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at fair value through other comprehensive income</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4</font>.b </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,278,940</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,278,940</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>303,417</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>303,417</font> </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Currency and interest rate hedging and commodities instruments </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at fair value through profit or loss</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4</font>.b </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>981,874</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>981,874</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>682,615</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>682,615</font> </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Trade Receivables </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at amortized cost</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5</font>.a </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,391,122</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,369,766</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,689,500</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,663,247</font> </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Reseller Financing </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at amortized cost</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5</font>.b </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>968,384</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>965,645</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>800,936</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>839,090</font> </font></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Total </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>13,031,666</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>13,007,571</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,202,534</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,214,435</font> </font></p>
</td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Financial liabilities: </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Financing </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at fair value through profit or loss</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>16</font>.a </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,308,928</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,308,928</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,666,092</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,666,092</font> </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Financing </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at amortized cost</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>16</font>.a </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>9,406,013</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,186,947</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>6,008,414</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,268,742</font> </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Debentures </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at amortized cost</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>16</font>.a </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,450,751</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,363,621</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,657,339</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,603,669</font> </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Debentures </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at fair value through profit or loss</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>16</font>.a </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,093,365</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,093,365</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,030,892</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,030,891</font> </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Leases payable </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at amortized cost</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>13</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,833,288</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,833,288</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,588,673</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,588,673</font> </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Commodities, currency and interest rate hedging instruments </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at fair value through profit or loss</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>16</font>.a </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>117,159</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>117,159</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>29,985</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>29,985</font> </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Trade payables </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at amortized cost</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>17</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,040,652</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,008,457</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,700,071</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,678,808</font> </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Subscription warrants &#8211; indemnification </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at fair value through profit or loss</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>24</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>86,439</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>86,439</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>130,657</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>130,657</font> </font></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Total </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>23,336,595</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>23,998,204</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>18,812,123</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>19,997,517</font> </font></p>
</td>
</tr>

</table>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-116</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The fair value of financial instruments, including currency and interest hedging instruments, was determined as follows:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="margin-left: 50pt; text-align: justify; padding-left: 20pt; font-family: serif; font-size: 11pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The fair value of cash and bank deposit balances are identical to their carrying values.</font></li>
</ul>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="text-align: justify; font-family: serif; font-size: 11pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;'; margin-left: 50pt; padding-left: 20pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Financial investments in investment funds are valued at the value of the fund unit as of the date of the financial </font><font style="font-family: 'Times New Roman';">statements</font><font style="font-family: 'Times New Roman';">, which corresponds to their fair value.</font></font></li>
</ul>
<p style="margin-top: 2pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="text-align: justify; font-family: serif; font-size: 11pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;'; margin-left: 50pt; padding-left: 20pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Financial investments in CDBs (Bank Certificates of Deposit) and similar investments offer daily liquidity through repurchase at the &#8220;yield curve&#8221; and the Company calculates their fair value through methodologies commonly used for mark to the market.</font></li>
</ul>
<p style="margin-top: 2pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="text-align: justify; font-family: serif; font-size: 11pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;'; margin-left: 50pt; padding-left: 20pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The fair value of trade receivables and trade payables are approximate to their carrying values</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and the Company calculates its fair value </font><font style="font-family: 'Times New Roman';">through</font><font style="font-family: 'Times New Roman';"> methodologies commonly used in the market</font><font style="font-family: 'Times New Roman';">.</font></font></li>
</ul>
<p style="margin-top: 2pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="text-align: justify; font-family: serif; font-size: 11pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;'; margin-left: 50pt; padding-left: 20pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The subscription warrants &#8211; indemnification was measured based on the share price of </font><font style="font-family: 'Times New Roman';">Ultrapar</font><font style="font-family: 'Times New Roman';"> (UGPA<font>3</font>) at the financial </font><font style="font-family: 'Times New Roman';">statements</font><font style="font-family: 'Times New Roman';"> date and are adjusted to the Company&#8217;s dividend yield, since the exercise is only possible starting in <font>2020</font> onwards and they are not entitled to dividends until then. The number of shares of subscription warrants &#8211; indemnification is also adjusted according to the changes in the amounts of provision for tax, civil, and labor risks and contingent liabilities related to the period prior to January 31, 2014 </font><font style="font-family: 'Times New Roman';">(</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">ee Note <font>24</font>).</font></font></li>
</ul>
<p style="margin-top: 2pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<ul type="disc" style="margin: 0pt; padding-left: 0pt;">
<li style="text-align: justify; font-family: serif; font-size: 11pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;'; margin-left: 50pt; padding-left: 20pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The fair value calculation of notes in the foreign market is based on the quoted price in an active market</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">(see Note <font>16</font>.b).</font></font></li>
</ul>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The fair value of other financial investments</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> financing </font><font style="font-family: 'Times New Roman';">and leases payable </font><font style="font-family: 'Times New Roman';">was determined using calculation methodologies commonly used for mark-to-market</font><font style="font-family: 'Times New Roman';"> reporting</font><font style="font-family: 'Times New Roman';">, which consist of calculating future cash flows associated with each instrument adopted and adjusting them to present value at the market rates </font><font style="font-family: 'Times New Roman';">as of the date of the </font><font style="font-family: 'Times New Roman';">f</font><font style="font-family: 'Times New Roman';">inancial </font><font style="font-family: 'Times New Roman';">statements</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> For some cases where there is no active market for the financial instrument, the Company and its subsidiaries can use quotes provided by the transaction counterparties.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The interpretation of market information on the choice of calculation methodologies for the fair value requires considerable judgment and estimates to obtain a value deemed appropriate to each situation. Consequently, the estimates presented do not necessary indicate the amounts that may be realiz</font><font style="font-family: 'Times New Roman';">able</font><font style="font-family: 'Times New Roman';"> in the current market.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Financial instruments were classified as financial </font><font style="font-family: 'Times New Roman';">assets or </font><font style="font-family: 'Times New Roman';">liabilities measured at amortized cost, except (</font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">) all exchange rate and interest rate hedging instruments, which are measured at fair value through profit or loss, financial investments classified as measured at fair value through profit or loss</font><font style="font-family: 'Times New Roman';"> and</font><font style="font-family: 'Times New Roman';"> financial investments that are classified as </font><font style="font-family: 'Times New Roman';">measured at fair value through other comprehensive income</font><font style="font-family: 'Times New Roman';"> (see Note <font>4</font></font><font style="font-family: 'Times New Roman';">.b</font><font style="font-family: 'Times New Roman';">), (</font><font style="font-family: 'Times New Roman';">ii</font><font style="font-family: 'Times New Roman';">) </font><font style="font-family: 'Times New Roman';">loans and financing </font><font style="font-family: 'Times New Roman';">measured at fair value through profit or loss (see Note <font>1</font></font><font style="font-family: 'Times New Roman';"><font>6</font></font><font style="font-family: 'Times New Roman';">.a</font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> (</font><font style="font-family: 'Times New Roman';">iii</font><font style="font-family: 'Times New Roman';">) guarantees to customers that have vendor arrangements (see Note <font>1</font></font><font style="font-family: 'Times New Roman';"><font>6</font></font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">), which are measured at fair value through profit or loss</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> and (</font><font style="font-family: 'Times New Roman';">iv</font><font style="font-family: 'Times New Roman';">) </font><font style="font-family: 'Times New Roman';">subscription warrants &#8211; </font><font style="font-family: 'Times New Roman';">indemnification</font><font style="font-family: 'Times New Roman';">, which are measured at fair value through profit or loss</font><font style="font-family: 'Times New Roman';"> (see Note </font><font style="font-family: 'Times New Roman';"><font>2</font></font><font style="font-family: 'Times New Roman';"><font>4</font></font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';">. Cash, banks</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> trade receivables</font><font style="font-family: 'Times New Roman';"> and reseller financing</font><font style="font-family: 'Times New Roman';"> are classified as </font><font style="font-family: 'Times New Roman';">measured at amortized cost</font><font style="font-family: 'Times New Roman';">. Trade payables</font><font style="font-family: 'Times New Roman';">, leases</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">payable </font><font style="font-family: 'Times New Roman';">and other payables are classified as financial liabilities measured at amortized cost.</font></font></p>
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<td class="pgno" style="padding: 0px; text-align: center; height: 17px;"><font style="font-size: 10pt;" class="pageno">F-117</font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">j.<font>1</font> </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Fair </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">v</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">alue </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">h</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">ierarchy of </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">f</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">inancial </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">i</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">nstruments</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The financial instruments are classified in the following categories:</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(a) </font><font style="font-family: 'Times New Roman';">Level <font>1</font> &#8211; prices negotiated (without adjustment) in active markets for identical assets or </font><font style="font-family: 'Times New Roman';">liabilities;</font></font></p>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(b) </font><font style="font-family: 'Times New Roman';">Level <font>2</font> </font><font style="font-family: 'Times New Roman';">&#8211;</font><font style="font-family: 'Times New Roman';"> inputs other than prices negotiated in active markets included in Level <font>1</font> and observable for the asset or liability, either directly (as prices) or indirectly (derived from prices).</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The table below shows </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">categories </font><font style="font-family: 'Times New Roman';">of the financial assets and financial liabilities:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Category </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Note </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2020 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Level <font>1</font> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Level <font>2</font> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Financial assets: </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Cash and cash equivalents </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Cash and bank </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at amortized cost</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4</font>.a </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>405,081</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>-</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
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<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Financial investments in local currency </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at fair value through other comprehensive income</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4</font>.a </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,241,852</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,241,852</font> </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Financial investments in foreign currency </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at fair value through profit or loss</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4</font>.a </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>14,561</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>14,561</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
</tr>
<tr style="height: 15px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Financial investments: </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Fixed-income securities and funds in local currency </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at fair value through profit or loss</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4</font>.b </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,643,286</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,643,286</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Fixed-income securities and funds in local currency </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at fair value through other comprehensive income</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4</font>.b </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>31,315</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>31,315</font> </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Fixed-income securities <font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0.533333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(guarantee of loans)</font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at amortized cost</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4</font>.b </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>75,251</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>-</font> </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Fixed-income securities and funds in foreign currency </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at fair value through other comprehensive income</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4</font>.b </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,278,940</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>30,245</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,248,695</font> </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Currency and interest rate hedging and commodities instruments </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at fair value through profit or loss</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4</font>.b </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>981,874</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>981,874</font> </font></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Trade Receivables </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at amortized cost</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5</font>.a </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,369,766</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>-</font> </font></p>
</td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Reseller Financing </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at amortized cost</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5</font>.b </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>965,645</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>-</font> </font></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Total </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>13,007,571</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><br></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><br></p>
</td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Financial liabilities: </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Financing </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at fair value through profit or loss</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>16</font>.a </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,308,928</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,308,928</font> </font></p>
</td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Financing </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at amortized cost</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>16</font>.a </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,186,947</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>-</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>-</font> </font></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Debentures </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at amortized cost</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>16</font>.a </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,363,621</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>-</font> </font></p>
</td>
</tr>
<tr style="height: 29px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 29px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Debentures </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 29px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at fair value through profit or loss</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 29px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>16</font>.a </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 29px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,093,365</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 29px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 29px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 29px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 29px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,093,365</font> </font></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Leases payable </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at amortized cost</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>13</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,833,288</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>-</font> </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Commodities, currency and interest rate hedging instruments </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at fair value through profit or loss</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>16</font>.a </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>117,159</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>117,159</font> </font></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Trade payables </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at amortized cost</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>17</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4,008,457</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>-</font> </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Subscription warrants &#8211; indemnification </font><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">(<font>1</font>)</font></sup></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at fair value through profit or loss</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>24</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>86,439</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>86,439</font> </font></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Total </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>23,998,204</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><br></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> </font><br></p>
</td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Category </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Note </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> 12/31/2019 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Level <font>1</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Level <font>2</font> </font></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Financial assets: </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Cash and cash equivalents </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Cash and bank </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at amortized cost</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4</font>.a </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>284,992</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp; -</font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Financial investments in local currency </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at fair value through other comprehensive income</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4</font>.a </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,780,939</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,780,939</font> </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Financial investments in foreign currency </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at fair value through profit or loss</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4</font>.a </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>49,448</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>49,448</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Financial investments: </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Fixed-income securities and funds in local currency </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at fair value through profit or loss</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4</font>.b </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,937,967</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,937,967</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Fixed-income securities and funds in local currency </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at fair value through other comprehensive income</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4</font>.b </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>595,816</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>595,816</font> </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Fixed-income securities <font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0.533333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(guarantee of loans)</font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at amortized cost</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4</font>.b </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>76,904</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;-&nbsp;</font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Fixed-income securities and funds in foreign currency </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at fair value through other comprehensive income</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4</font>.b </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>303,417</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>18,985</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>284,432</font> </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Currency and interest rate hedging and commodities instruments </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at fair value through profit or loss</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>4</font>.b </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>682,615</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>682,615</font> </font></p>
</td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Trade Receivables </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at amortized cost</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5</font>.a </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>3,663,247</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp; -</font></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Reseller Financing </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at amortized cost</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5</font>.b </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>839,090</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;-</font></p>
</td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Total </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>10,214,435</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;&nbsp;</font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;&nbsp;</font></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Financial liabilities: </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Financing </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at fair value through profit or loss</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>16</font>.a </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,666,092</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,666,092</font> </font></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Financing </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at amortized cost</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>16</font>.a </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>7,268,742</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;-</font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp; <font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</font></font></p>
</td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Debentures </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at amortized cost</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>16</font>.a </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>5,603,669</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp; <font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</font></font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Debentures </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at fair value through profit or loss</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>16</font>.a </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,030,891</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,030,891</font> </font></p>
</td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Leases payable </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at amortized cost</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>13</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,588,673</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp; <font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</font></font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Commodities, currency and interest rate hedging instruments </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at fair value through profit or loss</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>16</font>.a </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>29,985</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>29,985</font> </font></p>
</td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Trade payables </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at amortized cost</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>17</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,678,808</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp; <font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</font></font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Subscription warrants &#8211; indemnification </font><sup><font style="font-family: 'Times New Roman'; vertical-align: super;">(<font>1</font>)</font></sup></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Measured at fair value through profit or loss</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>24</font> </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>130,657</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>130,657</font> </font></p>
</td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 47%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Total </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 19%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 6%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom: 2.8pt double #000000; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>19,997,517</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;&nbsp;</font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;&nbsp;</font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(1)&nbsp; &nbsp; &nbsp; &nbsp;Refers to subscription warrants issued by the Company in the </font><font style="font-family: 'Times New Roman';">Extrafarma</font><font style="font-family: 'Times New Roman';"> acquisition.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">The fair value of trade receivables and trade payables are classified as level <font>2</font>.</font></p>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-118</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">k. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Sensitivity </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">a</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">nalysis</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"> of </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">d</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">erivative </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">f</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">inancial </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">i</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">nstruments</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company and its subsidiaries use derivative financial instruments only to hedge against identified risks and in amounts consistent with the risk (limited to <font>100</font>% of the identified risk). Thus, for purposes of sensitivity analysis of market risks associated with financial </font><font style="font-family: 'Times New Roman';">instruments,</font><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp; </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> Company analyzes the hedging instrument and the hedged item together, as shown on the charts below.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">For the sensitivity analysis of foreign exchange hedging instruments</font><font style="font-family: 'Times New Roman';"> as of </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, <font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"> and </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 31,</font><font style="font-family: 'Times New Roman';"> <font>201</font></font><font style="font-family: 'Times New Roman';"><font>9</font></font><font style="font-family: 'Times New Roman';">, management adopted as a </font><font style="font-family: 'Times New Roman';">base</font><font style="font-family: 'Times New Roman';"> scenario the Real/U.S. dollar </font><font style="font-family: 'Times New Roman';">exchange rates at maturity of each swap, projected by U.S dollar futures contracts quoted on </font><font style="font-family: 'Times New Roman';">B<font>3</font></font><font style="font-family: 'Times New Roman';">. As a reference, the exchange rate for the last maturity of foreign exchange hedging instruments is R$ </font><font style="font-family: 'Times New Roman';"><font>8.23</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">(R$ </font><font style="font-family: 'Times New Roman';"><font>5.76</font></font><font style="font-family: 'Times New Roman';"> as of December 31, 201</font><font style="font-family: 'Times New Roman';"><font>9</font></font><font style="font-family: 'Times New Roman';">) </font><font style="font-family: 'Times New Roman';">in the </font><font style="font-family: 'Times New Roman';">base</font><font style="font-family: 'Times New Roman';"> scenario. Scenarios II and III were estimated with</font><font style="font-family: 'Times New Roman';"> a <font>25</font>% and <font>50</font>% additional appreciation or depreciation of the </font><font style="font-family: 'Times New Roman';">Brazilian </font><font style="font-family: 'Times New Roman';">Real against the </font><font style="font-family: 'Times New Roman';">base</font><font style="font-family: 'Times New Roman';"> scenario, according to the risk to which the hedged item is exposed.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Based on the balances of the hedging instruments and hedged items as of </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, <font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"> and </font><font style="font-family: 'Times New Roman';">December 31</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';"><font>201</font></font><font style="font-family: 'Times New Roman';"><font>9</font></font><font style="font-family: 'Times New Roman';">, the exchange rates were replaced, and the changes between the new balance in Brazilian Reais and the </font><font style="font-family: 'Times New Roman';">original </font><font style="font-family: 'Times New Roman';">balance in Brazilian Reais were calculated in each of the <font>three</font> scenarios. The table below shows the change in the values of the main derivative instruments and their hedged items, considering the changes in the exchange rate in the different scenarios:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;">12/31/2020 </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Risk </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Scenario I <br>Base </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Scenario II </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Scenario III </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Currency swaps receivable in U.S. dollars </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1</font>) U.S. Dollar / Real swaps </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Dollar&nbsp;</font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,013,826</font> </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,522,343</font> </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,030,860</font> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2</font>) Debts / firm commitments in dollars </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; text-align: center; height: 16px; background-color: #cceeff;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">appreciation</font></td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,013,824</font>) </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,522,330</font>) </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,030,835</font>) </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (<font>1</font>)+(<font>2</font>) </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net effect </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2</font> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>13</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>25</font> </font></p>
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<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Currency swaps payable in U.S. dollars </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>3</font>) Real / U.S. Dollar swaps </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Dollar&nbsp;</font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>59</font> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>17,877</font> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>35,694</font> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4</font>) Gross margin of Oxiteno/Ipiranga </font></p>
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<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; text-align: center; height: 16px; background-color: #cceeff;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">devaluation</font></td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>59</font>) </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>17,877</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>35,694</font>) </font></p>
</td>
</tr>
<tr style="height: 17px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (<font>3</font>)+(<font>4</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net effect </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
</tr>

</table>
</div>
<p style="/* margin-top: 2pt; *//* margin-bottom: 10pt; */text-align: justify; line-height: 115%; font-size: 11pt;"><br></p>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-119</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
</div>
</div>
<div>
<table cellspacing="0" cellpadding="0" style="height: 196px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 92%; margin-left: auto; margin-right: auto;" width="92%">

<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2019 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Risk </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Scenario I <br>Base </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Scenario II </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Scenario III </font></p>
</td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Currency swaps receivable in U.S. dollars </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 59%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1</font>) U.S. Dollar / Real swaps </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Dollar&nbsp;</font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>700,499</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,668,202</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,635,905</font> </font></p>
</td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2</font>) Debts / firm commitments in dollars </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; text-align: center;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">appreciation</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>700,465</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,668,031</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,635,596</font>) </font></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (<font>1</font>)+(<font>2</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net effect </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>34</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>171</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>309</font> </font></p>
</td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Currency swaps payable in U.S. dollars </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>3</font>) Real / U.S. Dollar swaps </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Dollar&nbsp;</font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>376</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>62,559</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>124,742</font> </font></p>
</td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>4</font>) Gross margin of Oxiteno </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; text-align: center;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">devaluation</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>376</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>62,559</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>124,742</font>) </font></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (<font>3</font>)+(<font>4</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net effect </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Options </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>5</font>) Options Real / U.S. Dollar swaps </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Dollar&nbsp;</font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>42,101</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>102,917</font> </font></p>
</td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>6</font>) Gross margin of Oxiteno </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; text-align: center;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">devaluation</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>42,101</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>102,917</font>) </font></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (<font>5</font>)+(<font>6</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net effect </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
</tr>

</table>
</div>
</div>
<font style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"> </font></div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><br></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">For sensitivity analysis of </font><font style="font-family: 'Times New Roman';">hedging instruments for </font><font style="font-family: 'Times New Roman';">interest rate</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> in Brazilian Reais</font><font style="font-family: 'Times New Roman';"> as of</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, <font>2020</font> and </font><font style="font-family: 'Times New Roman';">December 31</font><font style="font-family: 'Times New Roman';">, <font>2019</font></font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">the Company</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">u</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">ed the future</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> curve of </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">DI x Pre contract quoted on B<font>3</font> </font><font style="font-family: 'Times New Roman';">as of </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, <font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">for each </font><font style="font-family: 'Times New Roman';">of the </font><font style="font-family: 'Times New Roman';">swap and debt (hedged item)</font><font style="font-family: 'Times New Roman';"> maturities</font><font style="font-family: 'Times New Roman';">, to determine the </font><font style="font-family: 'Times New Roman';">base</font><font style="font-family: 'Times New Roman';"> scenario</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">Scenarios II and III were estimated </font><font style="font-family: 'Times New Roman';">based on</font><font style="font-family: 'Times New Roman';"> a <font>25</font>% and <font>50</font>% </font><font style="font-family: 'Times New Roman';">deterioration</font><font style="font-family: 'Times New Roman';">, respectively,</font><font style="font-family: 'Times New Roman';"> of the </font><font style="font-family: 'Times New Roman';">base</font><font style="font-family: 'Times New Roman';"> scenario pre-fixed interest rate</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Based on the <font>three</font> scenarios of interest rate</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> in Brazilian Reais</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">the Company estimated the </font><font style="font-family: 'Times New Roman';">values</font><font style="font-family: 'Times New Roman';"> of </font><font style="font-family: 'Times New Roman';">its</font><font style="font-family: 'Times New Roman';"> debt and hedging instruments according to the risk </font><font style="font-family: 'Times New Roman';">which</font><font style="font-family: 'Times New Roman';"> is being hedged (</font><font style="font-family: 'Times New Roman';">variations in the pre-fixed</font><font style="font-family: 'Times New Roman';"> interest rate</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> in Brazilian Reais)</font><font style="font-family: 'Times New Roman';">, by projecting </font><font style="font-family: 'Times New Roman';">them to future value </font><font style="font-family: 'Times New Roman';">at the</font><font style="font-family: 'Times New Roman';"> contracted rates and bringing them to present value </font><font style="font-family: 'Times New Roman';">at</font><font style="font-family: 'Times New Roman';"> the interest rate</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> of the </font><font style="font-family: 'Times New Roman';">estimated</font><font style="font-family: 'Times New Roman';"> scenarios. </font><font style="font-family: 'Times New Roman';">The result</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">are</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">shown</font><font style="font-family: 'Times New Roman';"> in the table below:</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-right: none; border-left: none;">
<div>
<div style="border-right: none; border-left: none;">
<table cellspacing="0" cellpadding="0" style="height: 72px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 92%; margin-left: auto; margin-right: auto;" width="92%">

<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;">12/31/2020 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Risk </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Scenario I <br>Base </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Scenario II </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Scenario III </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 59%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Interest rate swap (Real) &#8211; Debentures - CRA </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1</font>) Fixed rate swap - DI </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Decrease in&nbsp;</font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>39,412</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>230,705</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>187,597</font>) </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2</font>) Fixed rate debt </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; text-align: center; height: 17px; background-color: #cceeff;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Pre-fixed rate</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>39,412</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>230,705</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>187,597</font> </font></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (<font>1</font>)+(<font>2</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net effect </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 91px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 92%; margin-left: auto; margin-right: auto;" width="92%">

<tr style="height: 33px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 33px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2019 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 33px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Risk </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 33px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Scenario I <br>Base </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 33px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 33px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Scenario II </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 33px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 33px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Scenario III </font></p>
</td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 59%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> Interest rate swap (Real) &#8211; Debentures - CRA </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 2%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1</font>) Fixed rate swap - DI </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Decrease in&nbsp;</font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>195,123</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>137,260</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>74,027</font>) </font></p>
</td>
</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2</font>) Fixed rate debt </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; text-align: center; height: 16px; background-color: #cceeff;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Pre-fixed rate</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>195,123</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>137,260</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>74,027</font> </font></p>
</td>
</tr>
<tr style="height: 16px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (<font>1</font>)+(<font>2</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net effect </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
</tr>

</table>
</div>
</div>
<font style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"> </font></div>
<p style="/* margin-top: 2pt; *//* margin-bottom: 10pt; */text-align: justify; line-height: 115%; font-size: 11pt;"><br></p>
<div>
<div>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-120</font></td>
</tr>

</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
</div>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">For the sensitivity analysis of the commodity price swings hedging instruments on </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, <font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';"> and December 31, 2019</font><font style="font-family: 'Times New Roman';">, the Company used the futures heating oil and gasoline (RBOB) contracts quoted on NYMEX. Scenarios II and III were estimated based on <font>25</font>% and <font>50</font>% deterioration, respectively, of the </font><font style="font-family: 'Times New Roman';">base</font><font style="font-family: 'Times New Roman';"> scenario commodity price.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Based on the balances of the hedging instruments and the objects hedged on </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, <font>2020</font> and </font><font style="font-family: 'Times New Roman';">December 31</font><font style="font-family: 'Times New Roman';">, <font>2019</font>, prices were substituted and the variations between the new balance in Reais and the balance in Reais in the report date were calculated in each of the <font>three</font> scenarios. The table below shows the variation of the amounts of the derivative instruments and their objects of hedge, considering the variations in commodity prices in the different scenarios:&nbsp;</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div style="border-right: none; border-left: none;">
<div>
<div style="border-right: none; border-left: none;">
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 92%; margin-left: auto; margin-right: auto; height: 65px;" width="92%">

<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;">12/31/2020 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Risk </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Scenario I <br>Base </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Scenario II </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Scenario III </font></p>
</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> NDF Commodities </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-top: 0.75pt solid #000000 !important; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-top: 0.75pt solid #000000 !important; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-top: 0.75pt solid #000000 !important; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1</font>) NDF Commodities </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Decrease in&nbsp;</font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>551,794</font> </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,103,589</font> </font></p>
</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 58%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2</font>) Gross margin from Ipiranga </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; text-align: center; height: 10px; width: 11%; background-color: #cceeff;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Commodities Price</font></td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 9%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 10px; width: 9%; background-color: rgb(204, 238, 255);">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>551,794</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; width: 2%; background-color: rgb(204, 238, 255); text-align: left;">)</td>
<td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 9%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,103,589</font>) </font></p>
</td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (<font>1</font>)+(<font>2</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net effect </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-top: 0.75pt solid #000000 !important; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-top: 0.75pt solid #000000 !important; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-top: 0.75pt solid #000000 !important; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
</tr>

</table>
</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<div>
<table cellspacing="0" cellpadding="0" style="height: 88px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 92%; margin: 0px auto; text-indent: 0px;" width="92%">

<tr style="height: 33px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 33px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> 12/31/2019 </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 33px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Risk </font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 33px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Scenario I <br>Base </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 33px;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 33px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 33px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Scenario II </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 33px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 8pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 33px;"><br></td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 33px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Scenario III </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 33px;"><br></td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 56%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> NDF Commodities </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 12%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); border-top: 0.75pt solid rgb(0, 0, 0) !important; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br></td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px; width: 1%;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); border-top: 0.75pt solid rgb(0, 0, 0) !important; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px; width: 1%;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 1%;"><br></td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); border-top: 0.75pt solid rgb(0, 0, 0) !important; width: 9%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px; height: 17px; width: 1%;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1</font>) NDF Commodities </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Decrease in&nbsp;</font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>100,542</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,490,893</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2,881,245</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"><br></td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255);">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2</font>) Gross margin from Ipiranga </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; text-align: center; height: 10px; background-color: rgb(204, 238, 255);"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Commodities Price</font></td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255);">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>100,542</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px; height: 10px;">)</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255);">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>1,490,893</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;">)</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;"><br></td>
<td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255);">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (<font>2,881,245</font> </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px; height: 10px;">)</td>
</tr>
<tr style="height: 18px;">
<td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"> (<font>1</font>)+(<font>2</font>) </font></p>
</td>
<td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Net effect </font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); border-top: 0.75pt solid rgb(0, 0, 0) !important;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
</td>
<td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"><br></td>
<td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; text-align: right; font-size: 9pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
</td>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
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<p style="margin: 0px; text-align: right; font-size: 9pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font> - </font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<h1 style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 12pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>34</font>. Commitments</font></h1>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">a. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Contracts</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">&nbsp;</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">a.<font>1</font></font><font style="font-family: 'Times New Roman'; font-weight: bold;"> </font><font style="font-family: 'Times New Roman';">Subsidiary </font><font style="font-family: 'Times New Roman';">Tequimar</font><font style="font-family: 'Times New Roman';"> has agreements with CODEBA</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">with the</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Complexo</font><font style="font-family: 'Times New Roman';"> Industrial </font><font style="font-family: 'Times New Roman';">Portu&#225;rio</font><font style="font-family: 'Times New Roman';"> Governador </font><font style="font-family: 'Times New Roman';">Eraldo</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Gueiros</font><font style="font-family: 'Times New Roman';"> and with the company </font><font style="font-family: 'Times New Roman';">Empresa</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Maranhense</font><font style="font-family: 'Times New Roman';"> de </font><font style="font-family: 'Times New Roman';">Administra&#231;&#227;o</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Portu&#225;ria</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> in connection with its port facilities in </font><font style="font-family: 'Times New Roman';">Aratu</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Suape</font><font style="font-family: 'Times New Roman';"> and </font><font style="font-family: 'Times New Roman';">Itaqui</font><font style="font-family: 'Times New Roman';">, respectively.&nbsp;</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>Such agreements establish a minimum cargo movement of products, as shown below:</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Port </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Minimum movement per year </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"><font><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Maturity </font></font></p>
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<td style="padding-right: 2.15pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 60%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Aratu</font> </font></p>
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<td style="padding-right: 2.15pt; vertical-align: bottom; height: 10px; text-align: right; background-color: #cceeff; width: 20%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>900,000</font> ton. </font></p>
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<td style="padding-right: 2.15pt; vertical-align: bottom; height: 10px; text-align: right; background-color: #cceeff; width: 20%;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2022</font> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Suape</font> </font></p>
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<td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px; text-align: right;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>250,000</font> ton. </font></p>
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<td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px; text-align: right;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2027</font> </font></p>
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<td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Suape</font> </font></p>
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<td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px; text-align: right; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>400,000</font> ton. </font></p>
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<td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px; text-align: right; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2029</font> </font></p>
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<td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Aratu</font> </font></p>
</td>
<td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px; text-align: right;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>397,000</font> ton. </font></p>
</td>
<td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px; text-align: right;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2031</font> </font></p>
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<td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>Itaqui</font> </font></p>
</td>
<td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px; text-align: right; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>1,222,377</font> m&#179; </font></p>
</td>
<td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px; text-align: right; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2049</font> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"><br></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">If the annual movement is less than the minimum contractual movement, the subsidiary is liable to pay the difference between the effective movement and the minimum contractual movement, based on the port </font><font style="font-family: 'Times New Roman';">tariff rates in effect on the date established for payment. </font><font style="font-family: 'Times New Roman';">As of </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, <font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';">, these rates were R$ </font><font style="font-family: 'Times New Roman';"><font>8.37</font></font><font style="font-family: 'Times New Roman';"> and R$ </font><font style="font-family: 'Times New Roman';"><font>2.67</font>.</font><font style="font-family: 'Times New Roman';"> per ton for </font><font style="font-family: 'Times New Roman';">Aratu</font><font style="font-family: 'Times New Roman';"> and </font><font style="font-family: 'Times New Roman';">Suape</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">respectively</font><font style="font-family: 'Times New Roman';"> and R$ <font>0.78</font></font><font style="font-family: 'Times New Roman';"> per m&#179; for </font><font style="font-family: 'Times New Roman';">Itaqui</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">According to contractual conditions and tolerances, there are not material pending</font><font style="font-family: 'Times New Roman';"> issues</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">regarding the minimum purchase</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">limits of</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">contract</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-121</font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
</div>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><br></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">a.<font>2</font></font><font style="font-family: 'Times New Roman'; font-weight: bold;"> </font><font style="font-family: 'Times New Roman';">Subsidiary </font><font style="font-family: 'Times New Roman';">Oxiteno</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">S.A. </font><font style="font-family: 'Times New Roman';">has a supply agreement with Braskem S.A. which establishes</font><font style="font-family: 'Times New Roman';"> and regulates</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">conditions for the supply of ethylene</font><font style="font-family: 'Times New Roman';"> to </font><font style="font-family: 'Times New Roman';">Oxiteno</font><font style="font-family: 'Times New Roman';"> based on the international market for this product</font><font style="font-family: 'Times New Roman';">.&nbsp;</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt;"><font>These contracts establish a minimum commitment to according to the table below:</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Plant </font></p>
</td>
<td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Minimum purchase (tons) per year </font></p>
</td>
<td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> Maturity </font></p>
</td>
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<td style="padding-right: 2.15pt; vertical-align: bottom; height: 10px; width: 60%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Cama&#231;ari </font></p>
</td>
<td style="padding-right: 2.15pt; vertical-align: bottom; height: 10px; width: 20%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>205,000</font> </font></p>
</td>
<td style="padding-right: 2.15pt; vertical-align: bottom; height: 10px; width: 20%; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2021</font> </font></p>
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<td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Mau&#225; </font></p>
</td>
<td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>44,100</font> </font></p>
</td>
<td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> <font>2023</font> </font></p>
</td>
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</table>
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</div>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><br></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">Should the minimum purchase commitment not be met, the subsidiary would be liable for a fine based on the current ethylene price for the quantity not purchased. According to contractual conditions and tolerances, there are no material issues regarding the minimum purchase commitment.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">b. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Insurance </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">c</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">overage</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The Company </font><font style="font-family: 'Times New Roman';">is supported by </font><font style="font-family: 'Times New Roman';">insurance policies with the objective of covering several risks to which it is exposed, including </font><font style="font-family: 'Times New Roman';">loss of profits, </font><font style="font-family: 'Times New Roman';">losses </font><font style="font-family: 'Times New Roman';">and damage </font><font style="font-family: 'Times New Roman';">from</font><font style="font-family: 'Times New Roman';"> fire, lightning, explosion of any kind, gale, aircraft crash, electric damage, and other risks, covering the industrial plants and distribution bases and branches of all subsidiaries.&nbsp;</font></font><font style="border-right: none; border-left: none; font-size: 10pt;"><font>The maximum compensation values based on the risk analysis of certain locations are shown below:</font></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;">Maximum compensation value (*)</font></p>
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<td style="width: 47.044%; vertical-align: top; height: 10px;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"> &nbsp; </font></p>
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<td style="width: 44.9709%; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Oxiteno </font></p>
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<td style="width: 7.90183%; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> US$ <font>1,142</font>&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> (equivalent to R$ <font>5,935</font> million as of 12/31/2020) </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Ipiranga </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> R$ <font>1,530</font> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Ultracargo </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> R$ <font>1,000</font> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Ultragaz </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> R$ <font>272</font> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Extrafarma </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> R$ <font>160</font> </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;"> &nbsp; </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">(</font><font style="font-family: 'Times New Roman';">*</font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';"> In million</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">In accordance with</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">policy conditions.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The General Liability Insurance program covers the Company </font><font style="font-family: 'Times New Roman';">and its subsidiaries with a maximum aggregate coverage of US$ </font><font style="font-family: 'Times New Roman';"><font>250</font></font><font style="font-family: 'Times New Roman';"> million</font><font style="font-family: 'Times New Roman';"> (equivalent to R$ </font><font style="font-family: 'Times New Roman';"><font>1,299</font></font><font style="font-family: 'Times New Roman';"> million as of </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, <font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> against losses caused to third parties as a result of accidents related to commercial and industrial operations and/or distribution and sale of products and services.&nbsp;</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">T</font><font style="font-family: 'Times New Roman';">he Company </font><font style="font-family: 'Times New Roman';">maintain</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> liability insurance policies</font><font style="font-family: 'Times New Roman';"> for directors</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and executive officers </font><font style="font-family: 'Times New Roman';">to indemnify </font><font style="font-family: 'Times New Roman';">the members of the Board of Directors</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">F</font><font style="font-family: 'Times New Roman';">iscal </font><font style="font-family: 'Times New Roman';">C</font><font style="font-family: 'Times New Roman';">ouncil</font><font style="font-family: 'Times New Roman';">, directors</font><font style="font-family: 'Times New Roman';"> and </font><font style="font-family: 'Times New Roman';">executive officers of </font><font style="font-family: 'Times New Roman';">Ultrapar</font><font style="font-family: 'Times New Roman';"> and its subsidiaries </font><font style="font-family: 'Times New Roman';">(&#8220;Insured&#8221;)</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">in the total amount of US$</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';"><font>80</font></font><font style="font-family: 'Times New Roman';"> million</font><font style="font-family: 'Times New Roman';"> (equivalent to </font><font style="font-family: 'Times New Roman';">R$ </font><font style="font-family: 'Times New Roman';"><font>416</font></font><font style="font-family: 'Times New Roman';"> million as of</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">December</font><font style="font-family: 'Times New Roman';"> 3</font><font style="font-family: 'Times New Roman';"><font>1</font></font><font style="font-family: 'Times New Roman';">, <font>20</font></font><font style="font-family: 'Times New Roman';"><font>20</font></font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';">, which cover </font><font style="font-family: 'Times New Roman';">any </font><font style="font-family: 'Times New Roman';">of the </font><font style="font-family: 'Times New Roman';">Insured </font><font style="font-family: 'Times New Roman';">liabilities resulting from wrongful acts, including any act or omission committed or attempted, except if the act, omission or the claim is consequence of gross negligence or willful misconduct.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">In addition, group life and personal accident, health and national and international transportation</font><font style="font-family: 'Times New Roman';">, cyber risks</font><font style="font-family: 'Times New Roman';"> and other insurance policies are also maintained.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The coverage and limit of the insurance policies are based on a careful study of risks and losses conducted by independent insurance advisors</font><font style="font-family: 'Times New Roman';">. T</font><font style="font-family: 'Times New Roman';">he </font><font style="font-family: 'Times New Roman';">type of insurance is considered by management to be </font><font style="font-family: 'Times New Roman';">sufficient</font><font style="font-family: 'Times New Roman';"> to cover potential losses based on the nature of the business conducted by the companies.&nbsp;</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-122</font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;">c. Area port lease</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">On March 22, 2019, </font><font style="font-family: 'Times New Roman';">Ultrapar</font><font style="font-family: 'Times New Roman';">, through its subsidiary IPP, won the port concessions of <font>three</font> areas with minimum storage capacity of <font>64</font> </font><font style="font-family: 'Times New Roman';">thousand m&#179; (</font><font style="font-family: 'Times New Roman';">unaudited</font><font style="font-family: 'Times New Roman';">) </font><font style="font-family: 'Times New Roman';">located </font><font style="font-family: 'Times New Roman';">at the port of </font><font style="font-family: 'Times New Roman';">Cabedelo</font><font style="font-family: 'Times New Roman';">, in the state of </font><font style="font-family: 'Times New Roman';">Para&#237;ba</font><font style="font-family: 'Times New Roman';">, and <font>one</font> area with minimum storage capacity of <font>66</font> thousand m&#179; (not reviewed) at the port of Vit&#243;ria, in the state of </font><font style="font-family: 'Times New Roman';">Esp&#237;rito</font><font style="font-family: 'Times New Roman';"> Santo, which will be designated for handling, storage and distribution of fuels.&nbsp;</font></font><font>These concessions were carried out by two consortiums of which IPP holds one third of the total participation. </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">.</font><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">For the port of </font><font style="font-family: 'Times New Roman';">Cabedelo</font><font style="font-family: 'Times New Roman';">, the companies </font><font style="font-family: 'Times New Roman';">Nordeste</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Log&#237;stica</font><font style="font-family: 'Times New Roman';"> I, </font><font style="font-family: 'Times New Roman';">Nordeste</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Log&#237;stica</font><font style="font-family: 'Times New Roman';"> II and </font><font style="font-family: 'Times New Roman';">Nordeste</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Log&#237;stica</font><font style="font-family: 'Times New Roman';"> III were </font><font style="font-family: 'Times New Roman';">incorporated, in partnership</font><font style="font-family: 'Times New Roman';"> with </font><font style="font-family: 'Times New Roman';">Ra&#237;zen</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Combust&#237;vel</font><font style="font-family: 'Times New Roman';"> S.A. and </font><font style="font-family: 'Times New Roman';">Petrobr&#225;s</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Distribuidora</font><font style="font-family: 'Times New Roman';"> S.A. </font><font style="font-family: 'Times New Roman';">For the port of Vit&#243;ria, </font><font style="font-family: 'Times New Roman';">the company </font><font style="font-family: 'Times New Roman';">Navegantes</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">was </font><font style="font-family: 'Times New Roman';">incorporated, in partnership</font><font style="font-family: 'Times New Roman';"> with </font><font style="font-family: 'Times New Roman';">Ra&#237;zen</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Combust&#237;vel</font><font style="font-family: 'Times New Roman';"> S.A. and </font><font style="font-family: 'Times New Roman';">Petrobr&#225;s</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Distribuidora</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">S.A</font><font style="font-family: 'Times New Roman';">. T</font><font style="font-family: 'Times New Roman';">he total investments regarding IPP&#8217;s stake sums up to R$<font>160</font> million (</font><font style="font-family: 'Times New Roman';">unaudited</font><font style="font-family: 'Times New Roman';">) for a concession term of <font>25 years</font>.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">On April 5, 2019, Company, through its subsidiary IPP and </font><font style="font-family: 'Times New Roman';">Tequimar</font><font style="font-family: 'Times New Roman';">, also won <font>three</font> concessions. IPP won <font>two</font> concessions</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">in the port of Miramar, in </font><font style="font-family: 'Times New Roman';">Bel&#233;m</font><font style="font-family: 'Times New Roman';">, state of Par&#225;: (</font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">) area BEL<font>02</font>A, through a consortium <font>50</font>% owned by </font><font style="font-family: 'Times New Roman';">IPP,that</font><font style="font-family: 'Times New Roman';"> shall have minimum storage capacity of <font>41</font> thousand m&#179;</font><font style="font-family: 'Times New Roman';"> (unaudited)</font><font style="font-family: 'Times New Roman';">, and (ii) area BEL<font>04</font>, which is currently operated by IPP with minimum storage capacity of <font>23</font> thousand m&#179;. Such areas will be operated for at least <font>15 years</font>, according to the auction notice.</font><font style="font-family: 'Times New Roman';"> For the area BEL<font>02</font></font><font style="font-family: 'Times New Roman';">A</font><font style="font-family: 'Times New Roman';">, Latitude was </font><font style="font-family: 'Times New Roman';">incorporated</font><font style="font-family: 'Times New Roman';">, together with </font><font style="font-family: 'Times New Roman';">Petr&#243;leo</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Sabb&#225;</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">S.A.</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">T</font><font style="font-family: 'Times New Roman';">equimar</font><font style="font-family: 'Times New Roman';"> won the concession of area VDC<font>12</font> in the port of Vila do Conde, in </font><font style="font-family: 'Times New Roman';">Barcarena</font><font style="font-family: 'Times New Roman';">, state of Par&#225;. The minimum storage capacity will be <font>59</font> thousand m&#179;</font><font style="font-family: 'Times New Roman';"> (unaudited)</font><font style="font-family: 'Times New Roman';">. The area will be operated by </font><font style="font-family: 'Times New Roman';">Tequi</font><font style="font-family: 'Times New Roman';">m</font><font style="font-family: 'Times New Roman';">ar</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">for at least <font>25 years</font>, according to the auction notice.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">For the area VDC<font>12</font>, </font><font style="font-family: 'Times New Roman';">Tequimar</font><font style="font-family: 'Times New Roman';"> Vila do Conde </font><font style="font-family: 'Times New Roman';">Log&#237;stica</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Portu&#225;ria</font><font style="font-family: 'Times New Roman';"> S.A. (&#8220;Tequimar Vila do Conde&#8221;)&nbsp;was </font><font style="font-family: 'Times New Roman';">incorporated</font><font style="font-family: 'Times New Roman';"> (see Note <font>3</font>.</font><font style="font-family: 'Times New Roman';">b</font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';">. T</font><font style="font-family: 'Times New Roman';">he estimated investments regarding the participation of IPP and </font><font style="font-family: 'Times New Roman';">Tequimar</font><font style="font-family: 'Times New Roman';"> sums up to R$ <font>450</font> million, approximately, to be disbursed throughout the next <font>five</font> years</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">including the auction grants and the minimum investment required for these areas.&nbsp;</font></font></p>
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<h1 style="margin-top: 12pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 12pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><font>3</font></font><font style="font-family: 'Times New Roman';"><font>5</font></font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">Subsequent events</font></font></h1>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;">a. Clarifications on the cyber incident</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">The </font><font style="font-family: 'Times New Roman';">Company</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">suffered</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">on</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">January</font><font style="font-family: 'Times New Roman';"> 11, 2021 a cyber </font><font style="font-family: 'Times New Roman';">incident</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">of</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">type</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">ransomware</font><font style="font-family: 'Times New Roman';"> in </font><font style="font-family: 'Times New Roman';">its</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">information</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">technology</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">environment</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">As a </font><font style="font-family: 'Times New Roman';">precautionary</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">measure</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Company</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">interrupted</font><font style="font-family: 'Times New Roman';"> its systems, </font><font style="font-family: 'Times New Roman';">partially</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">affecting</font><font style="font-family: 'Times New Roman';">, for a short </font><font style="font-family: 'Times New Roman';">period</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">of</font><font style="font-family: 'Times New Roman';"> time, </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">operations</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">of</font><font style="font-family: 'Times New Roman';"> its </font><font style="font-family: 'Times New Roman';">subsidiaries</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">Immediately</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">ll</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">security</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">control</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">measures</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">were</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">adopted</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">to</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">remedy</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">situation</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> as </font><font style="font-family: 'Times New Roman';">of</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">January</font><font style="font-family: 'Times New Roman';"> 14, </font><font style="font-family: 'Times New Roman';"><font>2021</font> </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">operational</font><font style="font-family: 'Times New Roman';"> systems </font><font style="font-family: 'Times New Roman';">of</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Company</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> its </font><font style="font-family: 'Times New Roman';">subsidiaries</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">began</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">to</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">be</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">gradually</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">re</font><font style="font-family: 'Times New Roman';">stored</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">with</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">caution</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">security</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">according</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">with</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">priority</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">relevance</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">of</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">each</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">affected</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">process</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">Until</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">issuance</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">of</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">these</font><font style="font-family: 'Times New Roman';"> financial </font><font style="font-family: 'Times New Roman';">statements</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">all</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">critical</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">information</font><font style="font-family: 'Times New Roman';"> systems </font><font style="font-family: 'Times New Roman';">of</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Company</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> its </font><font style="font-family: 'Times New Roman';">subsidiaries</font><font style="font-family: 'Times New Roman';"> are </font><font style="font-family: 'Times New Roman';">in </font><font style="font-family: 'Times New Roman';">full </font><font style="font-family: 'Times New Roman';">operation</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">During</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">ongoing</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">investigations</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Company</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">identified</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">un</font><font style="font-family: 'Times New Roman';">authorized</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">copy</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">disclosure</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">of</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">certain</font><font style="font-family: 'Times New Roman';"> data </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">is</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">investigating</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">amount</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">of</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">exfiltrated</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';">/</font><font style="font-family: 'Times New Roman';">or</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">disclosed</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">information</font><font style="font-family: 'Times New Roman';">, as </font><font style="font-family: 'Times New Roman';">well</font><font style="font-family: 'Times New Roman';"> as </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">existence</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">of</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">impacts</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">to</font><font style="font-family: 'Times New Roman';"> its businesses </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">third</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">parties</font><font style="font-family: 'Times New Roman';">, in </font><font style="font-family: 'Times New Roman';">order</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">to</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">adopt</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">appropriate</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">measures</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
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<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno">F-123</font></td>
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<div class="pageBreak" style="page-break-before: always; font-size: 10pt; text-align: left;"><a href="#TOC">Table of Contents</a></div>
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<p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">and</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Subsidiaries</font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 11pt; text-indent: 0px;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">Notes to the Consolidated Financial </font><font style="font-family: 'Times New Roman';">Statements</font><font style="font-family: 'Times New Roman';"> </font></font></p>
<p style="margin-top: 6pt; text-align: justify; font-size: 9pt; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(In thousands of Brazilian Reais, unless otherwise stated)</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">According</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">to</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> assessment</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">made</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">to</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">this</font><font style="font-family: 'Times New Roman';"> date</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Company</font><font style="font-family: 'Times New Roman';"> does </font><font style="font-family: 'Times New Roman';">not</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">expect</font><font style="font-family: 'Times New Roman';"> material </font><font style="font-family: 'Times New Roman';">effects</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">o</font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';"> its </font><font style="font-family: 'Times New Roman';">results</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">due</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">to</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">this</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">incident</font><font style="font-family: 'Times New Roman';">. The </font><font style="font-family: 'Times New Roman';">Company</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">has</font><font style="font-family: 'Times New Roman';"> a </font><font style="font-family: 'Times New Roman';">specific</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">insurance</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">policy</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">for cyber </font><font style="font-family: 'Times New Roman';">incidents</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">which</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">has</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">already</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">been</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">duly</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">activated</font><font style="font-family: 'Times New Roman';">.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">b. </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Issuance of </font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Extrafarma</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"> subscription bonus shares&nbsp;</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';">On February 24, 2021, </font><font style="font-family: 'Times New Roman';">the Company&#8217;s Board of Directors </font><font style="font-family: 'Times New Roman';">confirmed the issuance of <font>70,939</font> common shares within the authorized </font><font style="font-family: 'Times New Roman';">capital </font><font style="font-family: 'Times New Roman';">limit provided</font><font style="font-family: 'Times New Roman';"> by</font><font style="font-family: 'Times New Roman';"> art. <font>6</font> of the Company's Bylaws, due to the partial exercise of the rights conferred by the subscription warrants (see note <font>25</font>) issued by the Company when the merger of all </font><font style="font-family: 'Times New Roman';">Extrafarma</font><font style="font-family: 'Times New Roman';"> shares by the Company, approved by the </font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">xtraordinary </font><font style="font-family: 'Times New Roman';">g</font><font style="font-family: 'Times New Roman';">eneral </font><font style="font-family: 'Times New Roman';">m</font><font style="font-family: 'Times New Roman';">eeting of the Company held in January 31, 2014. The share capital </font><font style="font-family: 'Times New Roman';">of the Company </font><font style="font-family: 'Times New Roman';">will therefore be represented by <font>1,115,076,651</font> common shares, all of which are </font><font style="font-family: 'Times New Roman';">registered</font><font style="font-family: 'Times New Roman';"> and without par value.</font></font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;">c. Issuance of debentures</font><br><font style="font-family: 'times new roman', times; font-size: 10pt;"><font lang="PT-BR">On </font><font lang="PT-BR">March 19, 2021, our subsidiary Tequimar Vila do Conde Log&#237;stica Portu&#225;ria S.A. completed its first issuance of</font><font>&nbsp;R$</font></font><font>360</font><font style="font-family: 'times new roman', times; font-size: 10pt;"> million <font lang="PT-BR">nonconvertible unsecured debentures </font> due on <font>March 15, 2028</font>&nbsp;. <font lang="PT-BR">The debentures bear semiannual interest </font> of <font>IPCA plus 4.04%</font>. <font lang="PT-BR">The issuer hedged its exposition by swapping the</font>&nbsp;IPCA to <font>111.4% of DI</font>.</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p><font style="font-family: 'times new roman', times; font-size: 10pt;"> <font lang="PT-BR">On </font><font lang="PT-BR">March 26, 2021, our subsidiary Terminal Qu&#237;mico de Aratu S.A. &#8211; Tequimar&nbsp;completed its second issuance</font>&nbsp;of <font>R$</font></font><font>100</font><font style="font-family: 'times new roman', times; font-size: 10pt;"> million&nbsp;<font lang="PT-BR">nonconvertible unsecured </font><font lang="PT-BR">debentures</font> due on <font>March 15, 2028</font>&nbsp;.<font lang="PT-BR" style="font-family: 'Times New Roman', serif;"><font style="font-family: 'times new roman', times;">The debentures bear semiannual interest of</font> </font>&nbsp;<font>IPCA plus 4.37%</font>.&nbsp;<font lang="PT-BR">The issuer hedged its exposition by swapping the IPCA to </font><font>111.4% of DI</font>.</font></p>
<p style="margin-top: 0pt;margin-bottom: 0pt;text-align: justify;font-size: 10pt;"><font style="font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></font></p>
<p style="
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"><font style="font-family: 'times new roman', times; font-size: 10pt;"><font style="color: #000000; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">d.<font> Port concessions</font></font></font></p>
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<p><font style="font-family: 'times new roman', times; font-size: 10pt;">On April 9, 2021, Ultracargo, was awarded the concession of IQI13 area in the Itaqui port, state of Maranh&#227;o, for storage and handling of liquid bulk products, specially fuels. The minimum installed capacity will <font>be </font><font>79</font> thousand cubic meters. The area will be operated by Ultracargo for at least <font>20</font><font> years</font>, according to the auction notice. The estimated investments regarding this port concession is approximately R$ <font>310</font> million, to be disbursed throughout the next <font>six</font> years.</font></p>
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  <ifrs-full:RetirementsPropertyPlantAndEquipment id="Tag14" contextRef="D20191231_AccumulatedImpairmentMember_BuildingsMember" unitRef="BRL" decimals="-3">-306000</ifrs-full:RetirementsPropertyPlantAndEquipment>
  <ifrs-full:RetirementsPropertyPlantAndEquipment id="Tag15" contextRef="D20191231_AccumulatedImpairmentMember_LandMember" unitRef="BRL" decimals="-3">-681000</ifrs-full:RetirementsPropertyPlantAndEquipment>
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  <ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment id="Tag17" contextRef="D20201231_GrossCarryingAmountMember_VehiclesMember" unitRef="BRL" decimals="-3">8363000</ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment>
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  <ifrs-full:RetirementsPropertyPlantAndEquipment id="Tag19" contextRef="D20191231_AccumulatedDepreciationAndAmortisationMember_FurnitureMember" unitRef="BRL" decimals="-3">-336000</ifrs-full:RetirementsPropertyPlantAndEquipment>
  <ifrs-full:DisposalsPropertyPlantAndEquipment id="Tag20" contextRef="D20191231_AccumulatedDepreciationAndAmortisationMember_AutomotiveMember" unitRef="BRL" decimals="-3">-50691000</ifrs-full:DisposalsPropertyPlantAndEquipment>
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  <ifrs-full:DisposalsPropertyPlantAndEquipment id="Tag24" contextRef="D20181231_GrossCarryingAmountMember" unitRef="BRL" decimals="-3">142009000</ifrs-full:DisposalsPropertyPlantAndEquipment>
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  <ugp:SummaryOfContractsTableTextBlock id="Tag34" contextRef="D20201231_3">&lt;div&gt;Such agreements establish a minimum cargo movement of products, as shown below:
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 95px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Port &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px; text-align: right;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Minimum movement per year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px; text-align: right;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Maturity &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 60%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Aratu&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 10px; text-align: right; background-color: #cceeff; width: 20%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;900,000&lt;/font&gt; ton. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 10px; text-align: right; background-color: #cceeff; width: 20%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2022&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Suape&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px; text-align: right;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;250,000&lt;/font&gt; ton. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px; text-align: right;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2027&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Suape&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;400,000&lt;/font&gt; ton. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2029&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Aratu&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px; text-align: right;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;397,000&lt;/font&gt; ton. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px; text-align: right;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2031&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Itaqui&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,222,377&lt;/font&gt; m&amp;#179; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2049&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ugp:SummaryOfContractsTableTextBlock>
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  <ugp:ChangesInFairValueOfFinancialInstruments id="Tag49" contextRef="D20201231_FairValueFinancialInstrumentsAvailableForSaleMember" unitRef="BRL" decimals="-3">64000</ugp:ChangesInFairValueOfFinancialInstruments>
  <ugp:FinancialAssetLiabilityCategory id="Tag50" contextRef="D20191231_ResellerFinancingMember">Measured at amortized cost</ugp:FinancialAssetLiabilityCategory>
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  <ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities id="Tag52" contextRef="D20191231_RPRMember" unitRef="BRL" decimals="-3">4295000</ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities>
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  <ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities id="Tag54" contextRef="D20201231_RPRMember" unitRef="BRL" decimals="-3">165000</ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities>
  <ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities id="Tag55" contextRef="D20201231_3" unitRef="BRL" decimals="-3">165000</ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities>
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  <ugp:ShareOfProfitLossOfAssociates id="Tag59" contextRef="D20201231_PlenogasDistribuidoraDeGasMember" unitRef="BRL" decimals="-3">-38000</ugp:ShareOfProfitLossOfAssociates>
  <ifrs-full:DividendsReceivedFromAssociatesClassifiedAsInvestingActivities id="Tag60" contextRef="D20191231_PlenogasDistribuidoraDeGasMember" unitRef="BRL" decimals="-3">87000</ifrs-full:DividendsReceivedFromAssociatesClassifiedAsInvestingActivities>
  <ifrs-full:DividendsReceivedFromAssociatesClassifiedAsInvestingActivities id="Tag61" contextRef="D20191231_3" unitRef="BRL" decimals="-3">905000</ifrs-full:DividendsReceivedFromAssociatesClassifiedAsInvestingActivities>
  <ugp:InvestmentsInSubsidiariesInAssociates id="Tag62" contextRef="I20191231_OxicapIndustriaDeGasesMember" unitRef="BRL" decimals="-3">15934000</ugp:InvestmentsInSubsidiariesInAssociates>
  <ifrs-full:DividendsReceivedFromAssociatesClassifiedAsInvestingActivities id="Tag63" contextRef="D20201231_3" unitRef="BRL" decimals="-3">2357000</ifrs-full:DividendsReceivedFromAssociatesClassifiedAsInvestingActivities>
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  <ugp:CapitalReductionInAssociatesClassifiedAsInvestingActivities id="Tag67" contextRef="D20201231_LatitudeLogsticaMember" unitRef="BRL" decimals="-3">0</ugp:CapitalReductionInAssociatesClassifiedAsInvestingActivities>
  <ugp:CapitalReductionInAssociatesClassifiedAsInvestingActivities id="Tag68" contextRef="D20201231_NordesteLogsticaIMember" unitRef="BRL" decimals="-3">0</ugp:CapitalReductionInAssociatesClassifiedAsInvestingActivities>
  <ifrs-full:CurrentLiabilities id="Tag69" contextRef="I20191231_OxicapIndustriaDeGasesMember" unitRef="BRL" decimals="-3">11041000</ifrs-full:CurrentLiabilities>
  <ugp:CapitalReductionInAssociatesClassifiedAsInvestingActivities id="Tag70" contextRef="D20201231_NordesteLogsticaIIIMember" unitRef="BRL" decimals="-3">0</ugp:CapitalReductionInAssociatesClassifiedAsInvestingActivities>
  <ugp:TransferToProvisionForShortTermLiabilitiesRelatedToJointVentures id="Tag71" contextRef="D20201231_NordesteLogsticaIIIMember" unitRef="BRL" decimals="-3">0</ugp:TransferToProvisionForShortTermLiabilitiesRelatedToJointVentures>
  <ugp:TransferToProvisionForShortTermLiabilitiesRelatedToJointVentures id="Tag72" contextRef="D20201231_NordesteLogsticaIIMember" unitRef="BRL" decimals="-3">0</ugp:TransferToProvisionForShortTermLiabilitiesRelatedToJointVentures>
  <ugp:TransferToProvisionForShortTermLiabilitiesRelatedToJointVentures id="Tag73" contextRef="D20201231_NordesteLogsticaIMember" unitRef="BRL" decimals="-3">0</ugp:TransferToProvisionForShortTermLiabilitiesRelatedToJointVentures>
  <ugp:CapitalReductionInAssociates id="Tag74" contextRef="D20181231_MetalurgicaPlusMember" unitRef="BRL" decimals="-3">0</ugp:CapitalReductionInAssociates>
  <ugp:TransferToProvisionForShortTermLiabilitiesRelatedToJointVentures id="Tag75" contextRef="D20201231_LatitudeLogsticaMember" unitRef="BRL" decimals="-3">0</ugp:TransferToProvisionForShortTermLiabilitiesRelatedToJointVentures>
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  <ifrs-full:Equity id="Tag77" contextRef="I20201231_TransportadoraSulbrasileiraDeGasMember" unitRef="BRL" decimals="-3">20601000</ifrs-full:Equity>
  <ifrs-full:InvestmentsInJointVentures id="Tag78" contextRef="I20201231_NordesteLogsticaIMember" unitRef="BRL" decimals="-3">824000</ifrs-full:InvestmentsInJointVentures>
  <ugp:TransferToProvisionForShortTermLiabilitiesRelatedToJointVentures id="Tag79" contextRef="D20201231_3" unitRef="BRL" decimals="-3">2096000</ugp:TransferToProvisionForShortTermLiabilitiesRelatedToJointVentures>
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  <ifrs-full:ProfitLoss id="Tag82" contextRef="D20181231_PlenogasDistribuidoraDeGasMember" unitRef="BRL" decimals="-3">372000</ifrs-full:ProfitLoss>
  <ifrs-full:CurrentLiabilities id="Tag83" contextRef="I20191231_ConnectCarMember" unitRef="BRL" decimals="-3">155542000</ifrs-full:CurrentLiabilities>
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  <ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities id="Tag86" contextRef="D20191231_NordesteLogsticaIMember" unitRef="BRL" decimals="-3">0</ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities>
  <ugp:SharesOrUnitsHeld id="Tag87" contextRef="D20181231_MetalurgicaPlusMember" unitRef="Shares" decimals="0">3000</ugp:SharesOrUnitsHeld>
  <ifrs-full:FinancialLiabilities id="Tag88" contextRef="I20201231_LeasePayableMember" unitRef="BRL" decimals="-3">1833288000</ifrs-full:FinancialLiabilities>
  <ugp:GrossMarginOfOxitenoSwapPayable id="Tag89" contextRef="I20191231_Scenario1Member" unitRef="USD" decimals="-3">376000</ugp:GrossMarginOfOxitenoSwapPayable>
  <ugp:IntangibleAssetsAmortization id="Tag90" contextRef="D20181231" unitRef="BRL" decimals="-3">99334000</ugp:IntangibleAssetsAmortization>
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  <ugp:LoanMaturityDate id="Tag93" contextRef="D20201231_Loan24Member">2020 to 2022</ugp:LoanMaturityDate>
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  <ugp:SummaryOfDividendsAndAllocationOfNetIncomeTableTextBlock id="Tag96" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The management proposal for the allocation of net income for &lt;font&gt;2020&lt;/font&gt; and for distribution of dividends is as follow:&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 230px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-right: auto;" width="68%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 362.5pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; text-decoration: underline; font-size: 10pt;"&gt; Allocation of net income &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net income for the period attributable to shareholders of Ultrapar &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;893,383&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Legal reserve (&lt;font&gt;5&lt;/font&gt;% of the net income) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;44,669&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Adjusted net income (basis for dividends) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;848,714&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Minimum mandatory dividends for the period (&lt;font&gt;50&lt;/font&gt;% of the adjusted net income) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;424,357&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Additional dividends to minimum mandatory dividends &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;55,391&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Legal reserve (&lt;font&gt;5&lt;/font&gt;% of the net income) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;44,669&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Investments statutory reserve &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;368,966&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total allocation of net income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;893,383&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; text-decoration: underline; font-size: 10pt;"&gt; Allocation of dividends &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Minimum mandatory dividends for the period (&lt;font&gt;50&lt;/font&gt;% of the adjusted net income) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;424,357&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Additional dividends to minimum mandatory dividends &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;55,391&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total allocation (R$ &lt;font&gt;0.44&lt;/font&gt; per share) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;479,748&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ugp:SummaryOfDividendsAndAllocationOfNetIncomeTableTextBlock>
  <ugp:DisclosureOfBalancesAndChangesInConsolidatedDividendsPayableExplanatory id="Tag97" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Balances and changes in dividends payable are as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 113px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin: 0px auto; text-indent: 0px;" width="68%"&gt;

&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 79.6829%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 19.3171%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;284,024&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 79.6829%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Provisions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 19.3171%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;329,106&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 79.6829%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Payments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 19.3171%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;596,436&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 79.6829%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; width: 19.3171%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16,694&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 79.6829%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Provisions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 19.3171%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;710,206&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 79.6829%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Payments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; width: 19.3171%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;284,767&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 79.6829%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000; width: 19.3171%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;442,133&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
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  <ugp:DisclosureOfSubscriptionWarrantsExplanatory id="Tag190" contextRef="D20201231_3">&lt;div&gt;
&lt;h1 style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 12pt; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;24&lt;/font&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Subscription &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;w&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;arrants &amp;#8211; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ndemnification&lt;/font&gt;&lt;/font&gt;&lt;/h1&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Because of the association between the Company and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Extrafarma&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;o&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;n January 31, 2014, &lt;font&gt;7&lt;/font&gt; subscription warrants &amp;#8211; indemnification &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;could be &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;issued, corresponding to up to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;6,411,244&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; shares&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of the Company&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. The subscription warrants &amp;#8211; indemnification may be exercised &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;beginning&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;by the former shareholders of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Extrafarma&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and are adjusted according to the changes in the amounts of provisions for tax, civil, and labor risks and contingent liabilities related to the period prior to January 31, 2014. The subscription warrants &amp;#8211; indemnification&amp;#8217;s fair value is measured based on the share price of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ultrapar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (UGPA&lt;font&gt;3&lt;/font&gt;) and is reduced by the dividend yield until &lt;font&gt;2020&lt;/font&gt;, since the exercise is possible only from &lt;font&gt;2020&lt;/font&gt;, and they are not entitled to dividends while they are not converted into shares.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Company&amp;#8217;s Board of Directors confirmed on February 19 and August 12, 2020, the issuance of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, respectively,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2,108,542&lt;/font&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and &lt;font&gt;86,978&lt;/font&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;common shares and on February 24, 2021 the issuance of &lt;font&gt;70,939&lt;/font&gt; common shares (see Note 35.b) within the authorized capital limit provided by the art. &lt;font&gt;6&lt;/font&gt; of the Bylaws, due to the partial exercise of the rights conferred by the subscription warrants issued by the Company when the merger of all &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Extrafarma&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; shares by the Company, approved by the extraordinary general meeting of the Company held in January 31, 2014.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;In the association agreement between the Company and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Extrafarma&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; on January 31, 2014 and due to the unfavorable decisions of some processes prior on January 31, 2014,&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;574,648&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; shares linked to the subscription warrants &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8211;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; indemnification were canceled and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;not&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; issue&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;d&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Also, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3,641,075&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; shares &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;were&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; retained, linked to subscription warrants &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8211;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; indemnification, which &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;will&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; be issued &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;or canceled according &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as the final decision &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of the processes are favorable or unfavorable, respectively&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;On December 31, 2020&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, the maximum number of shares, which &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;may&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; be issued in the future, linked to the subscription warrants &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8211;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; indemnification, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;is&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; up &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3,641,075&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;shares, totaling R&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;86,439&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ugp:DisclosureOfSubscriptionWarrantsExplanatory>
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;y&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Authorization for &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ssuance of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;f&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;inancial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;statements&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Th&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ese&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; financial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;were&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;authorized for issuance by the Management&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;on&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;April&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;29&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;202&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ugp:DescriptionOfAccountingPolicyForAuthorizationForIssuanceOfFinancialStatementsExplanatory>
  <ugp:DescriptionOfAccountingPolicyForPronouncementsIssuedByIfrsExplanatory id="Tag361" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;x&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Adoption of the pronouncements issued by IASB&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;There are not standards, amendments and interpretations to IFRS issued by the IASB which are effective&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and could have impact in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;th&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ese&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; financial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;2020&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;and &lt;font&gt;2019&lt;/font&gt; that have not been adopted by the Company&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ugp:DescriptionOfAccountingPolicyForPronouncementsIssuedByIfrsExplanatory>
  <ugp:DescriptionOfAccountingPolicyForForeignCurrencyTransactionsExplanatory id="Tag362" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;r. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Foreign &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;c&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;urrency &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ransactions&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Foreign currency transactions carried out by the Company or its subsidiaries are remeasured into their functional currency at the exchange rate prevailing at the date of each transaction. Outstanding monetary assets and liabilities of the Company and its subsidiaries are translated using the exchange rate at the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;date&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;financial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. The effect of the difference between those exchange rates is recognized in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;financial results&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; until the conclusion of each transaction.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ugp:DescriptionOfAccountingPolicyForForeignCurrencyTransactionsExplanatory>
  <ugp:DescriptionOfAccountingPolicyForOtherLiabilitiesExplanatory id="Tag363" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;q. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Other &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;l&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;iabilities&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Other liabilities are stated at known or measurable amounts and changes in exchange rates incurred. When applicable, other liabilities are recognized at present value&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; based on interest rates that reflect the term, currency&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and risk of each transaction.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ugp:DescriptionOfAccountingPolicyForOtherLiabilitiesExplanatory>
  <ugp:Location id="Tag364" contextRef="D20201231_OxitenoArgentinaSociedadDeResponsabilidadLtdaMember">Argentina</ugp:Location>
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  <dei:DocumentPeriodEndDate id="Tag366" contextRef="D20201231_3">2020-12-31</dei:DocumentPeriodEndDate>
  <dei:DocumentFiscalPeriodFocus id="Tag367" contextRef="D20201231_3">FY</dei:DocumentFiscalPeriodFocus>
  <dei:DocumentAnnualReport id="Tag368" contextRef="D20201231_3">true</dei:DocumentAnnualReport>
  <ifrs-full:OtherFinanceIncome id="Tag369" contextRef="D20181231" unitRef="BRL" decimals="-3">4048000</ifrs-full:OtherFinanceIncome>
  <ifrs-full:BorrowingsInterestRateBasis id="Tag370" contextRef="D20210319_IssuanceOfDebenturesMember_TequimarVilaDoCondeMember_DebentureNonconvertibleIntoSharesMaturingOnMarch152028Member_DebenturesFirstIssueMember">111.4% of DI</ifrs-full:BorrowingsInterestRateBasis>
  <ugp:DebentureInterestDescription id="Tag371" contextRef="D20210326_IssuanceOfDebenturesMember_TequimarVilaDoCondeMember_DebentureNonconvertibleIntoSharesMaturingOnMarch152028Member_DebenturesSecondIssueMember">IPCA plus 4.37%</ugp:DebentureInterestDescription>
  <ugp:DebentureFinalMaturity id="Tag372" contextRef="D20210326_IssuanceOfDebenturesMember_TequimarVilaDoCondeMember_DebentureNonconvertibleIntoSharesMaturingOnMarch152028Member_DebenturesSecondIssueMember">March 15, 2028</ugp:DebentureFinalMaturity>
  <ugp:CommercialTransactionsSalesAndServices id="Tag373" contextRef="D20191231_ChevronOroniteBrasilLtdaMember" unitRef="BRL" decimals="-3">345000</ugp:CommercialTransactionsSalesAndServices>
  <ifrs-full:BorrowingsInterestRate id="Tag374" contextRef="I20200731_BondsMaturingIn2029Member" unitRef="Pure" decimals="4">0.0525</ifrs-full:BorrowingsInterestRate>
  <ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures id="Tag375" contextRef="D20200731_BondsMaturingIn2029Member" unitRef="BRL" decimals="-6">350000000</ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures>
  <dei:AmendmentFlag id="Tag376" contextRef="D20201231_3">false</dei:AmendmentFlag>
  <ifrs-full:OtherFinanceCost id="Tag377" contextRef="D20181231" unitRef="BRL" decimals="-3">-9791000</ifrs-full:OtherFinanceCost>
  <ifrs-full:NotionalAmount id="Tag378" contextRef="I20200430_PromissoryNotesMember_IpirangaProdutosdePetroleoSAMember" unitRef="BRL" decimals="-8">1500000000</ifrs-full:NotionalAmount>
  <dei:DocumentTransitionReport id="Tag379" contextRef="D20201231_3">false</dei:DocumentTransitionReport>
  <dei:DocumentShellCompanyReport id="Tag380" contextRef="D20201231_3">false</dei:DocumentShellCompanyReport>
  <dei:EntityCommonStockSharesOutstanding id="Tag381" contextRef="I20201231" unitRef="Shares" decimals="INF">1088040976</dei:EntityCommonStockSharesOutstanding>
  <dei:SecurityExchangeName id="Tag382" contextRef="D20201231_3">NYSE</dei:SecurityExchangeName>
  <dei:EntityCentralIndexKey id="Tag383" contextRef="D20201231_3">0001094972</dei:EntityCentralIndexKey>
  <dei:EntityFilerCategory id="Tag384" contextRef="D20201231_3">Large Accelerated Filer</dei:EntityFilerCategory>
  <dei:CurrentFiscalYearEndDate id="Tag385" contextRef="D20201231_3">--12-31</dei:CurrentFiscalYearEndDate>
  <dei:EntityInteractiveDataCurrent id="Tag386" contextRef="D20201231_3">Yes</dei:EntityInteractiveDataCurrent>
  <ifrs-full:NumberOfShareOptionsGrantedInSharebasedPaymentArrangement id="Tag387" contextRef="D20201231_3" unitRef="Pure" decimals="0">702260</ifrs-full:NumberOfShareOptionsGrantedInSharebasedPaymentArrangement>
  <ugp:ShareOfProfitLossOfJointVentures id="Tag388" contextRef="D20191231_NordesteLogsticaIMember" unitRef="BRL" decimals="-3">0</ugp:ShareOfProfitLossOfJointVentures>
  <ugp:NumberOfSharesOrUnitsHeld id="Tag389" contextRef="D20191231_UniaoVopakMember" unitRef="Shares" decimals="0">29995</ugp:NumberOfSharesOrUnitsHeld>
  <ugp:ShareOfProfitLossOfJointVentures id="Tag390" contextRef="D20191231_LatitudeLogsticaMember" unitRef="BRL" decimals="-3">0</ugp:ShareOfProfitLossOfJointVentures>
  <ugp:ShareOfProfitLossOfJointVentures id="Tag391" contextRef="D20181231_LatitudeLogsticaMember" unitRef="BRL" decimals="-3">0</ugp:ShareOfProfitLossOfJointVentures>
  <ugp:MaximumNumberOfSharesAvailableForIssueSubscriptionWarrants id="Tag392" contextRef="D20201231_3" unitRef="Shares" decimals="0">3641075</ugp:MaximumNumberOfSharesAvailableForIssueSubscriptionWarrants>
  <ugp:CapitalReductionInAssociates id="Tag393" contextRef="D20181231_OxicapIndustriaDeGasesMember" unitRef="BRL" decimals="-3">0</ugp:CapitalReductionInAssociates>
  <ugp:ShareOfProfitLossOfJointVentures id="Tag394" contextRef="D20191231_NordesteLogsticaIIIMember" unitRef="BRL" decimals="-3">0</ugp:ShareOfProfitLossOfJointVentures>
  <ugp:TermsOfResellerFinancing id="Tag395" contextRef="D20201231_WeightedAverageMember">P40M</ugp:TermsOfResellerFinancing>
  <ugp:ResellerFinancingGross id="Tag396" contextRef="I20191231_FromThirtyOneDaysToSixtyDaysMember" unitRef="BRL" decimals="-3">10481000</ugp:ResellerFinancingGross>
  <ugp:ResellerFinancing id="Tag397" contextRef="I20201231_ExpectedLossesOnDoubtfulAccountsMember" unitRef="BRL" decimals="-3">-197011000</ugp:ResellerFinancing>
  <ifrs-full:RepaymentsOfBondsNotesAndDebentures id="Tag398" contextRef="D20201130_PromissoryNotesMember_IpirangaProdutosdePetroleoSAMember" unitRef="BRL" decimals="-8">300000000</ifrs-full:RepaymentsOfBondsNotesAndDebentures>
  <ugp:DecreasePercentageOfInvestmentPlan id="Tag399" contextRef="D20200430" unitRef="Pure" decimals="2">0.30</ugp:DecreasePercentageOfInvestmentPlan>
  <ugp:DisclosureOfDeferredRevenueExplanatory id="Tag400" contextRef="D20201231_3">&lt;div&gt;
&lt;h1 style="margin-top: 12pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 12pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;23&lt;/font&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Deferred &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;r&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;evenue&lt;/font&gt;&lt;/font&gt;&lt;/h1&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The subsidiaries &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of the Company &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;have recognized the following deferred revenue:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 86px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 74%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8216;am/pm&amp;#8217; and Jet Oil franchising upfront fee (a) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;814&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;956&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Loyalty program &amp;#8220;Km de Vantagens&amp;#8221; (b) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15,424&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;25,096&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Loyalty program &amp;#8220;Clube Extrafarma&amp;#8221; (b) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,044&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,574&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;18,282&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;27,626&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;a. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Franchising &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;u&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;pfront &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;f&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ee&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;am/&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;pm is the convenience stores chain of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ipiranga&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; service stations&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and, on December 31, 2020, had&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;58&lt;/font&gt; stores &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;with initial&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; deferred&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; franchi&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;sing upfront&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; fee&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;63&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;stores &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of December 31, 201&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;). Jet Oil is &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ipiranga&amp;#8217;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; lubricant-changing and automotive service specialized network&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and, on December 31, 2020 had &lt;font&gt;45&lt;/font&gt; stores &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;with initial&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; deferred&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; franchi&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;sing upfront&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; fee &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;46&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;stores as of December 31, 201&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;).&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;For more information on the deferred revenue from the franchi&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;sing upfront&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; fee, see &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;N&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ote &lt;font&gt;2&lt;/font&gt;.a.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;b. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Loyalty &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;p&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;rogram&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;s&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Subsidiary &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ipiranga&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;participates in&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; a loyalty program called Km de &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Vantagens&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; text-decoration: underline;"&gt;(www.kmdevantagens.com.br&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;under which registered customers are rewarded with points when they buy products at &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ipiranga&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; service stations or at its partners. The customers may exchange these points, during the period of &lt;font&gt;one&lt;/font&gt; year, for discounts on products and services offered by &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ipiranga&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and its partners. Points received by &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ipiranga&amp;#8217;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; customers that may be used with the partner &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Multiplus&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Fidelidade&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and for discounts of fuel in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ipiranga&amp;#8217;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; website (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; text-decoration: underline;"&gt;www.postoipiranganaweb.com.br&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;recognized as a reduction&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of revenue from sales and services&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Subsidiary &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Extrafarma&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; has a loyalty program called &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Clube &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Extrafarma&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; text-decoration: underline;"&gt;www.club&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; text-decoration: underline;"&gt;e&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; text-decoration: underline;"&gt;extra&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; text-decoration: underline;"&gt;farma&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; text-decoration: underline;"&gt;.com.br&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; under which registered customers are rewarded with points when they buy products at its drugstore chain. The customers may exchange these points, during the period of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;six&lt;/font&gt; months&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, for&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;discounts in products at its drugstore chain&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;recharge credit on a mobile phone, and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;prizes&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; offered by partners&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Multiplus&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Fidelidade&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ipiranga&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;through&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Km de &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Vantagens&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Points received by &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Extrafarma&amp;#8217;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; customers are &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;recognized as a reduction&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;revenue from sales and services&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Deferred revenue is &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;estimated &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;based on the fair value of the points granted, considering the value of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;prizes&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and the expected redemption of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;these &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;points.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;For more information on deferred revenue from loyalty program, see Note &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2&lt;/font&gt;.a.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ugp:DisclosureOfDeferredRevenueExplanatory>
  <ifrs-full:BorrowingsMaturity id="Tag401" contextRef="D20190606_UltraparInternationalSAMember">June 2029</ifrs-full:BorrowingsMaturity>
  <ugp:LoanDebt id="Tag402" contextRef="I20201231" unitRef="BRL" decimals="-3">17376216000</ugp:LoanDebt>
  <ugp:DescriptionOfPaymentOfInterestOfBorrowings id="Tag403" contextRef="D20200430_UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt3rdApril2021Member_IpirangaProdutosdePetroleoSAMember">Lump sum at final maturity</ugp:DescriptionOfPaymentOfInterestOfBorrowings>
  <ugp:BrazilianRealDenominatedLoans id="Tag404" contextRef="I20191231" unitRef="BRL" decimals="-3">7460616000</ugp:BrazilianRealDenominatedLoans>
  <ugp:LoanMaturityDate id="Tag405" contextRef="D20201231_Loan18Member">2020 to 2023</ugp:LoanMaturityDate>
  <ugp:DebenturesPrincipalAmount id="Tag406" contextRef="I20181231_DebenturesEighthIssueMember_IpirangaProdutosdePetroleoSAMember" unitRef="BRL" decimals="-3">900000000</ugp:DebenturesPrincipalAmount>
  <ugp:DebentureFinalMaturity id="Tag407" contextRef="D20201231_DebentureFourMember">July 28, 2022</ugp:DebentureFinalMaturity>
  <ugp:DebentureInterestDescription id="Tag408" contextRef="D20201231_DebentureThreeMember">IPCA + 4.68%</ugp:DebentureInterestDescription>
  <ugp:DebentureFinalMaturity id="Tag409" contextRef="D20201231_DebentureSevenMember">March 5, 2023</ugp:DebentureFinalMaturity>
  <ugp:LoanIndexCurrency id="Tag410" contextRef="D20191231_Loan24Member">TJLP</ugp:LoanIndexCurrency>
  <ugp:LoanIndexCurrency id="Tag411" contextRef="D20191231_Loan23Member">R$</ugp:LoanIndexCurrency>
  <ugp:LoanIndexCurrency id="Tag412" contextRef="D20191231_Loan22Member">SELIC</ugp:LoanIndexCurrency>
  <ugp:LoanIndexCurrency id="Tag413" contextRef="D20191231_Loan21Member">R$</ugp:LoanIndexCurrency>
  <ugp:LoanIndexCurrency id="Tag414" contextRef="D20191231_Loan20Member">R$</ugp:LoanIndexCurrency>
  <ugp:LoanIndexCurrency id="Tag415" contextRef="D20191231_Loan19Member">TJLP</ugp:LoanIndexCurrency>
  <ugp:LoanIndexCurrency id="Tag416" contextRef="D20191231_Loan18Member">TJLP</ugp:LoanIndexCurrency>
  <ugp:LoanIndexCurrency id="Tag417" contextRef="D20191231_Loan17Member">R$</ugp:LoanIndexCurrency>
  <ugp:WeightedAverageFinancialChargesLoans id="Tag418" contextRef="D20191231_Loan24Member">0</ugp:WeightedAverageFinancialChargesLoans>
  <ugp:WeightedAverageFinancialChargesLoans id="Tag419" contextRef="D20191231_Loan23Member">0</ugp:WeightedAverageFinancialChargesLoans>
  <ugp:LoanDescription id="Tag420" contextRef="D20191231_Loan20Member">Banco do Nordeste do Brasil</ugp:LoanDescription>
  <ugp:LoanDescription id="Tag421" contextRef="D20191231_Loan19Member">BNDES</ugp:LoanDescription>
  <ugp:LoanDescription id="Tag422" contextRef="D20191231_Loan18Member">FINEP</ugp:LoanDescription>
  <ugp:LoanDescription id="Tag423" contextRef="D20191231_Loan17Member">Debentures &amp;#8211; Tequimar</ugp:LoanDescription>
  <ugp:LoanIndexCurrency id="Tag424" contextRef="D20191231_Loan16Member">R$ + DI</ugp:LoanIndexCurrency>
  <ugp:LoanDescription id="Tag425" contextRef="D20191231_Loan16Member">Bank Credit Bill</ugp:LoanDescription>
  <ugp:TransactionCostsFinancialInstruments id="Tag426" contextRef="I20171231_OtherTransactionCostsMember" unitRef="BRL" decimals="-3">2801000</ugp:TransactionCostsFinancialInstruments>
  <ugp:DebenturePaymentOfFaceValueDescription id="Tag427" contextRef="D20201231_DebentureOneMember">Annual as from May 2019</ugp:DebenturePaymentOfFaceValueDescription>
  <ugp:LoanDescription id="Tag428" contextRef="D20201231_Loan18Member">FINEP</ugp:LoanDescription>
  <ugp:AmountAppropriatedToProfitOrLossInFuture id="Tag429" contextRef="I20201231_From1To2YearsMember" unitRef="BRL" decimals="-3">14242000</ugp:AmountAppropriatedToProfitOrLossInFuture>
  <ugp:TransactionCostAmortization id="Tag430" contextRef="D20181231_NotesInForeignMarketMember" unitRef="BRL" decimals="-3">1417000</ugp:TransactionCostAmortization>
  <ugp:DebentureInterestDescription id="Tag431" contextRef="D20201231_DebenturesEighthIssueMember_IpirangaProdutosdePetroleoSAMember">97.1% of DI</ugp:DebentureInterestDescription>
  <ugp:EffectiveRateOfTransactionCosts id="Tag432" contextRef="D20191231_ForeignLoansMember" unitRef="Pure" decimals="2">0</ugp:EffectiveRateOfTransactionCosts>
  <ugp:LoanMaturityDate id="Tag433" contextRef="D20201231_Loan22Member">2020</ugp:LoanMaturityDate>
  <ugp:ForeignLoanMaturityAmount id="Tag434" contextRef="D20201231_ChargesMember_IpirangaProdutosdePetroleoSAMember_ForeignLoansMember" unitRef="BRL" decimals="-3">87703000</ugp:ForeignLoanMaturityAmount>
  <ugp:LoanIndexCurrency id="Tag435" contextRef="D20201231_Loan2Member">US$</ugp:LoanIndexCurrency>
  <ugp:IntangibleAssets id="Tag436" contextRef="I20171231_IntangibleAssetsCostMember" unitRef="BRL" decimals="-3">2876574000</ugp:IntangibleAssets>
  <ifrs-full:RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019 id="Tag437" contextRef="D20191231_IntangibleAssetsCostMember_DistributionRightsAssetMember">P6Y</ifrs-full:RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019>
  <ugp:AverageCostInPercentageOfCdi id="Tag438" contextRef="D20201231_ForeignLoansMember_IpirangaProdutosdePetroleoSAMember" unitRef="Pure" decimals="3">1.041</ugp:AverageCostInPercentageOfCdi>
  <ugp:IndirectControlInterestPercentage id="Tag439" contextRef="D20191231_OxitenoMexicoSADeCVMember" unitRef="Pure" decimals="2">1.00</ugp:IndirectControlInterestPercentage>
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  <ugp:DisclosureOfOperationsExplanatory id="Tag857" contextRef="D20201231_3">&lt;div&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;h1 style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 12pt;"&gt;&lt;font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;" class="selected"&gt;&lt;font style="border-left: none; border-right: none;"&gt;1&lt;/font&gt;. Operations&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/h1&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 10pt; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ultrapar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Participa&amp;#231;&amp;#245;es&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; S.A. (&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ultrapar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8221; or &amp;#8220;Company&amp;#8221;) is a publicly-traded company headquartered at the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Brigadeiro&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Luis Ant&amp;#244;nio Avenue, &lt;font&gt;1343&lt;/font&gt; in the city of S&amp;#227;o Paulo &amp;#8211; SP, Brazil, listed on B&lt;font&gt;3&lt;/font&gt; S.A. &amp;#8211; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Brasil&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, Bolsa, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Balc&amp;#227;o&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&amp;#8220;B&lt;font&gt;3&lt;/font&gt;&amp;#8221;), in the Novo Mercado listing segment under the ticker &amp;#8220;UGPA&lt;font&gt;3&lt;/font&gt;&amp;#8221; and on the New York Stock Exchange (&amp;#8220;NYSE&amp;#8221;) in the form of level III American Depositary Receipts (&amp;#8220;ADRs&amp;#8221;) under the ticker &amp;#8220;UGP&amp;#8221;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Company engages in the investment of its own capital in services, commercial, and industrial activities, through the subscription or acquisition of shares of other companies. Through its subsidiaries, it operates in the segments of liquefied petroleum gas - LPG distribution (&amp;#8220;Ultragaz&amp;#8221;), fuel distribution and related businesses (&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ipiranga&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8221;), production and marketing of chemicals (&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8221;), and storage services for liquid bulk (&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ultracargo&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8221;) and retail distribution of pharmaceutical, hygiene, beauty, and skincare products (&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Extrafarma&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8221;). &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The information about segments are disclosed in Note &lt;font&gt;32&lt;/font&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;" class="selected"&gt;a. Clarifications on the impacts of COVID-&lt;font&gt;19&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The World Health Organization (&amp;#8220;WHO&amp;#8221;) declared a coronavirus pandemic (COVID-&lt;font&gt;19&lt;/font&gt;) on March 11, 2020. To contain a spread of the virus in Brazil, the Ministry of Health (&amp;#8220;MH&amp;#8221;) and the state governments announced several actions to reduce the agglomeration and movement of people, including the closing of commerce, parks and common areas. In this context, the Company created a Crisis Committee to keep up with it and monitor the main risks and adopt preventive and emergency measures to reduce the pandemic effects.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Since the beginning of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;coronavirus pandemic&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, the Company and its subsidiaries &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;acted&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;n numerous initiatives to ensure the safety&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and security&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of its employees&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the stability and continuity of its operations and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;partners, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the financial solidity of the Company. All the activities of the companies controlled by the Company are classified as essential in the context of the measures adopted to face the pandemic.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Company and its subsidiaries quickly adopted the work at home (expressed by home office) for the administrative public, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;with&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; all the necessary support for the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;operational continuity&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. In addition to basic safety concerns with employees, companies &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;implemented&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; several initiatives aimed at welfare, such as virtual meetings, psychological support and concern for ergonomics, following &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; principle of valuing people.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Through a multidisciplinary committee, a plan for the gradual resumption of employees from administrative areas to offices was structured &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and included the adoption of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; numerous preventive measures and intensification of cleaning and safety, according to the guidelines of the state governments and municipal&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and health entities&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;For the purpose to preserve &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;job positions&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and mitigate the impacts of the crisis, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the Company and its subsidiaries &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;made use of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; resources made available by the government, such as reduced working hours and/or wages, suspension of contracts and reorganization of the vacation plan, as required.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The emergency measures and speed in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;answer&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; to the first effects of the crisis, as well as initiatives to support the supply chain, were effective &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;to keep&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the activities of the subsidiaries in operation, ensuring the delivery of essential services to the population and preserving the health &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and security &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of employees&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and partners&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;

&lt;p style="margin: 0pt 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; * background-color: #ffffff; * text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Uncertainty remains to what extent the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;financial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;information&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, after&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, 2020, may &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;be affected by the commercial, operational and financial impacts of the pandemic, because it will depend on its duration and the impacts on economic activities, as well as government, business in response to the crisis. In this context, some financial risk assessments, projections and impairment tests, in connection with the preparation of th&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ese&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;financial statements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, may be impacted by the pandemic, and may adversely affect the financial position of the Company and its subsidiaries.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; font-size: 10pt;"&gt;Operational impacts&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The implemented measures of social isolation&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;restrictions on the movement of people and the operation of certain businesses significantly impacted economic activity in Brazil.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ultragaz presented &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in the second quarter &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;a redu&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;c&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;tion in the volume sold in the bulk segment, because &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the lower demand from industries and small and medium-sized companies, that were directly impacted by the social isolation measures. However, this effect was compensated by the increase in sales in the bottled segment, due to the higher demand for LPG for residential use. In terms of costs and expenses, Ultragaz incurred additional freight expenses, due to the need to remove LPG on more distant supply bases, protection materials and temporary workers, in addition to numerous donations to hospitals focused in the pandemic and needy communities.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;There was no record of an increase in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;clients&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; payment &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;defaults in the period.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;In&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;third and fourth quarters&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, Ultragaz had a recovery in volume in the bulk segment, due the resumption of the industry, while sales in the bottled segment continued gradually returning to pre-pandemic levels.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;At Ultracargo no relevant operating impacts due to the pandemic were noted. Ultracargo provided support to the Pernambuco Solid&amp;#225;rio (solidarity) campaign against COVID-19, lead by Associa&amp;#231;&amp;#227;o Incubadora Porto Social and the state government, and donated hospital equipment and beds in the states of Maranh&amp;#227;o and Par&amp;#225;. Ultracargo also donated &lt;font&gt;3&lt;/font&gt; thousand basic baskets of goods to local communities nearby its &lt;font&gt;six&lt;/font&gt; port terminals.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;At &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, the paint, automotive and oil &amp;amp; gas industries suffered a retraction in demand&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in the second quarter of 2020&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, an effect that was partially compensated by the higher sales volume in the Home &amp;amp; Personal Care and Crop Solutions segments. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;In the third quarter, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;had&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; a recovery in sales volume for the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; automotive fluids,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; paint and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;varnishes&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, with maintenance of increasing volumes for the hygiene and beauty sector.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;In the fourth quarter of 2020, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno's&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; volume was practically in line with the third quarter. In addition, the US&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;A&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; unit continued to ramp-up, contributing to the increase in sales volume in the period and the recovery of the company's profitability.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;

&lt;p style="margin: 0pt 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; * background-color: #ffffff; * text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ipiranga&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; was the business most impacted by the crisis due to the measures &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;for&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;isolation and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;social distanc&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ing&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. In April, volumes sold for the &lt;font&gt;Otto&lt;/font&gt; cycle and diesel registered a reduction of &lt;font&gt;37&lt;/font&gt;% (unaudited) and &lt;font&gt;17&lt;/font&gt;% (unaudited), respectively, compared to the same period of the last year. In May and June of 2020, volumes sold improved gradually compared to April. In addition, the volatility in the prices of oil and oil products since the end of March, combined with &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;fall in the price of ethanol in April, caused inventories losses in the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;second &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;quarter. To mitigate these effects, the company&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; acted promptly with&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; initiatives to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;retain&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; cash and reduce expenses in several areas, which made it possible to reduce general, administrative and sales expenses.&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;In the third quarter of 2020, the Company&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;is observed&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; a gradual evolution in the volumes sold of fuels over the quarter and an improvement in the operating environment&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;In the fourth quarter, the volume sold was &lt;font&gt;5&lt;/font&gt;% (unaudited) higher than the third quarter, with an &lt;font&gt;18&lt;/font&gt;% (unaudited) growth in the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;Otto&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; cycle, as a result of the gradual recovery over the months, offset by the &lt;font&gt;5&lt;/font&gt;% (unaudited) reduction in diesel.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;Extrafarma&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; recorded a &lt;font&gt;3&lt;/font&gt;% decrease in sales&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, mainly due to the temporary closure of brick-and-mortar drugstores located in shopping centers and reduced costumer&amp;#8217;s flow at the drugstores that remained open. To oppose this effect, sales were implemented through alternative delivery channels and partnerships with delivery applications. In addition, the extension of Provisional Measure &lt;font&gt;936&lt;/font&gt; by the government, involving the suspension of labor contracts and temporary reduction in wages.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;In the third quarter of 2020, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Extrafarma&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; reopen&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ed the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; stores located in malls, contributing to an increase in revenue and cost dilution&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;compared to the second quarter. During the fourth quarter, stores located in malls remained with a flow of people below the pre-pandemic period&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; font-size: 10pt;"&gt;Main risks and associated measures&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Credit risk - the subsidiary &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ipiranga&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; implemented a help package for &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ipiranga&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; resellers, including anticipation of sales credits through the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Abastece&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;A&amp;#237;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; application, postponement of lease and financing payments and temporary suspension of volume performance clauses. These actions soft&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;e&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ned the impacts of the pandemic on &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ipiranga&amp;#8217;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; clients' financial condition and, consequently, mitigated its potential effects on &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ipiranga's&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; default rates&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, that&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; remained at the same levels as &lt;font&gt;2019&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. The effects of expected losses on doubtful accounts &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of quarter &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ended &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;2020&lt;/font&gt; are disclosed in Notes &lt;font&gt;5&lt;/font&gt; and &lt;font&gt;33&lt;/font&gt;.d.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Risk of impairment and intangible assets of indefinite useful life - the Company &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and its subsidiaries &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;reviewed the projections used in impairment tests and assets allocated to cash generation units, considering the current impacts of the pandemic. The&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; impairment&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;tests &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;did not &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;indicate &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the need &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;to&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; recogni&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ze&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; a provision for losses as of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;2020&lt;/font&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Risk of realization of deferred tax assets - the Company &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and its subsidiaries realized &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;technical feasibility study of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the constitution and realization of deferred tax credits, considering the current projections &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;approved by the Board of Directors &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;for each business segment &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;nd did not identify the need for write-offs for the period ended on &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;2020&lt;/font&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Risks in financial instruments - the increase in volatility in financial markets may impact financial results according to sensitivity analyzes presented in Note &lt;font&gt;33&lt;/font&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Liquidity risk &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8211;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;w&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ith the objective &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;to strengthen the Company's liquidity and cash position, in view of the uncertainty generated by the pandemic, at the end of March and start April 2020, the Company and the subsidiary IPP obtained R$ &lt;font&gt;1.5&lt;/font&gt; billion in new financing maturing in &lt;font&gt;one&lt;/font&gt; year. Of this total, R$ &lt;font&gt;1.3&lt;/font&gt; billion was obtained through the issuance of promissory notes with credit in April&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 2020&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of w&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;hich&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; R$ &lt;font&gt;0.3&lt;/font&gt; billion was &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;paid &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in advance in November 2020&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. In addition, as a measure of cash containment, the Company announced in April a reduction of approximately &lt;font&gt;30&lt;/font&gt;% in its investment plan for &lt;font&gt;2020&lt;/font&gt; and in August, the management opted to not pay interim dividends for the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;year of &lt;font&gt;2020&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. As stated in the Bylaws, the minimum mandatory dividends will be paid after the disclosure of the year's results.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;

&lt;p style="margin: 0pt 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; * background-color: #ffffff; * text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;In July 2020, the Company reopened bonds issued on the market maturing in &lt;font&gt;2029&lt;/font&gt; and raised US$ &lt;font&gt;350&lt;/font&gt; million with a coupon of &lt;font&gt;5.25&lt;/font&gt;% per year. The proceeds &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;were&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; used to pay debts maturing in the short term, allowing the Company's debt profile to be lengthened, in addition to strengthening its cash position.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;/div&gt;</ugp:DisclosureOfOperationsExplanatory>
  <ifrs-full:GainsLossesOnHedgesOfNetInvestmentsInForeignOperationsBeforeTax id="Tag858" contextRef="D20201231_3" unitRef="BRL" decimals="-3">30928000</ifrs-full:GainsLossesOnHedgesOfNetInvestmentsInForeignOperationsBeforeTax>
  <ifrs-full:DescriptionOfFunctionalCurrency id="Tag859" contextRef="D20201231_OxitenoUSAMember">U.S. Dollar</ifrs-full:DescriptionOfFunctionalCurrency>
  <ugp:OperatingLeaseCommitments id="Tag860" contextRef="I20201231_LeaseLiabilitiesMember" unitRef="BRL" decimals="-3">1540994000</ugp:OperatingLeaseCommitments>
  <ugp:TranslationAdjustments id="Tag861" contextRef="I20201231" unitRef="BRL" decimals="-3">231596000</ugp:TranslationAdjustments>
  <ifrs-full:CurrentLeaseLiabilities id="Tag862" contextRef="I20191231_IFRS16Member_FinancialEffectOfChangesInAccountingPolicyMember" unitRef="BRL" decimals="-3">13827000</ifrs-full:CurrentLeaseLiabilities>
  <ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory id="Tag863" contextRef="D20201231_3">&lt;div&gt;
&lt;div style="font-family: 'times new roman', times; font-size: 10pt;"&gt;
&lt;h1 style="margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 12pt;"&gt;&lt;font&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;2. Presentation &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;f&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;inancial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ummary &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ignificant &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ccounting &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;p&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;olicies &lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/h1&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The consolidated &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;financial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&amp;#8220;financial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8221;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;were prepared&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in accordance with &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;International &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Financial Reporting&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Standard&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;IFRS&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8221;) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;issued by the International Accounting Standards Board (&amp;#8220;IASB&amp;#8221;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The presentation currency of the Company&amp;#8217;s &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;financial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;is the Brazilian Real (&amp;#8220;R$&amp;#8221;), which is the Company&amp;#8217;s functional currency.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Company and its subsidiaries applied the accounting policies described below in a consistent manner for all years presented in these financial statements, except for the adoption of IFRS &lt;font&gt;16&lt;/font&gt; as of January 1, 2019 as described in Note &lt;font&gt;2&lt;/font&gt;.h.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;a. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Recognition of revenue&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Revenue&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of sales and services&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;rendered is measured at the value of the consideration that the Company's subsidiaries expect to be entitled to, net of sales returns, discounts&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; amortization of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;contractual assets with customers &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and other deduction&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, if applicable, being recognized as the entity fulfills its performance obligation&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and freight mode of delivery&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;At &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ipiranga&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, the r&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;evenue from sales of fuels and lubricants is recognized when the products are delivered to gas stations and to large consumers. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;At Ultragaz, r&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;evenue from sales &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of LPG &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;is recognized when the products are delivered to customers at home, to independent dealers and to industrial and commercial customers. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;At &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Extrafarma&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, the r&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;evenue from sales of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; pharmaceutical&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; is recognized when the products are delivered to end &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;user &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;customers&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in own drugstores and when the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; products&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; are delivered to independent resellers. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;At &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, the r&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;evenue &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;from sales &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of chemical products is recognized when the products are delivered to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;industrial&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; customers. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;At &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ultracargo&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he revenue provided &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;from &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;storage services is recognized &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;services&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; are performed&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. The &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;breakdown&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of revenue&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; from&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; sales and services&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;are&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; shown in N&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ote&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;6&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and &lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Amortization of contract&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ual&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; assets&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; with customers&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; for the exclusive rights in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ipiranga&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8217;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;reseller service stations &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and the bonus&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;es paid in performance obligation sales&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; are recognized &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in the income statement &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as a &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;d&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;eduction of the revenue &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;from sale &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ccord&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ing to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the conditions established in the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;agreements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;whic&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;h is &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;reviewed as &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;per the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;changes &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;occurred &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the agreements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(see Notes &lt;font&gt;2&lt;/font&gt;.f and &lt;font&gt;11&lt;/font&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The am/pm franchising upfront fee received by &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ipiranga&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; is deferred and recognized in profit or loss as the entity fulfills each performance obligation throughout the terms of the agreements with the franchisees. For more information, see Note &lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.a.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Deferred revenue from loyalty program is recognized in the income statement when the points are redeemed, on which occasion the costs incurred are also recognized in profit or loss. Deferred revenue of unredeemed points is also recognized in profit or loss when points expire. For more information, see Note &lt;font&gt;23&lt;/font&gt;.b.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Costs of products &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;sold&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and services provided include goods (mainly fuels&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;lubricants&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; LPG&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and pharmaceutical&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; products&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;), raw materials (chemicals and petrochemicals) and production, distribution, storage&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;fulfillment&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; costs.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Exchange variations and the results of derivative financial instruments are presented in the statement of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;profit and loss&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;on&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; finance expenses.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Research and development expenses are recognized in the statements of profit or loss &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in general and administrative&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; expenses&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and amounted to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;R$ &lt;font&gt;63,746&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2020&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;R$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;61,589&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2019&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;R$ &lt;font&gt;63,085&lt;/font&gt; in &lt;font&gt;2018&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;).&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin: 0px; line-height: 115%; font-size: 11pt; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;b. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Cash and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;c&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ash &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;e&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;quivalents&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Include&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; cash, banks deposits&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and short-term up to &lt;font&gt;90&lt;/font&gt; days of maturity,&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;highly&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;liquid investments that are readily convertible into a known amount of cash and are subject to an insignificant risk of change in value. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;F&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;or further &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;information&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;on cash and cash equivalents of the Company and its subsidiaries&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, see Note &lt;font&gt;4&lt;/font&gt;.a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="font-family: 'times new roman', times; font-size: 10pt;"&gt;
&lt;p style="margin: 0px; line-height: 115%; font-size: 11pt; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;c. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Financial assets&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he Company and its subsidiaries&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; evaluated the classification and measurement of financial assets&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;based on its business&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; model&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of financial assets&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="disc" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="margin-left: 50pt; text-align: justify; padding-left: 20pt; font-family: serif; font-size: 11pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&amp;#61623;';"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Amortized cost: financial assets held &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in order to collect&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; contractual &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;cash &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;flows, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;solely&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; principal and interest. The interest earned and the foreign currency exchange variation are recognized in profit or loss and balances are stated at acquisition cost plus the interest earned, using the effective interest rate method.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Financial&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; investments &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in guarantee of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; loans are classified as amortized cost.&lt;/font&gt;&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="disc" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="text-align: justify; font-family: serif; font-size: 11pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&amp;#61623;'; margin-left: 50pt; padding-left: 20pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Measured at fair value through other comprehensive income: financial assets that are acquired or originated for the purpose of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;collecting&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; contractual cash flows or &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;selling financial assets&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. The balances are stated at fair value, and the interest earned&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and the foreign currency exchange variation are recognized in profit or loss. Differences between fair value and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;initial amount of financial investments&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;plus the interest earned are recognized&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in equity&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in other comprehensive income in the &amp;#8220;Valuation adjustments&amp;#8221;. Accumulated gains and losses recognized in equity are reclassified to profit or loss at the time of their settlement. Substantially the financial investments in Bank Certificates&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of Deposit&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;CDB&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) and repurchase agreements are classified as measured at fair value through other comprehensive income.&lt;/font&gt;&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;div style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;div&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;div style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;div style="font-family: 'times new roman', times; font-size: 10pt;"&gt;
&lt;ul type="disc" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="text-align: justify; font-family: serif; font-size: 11pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&amp;#61623;'; margin-left: 50pt; padding-left: 20pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Measured at fair value through profit or loss: financial assets &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;that were &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;not classified as amortized cost or measured at fair value through other comprehensive income. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The b&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;alances are stated at fair value and both &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the interest&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; earned and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;exchange variations and changes in fair value are r&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ecognized&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in the income statement. Investment funds and derivative&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; are classified as measured at fair value through profit or loss.&lt;/font&gt;&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt; padding-left: 30px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp; The Company and its subsidiaries use financial instruments for hedging purposes, applying the concepts described below:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="disc" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="text-align: justify; font-family: serif; font-size: 11pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&amp;#61623;'; margin-left: 50pt; padding-left: 20pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Hedge accounting &amp;#8211; fair value hedge: financial instruments used to hedge exposure to changes in the fair value of an item, attributable to a particular risk, which can affect the entity&amp;#8217;s &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;profit or loss. In the initial designation of the fair value hedge, the relationship between the hedging instrument and the hedged item is documented, including the objectives of risk management, the strategy in conducting the transaction, and the methods to be used to evaluate its effectiveness. Once the fair value hedge has been qualified as effective, the hedge item is also measured at fair value. Gains and losses from hedge instruments and hedge items are recognized in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the statements of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;profit or loss. The hedge accounting &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;must be&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; discontinued when the hedge becomes ineffective.&lt;/font&gt;&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="disc" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="text-align: justify; font-family: serif; font-size: 11pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&amp;#61623;'; margin-left: 50pt; padding-left: 20pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Hedge accounting &amp;#8211; cash flow hedge: financial instruments used to hedge the exposure to variability in cash flows that is attributable to a risk associated with an asset or liability or highly probable transaction &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;or firm commitment &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;that may affect the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements of profit or loss&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. The portion of the gain or loss on the hedging instrument that is determined to be effective relating to the effects of exchange rate effect, is recognized directly in equity in accumulated other comprehensive income as &amp;#8220;Valuation adjustments&amp;#8221; while the ineffective portion is recognized in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the statements of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;profit or loss. Gain&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; or loss&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;es&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; on the hedging instrument relating to the effective portion of this hedge that had been recognized directly in accumulated other comprehensive income &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;shall be&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; recognized in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the statements of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;profit or loss in the period in which the hedged item is recognized in profit or loss or as initial cost of non- financial assets, in the same line of the statement that the hedged item is recognized. The hedge accounting &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;shall be&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; discontinued when (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the hedging relationship&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; is canceled&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;; (ii) the hedging instrument expires; and (iii) the hedging instrument no longer qualifies for hedge accounting. When hedge accounting is discontinued, gains and losses recognized &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in equity&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in other comprehensive income are reclassified to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the statements of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;profit or loss in the period which the hedged item is recognized in profit or loss. If the transaction hedged is canceled or is not expected to occur, the cumulative gains and losses &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in equity&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in other comprehensive income &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;shall be&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; recognized immediately in profit or loss.&lt;/font&gt;&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="disc" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="text-align: justify; font-family: serif; font-size: 11pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&amp;#61623;'; margin-left: 50pt; padding-left: 20pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Hedge accounting &amp;#8211;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;hedge of net investments in foreign operation: financial instruments used to hedge exposure on net investments in foreign subsidiaries &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;due to the fact that&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the local functional currency is different from the functional currency of the Company. The portion of the gain or loss on the hedging instrument that is determined to be effective, referring to the exchange rate effect, is recognized directly in equity in accumulated other comprehensive income as cumulative translation adjustments, while the ineffective portion and the operating costs are recognized in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the statements of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;profit or loss. The gain or loss on the hedging instrument that has been recognized directly in accumulated other comprehensive income &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;shall be&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; recognized in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the statements of profit or loss&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;when the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;disposal of the foreign &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;subsidiary occur&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;For further &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;information on &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;financial instruments, see Note &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;div style="font-family: 'times new roman', times; font-size: 10pt;"&gt;
&lt;div&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;d. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Trade receivables and reseller financing&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Trade receivables are recognized at the amount invoiced&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; to the counterparty that the Company subsidiaries are entitled&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(see Notes &lt;font&gt;5&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and &lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.d.&lt;font&gt;3&lt;/font&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;expected&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; losses take into account, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;at the initial recognition of the contract, the expect&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ed&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; losses for the next &lt;font&gt;12&lt;/font&gt; months &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;or&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(ii) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;for &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the life&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;time&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of the contract &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;when&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the deterioration or improvement of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;customers&amp;#8217; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;credit quality&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, considering the customers&amp;#8217; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;characteristics in each business segment&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; The amount&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;expected&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;credit losses&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;is deemed by management to be &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;sufficient&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; to cover any loss on realization of trade receivables.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Reseller financing is provided at subsidized rate for renovation and upgrading of service stations, purchase of products and development of the automotive fuels and lubricants distribution market&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (see Notes &lt;font&gt;5&lt;/font&gt;.b and &lt;font&gt;33&lt;/font&gt;.d.&lt;font&gt;3&lt;/font&gt;).&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; The terms of reseller financing range between &lt;font&gt;12&lt;/font&gt; and &lt;font&gt;60&lt;/font&gt; months, with an average term of &lt;font&gt;40&lt;/font&gt; months. The minimum and maximum &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;subsisted&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; interest rates are &lt;font&gt;0&lt;/font&gt;% per month and &lt;font&gt;1&lt;/font&gt;% per month respectively. These financing are remeasured at a market rate for working capital loans and the remeasurement adjus&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ment between the market rate and the rate subsidized is recognized as a reduction to the reseller&amp;#8217;s revenue at the beginning of the contract. Throughout the contract, the interest appropriated by the market rate is recognized to the financial result.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 10pt; line-height: 115%; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;e. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Inventories&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Inventories are stated at the lower of acquisition cost or net realizable value&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (see Note &lt;font&gt;6&lt;/font&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. The cost value of inventory is measured using the weighted average cost and includes the costs of acquisition and processing directly &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and indirectly &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;related to the units produced based on the normal capacity of production. Estimates of net realizable value are based on the average selling prices at the end of the reporting period, net of applicable direct selling expenses. Subsequent events related to the fluctuation of prices and costs are also considered, if relevant. If net realizable values are below inventory costs, a provision corresponding to this difference is recognized. Provisions are also made for obsolescence of products, materials&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; or supplies that (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) do not meet its subsidiaries&amp;#8217; specifications, (ii) have exceeded their expiration date&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; or (iii) are considered slow-moving inventory. This classification is made by management with the support of its industrial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and operation&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;team&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;f. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Contractual assets with customers &amp;#8211; exclusive rights&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Exclusive rights disbursements as provided in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ipiranga&amp;#8217;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; agreements with reseller service stations and major consumers are recognized as &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;contractual assets&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; when paid and amortized according to the conditions established in the agreements (see Note &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2&lt;/font&gt;.a and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;11&lt;/font&gt;).&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;g. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Investments&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Investments in associates and joint ventures are accounted for under the equity method of accounting in the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;financial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (see Note &lt;font&gt;12&lt;/font&gt; items a and b). An associate is an investment, in which an investor has significant influence, that is, has the power to participate in the financial and operating decisions of the investee but does not exercise control. A joint venture is an investment in which the shareholders have the right to net assets on behalf of a joint control. Joint control is the agreement, which establish that decisions about the relevant activities of the investee require the consent from the parties that share control.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Other investments are stated at acquisition cost less provision for losses, unless the loss is considered temporary.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;h. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Right-of-use assets and leases payable&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Company and its &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;subsidiaries recognized in the financial position, a right-of-use assets and the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;respective lease&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; liabilities&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;initially measured at the present value of future lease payments, considering the related contract costs (see Note &lt;font&gt;13&lt;/font&gt;). &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The amortization expenses of right-of-use assets is recognized in statement of profit or loss &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;over the lease contract term&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The liability is increased for interest and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;decreased by lease&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; payments&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; made&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. The &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;interests&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; are recognized in the statement of profit or loss using the effective interest rate method.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The remeasurement of assets and liabilities based on the contractual index is recognized in the financial position, not having an effect in the result. In case of cancellation of the contract, the assets and respective liabilities are written off to the result&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, considering, if it is the case, any penalties provided in contractual clauses.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Company and its subsidiaries have no intention &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; purchasing the underlying asset. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Company and its subsidiaries &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;periodically &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;review the existence of an indication that the righ&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;t-of-use assets may &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;be impaired&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (see &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;N&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ote &lt;font&gt;2&lt;/font&gt;.u).&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Right-of-use assets include amo&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;u&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;nts related to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;area port leases&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; grants (see Note &lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;4&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.c)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify; font-size: 11pt; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;The &lt;/font&gt;&lt;font&gt;Company and its &lt;/font&gt;&lt;font&gt;subsidiaries &lt;/font&gt;&lt;font&gt;apply &lt;/font&gt;&lt;font&gt;the &lt;/font&gt;&lt;font&gt;recognition&amp;nbsp;&lt;/font&gt;&lt;font&gt;exemptions &lt;/font&gt;&lt;font&gt;to &lt;/font&gt;&lt;font&gt;short-term leases of &lt;font&gt;12&lt;/font&gt; months or less, and leases of low amount assets such. In these cases, the recognition of the lease expense in the statements of profit or loss is on a straight-line basis.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-indent: 0px; text-align: justify;"&gt;&lt;font style="font-size: 10pt;"&gt;The following standards, amendments, and interpretations to IFRS were issued by the IASB, which are effective as of January 1, 2019:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-indent: 0px; text-align: justify;"&gt;&lt;font style="font-size: 10pt;"&gt;IFRS &lt;font&gt;16&lt;/font&gt; - Lease:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-indent: 0px; text-align: justify;"&gt;&lt;font style="font-size: 10pt;"&gt;With the adoption of IFRS &lt;font&gt;16&lt;/font&gt;, the leases contracted by the Company&amp;#8217;s subsidiaries, identified and effective at the date of transition and with maturities of more than &lt;font&gt;12&lt;/font&gt; months, were accounted in the financial statements:&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-indent: 0px; text-align: justify;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;nbsp;- recognition of right-of-use assets and lease liabilities in financial position, initially measured at the present value of future lease payments; and&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-indent: 0px; text-align: justify;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;nbsp;- recognition of amortization expenses of right-of-use assets and interest expenses on the lease payable in the financial result in the statements of profits or loss.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-indent: 0px; text-align: justify;"&gt;&lt;font style="font-size: 10pt;"&gt;The Company selected as transition method the modified retrospective approach, with the cumulative effect of initial application of this new pronouncement recorded as an adjustment to the opening balance of equity and without restatement of comparative periods.&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-indent: 0px; text-align: justify;"&gt;&lt;font style="font-size: 10pt;"&gt;In the analysis of the adoption, the Company&amp;#8217;s management, with the assistance of specialized consulting, carried out the inventory of the contracts, evaluating whether or not each agreement contains a lease in accordance with IFRS &lt;font&gt;16&lt;/font&gt;. This analysis identified impacts mainly related to the lease of properties from third parties, port areas and lower amounts arising from other operations where the existence of leased assets individually or combined in service contracts was identified.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-indent: 0px; text-align: justify;"&gt;&lt;font style="font-size: 10pt;"&gt;As allowed in the standard, short-term leases with a term of &lt;font&gt;12&lt;/font&gt; months or less, variable amounts, indefinite term and leases of low amount assets such as computers and office furniture, are recognized as lease expenses on a straight-line basis in profit or loss.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; font-size: 11pt; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;In addition, the following practical expedients were used to transition to new lease accounting requirements:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8226; application of the IFRS &lt;font&gt;16&lt;/font&gt; to all contracts initiated before January 1, 2019 that were identified as leases in accordance with IAS &lt;font&gt;7&lt;/font&gt; and IFRIC &lt;font&gt;4&lt;/font&gt;;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8226; use of discount rate according to the lease term and similar characteristics;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8226; contracts with a term up to &lt;font&gt;12&lt;/font&gt; months from the date of the initial adoption of the standard or less;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8226; exclusion of the initial direct costs of the measurement of the opening balance from right-of-use asset; and&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8226; options for extension of the term or termination were considered, when applicable.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The table below summarizes the effects on the initial adoption of the IFRS &lt;font&gt;16&lt;/font&gt;:&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div align="center"&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" width="50%" style="height: 141px; border-collapse: collapse; margin: 0px; width: 50%; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt; margin-left: 0.1px;"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px; width: 80.0312%;"&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;&lt;font lang="PT-BR" style="color: #000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px; width: 2.02808%;"&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&lt;font lang="PT-BR" style="color: #000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px; width: 15.7566%;"&gt;
&lt;p align="center" style="margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&lt;font lang="PT-BR" style="color: #000000;"&gt;&lt;font style="font-size: 8pt;"&gt;01/01/2019&lt;/font&gt;&lt;/font&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2.02809%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="background: #cceeff; padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px; width: 80.0312%;"&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;&lt;font lang="PT-BR" style="color: #000000;"&gt;Current assets&lt;/font&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background: #cceeff; padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px; width: 2.02808%;"&gt;&lt;/td&gt;
&lt;td valign="top" style="background: #cceeff; padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px; width: 15.7566%;"&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background: #cceeff; padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2.02809%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11px;"&gt;
&lt;td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 80.0312%;"&gt;
&lt;p style="text-indent: 0px; margin: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 30px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: black; font-family: 'times new roman', times;"&gt; Prepaid expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 2.02808%;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 15.7566%;"&gt;
&lt;p align="right" style="text-align: right; text-indent: 0px; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; (&lt;font&gt;39,066&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2.02809%;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11px; background-color: #cceeff;"&gt;
&lt;td style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 80.0312%;"&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;&lt;font lang="PT-BR" style="color: #000000;"&gt;Non-current assets&lt;/font&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 2.02808%;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;&lt;font lang="PT-BR" style="color: #000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 15.7566%;"&gt;
&lt;p align="right" style="text-align: right; text-indent: 0px; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background: #cceeff; padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2.02809%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11px;"&gt;
&lt;td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 80.0312%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 30px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; Prepaid expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 2.02808%;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 15.7566%;"&gt;
&lt;p align="right" style="text-align: right; text-indent: 0px; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; (&lt;font&gt;288,630&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2.02809%;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11px; background-color: #cceeff;"&gt;
&lt;td style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 80.0312%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 30px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; Right-of-use assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 2.02808%;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 15.7566%;"&gt;
&lt;p align="right" style="text-align: right; text-indent: 0px; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &lt;font&gt;1,731,427&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background: #cceeff; padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2.02809%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11px;"&gt;
&lt;td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 80.0312%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 30px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; Intangible assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 2.02808%;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 15.7566%;"&gt;
&lt;p align="right" style="text-align: right; text-indent: 0px; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; (&lt;font&gt;39,928&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2.02809%;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11px; background-color: #cceeff;"&gt;
&lt;td style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 80.0312%;"&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;&lt;font lang="PT-BR" style="color: #000000;"&gt;Total assets&lt;/font&gt;&lt;/b&gt;&lt;font lang="PT-BR" style="color: #000000;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 2.02808%;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="border-right: none; border-left: none; border-image: initial; background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; width: 15.7566%;"&gt;
&lt;p align="right" style="text-align: right; text-indent: 0px; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &lt;font&gt;1,363,803&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-right: none; border-left: none; border-image: initial; background: #cceeff; padding: 0in 0px; margin: 0px; text-indent: 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; width: 2.02809%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11px;"&gt;
&lt;td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 80.0312%;"&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;&lt;font lang="PT-BR" style="color: #000000;"&gt;Current liabilities&lt;/font&gt;&lt;/b&gt;&lt;font lang="PT-BR" style="color: black;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 2.02808%;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 15.7566%;"&gt;
&lt;p align="right" style="text-align: right; text-indent: 0px; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2.02809%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11px; background-color: #cceeff;"&gt;
&lt;td style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 80.0312%;"&gt;
&lt;p style="text-indent: 0px; margin: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 30px; padding-right: 0px;"&gt;&lt;font&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: black; font-family: 'times new roman', times;"&gt; Leases payable &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 2.02808%;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 15.7566%;"&gt;
&lt;p align="right" style="text-align: right; text-indent: 0px; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &lt;font&gt;13,827&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background: #cceeff; padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2.02809%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11px;"&gt;
&lt;td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 80.0312%;"&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;&lt;font lang="PT-BR" style="color: #000000;"&gt;Non-current liabilities&lt;/font&gt;&lt;/b&gt;&lt;font lang="PT-BR" style="color: black;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 2.02808%;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 15.7566%;"&gt;
&lt;p align="right" style="text-align: right; text-indent: 0px; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2.02809%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11px; background-color: #cceeff;"&gt;
&lt;td style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 80.0312%;"&gt;
&lt;p style="text-indent: 0px; margin: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 30px; padding-right: 0px;"&gt;&lt;font&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: black; font-family: 'times new roman', times;" class="selected"&gt; Leases payable &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 2.02808%;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 15.7566%;"&gt;
&lt;p align="right" style="text-align: right; text-indent: 0px; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &lt;font&gt;1,349,976&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background: #cceeff; padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2.02809%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11px;"&gt;
&lt;td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 80.0312%;"&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;&lt;font lang="PT-BR" style="color: #000000;"&gt;Total liabilities&lt;/font&gt;&lt;/b&gt;&lt;font lang="PT-BR" style="color: #000000;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 2.02808%;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="border-right: none; border-left: none; border-image: initial; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; width: 15.7566%;"&gt;
&lt;p align="right" style="text-align: right; text-indent: 0px; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &lt;font&gt;1,363,803&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-right: none; border-left: none; border-image: initial; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; margin: 0px; text-indent: 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; width: 2.02809%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;div style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;To measurement, the Company used an incremental discount rate, ranging between &lt;font&gt;4.81&lt;/font&gt;% p.a. and &lt;font&gt;11.04&lt;/font&gt;% p.a., according to the terms of the contracts, and estimated the payment flows for the gross portion of taxes.&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The table below summarizes the reconciliation of the operating lease commitments to leases payable:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" width="80%" style="height: 105px; width: 80%; border-collapse: collapse; margin: 0px 0px 0px 0.1px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt; margin-left: 0.1px;"&gt;

&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td width="463" nowrap="nowrap" valign="bottom" style="width: 87.5761%; padding: 0px 0px 0px 15px; height: 15px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; Operating lease commitments as of December 31, 2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td width="67" nowrap="nowrap" valign="bottom" style="width: 10.9269%; padding: 0in 0px; height: 15px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; font-family: 'times new roman', times;"&gt; &lt;font&gt;1,540,994&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.37522%; padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td width="463" nowrap="nowrap" valign="bottom" style="width: 87.5761%; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px 0px 0px 15px; height: 15px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; Discounted using the incremental borrowing rate on January 1, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td width="67" nowrap="nowrap" valign="bottom" style="width: 10.9269%; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 15px; margin: 0px; text-indent: 0px;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; font-family: 'times new roman', times;"&gt; (&lt;font&gt;177,707&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.37522%; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td width="463" nowrap="nowrap" valign="bottom" style="width: 87.5761%; padding: 0px 0px 0px 15px; height: 15px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; Finance lease liabilities recognised as of December 31, 2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td width="67" nowrap="nowrap" valign="bottom" style="width: 10.9269%; padding: 0in 0px; height: 15px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; font-family: 'times new roman', times;"&gt; &lt;font&gt;46,066&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.37522%; padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td width="463" nowrap="nowrap" valign="bottom" style="width: 87.5761%; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px 0px 0px 15px; height: 15px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; (-) Recognition exemption for leases of low amount assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td width="67" nowrap="nowrap" valign="bottom" style="width: 10.9269%; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 15px; margin: 0px; text-indent: 0px;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; font-family: 'times new roman', times;"&gt; (&lt;font&gt;33,893&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.37522%; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td width="463" nowrap="nowrap" valign="bottom" style="width: 87.5761%; padding: 0px 0px 0px 15px; height: 15px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; (-) Recognition exemption for leases with less than &lt;font&gt;12&lt;/font&gt; months of lease term at transition &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td width="67" nowrap="nowrap" valign="bottom" style="width: 10.9269%; padding: 0in 0px; height: 15px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; font-family: 'times new roman', times;"&gt; (&lt;font&gt;11,657&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.37522%; padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td width="463" nowrap="nowrap" valign="bottom" style="width: 87.5761%; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px 0px 0px 15px; height: 15px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; (-) Extension options reasonably certain to be exercised &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td width="67" nowrap="nowrap" valign="bottom" style="width: 10.9269%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 15px; margin: 0px; text-indent: 0px;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.37522%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td width="463" nowrap="nowrap" valign="bottom" style="width: 87.5761%; padding: 0px 0px 0px 15px; height: 15px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; Leases payable recognised on January 1, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td width="67" nowrap="nowrap" valign="bottom" style="width: 10.9269%; padding: 0in 0px; height: 15px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; font-family: 'times new roman', times;"&gt; &lt;font&gt;1,363,803&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.37522%; padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Property, plant, and equipment&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Property, plant&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and equipment &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&amp;#8220;PP&amp;amp;E&amp;#8221;) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;is recognized at acquisition or construction cost, including financial charges incurred on &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;PP&amp;amp;E&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; under construction, as well as &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;qualifying&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;maintenance costs resulting from scheduled plant outages and estimated costs to remove, to decommission&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; or to restore assets (see Note&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s &lt;font&gt;2&lt;/font&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;n&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;less &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;accumulated depreciation and, when applicable, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;less&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;provision for &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;losses&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (see Note &lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;4&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Depreciation is calculated using the straight-line method, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;over &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the periods mentioned in Note &lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;4&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;taking into account&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;estimated &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;useful li&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ves&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of the assets, which are reviewed annually.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Lease hold improvements are depreciated over the shorter of the lease contract term and useful life of the property.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;j. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Intangible &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ssets&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Intangible assets include assets acquired by the Company and its subsidiaries from third parties,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;are recognized&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; according to the criteria below:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="disc" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="text-align: justify; font-family: serif; font-size: 11pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&amp;#61623;'; margin-left: 50pt; padding-left: 20pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Goodwill is shown as intangible assets corresponding to the positive difference between the amount paid or payable to the seller and the fair value of the identifiable assets and liabilities assumed of the acquired entity. Goodwill is tested annually for impairment. Goodwill is allocated to the business segments, which represent the lowest level that goodwill is monitored for impairment testing purposes (see Note &lt;font&gt;15&lt;/font&gt;.a).&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="disc" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="text-align: justify; font-family: serif; font-size: 11pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&amp;#61623;'; margin-left: 50pt; padding-left: 20pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Other intangible assets acquired from third parties, such as software, technology, and commercial property rights, are measured at the total acquisition cost and amortized using straight-line method, over the periods mentioned in Note &lt;font&gt;15&lt;/font&gt;, taking into account their useful lives, which are reviewed annually.&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Company and its subsidiaries have not recognized intangible assets that were &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;generated&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; internally. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Company and its subsidiaries have goodwill and brands acquired in business combination&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, which are evaluated as intangible assets with indefinite useful life (see Note &lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;5&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; items &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;e&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;).&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;k. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Other assets&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Other assets are stated at the lower of cost and realizable value, including, if applicable, interest earned, monetary changes and changes in exchange rates incurred&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; less &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; provision&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; for loss&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;es&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and, if applicable, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;adjusted&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; to present value.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;

&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;l. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;F&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;inancial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;l&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;iabilities&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The financial liabilities include trade payables, loans, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;financing, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;debentures&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;leases&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; payable&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;derivative financial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;instruments. Financial liabilities are classified as &amp;#8220;financial liabilities at fair value through profit or loss&amp;#8221; or &amp;#8220;financial liabilities at amorti&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;z&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ed cost&amp;#8221;. The financial liabilities at fair value through profit or loss refer to derivative financial instruments&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;subscription warrants&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; - indemnification&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and financial liabilities designated as hedged items in a fair value hedge relationship upon initial recognition (see Note &lt;font&gt;2&lt;/font&gt;.c &amp;#8211; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;F&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;air &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;V&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;alue &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;H&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;edge). The financial liabilities at amorti&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;z&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ed cost are stated at the initial transaction amount plus related charges and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;net of amortization and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;transaction costs. The charges are recognized in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the statement of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;profit or loss using the effective interest rate method.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Transaction costs incurred and directly attributable to the activities necessary for contracting loans or for issuing bonds, as well as premiums and discounts upon issuance of debentures and other debt, are allocated to the instrument and amortized &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in the statement of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; profit or loss &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;taking into&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; its term,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;using the effective interest rate method&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (see Note &lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;6&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;h&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;m. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Income and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ocial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;c&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ontribution &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;axes on &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ncome&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Current and deferred income tax (&amp;#8220;IRPJ&amp;#8221;) and social contribution on net income tax (&amp;#8220;CSLL&amp;#8221;) are calculated based on their current rates&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. For the calculation of current IRPJ&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, the value of tax incentives&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;is&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; also considered&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. Taxes are recognized based on the rates of IRPJ and CSLL provided for by the laws enacted on the last day of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;financial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The current rates in Brazil are &lt;font&gt;25&lt;/font&gt;&lt;font&gt;&lt;font&gt;% for &lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;IRPJ&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;&lt;font&gt; and &lt;/font&gt;&lt;/font&gt;&lt;font&gt;9&lt;/font&gt;&lt;font&gt;&lt;font&gt;%&lt;/font&gt;&lt;/font&gt; for &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;CSLL&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;For further &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;information&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;about recognition and realization of IRPJ and CSLL, see Note &lt;font&gt;9&lt;/font&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;For purposes of disclosure, deferred tax assets were offset against the deferred tax liability, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;IRPJ&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;CSLL&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the same taxable entity and the same tax authority.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;n. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Provision for &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;sset &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;r&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;et&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;rement &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;o&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;bligation &amp;#8211; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;f&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;uel &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;anks&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The subsidiar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;y &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ipiranga&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; ha&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the legal obligation to remove &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; underground fuel tanks &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;located at&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ipiranga&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;-branded service stations after a certain period. The estimated cost of the obligation to remove these fuel tanks is recognized as a liability when &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;tanks are installed. The estimated cost is recognized in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;PP&amp;amp;E&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and depreciated over the respective useful li&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ves&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;asset&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. The amounts recognized as a liability &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;accrue inflation effect&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;using the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Amplified&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Consumer Price Index &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;IPCA&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8221;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;until the tank is removed (see Note&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;). The estimated removal cost is reviewed and updated annually or when there is significant change in its amount&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and change in the estimated cost&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; are recognized in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements of profit or loss&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;when they become known&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;o. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Provisions for &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ax, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;c&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ivil, and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;l&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;abor &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;r&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;isks&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;A provision for tax, civil and labor risks is recognized for quantifiable risks, when the chance of loss is more-likely-than-not in the opinion of management and internal and external legal counsel, and the amounts are recognized based on &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;evaluation of the outcomes of the legal proceedings (see Note &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;).&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;p. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Post-&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;e&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;mployment &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;b&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;enefits&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Post-employment benefits granted and to be granted to employees, retirees, and pensioners are based on an actuarial calculation prepared by an independent actuary&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and reviewed by management&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, using the projected unit credit method (see Note &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.b). The actuarial gains and losses are recognized in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;equity in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;cumulative &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;other comprehensive income&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in the &amp;#8220;Valuation adjustments&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;q. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Other &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;l&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;iabilities&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Other liabilities are stated at known or measurable amounts and changes in exchange rates incurred. When applicable, other liabilities are recognized at present value&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; based on interest rates that reflect the term, currency&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and risk of each transaction.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;r. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Foreign &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;c&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;urrency &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ransactions&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Foreign currency transactions carried out by the Company or its subsidiaries are remeasured into their functional currency at the exchange rate prevailing at the date of each transaction. Outstanding monetary assets and liabilities of the Company and its subsidiaries are translated using the exchange rate at the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;date&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;financial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. The effect of the difference between those exchange rates is recognized in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;financial results&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; until the conclusion of each transaction.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;div&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;s. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Basis for &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ranslation of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;f&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;inancial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;statements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt; of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;f&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;oreign &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ubsidiaries&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;s.&lt;font&gt;1&lt;/font&gt; Subsidiaries with administrative autonomy&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Assets and liabilities of the foreign subsidiaries, denominated in currencies other than Brazilian Real, which have administrative autonomy, are translated using the exchange rate at the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;date of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;financial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. Revenues and expenses are translated using the average exchange rate of each &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;year&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and equity &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;is&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; translated at the historic&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;al&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; exchange rate of each transaction affecting equity. Gains and losses resulting from changes in these foreign investments are directly recognized in equity in&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the &amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;cumulative translation adjustments&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and will be recognized in profit or loss &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;if &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and when&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;these investments are disposed of. The balance in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;cumulative &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;translation adjustments&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;on &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;was a &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;gain &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of R$ &lt;/font&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;231,596&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(gain of R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;102,427&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;on December 31, 2019&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; -&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; see Note &lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;5&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;g&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The foreign subsidiaries with functional currency different from the Company and which have administrative autonomy are listed below:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-right: auto; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.8333%;" width="100%"&gt;

&lt;tr style="height: 11.35pt;"&gt;
&lt;td style="width: 38.5321%; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; font-size: 10pt;"&gt; Subsidiary &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 32.2975%; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Functional currency &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.21971%; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 27.8672%; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Location &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 7.7pt;"&gt;
&lt;td style="width: 38.5321%; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Oxiteno M&amp;#233;xico S.A. de C.V. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 32.2975%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Mexican Peso&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.21971%; vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 27.8672%; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Mexico&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 7.15pt;"&gt;
&lt;td style="width: 38.5321%; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;Oxiteno Servicios Corporativos S.A. de C.V. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 32.2975%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Mexican Peso&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.21971%; vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 27.8672%; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Mexico&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 7.35pt;"&gt;
&lt;td style="width: 38.5321%; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;Oxiteno Servicios Industriales S.A. de C.V. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 32.2975%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Mexican Peso&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.21971%; vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 27.8672%; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Mexico&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 5.45pt;"&gt;
&lt;td style="width: 38.5321%; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;Oxiteno USA LLC &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 32.2975%; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;U.S. Dollar&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.21971%; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 27.8672%; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;United States&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10.75pt;"&gt;
&lt;td style="width: 38.5321%; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; Oxiteno Uruguay S.A. (i) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 32.2975%; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;U.S. Dollar&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.21971%; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 27.8672%; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Uruguay&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;"&gt;

&lt;tr&gt;
&lt;td style="vertical-align: top; width: 4%;" valign="top"&gt;&lt;font style="font-size: 10pt;"&gt;(i)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 96%;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;The subsidiary Oxiteno Uruguay S.A. (&amp;#8220;Oxiteno Uruguay&amp;#8221;) determined its functional currency as the U.S. dollar (&amp;#8220;US$&amp;#8221;), as its inventory sales, purchases of raw material inputs, and financing activities are performed substantially in this currency.&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;s.&lt;font&gt;2&lt;/font&gt; Subsidiaries without &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;self-&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;administrative autonomy&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Assets and liabilities of the other foreign subsidiaries, which do not have administrative autonomy, are considered an &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;extension&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of the activities of their parent company and are translated using the exchange rate at the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;date of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;financial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. Gains and losses resulting from changes in these foreign investments are directly recognized as financial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;result&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;gain&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;recognized in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;income &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2020&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;amounted to R$ &lt;font&gt;30,928&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2,444&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, gain&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2019&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;4,090&lt;/font&gt;, gain in &lt;font&gt;2018&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;).&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;t. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Use of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;e&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;stimates, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ssumptions and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;j&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;udgments&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The preparation of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;financial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;requires the use of estimates, assumptions&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and judgments for the accounting and disclosure of certain assets, liabilities&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;profit or loss&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. Therefore, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Company and subsidiaries&amp;#8217; management use the best information available at the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;date&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of preparation of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;financial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, as well as the experience of past and current events, also considering assumptions regarding future events. The estimates and assumptions are reviewed periodically&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;t.&lt;font&gt;1&lt;/font&gt; Judgments&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Information on the judgments is included: in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;determin&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ation of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; control &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; subsidiaries (Notes &lt;font&gt;2&lt;/font&gt;.g, &lt;font&gt;2&lt;/font&gt;.s.&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;3&lt;/font&gt;), &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the determination of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;joint control &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; joint venture (Notes &lt;font&gt;2&lt;/font&gt;.g&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;12&lt;/font&gt;.a)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;determin&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ation&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;significant influence &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in associates &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(Notes &lt;font&gt;2&lt;/font&gt;.g and &lt;font&gt;12&lt;/font&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;b&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;).&lt;/font&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;t.&lt;font&gt;2&lt;/font&gt; Uncertainties &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;related to the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt; assumptions and estimates&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The information regarding uncertainties related to the assumptions and estimates are included: in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;determining the fair value of financial instruments (Notes &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2&lt;/font&gt;.c, &lt;font&gt;2&lt;/font&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;l&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;4&lt;/font&gt;, &lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;6&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;), the determination of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;expected&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; losses on&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;doubtful accounts (Note&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2&lt;/font&gt;.d, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;5&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.d.&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;), &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the determination of provisions for losses of inventories (Note&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s &lt;font&gt;2&lt;/font&gt;.e&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;6&lt;/font&gt;), &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the estimative of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;realization of deferred &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;IRPJ and CSLL&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;amounts &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(Note&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s &lt;font&gt;2&lt;/font&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;m&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;), &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the useful lives and discount rate of right-of-&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;use assets (Notes &lt;font&gt;2&lt;/font&gt;.h and &lt;font&gt;13&lt;/font&gt;),&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the useful li&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ves &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;PP&amp;amp;E&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (Note&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s &lt;font&gt;2&lt;/font&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;4&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;), the useful li&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ves&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of intangible assets&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and the determination of the recoverable amount of goodwill (Note&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s &lt;font&gt;2&lt;/font&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;j&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;5&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;), provisions for assets retirement obligations (Note&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s &lt;font&gt;2&lt;/font&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;n&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;), &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;provisions for &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;tax, civil&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and labor&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; risks&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (Note&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s &lt;font&gt;2&lt;/font&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;o&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; estimates for the preparation of actuarial reports (Note&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s &lt;font&gt;2&lt;/font&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;p&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.b)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and the determination of fair value of subscription warrants &amp;#8211; indemnification&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (Notes &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;4&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.j&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. The actual result of the transactions and information may differ from their estimates.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;u. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Impairment of assets&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Company and its subsidiaries review &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;every report&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ing&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; period&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the existence of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;any &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;indication that an asset may be impaired&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;To &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;intangible assets with indefinite useful life&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the review is done annually&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. If there is an indication&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of impairment&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, the Company and its subsidiaries estimate the recoverable amount of the asset. Assets that &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;cannot be&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; evaluated individually are grouped in the smallest group of assets that generate cash &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;inflow&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; from continuous use and that are largely independent of cash flows of other assets (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;cash generating units &amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;CGU&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;). The recoverable amount of assets or CGUs corresponds to the greater of their fair value net of applicable direct selling costs and their value in use.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The fair value &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;less&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; costs &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;to sell&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;is determined by the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date, net of costs of removing the asset, and direct incremental costs to bring an asset into condition for its sale, legal costs&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and taxes.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;To assess the value in use, the projections of future cash flows, trends&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and outlooks, as well as the effects of obsolescence, demand, competition&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and other economic factors&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; were considered&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. Such cash flows are discounted to their present values &amp;#8203;&amp;#8203;using the discount rate before tax that reflects market conditions for the period of impairment testing and the specific risks of the asset or CGU being evaluated. In cases where the expected discounted future cash flows are less than their carrying amount, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;an &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;impairment loss is recognized for the amount by which the carrying value exceeds the fair value of these assets. Losses for impairment of assets are recognized in profit or loss. In case goodwill has been allocated to a CGU, the recognized losses are first allocated to reduce the corresponding goodwill. If the goodwill is not enough to absorb such losses, the surplus is allocated to the assets on a pro-rata basis. An impairment of goodwill cannot be reversed. For other assets, impairment losses &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;may be&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if the impairment had not been recognized.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;No impairment was recognized &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;on December &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;2020&lt;/font&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;On December 31, 2019, t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he Company &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;recognized an impairment loss for&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the subsidiary &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Imifarma&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Produtos&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Farmac&amp;#234;uticos&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; e &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Cosm&amp;#233;ticos&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; S.A. (&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Extrafarma&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8221;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (see Note &lt;font&gt;15&lt;/font&gt;.a)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;v. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Business &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;c&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ombination&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;A business combination is accounted &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;applying&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the acquisition method. The cost of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;acquisition is measured &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;based on &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the consideration transferred and to be transferred, measured at fair value at the acquisition date. In &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; business&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; combination&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, the assets acquired&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and liabilities assumed are &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;measured &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in order to classify and allocate them accordingly to the contractual terms, economic circumstances and relevant conditions on the acquisition date. The non-controlling interest in the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; acquired company&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;is measured based on its interest in net assets &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;identified in the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;acquired&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; company&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. Goodwill is measured as the excess of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;consideration transferred and to be transferred&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;over the fair value of net assets acquired (identifiable assets and liabilities assumed, net). After &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;initial recognition, goodwill is measured at cost less any accumulated impairment losses. For impairment testing purposes, goodwill is allocated to the Company&amp;#8217;s &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;operating &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;segment&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. When the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;c&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ost of the acquisition&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;is &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;lower&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; than the fair value of net assets acquired, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; gain is recognized directly in the statement&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of profit or loss&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. Costs related to the acquisition&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; are recorded in the statement &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of profit or loss &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;when incurred.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; For the year ended on December 31, 2020 and &lt;font&gt;2019&lt;/font&gt; there are not business combinations.&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;w&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Statements of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;c&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ash &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;f&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;lows &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ndirect &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;m&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ethod&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Company and its subsidiaries present the interest paid on loans&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;financing, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;debentures&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, and leases payable&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in financing activities&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and present &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;financial investments, net of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;redemptions,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;invest&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ing &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;activities&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;x&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Adoption of the pronouncements issued by IASB&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;There are not standards, amendments and interpretations to IFRS issued by the IASB which are effective&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and could have impact in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;th&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ese&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; financial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;2020&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;and &lt;font&gt;2019&lt;/font&gt; that have not been adopted by the Company&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;y&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Authorization for &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ssuance of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;f&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;inancial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;statements&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Th&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ese&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; financial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;were&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;authorized for issuance by the Management&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;on&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;April&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;29&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;202&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory id="Tag864" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;p. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Post-&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;e&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;mployment &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;b&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;enefits&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Post-employment benefits granted and to be granted to employees, retirees, and pensioners are based on an actuarial calculation prepared by an independent actuary&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and reviewed by management&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, using the projected unit credit method (see Note &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.b). The actuarial gains and losses are recognized in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;equity in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;cumulative &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;other comprehensive income&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in the &amp;#8220;Valuation adjustments&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory>
  <ugp:DescriptionOfAccountingPolicyForStatementsOfCashFlowsExplanatory id="Tag865" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;w&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Statements of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;c&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ash &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;f&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;lows &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ndirect &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;m&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ethod&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Company and its subsidiaries present the interest paid on loans&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;financing, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;debentures&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, and leases payable&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in financing activities&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and present &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;financial investments, net of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;redemptions,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;invest&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ing &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;activities&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ugp:DescriptionOfAccountingPolicyForStatementsOfCashFlowsExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory id="Tag866" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;o. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Provisions for &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ax, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;c&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ivil, and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;l&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;abor &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;r&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;isks&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;A provision for tax, civil and labor risks is recognized for quantifiable risks, when the chance of loss is more-likely-than-not in the opinion of management and internal and external legal counsel, and the amounts are recognized based on &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;evaluation of the outcomes of the legal proceedings (see Note &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;).&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory>
  <ugp:DescriptionOfAccountingPolicyForOtherAssetsExplanatory id="Tag867" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;k. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Other assets&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Other assets are stated at the lower of cost and realizable value, including, if applicable, interest earned, monetary changes and changes in exchange rates incurred&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; less &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; provision&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; for loss&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;es&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and, if applicable, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;adjusted&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; to present value.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ugp:DescriptionOfAccountingPolicyForOtherAssetsExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory id="Tag868" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;v. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Business &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;c&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ombination&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;A business combination is accounted &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;applying&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the acquisition method. The cost of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;acquisition is measured &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;based on &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the consideration transferred and to be transferred, measured at fair value at the acquisition date. In &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; business&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; combination&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, the assets acquired&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and liabilities assumed are &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;measured &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in order to classify and allocate them accordingly to the contractual terms, economic circumstances and relevant conditions on the acquisition date. The non-controlling interest in the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; acquired company&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;is measured based on its interest in net assets &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;identified in the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;acquired&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; company&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. Goodwill is measured as the excess of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;consideration transferred and to be transferred&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;over the fair value of net assets acquired (identifiable assets and liabilities assumed, net). After &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;initial recognition, goodwill is measured at cost less any accumulated impairment losses. For impairment testing purposes, goodwill is allocated to the Company&amp;#8217;s &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;operating &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;segment&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. When the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;c&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ost of the acquisition&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;is &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;lower&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; than the fair value of net assets acquired, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; gain is recognized directly in the statement&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of profit or loss&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. Costs related to the acquisition&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; are recorded in the statement &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of profit or loss &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;when incurred.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; For the year ended on December 31, 2020 and &lt;font&gt;2019&lt;/font&gt; there are not business combinations.&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory>
  <ugp:DescriptionOfAccountingPolicyForOtherProvisionsExplanatory id="Tag869" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;n. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Provision for &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;sset &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;r&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;et&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;rement &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;o&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;bligation &amp;#8211; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;f&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;uel &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;anks&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The subsidiar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;y &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ipiranga&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; ha&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the legal obligation to remove &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; underground fuel tanks &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;located at&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ipiranga&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;-branded service stations after a certain period. The estimated cost of the obligation to remove these fuel tanks is recognized as a liability when &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;tanks are installed. The estimated cost is recognized in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;PP&amp;amp;E&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and depreciated over the respective useful li&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ves&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;asset&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. The amounts recognized as a liability &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;accrue inflation effect&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;using the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Amplified&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Consumer Price Index &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;IPCA&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8221;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;until the tank is removed (see Note&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;). The estimated removal cost is reviewed and updated annually or when there is significant change in its amount&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and change in the estimated cost&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; are recognized in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements of profit or loss&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;when they become known&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ugp:DescriptionOfAccountingPolicyForOtherProvisionsExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory id="Tag870" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;m. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Income and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ocial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;c&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ontribution &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;axes on &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ncome&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Current and deferred income tax (&amp;#8220;IRPJ&amp;#8221;) and social contribution on net income tax (&amp;#8220;CSLL&amp;#8221;) are calculated based on their current rates&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. For the calculation of current IRPJ&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, the value of tax incentives&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;is&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; also considered&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. Taxes are recognized based on the rates of IRPJ and CSLL provided for by the laws enacted on the last day of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;financial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The current rates in Brazil are &lt;font&gt;25&lt;/font&gt;&lt;font&gt;&lt;font&gt;% for &lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;IRPJ&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;&lt;font&gt; and &lt;/font&gt;&lt;/font&gt;&lt;font&gt;9&lt;/font&gt;&lt;font&gt;&lt;font&gt;%&lt;/font&gt;&lt;/font&gt; for &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;CSLL&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;For further &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;information&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;about recognition and realization of IRPJ and CSLL, see Note &lt;font&gt;9&lt;/font&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;For purposes of disclosure, deferred tax assets were offset against the deferred tax liability, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;IRPJ&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;CSLL&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the same taxable entity and the same tax authority.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory id="Tag871" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;l. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;F&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;inancial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;l&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;iabilities&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The financial liabilities include trade payables, loans, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;financing, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;debentures&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;leases&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; payable&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;derivative financial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;instruments. Financial liabilities are classified as &amp;#8220;financial liabilities at fair value through profit or loss&amp;#8221; or &amp;#8220;financial liabilities at amorti&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;z&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ed cost&amp;#8221;. The financial liabilities at fair value through profit or loss refer to derivative financial instruments&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;subscription warrants&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; - indemnification&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and financial liabilities designated as hedged items in a fair value hedge relationship upon initial recognition (see Note &lt;font&gt;2&lt;/font&gt;.c &amp;#8211; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;F&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;air &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;V&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;alue &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;H&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;edge). The financial liabilities at amorti&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;z&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ed cost are stated at the initial transaction amount plus related charges and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;net of amortization and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;transaction costs. The charges are recognized in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the statement of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;profit or loss using the effective interest rate method.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Transaction costs incurred and directly attributable to the activities necessary for contracting loans or for issuing bonds, as well as premiums and discounts upon issuance of debentures and other debt, are allocated to the instrument and amortized &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in the statement of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; profit or loss &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;taking into&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; its term,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;using the effective interest rate method&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (see Note &lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;6&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;h&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory id="Tag872" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;j. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Intangible &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ssets&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Intangible assets include assets acquired by the Company and its subsidiaries from third parties,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;are recognized&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; according to the criteria below:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="disc" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="text-align: justify; font-family: serif; font-size: 11pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&amp;#61623;'; margin-left: 50pt; padding-left: 20pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Goodwill is shown as intangible assets corresponding to the positive difference between the amount paid or payable to the seller and the fair value of the identifiable assets and liabilities assumed of the acquired entity. Goodwill is tested annually for impairment. Goodwill is allocated to the business segments, which represent the lowest level that goodwill is monitored for impairment testing purposes (see Note &lt;font&gt;15&lt;/font&gt;.a).&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="disc" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="text-align: justify; font-family: serif; font-size: 11pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&amp;#61623;'; margin-left: 50pt; padding-left: 20pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Other intangible assets acquired from third parties, such as software, technology, and commercial property rights, are measured at the total acquisition cost and amortized using straight-line method, over the periods mentioned in Note &lt;font&gt;15&lt;/font&gt;, taking into account their useful lives, which are reviewed annually.&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Company and its subsidiaries have not recognized intangible assets that were &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;generated&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; internally. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Company and its subsidiaries have goodwill and brands acquired in business combination&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, which are evaluated as intangible assets with indefinite useful life (see Note &lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;5&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; items &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;e&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;).&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates id="Tag873" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;g. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Investments&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Investments in associates and joint ventures are accounted for under the equity method of accounting in the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;financial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (see Note &lt;font&gt;12&lt;/font&gt; items a and b). An associate is an investment, in which an investor has significant influence, that is, has the power to participate in the financial and operating decisions of the investee but does not exercise control. A joint venture is an investment in which the shareholders have the right to net assets on behalf of a joint control. Joint control is the agreement, which establish that decisions about the relevant activities of the investee require the consent from the parties that share control.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Other investments are stated at acquisition cost less provision for losses, unless the loss is considered temporary.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates>
  <ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory id="Tag874" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Property, plant, and equipment&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Property, plant&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and equipment &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&amp;#8220;PP&amp;amp;E&amp;#8221;) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;is recognized at acquisition or construction cost, including financial charges incurred on &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;PP&amp;amp;E&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; under construction, as well as &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;qualifying&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;maintenance costs resulting from scheduled plant outages and estimated costs to remove, to decommission&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; or to restore assets (see Note&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s &lt;font&gt;2&lt;/font&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;n&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;less &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;accumulated depreciation and, when applicable, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;less&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;provision for &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;losses&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (see Note &lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;4&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Depreciation is calculated using the straight-line method, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;over &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the periods mentioned in Note &lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;4&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;taking into account&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;estimated &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;useful li&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ves&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of the assets, which are reviewed annually.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Lease hold improvements are depreciated over the shorter of the lease contract term and useful life of the property.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory>
  <ugp:DescriptionOfAccountingPolicyForUseOfEstimatesAssumptionsAndJudgmentsExplanatory id="Tag875" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;t. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Use of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;e&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;stimates, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ssumptions and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;j&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;udgments&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The preparation of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;financial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;requires the use of estimates, assumptions&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and judgments for the accounting and disclosure of certain assets, liabilities&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;profit or loss&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. Therefore, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Company and subsidiaries&amp;#8217; management use the best information available at the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;date&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of preparation of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;financial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, as well as the experience of past and current events, also considering assumptions regarding future events. The estimates and assumptions are reviewed periodically&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;t.&lt;font&gt;1&lt;/font&gt; Judgments&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Information on the judgments is included: in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;determin&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ation of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; control &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; subsidiaries (Notes &lt;font&gt;2&lt;/font&gt;.g, &lt;font&gt;2&lt;/font&gt;.s.&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;3&lt;/font&gt;), &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the determination of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;joint control &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; joint venture (Notes &lt;font&gt;2&lt;/font&gt;.g&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;12&lt;/font&gt;.a)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;determin&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ation&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;significant influence &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in associates &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(Notes &lt;font&gt;2&lt;/font&gt;.g and &lt;font&gt;12&lt;/font&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;b&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;).&lt;/font&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;t.&lt;font&gt;2&lt;/font&gt; Uncertainties &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;related to the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt; assumptions and estimates&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The information regarding uncertainties related to the assumptions and estimates are included: in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;determining the fair value of financial instruments (Notes &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2&lt;/font&gt;.c, &lt;font&gt;2&lt;/font&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;l&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;4&lt;/font&gt;, &lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;6&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;), the determination of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;expected&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; losses on&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;doubtful accounts (Note&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2&lt;/font&gt;.d, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;5&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.d.&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;), &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the determination of provisions for losses of inventories (Note&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s &lt;font&gt;2&lt;/font&gt;.e&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;6&lt;/font&gt;), &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the estimative of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;realization of deferred &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;IRPJ and CSLL&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;amounts &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(Note&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s &lt;font&gt;2&lt;/font&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;m&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;), &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the useful lives and discount rate of right-of-&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;use assets (Notes &lt;font&gt;2&lt;/font&gt;.h and &lt;font&gt;13&lt;/font&gt;),&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the useful li&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ves &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;PP&amp;amp;E&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (Note&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s &lt;font&gt;2&lt;/font&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;4&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;), the useful li&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ves&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of intangible assets&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and the determination of the recoverable amount of goodwill (Note&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s &lt;font&gt;2&lt;/font&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;j&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;5&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;), provisions for assets retirement obligations (Note&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s &lt;font&gt;2&lt;/font&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;n&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;), &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;provisions for &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;tax, civil&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and labor&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; risks&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (Note&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s &lt;font&gt;2&lt;/font&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;o&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; estimates for the preparation of actuarial reports (Note&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s &lt;font&gt;2&lt;/font&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;p&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.b)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and the determination of fair value of subscription warrants &amp;#8211; indemnification&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (Notes &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;4&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.j&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. The actual result of the transactions and information may differ from their estimates.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ugp:DescriptionOfAccountingPolicyForUseOfEstimatesAssumptionsAndJudgmentsExplanatory>
  <ugp:DescriptionOfAccountingPolicyForBasisForTranslationOfFinancialStatementsExplanatory id="Tag876" contextRef="D20201231_3">&lt;div&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;s. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Basis for &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ranslation of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;f&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;inancial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;statements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt; of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;f&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;oreign &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ubsidiaries&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;s.&lt;font&gt;1&lt;/font&gt; Subsidiaries with administrative autonomy&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Assets and liabilities of the foreign subsidiaries, denominated in currencies other than Brazilian Real, which have administrative autonomy, are translated using the exchange rate at the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;date of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;financial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. Revenues and expenses are translated using the average exchange rate of each &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;year&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and equity &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;is&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; translated at the historic&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;al&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; exchange rate of each transaction affecting equity. Gains and losses resulting from changes in these foreign investments are directly recognized in equity in&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the &amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;cumulative translation adjustments&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and will be recognized in profit or loss &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;if &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and when&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;these investments are disposed of. The balance in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;cumulative &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;translation adjustments&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;on &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;was a &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;gain &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of R$ &lt;/font&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;231,596&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(gain of R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;102,427&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;on December 31, 2019&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; -&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; see Note &lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;5&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;g&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The foreign subsidiaries with functional currency different from the Company and which have administrative autonomy are listed below:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-right: auto; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.8333%;" width="100%"&gt;

&lt;tr style="height: 11.35pt;"&gt;
&lt;td style="width: 38.5321%; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; font-size: 10pt;"&gt; Subsidiary &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 32.2975%; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Functional currency &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.21971%; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 27.8672%; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Location &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 7.7pt;"&gt;
&lt;td style="width: 38.5321%; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Oxiteno M&amp;#233;xico S.A. de C.V. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 32.2975%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Mexican Peso&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.21971%; vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 27.8672%; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Mexico&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 7.15pt;"&gt;
&lt;td style="width: 38.5321%; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;Oxiteno Servicios Corporativos S.A. de C.V. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 32.2975%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Mexican Peso&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.21971%; vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 27.8672%; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Mexico&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 7.35pt;"&gt;
&lt;td style="width: 38.5321%; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;Oxiteno Servicios Industriales S.A. de C.V. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 32.2975%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Mexican Peso&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.21971%; vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 27.8672%; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Mexico&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 5.45pt;"&gt;
&lt;td style="width: 38.5321%; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;Oxiteno USA LLC &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 32.2975%; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;U.S. Dollar&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.21971%; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 27.8672%; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;United States&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10.75pt;"&gt;
&lt;td style="width: 38.5321%; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; Oxiteno Uruguay S.A. (i) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 32.2975%; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;U.S. Dollar&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.21971%; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 27.8672%; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Uruguay&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;"&gt;

&lt;tr&gt;
&lt;td style="vertical-align: top; width: 4%;" valign="top"&gt;&lt;font style="font-size: 10pt;"&gt;(i)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 96%;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;The subsidiary Oxiteno Uruguay S.A. (&amp;#8220;Oxiteno Uruguay&amp;#8221;) determined its functional currency as the U.S. dollar (&amp;#8220;US$&amp;#8221;), as its inventory sales, purchases of raw material inputs, and financing activities are performed substantially in this currency.&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;s.&lt;font&gt;2&lt;/font&gt; Subsidiaries without &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;self-&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;administrative autonomy&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Assets and liabilities of the other foreign subsidiaries, which do not have administrative autonomy, are considered an &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;extension&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of the activities of their parent company and are translated using the exchange rate at the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;date of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;financial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. Gains and losses resulting from changes in these foreign investments are directly recognized as financial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;result&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;gain&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;recognized in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;income &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2020&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;amounted to R$ &lt;font&gt;30,928&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2,444&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, gain&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2019&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;4,090&lt;/font&gt;, gain in &lt;font&gt;2018&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;).&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ugp:DescriptionOfAccountingPolicyForBasisForTranslationOfFinancialStatementsExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory id="Tag877" contextRef="D20201231_3">&lt;div&gt;
&lt;div style="font-family: 'times new roman', times; font-size: 10pt;"&gt;
&lt;p style="margin: 0px; line-height: 115%; font-size: 11pt; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;c. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Financial assets&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he Company and its subsidiaries&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; evaluated the classification and measurement of financial assets&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;based on its business&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; model&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of financial assets&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="disc" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="margin-left: 50pt; text-align: justify; padding-left: 20pt; font-family: serif; font-size: 11pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&amp;#61623;';"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Amortized cost: financial assets held &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in order to collect&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; contractual &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;cash &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;flows, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;solely&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; principal and interest. The interest earned and the foreign currency exchange variation are recognized in profit or loss and balances are stated at acquisition cost plus the interest earned, using the effective interest rate method.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Financial&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; investments &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in guarantee of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; loans are classified as amortized cost.&lt;/font&gt;&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="disc" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="text-align: justify; font-family: serif; font-size: 11pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&amp;#61623;'; margin-left: 50pt; padding-left: 20pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Measured at fair value through other comprehensive income: financial assets that are acquired or originated for the purpose of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;collecting&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; contractual cash flows or &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;selling financial assets&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. The balances are stated at fair value, and the interest earned&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and the foreign currency exchange variation are recognized in profit or loss. Differences between fair value and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;initial amount of financial investments&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;plus the interest earned are recognized&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in equity&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in other comprehensive income in the &amp;#8220;Valuation adjustments&amp;#8221;. Accumulated gains and losses recognized in equity are reclassified to profit or loss at the time of their settlement. Substantially the financial investments in Bank Certificates&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of Deposit&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;CDB&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) and repurchase agreements are classified as measured at fair value through other comprehensive income.&lt;/font&gt;&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;div style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;div&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;div style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;div style="font-family: 'times new roman', times; font-size: 10pt;"&gt;
&lt;ul type="disc" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="text-align: justify; font-family: serif; font-size: 11pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&amp;#61623;'; margin-left: 50pt; padding-left: 20pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Measured at fair value through profit or loss: financial assets &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;that were &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;not classified as amortized cost or measured at fair value through other comprehensive income. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The b&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;alances are stated at fair value and both &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the interest&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; earned and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;exchange variations and changes in fair value are r&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ecognized&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in the income statement. Investment funds and derivative&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; are classified as measured at fair value through profit or loss.&lt;/font&gt;&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt; padding-left: 30px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp; The Company and its subsidiaries use financial instruments for hedging purposes, applying the concepts described below:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="disc" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="text-align: justify; font-family: serif; font-size: 11pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&amp;#61623;'; margin-left: 50pt; padding-left: 20pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Hedge accounting &amp;#8211; fair value hedge: financial instruments used to hedge exposure to changes in the fair value of an item, attributable to a particular risk, which can affect the entity&amp;#8217;s &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;profit or loss. In the initial designation of the fair value hedge, the relationship between the hedging instrument and the hedged item is documented, including the objectives of risk management, the strategy in conducting the transaction, and the methods to be used to evaluate its effectiveness. Once the fair value hedge has been qualified as effective, the hedge item is also measured at fair value. Gains and losses from hedge instruments and hedge items are recognized in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the statements of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;profit or loss. The hedge accounting &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;must be&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; discontinued when the hedge becomes ineffective.&lt;/font&gt;&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="disc" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="text-align: justify; font-family: serif; font-size: 11pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&amp;#61623;'; margin-left: 50pt; padding-left: 20pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Hedge accounting &amp;#8211; cash flow hedge: financial instruments used to hedge the exposure to variability in cash flows that is attributable to a risk associated with an asset or liability or highly probable transaction &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;or firm commitment &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;that may affect the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements of profit or loss&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. The portion of the gain or loss on the hedging instrument that is determined to be effective relating to the effects of exchange rate effect, is recognized directly in equity in accumulated other comprehensive income as &amp;#8220;Valuation adjustments&amp;#8221; while the ineffective portion is recognized in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the statements of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;profit or loss. Gain&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; or loss&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;es&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; on the hedging instrument relating to the effective portion of this hedge that had been recognized directly in accumulated other comprehensive income &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;shall be&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; recognized in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the statements of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;profit or loss in the period in which the hedged item is recognized in profit or loss or as initial cost of non- financial assets, in the same line of the statement that the hedged item is recognized. The hedge accounting &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;shall be&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; discontinued when (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the hedging relationship&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; is canceled&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;; (ii) the hedging instrument expires; and (iii) the hedging instrument no longer qualifies for hedge accounting. When hedge accounting is discontinued, gains and losses recognized &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in equity&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in other comprehensive income are reclassified to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the statements of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;profit or loss in the period which the hedged item is recognized in profit or loss. If the transaction hedged is canceled or is not expected to occur, the cumulative gains and losses &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in equity&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in other comprehensive income &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;shall be&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; recognized immediately in profit or loss.&lt;/font&gt;&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="disc" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="text-align: justify; font-family: serif; font-size: 11pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&amp;#61623;'; margin-left: 50pt; padding-left: 20pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Hedge accounting &amp;#8211;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;hedge of net investments in foreign operation: financial instruments used to hedge exposure on net investments in foreign subsidiaries &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;due to the fact that&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the local functional currency is different from the functional currency of the Company. The portion of the gain or loss on the hedging instrument that is determined to be effective, referring to the exchange rate effect, is recognized directly in equity in accumulated other comprehensive income as cumulative translation adjustments, while the ineffective portion and the operating costs are recognized in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the statements of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;profit or loss. The gain or loss on the hedging instrument that has been recognized directly in accumulated other comprehensive income &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;shall be&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; recognized in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the statements of profit or loss&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;when the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;disposal of the foreign &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;subsidiary occur&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;For further &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;information on &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;financial instruments, see Note &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory>
  <ifrs-full:DescriptionOfFunctionalCurrency id="Tag878" contextRef="D20201231_OxitenoServiciosCorporativosMember">Mexican Peso</ifrs-full:DescriptionOfFunctionalCurrency>
  <ifrs-full:DescriptionOfFunctionalCurrency id="Tag879" contextRef="D20201231_OxitenoMexicoMember">Mexican Peso</ifrs-full:DescriptionOfFunctionalCurrency>
  <ifrs-full:Liabilities id="Tag880" contextRef="I20191231_IFRS16Member_FinancialEffectOfChangesInAccountingPolicyMember" unitRef="BRL" decimals="-3">1363803000</ifrs-full:Liabilities>
  <ugp:DirectControlInterestPercentage id="Tag881" contextRef="D20191231_IpirangaTradingLimitedMember" unitRef="Pure" decimals="2">0</ugp:DirectControlInterestPercentage>
  <ifrs-full:NameOfSubsidiary id="Tag882" contextRef="D20201231_CompanhiaUltragazMember">Companhia Ultragaz S.A.</ifrs-full:NameOfSubsidiary>
  <ugp:DirectControlInterestPercentage id="Tag883" contextRef="D20201231_IcorbanCorrespondenteBancarioLtdaMember" unitRef="Pure" decimals="2">0</ugp:DirectControlInterestPercentage>
  <ugp:DirectControlInterestPercentage id="Tag884" contextRef="D20201231_BahianaDistribuidoraDeGasLtdaMember" unitRef="Pure" decimals="2">0</ugp:DirectControlInterestPercentage>
  <ugp:SummaryOfFinancialInvestmentsTableTextBlock id="Tag885" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The financial investments&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; which are not classified as cash and cash equivalents&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; are &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;presented&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; margin-left: auto; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financial investments &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; In local currency &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 71%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 20pt; margin-bottom: 0pt; text-indent: 0.75pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Fixed-income securities and funds &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 13%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,749,852&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 3%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 13%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,610,686&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; In foreign currency &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 20pt; margin-bottom: 0pt; text-indent: 0.75pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Fixed-income securities and funds &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,278,940&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;303,417&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Currency and interest rate hedging instruments (a) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;981,874&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;682,615&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total financial investments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,010,666&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,596,718&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1.5pt double #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1.5pt double #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,033,258&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,090,212&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Non-current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;977,408&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;506,506&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(a) &lt;font&gt;Accumulated gains, net of income tax (see Note &lt;font style="border-left: none; border-right: none;"&gt;33&lt;/font&gt;.i).&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ugp:SummaryOfFinancialInvestmentsTableTextBlock>
  <ugp:SummaryOfCashAndCashEquivalentsTextBlock id="Tag886" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Cash and cash equivalents &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of the Company and its subsidiaries are &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;presented&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 239px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cash and bank deposits &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 71%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; In local currency &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 13%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;285,306&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 3%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 13%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;182,237&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; In foreign currency &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;119,775&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;102,755&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financial investments considered cash equivalents &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; In local currency &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 20pt; margin-bottom: 0pt; text-indent: 0.75pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Fixed-income securities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,241,852&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,780,939&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; In foreign currency &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 20pt; margin-bottom: 0pt; text-indent: 0.75pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Fixed-income securities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;14,561&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;49,448&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total cash and cash equivalents &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,661,494&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,115,379&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ugp:SummaryOfCashAndCashEquivalentsTextBlock>
  <ugp:FinancialInvestmentsConsideredCashEquivalentsInLocalCurrency id="Tag887" contextRef="I20191231" unitRef="BRL" decimals="-3">-1780939000</ugp:FinancialInvestmentsConsideredCashEquivalentsInLocalCurrency>
  <ugp:FinancialInvestmentsConsideredCashEquivalentsInLocalCurrency id="Tag888" contextRef="I20201231" unitRef="BRL" decimals="-3">-2241852000</ugp:FinancialInvestmentsConsideredCashEquivalentsInLocalCurrency>
  <ugp:CashAndBankDepositsInLocalCurrency id="Tag889" contextRef="I20201231" unitRef="BRL" decimals="-3">-285306000</ugp:CashAndBankDepositsInLocalCurrency>
  <ugp:FinancialInvestmentsNoncurrent id="Tag890" contextRef="I20191231" unitRef="BRL" decimals="-3">506506000</ugp:FinancialInvestmentsNoncurrent>
  <ugp:FinancialInvestmentsInForeignCurrency id="Tag891" contextRef="I20201231" unitRef="BRL" decimals="-3">-1278940000</ugp:FinancialInvestmentsInForeignCurrency>
  <ugp:FinancialInvestmentsCurrent id="Tag892" contextRef="I20191231" unitRef="BRL" decimals="-3">3090212000</ugp:FinancialInvestmentsCurrent>
  <ugp:FinancialInvestmentsInLocalCurrency id="Tag893" contextRef="I20201231" unitRef="BRL" decimals="-3">-3749852000</ugp:FinancialInvestmentsInLocalCurrency>
  <ugp:DirectControlInterestPercentage id="Tag894" contextRef="D20191231_TEASTerminalExportadorDeAlcoolDeSantosLtdaMember" unitRef="Pure" decimals="2">0</ugp:DirectControlInterestPercentage>
  <ugp:CurencyAndInterestRateHedgingInstruments id="Tag895" contextRef="I20201231" unitRef="BRL" decimals="-3">-981874000</ugp:CurencyAndInterestRateHedgingInstruments>
  <ugp:CashCashEquivalentsAndFinancialInvestments id="Tag896" contextRef="I20191231" unitRef="BRL" decimals="-3">5712097000</ugp:CashCashEquivalentsAndFinancialInvestments>
  <ugp:FinancialInvestmentsConsideredCashEquivalentsInForeignCurrency id="Tag897" contextRef="I20191231" unitRef="BRL" decimals="-3">-49448000</ugp:FinancialInvestmentsConsideredCashEquivalentsInForeignCurrency>
  <ugp:FinancialInvestmentsNoncurrent id="Tag898" contextRef="I20201231" unitRef="BRL" decimals="-3">977408000</ugp:FinancialInvestmentsNoncurrent>
  <ugp:FinancialInvestmentsConsideredCashEquivalentsInForeignCurrency id="Tag899" contextRef="I20201231" unitRef="BRL" decimals="-3">-14561000</ugp:FinancialInvestmentsConsideredCashEquivalentsInForeignCurrency>
  <ugp:FinancialInvestments id="Tag900" contextRef="I20191231" unitRef="BRL" decimals="-3">3596718000</ugp:FinancialInvestments>
  <ugp:CashAndBankDepositsInForeignCurrency id="Tag901" contextRef="I20191231" unitRef="BRL" decimals="-3">-102755000</ugp:CashAndBankDepositsInForeignCurrency>
  <ugp:DirectControlInterestPercentage id="Tag902" contextRef="D20191231_IntegraFrotasLtdaMember" unitRef="Pure" decimals="2">0</ugp:DirectControlInterestPercentage>
  <ugp:CashCashEquivalentsAndFinancialInvestments id="Tag903" contextRef="I20201231" unitRef="BRL" decimals="-3">8672160000</ugp:CashCashEquivalentsAndFinancialInvestments>
  <ugp:CashAndBankDepositsInForeignCurrency id="Tag904" contextRef="I20201231" unitRef="BRL" decimals="-3">-119775000</ugp:CashAndBankDepositsInForeignCurrency>
  <ugp:CashAndBankDepositsInLocalCurrency id="Tag905" contextRef="I20191231" unitRef="BRL" decimals="-3">-182237000</ugp:CashAndBankDepositsInLocalCurrency>
  <ugp:FinancialInvestmentsInForeignCurrency id="Tag906" contextRef="I20191231" unitRef="BRL" decimals="-3">-303417000</ugp:FinancialInvestmentsInForeignCurrency>
  <ugp:CurencyAndInterestRateHedgingInstruments id="Tag907" contextRef="I20191231" unitRef="BRL" decimals="-3">-682615000</ugp:CurencyAndInterestRateHedgingInstruments>
  <ugp:FinancialInvestmentsCurrent id="Tag908" contextRef="I20201231" unitRef="BRL" decimals="-3">5033258000</ugp:FinancialInvestmentsCurrent>
  <ugp:FinancialInvestments id="Tag909" contextRef="I20201231" unitRef="BRL" decimals="-3">6010666000</ugp:FinancialInvestments>
  <ugp:FinancialInvestmentsInLocalCurrency id="Tag910" contextRef="I20191231" unitRef="BRL" decimals="-3">-2610686000</ugp:FinancialInvestmentsInLocalCurrency>
  <ugp:IndirectControlInterestPercentage id="Tag911" contextRef="D20181231_OxitenoServiciosIndustrialsDeCVMember" unitRef="Pure" decimals="2">1.00</ugp:IndirectControlInterestPercentage>
  <ugp:BusinessSegment id="Tag912" contextRef="D20201231_SermaAssDosUsuariosEquipProcDeDadosMember">Others</ugp:BusinessSegment>
  <ugp:IndirectControlInterestPercentage id="Tag913" contextRef="D20201231_OxitenoServiciosIndustrialsDeCVMember" unitRef="Pure" decimals="2">1.00</ugp:IndirectControlInterestPercentage>
  <ugp:DirectControlInterestPercentage id="Tag914" contextRef="D20201231_UVCFundoDeInvestimentoEmParticipacoesMultiestrategiaInvestimenToNoExteriorMember" unitRef="Pure" decimals="2">1.00</ugp:DirectControlInterestPercentage>
  <ugp:DirectControlInterestPercentage id="Tag915" contextRef="D20181231_OxitenoUSALLCMember" unitRef="Pure" decimals="2">0</ugp:DirectControlInterestPercentage>
  <ugp:IndirectControlInterestPercentage id="Tag916" contextRef="D20181231_OxitenoIndustriaComercioMember" unitRef="Pure" decimals="2">0</ugp:IndirectControlInterestPercentage>
  <ifrs-full:NameOfSubsidiary id="Tag917" contextRef="D20201231_UVCInvestimentosLtdaMember">UVC Investimentos Ltda.</ifrs-full:NameOfSubsidiary>
  <ugp:IndirectControlInterestPercentage id="Tag918" contextRef="D20191231_CompanhiaUltragazMember" unitRef="Pure" decimals="2">0.99</ugp:IndirectControlInterestPercentage>
  <ugp:IndirectControlInterestPercentage id="Tag919" contextRef="D20191231_TerminalQuimicoDeAratuSATequimarMember" unitRef="Pure" decimals="2">0.99</ugp:IndirectControlInterestPercentage>
  <ugp:Location id="Tag920" contextRef="D20201231_GlobalPetroleumProductsTradingCorporationMember">Virgin Islands</ugp:Location>
  <ugp:BusinessSegment id="Tag921" contextRef="D20201231_EmpresaCariocaDeProdutosQuimicosSAMember">Oxiteno</ugp:BusinessSegment>
  <ugp:BusinessSegment id="Tag922" contextRef="D20201231_OilTradingImportadoraExportadoraLtdaMember">Ipiranga</ugp:BusinessSegment>
  <ugp:DirectControlInterestPercentage id="Tag923" contextRef="D20181231_OilTradingImportadoraExportadoraLtdaMember" unitRef="Pure" decimals="2">0</ugp:DirectControlInterestPercentage>
  <ugp:Location id="Tag924" contextRef="D20201231_IcorbanCorrespondenteBancarioLtdaMember">Brazil</ugp:Location>
  <ifrs-full:NameOfSubsidiary id="Tag925" contextRef="D20201231_IntegraFrotasLtdaMember">Integra Frotas Ltda.</ifrs-full:NameOfSubsidiary>
  <ugp:IndirectControlInterestPercentage id="Tag926" contextRef="D20201231_IpirangaImobiliriaLtdaMember" unitRef="Pure" decimals="2">1.00</ugp:IndirectControlInterestPercentage>
  <ugp:BusinessSegment id="Tag927" contextRef="D20201231_TropicalTransportesIpirangaLtdaMember">Ipiranga</ugp:BusinessSegment>
  <ugp:DirectControlInterestPercentage id="Tag928" contextRef="D20201231_UltragazComercialLtdaMember" unitRef="Pure" decimals="2">0</ugp:DirectControlInterestPercentage>
  <ugp:IndirectControlInterestPercentage id="Tag929" contextRef="D20191231_BahianaDistribuidoraDeGasLtdaMember" unitRef="Pure" decimals="2">1.00</ugp:IndirectControlInterestPercentage>
  <ifrs-full:NameOfSubsidiary id="Tag930" contextRef="D20201231_OxitenoServiciosCorporativosSADeCVMember">Oxiteno Servicios Corporativos S.A. de C.V.</ifrs-full:NameOfSubsidiary>
  <ugp:BusinessSegment id="Tag931" contextRef="D20201231_OxitenoIndustriaComercioMember">Oxiteno</ugp:BusinessSegment>
  <ugp:IndirectControlInterestPercentage id="Tag932" contextRef="D20181231_OxitenoUSALLCMember" unitRef="Pure" decimals="2">1.00</ugp:IndirectControlInterestPercentage>
  <ifrs-full:NameOfSubsidiary id="Tag933" contextRef="D20201231_OxitenoUruguaySAMember">Oxiteno Uruguay S.A.</ifrs-full:NameOfSubsidiary>
  <ugp:BusinessSegment id="Tag934" contextRef="D20201231_OxitenoShanghaiLtdMember">Oxiteno</ugp:BusinessSegment>
  <ugp:IndirectControlInterestPercentage id="Tag935" contextRef="D20181231_CompanhiaUltragazMember" unitRef="Pure" decimals="2">0.99</ugp:IndirectControlInterestPercentage>
  <ugp:BusinessSegment id="Tag936" contextRef="D20201231_OxitenoNordesteSAIndustriaeComercioMember">Oxiteno</ugp:BusinessSegment>
  <ugp:DirectControlInterestPercentage id="Tag937" contextRef="D20181231_IpirangaImobiliriaLtdaMember" unitRef="Pure" decimals="2">0</ugp:DirectControlInterestPercentage>
  <ugp:DirectControlInterestPercentage id="Tag938" contextRef="D20181231_CompanhiaUltragazMember" unitRef="Pure" decimals="2">0</ugp:DirectControlInterestPercentage>
  <ugp:BusinessSegment id="Tag939" contextRef="D20201231_GlobalPetroleumProductsTradingCorporationMember">Oxiteno</ugp:BusinessSegment>
  <ugp:DirectControlInterestPercentage id="Tag940" contextRef="D20181231_IntegraFrotasLtdaMember" unitRef="Pure" decimals="2">0</ugp:DirectControlInterestPercentage>
  <ugp:DirectControlInterestPercentage id="Tag941" contextRef="D20201231_GlobalPetroleumProductsTradingCorporationMember" unitRef="Pure" decimals="2">0</ugp:DirectControlInterestPercentage>
  <ugp:DirectControlInterestPercentage id="Tag942" contextRef="D20201231_OilTradingImportadoraExportadoraLtdaMember" unitRef="Pure" decimals="2">0</ugp:DirectControlInterestPercentage>
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  <ugp:Location id="Tag1216" contextRef="D20201231_OxitenoServiciosCorporativosSADeCVMember">Mexico</ugp:Location>
  <ugp:IndirectControlInterestPercentage id="Tag1217" contextRef="D20181231_IpirangaImobiliriaLtdaMember" unitRef="Pure" decimals="2">1.00</ugp:IndirectControlInterestPercentage>
  <ugp:DirectControlInterestPercentage id="Tag1218" contextRef="D20191231_UVCInvestimentosLtdaMember" unitRef="Pure" decimals="2">0</ugp:DirectControlInterestPercentage>
  <ugp:DirectControlInterestPercentage id="Tag1219" contextRef="D20181231_UVCFundoDeInvestimentoEmParticipacoesMultiestrategiaInvestimenToNoExteriorMember" unitRef="Pure" decimals="2">0</ugp:DirectControlInterestPercentage>
  <ugp:DirectControlInterestPercentage id="Tag1220" contextRef="D20191231_CompanhiaUltragazMember" unitRef="Pure" decimals="2">0</ugp:DirectControlInterestPercentage>
  <ugp:DirectControlInterestPercentage id="Tag1221" contextRef="D20201231_TropicalTransportesIpirangaLtdaMember" unitRef="Pure" decimals="2">0</ugp:DirectControlInterestPercentage>
  <ugp:IndirectControlInterestPercentage id="Tag1222" contextRef="D20191231_UltracargoOperacoesLogisticasParticipacoesLtdaMember" unitRef="Pure" decimals="2">0</ugp:IndirectControlInterestPercentage>
  <ugp:IndirectControlInterestPercentage id="Tag1223" contextRef="D20181231_TropicalTransportesIpirangaLtdaMember" unitRef="Pure" decimals="2">1.00</ugp:IndirectControlInterestPercentage>
  <ugp:DirectControlInterestPercentage id="Tag1224" contextRef="D20201231_AmPmComestveisLtdaMember" unitRef="Pure" decimals="2">0</ugp:DirectControlInterestPercentage>
  <ugp:DirectControlInterestPercentage id="Tag1225" contextRef="D20201231_OxitenoNordesteSAIndustriaeComercioMember" unitRef="Pure" decimals="2">0</ugp:DirectControlInterestPercentage>
  <ugp:DirectControlInterestPercentage id="Tag1226" contextRef="D20201231_OxitenoEuropeSprlMember" unitRef="Pure" decimals="2">0</ugp:DirectControlInterestPercentage>
  <ugp:Location id="Tag1227" contextRef="D20201231_EmpresaCariocaDeProdutosQuimicosSAMember">Brazil</ugp:Location>
  <ugp:Location id="Tag1228" contextRef="D20201231_TEASTerminalExportadorDeAlcoolDeSantosLtdaMember">Brazil</ugp:Location>
  <ugp:DirectControlInterestPercentage id="Tag1229" contextRef="D20201231_IpirangaProdutosdePetroleoSAMember" unitRef="Pure" decimals="2">1.00</ugp:DirectControlInterestPercentage>
  <ugp:DirectControlInterestPercentage id="Tag1230" contextRef="D20201231_EaiClubeAutomobilistaSAMember" unitRef="Pure" decimals="2">1.00</ugp:DirectControlInterestPercentage>
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  <ugp:IndirectControlInterestPercentage id="Tag1232" contextRef="D20181231_OxitenoUruguaySAMember" unitRef="Pure" decimals="2">1.00</ugp:IndirectControlInterestPercentage>
  <ugp:DirectControlInterestPercentage id="Tag1233" contextRef="D20201231_OxitenoShanghaiLtdMember" unitRef="Pure" decimals="2">0</ugp:DirectControlInterestPercentage>
  <ugp:IndirectControlInterestPercentage id="Tag1234" contextRef="D20191231_OxitenoIndustriaComercioMember" unitRef="Pure" decimals="2">0</ugp:IndirectControlInterestPercentage>
  <ugp:Location id="Tag1235" contextRef="D20201231_OxitenoUSALLCMember">United States</ugp:Location>
  <ugp:DirectControlInterestPercentage id="Tag1236" contextRef="D20191231_AmPmComestveisLtdaMember" unitRef="Pure" decimals="2">0</ugp:DirectControlInterestPercentage>
  <ugp:Location id="Tag1237" contextRef="D20201231_OxitenoMexicoSADeCVMember">Mexico</ugp:Location>
  <ifrs-full:NameOfSubsidiary id="Tag1238" contextRef="D20201231_SermaAssDosUsuariosEquipProcDeDadosMember">SERMA - Ass. dos usu&#xE1;rios equip. proc. de dados</ifrs-full:NameOfSubsidiary>
  <ugp:IndirectControlInterestPercentage id="Tag1239" contextRef="D20191231_ImifarmaProdutosFarmaceuticosCosmeticosMember" unitRef="Pure" decimals="2">1.00</ugp:IndirectControlInterestPercentage>
  <ugp:DirectControlInterestPercentage id="Tag1240" contextRef="D20191231_OxitenoShanghaiLtdMember" unitRef="Pure" decimals="2">0</ugp:DirectControlInterestPercentage>
  <ugp:DirectControlInterestPercentage id="Tag1241" contextRef="D20191231_UltraparInternationalSAMember" unitRef="Pure" decimals="2">1.00</ugp:DirectControlInterestPercentage>
  <ugp:DirectControlInterestPercentage id="Tag1242" contextRef="D20191231_CentrodeConvenienciasMillenniumLtdaAndSubsidiariesMember" unitRef="Pure" decimals="2">0</ugp:DirectControlInterestPercentage>
  <ugp:Location id="Tag1243" contextRef="D20201231_IpirangaImobiliriaLtdaMember">Brazil</ugp:Location>
  <ugp:DirectControlInterestPercentage id="Tag1244" contextRef="D20181231_TropicalTransportesIpirangaLtdaMember" unitRef="Pure" decimals="2">0</ugp:DirectControlInterestPercentage>
  <ugp:IndirectControlInterestPercentage id="Tag1245" contextRef="D20201231_OxitenoArgentinaSociedadDeResponsabilidadLtdaMember" unitRef="Pure" decimals="2">1.00</ugp:IndirectControlInterestPercentage>
  <ugp:IndirectControlInterestPercentage id="Tag1246" contextRef="D20191231_UtingasArmazenadoraMember" unitRef="Pure" decimals="2">0.57</ugp:IndirectControlInterestPercentage>
  <ugp:DirectControlInterestPercentage id="Tag1247" contextRef="D20191231_OxitenoUruguaySAMember" unitRef="Pure" decimals="2">0</ugp:DirectControlInterestPercentage>
  <ugp:IndirectControlInterestPercentage id="Tag1248" contextRef="D20191231_IntegraFrotasLtdaMember" unitRef="Pure" decimals="2">1.00</ugp:IndirectControlInterestPercentage>
  <ugp:BusinessSegment id="Tag1249" contextRef="D20201231_AmPmComestveisLtdaMember">Ipiranga</ugp:BusinessSegment>
  <ugp:DirectControlInterestPercentage id="Tag1250" contextRef="D20201231_OxitenoUSALLCMember" unitRef="Pure" decimals="2">0</ugp:DirectControlInterestPercentage>
  <ugp:DirectControlInterestPercentage id="Tag1251" contextRef="D20201231_OxitenoMexicoSADeCVMember" unitRef="Pure" decimals="2">0</ugp:DirectControlInterestPercentage>
  <ugp:Location id="Tag1252" contextRef="D20201231_OleoqumicaIndustriaeComrcioDeProdutosQumicosLtdaMember">Brazil</ugp:Location>
  <ugp:DirectControlInterestPercentage id="Tag1253" contextRef="D20191231_LPGInternationalIncMember" unitRef="Pure" decimals="2">0</ugp:DirectControlInterestPercentage>
  <ugp:IndirectControlInterestPercentage id="Tag1254" contextRef="D20191231_OxitenoAndinaCAMember" unitRef="Pure" decimals="2">0</ugp:IndirectControlInterestPercentage>
  <ifrs-full:NameOfSubsidiary id="Tag1255" contextRef="D20201231_EmpresaCariocaDeProdutosQuimicosSAMember">Empresa Carioca de Produtos Qu&#xED;micos S.A.</ifrs-full:NameOfSubsidiary>
  <ugp:BusinessSegment id="Tag1256" contextRef="D20201231_UltracargoOperacoesLogisticasParticipacoesLtdaMember">Ultracargo</ugp:BusinessSegment>
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  <ugp:DirectControlInterestPercentage id="Tag1258" contextRef="D20191231_ImavenImoveisLtdaMember" unitRef="Pure" decimals="2">0</ugp:DirectControlInterestPercentage>
  <ugp:BusinessSegment id="Tag1259" contextRef="D20201231_UVCInvestimentosLtdaMember">Others</ugp:BusinessSegment>
  <ugp:IndirectControlInterestPercentage id="Tag1260" contextRef="D20201231_UltragazComercialLtdaMember" unitRef="Pure" decimals="2">1.00</ugp:IndirectControlInterestPercentage>
  <ugp:DirectControlInterestPercentage id="Tag1261" contextRef="D20191231_EmpresaCariocaDeProdutosQuimicosSAMember" unitRef="Pure" decimals="2">0</ugp:DirectControlInterestPercentage>
  <ugp:IndirectControlInterestPercentage id="Tag1262" contextRef="D20181231_OxitenoMexicoSADeCVMember" unitRef="Pure" decimals="2">1.00</ugp:IndirectControlInterestPercentage>
  <ugp:SummaryOfInvestmentsInSubsidiariesTableTextBlock id="Tag1263" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The consolidated &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;financial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;include the following direct and indirect subsidiaries:&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-right: auto; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.8343%; height: 609px;" width="100%"&gt;

&lt;tr style="height: 13px;"&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="11" style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 13px;"&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; vertical-align: top; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; padding: 0px; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 13px;"&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Control &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Control &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="vertical-align: top; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Control &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; padding: 0px; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 13px;"&gt;
&lt;td style="vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Location &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Segment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Direct &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Indirect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Direct &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Indirect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Direct &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Indirect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; padding: 0px; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 45.5%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Ipiranga Produtos de Petr&amp;#243;leo S.A.&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 9%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Brazil&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 9%; background-color: #cceeff;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;56&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;56&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: top; height: 17px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;56&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; padding: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;tr style="height: 17px;"&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px;"&gt;
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&lt;td style="vertical-align: bottom; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Brazil&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Ipiranga&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; padding: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Companhia Ultragaz S.A.&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Brazil&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Ultragaz&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;99&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;99&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; padding: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;99&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;99&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;tr style="height: 10px;"&gt;
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&lt;p style="margin-top: 0pt; margin-left: 28.4pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;TEAS &amp;#8211; Terminal Exportador de &amp;#193;lcool de Santos Ltda.&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 10px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Brazil&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Ultracargo&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; padding: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
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&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="vertical-align: middle; height: 10px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;UVC - Fundo de investimento em participa&amp;#231;&amp;#245;es multiestrat&amp;#233;gia investimento no exterior&lt;/font&gt; &lt;/font&gt;&lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;/font&gt;&lt;/sup&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;&lt;font&gt;7&lt;/font&gt;&lt;/font&gt;&lt;/sup&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &lt;font&gt;Brazil&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Others&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="vertical-align: middle; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ea&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#237;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Clube&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Automobilista&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; S.A&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;/font&gt;&lt;/sup&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;&lt;font&gt;8&lt;/font&gt;&lt;/font&gt;&lt;/sup&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Brazil&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Abastece A&amp;#237;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The percentages in the table above are rounded&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;"&gt;

&lt;tr&gt;
&lt;td style="width: 3.02403%; vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(1)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 96.976%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Non operating&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; company in closing phase&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="width: 3.02403%; vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(2)&lt;/font&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 96.976%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;I&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;n October 2020, there was a change in the share capital of the company &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Uting&amp;#225;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, which became controlled by &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Companhia&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Ultragaz S.A.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&amp;#8220;Ultragaz&amp;#8221;).&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="width: 3.02403%; vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(3)&lt;/font&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 96.976%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Subsidiary&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;created&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;n &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;January&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 20&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;20&lt;/font&gt;&amp;nbsp;to provide&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;valuation, business management and financial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;advisory services to UVC - Fundo de investimento em participa&amp;#231;&amp;#245;es multiestrat&amp;#233;gia investimento no exterior&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; In September 2020 the company&amp;#8217;s name was changed to &amp;#8220;UVC &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Investimentos&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ltda&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8221;.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="width: 3.02403%; vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(4)&lt;/font&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 96.976%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;In May 2020 t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;here was a c&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;hange in the participation of the capital of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;subsidiary&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Millen&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;n&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ium&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; which became a direct subsidiary of the Company&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="width: 3.02403%; vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(5)&lt;/font&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 96.976%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;On April 30, 2019, the shareholders of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Nordeste&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; S.A. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ind&amp;#250;stria&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; e &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Com&amp;#233;rcio&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Nordeste&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8221;) approved the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;redemption&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of all of its preferred shares class &amp;#8220;B&amp;#8221;, with &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;sub&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;sequent cancellation. On December 2, 2019, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in order to simplify the corporate structure&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the subsidiary &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Nordeste&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; was incorporated by its parent &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; S.A. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ind&amp;#250;stria&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; e &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Com&amp;#233;rcio&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;A&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8221;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="width: 3.02403%; vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(6)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 96.976%;"&gt;
&lt;p style="margin-top: 2pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;On October 15, 2019, the subsidiary Oxiteno S.A. approved the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;asset write-offs&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno Andina C.A. (&amp;#8220;Oxiteno Andina&amp;#8221;).&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="width: 3.02403%; vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(7)&lt;/font&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 96.976%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;F&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;und constituted&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; on January 2020, the UVC has &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; purpose to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;invest in promising companies that can leverage or complement the Company's business,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; besides&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; to supporting the mapping and sharing of startups and new technologies&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="width: 3.02403%; vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(8)&lt;/font&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 96.976%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Subsidiary&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; created in July 2020&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;adding&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Abastece&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;A&amp;#237;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;app &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and Km de &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Vantagens&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; programs to operate in the digital payments segment under the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Abastece&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;A&amp;#237;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; brand.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;</ugp:SummaryOfInvestmentsInSubsidiariesTableTextBlock>
  <ugp:DirectControlInterestPercentage id="Tag1264" contextRef="D20191231_UltracargoOperacoesLogisticasParticipacoesLtdaMember" unitRef="Pure" decimals="2">1.00</ugp:DirectControlInterestPercentage>
  <ugp:DirectControlInterestPercentage id="Tag1265" contextRef="D20191231_OxitenoEuropeSprlMember" unitRef="Pure" decimals="2">0</ugp:DirectControlInterestPercentage>
  <ugp:Location id="Tag1266" contextRef="D20201231_EaiClubeAutomobilistaSAMember">Brazil</ugp:Location>
  <ifrs-full:NameOfSubsidiary id="Tag1267" contextRef="D20191231_IpirangaTradingLimitedMember">Ipiranga Trading Limited</ifrs-full:NameOfSubsidiary>
  <ifrs-full:NameOfSubsidiary id="Tag1268" contextRef="D20191231_TropicalTransportesIpirangaLtdaMember">Tropical Transportes Ipiranga Ltda.</ifrs-full:NameOfSubsidiary>
  <ifrs-full:NameOfSubsidiary id="Tag1269" contextRef="D20191231_IpirangaImobiliriaLtdaMember">Ipiranga Imobili&amp;#225;ria Ltda.</ifrs-full:NameOfSubsidiary>
  <ifrs-full:NameOfSubsidiary id="Tag1270" contextRef="D20191231_IpirangaLogsticaLtdaMember">Ipiranga Log&amp;#237;stica Ltda.</ifrs-full:NameOfSubsidiary>
  <ifrs-full:NameOfSubsidiary id="Tag1271" contextRef="D20191231_OilTradingImportadoraExportadoraLtdaMember">Oil Trading Importadora e Exportadora Ltda.</ifrs-full:NameOfSubsidiary>
  <ifrs-full:NameOfSubsidiary id="Tag1272" contextRef="D20191231_IconicLubrificantesSAMember">Iconic Lubrificantes S.A.</ifrs-full:NameOfSubsidiary>
  <ifrs-full:NameOfSubsidiary id="Tag1273" contextRef="D20191231_IntegraFrotasLtdaMember">Integra Frotas Ltda.</ifrs-full:NameOfSubsidiary>
  <ifrs-full:NameOfSubsidiary id="Tag1274" contextRef="D20191231_CompanhiaUltragazMember">Companhia Ultragaz S.A.</ifrs-full:NameOfSubsidiary>
  <ifrs-full:NameOfSubsidiary id="Tag1275" contextRef="D20191231_UltragazComercialLtdaMember">Ultragaz Comercial Ltda.</ifrs-full:NameOfSubsidiary>
  <ifrs-full:NameOfSubsidiary id="Tag1276" contextRef="D20191231_NovaParanaDistribuidoraDeGasLtdaMember">Nova Paran&amp;#225; Distribuidora de G&amp;#225;s Ltda.</ifrs-full:NameOfSubsidiary>
  <ifrs-full:NameOfSubsidiary id="Tag1277" contextRef="D20191231_UtingasArmazenadoraMember">Uting&amp;#225;s Armazenadora S.A.</ifrs-full:NameOfSubsidiary>
  <ifrs-full:NameOfSubsidiary id="Tag1278" contextRef="D20191231_BahianaDistribuidoraDeGasLtdaMember">Bahiana Distribuidora de G&amp;#225;s Ltda.</ifrs-full:NameOfSubsidiary>
  <ifrs-full:NameOfSubsidiary id="Tag1279" contextRef="D20191231_LPGInternationalIncMember">LPG International Inc.</ifrs-full:NameOfSubsidiary>
  <ifrs-full:NameOfSubsidiary id="Tag1280" contextRef="D20191231_ImavenImoveisLtdaMember">Imaven Im&amp;#243;veis Ltda.</ifrs-full:NameOfSubsidiary>
  <ifrs-full:NameOfSubsidiary id="Tag1281" contextRef="D20191231_ImifarmaProdutosFarmaceuticosCosmeticosMember">Imifarma Produtos Farmac&amp;#234;uticos e Cosm&amp;#233;ticos S.A.</ifrs-full:NameOfSubsidiary>
  <ifrs-full:NameOfSubsidiary id="Tag1282" contextRef="D20191231_UVCInvestimentosLtdaMember">UVC Investimentos Ltda.</ifrs-full:NameOfSubsidiary>
  <ifrs-full:NameOfSubsidiary id="Tag1283" contextRef="D20191231_CentrodeConvenienciasMillenniumLtdaAndSubsidiariesMember">Centro de Conveni&amp;#234;ncias Millennium Ltda. and subsidiaries</ifrs-full:NameOfSubsidiary>
  <ifrs-full:NameOfSubsidiary id="Tag1284" contextRef="D20191231_OxitenoIndustriaComercioMember">Oxiteno S.A. Ind&amp;#250;stria e Com&amp;#233;rcio</ifrs-full:NameOfSubsidiary>
  <ifrs-full:NameOfSubsidiary id="Tag1285" contextRef="D20191231_OxitenoNordesteSAIndustriaeComercioMember">Oxiteno Nordeste S.A. Ind&amp;#250;stria e Com&amp;#233;rcio</ifrs-full:NameOfSubsidiary>
  <ifrs-full:NameOfSubsidiary id="Tag1286" contextRef="D20191231_OxitenoArgentinaSociedadDeResponsabilidadLtdaMember">Oxiteno Argentina Sociedad de Responsabilidad Ltda.</ifrs-full:NameOfSubsidiary>
  <ifrs-full:NameOfSubsidiary id="Tag1287" contextRef="D20191231_OleoqumicaIndustriaeComrcioDeProdutosQumicosLtdaMember">Oleoqu&amp;#237;mica Ind&amp;#250;stria e Com&amp;#233;rcio de Produtos Qu&amp;#237;micos Ltda.</ifrs-full:NameOfSubsidiary>
  <ifrs-full:NameOfSubsidiary id="Tag1288" contextRef="D20191231_OxitenoUruguaySAMember">Oxiteno Uruguay S.A.</ifrs-full:NameOfSubsidiary>
  <ifrs-full:NameOfSubsidiary id="Tag1289" contextRef="D20191231_OxitenoMexicoSADeCVMember">Oxiteno M&amp;#233;xico S.A. de C.V.</ifrs-full:NameOfSubsidiary>
  <ifrs-full:NameOfSubsidiary id="Tag1290" contextRef="D20191231_OxitenoServiciosCorporativosSADeCVMember">Oxiteno Servicios Corporativos S.A. de C.V.</ifrs-full:NameOfSubsidiary>
  <ifrs-full:NameOfSubsidiary id="Tag1291" contextRef="D20191231_OxitenoServiciosIndustrialsDeCVMember">Oxiteno Servicios Industriales S.A. de C.V.</ifrs-full:NameOfSubsidiary>
  <ifrs-full:NameOfSubsidiary id="Tag1292" contextRef="D20191231_OxitenoUSALLCMember">Oxiteno USA LLC</ifrs-full:NameOfSubsidiary>
  <ifrs-full:NameOfSubsidiary id="Tag1293" contextRef="D20191231_GlobalPetroleumProductsTradingCorporationMember">Global Petroleum Products Trading Corp.</ifrs-full:NameOfSubsidiary>
  <ifrs-full:NameOfSubsidiary id="Tag1294" contextRef="D20191231_OxitenoAndinaCAMember">Oxiteno Andina, C.A.</ifrs-full:NameOfSubsidiary>
  <ifrs-full:NameOfSubsidiary id="Tag1295" contextRef="D20191231_OxitenoEuropeSprlMember">Oxiteno Europe SPRL</ifrs-full:NameOfSubsidiary>
  <ifrs-full:NameOfSubsidiary id="Tag1296" contextRef="D20191231_OxitenoColombiaSASMember">Oxiteno Colombia S.A.S</ifrs-full:NameOfSubsidiary>
  <ifrs-full:NameOfSubsidiary id="Tag1297" contextRef="D20191231_OxitenoShanghaiLtdMember">Oxiteno Shanghai LTD.</ifrs-full:NameOfSubsidiary>
  <ifrs-full:NameOfSubsidiary id="Tag1298" contextRef="D20191231_EmpresaCariocaDeProdutosQuimicosSAMember">Empresa Carioca de Produtos Qu&amp;#237;micos S.A.</ifrs-full:NameOfSubsidiary>
  <ifrs-full:NameOfSubsidiary id="Tag1299" contextRef="D20191231_UltracargoOperacoesLogisticasParticipacoesLtdaMember">Ultracargo - Opera&amp;#231;&amp;#245;es Log&amp;#237;sticas e Participa&amp;#231;&amp;#245;es Ltda.</ifrs-full:NameOfSubsidiary>
  <ifrs-full:NameOfSubsidiary id="Tag1300" contextRef="D20191231_TerminalQuimicoDeAratuSATequimarMember">Terminal Qu&amp;#237;mico de Aratu S.A. &amp;#8211; Tequimar</ifrs-full:NameOfSubsidiary>
  <ifrs-full:NameOfSubsidiary id="Tag1301" contextRef="D20191231_TEASTerminalExportadorDeAlcoolDeSantosLtdaMember">TEAS &amp;#8211; Terminal Exportador de &amp;#193;lcool de Santos Ltda.</ifrs-full:NameOfSubsidiary>
  <ifrs-full:NameOfSubsidiary id="Tag1302" contextRef="D20191231_TequimarVilaDoCondeLogsticaPorturiaSaMember">Tequimar Vila do Conde Log&amp;#237;stica Portu&amp;#225;ria S.A.</ifrs-full:NameOfSubsidiary>
  <ifrs-full:NameOfSubsidiary id="Tag1303" contextRef="D20191231_UltraparInternationalSAMember">Ultrapar International S.A.</ifrs-full:NameOfSubsidiary>
  <ifrs-full:NameOfSubsidiary id="Tag1304" contextRef="D20191231_UVCFundoDeInvestimentoEmParticipacoesMultiestrategiaInvestimenToNoExteriorMember">UVC - Fundo de investimento em participa&amp;#231;&amp;#245;es multiestrat&amp;#233;gia investimento no exterior</ifrs-full:NameOfSubsidiary>
  <ifrs-full:NameOfSubsidiary id="Tag1305" contextRef="D20191231_EaiClubeAutomobilistaSAMember">Ea&amp;#237; Clube Automobilista S.A.</ifrs-full:NameOfSubsidiary>
  <ifrs-full:NameOfSubsidiary id="Tag1306" contextRef="D20181231_IpirangaProdutosdePetroleoSAMember">Ipiranga Produtos de Petr&amp;#243;leo S.A.</ifrs-full:NameOfSubsidiary>
  <ifrs-full:NameOfSubsidiary id="Tag1307" contextRef="D20181231_IcorbanCorrespondenteBancarioLtdaMember">Icorban &amp;#8211; Correspondente Banc&amp;#225;rio Ltda.</ifrs-full:NameOfSubsidiary>
  <ifrs-full:NameOfSubsidiary id="Tag1308" contextRef="D20181231_AmPmComestveisLtdaMember">am/pm Comest&amp;#237;veis Ltda.</ifrs-full:NameOfSubsidiary>
  <ifrs-full:NameOfSubsidiary id="Tag1309" contextRef="D20181231_IpirangaTradingLimitedMember">Ipiranga Trading Limited</ifrs-full:NameOfSubsidiary>
  <ugp:DisclosureOfInventoriesCompositionExplanatory id="Tag1310" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font&gt;&lt;font&gt;&lt;font&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The composition of i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;nventories &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;is&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; as follows:&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.9223%; height: 170px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 44.5221%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="6" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 27.195%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.4763%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="6" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 26.7288%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 44.5221%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; width: 8.00311%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Cost &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.554%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; width: 8.00311%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Provision &lt;br/&gt;for losses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 0.77821%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.931191%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Net balance &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.4763%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Cost &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.4763%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Provision &lt;br/&gt;for losses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 0.73815%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.73815%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Net balance &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 44.5221%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Fuels, lubricants and greases &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.00311%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,682,841&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.554%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.00311%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;5,344&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.77821%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.931191%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,677,497&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.4763%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,843,257&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.4763%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,073&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.73815%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; break-inside: avoid; break-after: avoid; font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;)&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.73815%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,841,184&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 44.5221%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Finished goods &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 8.00311%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;646,180&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.554%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.00311%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;22,281&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.77821%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.931191%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;623,899&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.4763%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;541,689&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.4763%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;22,048&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.73815%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.73815%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;519,641&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 44.5221%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Work in process &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.00311%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,450&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.554%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.00311%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.77821%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.931191%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,450&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.4763%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,971&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.4763%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.73815%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.73815%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,971&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 44.5221%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Raw materials &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 8.00311%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;568,185&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.554%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.00311%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,827&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.77821%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.931191%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;566,358&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.4763%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;365,960&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.4763%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,552&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.73815%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.73815%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;363,408&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 44.5221%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Liquefied petroleum gas (LPG) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.00311%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;110,767&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.554%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.00311%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;5,761&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.77821%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.931191%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;105,006&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.4763%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;101,715&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.4763%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;5,761&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.73815%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.73815%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;95,954&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 44.5221%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Consumable materials and other items for resale &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 8.00311%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;129,559&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.554%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.00311%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,598&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.77821%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.931191%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;126,961&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.4763%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;140,058&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.4763%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,587&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.73815%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.73815%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;137,471&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 44.5221%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Pharmaceutical, hygiene, and beauty products &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.00311%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;521,689&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.554%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.00311%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,611&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.77821%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.931191%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;519,078&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.4763%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;549,191&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.4763%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,877&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.73815%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.73815%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;546,314&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 44.5221%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Purchase for future delivery &lt;/font&gt;&lt;font style="font-size: 9pt;"&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 8.00311%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;198,986&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.554%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.00311%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;464&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.77821%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.931191%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;198,522&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.4763%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;183,170&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.4763%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,719&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.73815%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.73815%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;180,451&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 44.5221%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Properties for resale &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.00311%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;27,532&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.554%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.00311%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;107&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.77821%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.931191%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;27,425&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.4763%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;29,273&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.4763%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;107&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.73815%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.73815%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;29,166&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; width: 44.5221%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; width: 8.00311%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,887,189&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; width: 1.554%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; width: 8.00311%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;40,993&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; width: 0.77821%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.931191%; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,846,196&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; width: 1.4763%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,756,284&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; width: 1.4763%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;40,724&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; width: 0.73815%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.73815%; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,715,560&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 9pt; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Refers &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;substantially &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ethanol, biodiesel&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and advance of fuels.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ugp:DisclosureOfInventoriesCompositionExplanatory>
  <ugp:DisclosureOfBreakdownOfExpectedLossesOnDoubtfulAccountsExplanatoryTextBlock id="Tag1311" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The breakdown of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;expected&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; losses on doubtful accounts, is as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.834%;" width="100%"&gt;

&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="9" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Past due &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 25.5pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; less than &lt;br/&gt;&lt;font style="border-left: none; border-right: none;"&gt;30&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;31&lt;/font&gt;-&lt;font style="border-left: none; border-right: none;"&gt;60&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;61&lt;/font&gt;-&lt;font style="border-left: none; border-right: none;"&gt;90&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;91&lt;/font&gt;-&lt;font style="border-left: none; border-right: none;"&gt;180&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; more &lt;br/&gt;than &lt;font style="border-left: none; border-right: none;"&gt;180&lt;br/&gt;&lt;/font&gt;days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 39%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;197,011&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;22,872&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;785&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,812&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,397&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;14,684&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;154,461&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;156,006&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;21,337&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,519&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,063&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,313&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;14,639&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;115,135&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ugp:DisclosureOfBreakdownOfExpectedLossesOnDoubtfulAccountsExplanatoryTextBlock>
  <ugp:DisclosureOfBreakdownOfResellerFinancingGrossOfExpectedLossesOnDoubtfulAccountsExplanatoryTextBlock id="Tag1312" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The breakdown of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;reseller financing&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, gross of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;expected&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; losses on doubtful accounts, is as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 78px; width: 99.8338%;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="9" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Past due &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 34px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; less than &lt;br/&gt;&lt;font style="border-left: none; border-right: none;"&gt;30&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;31&lt;/font&gt;-&lt;font style="border-left: none; border-right: none;"&gt;60&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;61&lt;/font&gt;-&lt;font style="border-left: none; border-right: none;"&gt;90&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;91&lt;/font&gt;-&lt;font style="border-left: none; border-right: none;"&gt;180&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; more &lt;br/&gt;than &lt;font style="border-left: none; border-right: none;"&gt;180&lt;br/&gt;&lt;/font&gt;days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 39%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,165,395&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;787,904&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,230&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15,237&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;21,200&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;28,989&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;301,835&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;956,942&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;644,488&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;26,262&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,481&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;12,616&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;30,144&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;232,951&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ugp:DisclosureOfBreakdownOfResellerFinancingGrossOfExpectedLossesOnDoubtfulAccountsExplanatoryTextBlock>
  <ugp:DisclosureInBreakdownOfExpectedLossOnDoubtfulAccountsExplanatoryTextBlock id="Tag1313" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The breakdown of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;expected&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; losses on doubtful accounts, is as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.6878%;" width="100%"&gt;

&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="9" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Past due &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 25.5pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; less than &lt;br/&gt;&lt;font style="border-left: none; border-right: none;"&gt;30&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;31&lt;/font&gt;-&lt;font style="border-left: none; border-right: none;"&gt;60&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;61&lt;/font&gt;-&lt;font style="border-left: none; border-right: none;"&gt;90&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;91&lt;/font&gt;-&lt;font style="border-left: none; border-right: none;"&gt;180&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; more &lt;br/&gt;than &lt;font style="border-left: none; border-right: none;"&gt;180&lt;br/&gt;&lt;/font&gt;days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; width: 39%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;382,096&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;21,219&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;2,154&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,751&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;2,233&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;13,378&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;341,361&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;404,886&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;28,861&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,456&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,625&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;3,749&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;23,698&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;345,497&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ugp:DisclosureInBreakdownOfExpectedLossOnDoubtfulAccountsExplanatoryTextBlock>
  <ugp:DisclosureOfResellerFinancingCompositionExplanatory id="Tag1314" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The composition of reseller financing is as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 96px; border-collapse: collapse; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; width: 76%; margin: 0px auto; text-indent: 0px;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 70.9611%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 13.4969%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.02249%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 1.84049%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 12.2188%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 1.02249%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 70.9611%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; Reseller financing &amp;#8211; Ipiranga &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 13.4969%; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,165,395&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 1.02249%; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.84049%; background-color: rgb(204, 238, 255); height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 12.2188%; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;956,942&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.02249%; background-color: rgb(204, 238, 255); height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 70.9611%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (-) Expected losses on doubtful accounts &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 13.4969%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;197,011&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 1.02249%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.84049%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 12.2188%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;156,006&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.02249%; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 70.9611%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); height: 18px; background-color: rgb(204, 238, 255); width: 13.4969%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;968,384&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; background-color: rgb(204, 238, 255); width: 1.02249%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.84049%; height: 18px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); height: 18px; background-color: rgb(204, 238, 255); width: 12.2188%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;800,936&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 1.02249%; height: 18px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 70.9611%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 10px; width: 13.4969%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;549,129&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 10px; width: 1.02249%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.84049%; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 10px; width: 12.2188%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;436,188&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.02249%; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 70.9611%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Non-current &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 13.4969%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;419,255&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.02249%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.84049%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 12.2188%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;364,748&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.02249%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ugp:DisclosureOfResellerFinancingCompositionExplanatory>
  <ugp:DisclosureOfTradeReceivablesBreakdownExplanatory id="Tag1315" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The breakdown of trade receivables, gross&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;expected&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; losses on&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; doubtful accounts&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, is as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 95px; width: 99.8338%;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="9" style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-bottom: 1pt solid #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Past due &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; less than &lt;br/&gt;&lt;font style="border-left: none; border-right: none;"&gt;30&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;31&lt;/font&gt;-&lt;font style="border-left: none; border-right: none;"&gt;60&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;61&lt;/font&gt;-&lt;font style="border-left: none; border-right: none;"&gt;90&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;91&lt;/font&gt;-&lt;font style="border-left: none; border-right: none;"&gt;180&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; more &lt;br/&gt;than &lt;font style="border-left: none; border-right: none;"&gt;180&lt;br/&gt;&lt;/font&gt;days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 39%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;3,773,218&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;2,963,163&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;124,606&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;27,970&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;21,389&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;47,169&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;588,921&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;4,094,386&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;3,199,315&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;159,350&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;27,320&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;12,245&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;61,489&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;634,667&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ugp:DisclosureOfTradeReceivablesBreakdownExplanatory>
  <ifrs-full:DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory id="Tag1316" contextRef="D20201231_TradeReceivablesMember_IFRS9Member">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Movements in the allowance for &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;expected&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; losses on doubtful accounts are as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; height: 139px; width: 100%; margin: 0px; text-indent: 0px;" width="100%"&gt;

&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 88%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 2%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 9.0404%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;385,080&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.959596%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 88%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Additions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 2%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.0404%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;189,192&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.959596%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 88%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Reversals &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 2%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 9.0404%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;119,640&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.959596%; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 88%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Write-offs &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 2%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 9.0404%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;49,746&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; width: 0.959596%; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 88%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 2%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 9.0404%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;404,886&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.959596%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 88%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Additions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 2%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.0404%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;194,220&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.959596%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px; width: 88%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Reversals &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px; width: 2%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px; width: 9.0404%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;203,994&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.959596%; margin: 0px; text-indent: 0px; height: 10px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 88%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Write-offs &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 2%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 9.0404%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;13,016&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; width: 0.959596%; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px; width: 88%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px; width: 2%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); height: 10px; width: 9.0404%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;382,096&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 0.959596%; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory>
  <ifrs-full:DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory id="Tag1317" contextRef="D20201231_ResellerFinancingIpirangaMember_IFRS9Member">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Movements in the allowance for expected losses on doubtful accounts are as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 137px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-left: auto; margin-right: auto;" width="68%"&gt;

&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 86%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.9143%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;139,699&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.14286%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 86%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Additions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 10.9143%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;30,601&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.14286%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 86%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Reversals &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.9143%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;14,294&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.14286%;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 86%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 10.9143%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;156,006&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; width: 1.14286%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 86%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Additions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.9143%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;74,745&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.14286%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 86%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Reversals &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 10.9143%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;29,791&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.14286%;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 86%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Write-offs &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.9143%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;3,949&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.14286%;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; width: 86%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); width: 10.9143%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;197,011&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); width: 1.14286%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory>
  <ugp:DisclosureOfTradeReceivablesCompositionExplanatory id="Tag1318" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;composition&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;rade receivables &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;is&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table style="height: 147px; border-collapse: collapse; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; width: 99.7433%; margin: 0px; text-indent: 0px;" width="99.7433%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 70.948%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 14.3688%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.777001%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.55757%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 12.0674%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.878594%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 70.948%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Domestic customers &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 14.3688%; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;3,443,641&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.777001%; background-color: rgb(204, 238, 255); height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.55757%; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 12.0674%; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;3,867,163&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.878594%; background-color: rgb(204, 238, 255); height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 70.948%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Domestic customers &amp;#8211; related parties (see Note &lt;font&gt;8&lt;/font&gt;.a) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 14.3688%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;151&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.777001%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.55757%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 12.0674%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;739&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.878594%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 70.948%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign customers &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 14.3688%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;326,442&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.777001%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.55757%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 12.0674%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;223,308&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.878594%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 70.948%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign customers &amp;#8211; related parties (see Note &lt;font&gt;8&lt;/font&gt;.a) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 14.3688%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;2,984&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.777001%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.55757%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 12.0674%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;3,176&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.878594%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 70.948%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (-) Expected losses on doubtful accounts &lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 14.3688%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;382,096&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.777001%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.55757%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 12.0674%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;404,886&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.878594%; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; width: 70.948%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); height: 18px; width: 14.3688%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;3,391,122&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.777001%; height: 18px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; width: 1.55757%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); height: 18px; width: 12.0674%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;3,689,500&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); width: 0.878594%; height: 18px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 70.948%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current &lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 14.3688%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;3,318,927&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.777001%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.55757%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 12.0674%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;3,635,834&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.878594%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 70.948%;"&gt;
&lt;p style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 10pt; text-indent: 0px;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Non-current &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 14.3688%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;72,195&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.777001%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.55757%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 12.0674%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;53,666&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.878594%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ugp:DisclosureOfTradeReceivablesCompositionExplanatory>
  <ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets id="Tag1319" contextRef="I20201231_TradeReceivablesMember" unitRef="BRL" decimals="-3">382096000</ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets>
  <ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets id="Tag1320" contextRef="I20181231_TradeReceivablesMember" unitRef="BRL" decimals="-3">385080000</ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets>
  <ugp:ResellerFinancing id="Tag1321" contextRef="I20201231" unitRef="BRL" decimals="-3">968384000</ugp:ResellerFinancing>
  <ugp:ResellerFinancing id="Tag1322" contextRef="I20201231_FromSixtyOneDaysToNinetyDaysMember_ExpectedLossesOnDoubtfulAccountsMember" unitRef="BRL" decimals="-3">-2397000</ugp:ResellerFinancing>
  <ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets id="Tag1323" contextRef="I20201231_ResellerFinancingIpirangaMember" unitRef="BRL" decimals="-3">197011000</ifrs-full:AllowanceAccountForCreditLossesOfFinancialAssets>
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  <ifrs-full:NameOfSubsidiary id="Tag1331" contextRef="D20181231_TropicalTransportesIpirangaLtdaMember">Tropical Transportes Ipiranga Ltda.</ifrs-full:NameOfSubsidiary>
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  <ifrs-full:NameOfSubsidiary id="Tag1334" contextRef="D20181231_IpirangaImobiliriaLtdaMember">Ipiranga Imobili&amp;#225;ria Ltda.</ifrs-full:NameOfSubsidiary>
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  <ifrs-full:NameOfSubsidiary id="Tag1387" contextRef="D20181231_IpirangaLogsticaLtdaMember">Ipiranga Log&amp;#237;stica Ltda.</ifrs-full:NameOfSubsidiary>
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  <ifrs-full:DisclosureOfInventoriesExplanatory id="Tag1437" contextRef="D20201231_3">&lt;div&gt;
&lt;h1 style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 12pt; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;6. Inventories&lt;/font&gt;&lt;/h1&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font&gt;&lt;font&gt;&lt;font&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The composition of i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;nventories &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;is&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; as follows:&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.9223%; height: 170px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 44.5221%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="6" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 27.195%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.4763%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="6" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 26.7288%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 44.5221%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; width: 8.00311%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Cost &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.554%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; width: 8.00311%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Provision &lt;br/&gt;for losses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 0.77821%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.931191%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Net balance &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.4763%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Cost &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.4763%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Provision &lt;br/&gt;for losses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 0.73815%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.73815%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Net balance &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 44.5221%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Fuels, lubricants and greases &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.00311%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,682,841&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.554%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.00311%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;5,344&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.77821%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.931191%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,677,497&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.4763%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,843,257&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.4763%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,073&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.73815%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; break-inside: avoid; break-after: avoid; font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;)&lt;/font&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.73815%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,841,184&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 44.5221%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Finished goods &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 8.00311%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;646,180&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.554%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.00311%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;22,281&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.77821%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.931191%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;623,899&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.4763%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;541,689&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.4763%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;22,048&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.73815%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.73815%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;519,641&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 44.5221%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Work in process &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.00311%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,450&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.554%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.00311%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.77821%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.931191%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,450&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.4763%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,971&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.4763%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.73815%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.73815%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,971&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 44.5221%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Raw materials &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 8.00311%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;568,185&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.554%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.00311%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,827&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.77821%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.931191%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;566,358&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.4763%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;365,960&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.4763%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,552&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.73815%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.73815%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;363,408&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 44.5221%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Liquefied petroleum gas (LPG) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.00311%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;110,767&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.554%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.00311%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;5,761&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.77821%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.931191%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;105,006&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.4763%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;101,715&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.4763%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;5,761&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.73815%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.73815%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;95,954&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 44.5221%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Consumable materials and other items for resale &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 8.00311%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;129,559&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.554%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.00311%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,598&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.77821%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.931191%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;126,961&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.4763%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;140,058&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.4763%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,587&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.73815%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.73815%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;137,471&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 44.5221%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Pharmaceutical, hygiene, and beauty products &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.00311%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;521,689&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.554%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.00311%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,611&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.77821%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.931191%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;519,078&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.4763%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;549,191&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.4763%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,877&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.73815%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.73815%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;546,314&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 44.5221%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Purchase for future delivery &lt;/font&gt;&lt;font style="font-size: 9pt;"&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 8.00311%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;198,986&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.554%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.00311%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;464&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.77821%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.931191%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;198,522&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.4763%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;183,170&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.4763%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,719&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.73815%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.73815%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;180,451&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 44.5221%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Properties for resale &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.00311%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;27,532&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.554%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.00311%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;107&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.77821%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.931191%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;27,425&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.4763%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;29,273&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.4763%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;107&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.73815%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.73815%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;29,166&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; width: 44.5221%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; width: 8.00311%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,887,189&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; width: 1.554%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; width: 8.00311%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;40,993&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; width: 0.77821%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.931191%; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,846,196&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; width: 1.4763%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,756,284&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; width: 1.4763%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;40,724&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; width: 0.73815%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.73815%; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; width: 7.92541%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,715,560&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 9pt; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Refers &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;substantially &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ethanol, biodiesel&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and advance of fuels.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Movements in the provision for losses are as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 205px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-left: auto; margin-right: auto;" width="68%"&gt;

&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 75.8857%; padding: 0px 4px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; Balance as of December 31, 2017 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 22.7429%; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;37,099&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.25714%; padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 75.8857%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; Additions to net realizable value adjustment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 22.7429%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;600&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.25714%; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 75.8857%; padding: 0px 4px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; Additions of obsolescence and other losses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 22.7429%; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,903&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.25714%; padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 75.8857%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; Oxiteno Andina (i) &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 22.7429%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;985&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.25714%; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 75.8857%; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2018 &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 22.7429%; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;42,587&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.25714%; padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 75.8857%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Reversals to net realizable value adjustment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 22.7429%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;5,174&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.25714%; padding: 0px; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 75.8857%; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; Additions of obsolescence and other losses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 22.7429%; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,296&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.25714%; padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 75.8857%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; Oxiteno Andina (ii) &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 22.7429%; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;985&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.25714%; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 75.8857%; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2019 &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 22.7429%; border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;40,724&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.25714%; border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 75.8857%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; Additions to net realizable value adjustment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 22.7429%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,245&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.25714%; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 75.8857%; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Reversals of obsolescence and other losses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 22.7429%; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,976&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.25714%; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="width: 75.8857%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2020 &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 22.7429%; border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;40,993&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.25714%; border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: super;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/sup&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) &lt;font&gt;R&lt;/font&gt;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;efers to impairment for subsidiary &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Andina.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(ii) &lt;font&gt;R&lt;/font&gt;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;efers to the asset write-offs of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Andina in &lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt; (see Note &lt;font style="border-left: none; border-right: none;"&gt;3&lt;/font&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;b&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;6&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;).&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The breakdown of provisions for losses related to inventories is shown in the table below:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 62px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-left: auto; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 296.45pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="width: 296.45pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net realizable value adjustment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;17,488&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15,243&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 296.45pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Obsolescence and other losses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;23,505&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;25,481&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="width: 296.45pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;40,993&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;40,724&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfInventoriesExplanatory>
  <ugp:InventoriesCost id="Tag1438" contextRef="I20191231_FuelsMember" unitRef="BRL" decimals="-3">1843257000</ugp:InventoriesCost>
  <ugp:InventoriesProvisionForLosses id="Tag1439" contextRef="I20201231" unitRef="BRL" decimals="-3">40993000</ugp:InventoriesProvisionForLosses>
  <ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossLoansAndAdvances id="Tag1440" contextRef="D20191231_3" unitRef="BRL" decimals="-3">985000</ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossLoansAndAdvances>
  <ugp:AdditionsToNetRealizableValueAdjustment id="Tag1441" contextRef="D20201231_3" unitRef="BRL" decimals="-3">2245000</ugp:AdditionsToNetRealizableValueAdjustment>
  <ifrs-full:Inventories id="Tag1442" contextRef="I20191231_WorkInProcessMember" unitRef="BRL" decimals="-3">1971000</ifrs-full:Inventories>
  <ifrs-full:Inventories id="Tag1443" contextRef="I20191231_PropertiesForResaleMember" unitRef="BRL" decimals="-3">29166000</ifrs-full:Inventories>
  <ugp:DisclosureOfInventoriesProvisionForLossesExplanatory id="Tag1444" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The breakdown of provisions for losses related to inventories is shown in the table below:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 62px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-left: auto; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 296.45pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="width: 296.45pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net realizable value adjustment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;17,488&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15,243&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 296.45pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Obsolescence and other losses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;23,505&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;25,481&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="width: 296.45pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;40,993&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;40,724&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ugp:DisclosureOfInventoriesProvisionForLossesExplanatory>
  <ugp:ProvisionForLossesInventories id="Tag1445" contextRef="I20191231_AdvancesToSuppliersMember" unitRef="BRL" decimals="-3">2719000</ugp:ProvisionForLossesInventories>
  <ugp:InventoriesCost id="Tag1446" contextRef="I20191231_FinishedGoodsMember" unitRef="BRL" decimals="-3">541689000</ugp:InventoriesCost>
  <ugp:InventoriesCost id="Tag1447" contextRef="I20201231_FinishedGoodsMember" unitRef="BRL" decimals="-3">646180000</ugp:InventoriesCost>
  <ugp:InventoriesCost id="Tag1448" contextRef="I20191231" unitRef="BRL" decimals="-3">3756284000</ugp:InventoriesCost>
  <ifrs-full:Inventories id="Tag1449" contextRef="I20201231_PropertiesForResaleMember" unitRef="BRL" decimals="-3">27425000</ifrs-full:Inventories>
  <ugp:ProvisionForLossesInventories id="Tag1450" contextRef="I20191231_ConsumableMaterialsMember" unitRef="BRL" decimals="-3">2587000</ugp:ProvisionForLossesInventories>
  <ifrs-full:Inventories id="Tag1451" contextRef="I20191231_LiquifiedPetroleumGasMember" unitRef="BRL" decimals="-3">95954000</ifrs-full:Inventories>
  <ugp:ProvisionForLossesInventories id="Tag1452" contextRef="I20201231_RawMaterialsMember" unitRef="BRL" decimals="-3">1827000</ugp:ProvisionForLossesInventories>
  <ugp:NetRealizableValueAdjustment id="Tag1453" contextRef="I20191231" unitRef="BRL" decimals="-3">15243000</ugp:NetRealizableValueAdjustment>
  <ugp:InventoriesCost id="Tag1454" contextRef="I20201231_WorkInProcessMember" unitRef="BRL" decimals="-3">1450000</ugp:InventoriesCost>
  <ugp:ProvisionForLossesInventories id="Tag1455" contextRef="I20191231_PharmaceuticalHygieneBeautyProductsMember" unitRef="BRL" decimals="-3">2877000</ugp:ProvisionForLossesInventories>
  <ifrs-full:Inventories id="Tag1456" contextRef="I20191231_ConsumableMaterialsMember" unitRef="BRL" decimals="-3">137471000</ifrs-full:Inventories>
  <ifrs-full:Inventories id="Tag1457" contextRef="I20201231_LiquifiedPetroleumGasMember" unitRef="BRL" decimals="-3">105006000</ifrs-full:Inventories>
  <ugp:ProvisionForLossesInventories id="Tag1458" contextRef="I20201231_AdvancesToSuppliersMember" unitRef="BRL" decimals="-3">464000</ugp:ProvisionForLossesInventories>
  <ugp:ProvisionForLossesInventories id="Tag1459" contextRef="I20191231_RawMaterialsMember" unitRef="BRL" decimals="-3">2552000</ugp:ProvisionForLossesInventories>
  <ugp:ProvisionForLossesInventories id="Tag1460" contextRef="I20191231_LiquifiedPetroleumGasMember" unitRef="BRL" decimals="-3">5761000</ugp:ProvisionForLossesInventories>
  <ugp:ProvisionForLossesInventories id="Tag1461" contextRef="I20201231_FinishedGoodsMember" unitRef="BRL" decimals="-3">22281000</ugp:ProvisionForLossesInventories>
  <ifrs-full:Inventories id="Tag1462" contextRef="I20201231_AdvancesToSuppliersMember" unitRef="BRL" decimals="-3">198522000</ifrs-full:Inventories>
  <ugp:ProvisionForLossesInventories id="Tag1463" contextRef="I20191231_FinishedGoodsMember" unitRef="BRL" decimals="-3">22048000</ugp:ProvisionForLossesInventories>
  <ugp:InventoriesCost id="Tag1464" contextRef="I20201231_AdvancesToSuppliersMember" unitRef="BRL" decimals="-3">198986000</ugp:InventoriesCost>
  <ifrs-full:Inventories id="Tag1465" contextRef="I20191231_PharmaceuticalHygieneBeautyProductsMember" unitRef="BRL" decimals="-3">546314000</ifrs-full:Inventories>
  <ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossLoansAndAdvances id="Tag1466" contextRef="D20181231" unitRef="BRL" decimals="-3">-985000</ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossLoansAndAdvances>
  <ugp:InventoriesCost id="Tag1467" contextRef="I20191231_PharmaceuticalHygieneBeautyProductsMember" unitRef="BRL" decimals="-3">549191000</ugp:InventoriesCost>
  <ugp:ProvisionForLossesInventories id="Tag1468" contextRef="I20201231" unitRef="BRL" decimals="-3">40993000</ugp:ProvisionForLossesInventories>
  <ugp:ProvisionForLossesInventories id="Tag1469" contextRef="I20201231_ConsumableMaterialsMember" unitRef="BRL" decimals="-3">2598000</ugp:ProvisionForLossesInventories>
  <ifrs-full:Inventories id="Tag1470" contextRef="I20191231_AdvancesToSuppliersMember" unitRef="BRL" decimals="-3">180451000</ifrs-full:Inventories>
  <ifrs-full:Inventories id="Tag1471" contextRef="I20201231_FinishedGoodsMember" unitRef="BRL" decimals="-3">623899000</ifrs-full:Inventories>
  <ugp:AdditionsToNetRealizableValueAdjustment id="Tag1472" contextRef="D20181231" unitRef="BRL" decimals="-3">600000</ugp:AdditionsToNetRealizableValueAdjustment>
  <ugp:InventoriesProvisionForLosses id="Tag1473" contextRef="I20181231" unitRef="BRL" decimals="-3">42587000</ugp:InventoriesProvisionForLosses>
  <ugp:ProvisionForLossesInventories id="Tag1474" contextRef="I20191231_WorkInProcessMember" unitRef="BRL" decimals="-3">0</ugp:ProvisionForLossesInventories>
  <ugp:InventoriesCost id="Tag1475" contextRef="I20201231_PropertiesForResaleMember" unitRef="BRL" decimals="-3">27532000</ugp:InventoriesCost>
  <ifrs-full:Inventories id="Tag1476" contextRef="I20201231_ConsumableMaterialsMember" unitRef="BRL" decimals="-3">126961000</ifrs-full:Inventories>
  <ugp:InventoriesProvisionForLosses id="Tag1477" contextRef="I20171231" unitRef="BRL" decimals="-3">37099000</ugp:InventoriesProvisionForLosses>
  <ugp:AdditionsToObsolescenceAndOtherLosses id="Tag1478" contextRef="D20191231_3" unitRef="BRL" decimals="-3">4296000</ugp:AdditionsToObsolescenceAndOtherLosses>
  <ugp:InventoriesCost id="Tag1479" contextRef="I20201231_LiquifiedPetroleumGasMember" unitRef="BRL" decimals="-3">110767000</ugp:InventoriesCost>
  <ugp:InventoriesProvisionForLosses id="Tag1480" contextRef="I20191231" unitRef="BRL" decimals="-3">40724000</ugp:InventoriesProvisionForLosses>
  <ugp:ReversalsOfObsolescenceAndOtherLosses id="Tag1481" contextRef="D20191231_3" unitRef="BRL" decimals="-3">5174000</ugp:ReversalsOfObsolescenceAndOtherLosses>
  <ugp:InventoriesCost id="Tag1482" contextRef="I20201231_PharmaceuticalHygieneBeautyProductsMember" unitRef="BRL" decimals="-3">521689000</ugp:InventoriesCost>
  <ugp:InventoriesCost id="Tag1483" contextRef="I20191231_PropertiesForResaleMember" unitRef="BRL" decimals="-3">29273000</ugp:InventoriesCost>
  <ugp:ObsolescenceAndOtherLosses id="Tag1484" contextRef="I20191231" unitRef="BRL" decimals="-3">25481000</ugp:ObsolescenceAndOtherLosses>
  <ugp:ProvisionForLossesInventories id="Tag1485" contextRef="I20201231_LiquifiedPetroleumGasMember" unitRef="BRL" decimals="-3">5761000</ugp:ProvisionForLossesInventories>
  <ifrs-full:Inventories id="Tag1486" contextRef="I20201231_RawMaterialsMember" unitRef="BRL" decimals="-3">566358000</ifrs-full:Inventories>
  <ugp:NetRealizableValueAdjustment id="Tag1487" contextRef="I20201231" unitRef="BRL" decimals="-3">17488000</ugp:NetRealizableValueAdjustment>
  <ugp:InventoriesCost id="Tag1488" contextRef="I20201231_ConsumableMaterialsMember" unitRef="BRL" decimals="-3">129559000</ugp:InventoriesCost>
  <ugp:ProvisionForLossesInventories id="Tag1489" contextRef="I20201231_PropertiesForResaleMember" unitRef="BRL" decimals="-3">107000</ugp:ProvisionForLossesInventories>
  <ugp:AdditionsToObsolescenceAndOtherLosses id="Tag1490" contextRef="D20181231" unitRef="BRL" decimals="-3">3903000</ugp:AdditionsToObsolescenceAndOtherLosses>
  <ugp:InventoriesCost id="Tag1491" contextRef="I20191231_LiquifiedPetroleumGasMember" unitRef="BRL" decimals="-3">101715000</ugp:InventoriesCost>
  <ugp:InventoriesCost id="Tag1492" contextRef="I20201231_FuelsMember" unitRef="BRL" decimals="-3">1682841000</ugp:InventoriesCost>
  <ifrs-full:Inventories id="Tag1493" contextRef="I20191231_FinishedGoodsMember" unitRef="BRL" decimals="-3">519641000</ifrs-full:Inventories>
  <ugp:ProvisionForLossesInventories id="Tag1494" contextRef="I20201231_PharmaceuticalHygieneBeautyProductsMember" unitRef="BRL" decimals="-3">2611000</ugp:ProvisionForLossesInventories>
  <ugp:InventoriesCost id="Tag1495" contextRef="I20191231_AdvancesToSuppliersMember" unitRef="BRL" decimals="-3">183170000</ugp:InventoriesCost>
  <ugp:InventoriesCost id="Tag1496" contextRef="I20191231_ConsumableMaterialsMember" unitRef="BRL" decimals="-3">140058000</ugp:InventoriesCost>
  <ugp:ProvisionForLossesInventories id="Tag1497" contextRef="I20191231" unitRef="BRL" decimals="-3">40724000</ugp:ProvisionForLossesInventories>
  <ugp:ObsolescenceAndOtherLosses id="Tag1498" contextRef="I20201231" unitRef="BRL" decimals="-3">23505000</ugp:ObsolescenceAndOtherLosses>
  <ugp:InventoriesCost id="Tag1499" contextRef="I20191231_RawMaterialsMember" unitRef="BRL" decimals="-3">365960000</ugp:InventoriesCost>
  <ugp:ProvisionForLossesInventories id="Tag1500" contextRef="I20191231_FuelsMember" unitRef="BRL" decimals="-3">2073000</ugp:ProvisionForLossesInventories>
  <ugp:InventoriesCost id="Tag1501" contextRef="I20201231_RawMaterialsMember" unitRef="BRL" decimals="-3">568185000</ugp:InventoriesCost>
  <ifrs-full:Inventories id="Tag1502" contextRef="I20201231_WorkInProcessMember" unitRef="BRL" decimals="-3">1450000</ifrs-full:Inventories>
  <ugp:InventoriesCost id="Tag1503" contextRef="I20191231_WorkInProcessMember" unitRef="BRL" decimals="-3">1971000</ugp:InventoriesCost>
  <ifrs-full:Inventories id="Tag1504" contextRef="I20201231_PharmaceuticalHygieneBeautyProductsMember" unitRef="BRL" decimals="-3">519078000</ifrs-full:Inventories>
  <ifrs-full:Inventories id="Tag1505" contextRef="I20201231_FuelsMember" unitRef="BRL" decimals="-3">1677497000</ifrs-full:Inventories>
  <ugp:ProvisionForLossesInventories id="Tag1506" contextRef="I20191231_PropertiesForResaleMember" unitRef="BRL" decimals="-3">107000</ugp:ProvisionForLossesInventories>
  <ugp:ProvisionForLossesInventories id="Tag1507" contextRef="I20201231_FuelsMember" unitRef="BRL" decimals="-3">5344000</ugp:ProvisionForLossesInventories>
  <ifrs-full:Inventories id="Tag1508" contextRef="I20191231_RawMaterialsMember" unitRef="BRL" decimals="-3">363408000</ifrs-full:Inventories>
  <ugp:EstimatedRecoveryOfIcmsAssets id="Tag1509" contextRef="I20201231_LaterThanThreeYearsAndNotLaterThanFiveYearsMember" unitRef="BRL" decimals="-3">88483000</ugp:EstimatedRecoveryOfIcmsAssets>
  <ugp:RecoverableTaxes id="Tag1510" contextRef="I20191231_PisAndCofinsMember_BrazilianFederalRevenueServiceMember" unitRef="BRL" decimals="-3">539026000</ugp:RecoverableTaxes>
  <ugp:ProfitLossOnProvisionForTaxCivilAndLaborRisks id="Tag1511" contextRef="D20191231_3" unitRef="BRL" decimals="-3">338110000</ugp:ProfitLossOnProvisionForTaxCivilAndLaborRisks>
  <ugp:RecoverableTaxes id="Tag1512" contextRef="I20201231_SubsidiariesGroupFourMember" unitRef="BRL" decimals="-3">645978000</ugp:RecoverableTaxes>
  <ugp:CurrentRecoverableIncomeAndSocialContributionTaxes id="Tag1513" contextRef="I20201231" unitRef="BRL" decimals="-3">366080000</ugp:CurrentRecoverableIncomeAndSocialContributionTaxes>
  <ugp:RealizationOfTaxCreditPeriod id="Tag1514" contextRef="D20201231_OxitenoSAAndOxitenoNordesteMember_TopOfRangeMember">P5Y</ugp:RealizationOfTaxCreditPeriod>
  <ugp:RecoverableTaxes id="Tag1515" contextRef="I20191231_PisAndCofinsMember" unitRef="BRL" decimals="-3">930570000</ugp:RecoverableTaxes>
  <ugp:RealizationOfTaxCreditPeriod id="Tag1516" contextRef="D20201231_OtherSubsidiariesMember_TopOfRangeMember">P2Y</ugp:RealizationOfTaxCreditPeriod>
  <ugp:RecoverableTaxes id="Tag1517" contextRef="I20191231" unitRef="BRL" decimals="-3">1889695000</ugp:RecoverableTaxes>
  <ugp:RecoverableTaxes id="Tag1518" contextRef="I20201231_SubsidiariesGroupTwoMember_ICMSMember" unitRef="BRL" decimals="-3">754882000</ugp:RecoverableTaxes>
  <ugp:RecoverableTaxes id="Tag1519" contextRef="I20201231_PisAndCofinsMember" unitRef="BRL" decimals="-3">1297029000</ugp:RecoverableTaxes>
  <ugp:RecoverableAndSocialContributionTaxes id="Tag1520" contextRef="I20191231_IrpjandcsllMember" unitRef="BRL" decimals="-3">430290000</ugp:RecoverableAndSocialContributionTaxes>
  <ugp:EstimatedRecoveryOfIcmsAssets id="Tag1521" contextRef="I20201231_LaterThanFiveYearsAndNotLaterThanSevenYearsMember" unitRef="BRL" decimals="-3">26420000</ugp:EstimatedRecoveryOfIcmsAssets>
  <ugp:EstimatedRecoveryOfProgramOfSocialIntegrationContributionForFinancingOfSocialSecurityCredits id="Tag1522" contextRef="I20201231_LaterThanThreeYearsAndNotLaterThanFiveYearsMember_PisAndCofinsMember" unitRef="BRL" decimals="-3">183983000</ugp:EstimatedRecoveryOfProgramOfSocialIntegrationContributionForFinancingOfSocialSecurityCredits>
  <ugp:ProfitLossOnProvisionForTaxCivilAndLaborRisks id="Tag1523" contextRef="D20201231_3" unitRef="BRL" decimals="-3">746962000</ugp:ProfitLossOnProvisionForTaxCivilAndLaborRisks>
  <ugp:EstimatedRecoveryOfIcmsAssets id="Tag1524" contextRef="I20201231_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" unitRef="BRL" decimals="-3">200586000</ugp:EstimatedRecoveryOfIcmsAssets>
  <ugp:RecoverableTaxes id="Tag1525" contextRef="I20201231_SubsidiariesGroupThreeMember_ICMSMember" unitRef="BRL" decimals="-3">179405000</ugp:RecoverableTaxes>
  <ugp:EstimatedRecoveryOfProgramOfSocialIntegrationContributionForFinancingOfSocialSecurityCredits id="Tag1526" contextRef="I20201231_LaterThanOneYearAndNotLaterThanTwoYearsMember_PisAndCofinsMember" unitRef="BRL" decimals="-3">405998000</ugp:EstimatedRecoveryOfProgramOfSocialIntegrationContributionForFinancingOfSocialSecurityCredits>
  <ugp:RecoverableTaxes id="Tag1527" contextRef="I20201231_PisAndCofinsMember_BrazilianFederalRevenueServiceMember" unitRef="BRL" decimals="-3">651051000</ugp:RecoverableTaxes>
  <ugp:RecoverableTaxes id="Tag1528" contextRef="I20191231_SubsidiariesGroupThreeMember_ICMSMember" unitRef="BRL" decimals="-3">157713000</ugp:RecoverableTaxes>
  <ugp:RecoverableTaxes id="Tag1529" contextRef="I20201231_SubsidiariesGroupOneMember_ICMSMember" unitRef="BRL" decimals="-3">195037000</ugp:RecoverableTaxes>
  <ugp:EstimatedRecoveryOfProgramOfSocialIntegrationContributionForFinancingOfSocialSecurityCredits id="Tag1530" contextRef="I20201231_PisAndCofinsMember" unitRef="BRL" decimals="-3">1297029000</ugp:EstimatedRecoveryOfProgramOfSocialIntegrationContributionForFinancingOfSocialSecurityCredits>
  <ugp:RecoverableTaxes id="Tag1531" contextRef="I20201231_OtherTaxesPayableMember" unitRef="BRL" decimals="-3">57704000</ugp:RecoverableTaxes>
  <ugp:CurrentRecoverableIncomeAndSocialContributionTaxes id="Tag1532" contextRef="I20191231" unitRef="BRL" decimals="-3">325343000</ugp:CurrentRecoverableIncomeAndSocialContributionTaxes>
  <ugp:RecoverableTaxes id="Tag1533" contextRef="I20201231_ValueAddedTaxMember" unitRef="BRL" decimals="-3">35600000</ugp:RecoverableTaxes>
  <ugp:EstimatedRecoveryOfIcmsAssets id="Tag1534" contextRef="I20201231_LaterThanOneYearAndNotLaterThanTwoYearsMember" unitRef="BRL" decimals="-3">362062000</ugp:EstimatedRecoveryOfIcmsAssets>
  <ugp:DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesExplanatory id="Tag1535" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Represented by recoverable IRPJ and CSLL.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; margin-left: auto; width: 76%; margin-right: auto; height: 68px;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 297.3pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.75pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 297.3pt; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; IRPJ and CSLL &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;627,285&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.75pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;430,290&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 297.3pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;366,080&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.75pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;325,343&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 297.3pt; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Non-current &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;261,205&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.75pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;104,947&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ugp:DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesExplanatory>
  <ugp:DisclosureOfEstimatedRecoveryOfProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityTableTextBlock id="Tag1536" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font&gt;&lt;font&gt;&lt;font&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The estimated recovery of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;PIS and COFINS&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;credits&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; is stated as follows:&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; margin-left: auto; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="width: 363.2pt; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Up to &lt;font&gt;1&lt;/font&gt; year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;528,999&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="width: 363.2pt; padding: 0px 4px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; From &lt;font&gt;1&lt;/font&gt; to &lt;font&gt;2&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;405,998&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="width: 363.2pt; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; From &lt;font&gt;2&lt;/font&gt; to &lt;font&gt;3&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;178,049&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="width: 363.2pt; padding: 0px 4px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; From &lt;font&gt;3&lt;/font&gt; to &lt;font&gt;5&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;183,983&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="width: 363.2pt; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total of recoverable PIS and COFINS &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &lt;font&gt;1,297,029&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;

&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The estimated recovery of ICMS assets is stated as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 120px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-left: auto; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 363.2pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Up to &lt;font&gt;1&lt;/font&gt; year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;422,548&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 363.2pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; From &lt;font&gt;1&lt;/font&gt; to &lt;font&gt;2&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;362,062&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 363.2pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; From &lt;font&gt;2&lt;/font&gt; to &lt;font&gt;3&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;200,586&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 363.2pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; From &lt;font&gt;3&lt;/font&gt; to &lt;font&gt;5&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;88,483&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 363.2pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; From &lt;font&gt;5&lt;/font&gt; to &lt;font&gt;7&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;26,420&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 363.2pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; From &lt;font&gt;7&lt;/font&gt; to &lt;font&gt;10&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;29,226&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="width: 363.2pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; Total of recoverable ICMS, net of provision &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,129,325&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ugp:DisclosureOfEstimatedRecoveryOfProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityTableTextBlock>
  <ugp:EstimatedRecoveryOfIcmsAssets id="Tag1537" contextRef="I20201231" unitRef="BRL" decimals="-3">1129325000</ugp:EstimatedRecoveryOfIcmsAssets>
  <ugp:RecoverableTaxes id="Tag1538" contextRef="I20191231_OtherTaxesPayableMember" unitRef="BRL" decimals="-3">56748000</ugp:RecoverableTaxes>
  <ugp:EstimatedRecoveryOfIcmsAssets id="Tag1539" contextRef="I20201231_LaterThanSevenYearsAndNotLaterThanTenYearsMember" unitRef="BRL" decimals="-3">29226000</ugp:EstimatedRecoveryOfIcmsAssets>
  <ugp:EstimatedRecoveryOfProgramOfSocialIntegrationContributionForFinancingOfSocialSecurityCredits id="Tag1540" contextRef="I20201231_NotLaterThanOneYearMember_PisAndCofinsMember" unitRef="BRL" decimals="-3">528999000</ugp:EstimatedRecoveryOfProgramOfSocialIntegrationContributionForFinancingOfSocialSecurityCredits>
  <ugp:SummaryOfRecoverableTaxesTableTextBlock id="Tag1541" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Recoverable taxes are substantially represented by credits of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Tax on Goods and Services (&amp;#8220;ICMS&amp;#8221;, the Brazilian VAT)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Contribution &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;for Social Security Financing (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;COFINS&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Social Integration&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Program (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;PIS&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;).&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 130px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 305.8pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 45.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 45.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="width: 305.8pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; ICMS (a&lt;font&gt;.1&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 45.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,129,325&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 45.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;872,670&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 305.8pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; PIS and COFINS (a&lt;font&gt;.2&lt;/font&gt;) (a&lt;font&gt;.3&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 45.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,297,029&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 45.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;930,570&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 305.8pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Value-added tax (IVA) of foreign subsidiaries &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 45.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;35,600&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 45.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;29,707&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 305.8pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Others &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 45.6pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;57,704&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 45.6pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;56,748&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="width: 305.8pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 45.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;2,519,658&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 45.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,889,695&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 305.8pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 45.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,044,850&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 45.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,122,335&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 305.8pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Non-current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 45.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,474,808&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 45.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;767,360&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ugp:SummaryOfRecoverableTaxesTableTextBlock>
  <ugp:DisclosureOfTaxesToRecoverExplanatory id="Tag1542" contextRef="D20201231_3">&lt;div&gt;
&lt;h1 style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 12pt; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;7. Taxes&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;r&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ecover&lt;/font&gt;&lt;/font&gt;&lt;/h1&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;a. Recoverable &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;axes&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Recoverable taxes are substantially represented by credits of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Tax on Goods and Services (&amp;#8220;ICMS&amp;#8221;, the Brazilian VAT)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Contribution &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;for Social Security Financing (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;COFINS&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Social Integration&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Program (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;PIS&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;).&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 130px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 305.8pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 45.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 45.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="width: 305.8pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; ICMS (a&lt;font&gt;.1&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 45.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,129,325&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 45.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;872,670&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 305.8pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; PIS and COFINS (a&lt;font&gt;.2&lt;/font&gt;) (a&lt;font&gt;.3&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 45.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,297,029&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 45.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;930,570&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 305.8pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Value-added tax (IVA) of foreign subsidiaries &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 45.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;35,600&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 45.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;29,707&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 305.8pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Others &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 45.6pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;57,704&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 45.6pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;56,748&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="width: 305.8pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 45.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;2,519,658&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 45.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,889,695&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 305.8pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 45.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,044,850&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 45.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,122,335&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 305.8pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Non-current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 45.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,474,808&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 45.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;767,360&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;a.&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; The &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;recoverable &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ICMS&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; net of provision for losses&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;is substantially related to the following subsidiaries and operations:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 40pt; margin-bottom: 0pt; /* text-indent: -14.2pt; */text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The subsidiar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ies&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;S.A.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Empresa&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Carioca de &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Produtos&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Qu&amp;#237;micos&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; S.A. (&amp;#8220;EMCA&amp;#8221;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oleoqu&amp;#237;mica&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ind&amp;#250;stria&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; e &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Com&amp;#233;rcio&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; de &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Produtos&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Qu&amp;#237;micos&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Ltda. (&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oleoqu&amp;#237;mica&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8221;) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;accumulate credits&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in the amount of R$ &lt;font&gt;195,037&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;(R$ &lt;font&gt;151,393&lt;/font&gt; as of December 31, 2019)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;due to sales and transfer transactions&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;within and outside the State of Bahia at reduced rates;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 40pt; margin-bottom: 0pt; /* text-indent: -14.2pt; */text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(ii) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The subsidiar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ies&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ipiranga&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Produtos&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; de &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Petr&amp;#243;leo&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; S.A. (&amp;#8220;IPP&amp;#8221;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Bahiana&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Distribuidora&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; de &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;G&amp;#225;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Ltda.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Bahiana&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8221;),&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ultragaz&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;AMPM, Iconic &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Lubrificantes&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; S.A. (&amp;#8220;Iconic&amp;#8221;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;have credits &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in the amount of R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;754,882&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;563,565&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of December &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;31&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2019&lt;/font&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;recognized&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, mainly, of the following nature: a) transactions of inputs and outputs of products subject to taxation of the own ICMS;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; b) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;interstate outflows of oil-related products whose ICMS was prepaid by the supplier (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Petr&amp;#243;leo&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Brasileiro&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; S.A. (&amp;#8220;Petrobras&amp;#8221;)),&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in the case of the subsidiaries &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ipiranga&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Bahiana&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and Ultragaz and c)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;credits for refunds of the ICMS&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;-ST (tax substitution)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; overpaid when the estimated calculation base is used higher than the actual operation practiced by the subsidiary &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ipiranga&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 40pt; margin-bottom: 0pt; /* text-indent: -14.2pt; */text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(iii) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The subsidiary &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Extrafarma&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;has ICMS credits and ICMS-ST (tax substitution) advances &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in the amount of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;179,405&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;157,713&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of December &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;31&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2019&lt;/font&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; on the inflow and outflow of operations carried out by its distribution centers, mostly in the North and Northeast&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; as well as refunds of the ICMS-ST portion overpaid when the estimated calculation bas&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;e&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; is &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;used &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;higher than th&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;e&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; actual operation&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The amounts of recoverable ICMS credits are classified as current assets and consumed by the operations itself, being a revolving credit, which means that the credits are monthly offset with the tax payable on sales and new credits are generated by the acquisition of inputs, as well as by the State's refund on tax substitution operations. Management estimates the realization of the credits classified in non-current assets within &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;an average term of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;up &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;10&lt;/font&gt; years&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 2pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The estimated recovery of ICMS assets is stated as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 120px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-left: auto; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 363.2pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Up to &lt;font&gt;1&lt;/font&gt; year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;422,548&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 363.2pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; From &lt;font&gt;1&lt;/font&gt; to &lt;font&gt;2&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;362,062&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 363.2pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; From &lt;font&gt;2&lt;/font&gt; to &lt;font&gt;3&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;200,586&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 363.2pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; From &lt;font&gt;3&lt;/font&gt; to &lt;font&gt;5&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;88,483&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 363.2pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; From &lt;font&gt;5&lt;/font&gt; to &lt;font&gt;7&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;26,420&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 363.2pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; From &lt;font&gt;7&lt;/font&gt; to &lt;font&gt;10&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;29,226&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="width: 363.2pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; Total of recoverable ICMS, net of provision &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,129,325&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The provision for ICMS losses relates to tax credits of the subsidiaries whose amounts are not included within the term determined by its policy.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;a.&lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The balance r&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;efers, mainly, to the PIS and COFINS credits recorded under Laws &lt;font&gt;10,637&lt;/font&gt;/&lt;font&gt;2002&lt;/font&gt; and &lt;font&gt;10,833&lt;/font&gt;/&lt;font&gt;2003&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in the amount of &lt;font&gt;R$ &lt;/font&gt;&lt;font&gt;651,051&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt; (R$ &lt;/font&gt;&lt;font&gt;539,026&lt;/font&gt; as of December 31, 2019)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, whose consumption will occur through the offset of debts administered by the Brazilian Federal Revenue Service (&amp;#8220;RFB&amp;#8221;) in an estimated term of &lt;font&gt;2&lt;/font&gt; years by management. The subsidiaries &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Extrafarma&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Tropical&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Transportes&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ipiranga&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ltda&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&amp;#8220;Tropical&amp;#8221;), EMCA, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oleoqu&amp;#237;mica&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; S.A. have credits&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in the amount of &lt;font&gt;R$ &lt;/font&gt;&lt;font&gt;645,978&lt;/font&gt;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&lt;font&gt;R$ &lt;/font&gt;&lt;font&gt;391,544&lt;/font&gt; as of December 31, 2019) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;resulting from a definitive favorab&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;le decision on the exclusion of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; ICMS from the calculation basis of PIS and COFINS&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (see Note &lt;font&gt;22&lt;/font&gt;.d.&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. For these cases, management estimates the realization of these credits within up to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;5&lt;/font&gt; years.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;a.&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; On March 15, 2017, due to general repercussions, the STF decided that ICMS does not compose the basis for calculating PIS and COFINS. The subsidiaries &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Extrafarma&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Tequimar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, Tropical and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; SA have credits &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;originated&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; from final definitive decisions on the exclusion of ICMS from the PIS and COFINS calculation base (see note &lt;font&gt;22&lt;/font&gt;.d), having been recorded&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in results, up to the present year of &lt;font&gt;2020&lt;/font&gt;, the amount of R$ &lt;font&gt;746,962&lt;/font&gt; (R$ &lt;font&gt;338,110&lt;/font&gt; up to&amp;nbsp;&lt;font&gt;2019&lt;/font&gt;). For these cases, management estimates that these credits will be realized within up to &lt;font&gt;5&lt;/font&gt; years.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font&gt;&lt;font&gt;&lt;font&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The estimated recovery of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;PIS and COFINS&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;credits&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; is stated as follows:&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; margin-left: auto; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="width: 363.2pt; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Up to &lt;font&gt;1&lt;/font&gt; year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;528,999&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="width: 363.2pt; padding: 0px 4px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; From &lt;font&gt;1&lt;/font&gt; to &lt;font&gt;2&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;405,998&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="width: 363.2pt; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; From &lt;font&gt;2&lt;/font&gt; to &lt;font&gt;3&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;178,049&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="width: 363.2pt; padding: 0px 4px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; From &lt;font&gt;3&lt;/font&gt; to &lt;font&gt;5&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;183,983&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="width: 363.2pt; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total of recoverable PIS and COFINS &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &lt;font&gt;1,297,029&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;b. Recoverable income tax and social contribution taxes&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Represented by recoverable IRPJ and CSLL.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; margin-left: auto; width: 76%; margin-right: auto; height: 68px;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 297.3pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.75pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 297.3pt; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; IRPJ and CSLL &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;627,285&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.75pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;430,290&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 297.3pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;366,080&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.75pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;325,343&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 297.3pt; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Non-current &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;261,205&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.75pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;104,947&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Relates to IRPJ and CSLL to be recovered by the Company and its subsidiaries arising from the tax advances of previous &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;years&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, with management estimating the realization of these credits within up to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;5&lt;/font&gt; years.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ugp:DisclosureOfTaxesToRecoverExplanatory>
  <ifrs-full:KeyManagementPersonnelCompensation id="Tag1543" contextRef="D20201231_3" unitRef="BRL" decimals="-3">55588000</ifrs-full:KeyManagementPersonnelCompensation>
  <ugp:SummaryOfPrepaidExpensesTableTextBlock id="Tag1544" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 215px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 291.65pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 56.4pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 291.65pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Rents &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;30,400&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 56.4pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;37,106&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 291.65pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Advertising and publicity &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;17,752&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 56.4pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;24,857&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 291.65pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Deferred stock plan, net (see Note &lt;font&gt;8&lt;/font&gt;.c) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;9,900&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 56.4pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;15,965&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 291.65pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Insurance premiums &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;58,675&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 56.4pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;61,884&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 291.65pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Software maintenance &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;24,233&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 56.4pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;23,216&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 291.65pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Employee benefits &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;8,924&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 56.4pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;3,425&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 291.65pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; IPVA and IPTU &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2,632&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 56.4pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;937&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="width: 291.65pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Contribution - private pension fund (see Note &lt;font&gt;20&lt;/font&gt;.a) &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;36,068&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 56.4pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 291.65pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Other prepaid expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;14,045&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 56.4pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;13,181&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="width: 291.65pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;202,629&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 56.4pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;180,571&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 291.65pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Current &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;132,122&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 56.4pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;111,355&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 291.65pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Non-current &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;70,507&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 56.4pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;69,216&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ugp:SummaryOfPrepaidExpensesTableTextBlock>
  <ugp:PrepaidExpenses id="Tag1545" contextRef="I20201231" unitRef="BRL" decimals="-3">202629000</ugp:PrepaidExpenses>
  <ugp:AmortizationOfContractAssetsRelatingToContractsWithCustomers id="Tag1546" contextRef="D20201231_3" unitRef="BRL" decimals="-3">289436000</ugp:AmortizationOfContractAssetsRelatingToContractsWithCustomers>
  <ugp:AmortizationOfContractAssetsRelatingToContractsWithCustomers id="Tag1547" contextRef="D20181231" unitRef="BRL" decimals="-3">371825000</ugp:AmortizationOfContractAssetsRelatingToContractsWithCustomers>
  <ifrs-full:CurrentContractAssets id="Tag1548" contextRef="I20201231" unitRef="BRL" decimals="-3">478908000</ifrs-full:CurrentContractAssets>
  <ifrs-full:ContractAssets id="Tag1549" contextRef="I20201231" unitRef="BRL" decimals="-3">1706331000</ifrs-full:ContractAssets>
  <ugp:TransferOfContractAssetsRelatingToContractsWithCustomers id="Tag1550" contextRef="D20191231_3" unitRef="BRL" decimals="-3">27306000</ugp:TransferOfContractAssetsRelatingToContractsWithCustomers>
  <ugp:AmortizationOfContractAssetsRelatingToContractsWithCustomers id="Tag1551" contextRef="D20191231_3" unitRef="BRL" decimals="-3">355250000</ugp:AmortizationOfContractAssetsRelatingToContractsWithCustomers>
  <ifrs-full:NoncurrentContractAssets id="Tag1552" contextRef="I20201231" unitRef="BRL" decimals="-3">1227423000</ifrs-full:NoncurrentContractAssets>
  <ugp:TransferOfContractAssetsRelatingToContractsWithCustomers id="Tag1553" contextRef="D20201231_3" unitRef="BRL" decimals="-3">19307000</ugp:TransferOfContractAssetsRelatingToContractsWithCustomers>
  <ugp:IncreaseDecreaseContractAssetsRelatingToContractsWithCustomers id="Tag1554" contextRef="D20191231_3" unitRef="BRL" decimals="-3">330068000</ugp:IncreaseDecreaseContractAssetsRelatingToContractsWithCustomers>
  <ugp:IncreaseDecreaseContractAssetsRelatingToContractsWithCustomers id="Tag1555" contextRef="D20181231" unitRef="BRL" decimals="-3">390177000</ugp:IncreaseDecreaseContractAssetsRelatingToContractsWithCustomers>
  <ugp:IncreaseDecreaseContractAssetsRelatingToContractsWithCustomers id="Tag1556" contextRef="D20201231_3" unitRef="BRL" decimals="-3">549085000</ugp:IncreaseDecreaseContractAssetsRelatingToContractsWithCustomers>
  <ifrs-full:ContractAssets id="Tag1557" contextRef="I20181231" unitRef="BRL" decimals="-3">1518477000</ifrs-full:ContractAssets>
  <ifrs-full:ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory id="Tag1558" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Balance and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; changes are shown below:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 257px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-left: auto; margin-right: auto;" width="68%"&gt;

&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 76.0547%; padding: 0px 4px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2017 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.93843%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 20.9991%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,502,360&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.20192%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 76.0547%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Additions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.93843%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 20.9991%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;390,177&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.20192%; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 76.0547%; padding: 0px 4px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.93843%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 20.9991%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;371,825&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.20192%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 76.0547%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Transfer &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.93843%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 20.9991%; border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,235&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.20192%; padding: 0px; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 76.0547%; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.93843%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 20.9991%; border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,518,477&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.20192%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 76.0547%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Additions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.93843%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 20.9991%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;330,068&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.20192%; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 76.0547%; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.93843%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 20.9991%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;355,250&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.20192%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 76.0547%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Transfer &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.93843%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 20.9991%; border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;27,306&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.20192%; padding: 0px; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 76.0547%; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.93843%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 20.9991%; border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,465,989&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.20192%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 76.0547%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Additions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.93843%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 20.9991%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;549,085&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.20192%; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 76.0547%; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.93843%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 20.9991%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;289,436&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.20192%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 76.0547%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Transfer &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.93843%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 20.9991%; border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;19,307&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.20192%; padding: 0px; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="width: 76.0547%; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.93843%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 20.9991%; border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,706,331&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.20192%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="width: 76.0547%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.93843%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 20.9991%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;478,908&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.20192%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 76.0547%; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Non-current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.93843%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 20.9991%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,227,423&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.20192%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ifrs-full:ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory>
  <ugp:SalariesAndRelatedCharges id="Tag1559" contextRef="I20191231_ProfitSharingBonusAndPremiumMember" unitRef="BRL" decimals="-3">133533000</ugp:SalariesAndRelatedCharges>
  <ugp:SalariesAndRelatedCharges id="Tag1560" contextRef="I20191231_SocialChargesMember" unitRef="BRL" decimals="-3">70228000</ugp:SalariesAndRelatedCharges>
  <ugp:SalariesAndRelatedCharges id="Tag1561" contextRef="I20201231_ProvisionsOnPayrollMember" unitRef="BRL" decimals="-3">195286000</ugp:SalariesAndRelatedCharges>
  <ugp:DisclosureOfPrepaidExpensesExplanatory id="Tag1562" contextRef="D20201231_3">&lt;div&gt;
&lt;h1 style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 12pt; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;10&lt;/font&gt;. Prepaid &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;e&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;xpenses&lt;/font&gt;&lt;/font&gt;&lt;/h1&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 215px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 291.65pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 56.4pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 291.65pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Rents &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;30,400&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 56.4pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;37,106&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 291.65pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Advertising and publicity &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;17,752&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 56.4pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;24,857&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 291.65pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Deferred stock plan, net (see Note &lt;font&gt;8&lt;/font&gt;.c) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;9,900&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 56.4pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;15,965&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 291.65pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Insurance premiums &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;58,675&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 56.4pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;61,884&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 291.65pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Software maintenance &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;24,233&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 56.4pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;23,216&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 291.65pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Employee benefits &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;8,924&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 56.4pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;3,425&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 291.65pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; IPVA and IPTU &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2,632&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 56.4pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;937&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="width: 291.65pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Contribution - private pension fund (see Note &lt;font&gt;20&lt;/font&gt;.a) &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;36,068&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 56.4pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 291.65pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Other prepaid expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;14,045&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 56.4pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;13,181&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="width: 291.65pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;202,629&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 56.4pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;180,571&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 291.65pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Current &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;132,122&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 56.4pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;111,355&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 291.65pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Non-current &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;70,507&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 56.4pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;69,216&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ugp:DisclosureOfPrepaidExpensesExplanatory>
  <ugp:PrepaidEmployeeBenefitsExpense id="Tag1563" contextRef="I20201231" unitRef="BRL" decimals="-3">8924000</ugp:PrepaidEmployeeBenefitsExpense>
  <ugp:PrepaidExpenses id="Tag1564" contextRef="I20191231" unitRef="BRL" decimals="-3">180571000</ugp:PrepaidExpenses>
  <ugp:OtherPrepaidExpenses id="Tag1565" contextRef="I20191231" unitRef="BRL" decimals="-3">13181000</ugp:OtherPrepaidExpenses>
  <ugp:PrepaidTaxOtherThanIncomeTaxExpense id="Tag1566" contextRef="I20191231" unitRef="BRL" decimals="-3">937000</ugp:PrepaidTaxOtherThanIncomeTaxExpense>
  <ugp:PrepaidEmployeeBenefitsExpense id="Tag1567" contextRef="I20191231" unitRef="BRL" decimals="-3">3425000</ugp:PrepaidEmployeeBenefitsExpense>
  <ugp:PrepaidContributionOfPrivatePensionFundExpense id="Tag1568" contextRef="I20201231" unitRef="BRL" decimals="-3">36068000</ugp:PrepaidContributionOfPrivatePensionFundExpense>
  <ugp:PrepaidSoftwareMaintenanceExpense id="Tag1569" contextRef="I20191231" unitRef="BRL" decimals="-3">23216000</ugp:PrepaidSoftwareMaintenanceExpense>
  <ugp:AccumulatedRecognizedGrantCostsRelatedParties id="Tag1570" contextRef="D20201231_RestrictedAndPerformanceProgramTwoMember" unitRef="BRL" decimals="-3">5522000</ugp:AccumulatedRecognizedGrantCostsRelatedParties>
  <ugp:NumberOfInstrumentsOtherEquityInstrumentsCancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment id="Tag1571" contextRef="D20191231_3" unitRef="Shares" decimals="0">-9168</ugp:NumberOfInstrumentsOtherEquityInstrumentsCancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment>
  <ugp:PrepaidInsuranceExpense id="Tag1572" contextRef="I20191231" unitRef="BRL" decimals="-3">61884000</ugp:PrepaidInsuranceExpense>
  <ugp:PrepaidDeferredStockPlanExpense id="Tag1573" contextRef="I20191231" unitRef="BRL" decimals="-3">15965000</ugp:PrepaidDeferredStockPlanExpense>
  <ugp:PrepaidAdvertisingExpense id="Tag1574" contextRef="I20191231" unitRef="BRL" decimals="-3">24857000</ugp:PrepaidAdvertisingExpense>
  <ugp:PrepaidDeferredStockPlanExpense id="Tag1575" contextRef="I20201231" unitRef="BRL" decimals="-3">9900000</ugp:PrepaidDeferredStockPlanExpense>
  <ugp:PrepaidRentExpense id="Tag1576" contextRef="I20191231" unitRef="BRL" decimals="-3">37106000</ugp:PrepaidRentExpense>
  <ugp:PrepaidRentExpense id="Tag1577" contextRef="I20201231" unitRef="BRL" decimals="-3">30400000</ugp:PrepaidRentExpense>
  <ugp:CancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment id="Tag1578" contextRef="D20201231_3" unitRef="Shares" decimals="0">-200000</ugp:CancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment>
  <ugp:DisclosureOfSalariesAndRelatedChargesExplanatory id="Tag1579" contextRef="D20201231_3">&lt;div&gt;
&lt;h1 style="margin-top: 12pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 12pt;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;18&lt;/font&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Salaries and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;r&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;elated &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;c&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;harges&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/h1&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 103px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 78%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Provisions on salaries &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;195,286&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;184,716&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Profit sharing, bonus and premium &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;184,306&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;133,533&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Social charges &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;73,267&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;70,228&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Others &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15,771&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;17,159&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;468,630&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;405,636&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;h1 style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 12pt; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/h1&gt;
&lt;/div&gt;</ugp:DisclosureOfSalariesAndRelatedChargesExplanatory>
  <ifrs-full:CurrentTaxLiabilities id="Tag1580" contextRef="I20191231_OtherTaxesPayableMember" unitRef="BRL" decimals="-3">27094000</ifrs-full:CurrentTaxLiabilities>
  <ifrs-full:CurrentTaxLiabilities id="Tag1581" contextRef="I20191231_ValueAddedTaxIvaOfForeignSubsidiariesMember" unitRef="BRL" decimals="-3">25619000</ifrs-full:CurrentTaxLiabilities>
  <ifrs-full:CurrentTaxLiabilities id="Tag1582" contextRef="I20191231_ISSMember" unitRef="BRL" decimals="-3">26986000</ifrs-full:CurrentTaxLiabilities>
  <ifrs-full:CurrentTaxLiabilities id="Tag1583" contextRef="I20191231_PisAndCofinsMember" unitRef="BRL" decimals="-3">40676000</ifrs-full:CurrentTaxLiabilities>
  <ugp:ShareOptionsGrantedInSharebasedPaymentArrangement id="Tag1584" contextRef="I20201231" unitRef="Shares" decimals="0">702260</ugp:ShareOptionsGrantedInSharebasedPaymentArrangement>
  <ifrs-full:CurrentTaxLiabilities id="Tag1585" contextRef="I20191231_ICMSMember" unitRef="BRL" decimals="-3">149547000</ifrs-full:CurrentTaxLiabilities>
  <ifrs-full:CurrentTaxLiabilities id="Tag1586" contextRef="I20201231_OtherTaxesPayableMember" unitRef="BRL" decimals="-3">26655000</ifrs-full:CurrentTaxLiabilities>
  <ifrs-full:CurrentTaxLiabilities id="Tag1587" contextRef="I20201231_ValueAddedTaxIvaOfForeignSubsidiariesMember" unitRef="BRL" decimals="-3">27322000</ifrs-full:CurrentTaxLiabilities>
  <ugp:CommercialTransactionsPayables id="Tag1588" contextRef="I20191231_ChevronLatinAmericaMarketingLlcMember" unitRef="BRL" decimals="-3">6000</ugp:CommercialTransactionsPayables>
  <ifrs-full:CurrentTaxLiabilities id="Tag1589" contextRef="I20201231_ISSMember" unitRef="BRL" decimals="-3">38328000</ifrs-full:CurrentTaxLiabilities>
  <ugp:SalariesAndRelatedCharges id="Tag1590" contextRef="I20191231_ProvisionsOnPayrollMember" unitRef="BRL" decimals="-3">184716000</ugp:SalariesAndRelatedCharges>
  <ugp:SalariesAndRelatedCharges id="Tag1591" contextRef="I20201231_OtherChargesMember" unitRef="BRL" decimals="-3">15771000</ugp:SalariesAndRelatedCharges>
  <ugp:SalariesAndRelatedCharges id="Tag1592" contextRef="I20201231_SocialChargesMember" unitRef="BRL" decimals="-3">73267000</ugp:SalariesAndRelatedCharges>
  <ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement id="Tag1593" contextRef="D20201231_RestrictedAndPerformanceProgramFourMember">2023 to 2025</ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement>
  <ugp:SalariesAndRelatedCharges id="Tag1594" contextRef="I20201231_ProfitSharingBonusAndPremiumMember" unitRef="BRL" decimals="-3">184306000</ugp:SalariesAndRelatedCharges>
  <ugp:SummaryOfSalariesAndRelatedChargesTableTextBlock id="Tag1595" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 103px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 78%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Provisions on salaries &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;195,286&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;184,716&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Profit sharing, bonus and premium &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;184,306&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;133,533&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Social charges &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;73,267&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;70,228&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Others &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15,771&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;17,159&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;468,630&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;405,636&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ugp:SummaryOfSalariesAndRelatedChargesTableTextBlock>
  <ugp:SalariesAndRelatedCharges id="Tag1596" contextRef="I20191231_OtherChargesMember" unitRef="BRL" decimals="-3">17159000</ugp:SalariesAndRelatedCharges>
  <ugp:DisclosureOfContractAssetsWithCustomersExclusiveRightsExplanatory id="Tag1597" contextRef="D20201231_3">&lt;div&gt;
&lt;h1 style="margin-top: 12pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 12pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;11&lt;/font&gt;. Contractual &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ssets with &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;c&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ustomers &amp;#8211; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;e&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;xclusive &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;r&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ights&lt;/font&gt;&lt;/font&gt;&lt;/h1&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Refers to exclusive rights disbursements of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ipiranga&amp;#8217;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; agreements with reseller service stations and major consumers that are recognized at the time of their occurrence and recognized as a reduction&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;revenue from sales and services&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in the statement &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of profit or loss &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;according to the conditions established in the agreement&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, being&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; reviewed as changes occur under the terms of the agreements.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; In December 31, 2020 the contracts &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;amortization weighted average term &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;was&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;five&lt;/font&gt; years&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Balance and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; changes are shown below:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 257px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-left: auto; margin-right: auto;" width="68%"&gt;

&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 76.0547%; padding: 0px 4px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2017 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.93843%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 20.9991%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,502,360&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.20192%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 76.0547%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Additions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.93843%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 20.9991%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;390,177&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.20192%; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 76.0547%; padding: 0px 4px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.93843%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 20.9991%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;371,825&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.20192%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 76.0547%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Transfer &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.93843%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 20.9991%; border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,235&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.20192%; padding: 0px; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 76.0547%; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.93843%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 20.9991%; border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,518,477&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.20192%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 76.0547%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Additions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.93843%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 20.9991%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;330,068&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.20192%; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 76.0547%; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.93843%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 20.9991%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;355,250&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.20192%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 76.0547%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Transfer &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.93843%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 20.9991%; border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;27,306&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.20192%; padding: 0px; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 76.0547%; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.93843%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 20.9991%; border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,465,989&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.20192%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 76.0547%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Additions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.93843%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 20.9991%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;549,085&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.20192%; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 76.0547%; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.93843%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 20.9991%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;289,436&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.20192%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 76.0547%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Transfer &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.93843%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 20.9991%; border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;19,307&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.20192%; padding: 0px; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="width: 76.0547%; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.93843%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 20.9991%; border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,706,331&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.20192%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="width: 76.0547%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.93843%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 20.9991%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;478,908&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.20192%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 76.0547%; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Non-current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.93843%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 20.9991%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,227,423&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.20192%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;div style="-aw-headerfooter-type: footer-primary; clear: both;"&gt;
&lt;div style="-aw-sdt-tag: '';"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</ugp:DisclosureOfContractAssetsWithCustomersExclusiveRightsExplanatory>
  <ifrs-full:CurrentTaxLiabilities id="Tag1598" contextRef="I20201231_PisAndCofinsMember" unitRef="BRL" decimals="-3">13187000</ifrs-full:CurrentTaxLiabilities>
  <ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted id="Tag1599" contextRef="D20201231_RestrictedAndPerformanceProgramFourMember" unitRef="Shares" decimals="0">754896</ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted>
  <ifrs-full:CurrentTaxLiabilities id="Tag1600" contextRef="I20201231_ICMSMember" unitRef="BRL" decimals="-3">180522000</ifrs-full:CurrentTaxLiabilities>
  <ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory id="Tag1601" contextRef="D20201231_3">&lt;div&gt;
&lt;h1 style="margin-top: 12pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 12pt;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;19&lt;/font&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Taxes &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;p&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ayable&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/h1&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 120px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 78%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; ICMS &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;180,522&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;149,547&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; PIS and COFINS &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;13,187&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;40,676&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; ISS &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;38,328&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;26,986&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Value-added tax (IVA) of foreign subsidiaries &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;27,322&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;25,619&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Others &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;26,655&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;27,094&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;286,014&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;269,922&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory>
  <ugp:SummaryOfDeferredRevenueInSubsidiariesTableTextBlock id="Tag1602" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The subsidiaries &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of the Company &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;have recognized the following deferred revenue:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 86px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 74%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8216;am/pm&amp;#8217; and Jet Oil franchising upfront fee (a) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;814&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;956&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Loyalty program &amp;#8220;Km de Vantagens&amp;#8221; (b) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15,424&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;25,096&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Loyalty program &amp;#8220;Clube Extrafarma&amp;#8221; (b) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,044&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,574&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;18,282&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;27,626&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ugp:SummaryOfDeferredRevenueInSubsidiariesTableTextBlock>
  <ifrs-full:DeferredIncome id="Tag1603" contextRef="I20191231_FranchisingUpfrontFeeMember" unitRef="BRL" decimals="-3">956000</ifrs-full:DeferredIncome>
  <ugp:NumberOfStores1 id="Tag1604" contextRef="I20201231_JetOilMember" unitRef="Store" decimals="INF">45</ugp:NumberOfStores1>
  <ugp:SummaryOfTaxesPayableTableTextBlock id="Tag1605" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 120px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 78%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; ICMS &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;180,522&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;149,547&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; PIS and COFINS &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;13,187&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;40,676&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; ISS &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;38,328&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;26,986&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Value-added tax (IVA) of foreign subsidiaries &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;27,322&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;25,619&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Others &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;26,655&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;27,094&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;286,014&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;269,922&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ugp:SummaryOfTaxesPayableTableTextBlock>
  <ugp:AccretionExpenseOtherProvisions id="Tag1606" contextRef="D20191231_AssetRetirementObligationMember" unitRef="BRL" decimals="-3">-1741000</ugp:AccretionExpenseOtherProvisions>
  <ifrs-full:AdditionalProvisionsOtherProvisions id="Tag1607" contextRef="D20201231_AssetRetirementObligationMember" unitRef="BRL" decimals="-3">163000</ifrs-full:AdditionalProvisionsOtherProvisions>
  <ugp:ProvisionExpenditure id="Tag1608" contextRef="D20191231_AssetRetirementObligationMember" unitRef="BRL" decimals="-3">5456000</ugp:ProvisionExpenditure>
  <ifrs-full:AdditionalProvisionsOtherProvisions id="Tag1609" contextRef="D20191231_AssetRetirementObligationMember" unitRef="BRL" decimals="-3">290000</ifrs-full:AdditionalProvisionsOtherProvisions>
  <ifrs-full:OtherProvisions id="Tag1610" contextRef="I20191231_AssetRetirementObligationMember" unitRef="BRL" decimals="-3">51242000</ifrs-full:OtherProvisions>
  <ifrs-full:OtherProvisions id="Tag1611" contextRef="I20201231_AssetRetirementObligationMember" unitRef="BRL" decimals="-3">53435000</ifrs-full:OtherProvisions>
  <ugp:ProvisionExpenditure id="Tag1612" contextRef="D20201231_AssetRetirementObligationMember" unitRef="BRL" decimals="-3">4306000</ugp:ProvisionExpenditure>
  <ifrs-full:OtherShorttermProvisions id="Tag1613" contextRef="I20201231_AssetRetirementObligationMember" unitRef="BRL" decimals="-3">4267000</ifrs-full:OtherShorttermProvisions>
  <ugp:AccretionExpenseOtherProvisions id="Tag1614" contextRef="D20201231_AssetRetirementObligationMember" unitRef="BRL" decimals="-3">-6336000</ugp:AccretionExpenseOtherProvisions>
  <ifrs-full:OtherProvisions id="Tag1615" contextRef="I20181231_AssetRetirementObligationMember" unitRef="BRL" decimals="-3">54667000</ifrs-full:OtherProvisions>
  <ugp:AccretionExpenseOtherProvisions id="Tag1616" contextRef="D20181231_AssetRetirementObligationMember" unitRef="BRL" decimals="-3">-2381000</ugp:AccretionExpenseOtherProvisions>
  <ifrs-full:DeferredIncome id="Tag1617" contextRef="I20191231_LoyaltyProgramTwoMember" unitRef="BRL" decimals="-3">1574000</ifrs-full:DeferredIncome>
  <ugp:NumberOfStores1 id="Tag1618" contextRef="I20201231_AmPmMember" unitRef="Store" decimals="INF">58</ugp:NumberOfStores1>
  <ifrs-full:DeferredIncome id="Tag1619" contextRef="I20201231_FranchisingUpfrontFeeMember" unitRef="BRL" decimals="-3">814000</ifrs-full:DeferredIncome>
  <ifrs-full:DeferredIncome id="Tag1620" contextRef="I20201231" unitRef="BRL" decimals="-3">18282000</ifrs-full:DeferredIncome>
  <ifrs-full:DeferredIncome id="Tag1621" contextRef="I20191231_LoyaltyProgramOneMember" unitRef="BRL" decimals="-3">25096000</ifrs-full:DeferredIncome>
  <ifrs-full:DeferredIncome id="Tag1622" contextRef="I20201231_LoyaltyProgramTwoMember" unitRef="BRL" decimals="-3">2044000</ifrs-full:DeferredIncome>
  <ugp:NumberOfStores1 id="Tag1623" contextRef="I20191231_AmPmMember" unitRef="Store" decimals="INF">63</ugp:NumberOfStores1>
  <ugp:NumberOfStores1 id="Tag1624" contextRef="I20191231_JetOilMember" unitRef="Store" decimals="INF">46</ugp:NumberOfStores1>
  <ifrs-full:DeferredIncome id="Tag1625" contextRef="I20191231" unitRef="BRL" decimals="-3">27626000</ifrs-full:DeferredIncome>
  <ifrs-full:DeferredIncome id="Tag1626" contextRef="I20201231_LoyaltyProgramOneMember" unitRef="BRL" decimals="-3">15424000</ifrs-full:DeferredIncome>
  <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment id="Tag1627" contextRef="D20181231_GrossCarryingAmountMember_MachineryMember" unitRef="BRL" decimals="-3">115171000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment id="Tag1628" contextRef="D20191231_MachineryMember_GrossCarryingAmountMember" unitRef="BRL" decimals="-3">365953000</ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment id="Tag1629" contextRef="D20191231_LPGTanksMember_GrossCarryingAmountMember" unitRef="BRL" decimals="-3">-6993000</ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment id="Tag1630" contextRef="I20181231_GrossCarryingAmountMember_LPGTanksMember" unitRef="BRL" decimals="-3">743016000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment id="Tag1631" contextRef="I20181231_GrossCarryingAmountMember_ConstructionInProgressMember" unitRef="BRL" decimals="-3">922799000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:DisposalsPropertyPlantAndEquipment id="Tag1632" contextRef="D20181231_GrossCarryingAmountMember_MachineryMember" unitRef="BRL" decimals="-3">4895000</ifrs-full:DisposalsPropertyPlantAndEquipment>
  <ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment id="Tag1633" contextRef="D20181231_GrossCarryingAmountMember_VehiclesMember">P6Y</ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment id="Tag1634" contextRef="D20181231_GrossCarryingAmountMember_LandMember" unitRef="BRL" decimals="-3">-1238000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:DisposalsPropertyPlantAndEquipment id="Tag1635" contextRef="D20201231_AccumulatedDepreciationAndAmortisationMember_ITEquipmentMember" unitRef="BRL" decimals="-3">-2676000</ifrs-full:DisposalsPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment id="Tag1636" contextRef="D20191231_VehiclesMember_GrossCarryingAmountMember" unitRef="BRL" decimals="-3">-394000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:DisposalsPropertyPlantAndEquipment id="Tag1637" contextRef="D20181231_AccumulatedDepreciationAndAmortisationMember_MachineryMember" unitRef="BRL" decimals="-3">-3449000</ifrs-full:DisposalsPropertyPlantAndEquipment>
  <ugp:TranslationAdjustments id="Tag1638" contextRef="I20191231" unitRef="BRL" decimals="-3">102427000</ugp:TranslationAdjustments>
  <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment id="Tag1639" contextRef="D20181231_GrossCarryingAmountMember_ImportsInProgressMember" unitRef="BRL" decimals="-3">699000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
  <ifrs-full:DisposalsPropertyPlantAndEquipment id="Tag1640" contextRef="D20201231_AccumulatedDepreciationAndAmortisationMember_LeaseholdImprovementsMember" unitRef="BRL" decimals="-3">-6252000</ifrs-full:DisposalsPropertyPlantAndEquipment>
  <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment id="Tag1641" contextRef="D20201231_GrossCarryingAmountMember_LandMember" unitRef="BRL" decimals="-3">21300000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment id="Tag1642" contextRef="D20191231_LandMember_GrossCarryingAmountMember" unitRef="BRL" decimals="-3">1059000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment id="Tag1643" contextRef="D20191231_AccumulatedDepreciationAndAmortisationMember_LeaseholdImprovementsMember" unitRef="BRL" decimals="-3">2040000</ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment id="Tag1644" contextRef="D20181231_AccumulatedDepreciationAndAmortisationMember_VehiclesMember" unitRef="BRL" decimals="-3">1842000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:RetirementsPropertyPlantAndEquipment id="Tag1645" contextRef="D20191231_AccumulatedImpairmentMember_MachineryMember" unitRef="BRL" decimals="-3">-1335000</ifrs-full:RetirementsPropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment id="Tag1646" contextRef="I20201231_AccumulatedDepreciationAndAmortisationMember_FurnitureMember" unitRef="BRL" decimals="-3">-191713000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment id="Tag1647" contextRef="D20191231_BuildingsMember_GrossCarryingAmountMember" unitRef="BRL" decimals="-3">18117000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
  <ifrs-full:DepreciationExpense id="Tag1648" contextRef="D20201231_SellingAndMarketingExpensesMember" unitRef="BRL" decimals="-3">297172000</ifrs-full:DepreciationExpense>
  <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment id="Tag1649" contextRef="D20181231_GrossCarryingAmountMember_FurnitureMember" unitRef="BRL" decimals="-3">18417000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
  <ifrs-full:AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment id="Tag1650" contextRef="D20181231_AccumulatedDepreciationAndAmortisationMember_ITEquipmentMember" unitRef="BRL" decimals="-3">-6000</ifrs-full:AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment>
  <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment id="Tag1651" contextRef="D20181231_GrossCarryingAmountMember" unitRef="BRL" decimals="-3">1202014000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
  <ifrs-full:DisposalsPropertyPlantAndEquipment id="Tag1652" contextRef="D20201231_AccumulatedDepreciationAndAmortisationMember_VehiclesMember" unitRef="BRL" decimals="-3">-19997000</ifrs-full:DisposalsPropertyPlantAndEquipment>
  <ugp:DeferredIncomeAndSocialContributionTaxesChangeInFairValueOfSubscriptionWarrants id="Tag1653" contextRef="I20191231" unitRef="BRL" decimals="-3">16338000</ugp:DeferredIncomeAndSocialContributionTaxesChangeInFairValueOfSubscriptionWarrants>
  <ugp:DeferredIRPJAndCSLLRecognizedInOtherComprehensiveIncome id="Tag1654" contextRef="D20191231_3" unitRef="BRL" decimals="-3">40497000</ugp:DeferredIRPJAndCSLLRecognizedInOtherComprehensiveIncome>
  <ifrs-full:OtherCashReceiptsFromSalesOfEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities id="Tag1655" contextRef="D20181231" unitRef="BRL" decimals="-3">3662000</ifrs-full:OtherCashReceiptsFromSalesOfEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities>
  <ugp:TaxLossCarryforwards id="Tag1656" contextRef="I20201231_UltraparInternationalMember" unitRef="USD" decimals="-3">6261000</ugp:TaxLossCarryforwards>
  <ugp:BrazilianRealDenominatedLoans id="Tag1657" contextRef="I20201231_Loan10Member" unitRef="BRL" decimals="-3">2037602000</ugp:BrazilianRealDenominatedLoans>
  <ugp:DebenturePaymentOfFaceValueDescription id="Tag1658" contextRef="D20201231_DebentureNineMember">Lump sum at final maturity</ugp:DebenturePaymentOfFaceValueDescription>
  <ugp:BondsIssuePriceInPercentage id="Tag1659" contextRef="D20200713_UltraparInternationalSAMember" unitRef="Pure" decimals="5">0.99994</ugp:BondsIssuePriceInPercentage>
  <ugp:Subsidiary id="Tag1660" contextRef="D20201231_EmpresaCariocaDeProdutosQuimicosSAMember">Empresa Carioca de Produtos Qu&#xED;micos S.A.</ugp:Subsidiary>
  <ugp:NontaxableRevenues id="Tag1661" contextRef="D20201231_3" unitRef="BRL" decimals="-3">33552000</ugp:NontaxableRevenues>
  <ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory id="Tag1662" contextRef="D20201231_3">&lt;div&gt;
&lt;h1 style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 12pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;4. Cash and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;c&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ash &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;e&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;quivalents&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;f&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;inancial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;nvestments&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;h&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;edge &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;d&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;erivative &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;f&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;inancial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;nstruments&lt;/font&gt;&lt;/font&gt;&lt;/h1&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Cash equivalents and financial investments, excluding cash and bank deposits, are substantially represented by investments: (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) in Brazil, in certificates of deposit of financial institutions linked to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;interest rate of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Interbank Deposit&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Interest Rate&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&amp;#8220;DI&amp;#8221;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;repurchase agreement&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; financial bills,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and in short term investments funds, whose portfolio comprised of Brazilian Federal Government bonds&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and in certificates of deposit of financial institutions&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;; (ii) outside Brazil, in certificates of deposit of financial institutions&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and in short&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;term investments funds, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;whose portfolio compris&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ed of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;F&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ederal &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;G&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;overnment &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;bond&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;; and (iii) in currency and interest rate hedging instruments.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The financial assets were classified in Note &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.j&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;based on business model of financial assets&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of the Company and its subsidiaries.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Cash, cash equivalents and financial investments amounted &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;R$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;8,672,160&lt;/font&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2&lt;/font&gt;0&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;(&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;R$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;5,712,097&lt;/font&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of December 31, 201&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;are as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;a. Cash and cash equivalents&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Cash and cash equivalents &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of the Company and its subsidiaries are &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;presented&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 239px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cash and bank deposits &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 71%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; In local currency &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 13%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;285,306&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 3%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 13%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;182,237&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; In foreign currency &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;119,775&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;102,755&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financial investments considered cash equivalents &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; In local currency &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 20pt; margin-bottom: 0pt; text-indent: 0.75pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Fixed-income securities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,241,852&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,780,939&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; In foreign currency &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 20pt; margin-bottom: 0pt; text-indent: 0.75pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Fixed-income securities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;14,561&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;49,448&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total cash and cash equivalents &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,661,494&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,115,379&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;b. Financial investments&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;c&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;urrency and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;nterest &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;r&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ate &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;h&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;edging &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;nstruments&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The financial investments&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; which are not classified as cash and cash equivalents&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; are &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;presented&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; margin-left: auto; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financial investments &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; In local currency &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 71%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 20pt; margin-bottom: 0pt; text-indent: 0.75pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Fixed-income securities and funds &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 13%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,749,852&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 3%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 13%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,610,686&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; In foreign currency &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 20pt; margin-bottom: 0pt; text-indent: 0.75pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Fixed-income securities and funds &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,278,940&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;303,417&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Currency and interest rate hedging instruments (a) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;981,874&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;682,615&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total financial investments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,010,666&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,596,718&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1.5pt double #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1.5pt double #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,033,258&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,090,212&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Non-current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;977,408&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;506,506&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(a) &lt;font&gt;Accumulated gains, net of income tax (see Note &lt;font style="border-left: none; border-right: none;"&gt;33&lt;/font&gt;.i).&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
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  <ugp:CommercialTransactionsPayables id="Tag1709" contextRef="I20201231_ChevronProductsCompanyMember" unitRef="BRL" decimals="-3">87754000</ugp:CommercialTransactionsPayables>
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  <ugp:IncreaseDecreaseThroughStockPlans id="Tag1730" contextRef="D20201231_3" unitRef="BRL" decimals="-3">-6799000</ugp:IncreaseDecreaseThroughStockPlans>
  <ugp:ExpiredDividends id="Tag1731" contextRef="D20181231_EquityAttributableToShareholdersMember" unitRef="BRL" decimals="-3">-3170000</ugp:ExpiredDividends>
  <ugp:RealizationOfRevaluationReserveOfSubsidiaries id="Tag1732" contextRef="D20181231_RetainedEarningsMember" unitRef="BRL" decimals="-3">218000</ugp:RealizationOfRevaluationReserveOfSubsidiaries>
  <ifrs-full:ProfitLoss id="Tag1733" contextRef="D20201231_EquityAttributableToShareholdersMember" unitRef="BRL" decimals="-3">893383000</ifrs-full:ProfitLoss>
  <ugp:ProposedDividends id="Tag1734" contextRef="D20201231_RetainedEarningsMember" unitRef="BRL" decimals="-3">479748000</ugp:ProposedDividends>
  <ifrs-full:ProfitLoss id="Tag1735" contextRef="D20181231_EquityAttributableToNoncontrollingInterestsMember" unitRef="BRL" decimals="-3">-18101000</ifrs-full:ProfitLoss>
  <ifrs-full:DividendsPaid id="Tag1736" contextRef="D20181231_EquityAttributableToShareholdersMember" unitRef="BRL" decimals="-3">163742000</ifrs-full:DividendsPaid>
  <ugp:IncreaseDecreaseThroughActuarialGainLossesOfPostEmploymentBenefitsNetOfIncomeTaxesAttributableToJointVentures id="Tag1737" contextRef="D20201231_ValuationAdjustmentsMember" unitRef="BRL" decimals="-3">875000</ugp:IncreaseDecreaseThroughActuarialGainLossesOfPostEmploymentBenefitsNetOfIncomeTaxesAttributableToJointVentures>
  <ifrs-full:DividendsPaid id="Tag1738" contextRef="D20181231_AdditionalDividendsMember" unitRef="BRL" decimals="-3">163742000</ifrs-full:DividendsPaid>
  <ugp:EquityInstrumentGranted id="Tag1739" contextRef="D20181231_EquityInstrumentGrantedMember" unitRef="BRL" decimals="-3">3773000</ugp:EquityInstrumentGranted>
  <ugp:IncreaseDecreaseThroughFairValueAdjustmentsOfAvailableForFinancialInstrumentsNetOfIncomeTaxesAttributableToJointVentures id="Tag1740" contextRef="D20191231_EquityAttributableToShareholdersMember" unitRef="BRL" decimals="-3">-978000</ugp:IncreaseDecreaseThroughFairValueAdjustmentsOfAvailableForFinancialInstrumentsNetOfIncomeTaxesAttributableToJointVentures>
  <ifrs-full:DividendsPaid id="Tag1741" contextRef="D20181231" unitRef="BRL" decimals="-3">163742000</ifrs-full:DividendsPaid>
  <ugp:ShareholderTransactionGainInReimbursementOfShares id="Tag1742" contextRef="D20191231_EquityAttributableToNoncontrollingInterestsMember" unitRef="BRL" decimals="-3">-1489000</ugp:ShareholderTransactionGainInReimbursementOfShares>
  <ugp:IncreaseDecreaseThroughAllocationOfNetIncomeInvestmentsStatutoryReserve id="Tag1743" contextRef="D20201231_RetainedEarningsMember" unitRef="BRL" decimals="-3">-368966000</ugp:IncreaseDecreaseThroughAllocationOfNetIncomeInvestmentsStatutoryReserve>
  <ifrs-full:OtherAdjustmentsToReconcileProfitLoss id="Tag1744" contextRef="D20201231_3" unitRef="BRL" decimals="-3">-129169000</ifrs-full:OtherAdjustmentsToReconcileProfitLoss>
  <ugp:IncreaseDecreaseThroughFairValueAdjustmentsOfAvailableForFinancialInstrumentsNetOfIncomeTaxesAttributableToSubsidiaries id="Tag1745" contextRef="D20191231_EquityAttributableToNoncontrollingInterestsMember" unitRef="BRL" decimals="-3">21000</ugp:IncreaseDecreaseThroughFairValueAdjustmentsOfAvailableForFinancialInstrumentsNetOfIncomeTaxesAttributableToSubsidiaries>
  <ugp:CommercialTransactionsPurchases id="Tag1746" contextRef="I20191231_ConectCarSolucoesDeMobilidadeEletronicaMember" unitRef="BRL" decimals="-3">121000</ugp:CommercialTransactionsPurchases>
  <ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement id="Tag1747" contextRef="D20201231_SharebasedPaymentArrangements2Member">2021</ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement>
  <ifrs-full:DateOfGrantOfSharebasedPaymentArrangement id="Tag1748" contextRef="D20201231_RestrictedAndPerformanceProgramFourMember">April 1, 2020</ifrs-full:DateOfGrantOfSharebasedPaymentArrangement>
  <ugp:CommercialTransactionsPayables id="Tag1749" contextRef="I20201231_OxicapIndustriaDeGasesMember" unitRef="BRL" decimals="-3">1772000</ugp:CommercialTransactionsPayables>
  <ifrs-full:Equity id="Tag1750" contextRef="I20181231_CumulativeTranslationAdjustmentsMember" unitRef="BRL" decimals="-3">65857000</ifrs-full:Equity>
  <ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement id="Tag1751" contextRef="D20201231_RestrictedAndPerformanceProgramThreeMember">2022 to 2024</ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement>
  <ugp:IncreaseDecreaseThroughActuarialGainLossesOfPostEmploymentBenefitsNetOfIncomeTaxesAttributableToJointVentures id="Tag1752" contextRef="D20201231_EquityAttributableToShareholdersMember" unitRef="BRL" decimals="-3">875000</ugp:IncreaseDecreaseThroughActuarialGainLossesOfPostEmploymentBenefitsNetOfIncomeTaxesAttributableToJointVentures>
  <ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities id="Tag1753" contextRef="D20191231_NavegantesLogsticaMember" unitRef="BRL" decimals="-3">0</ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities>
  <ifrs-full:ImpairmentLossRecognisedInProfitOrLossGoodwill id="Tag1754" contextRef="D20191231_3" unitRef="BRL" decimals="-3">593280000</ifrs-full:ImpairmentLossRecognisedInProfitOrLossGoodwill>
  <ugp:CommercialTransactionsPayables id="Tag1755" contextRef="I20201231_ChevronThailandLimitedMember" unitRef="BRL" decimals="-3">6000</ugp:CommercialTransactionsPayables>
  <ugp:CommercialTransactionsReceivables id="Tag1756" contextRef="I20201231" unitRef="BRL" decimals="-3">3135000</ugp:CommercialTransactionsReceivables>
  <ugp:NumberOfInstrumentsOtherEquityInstrumentsCancellationOfPerformanceSharesDueToTerminationOfExecutiveEmployment id="Tag1757" contextRef="D20201231_3" unitRef="Shares" decimals="0">-52992</ugp:NumberOfInstrumentsOtherEquityInstrumentsCancellationOfPerformanceSharesDueToTerminationOfExecutiveEmployment>
  <ifrs-full:ComprehensiveIncome id="Tag1758" contextRef="D20181231_ValuationAdjustmentsMember" unitRef="BRL" decimals="-3">-218813000</ifrs-full:ComprehensiveIncome>
  <ugp:AccumulatedUnrecognizedGrantCostsRelatedParties id="Tag1759" contextRef="D20201231_RestrictedAndPerformanceProgramFourMember" unitRef="BRL" decimals="-3">15069000</ugp:AccumulatedUnrecognizedGrantCostsRelatedParties>
  <ifrs-full:Equity id="Tag1760" contextRef="I20171231_CumulativeTranslationAdjustmentsMember" unitRef="BRL" decimals="-3">53061000</ifrs-full:Equity>
  <ugp:IncomeAndSocialContributionTaxesOnRealizationOfRevaluationReserveOfSubsidiaries id="Tag1761" contextRef="D20201231_RetainedEarningsMember" unitRef="BRL" decimals="-3">185000</ugp:IncomeAndSocialContributionTaxesOnRealizationOfRevaluationReserveOfSubsidiaries>
  <ugp:GrantCostsIncludingTaxes id="Tag1762" contextRef="D20201231_RestrictedAndPerformanceProgramFourMember" unitRef="BRL" decimals="-3">18653000</ugp:GrantCostsIncludingTaxes>
  <ifrs-full:KeyManagementPersonnelCompensation id="Tag1763" contextRef="D20191231_StockCompensationMember" unitRef="BRL" decimals="-3">9881000</ifrs-full:KeyManagementPersonnelCompensation>
  <ugp:WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPayment id="Tag1764" contextRef="D20201231_SharebasedPaymentArrangements1Member" unitRef="USDPerShare" decimals="2">32.72</ugp:WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPayment>
  <ugp:SummaryOfSubsidiariesAndOtherRelatedPartiesTableTextBlock id="Tag1765" contextRef="D20201231_3">&lt;div&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 82px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Loans &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 71%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Q&lt;font&gt;u&amp;#237;mica&lt;/font&gt;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; da Bahia &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ind&amp;#250;stria&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; e &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Com&amp;#233;rcio&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; S.A.&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt; (1)&lt;/sup&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 13%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 3%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 13%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,875&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Routeasy&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Servi&amp;#231;os&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; de &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Assessoria&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Log&amp;#237;stica&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Ltda.&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt; (2)&lt;/sup&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,334&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Others&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt; (1)&lt;/sup&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;490&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;836&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total as of December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,824&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,711&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 64px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Loans &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 71%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Qu&amp;#237;mica&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; da Bahia &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ind&amp;#250;stria&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; e &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Com&amp;#233;rcio&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; S.A.&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt; (1)&lt;/sup&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 13%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 3%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 13%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,875&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Others&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt; (1)&lt;/sup&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;490&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,050&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total as of December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;490&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,925&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt; padding-left: 30px; line-height: 1;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Loans contracted have indefinite terms and do not contain remuneration clauses.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 2pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;2&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; The loans contracted have a term &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of &lt;font&gt;36&lt;/font&gt; months &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and can be extended by mutual agreement between the parties&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; being remunerated by the DI plus a premium of &lt;font&gt;3&lt;/font&gt;% p.a.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 276px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="9" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Commercial transactions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Receivables &lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Payables &lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Sales and &lt;br/&gt;services &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Purchases &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 52%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; Oxicap Ind&amp;#250;stria de Gases Ltda. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,772&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;471&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;19,077&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; Refinaria de Petr&amp;#243;leo Riograndense S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;65,215&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;314,587&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; ConectCar Solu&amp;#231;&amp;#245;es de Mobilidade Eletr&amp;#244;nica S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;151&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;104&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;3,062&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;154&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; LA&amp;#8217;&lt;font&gt;7&lt;/font&gt; Participa&amp;#231;&amp;#245;es e Empreend. Imob. Ltda. (a) &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,613&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Chevron (Thailand) Limited &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;166&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;6&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;759&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;6&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Chevron Latin America Marketing LLC &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;118&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Chevron Lubricants Lanka PLC &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Chevron Lubricants Oils S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;823&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Chevron Marine Products &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,873&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; Chevron Oronite Brasil LTDA. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;37,482&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;108,198&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Chevron Products Company &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;87,754&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;247,578&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Chevron Belgium NV &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;785&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;6,707&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Chevron Petroleum CO Colombia &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total as of December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;3,135&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;193,124&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;3,533&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;697,060&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,613&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-right: auto; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 248px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="11" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Commercial transactions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Receivables &lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Payables &lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Other payables &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Sales and &lt;br/&gt;services &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Purchases &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 42%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; Oxicap Ind&amp;#250;stria de Gases Ltda. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,545&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;18,565&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; Refinaria de Petr&amp;#243;leo Riograndense S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;264,602&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;6&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;13&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;506&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Chevron Lubricants Lanka PLC &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;285&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Chevron Lubricants Oils S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;58&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;42&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Chevron Marine Products &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;506&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;104&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; Chevron Oronite Brasil LTDA. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,193&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;345&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Chevron Products Company &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;16,302&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;212,915&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Chevron Belgium NV &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;2,119&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;15,019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Chevron Petroleum CO Colombia &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;7&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;30&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total as of December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;3,915&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;289,988&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;298&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;7,920&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,363,482&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,477&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 89px; margin: 0px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 19px;"&gt;
&lt;td style="vertical-align: middle; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="6" style="border-bottom: 1pt solid #000000; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Commercial transactions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Sales and &lt;br/&gt;services &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Purchases &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="vertical-align: middle; background-color: #cceeff; height: 10px; padding: 0px; width: 70%;"&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 10pt; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Oxicap Ind&amp;#250;stria de Gases Ltda. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2%;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; height: 10px; width: 8%;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2%;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; height: 10px; width: 8%;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,032&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; height: 10px; width: 2%;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; height: 10px; width: 8%;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="vertical-align: middle; height: 10px; padding: 0px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Refinaria de Petr&amp;#243;leo Riograndense S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,008,860&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="vertical-align: middle; background-color: #cceeff; height: 10px; padding: 0px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; ConectCar Solu&amp;#231;&amp;#245;es de Mobilidade Eletr&amp;#244;nica S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,844&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;186&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="vertical-align: middle; height: 10px; padding: 0px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; LA&amp;#8217;&lt;font&gt;7&lt;/font&gt; Participa&amp;#231;&amp;#245;es e Empreend. Imob. Ltda. (a) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,469&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 20px; background-color: #cceeff;"&gt;
&lt;td style="vertical-align: middle; background-color: #cceeff; height: 20px; padding: 0px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total as of December 31, 2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; height: 20px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 20px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,850&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; height: 20px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 20px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,018,078&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; height: 20px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 20px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,469&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Included in &amp;#8220;domestic trade receivables&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;#8220;domestic trade payables&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and &amp;#8220;domestic trade payables &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8211;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; reverse factoring&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8221;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; respectively.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(a) &lt;font&gt;Refers to rental contracts of &lt;/font&gt;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;15&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; drugstores owned by LA&amp;#8217;&lt;font style="border-left: none; border-right: none;"&gt;7&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font style="border-left: none; border-right: none;"&gt;2020&lt;/font&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; a company &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of the former shareholders of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Extrafarma&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; that are&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; current shareholders of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ultrapar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ugp:SummaryOfSubsidiariesAndOtherRelatedPartiesTableTextBlock>
  <ugp:SummaryOfRestrictedStockProgramTableTextBlock id="Tag1766" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The table &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;below&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; summarizes the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;r&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;estricted and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;p&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;erformance&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; stock&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; programs:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 110px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 32.9977%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Program &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 12.0062%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; break-inside: avoid; break-after: avoid; font-size: 8pt; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Grant date &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.0488%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance of number of shares &lt;br/&gt;granted &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 8.05577%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Vesting &lt;br/&gt;period &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.0488%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Market price &lt;br/&gt;of shares on &lt;br/&gt;the grant date (in R$ per&lt;br/&gt;share) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.93648%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Total &lt;br/&gt;grant &lt;br/&gt;costs, &lt;br/&gt;including &lt;br/&gt;taxes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.93648%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Accumulated recognized grant costs &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.00697%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.929512%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Accumulated unrecognized grant costs &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 32.9977%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Restricted &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 12.0062%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;October 1, 2017&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.0488%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;240,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.05577%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2023&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.0488%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;38.19&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.93648%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;12,642&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.93648%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;6,848&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.00697%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.929512%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;5,794&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 32.9977%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Restricted and performance &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 12.0062%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;November 8, 2017&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.0488%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;23,674&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 8.05577%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font&gt;2021 to 2022&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.0488%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;38.19&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.93648%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;2,723&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.93648%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,852&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.00697%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.929512%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;871&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 32.9977%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Restricted and performance &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 12.0062%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;April 4, 2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.0488%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;121,720&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.05577%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;2021 to 2023&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.0488%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;34.35&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.93648%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;8,451&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.93648%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;5,522&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.00697%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.929512%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;2,929&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 32.9977%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Restricted &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 12.0062%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;September 19, 2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.0488%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;80,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 8.05577%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2024&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.0488%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;19.58&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.93648%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;3,691&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.93648%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;810&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.00697%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.929512%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;2,881&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 32.9977%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Restricted &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 12.0062%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;September 24, 2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.0488%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;80,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.05577%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2024&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.0488%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;18.40&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.93648%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;2,030&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.93648%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;761&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.00697%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.929512%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,269&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 32.9977%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Restricted and performance &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 12.0062%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;April 3, 2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.0488%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;469,872&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 8.05577%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font&gt;2022 to 2024&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.0488%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;23.25&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.93648%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;20,900&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.93648%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;9,573&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.00697%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.929512%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;11,327&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 32.9977%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Restricted &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 12.0062%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;September 2, 2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.0488%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;440,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.05577%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2025&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.0488%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16.42&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.93648%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;9,965&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.93648%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,215&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.00697%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.929512%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;7,750&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 32.9977%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Restricted and performance &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 12.0062%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;April 1, 2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.0488%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;754,896&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 8.05577%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;2023 to 2025&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.0488%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;12.53&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.93648%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;18,653&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.93648%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;3,584&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.00697%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.929512%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;15,069&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 32.9977%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Restricted &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 12.0062%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;September 16, 2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.0488%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;700,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.05577%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2026&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.0488%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;23.03&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.93648%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;22,236&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.93648%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,235&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.00697%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.929512%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;21,001&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 32.9977%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 12.0062%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 10px; width: 7.0488%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;2,910,162&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 8.05577%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.0488%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.93648%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 10px; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;101,291&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.93648%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 10px; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;32,400&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.00697%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.929512%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 10px; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;68,891&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ugp:SummaryOfRestrictedStockProgramTableTextBlock>
  <ugp:GrantCostsIncludingTaxes id="Tag1767" contextRef="D20201231_RestrictedProgramFiveMember" unitRef="BRL" decimals="-3">22236000</ugp:GrantCostsIncludingTaxes>
  <ugp:InvestmentOptionsExercisePrice id="Tag1768" contextRef="D20201231_RestrictedProgramFiveMember" unitRef="USDPerShare" decimals="2">23.03</ugp:InvestmentOptionsExercisePrice>
  <ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement id="Tag1769" contextRef="D20201231_RestrictedProgramFiveMember">2026</ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement>
  <ugp:CommercialTransactionsPayables id="Tag1770" contextRef="I20201231" unitRef="BRL" decimals="-3">193124000</ugp:CommercialTransactionsPayables>
  <ugp:CommercialTransactionsPurchases id="Tag1771" contextRef="I20191231_ChevronThailandLimitedMember" unitRef="BRL" decimals="-3">90912000</ugp:CommercialTransactionsPurchases>
  <ugp:InvestmentOptionsExercisePrice id="Tag1772" contextRef="D20201231_RestrictedProgramOneMember" unitRef="USDPerShare" decimals="2">38.19</ugp:InvestmentOptionsExercisePrice>
  <ugp:CommercialTransactionsPayables id="Tag1773" contextRef="I20191231_ChevronBelgiumNvMember" unitRef="BRL" decimals="-3">2119000</ugp:CommercialTransactionsPayables>
  <ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement id="Tag1774" contextRef="I20191231" unitRef="BRL" decimals="-3">1738660000</ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement>
  <ugp:CommercialTransactionsPurchases id="Tag1775" contextRef="I20181231_RefinariaDePetroleoRigrandenseMember" unitRef="BRL" decimals="-3">1008860000</ugp:CommercialTransactionsPurchases>
  <ugp:CommercialTransactionsSalesAndServices id="Tag1776" contextRef="D20191231_ChevronLubricantsOilsSAMember" unitRef="BRL" decimals="-3">42000</ugp:CommercialTransactionsSalesAndServices>
  <ugp:InvestmentOptionsExercisePrice id="Tag1777" contextRef="D20201231_RestrictedProgramThreeMember" unitRef="USDPerShare" decimals="2">18.40</ugp:InvestmentOptionsExercisePrice>
  <ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted id="Tag1778" contextRef="D20201231_RestrictedProgramThreeMember" unitRef="Shares" decimals="0">80000</ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted>
  <ifrs-full:DateOfGrantOfSharebasedPaymentArrangement id="Tag1779" contextRef="D20201231_RestrictedProgramThreeMember">September 24, 2018</ifrs-full:DateOfGrantOfSharebasedPaymentArrangement>
  <ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement id="Tag1780" contextRef="I20201231" unitRef="BRL" decimals="-3">2910162000</ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement>
  <ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted id="Tag1781" contextRef="D20201231_RestrictedAndPerformanceProgramOneMember" unitRef="Shares" decimals="0">23674</ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted>
  <ugp:SharesVestedTransferredDuringPeriodSharebasedPaymentArrangement id="Tag1782" contextRef="D20201231_3" unitRef="Shares" decimals="0">-322264</ugp:SharesVestedTransferredDuringPeriodSharebasedPaymentArrangement>
  <ugp:SharesVestedTransferredDuringPeriodSharebasedPaymentArrangement id="Tag1783" contextRef="D20191231_3" unitRef="Shares" decimals="0">-475604</ugp:SharesVestedTransferredDuringPeriodSharebasedPaymentArrangement>
  <ugp:CommercialTransactionsPurchases id="Tag1784" contextRef="I20191231_ChevronLatinAmericaMarketingLlcMember" unitRef="BRL" decimals="-3">506000</ugp:CommercialTransactionsPurchases>
  <ugp:CommercialTransactionsPurchases id="Tag1785" contextRef="I20201231_ChevronOroniteBrasilLtdaMember" unitRef="BRL" decimals="-3">108198000</ugp:CommercialTransactionsPurchases>
  <ugp:CommercialTransactionsPayables id="Tag1786" contextRef="I20201231_ChevronOroniteBrasilLtdaMember" unitRef="BRL" decimals="-3">37482000</ugp:CommercialTransactionsPayables>
  <ugp:LoansLiabilities id="Tag1787" contextRef="I20191231" unitRef="BRL" decimals="-3">3925000</ugp:LoansLiabilities>
  <ugp:CommercialTransactionsReceivables id="Tag1788" contextRef="I20201231_ChevronLatinAmericaMarketingLlcMember" unitRef="BRL" decimals="-3">118000</ugp:CommercialTransactionsReceivables>
  <ugp:CommercialTransactionsPayables id="Tag1789" contextRef="I20201231_ChevronBrasilOleosBasicosLtdaMember" unitRef="BRL" decimals="-3">6000</ugp:CommercialTransactionsPayables>
  <ugp:InvestmentOptionsExercisePrice id="Tag1790" contextRef="D20201231_RestrictedProgramTwoMember" unitRef="USDPerShare" decimals="2">19.58</ugp:InvestmentOptionsExercisePrice>
  <ugp:NumberOfDrugstoresUnderRentalContracts id="Tag1791" contextRef="D20191231_LA7ParticipaesEEmpreendImobLtdaMember" unitRef="Pure" decimals="0">15</ugp:NumberOfDrugstoresUnderRentalContracts>
  <ugp:AccumulatedRecognizedGrantCostsRelatedParties id="Tag1792" contextRef="D20201231_RestrictedAndPerformanceProgramOneMember" unitRef="BRL" decimals="-3">1852000</ugp:AccumulatedRecognizedGrantCostsRelatedParties>
  <ugp:CommercialTransactionsPayables id="Tag1793" contextRef="I20191231_ConectCarSolucoesDeMobilidadeEletronicaMember" unitRef="BRL" decimals="-3">113000</ugp:CommercialTransactionsPayables>
  <ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted id="Tag1794" contextRef="D20201231_RestrictedProgramFourMember" unitRef="Shares" decimals="0">440000</ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted>
  <ifrs-full:DateOfGrantOfSharebasedPaymentArrangement id="Tag1795" contextRef="D20201231_RestrictedProgramFourMember">September 2, 2019</ifrs-full:DateOfGrantOfSharebasedPaymentArrangement>
  <ugp:CommercialTransactionsOtherPayables id="Tag1796" contextRef="I20191231" unitRef="BRL" decimals="-3">298000</ugp:CommercialTransactionsOtherPayables>
  <ugp:CommercialTransactionsPurchases id="Tag1797" contextRef="I20201231_ChevronThailandLimitedMember" unitRef="BRL" decimals="-3">759000</ugp:CommercialTransactionsPurchases>
  <ugp:CommercialTransactionsPurchases id="Tag1798" contextRef="I20201231" unitRef="BRL" decimals="-3">697060000</ugp:CommercialTransactionsPurchases>
  <ifrs-full:SharesReservedForIssueUnderOptionsAndContractsForSaleOfShares id="Tag1799" contextRef="I20170419" unitRef="Shares" decimals="0">11128102</ifrs-full:SharesReservedForIssueUnderOptionsAndContractsForSaleOfShares>
  <ugp:InvestmentOptionsExercisePrice id="Tag1800" contextRef="D20201231_RestrictedAndPerformanceProgramFourMember" unitRef="USDPerShare" decimals="2">12.53</ugp:InvestmentOptionsExercisePrice>
  <ugp:CommercialTransactionsSalesAndServices id="Tag1801" contextRef="D20201231_3" unitRef="BRL" decimals="-3">3533000</ugp:CommercialTransactionsSalesAndServices>
  <ugp:AccumulatedUnrecognizedGrantCostsRelatedParties id="Tag1802" contextRef="D20201231_RestrictedProgramFiveMember" unitRef="BRL" decimals="-3">21001000</ugp:AccumulatedUnrecognizedGrantCostsRelatedParties>
  <ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted id="Tag1803" contextRef="D20201231_RestrictedAndPerformanceProgramTwoMember" unitRef="Shares" decimals="0">121720</ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted>
  <ifrs-full:DateOfGrantOfSharebasedPaymentArrangement id="Tag1804" contextRef="D20201231_RestrictedAndPerformanceProgramTwoMember">April 4, 2018</ifrs-full:DateOfGrantOfSharebasedPaymentArrangement>
  <ugp:AccumulatedUnrecognizedGrantCostsRelatedParties id="Tag1805" contextRef="D20201231_RestrictedAndPerformanceProgramOneMember" unitRef="BRL" decimals="-3">871000</ugp:AccumulatedUnrecognizedGrantCostsRelatedParties>
  <ugp:GrantCostsIncludingTaxes id="Tag1806" contextRef="D20201231_RestrictedAndPerformanceProgramOneMember" unitRef="BRL" decimals="-3">2723000</ugp:GrantCostsIncludingTaxes>
  <ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement id="Tag1807" contextRef="D20201231_RestrictedAndPerformanceProgramTwoMember">2021 to 2023</ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement>
  <ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement id="Tag1808" contextRef="D20201231_RestrictedAndPerformanceProgramOneMember">2021 to 2022</ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement>
  <ugp:CommercialTransactionsReceivables id="Tag1809" contextRef="I20191231_ChevronMarineProductsMember" unitRef="BRL" decimals="-3">506000</ugp:CommercialTransactionsReceivables>
  <ifrs-full:DateOfGrantOfSharebasedPaymentArrangement id="Tag1810" contextRef="D20201231_RestrictedAndPerformanceProgramOneMember">November 8, 2017</ifrs-full:DateOfGrantOfSharebasedPaymentArrangement>
  <ugp:CommercialTransactionsReceivables id="Tag1811" contextRef="I20191231" unitRef="BRL" decimals="-3">3915000</ugp:CommercialTransactionsReceivables>
  <ugp:GrantCostsIncludingTaxes id="Tag1812" contextRef="D20201231_RestrictedProgramOneMember" unitRef="BRL" decimals="-3">12642000</ugp:GrantCostsIncludingTaxes>
  <ugp:CommercialTransactionsReceivables id="Tag1813" contextRef="I20201231_ChevronLubricantsLankaPlcMember" unitRef="BRL" decimals="-3">3000</ugp:CommercialTransactionsReceivables>
  <ugp:CommercialTransactionsPayables id="Tag1814" contextRef="I20201231_ConectCarSolucoesDeMobilidadeEletronicaMember" unitRef="BRL" decimals="-3">104000</ugp:CommercialTransactionsPayables>
  <ugp:CommercialTransactionsPayables id="Tag1815" contextRef="I20191231_OxicapIndustriaDeGasesMember" unitRef="BRL" decimals="-3">1545000</ugp:CommercialTransactionsPayables>
  <ifrs-full:DateOfGrantOfSharebasedPaymentArrangement id="Tag1816" contextRef="D20201231_RestrictedProgramOneMember">October 1, 2017</ifrs-full:DateOfGrantOfSharebasedPaymentArrangement>
  <ugp:AccumulatedUnrecognizedGrantCostsRelatedParties id="Tag1817" contextRef="D20201231_3" unitRef="BRL" decimals="-3">68891000</ugp:AccumulatedUnrecognizedGrantCostsRelatedParties>
  <ugp:GrantCostsIncludingTaxes id="Tag1818" contextRef="D20201231_3" unitRef="BRL" decimals="-3">101291000</ugp:GrantCostsIncludingTaxes>
  <ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted id="Tag1819" contextRef="D20201231_3" unitRef="Shares" decimals="0">2910162</ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted>
  <ugp:CommercialTransactionsSalesAndServices id="Tag1820" contextRef="D20191231_ChevronMarineProductsMember" unitRef="BRL" decimals="-3">104000</ugp:CommercialTransactionsSalesAndServices>
  <ugp:GrantCostsIncludingTaxes id="Tag1821" contextRef="D20201231_RestrictedProgramFourMember" unitRef="BRL" decimals="-3">9965000</ugp:GrantCostsIncludingTaxes>
  <ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement id="Tag1822" contextRef="I20181231" unitRef="BRL" decimals="-3">739952000</ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement>
  <ifrs-full:DateOfGrantOfSharebasedPaymentArrangement id="Tag1823" contextRef="D20201231_SharebasedPaymentArrangements3Member">March 5, 2014</ifrs-full:DateOfGrantOfSharebasedPaymentArrangement>
  <ifrs-full:DateOfGrantOfSharebasedPaymentArrangement id="Tag1824" contextRef="D20201231_SharebasedPaymentArrangements2Member">December 10, 2014</ifrs-full:DateOfGrantOfSharebasedPaymentArrangement>
  <ifrs-full:DateOfGrantOfSharebasedPaymentArrangement id="Tag1825" contextRef="D20201231_SharebasedPaymentArrangements1Member">March 4, 2016</ifrs-full:DateOfGrantOfSharebasedPaymentArrangement>
  <ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted id="Tag1826" contextRef="D20191231_GrantDateTwoMember" unitRef="BRL" decimals="-3">440000000</ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted>
  <ugp:WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPayment id="Tag1827" contextRef="D20201231_SharebasedPaymentArrangements3Member" unitRef="USDPerShare" decimals="2">26.08</ugp:WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPayment>
  <ugp:AccumulatedUnrecognizedGrantCostsRelatedParties id="Tag1828" contextRef="D20201231_RestrictedProgramFourMember" unitRef="BRL" decimals="-3">7750000</ugp:AccumulatedUnrecognizedGrantCostsRelatedParties>
  <ifrs-full:NumberOfShareOptionsGrantedInSharebasedPaymentArrangement id="Tag1829" contextRef="D20201231_SharebasedPaymentArrangements3Member" unitRef="Pure" decimals="0">55600</ifrs-full:NumberOfShareOptionsGrantedInSharebasedPaymentArrangement>
  <ugp:CommercialTransactionsReceivables id="Tag1830" contextRef="I20201231_ChevronMarineProductsMember" unitRef="BRL" decimals="-3">1873000</ugp:CommercialTransactionsReceivables>
  <ugp:WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPayment id="Tag1831" contextRef="D20201231_SharebasedPaymentArrangements2Member" unitRef="USDPerShare" decimals="2">25.32</ugp:WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPayment>
  <ugp:CommercialTransactionsPurchases id="Tag1832" contextRef="I20191231_ChevronBelgiumNvMember" unitRef="BRL" decimals="-3">15019000</ugp:CommercialTransactionsPurchases>
  <ugp:CommercialTransactionsExpenses id="Tag1833" contextRef="I20201231" unitRef="BRL" decimals="-3">1613000</ugp:CommercialTransactionsExpenses>
  <ugp:CommercialTransactionsSalesAndServices id="Tag1834" contextRef="D20191231_ChevronPetroleumCoColombiaMember" unitRef="BRL" decimals="-3">30000</ugp:CommercialTransactionsSalesAndServices>
  <ugp:AccumulatedUnrecognizedGrantCosts id="Tag1835" contextRef="D20201231_SharebasedPaymentArrangements1Member" unitRef="BRL" decimals="-3">3071000</ugp:AccumulatedUnrecognizedGrantCosts>
  <ifrs-full:DateOfGrantOfSharebasedPaymentArrangement id="Tag1836" contextRef="D20201231_RestrictedProgramFiveMember">September 16, 2020</ifrs-full:DateOfGrantOfSharebasedPaymentArrangement>
  <ifrs-full:NumberOfShareOptionsGrantedInSharebasedPaymentArrangement id="Tag1837" contextRef="D20201231_SharebasedPaymentArrangements1Member" unitRef="Pure" decimals="0">380000</ifrs-full:NumberOfShareOptionsGrantedInSharebasedPaymentArrangement>
  <ugp:AccumulatedUnrecognizedGrantCosts id="Tag1838" contextRef="D20201231_3" unitRef="BRL" decimals="-3">4798000</ugp:AccumulatedUnrecognizedGrantCosts>
  <ugp:PeriodOfTransfterOfOwnershipShares id="Tag1839" contextRef="D20201231_TopOfRangeMember_DeferredStockUnitPlanMember">P7Y</ugp:PeriodOfTransfterOfOwnershipShares>
  <ugp:CommercialTransactionsReceivables id="Tag1840" contextRef="I20201231_ChevronPetroleumCoColombiaMember" unitRef="BRL" decimals="-3">1000</ugp:CommercialTransactionsReceivables>
  <ugp:PeriodOfTransfterOfOwnershipShares id="Tag1841" contextRef="D20201231_BottomOfRangeMember">P3Y</ugp:PeriodOfTransfterOfOwnershipShares>
  <ugp:CommercialTransactionsReceivables id="Tag1842" contextRef="I20191231_ChevronOroniteBrasilLtdaMember" unitRef="BRL" decimals="-3">1193000</ugp:CommercialTransactionsReceivables>
  <ugp:ShareOptionsGrantedInSharebasedPaymentArrangement id="Tag1843" contextRef="I20191231" unitRef="Shares" decimals="0">1224524</ugp:ShareOptionsGrantedInSharebasedPaymentArrangement>
  <ifrs-full:DisclosureOfRelatedPartyExplanatory id="Tag1844" contextRef="D20201231_3">&lt;div&gt;
&lt;h1 style="margin-top: 12pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 12pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;8. Related &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;p&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;arties&lt;/font&gt;&lt;/font&gt;&lt;/h1&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;a. Related parties&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Balances and transactions between the Company and its subsidiaries and between subsidiaries have been eliminated in consolidation and are not disclosed in this note. The balances and transactions between the Company and its subsidiaries with other related parties are disclosed below:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 82px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Loans &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 71%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Q&lt;font&gt;u&amp;#237;mica&lt;/font&gt;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; da Bahia &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ind&amp;#250;stria&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; e &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Com&amp;#233;rcio&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; S.A.&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt; (1)&lt;/sup&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 13%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 3%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 13%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,875&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Routeasy&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Servi&amp;#231;os&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; de &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Assessoria&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Log&amp;#237;stica&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Ltda.&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt; (2)&lt;/sup&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,334&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Others&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt; (1)&lt;/sup&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;490&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;836&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total as of December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,824&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,711&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 64px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Loans &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 71%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Qu&amp;#237;mica&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; da Bahia &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ind&amp;#250;stria&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; e &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Com&amp;#233;rcio&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; S.A.&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt; (1)&lt;/sup&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 13%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 3%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 13%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,875&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Others&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt; (1)&lt;/sup&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;490&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,050&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total as of December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;490&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,925&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt; padding-left: 30px; line-height: 1;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Loans contracted have indefinite terms and do not contain remuneration clauses.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 2pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;2&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; The loans contracted have a term &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of &lt;font&gt;36&lt;/font&gt; months &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and can be extended by mutual agreement between the parties&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; being remunerated by the DI plus a premium of &lt;font&gt;3&lt;/font&gt;% p.a.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 276px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="9" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Commercial transactions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Receivables &lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Payables &lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Sales and &lt;br/&gt;services &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Purchases &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 52%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; Oxicap Ind&amp;#250;stria de Gases Ltda. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,772&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;471&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;19,077&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; Refinaria de Petr&amp;#243;leo Riograndense S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;65,215&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;314,587&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; ConectCar Solu&amp;#231;&amp;#245;es de Mobilidade Eletr&amp;#244;nica S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;151&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;104&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;3,062&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;154&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; LA&amp;#8217;&lt;font&gt;7&lt;/font&gt; Participa&amp;#231;&amp;#245;es e Empreend. Imob. Ltda. (a) &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,613&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Chevron (Thailand) Limited &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;166&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;6&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;759&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;6&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Chevron Latin America Marketing LLC &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;118&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Chevron Lubricants Lanka PLC &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;3&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;823&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Chevron Marine Products &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,873&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; Chevron Oronite Brasil LTDA. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;37,482&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;108,198&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Chevron Products Company &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;87,754&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;247,578&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Chevron Belgium NV &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;785&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;6,707&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Chevron Petroleum CO Colombia &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total as of December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;3,135&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;193,124&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;3,533&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;697,060&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,613&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-right: auto; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 248px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="11" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Commercial transactions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Receivables &lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Payables &lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Other payables &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Sales and &lt;br/&gt;services &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Purchases &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 42%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; Oxicap Ind&amp;#250;stria de Gases Ltda. &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,545&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;18,565&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; Refinaria de Petr&amp;#243;leo Riograndense S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;264,602&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,019,108&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; ConectCar Solu&amp;#231;&amp;#245;es de Mobilidade Eletr&amp;#244;nica S.A. &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;739&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;113&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
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&lt;tr style="height: 17px;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Chevron Lubricants Lanka PLC &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;285&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Chevron Lubricants Oils S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;58&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;42&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Chevron Marine Products &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;506&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;104&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; Chevron Oronite Brasil LTDA. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,193&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;345&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Chevron Products Company &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;16,302&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;212,915&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Chevron Belgium NV &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;2,119&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;15,019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Chevron Petroleum CO Colombia &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;7&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;30&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; -&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total as of December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;3,915&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;289,988&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;298&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;7,920&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,363,482&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,477&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 89px; margin: 0px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 19px;"&gt;
&lt;td style="vertical-align: middle; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="6" style="border-bottom: 1pt solid #000000; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Commercial transactions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Sales and &lt;br/&gt;services &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Purchases &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="vertical-align: middle; background-color: #cceeff; height: 10px; padding: 0px; width: 70%;"&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 10pt; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Oxicap Ind&amp;#250;stria de Gases Ltda. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2%;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; height: 10px; width: 8%;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2%;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; height: 10px; width: 8%;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,032&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; height: 10px; width: 2%;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; height: 10px; width: 8%;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="vertical-align: middle; height: 10px; padding: 0px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Refinaria de Petr&amp;#243;leo Riograndense S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,008,860&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="vertical-align: middle; background-color: #cceeff; height: 10px; padding: 0px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; ConectCar Solu&amp;#231;&amp;#245;es de Mobilidade Eletr&amp;#244;nica S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,844&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;186&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; height: 10px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="vertical-align: middle; height: 10px; padding: 0px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; LA&amp;#8217;&lt;font&gt;7&lt;/font&gt; Participa&amp;#231;&amp;#245;es e Empreend. Imob. Ltda. (a) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,469&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 20px; background-color: #cceeff;"&gt;
&lt;td style="vertical-align: middle; background-color: #cceeff; height: 20px; padding: 0px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total as of December 31, 2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; height: 20px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 20px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,850&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; height: 20px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 20px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,018,078&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; height: 20px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; vertical-align: bottom; border-bottom: 2.8pt double #000000; background-color: #cceeff; height: 20px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,469&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Included in &amp;#8220;domestic trade receivables&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;#8220;domestic trade payables&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and &amp;#8220;domestic trade payables &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8211;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; reverse factoring&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8221;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; respectively.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(a) &lt;font&gt;Refers to rental contracts of &lt;/font&gt;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;15&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; drugstores owned by LA&amp;#8217;&lt;font style="border-left: none; border-right: none;"&gt;7&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font style="border-left: none; border-right: none;"&gt;2020&lt;/font&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; a company &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of the former shareholders of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Extrafarma&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; that are&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; current shareholders of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ultrapar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Purchase and sale transactions relate substantially to the purchase of raw materials, feedstock, transportation&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and storage services based on &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;similar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; market prices and terms with customers and suppliers with comparable operational performance. The operations &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ConectCar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Solu&amp;#231;&amp;#245;es&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; de &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Mobilidade&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Eletr&amp;#244;nica&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; S.A. (&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ConectCar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8221;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;refer to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;services&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; provided&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. In the opinion of the Company and its subsidiaries&amp;#8217; management, transactions with related parties are not subject to credit risk, therefore,&lt;font&gt; &lt;font&gt;no&lt;/font&gt;&lt;/font&gt; provision for expected losses on accounts receivable or guarantees are recorded. Guarantees&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;provided by the Company in loans of subsidiaries and affiliates are mentioned in Note &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;16&lt;/font&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;j&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;b. Key executives&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Company&amp;#8217;s compensation strategy combines short and long-term elements, following the principles of alignment of interests and of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;maintaining&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; a competitive compensation, and is aimed at retaining key officers and remunerating them adequately according to their attributed responsibilities and the value created to the Company and its shareholders.&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Short-term compensation is comprised of: (a) fixed monthly compensation paid with the objective of rewarding the executive&amp;#8217;s experience, responsibility&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and his/her position&amp;#8217;s complexity, and includes salary and benefits such as medical coverage, check-up, life insurance&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and others; (b) variable compensation paid annually with the objective of aligning the executive&amp;#8217;s and the Company&amp;#8217;s objectives, which is linked to: (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) the business performance measured through its economic value creation and (ii) the fulfillment of individual annual goals that are based on the strategic plan and are focused on expansion and operational excellence projects, people development and market positioning, among others. Further details about the Deferred Stock Plan are contained in Note &lt;font&gt;8&lt;/font&gt;.c and about post&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;-&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;employment benefits in Note &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.b.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he expenses for compensation of its key executives (Company&amp;#8217;s directors and executive officers)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; as shown below:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 96px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 84%; margin-left: auto; margin-right: auto;" width="84%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 66%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Short-term compensation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;47,936&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;41,659&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;36,504&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Stock compensation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,786&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,881&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,407&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Post-employment benefits &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,866&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,640&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,278&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Termination benefit &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;905&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;55,588&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;54,180&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; border-bottom: 2.8pt double #000000; height: 18px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;41,094&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;c. Deferred stock plan&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Since &lt;font&gt;2003&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ultrapar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; has adopted a &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;stock&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; plan in which the executive h&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the usufruct of shares held in treasury&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; until&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the transfer of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;full &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ownership of the shares to those eligible members of management after &lt;font&gt;five&lt;/font&gt; to &lt;font&gt;seven&lt;/font&gt; years from the initial concession of the rights subject to uninterrupted employment of the participant during the period&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. The volume of shares and the executives &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;e&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ligible&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; are determined by the Board of Directors, and there is no mandatory annual grant. The total number of shares to be used in the plan is subject to the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;number&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of shares in treasury. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ultrapar&amp;#8217;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Board of Directors &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;members are &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;not &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;eligible&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;to participate in the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;stock&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; plan.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The fair value of the awards &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;was&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; determined on the grant date based on the market value of the shares on the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;B&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, the Brazilian Securities, Commodities and Futures Exchange&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and the amounts are amortized &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;between&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;five&lt;/font&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;to&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;seven&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;years from the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;grant date&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The table below summarizes shares &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;granted &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;to the Company and its subsidiaries&amp;#8217; management:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; width: 99.8395%; height: 118px;" width="100%"&gt;

&lt;tr style="height: 56px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 56px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Grant date &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 56px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance of &lt;br/&gt;number of &lt;br/&gt;shares &lt;br/&gt;granted &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 56px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 56px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Vesting period &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 56px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 56px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Market price of shares on the &lt;br/&gt;grant date (in &lt;br/&gt;R$ per share) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 56px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 56px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Total grant &lt;br/&gt;costs, &lt;br/&gt;including &lt;br/&gt;taxes &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 56px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 56px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Accumulated recognized &lt;br/&gt;grant costs &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 56px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 56px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 56px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Accumulated unrecognized &lt;br/&gt;grant costs &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 35%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;March 4, 2016&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;380,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 2%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font&gt;2021 to 2023&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 2%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;32.72&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 2%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;17,147&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;14,076&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; text-align: left; width: 1%;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;3,071&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;December 10, 2014&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;266,660&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;25.32&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;28,405&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;26,726&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,679&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;March 5, 2014&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;55,600&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;26.08&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;5,999&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;5,951&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;48&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); height: 18px; border-top: 1pt solid rgb(0, 0, 0);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;702,260&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); height: 18px; border-top: 1pt solid rgb(0, 0, 0);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;51,551&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); height: 18px; border-top: 1pt solid rgb(0, 0, 0);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;46,753&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-top: 1pt solid rgb(0, 0, 0); border-bottom: 2.8pt double rgb(0, 0, 0);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;4,798&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;In&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2020&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he amortization in the amount &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of R$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2,360&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;10,321&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2019&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;R$ &lt;font&gt;3,922&lt;/font&gt; in &lt;font&gt;2018&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) was recognized as a general and administrative expense.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The table below summarizes the changes of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;number of shares granted:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 103px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-left: auto; margin-right: auto;" width="68%"&gt;

&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 84.1756%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance on December 31, 2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 3.12122%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 11.2132%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,700,128&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.40707%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 84.1756%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Shares vested and transferred &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 3.12122%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 11.2132%; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;475,604&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.40707%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 84.1756%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance on December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 3.12122%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 11.2132%; border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,224,524&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.40707%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 84.1756%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cancellation of granted shares due to termination of executive employment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 3.12122%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 11.2132%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;200,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.40707%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 84.1756%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Shares vested and transferred &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 3.12122%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 11.2132%; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;322,264&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.40707%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="width: 84.1756%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance on December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 3.12122%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 11.2132%; padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;702,260&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.40707%; padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;In addition, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;on April 19, 2017, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the Ordinary and Extraordinary General Shareholders&amp;#8217; Meeting (&amp;#8220;OEGM&amp;#8221;) of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;approved&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;a new incentive plan&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; based on shares &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Plan&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;), which establishes the general terms and conditions for the concession of common shares issued by the Company &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;held in treasury, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;that&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; may or may not involve the granting of usufruct of part of these shares for later transfer of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ownership of the shares&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, in periods of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;three&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;six&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; years&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, to directors or employees of the Company or &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;its &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;subsidiaries.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;As a result of the Plan, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;common&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; shares representing at most &lt;font&gt;1&lt;/font&gt;% of the Company's &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;share &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;capital&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;may be delivered to the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;p&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;articipants, which corresponds, at the date of approval of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;this&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Plan, to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;11,128,102&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; common shares.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The table &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;below&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; summarizes the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;r&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;estricted and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;p&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;erformance&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; stock&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; programs:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 110px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 32.9977%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Program &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 12.0062%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; break-inside: avoid; break-after: avoid; font-size: 8pt; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Grant date &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.0488%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance of number of shares &lt;br/&gt;granted &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 8.05577%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Vesting &lt;br/&gt;period &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.0488%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Market price &lt;br/&gt;of shares on &lt;br/&gt;the grant date (in R$ per&lt;br/&gt;share) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.93648%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Total &lt;br/&gt;grant &lt;br/&gt;costs, &lt;br/&gt;including &lt;br/&gt;taxes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.93648%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Accumulated recognized grant costs &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.00697%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.929512%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Accumulated unrecognized grant costs &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 32.9977%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Restricted &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 12.0062%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;October 1, 2017&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.0488%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;240,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.05577%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2023&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.0488%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;38.19&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.93648%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;12,642&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.93648%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;6,848&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.00697%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.929512%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;5,794&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 32.9977%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Restricted and performance &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 12.0062%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;November 8, 2017&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.0488%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;23,674&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 8.05577%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font&gt;2021 to 2022&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.0488%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;38.19&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.93648%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;2,723&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.93648%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,852&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.00697%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.929512%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;871&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 32.9977%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Restricted and performance &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 12.0062%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;April 4, 2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.0488%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;121,720&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.05577%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;2021 to 2023&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.0488%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;34.35&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.93648%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;8,451&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.93648%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;5,522&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.00697%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.929512%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;2,929&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 32.9977%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Restricted &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 12.0062%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;September 19, 2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.0488%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;80,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 8.05577%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2024&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.0488%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;19.58&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.93648%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;3,691&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.93648%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;810&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.00697%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.929512%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;2,881&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 32.9977%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Restricted &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 12.0062%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;September 24, 2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.0488%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;80,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.05577%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2024&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.0488%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;18.40&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.93648%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;2,030&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.93648%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;761&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.00697%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.929512%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,269&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 32.9977%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Restricted and performance &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 12.0062%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;April 3, 2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.0488%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;469,872&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 8.05577%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font&gt;2022 to 2024&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.0488%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;23.25&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.93648%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;20,900&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.93648%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;9,573&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.00697%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.929512%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;11,327&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 32.9977%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Restricted &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 12.0062%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;September 2, 2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.0488%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;440,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.05577%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2025&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.0488%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16.42&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.93648%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;9,965&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.93648%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,215&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.00697%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.929512%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;7,750&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 32.9977%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Restricted and performance &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 12.0062%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;April 1, 2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.0488%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;754,896&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 8.05577%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;2023 to 2025&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.0488%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;12.53&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.93648%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;18,653&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.93648%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;3,584&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.00697%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.929512%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;15,069&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 32.9977%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Restricted &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 12.0062%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;September 16, 2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.0488%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;700,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.05577%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2026&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 7.0488%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;23.03&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 10px; width: 1.93648%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;22,236&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.93648%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,235&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.00697%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.929512%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;21,001&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 32.9977%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 12.0062%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 10px; width: 7.0488%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;2,910,162&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 8.05577%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.01394%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7.0488%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.93648%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 10px; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;101,291&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.93648%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 10px; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;32,400&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.00697%;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.929512%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 10px; width: 6.97134%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;68,891&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;In&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2020&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, a general and administrative expense &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in the amount of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;12,664&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;was recognized in relation to the Plan&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;12,893&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and R$ &lt;/font&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;6,001&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;8&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 188px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-left: auto; margin-right: auto;" width="68%"&gt;

&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 73.0901%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance on December 31, 2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1.93843%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 25.1996%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;739,952&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.14025%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 73.0901%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Shares granted on April 3, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; width: 1.93843%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 25.1996%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;567,876&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.14025%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 73.0901%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Shares granted on September 2, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1.93843%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 25.1996%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;440,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.14025%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 73.0901%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cancellation of granted shares due to termination of executive employment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; width: 1.93843%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; width: 25.1996%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;9,168&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.14025%;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 73.0901%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance on December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1.93843%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 25.1996%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,738,660&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.14025%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 73.0901%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Shares granted on April 1, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; width: 1.93843%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 25.1996%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;877,788&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.14025%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 73.0901%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Shares granted on September 16, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1.93843%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 25.1996%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;700,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.14025%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 73.0901%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cancellation of granted shares due to termination of executive employment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; width: 1.93843%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 25.1996%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;353,294&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.14025%;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 73.0901%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cancellation of performance shares &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.93843%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 25.1996%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;52,992&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.14025%;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; width: 73.0901%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance on December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; width: 1.93843%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; width: 25.1996%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,910,162&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.14025%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The information above was adjusted &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;restrospectively&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; as disclosure in Note &lt;font style="border-left: none; border-right: none;"&gt;25.a&lt;/font&gt;.&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfRelatedPartyExplanatory>
  <ugp:SummaryOfSharesGrantedTableTextBlock id="Tag1845" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The table below summarizes shares &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;granted &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;to the Company and its subsidiaries&amp;#8217; management:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; width: 99.8395%; height: 118px;" width="100%"&gt;

&lt;tr style="height: 56px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 56px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Grant date &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 56px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance of &lt;br/&gt;number of &lt;br/&gt;shares &lt;br/&gt;granted &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 56px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 56px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Vesting period &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 56px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 56px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Market price of shares on the &lt;br/&gt;grant date (in &lt;br/&gt;R$ per share) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 56px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 56px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Total grant &lt;br/&gt;costs, &lt;br/&gt;including &lt;br/&gt;taxes &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 56px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 56px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Accumulated recognized &lt;br/&gt;grant costs &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 56px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 56px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 56px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Accumulated unrecognized &lt;br/&gt;grant costs &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 35%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;March 4, 2016&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;380,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 2%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font&gt;2021 to 2023&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 2%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;32.72&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 2%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;17,147&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;14,076&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; text-align: left; width: 1%;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;3,071&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;December 10, 2014&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;266,660&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;25.32&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;28,405&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;26,726&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,679&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;March 5, 2014&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;55,600&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;26.08&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;5,999&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;5,951&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;48&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); height: 18px; border-top: 1pt solid rgb(0, 0, 0);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;702,260&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); height: 18px; border-top: 1pt solid rgb(0, 0, 0);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;51,551&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); height: 18px; border-top: 1pt solid rgb(0, 0, 0);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;46,753&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-top: 1pt solid rgb(0, 0, 0); border-bottom: 2.8pt double rgb(0, 0, 0);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;4,798&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ugp:SummaryOfSharesGrantedTableTextBlock>
  <ugp:DisclosureOfSummarizedChangesOfNumberOfRestrictedAndPerformanceSharesGrantedExplanatory id="Tag1846" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 188px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-left: auto; margin-right: auto;" width="68%"&gt;

&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 73.0901%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance on December 31, 2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1.93843%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 25.1996%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;739,952&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.14025%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 73.0901%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Shares granted on April 3, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; width: 1.93843%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 25.1996%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;567,876&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.14025%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 73.0901%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Shares granted on September 2, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1.93843%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 25.1996%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;440,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.14025%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 73.0901%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cancellation of granted shares due to termination of executive employment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; width: 1.93843%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; width: 25.1996%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;9,168&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.14025%;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 73.0901%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance on December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1.93843%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 25.1996%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,738,660&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.14025%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 73.0901%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Shares granted on April 1, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; width: 1.93843%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 25.1996%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;877,788&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.14025%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 73.0901%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Shares granted on September 16, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1.93843%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 25.1996%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;700,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.14025%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 73.0901%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cancellation of granted shares due to termination of executive employment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; width: 1.93843%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 25.1996%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;353,294&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.14025%;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 73.0901%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cancellation of performance shares &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.93843%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 25.1996%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;52,992&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.14025%;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; width: 73.0901%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance on December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; width: 1.93843%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; width: 25.1996%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,910,162&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.14025%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ugp:DisclosureOfSummarizedChangesOfNumberOfRestrictedAndPerformanceSharesGrantedExplanatory>
  <ugp:SummaryOfChangesInNumberOfSharesGrantedTableTextBlock id="Tag1847" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The table below summarizes the changes of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;number of shares granted:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 103px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-left: auto; margin-right: auto;" width="68%"&gt;

&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 84.1756%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance on December 31, 2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 3.12122%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 11.2132%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,700,128&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.40707%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 84.1756%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Shares vested and transferred &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 3.12122%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 11.2132%; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;475,604&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.40707%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 84.1756%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance on December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 3.12122%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 11.2132%; border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,224,524&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.40707%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 84.1756%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cancellation of granted shares due to termination of executive employment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 3.12122%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 11.2132%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;200,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.40707%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 84.1756%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Shares vested and transferred &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 3.12122%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 11.2132%; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;322,264&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.40707%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="width: 84.1756%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance on December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 3.12122%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 11.2132%; padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;702,260&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.40707%; padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ugp:SummaryOfChangesInNumberOfSharesGrantedTableTextBlock>
  <ifrs-full:GeneralAndAdministrativeExpense id="Tag1848" contextRef="D20201231_3" unitRef="BRL" decimals="-3">12664000</ifrs-full:GeneralAndAdministrativeExpense>
  <ugp:ParticipationPercentageOfShareCapital id="Tag1849" contextRef="D20170419" unitRef="Pure" decimals="2">0.01</ugp:ParticipationPercentageOfShareCapital>
  <ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted id="Tag1850" contextRef="D20201231_RestrictedProgramTwoMember" unitRef="Shares" decimals="0">80000</ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted>
  <ugp:AmortizationRecognizedAsGeneralAndAdministrativeExpense id="Tag1851" contextRef="D20191231_3" unitRef="BRL" decimals="-3">10321000</ugp:AmortizationRecognizedAsGeneralAndAdministrativeExpense>
  <ugp:AmortizationRecognizedAsGeneralAndAdministrativeExpense id="Tag1852" contextRef="D20201231_3" unitRef="BRL" decimals="-3">2360000</ugp:AmortizationRecognizedAsGeneralAndAdministrativeExpense>
  <ugp:CommercialTransactionsPurchases id="Tag1853" contextRef="I20201231_ChevronBelgiumNvMember" unitRef="BRL" decimals="-3">6707000</ugp:CommercialTransactionsPurchases>
  <ugp:PeriodOfTransfterOfOwnershipShares id="Tag1854" contextRef="D20201231_BottomOfRangeMember_DeferredStockUnitPlanMember">P5Y</ugp:PeriodOfTransfterOfOwnershipShares>
  <ifrs-full:KeyManagementPersonnelCompensation id="Tag1855" contextRef="D20181231_TerminationBenefitMember" unitRef="BRL" decimals="-3">905000</ifrs-full:KeyManagementPersonnelCompensation>
  <ifrs-full:KeyManagementPersonnelCompensation id="Tag1856" contextRef="D20181231_PostEmploymentBenefitsMember" unitRef="BRL" decimals="-3">2278000</ifrs-full:KeyManagementPersonnelCompensation>
  <ifrs-full:KeyManagementPersonnelCompensation id="Tag1857" contextRef="D20191231_PostEmploymentBenefitsMember" unitRef="BRL" decimals="-3">2640000</ifrs-full:KeyManagementPersonnelCompensation>
  <ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted id="Tag1858" contextRef="D20191231_GrantDateOneMember" unitRef="BRL" decimals="-3">567876000</ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted>
  <ugp:SharebasedPaymentGrantsCostsIncludingTaxes id="Tag1859" contextRef="D20201231_SharebasedPaymentArrangements1Member" unitRef="BRL" decimals="-3">17147000</ugp:SharebasedPaymentGrantsCostsIncludingTaxes>
  <ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted id="Tag1860" contextRef="D20201231_RestrictedProgramFiveMember" unitRef="Shares" decimals="0">700000</ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted>
  <ifrs-full:KeyManagementPersonnelCompensation id="Tag1861" contextRef="D20201231_StockCompensationMember" unitRef="BRL" decimals="-3">4786000</ifrs-full:KeyManagementPersonnelCompensation>
  <ifrs-full:KeyManagementPersonnelCompensation id="Tag1862" contextRef="D20181231_ShortTermCompensationMember" unitRef="BRL" decimals="-3">36504000</ifrs-full:KeyManagementPersonnelCompensation>
  <ugp:GrantCostsIncludingTaxes id="Tag1863" contextRef="D20201231_RestrictedProgramThreeMember" unitRef="BRL" decimals="-3">2030000</ugp:GrantCostsIncludingTaxes>
  <ifrs-full:KeyManagementPersonnelCompensation id="Tag1864" contextRef="D20201231_ShortTermCompensationMember" unitRef="BRL" decimals="-3">47936000</ifrs-full:KeyManagementPersonnelCompensation>
  <ifrs-full:KeyManagementPersonnelCompensation id="Tag1865" contextRef="D20181231" unitRef="BRL" decimals="-3">41094000</ifrs-full:KeyManagementPersonnelCompensation>
  <ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted id="Tag1866" contextRef="D20201231_RestrictedProgramOneMember" unitRef="Shares" decimals="0">240000</ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted>
  <ifrs-full:KeyManagementPersonnelCompensation id="Tag1867" contextRef="D20191231_3" unitRef="BRL" decimals="-3">54180000</ifrs-full:KeyManagementPersonnelCompensation>
  <ugp:NumberOfDrugstoresUnderRentalContracts id="Tag1868" contextRef="D20201231_LA7ParticipaesEEmpreendImobLtdaMember" unitRef="Pure" decimals="0">15</ugp:NumberOfDrugstoresUnderRentalContracts>
  <ugp:SharebasedPaymentGrantsCostsIncludingTaxes id="Tag1869" contextRef="D20201231_SharebasedPaymentArrangements2Member" unitRef="BRL" decimals="-3">28405000</ugp:SharebasedPaymentGrantsCostsIncludingTaxes>
  <ugp:CommercialTransactionsPurchases id="Tag1870" contextRef="I20181231_ConectCarSolucoesDeMobilidadeEletronicaMember" unitRef="BRL" decimals="-3">186000</ugp:CommercialTransactionsPurchases>
  <ugp:CommercialTransactionsSalesAndServices id="Tag1871" contextRef="D20181231_ConectCarSolucoesDeMobilidadeEletronicaMember" unitRef="BRL" decimals="-3">3844000</ugp:CommercialTransactionsSalesAndServices>
  <ugp:InvestmentOptionsExercisePrice id="Tag1872" contextRef="D20201231_RestrictedProgramFourMember" unitRef="USDPerShare" decimals="2">16.42</ugp:InvestmentOptionsExercisePrice>
  <ugp:CommercialTransactionsPurchases id="Tag1873" contextRef="I20181231_OxicapIndustriaDeGasesMember" unitRef="BRL" decimals="-3">9032000</ugp:CommercialTransactionsPurchases>
  <ugp:CommercialTransactionsSalesAndServices id="Tag1874" contextRef="D20181231_OxicapIndustriaDeGasesMember" unitRef="BRL" decimals="-3">6000</ugp:CommercialTransactionsSalesAndServices>
  <ugp:CommercialTransactionsExpenses id="Tag1875" contextRef="I20181231" unitRef="BRL" decimals="-3">1469000</ugp:CommercialTransactionsExpenses>
  <ugp:CommercialTransactionsPurchases id="Tag1876" contextRef="I20181231" unitRef="BRL" decimals="-3">1018078000</ugp:CommercialTransactionsPurchases>
  <ugp:CommercialTransactionsSalesAndServices id="Tag1877" contextRef="D20181231" unitRef="BRL" decimals="-3">3850000</ugp:CommercialTransactionsSalesAndServices>
  <ugp:CommercialTransactionsExpenses id="Tag1878" contextRef="I20191231_LA7ParticipaesEEmpreendImobLtdaMember" unitRef="BRL" decimals="-3">1477000</ugp:CommercialTransactionsExpenses>
  <ugp:CommercialTransactionsPayables id="Tag1879" contextRef="I20191231_LA7ParticipaesEEmpreendImobLtdaMember" unitRef="BRL" decimals="-3">124000</ugp:CommercialTransactionsPayables>
  <ugp:CommercialTransactionsOtherPayables id="Tag1880" contextRef="I20191231_ChevronPetroleumCoColombiaMember" unitRef="BRL" decimals="-3">7000</ugp:CommercialTransactionsOtherPayables>
  <ugp:CommercialTransactionsSalesAndServices id="Tag1881" contextRef="D20191231_ConectCarSolucoesDeMobilidadeEletronicaMember" unitRef="BRL" decimals="-3">7385000</ugp:CommercialTransactionsSalesAndServices>
  <ugp:CommercialTransactionsReceivables id="Tag1882" contextRef="I20201231_ChevronThailandLimitedMember" unitRef="BRL" decimals="-3">166000</ugp:CommercialTransactionsReceivables>
  <ugp:CommercialTransactionsReceivables id="Tag1883" contextRef="I20191231_ConectCarSolucoesDeMobilidadeEletronicaMember" unitRef="BRL" decimals="-3">739000</ugp:CommercialTransactionsReceivables>
  <ugp:CommercialTransactionsPurchases id="Tag1884" contextRef="I20191231_RefinariaDePetroleoRigrandenseMember" unitRef="BRL" decimals="-3">1019108000</ugp:CommercialTransactionsPurchases>
  <ugp:CommercialTransactionsExpenses id="Tag1885" contextRef="I20191231" unitRef="BRL" decimals="-3">1477000</ugp:CommercialTransactionsExpenses>
  <ugp:CommercialTransactionsPurchases id="Tag1886" contextRef="I20191231_OxicapIndustriaDeGasesMember" unitRef="BRL" decimals="-3">18565000</ugp:CommercialTransactionsPurchases>
  <ugp:CommercialTransactionsOtherPayables id="Tag1887" contextRef="I20191231_ChevronLubricantsLankaPlcMember" unitRef="BRL" decimals="-3">285000</ugp:CommercialTransactionsOtherPayables>
  <ugp:AccumulatedRecognizedGrantCosts id="Tag1888" contextRef="D20201231_SharebasedPaymentArrangements2Member" unitRef="BRL" decimals="-3">26726000</ugp:AccumulatedRecognizedGrantCosts>
  <ugp:CommercialTransactionsExpenses id="Tag1889" contextRef="I20201231_LA7ParticipaesEEmpreendImobLtdaMember" unitRef="BRL" decimals="-3">1613000</ugp:CommercialTransactionsExpenses>
  <ifrs-full:NumberOfShareOptionsGrantedInSharebasedPaymentArrangement id="Tag1890" contextRef="D20201231_SharebasedPaymentArrangements2Member" unitRef="Pure" decimals="0">266660</ifrs-full:NumberOfShareOptionsGrantedInSharebasedPaymentArrangement>
  <ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement id="Tag1891" contextRef="D20201231_RestrictedProgramThreeMember">2024</ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement>
  <ifrs-full:KeyManagementPersonnelCompensation id="Tag1892" contextRef="D20191231_ShortTermCompensationMember" unitRef="BRL" decimals="-3">41659000</ifrs-full:KeyManagementPersonnelCompensation>
  <ugp:CommercialTransactionsReceivables id="Tag1893" contextRef="I20201231_ConectCarSolucoesDeMobilidadeEletronicaMember" unitRef="BRL" decimals="-3">151000</ugp:CommercialTransactionsReceivables>
  <ugp:DeferredIncomeAndSocialContributionTaxesTaxLossesAndNegativeBasisForSocialContributionCarryforwards id="Tag1894" contextRef="I20201231" unitRef="BRL" decimals="-3">363862000</ugp:DeferredIncomeAndSocialContributionTaxesTaxLossesAndNegativeBasisForSocialContributionCarryforwards>
  <ugp:DeferredIncomeAndSocialContributionTaxesProvisionForAssetRetirementObligation id="Tag1895" contextRef="I20201231" unitRef="BRL" decimals="-3">15728000</ugp:DeferredIncomeAndSocialContributionTaxesProvisionForAssetRetirementObligation>
  <ugp:EffectiveIRPJAndCSLLRates id="Tag1896" contextRef="D20181231" unitRef="Pure" decimals="3">0.358</ugp:EffectiveIRPJAndCSLLRates>
  <ugp:DeferredIncomeAndSocialContributioTaxesOffsetLiabilitiesBalance id="Tag1897" contextRef="I20201231" unitRef="BRL" decimals="-3">613290000</ugp:DeferredIncomeAndSocialContributioTaxesOffsetLiabilitiesBalance>
  <ugp:TaxLossCarryforwards id="Tag1898" contextRef="I20191231_OxitenoUsaMember" unitRef="USD" decimals="-3">184781000</ugp:TaxLossCarryforwards>
  <ifrs-full:AdjustmentsForIncomeTaxExpense id="Tag1899" contextRef="D20181231" unitRef="BRL" decimals="-3">2634000</ifrs-full:AdjustmentsForIncomeTaxExpense>
  <ifrs-full:TaxExpenseOtherThanIncomeTaxExpense id="Tag1900" contextRef="D20201231_3" unitRef="BRL" decimals="-3">74877000</ifrs-full:TaxExpenseOtherThanIncomeTaxExpense>
  <ugp:BusinessUnit id="Tag1901" contextRef="D20201231_BahianaDistribuidoraDeGasLtdaMember_AracajuBaseMember">Aracaju base</ugp:BusinessUnit>
  <ugp:ExpirationYear id="Tag1902" contextRef="D20201231_TerminalQuimicoDeAratuSATequimarMember_ItaquiTerminalMember">2025</ugp:ExpirationYear>
  <ugp:DeferredIncomeAndSocialContributionTaxesTaxLossesAndNegativeBasisForSocialContributionCarryforwards id="Tag1903" contextRef="I20201231_OxitenoSaMember_OnshoreMember" unitRef="BRL" decimals="-3">205604000</ugp:DeferredIncomeAndSocialContributionTaxesTaxLossesAndNegativeBasisForSocialContributionCarryforwards>
  <ugp:TaxLossCarryforwards id="Tag1904" contextRef="I20201231" unitRef="BRL" decimals="-3">1205849000</ugp:TaxLossCarryforwards>
  <ugp:DeferredIncomeAndSocialContributionTaxesBusinessCombinationFiscalBasisAccountingBasisOfGoodwill id="Tag1905" contextRef="I20201231" unitRef="BRL" decimals="-3">75515000</ugp:DeferredIncomeAndSocialContributionTaxesBusinessCombinationFiscalBasisAccountingBasisOfGoodwill>
  <ugp:DeferredIncomeAndSocialContributionTaxesTaxLossesAndNegativeBasisForSocialContributionCarryforwards id="Tag1906" contextRef="I20201231_OnshoreMember_ExtrafarmaMember" unitRef="BRL" decimals="-3">72318000</ugp:DeferredIncomeAndSocialContributionTaxesTaxLossesAndNegativeBasisForSocialContributionCarryforwards>
  <ugp:DeferredIRPJAndCSLLOthers id="Tag1907" contextRef="D20191231_3" unitRef="BRL" decimals="-3">3311000</ugp:DeferredIRPJAndCSLLOthers>
  <ugp:DeferredIncomeAndSocialContributionTaxesProvisionForProfitSharingAndBonus id="Tag1908" contextRef="I20191231" unitRef="BRL" decimals="-3">44818000</ugp:DeferredIncomeAndSocialContributionTaxesProvisionForProfitSharingAndBonus>
  <ugp:DeferredIncomeAndSocialContributionTaxesProvisionForDeferredRevenue id="Tag1909" contextRef="I20191231" unitRef="BRL" decimals="-3">29961000</ugp:DeferredIncomeAndSocialContributionTaxesProvisionForDeferredRevenue>
  <ugp:AcquisitionsThroughBusinessCombinationsGoodwill id="Tag1910" contextRef="D20201231_OxitenoUruguayMember_1" unitRef="BRL" decimals="-3">44856000</ugp:AcquisitionsThroughBusinessCombinationsGoodwill>
  <ugp:DeferredIncomeAndSocialContributionTaxLiabilities id="Tag1911" contextRef="I20191231" unitRef="BRL" decimals="-3">430060000</ugp:DeferredIncomeAndSocialContributionTaxLiabilities>
  <ugp:IncomeStatementEffectIncrease id="Tag1912" contextRef="I20191231_Scenario3Member" unitRef="BRL" decimals="-3">226089000</ugp:IncomeStatementEffectIncrease>
  <ugp:LoansIncludingFutureContractualInterest id="Tag1913" contextRef="I20201231_LessThanOneYearMember" unitRef="BRL" decimals="-3">3620550000</ugp:LoansIncludingFutureContractualInterest>
  <ugp:AllowancesForDoubfulAccountsOnTradeReceivable id="Tag1914" contextRef="I20191231_EuropeMember" unitRef="BRL" decimals="-3">7075000</ugp:AllowancesForDoubfulAccountsOnTradeReceivable>
  <ugp:FinancialAssetLiabilityCategory id="Tag1915" contextRef="D20191231_CashAndBankDepositsMember">Measured at amortized cost</ugp:FinancialAssetLiabilityCategory>
  <ugp:BusinessUnit id="Tag1916" contextRef="D20201231_OleoqumicaIndustriaeComrcioDeProdutosQumicosLtdaMember_CamacariPlantMember">Cama&#xE7;ari plant</ugp:BusinessUnit>
  <ifrs-full:TaxExpenseOtherThanIncomeTaxExpense id="Tag1917" contextRef="D20181231" unitRef="BRL" decimals="-3">82784000</ifrs-full:TaxExpenseOtherThanIncomeTaxExpense>
  <ugp:DeferredIncomeAndSocialContributionTaxesTaxLossesAndNegativeBasisForSocialContributionCarryforwards id="Tag1918" contextRef="I20201231_UltracargoMember_OnshoreMember" unitRef="BRL" decimals="-3">107000</ugp:DeferredIncomeAndSocialContributionTaxesTaxLossesAndNegativeBasisForSocialContributionCarryforwards>
  <ugp:DeferredIncomeAndSocialContributionTaxesTaxLossesAndNegativeBasisForSocialContributionCarryforwards id="Tag1919" contextRef="I20191231_OnshoreMember_ExtrafarmaMember" unitRef="BRL" decimals="-3">72318000</ugp:DeferredIncomeAndSocialContributionTaxesTaxLossesAndNegativeBasisForSocialContributionCarryforwards>
  <ugp:ExpirationYear id="Tag1920" contextRef="D20201231_BahianaDistribuidoraDeGasLtdaMember_CaucaiaBaseMember">2025</ugp:ExpirationYear>
  <ugp:BusinessUnit id="Tag1921" contextRef="D20201231_BahianaDistribuidoraDeGasLtdaMember_JuazeiroBaseMember">Juazeiro base</ugp:BusinessUnit>
  <ugp:ForeignTradeReceivablesNetOfAllowanceForDoubtfulAccountsAndAdvancesToForeignCustomers id="Tag1922" contextRef="I20191231" unitRef="BRL" decimals="-3">213544000</ugp:ForeignTradeReceivablesNetOfAllowanceForDoubtfulAccountsAndAdvancesToForeignCustomers>
  <ugp:AllowancesForDoubfulAccountsOnTradeReceivable id="Tag1923" contextRef="I20201231_EuropeMember" unitRef="BRL" decimals="-3">9120000</ugp:AllowancesForDoubfulAccountsOnTradeReceivable>
  <ugp:DeferredIncomeAndSocialContributionTaxesTaxLossesAndNegativeBasisForSocialContributionCarryforwards id="Tag1924" contextRef="I20201231_IpirangaMember_OnshoreMember" unitRef="BRL" decimals="-3">44537000</ugp:DeferredIncomeAndSocialContributionTaxesTaxLossesAndNegativeBasisForSocialContributionCarryforwards>
  <ugp:DeferredIncomeAndSocialContributionTaxAssets id="Tag1925" contextRef="I20201231_From2To3YearsMember" unitRef="BRL" decimals="-3">79646000</ugp:DeferredIncomeAndSocialContributionTaxAssets>
  <ugp:DeferredIncomeAndSocialContributionTaxesProvisionForDifferencesBetweenCashAndAccrualBasisLiabilities id="Tag1926" contextRef="I20201231" unitRef="BRL" decimals="-3">402780000</ugp:DeferredIncomeAndSocialContributionTaxesProvisionForDifferencesBetweenCashAndAccrualBasisLiabilities>
  <ugp:SharesOrUnitsHeld id="Tag1927" contextRef="D20201231_QuimicaDaBahiaIndustriaEcomercioMember" unitRef="Shares" decimals="0">1493120</ugp:SharesOrUnitsHeld>
  <ugp:DeferredIncomeAndSocialContributionTaxesBusinessCombinationFiscalBasisAccountingBasisOfGoodwill id="Tag1928" contextRef="I20191231" unitRef="BRL" decimals="-3">75745000</ugp:DeferredIncomeAndSocialContributionTaxesBusinessCombinationFiscalBasisAccountingBasisOfGoodwill>
  <ugp:IntangibleAssetsWriteOffsAndDisposals id="Tag1929" contextRef="D20191231_IntangibleAssetsAccumulatedAmortizationMember" unitRef="BRL" decimals="-3">-2267000</ugp:IntangibleAssetsWriteOffsAndDisposals>
  <ugp:IntangibleAssets id="Tag1930" contextRef="I20191231_IntangibleAssetsCostMember_GoodwillMember" unitRef="BRL" decimals="-3">1525088000</ugp:IntangibleAssets>
  <ugp:IntangibleAssets id="Tag1931" contextRef="I20181231_IntangibleAssetsCostMember_GoodwillMember" unitRef="BRL" decimals="-3">1525088000</ugp:IntangibleAssets>
  <ugp:SummaryOfDeferredTaxAssetRecoveryTableTextBlock id="Tag1932" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The estimated recovery of deferred tax assets relating to IRPJ and CSLL is stated as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-right: auto;" width="68%"&gt;

&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Up to &lt;font&gt;1&lt;/font&gt; year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;203,341&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; From &lt;font&gt;1&lt;/font&gt; to &lt;font&gt;2&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;154,684&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; From &lt;font&gt;2&lt;/font&gt; to &lt;font&gt;3&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;79,646&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; From &lt;font&gt;3&lt;/font&gt; to &lt;font&gt;5&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;189,231&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; From &lt;font&gt;5&lt;/font&gt; to &lt;font&gt;7&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;634,200&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; From &lt;font&gt;7&lt;/font&gt; to &lt;font&gt;10&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;326,899&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 13.5pt; background-color: #cceeff;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total of deferred tax assets relating to IRPJ and CSLL &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,588,001&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;</ugp:SummaryOfDeferredTaxAssetRecoveryTableTextBlock>
  <ugp:DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsExplanatoryTextBlock id="Tag1933" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The balances which are constituted of deferred taxes related to income tax loss carryforwards and negative basis of social contribution base are as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 198px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 300.15pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Oxiteno S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;205,604&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;148,306&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Extrafarma &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;72,318&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;72,318&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ipiranga &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;44,537&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultrapar &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;27,736&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;27,051&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Iconic &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,691&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Abastece A&amp;#237; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,362&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Tequimar Vila do Conde &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;489&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font&gt;17,657&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultracargo &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;107&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; UVC Investimentos &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;18&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cia Ultragaz &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;12,808&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; border-bottom: 2.8pt double #000000; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;363,862&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; border-bottom: 2.8pt double #000000; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;278,140&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;balances which are not constituted&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of deferred &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;taxes related to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;income &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;tax loss carryforwards &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;negative basis of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;social contribution &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;base &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;are as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 79px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-left: auto; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 300.15pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="width: 300.15pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Extrafarma &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;294,400&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;237,664&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 300.15pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Millennium &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;640&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;96&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 300.15pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Integra Frotas &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,802&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,636&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="width: 300.15pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;302,842&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;242,396&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</ugp:DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsExplanatoryTextBlock>
  <ugp:IntangibleAssets id="Tag1934" contextRef="I20191231_IntangibleAssetsAccumulatedAmortizationMember_DistributionRightsAssetMember" unitRef="BRL" decimals="-3">-108932000</ugp:IntangibleAssets>
  <ifrs-full:RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019 id="Tag1935" contextRef="D20181231_IntangibleAssetsCostMember_TechnologyMember">P5Y</ifrs-full:RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019>
  <ugp:DeferredIRPJAndCSLLOthers id="Tag1936" contextRef="D20181231" unitRef="BRL" decimals="-3">2710000</ugp:DeferredIRPJAndCSLLOthers>
  <ugp:BusinessUnit id="Tag1937" contextRef="D20201231_BahianaDistribuidoraDeGasLtdaMember_MataripeBaseMember">Mataripe base</ugp:BusinessUnit>
  <ugp:TaxLossCarryforwards id="Tag1938" contextRef="I20201231_OxitenoUsaMember" unitRef="USD" decimals="-3">217837000</ugp:TaxLossCarryforwards>
  <ugp:IncentivePercentage id="Tag1939" contextRef="D20201231_TerminalQuimicoDeAratuSATequimarMember_ItaquiTerminalMember" unitRef="Pure" decimals="2">0.75</ugp:IncentivePercentage>
  <ugp:AdjustmentToEstimatedIncome id="Tag1940" contextRef="D20181231" unitRef="BRL" decimals="-3">9706000</ugp:AdjustmentToEstimatedIncome>
  <ugp:DeferredIncomeAndSocialContributionTaxesTaxLossesAndNegativeBasisForSocialContributionCarryforwards id="Tag1941" contextRef="I20201231_UVCInvestimentosMember_OnshoreMember" unitRef="BRL" decimals="-3">18000</ugp:DeferredIncomeAndSocialContributionTaxesTaxLossesAndNegativeBasisForSocialContributionCarryforwards>
  <ugp:DeferredIncomeAndSocialContributionTaxesTaxLossesAndNegativeBasisForSocialContributionCarryforwards id="Tag1942" contextRef="I20191231_OnshoreMember_TequimarVilaDoCondeMember" unitRef="BRL" decimals="-3">17657000</ugp:DeferredIncomeAndSocialContributionTaxesTaxLossesAndNegativeBasisForSocialContributionCarryforwards>
  <ugp:DeferredIncomeAndSocialContributionTaxAssets id="Tag1943" contextRef="I20201231_From3To5YearsMember" unitRef="BRL" decimals="-3">189231000</ugp:DeferredIncomeAndSocialContributionTaxAssets>
  <ugp:IncomeAndSocialContributionTaxesBeforeTaxIncentives id="Tag1944" contextRef="D20201231_3" unitRef="BRL" decimals="-3">655295000</ugp:IncomeAndSocialContributionTaxesBeforeTaxIncentives>
  <ifrs-full:AdjustmentsForIncomeTaxExpense id="Tag1945" contextRef="D20201231_3" unitRef="BRL" decimals="-3">-24992000</ifrs-full:AdjustmentsForIncomeTaxExpense>
  <ugp:Subsidiary id="Tag1946" contextRef="D20201231_TerminalQuimicoDeAratuSATequimarMember_SuapeTerminalMember">Suape terminal</ugp:Subsidiary>
  <ugp:TaxLossCarryforwards id="Tag1947" contextRef="I20201231_CSLLMember" unitRef="BRL" decimals="-3">1689232000</ugp:TaxLossCarryforwards>
  <ugp:IncentivePercentage id="Tag1948" contextRef="D20201231_EmpresaCariocaDeProdutosQuimicosSAMember_CamacariPlantMember" unitRef="Pure" decimals="2">0.75</ugp:IncentivePercentage>
  <ugp:DeferredIncomeAndSocialContributionTaxesOtherProvisions id="Tag1949" contextRef="I20191231" unitRef="BRL" decimals="-3">15355000</ugp:DeferredIncomeAndSocialContributionTaxesOtherProvisions>
  <ugp:DeferredIncomeAndSocialContributionTaxesProvisionForProfitSharingAndBonus id="Tag1950" contextRef="I20201231" unitRef="BRL" decimals="-3">56873000</ugp:DeferredIncomeAndSocialContributionTaxesProvisionForProfitSharingAndBonus>
  <ugp:BusinessUnit id="Tag1951" contextRef="D20201231_OxitenoIndustriaComercioMember_CamacariPlantMember">Cama&#xE7;ari plant</ugp:BusinessUnit>
  <ugp:TaxLossCarryforwards id="Tag1952" contextRef="I20201231_OxitenoUruguayMember" unitRef="BRL" decimals="-3">41279000</ugp:TaxLossCarryforwards>
  <ugp:TaxLossCarryforwards id="Tag1953" contextRef="I20191231_OxitenoUruguayMember" unitRef="BRL" decimals="-3">30005000</ugp:TaxLossCarryforwards>
  <ugp:DeferredIncomeAndSocialContributionTaxesOffsetAssetsBalance id="Tag1954" contextRef="I20191231" unitRef="BRL" decimals="-3">422529000</ugp:DeferredIncomeAndSocialContributionTaxesOffsetAssetsBalance>
  <ugp:ExpirationYear id="Tag1955" contextRef="D20201231_BahianaDistribuidoraDeGasLtdaMember_AracajuBaseMember">2027</ugp:ExpirationYear>
  <ugp:DeferredIRPJAndCSLL id="Tag1956" contextRef="I20201231" unitRef="BRL" decimals="-3">961979000</ugp:DeferredIRPJAndCSLL>
  <ugp:ExpirationYear id="Tag1957" contextRef="D20201231_TerminalQuimicoDeAratuSATequimarMember_AratuTerminalMember">2022</ugp:ExpirationYear>
  <ugp:TaxLossCarryforwards id="Tag1958" contextRef="I20201231_OxitenoUsaMember" unitRef="BRL" decimals="-3">1132035000</ugp:TaxLossCarryforwards>
  <ugp:NonConstitutedDeferredTaxesRelatedToIncomeTaxLossCarryforwardsAndNegativeBasisOfSocialContributionBase id="Tag1959" contextRef="I20191231_OnshoreMember" unitRef="BRL" decimals="-3">242396000</ugp:NonConstitutedDeferredTaxesRelatedToIncomeTaxLossCarryforwardsAndNegativeBasisOfSocialContributionBase>
  <ugp:DeferredIncomeAndSocialContributionTaxesChangeInFairValueOfSubscriptionWarrants id="Tag1960" contextRef="I20201231" unitRef="BRL" decimals="-3">22833000</ugp:DeferredIncomeAndSocialContributionTaxesChangeInFairValueOfSubscriptionWarrants>
  <ugp:DeferredIRPJAndCSLL id="Tag1961" contextRef="I20191231" unitRef="BRL" decimals="-3">646163000</ugp:DeferredIRPJAndCSLL>
  <ugp:DeferredIncomeAndSocialContributionTaxAssetsNet id="Tag1962" contextRef="I20191231" unitRef="BRL" decimals="-3">653694000</ugp:DeferredIncomeAndSocialContributionTaxAssetsNet>
  <ugp:SummaryOfDeferredTaxesTableTextBlock id="Tag1963" contextRef="D20201231_3">&lt;div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 495px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 71.2538%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 15.5963%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 2.30444%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Assets - deferred income and social contribution taxes on: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 15.5963%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; padding-right: 3pt; padding-left: 3pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 2.30444%; padding-right: 3pt; padding-left: 3pt; vertical-align: top; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Provision for impairment of assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;75,231&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;72,377&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 2.30444%; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Provisions for tax, civil, and labor risks &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;138,516&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;150,085&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 2.30444%; padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Provision for post-employment benefits &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;96,108&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;92,199&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 2.30444%; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Provision for differences between cash and accrual basis (i) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;606,054&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;224,065&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 2.30444%; padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Goodwill &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,161&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8,161&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 2.30444%; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Business combination &amp;#8211; tax basis vs. accounting basis of goodwill &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;75,515&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;75,745&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 2.30444%; padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Provision for asset retirement obligation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15,728&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;14,762&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 2.30444%; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Provision for suppliers &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;49,501&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;35,214&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 2.30444%; padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Provision for profit sharing and bonus &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;56,873&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;44,818&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 2.30444%; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Leases payable &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;41,932&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;19,003&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 2.30444%; padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Change in fair value of subscription warrants &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;22,833&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16,338&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 2.30444%; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Provision for deferred revenue &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;25,770&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;29,961&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 2.30444%; padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other provisions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;14,917&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15,355&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 2.30444%; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Tax losses and negative basis for social contribution carryforwards (&lt;font&gt;9&lt;/font&gt;.d) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 15.5963%; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;363,862&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;278,140&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 2.30444%; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 15.5963%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,588,001&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,076,223&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 2.30444%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Offset liability balance of deferred IRPJ and CSLL &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 15.5963%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;613,290&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;422,529&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 2.30444%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net balance of deferred taxes assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 15.5963%; border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;974,711&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;653,694&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 2.30444%; border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Liabilities - deferred income and social contribution taxes on: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 2.30444%; padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Revaluation of PP&amp;amp;E &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,776&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,866&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 2.30444%; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Leases payable &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,895&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,356&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 2.30444%; padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Provision for differences between cash and accrual basis (i) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;402,780&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;257,718&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 2.30444%; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Provision for goodwill &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;92,242&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;39,186&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 2.30444%; padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Business combination &amp;#8211; fair value of assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;111,832&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;114,125&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 2.30444%; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other provisions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 15.5963%; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15,497&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;14,809&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 2.30444%; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 15.5963%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;626,022&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;430,060&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 2.30444%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Offset asset balance of deferred IRPJ and CSLL &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 15.5963%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;613,290&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;422,529&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 2.30444%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net balance of deferred taxes liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 15.5963%; border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;12,732&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,531&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 2.30444%; border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) &lt;font&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font style="border-right: none; border-left: none;"&gt;Refers mainly to the income tax on the exchange variation of the derivate hedging instruments.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</ugp:SummaryOfDeferredTaxesTableTextBlock>
  <ifrs-full:ComprehensiveIncome id="Tag1964" contextRef="D20201231_RetainedEarningsMember" unitRef="BRL" decimals="-3">893383000</ifrs-full:ComprehensiveIncome>
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  <ugp:SummaryOfTaxReconciliationTableTextBlock id="Tag2190" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;IRPJ and CSLL are reconciled to the statutory tax rates as follows:&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 247px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 60.037%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 12.0259%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2.03515%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 12.0259%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 1.94265%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 10.9709%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.869935%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 60.037%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Income (loss) before taxes and share of profit (loss) of joint ventures, and associates &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 12.0259%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,542,681&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2.03515%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 12.0259%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;793,698&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; background-color: #cceeff; width: 1.94265%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10.9709%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,785,818&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; width: 0.869935%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 60.037%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Statutory tax rates &amp;#8211; % &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; width: 12.0259%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;34&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 2.03515%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; width: 12.0259%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;34&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: top; height: 17px; width: 1.94265%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; width: 10.9709%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;34&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; width: 0.869935%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 60.037%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Income and social contribution taxes at the statutory tax rates &lt;/font&gt;&lt;/p&gt;
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&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 12.0259%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;524,512&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2.03515%;"&gt;)&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 12.0259%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;269,857&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: top; height: 10px; background-color: #cceeff; width: 1.94265%; padding: 0px;"&gt;)&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10.9709%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;607,178&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.869935%; padding: 0px;"&gt;)&lt;/td&gt;
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&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 60.037%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Adjustments to the statutory income and social contribution taxes: &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 12.0259%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 2.03515%;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 12.0259%;"&gt;
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&lt;td style="vertical-align: top; height: 10px; width: 1.94265%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: top; height: 10px; width: 10.9709%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: top; width: 0.869935%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 60.037%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Nondeductible expenses (i) &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;74,877&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 12.0259%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;68,795&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.9709%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;82,784&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; background-color: #cceeff; width: 0.869935%; padding: 0px;"&gt;)&lt;/td&gt;
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&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 60.037%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Nontaxable revenues (ii) &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 12.0259%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33,552&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 12.0259%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;28,235&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: top; height: 17px; width: 1.94265%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 10.9709%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;32,523&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; width: 0.869935%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 60.037%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Adjustment to estimated income (iii) &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8,850&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,511&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff; width: 1.94265%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.9709%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,706&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;/tr&gt;
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&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 60.037%;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 12.0259%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 2.03515%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 12.0259%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 1.94265%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.9709%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;538&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.869935%; padding: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 60.037%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Unrecorded deferred income and social contribution taxes carryforwards deferred (v) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 12.0259%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;123,300&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2.03515%;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 12.0259%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;146,820&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; background-color: #cceeff; width: 1.94265%; padding: 0px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10.9709%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;95,480&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; width: 0.869935%; padding: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 60.037%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other adjustments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; width: 12.0259%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;24,992&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 2.03515%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; width: 12.0259%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;24,873&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 1.94265%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; width: 10.9709%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,634&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.869935%; padding: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 60.037%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Income and social contribution taxes before tax incentives &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 12.0259%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;655,295&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2.03515%;"&gt;)&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 12.0259%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;421,853&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; background-color: #cceeff; width: 1.94265%; padding: 0px;"&gt;)&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10.9709%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;746,385&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.869935%; padding: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 60.037%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Tax incentives - SUDENE &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; width: 12.0259%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;83,928&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 2.03515%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; width: 12.0259%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;43,244&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 1.94265%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; width: 10.9709%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;107,666&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.869935%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 60.037%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Income and social contribution taxes in the income statement &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; border-bottom: 2.8pt double #000000; background-color: #cceeff; width: 12.0259%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;571,367&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2.03515%;"&gt;)&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; border-bottom: 2.8pt double #000000; background-color: #cceeff; width: 12.0259%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;378,609&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; background-color: #cceeff; width: 1.94265%; padding: 0px;"&gt;)&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; vertical-align: bottom; height: 10px; border-bottom: 2.8pt double #000000; background-color: #cceeff; width: 10.9709%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;638,719&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.869935%; padding: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 60.037%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 12.0259%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;659,306&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 2.03515%;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 12.0259%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;476,074&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 1.94265%; padding: 0px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.9709%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;476,302&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.869935%; padding: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 60.037%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Deferred &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 12.0259%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;87,939&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2.03515%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 12.0259%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;97,465&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff; width: 1.94265%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.9709%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;162,417&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; width: 0.869935%; padding: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 60.037%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Effective IRPJ and CSLL rates &amp;#8211; % &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 12.0259%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;37.0&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 2.03515%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 12.0259%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;47.7&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 1.94265%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.9709%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;35.8&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.869935%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;table style="width: 100%; margin-left: 0.1px; height: 170px; font-family: 'times new roman'; font-size: 10pt;"&gt;

&lt;tr style="height: 34px;"&gt;
&lt;td style="width: 3.60398%; height: 34px; vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(i)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 96.396%; height: 34px;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;C&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;onsist&amp;nbsp;of certain expenses that cannot be deducted for tax purposes under applicable tax legislation, such as expenses with fines, donations, gifts, losses of assets&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;negative effects of foreign subsidiaries&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;and certain provisions&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 3.60398%; height: 17px; vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(ii)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 96.396%; height: 17px;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;C&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;onsist&amp;nbsp;of certain gains and income that are not taxable under applicable tax legislation, such as the reimbursement of taxes and the reversal of certain provisions&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 68px;"&gt;
&lt;td style="width: 3.60398%; height: 68px; vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(iii)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 96.396%; height: 68px;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Brazilian tax law allows for an alternative method of taxation for companies that generated gross revenues of up to R$&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;7&lt;/font&gt;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;8&lt;/font&gt;&amp;nbsp;million in their previous fiscal year. Certain subsidiaries of the Company adopted this alternative form of taxation, whereby income and social contribution taxes are calculated on a basis equal to&amp;nbsp;&lt;font style="border-left: none; border-right: none;"&gt;32&lt;/font&gt;% of operating revenues, as opposed to being calculated based on the effective taxable income of these subsidiaries. The&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;adjustment to estimated income represents the&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;difference between the taxation under this alternative method and the income and social contribution taxes that would have been pa&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;id&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;based on the effective statutory rate applied to the taxable income&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;of these subsidiaries&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 34px;"&gt;
&lt;td style="width: 3.60398%; height: 34px; vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(iv)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 96.396%; height: 34px;"&gt;&lt;font&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Interest on equity is an option foreseen in Brazilian corporate law to distribute profits to shareholders, calculated based on the long-term interest rate (&amp;#8220;TJLP&amp;#8221;), which does not affect the income statement, but is deductible for purposes of IRPJ and CSLL, being taxable to the beneficiary and deductible to the entity that pays.&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 3.60398%; height: 17px; vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(v)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 96.396%; height: 17px;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;See Note&amp;nbsp;&lt;font style="border-left: none; border-right: none;"&gt;9&lt;/font&gt;.d&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; text-indent: -21.3pt; text-align: justify; font-size: 9pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</ugp:SummaryOfTaxReconciliationTableTextBlock>
  <ugp:TaxLossCarryforwards id="Tag2191" contextRef="I20191231_UltraparInternationalMember" unitRef="USD" decimals="-3">10420000</ugp:TaxLossCarryforwards>
  <ugp:TaxLossCarryforwards id="Tag2192" contextRef="I20191231_OxitenoUruguayMember" unitRef="USD" decimals="-3">7444000</ugp:TaxLossCarryforwards>
  <ugp:NontaxableRevenues id="Tag2193" contextRef="D20181231" unitRef="BRL" decimals="-3">32523000</ugp:NontaxableRevenues>
  <ugp:BusinessUnit id="Tag2194" contextRef="D20201231_TerminalQuimicoDeAratuSATequimarMember_ItaquiTerminalMember">Itaqui terminal</ugp:BusinessUnit>
  <ifrs-full:LegalProceedingsProvision id="Tag2195" contextRef="I20170906_CiaUltragazAndBahianaMember" unitRef="BRL" decimals="-3">2154000</ifrs-full:LegalProceedingsProvision>
  <ugp:AmortizationOfGoodwillPaidOnAcquisitionOfSubsidiary id="Tag2196" contextRef="I20191231" unitRef="BRL" decimals="-3">208449000</ugp:AmortizationOfGoodwillPaidOnAcquisitionOfSubsidiary>
  <ifrs-full:LegalProceedingsProvision id="Tag2197" contextRef="I20191231_ChevronAndSubsidiaryIPPMember" unitRef="BRL" decimals="-3">5423000</ifrs-full:LegalProceedingsProvision>
  <ifrs-full:Equity id="Tag2198" contextRef="I20181231_IssuedCapitalMember" unitRef="BRL" decimals="-3">5171752000</ifrs-full:Equity>
  <ugp:ActuarialLossesOfPostEmploymentBenefitsNet id="Tag2199" contextRef="D20181231_EquityAttributableToNoncontrollingInterestsMember" unitRef="BRL" decimals="-3">-4089000</ugp:ActuarialLossesOfPostEmploymentBenefitsNet>
  <ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests id="Tag2200" contextRef="D20191231_EquityAttributableToNoncontrollingInterestsMember" unitRef="BRL" decimals="-3">993000</ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests>
  <ifrs-full:ProfitLoss id="Tag2201" contextRef="D20181231_RetainedEarningsMember" unitRef="BRL" decimals="-3">1150421000</ifrs-full:ProfitLoss>
  <ugp:IncreaseDecreaseThroughFairValueAdjustmentsOfAvailableForFinancialInstrumentsNetOfIncomeTaxesAttributableToJointVentures id="Tag2202" contextRef="D20201231_3" unitRef="BRL" decimals="-3">190000</ugp:IncreaseDecreaseThroughFairValueAdjustmentsOfAvailableForFinancialInstrumentsNetOfIncomeTaxesAttributableToJointVentures>
  <ugp:InterimDividends2 id="Tag2203" contextRef="D20191231_3" unitRef="BRL" decimals="-3">217382000</ugp:InterimDividends2>
  <ifrs-full:Equity id="Tag2204" contextRef="I20181231_RevaluationReserveMember" unitRef="BRL" decimals="-3">4712000</ifrs-full:Equity>
  <ifrs-full:Equity id="Tag2205" contextRef="I20191231_AdditionalDividendsMember" unitRef="BRL" decimals="-3">261470000</ifrs-full:Equity>
  <ifrs-full:ComprehensiveIncome id="Tag2206" contextRef="D20191231_EquityAttributableToShareholdersMember" unitRef="BRL" decimals="-3">327768000</ifrs-full:ComprehensiveIncome>
  <ugp:IncreaseDecreaseThroughFairValueAdjustmentsOfAvailableForFinancialInstrumentsNetOfIncomeTaxesAttributableToSubsidiaries id="Tag2207" contextRef="D20191231_ValuationAdjustmentsMember" unitRef="BRL" decimals="-3">-51340000</ugp:IncreaseDecreaseThroughFairValueAdjustmentsOfAvailableForFinancialInstrumentsNetOfIncomeTaxesAttributableToSubsidiaries>
  <ifrs-full:DividendsPaid id="Tag2208" contextRef="D20201231_EquityAttributableToShareholdersMember" unitRef="BRL" decimals="-3">261470000</ifrs-full:DividendsPaid>
  <ugp:IncreaseDecreaseThroughAllocationOfNetIncomeInvestmentsStatutoryReserve id="Tag2209" contextRef="D20201231_InvestmentsStatutoryReserveMember" unitRef="BRL" decimals="-3">368966000</ugp:IncreaseDecreaseThroughAllocationOfNetIncomeInvestmentsStatutoryReserve>
  <ugp:ActuarialLossesOfPostEmploymentBenefitsNet id="Tag2210" contextRef="D20191231_EquityAttributableToNoncontrollingInterestsMember" unitRef="BRL" decimals="-3">-6777000</ugp:ActuarialLossesOfPostEmploymentBenefitsNet>
  <ugp:ActuarialLossesOfPostEmploymentBenefitsNet id="Tag2211" contextRef="D20191231_ValuationAdjustmentsMember" unitRef="BRL" decimals="-3">-30010000</ugp:ActuarialLossesOfPostEmploymentBenefitsNet>
  <ifrs-full:OtherAdjustmentsToReconcileProfitLoss id="Tag2212" contextRef="D20191231_CumulativeTranslationAdjustmentsMember" unitRef="BRL" decimals="-3">-36570000</ifrs-full:OtherAdjustmentsToReconcileProfitLoss>
  <ugp:ProposedDividends2 id="Tag2213" contextRef="D20191231_RetainedEarningsMember" unitRef="BRL" decimals="-3">137468000</ugp:ProposedDividends2>
  <ifrs-full:ComprehensiveIncome id="Tag2214" contextRef="D20191231_ValuationAdjustmentsMember" unitRef="BRL" decimals="-3">-82328000</ifrs-full:ComprehensiveIncome>
  <ugp:IncreaseDecreaseThroughStockPlans id="Tag2215" contextRef="D20181231_EquityAttributableToShareholdersMember" unitRef="BRL" decimals="-3">-10501000</ugp:IncreaseDecreaseThroughStockPlans>
  <ugp:IncreaseDecreaseThroughFairValueAdjustmentsOfAvailableForFinancialInstrumentsNetOfIncomeTaxesAttributableToSubsidiaries id="Tag2216" contextRef="D20201231_EquityAttributableToShareholdersMember" unitRef="BRL" decimals="-3">-313271000</ugp:IncreaseDecreaseThroughFairValueAdjustmentsOfAvailableForFinancialInstrumentsNetOfIncomeTaxesAttributableToSubsidiaries>
  <ifrs-full:IncreaseDecreaseThroughChangeInEquityOfSubsidiaries id="Tag2217" contextRef="D20191231_EquityInstrumentGrantedMember" unitRef="BRL" decimals="-3">7661000</ifrs-full:IncreaseDecreaseThroughChangeInEquityOfSubsidiaries>
  <ugp:ProposedDividendsPerShare id="Tag2218" contextRef="D20191231_3" unitRef="USDPerShare" decimals="2">0.24</ugp:ProposedDividendsPerShare>
  <ifrs-full:IncreaseDecreaseThroughChangeInEquityOfSubsidiaries id="Tag2219" contextRef="D20191231_3" unitRef="BRL" decimals="-3">7661000</ifrs-full:IncreaseDecreaseThroughChangeInEquityOfSubsidiaries>
  <ugp:ProposedDividends id="Tag2220" contextRef="D20201231_EquityAttributableToShareholdersMember" unitRef="BRL" decimals="-3">424357000</ugp:ProposedDividends>
  <ifrs-full:Equity id="Tag2221" contextRef="I20181231" unitRef="BRL" decimals="-3">9800029000</ifrs-full:Equity>
  <ifrs-full:ProfitLoss id="Tag2222" contextRef="D20201231_EquityAttributableToNoncontrollingInterestsMember" unitRef="BRL" decimals="-3">34314000</ifrs-full:ProfitLoss>
  <ugp:ProposedDividends id="Tag2223" contextRef="D20201231_AdditionalDividendsMember" unitRef="BRL" decimals="-3">-55391000</ugp:ProposedDividends>
  <ifrs-full:IncreaseDecreaseThroughChangeInEquityOfSubsidiaries id="Tag2224" contextRef="D20191231_EquityAttributableToShareholdersMember" unitRef="BRL" decimals="-3">7661000</ifrs-full:IncreaseDecreaseThroughChangeInEquityOfSubsidiaries>
  <ifrs-full:Equity id="Tag2225" contextRef="I20181231_EquityAttributableToShareholdersMember" unitRef="BRL" decimals="-3">9448105000</ifrs-full:Equity>
  <ifrs-full:ProfitLoss id="Tag2226" contextRef="D20191231_RetainedEarningsMember" unitRef="BRL" decimals="-3">373526000</ifrs-full:ProfitLoss>
  <ugp:IncomeAndSocialContributionTaxesOnRealizationOfRevaluationReserveOfSubsidiaries id="Tag2227" contextRef="D20181231_EquityAttributableToShareholdersMember" unitRef="BRL" decimals="-3">-3000</ugp:IncomeAndSocialContributionTaxesOnRealizationOfRevaluationReserveOfSubsidiaries>
  <ifrs-full:DividendsPaid id="Tag2228" contextRef="D20201231_AdditionalDividendsMember" unitRef="BRL" decimals="-3">261470000</ifrs-full:DividendsPaid>
  <ifrs-full:ComprehensiveIncome id="Tag2229" contextRef="D20181231_RetainedEarningsMember" unitRef="BRL" decimals="-3">1150421000</ifrs-full:ComprehensiveIncome>
  <ifrs-full:ProfitLoss id="Tag2230" contextRef="D20201231_RetainedEarningsMember" unitRef="BRL" decimals="-3">893383000</ifrs-full:ProfitLoss>
  <ugp:IncreaseDecreaseThroughFairValueAdjustmentsOfAvailableForFinancialInstrumentsNetOfIncomeTaxesAttributableToJointVentures id="Tag2231" contextRef="D20191231_3" unitRef="BRL" decimals="-3">-978000</ugp:IncreaseDecreaseThroughFairValueAdjustmentsOfAvailableForFinancialInstrumentsNetOfIncomeTaxesAttributableToJointVentures>
  <ifrs-full:Equity id="Tag2232" contextRef="I20171231_EquityInstrumentGrantedMember" unitRef="BRL" decimals="-3">536000</ifrs-full:Equity>
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  <ugp:DisclosureOfInvestmentsExplanatory id="Tag2271" contextRef="D20201231_3">&lt;div&gt;
&lt;div&gt;
&lt;h1 style="margin-top: 12pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 12pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;12. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Investments&lt;/font&gt;&lt;/font&gt;&lt;/h1&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;. Joint ventures&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Company holds an interest in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Refinaria&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; de &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Petr&amp;#243;leo&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Riograndense&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;RPR&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8221;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, which is primarily engaged in oil refining.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;subsidiary&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ultracargo&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8211; Opera&amp;#231;&amp;#245;es Log&amp;#237;sticas e&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Participa&amp;#231;&amp;#245;es &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ltda. (&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ultracargo&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Participa&amp;#231;&amp;#245;es&amp;#8221;) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;holds&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;an&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;interest&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in Uni&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#227;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;o &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Vopak&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;#8211; Armaz&amp;#233;ns Gerais Ltda. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Uni&amp;#227;o&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Vopak&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8221;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, which is primarily engaged in liquid bulk storage in the port of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Paranagu&amp;#225;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The subsidiary IPP holds an interest in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ConectCar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, which is primarily engaged in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;automatic&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;payment of tolls&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;parking &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in the State&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Bahia, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Cear&amp;#225;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Esp&amp;#237;rito&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Santo, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Goi&amp;#225;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, Mato Grosso, Mato Grosso do Sul, Minas Gerais, Paran&amp;#225;, Pernambuco, Rio de Janeiro, Rio Grande do Sul, Santa Catarina, S&amp;#227;o Paulo and Distrito Federal&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;subsidiary&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; IPP participat&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;e&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the port concession &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;BEL&lt;font style="border-left: none; border-right: none;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;02&lt;/font&gt;&lt;/font&gt;A&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; at&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the port of Miramar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Bel&amp;#233;m&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (PA),&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; through&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Latitude &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Log&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#237;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;stica&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Portu&amp;#225;ria&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; S.A. (&amp;#8220;Latitude&amp;#8221;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;f&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;or the port of Vit&amp;#243;ria&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (ES),&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; participate&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; through&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Navegantes&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Log&amp;#237;stica&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Portu&amp;#225;ria&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; S.A. (&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Navegantes&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8221;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Cabedelo&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (PB)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;has &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;participat&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ion&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Nordeste&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Log&amp;#237;stica&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; I S.A. ("&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Nordeste&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Log&amp;#237;stica&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; I"), &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Nordeste&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Log&amp;#237;stica&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; II S.A. ("&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Nordeste&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Log&amp;#237;stica&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; II") and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Nordeste&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Log&amp;#237;stica&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; III S.A. ("&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Nordeste&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Log&amp;#237;stica&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; III&amp;#8221;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(see Note &lt;font style="border-left: none; border-right: none;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;3&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;4&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.c&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;).&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;These investments are accounted for under the equity method of accounting based on their &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;financial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;1&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font style="border-left: none; border-right: none;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;20&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;20&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div style="-aw-headerfooter-type: footer-primary; clear: both;"&gt;
&lt;div style="-aw-sdt-tag: '';"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Balances and changes in joint ventures are as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin: 0px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.8344%; height: 340px; text-indent: 0px;" width="100%"&gt;

&lt;tr style="height: 31px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 31px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 31px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Uni&amp;#227;o &lt;br/&gt;Vopak &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 31px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 31px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 31px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; RPR &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 31px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 31px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 31px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; ConectCar &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 31px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 31px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 31px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Latitude Log&amp;#237;stica &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 31px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 31px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 31px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Navegantes Log&amp;#237;stica &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 31px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 31px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 31px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Nordeste Log&amp;#237;stica I &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 31px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 31px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 31px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Nordeste Log&amp;#237;stica II &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 31px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 31px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 31px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Nordeste Log&amp;#237;stica III &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 31px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 31px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 31px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 31px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 29%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2017 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &lt;font&gt;6,096&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &lt;font&gt;54,739&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &lt;font&gt;61,226&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &lt;font&gt;122,061&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Capital increase &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &lt;font&gt;31,908&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &lt;font&gt;31,908&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Valuation adjustments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; (&lt;font&gt;3,704&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; (&lt;font&gt;3,704&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Dividends&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; (&lt;font&gt;32,065&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; (&lt;font&gt;32,065&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Share of profit (loss) of joint ventures &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &lt;font&gt;1,350&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &lt;font&gt;1,148&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; (&lt;font&gt;18,744&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; (&lt;font&gt;16,246&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,446&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;20,118&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;74,390&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;101,954&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Capital increase &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;35,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,351&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;23,581&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,930&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,183&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,079&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;79,124&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Valuation adjustments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;7,771&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;7,771&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Dividends &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,474&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,295&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;5,769&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Share of profit (loss) of joint ventures &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,370&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,740&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;26,572&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;14,462&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,342&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;18,792&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;82,818&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,351&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;23,581&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,930&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,183&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,079&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;153,076&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Capital increase &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;20,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;303&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,894&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,006&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;29,203&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Capital reduction (i)&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;363&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;363&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Valuation adjustments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,065&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,065&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Dividends &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;165&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;165&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Share of profit (loss) of joint ventures &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;392&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;21,788&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;21,638&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,594&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,409&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;401&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;626&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;45,812&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Transfer to provision for short-term liabilities &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,096&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,096&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,734&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;81,180&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,351&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;21,624&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;824&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,676&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,711&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;139,100&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) &lt;font&gt;Refers to reimbursement of expenses that preceded the port auctions and that were apportioned among the members of the consortium.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;

&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 85.2181%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td rowspan="2" style="width: 14.686%; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Provision for short-term liabilities &lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 85.2181%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 85.2181%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 14.686%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; RPR &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="width: 85.2181%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2019 &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 14.686%; border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;-&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 85.2181%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Transfer to provision for short-term liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 14.686%; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,096&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="width: 85.2181%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 14.686%; border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,096&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="-aw-headerfooter-type: linked; clear: both;"&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The table below presents the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements of financial position&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements of profit or &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;loss of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;joint ventures: &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 227px; margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="19" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 32px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 32px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Uni&amp;#227;o Vopak &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; RPR &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; ConectCar &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Navegantes Log&amp;#237;stica&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Nordeste Log&amp;#237;stica I&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Nordeste Log&amp;#237;stica II&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Nordeste Log&amp;#237;stica III&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 32px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 38%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8,510&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;291,720&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;161,371&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;24,691&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;972&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;18,531&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;21,513&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Non-current assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,796&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;171,270&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;169,843&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;166,389&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;18,005&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;30,503&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,698&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;363,388&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;168,854&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Non-current liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;140&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;105,912&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;126,201&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,516&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;13,504&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;22,877&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Equity &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15,468&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;6,310&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;162,360&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;64,871&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,473&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;23,027&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;29,133&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net revenue from sales and services &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15,666&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,455,668&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;91,096&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Costs, operating expenses and income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;14,408&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,531,652&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;134,961&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;3,480&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,225&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,203&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,878&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net finance income and income and social contribution taxes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;474&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,361&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;589&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,301&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net income (loss) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;784&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;65,623&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;43,276&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,781&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,226&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,203&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,878&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Number of shares or units held &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;29,995&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,078,888&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;248,768,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;22,298,195&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;681,637&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,933,265&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,871,241&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; % of capital held &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;50&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;50&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;" width="100%"&gt;

&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="7" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Uni&amp;#227;o Vopak &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; RPR &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-weight: bold;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt;Con&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt;ectCar&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 68%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,818&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;428,880&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;159,972&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Non-current assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,182&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;133,565&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;161,817&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,116&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;418,289&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;155,542&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Non-current liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;200&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;87,562&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;612&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Equity &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;14,684&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;56,594&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;165,635&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net revenue from sales and services &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15,400&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,156,432&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;80,387&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Costs, operating expenses and income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;12,083&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,130,323&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;136,764&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net finance income and income and social contribution taxes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;577&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,237&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,234&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net income (loss) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,740&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;32,346&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;53,143&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Number of shares or units held &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;29,995&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,078,888&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;228,768,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; % of capital held &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;50&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;50&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 123px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="7" style="border-bottom: 1pt solid #000000; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: middle;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Uni&amp;#227;o Vopak &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; RPR &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-weight: bold;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt;Con&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt;ectCar&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 68%;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net revenue from sales and services &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &lt;font&gt;16,938&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &lt;font&gt;2,092,548&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &lt;font&gt;57,506&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px;"&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Costs, operating expenses and income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;13,154&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,083,592&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;114,336&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px; background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net finance income and income and social contribution taxes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; (&lt;font&gt;1,084&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;261&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &lt;font&gt;19,343&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px;"&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net income (loss) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,700&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8,695&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;37,487&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Number of shares or units held &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;29,995&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,078,888&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;193,768,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px;"&gt;
&lt;td style="vertical-align: middle; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; % of capital held &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;50&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;50&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The percentages in the table above are rounded&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;div style="-aw-headerfooter-type: linked; clear: both;"&gt;
&lt;div style="-aw-sdt-tag: '';"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;b&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Associates&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Subsidiary IPP holds an interest in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Transportadora&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Sulbrasileira&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; de &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;G&amp;#225;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; S.A., which is primarily engaged in natural gas transportation services.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Subsidiary &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; S.A&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;holds an interest in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxicap&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ind&amp;#250;stria&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; de Gases Ltda. (&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxicap&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8221;), which is primarily engaged in the supply of nitrogen and oxygen for its shareholders in the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Mau&amp;#225;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; petrochemical complex.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he subsidiary &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; S.A.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;holds an interest in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Qu&amp;#237;mica&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; da Bahia &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ind&amp;#250;stria&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; e &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Com&amp;#233;rcio&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; S.A., which is primarily engaged in manufacturing, marketing&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and processing of chemicals. The operations of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Qu&amp;#237;mica&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; da Bahia&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; are currently suspended.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Subsidiary Cia.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Ultragaz&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; holds an interest in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Metal&amp;#250;rgica&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Plus S.A., which is primarily engaged in the manufacture and trading of LPG containers. The operations of this associate are currently suspended.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Subsidiary &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Cia. Ultragaz&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; holds an interest in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Plenog&amp;#225;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Distribuidora&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; de &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;G&amp;#225;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; S.A., which is primarily engaged in the marketing of LPG. The operations of this associate are currently suspended.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;se&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; investment&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;are&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; accounted for under the equity method of accounting based on&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;financial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; as of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;2020&lt;/font&gt;&lt;/font&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="-aw-headerfooter-type: linked; clear: both;"&gt;
&lt;div style="-aw-sdt-tag: '';"&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Balances and changes in associates are as follows:&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 198px; width: 100%;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Transportadora &lt;br/&gt;Sulbrasileira de &lt;br/&gt;G&amp;#225;s S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Oxicap &lt;br/&gt;Ind&amp;#250;stria &lt;br/&gt;de Gases &lt;br/&gt;Ltda. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Qu&amp;#237;mica da &lt;br/&gt;Bahia Ind&amp;#250;stria &lt;br/&gt;e Com&amp;#233;rcio &lt;br/&gt;S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Metal&amp;#250;rgica &lt;br/&gt;Plus S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Plenog&amp;#225;s &lt;br/&gt;Distribuidora &lt;br/&gt;de G&amp;#225;s S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt;Total&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 40%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2017 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,348&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; padding: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;14,458&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; padding: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,618&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; padding: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;340&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; padding: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;577&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; padding: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;25,341&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; padding: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Capital reduction &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,250&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; text-align: left;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right; padding: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right; padding: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right; padding: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right; padding: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right; padding: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,250&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; text-align: left; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Dividends &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;984&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; height: 17px; padding: 0px; text-align: left;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; padding: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; padding: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; padding: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; padding: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;236&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; height: 17px; padding: 0px; text-align: left;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; padding: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,220&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; padding: 0px; text-align: left; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Share of profit (loss) of associates &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;575&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right; padding: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;908&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right; padding: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;28&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; text-align: left;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right; padding: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;112&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; text-align: left;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right; padding: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;124&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right; padding: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,467&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right; padding: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,689&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15,366&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,590&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;228&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;465&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;24,338&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Dividends &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;818&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;87&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;905&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Share of profit (loss) of associates &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,790&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;568&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;36&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;90&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;85&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,317&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,661&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15,934&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,554&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;138&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;463&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;25,750&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Dividends &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,357&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,357&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Share of profit (loss) of associates &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,846&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;414&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;12&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;91&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;38&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,195&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,150&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16,348&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,542&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;47&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;501&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;25,588&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;div&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The table below presents the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;stat&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;e&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ments of financial position&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements of profit or loss&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of associates: &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 207px; margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="13" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Transportadora &lt;br/&gt;Sulbrasileira de &lt;br/&gt;G&amp;#225;s S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Oxicap &lt;br/&gt;Ind&amp;#250;stria de &lt;br/&gt;Gases Ltda. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Qu&amp;#237;mica da Bahia &lt;br/&gt;Ind&amp;#250;stria e &lt;br/&gt;Com&amp;#233;rcio S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Metal&amp;#250;rgica &lt;br/&gt;Plus S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Plenog&amp;#225;s &lt;br/&gt;Distribuidora de &lt;br/&gt;G&amp;#225;s S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 51%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,570&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;65,136&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;47&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;58&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;352&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Non-current assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;12,822&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;77,339&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,146&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;414&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,196&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,189&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;26,116&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;28&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;154&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Non-current liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;602&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,994&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,109&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;302&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;890&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Equity &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;20,601&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;108,365&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,084&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;142&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,504&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net revenue from sales and services &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;14,295&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;58,677&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Costs, operating expenses and income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;6,475&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;54,163&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;24&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;212&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;396&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net finance income and income and social contribution taxes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;437&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,770&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;60&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;39&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net income (loss) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,383&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,744&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;24&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;272&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;357&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Number of shares or units held &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;20,124,996&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,987&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,493,120&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,384,308&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; % of capital held &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;25&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;50&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 237px; margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="13" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 47px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 47px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 47px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Transportadora &lt;br/&gt;Sulbrasileira de &lt;br/&gt;G&amp;#225;s S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 47px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 47px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Oxicap &lt;br/&gt;Ind&amp;#250;stria de &lt;br/&gt;Gases Ltda. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 47px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 47px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Qu&amp;#237;mica da Bahia &lt;br/&gt;Ind&amp;#250;stria e &lt;br/&gt;Com&amp;#233;rcio S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 47px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 47px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Metal&amp;#250;rgica &lt;br/&gt;Plus S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 47px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 47px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Plenog&amp;#225;s &lt;br/&gt;Distribuidora de &lt;br/&gt;G&amp;#225;s S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 51%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;12,172&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;45,178&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;71&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;40&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;151&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Non-current assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;14,041&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;84,705&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,147&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;703&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,440&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,944&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;11,041&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;25&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;34&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Non-current liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;626&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,634&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,110&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;302&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,167&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Equity &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;22,643&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;109,208&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,108&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;416&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,390&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net revenue from sales and services &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;12,348&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;43,463&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Costs, operating expenses and income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,815&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;36,791&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;84&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;213&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;285&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net finance income and income and social contribution taxes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;157&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,483&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;12&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;57&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;29&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net income (loss) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,376&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,189&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;72&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;270&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;256&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Number of shares or units held &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;20,124,996&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,987&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,493,120&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,384,308&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; % of capital held &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;25&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;50&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 151px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 19px;"&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="13" style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 36px;"&gt;
&lt;td style="vertical-align: bottom; height: 36px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 36px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Transportadora&lt;br/&gt;Sulbrasileira de &lt;br/&gt;G&amp;#225;s S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 36px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 36px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Oxicap &lt;br/&gt;Ind&amp;#250;stria de &lt;br/&gt;Gases Ltda. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 36px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 36px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Qu&amp;#237;mica da Bahia&lt;br/&gt;Ind&amp;#250;stria e &lt;br/&gt;Com&amp;#233;rcio S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 36px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 36px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Metal&amp;#250;rgica &lt;br/&gt;Plus S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 36px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 36px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Plenog&amp;#225;s &lt;br/&gt;Distribuidora de &lt;br/&gt;G&amp;#225;s S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px; background-color: #cceeff;"&gt;
&lt;td style="vertical-align: top; height: 19px; background-color: #cceeff; width: 51%;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net revenue from sales and services &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,595&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;53,288&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px;"&gt;
&lt;td style="vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Costs, operating expenses and income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;7,957&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;43,814&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;78&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;266&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;399&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="vertical-align: top; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net finance income and income and social contribution taxes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;211&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;3,453&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;22&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;69&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;27&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px;"&gt;
&lt;td style="vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net income (loss) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,427&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;56&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;335&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;372&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Number of shares or units held &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;20,124,996&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,987&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,493,120&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,384,308&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px;"&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; % of capital held &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;25&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;50&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The percentages in the table above are rounded.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;/div&gt;</ugp:DisclosureOfInvestmentsExplanatory>
  <ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities id="Tag2272" contextRef="D20191231_ConnectCarMember" unitRef="BRL" decimals="-3">0</ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities>
  <ugp:ValuationAdjustmentsJointVentures id="Tag2273" contextRef="D20191231_NordesteLogsticaIIIMember" unitRef="BRL" decimals="-3">0</ugp:ValuationAdjustmentsJointVentures>
  <ugp:ValuationAdjustmentsJointVentures id="Tag2274" contextRef="D20191231_NordesteLogsticaIIMember" unitRef="BRL" decimals="-3">0</ugp:ValuationAdjustmentsJointVentures>
  <ugp:ValuationAdjustmentsJointVentures id="Tag2275" contextRef="D20191231_NordesteLogsticaIMember" unitRef="BRL" decimals="-3">0</ugp:ValuationAdjustmentsJointVentures>
  <ifrs-full:NoncurrentAssets id="Tag2276" contextRef="I20191231_QuimicaDaBahiaIndustriaEcomercioMember" unitRef="BRL" decimals="-3">10147000</ifrs-full:NoncurrentAssets>
  <ugp:ValuationAdjustmentsJointVentures id="Tag2277" contextRef="D20191231_LatitudeLogsticaMember" unitRef="BRL" decimals="-3">0</ugp:ValuationAdjustmentsJointVentures>
  <ugp:ValuationAdjustmentsJointVentures id="Tag2278" contextRef="D20191231_ConnectCarMember" unitRef="BRL" decimals="-3">0</ugp:ValuationAdjustmentsJointVentures>
  <ugp:ValuationAdjustmentsJointVentures id="Tag2279" contextRef="D20191231_UniaoVopakMember" unitRef="BRL" decimals="-3">0</ugp:ValuationAdjustmentsJointVentures>
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  <ugp:DisclosureOfFinancialInformationOfSegmentsExplanatory id="Tag2397" contextRef="D20201231_3">&lt;div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The main financial information of each of the Company&amp;#8217;s segments &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;are&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; stated as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 690px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 84%; margin: 0px auto; text-indent: 0px;" width="84%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 11.0701%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 1.10701%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.1937%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net revenue from sales and services: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 11.0701%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1.10701%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; width: 0.968635%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff; width: 10.1937%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; width: 0.922509%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultragaz &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 11.0701%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;7,408,342&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.10701%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;7,094,823&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,043,246&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ipiranga &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 11.0701%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;66,133,035&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.10701%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;75,452,481&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;76,477,640&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Oxiteno &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 11.0701%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;5,210,704&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.10701%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;4,254,237&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,748,428&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultracargo &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 11.0701%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;644,177&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.10701%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;540,758&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;493,649&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Extrafarma &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 11.0701%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,988,411&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.10701%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;2,060,568&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,027,988&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Abastece A&amp;#237; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 11.0701%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;17,223&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.10701%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 11.0701%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;81,401,892&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.10701%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;89,402,867&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 17px; width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;90,790,951&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Others &lt;/font&gt;&lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;&lt;font&gt;(&lt;/font&gt;&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); width: 11.0701%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;48,325&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.10701%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255); width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;44,770&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;46,937&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Intersegment sales &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 11.0701%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;209,115&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.10701%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;149,662&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 17px; width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;139,905&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; padding: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 11.0701%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;81,241,102&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.10701%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(204, 238, 255); width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;89,297,975&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;90,697,983&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Intersegment sales: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 11.0701%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; width: 1.10701%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultragaz &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 11.0701%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;4,710&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: rgb(204, 238, 255); width: 1.10701%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;3,794&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,879&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ipiranga &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 11.0701%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;207&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; width: 1.10701%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;535&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,919&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Oxiteno &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 11.0701%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;16,069&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: rgb(204, 238, 255); width: 1.10701%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;22,265&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,325&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultracargo &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 11.0701%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;139,452&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; width: 1.10701%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;78,390&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;82,573&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 11.0701%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;160,438&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: rgb(204, 238, 255); width: 1.10701%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;104,984&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;94,696&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 22px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 22px; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Others &lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 22px; width: 11.0701%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;48,677&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; width: 1.10701%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 22px; width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 22px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;44,678&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 22px; width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 22px; width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;45,209&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 11.0701%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;209,115&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: rgb(204, 238, 255); width: 1.10701%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: rgb(204, 238, 255); width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;149,662&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;139,905&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net revenue from sales and services, excluding intersegment sales: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 11.0701%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; width: 1.10701%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultragaz &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 11.0701%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;7,403,632&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.10701%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;7,091,029&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,040,367&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ipiranga &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 11.0701%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;66,132,828&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; width: 1.10701%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;75,451,946&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;76,474,721&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Oxiteno &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 11.0701%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;5,194,635&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: rgb(204, 238, 255); width: 1.10701%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;4,231,971&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,742,103&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultracargo &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 11.0701%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;504,725&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; width: 1.10701%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;462,368&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;411,076&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Extrafarma &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 11.0701%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,988,411&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: rgb(204, 238, 255); width: 1.10701%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;2,060,569&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,027,988&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Abastece A&amp;#237; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 17px; width: 11.0701%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;17,223&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; width: 1.10701%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); vertical-align: top; height: 17px; width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 11.0701%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;81,241,454&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: rgb(204, 238, 255); width: 1.10701%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;89,297,883&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;90,696,255&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 22px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 22px; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Others &lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 22px; width: 11.0701%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;352&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; width: 1.10701%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 22px; width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 22px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;92&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 22px; width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 22px; width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,728&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 11.0701%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;81,241,102&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: rgb(204, 238, 255); width: 1.10701%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: rgb(204, 238, 255); width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;89,297,975&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;90,697,983&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Operating income (expense): &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 11.0701%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; width: 1.10701%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultragaz &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 11.0701%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;494,213&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: rgb(204, 238, 255); width: 1.10701%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;368,975&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;52,564&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ipiranga &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 11.0701%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;915,432&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; width: 1.10701%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,674,439&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,461,513&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Oxiteno &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 11.0701%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;355,852&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: rgb(204, 238, 255); width: 1.10701%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;12,833&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;471,927&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultracargo &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 11.0701%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt; 251,759&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; width: 1.10701%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;83,171&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;129,490&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Extrafarma &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 11.0701%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;69,672&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: rgb(204, 238, 255); width: 1.10701%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;720,252&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;113,769&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Abastece A&amp;#237; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 11.0701%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;28,966&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; width: 1.10701%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Holding &lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;2&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255); width: 11.0701%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;107,451&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: rgb(204, 238, 255); width: 1.10701%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255); width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255); width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;96,432&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="height: 10px; background-color: rgb(204, 238, 255); width: 0.968635%; vertical-align: middle; padding: 0px;" valign="middle"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); vertical-align: top; height: 10px; background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;106,065&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 17px; width: 11.0701%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,811,167&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; width: 1.10701%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,297,068&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 17px; width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,895,660&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Others &lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255); width: 11.0701%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;888&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: rgb(204, 238, 255); width: 1.10701%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255); width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255); width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;3,484&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,694&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); width: 11.0701%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,812,055&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; width: 1.10701%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,300,552&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px; width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,899,354&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 464px; border-collapse: collapse; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; width: 84%; margin: 0px auto; text-indent: 0px;" width="84%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 1.19926%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.286%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Share of profit (loss) of joint ventures and associates: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.19926%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; width: 0.968635%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff; width: 10.286%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultragaz &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;53&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 1.19926%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;5&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;12&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ipiranga &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;932&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.19926%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,790&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; width: 0.968635%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;576&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Oxiteno &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;402&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 1.19926%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;532&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;880&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultracargo &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;392&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.19926%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,370&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; width: 0.968635%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,350&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;191&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 1.19926%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;3,687&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; vertical-align: bottom; height: 17px; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,818&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Others&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt;(3)&lt;/sup&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255); width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;43,426&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); width: 1.19926%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255); width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;15,832&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="height: 10px; background-color: rgb(204, 238, 255); width: 0.968635%; vertical-align: middle;" valign="middle"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;17,597&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; height: 10px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: middle; height: 18px; border-bottom: 2.8pt double #000000; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;43,617&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; width: 1.19926%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.922509%; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: middle; height: 18px; border-bottom: 2.8pt double #000000; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;12,145&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px; width: 0.968635%;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;14,779&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; height: 18px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Income before financial result, income and social contribution taxes &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,768,438&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.19926%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,288,407&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; width: 0.968635%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,884,575&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financial result, net &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;269,374&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 1.19926%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;506,854&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;113,536&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Income before income and social contribution taxes &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,499,064&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.19926%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;781,553&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px; background-color: #cceeff; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; width: 0.968635%; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,771,039&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Additions to PP&amp;amp;E and intangible assets (excluding intersegment account balances): &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 10px; width: 1.19926%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.922509%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.922509%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultragaz &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;309,083&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.19926%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;249,784&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; width: 0.968635%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;245,069&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ipiranga &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;338,848&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.19926%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;370,864&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;417,519&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Oxiteno &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;210,144&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.19926%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;255,016&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; width: 0.968635%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;473,026&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultracargo &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;218,898&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.19926%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;217,377&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;167,034&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Extrafarma &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;39,824&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1.19926%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; background-color: #cceeff; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;89,850&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; width: 0.968635%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;118,577&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Abastece A&amp;#237; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;15,434&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; width: 1.19926%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,132,231&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1.19926%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; background-color: #cceeff; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,182,891&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; width: 0.968635%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,421,225&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Others&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;32,437&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.19926%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.922509%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;20,186&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 10px; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;18,382&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total additions to PP&amp;amp;E and intangible assets (see Notes &lt;font&gt;14&lt;/font&gt; and &lt;font&gt;15&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,164,668&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.19926%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,203,077&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; background-color: #cceeff; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; width: 0.968635%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,439,607&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Asset retirement obligation &amp;#8211; fuel tanks (see Note &lt;font&gt;21&lt;/font&gt;) &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;163&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 1.19926%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;290&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;264&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Provision for demobilization of machinery and equipment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;375&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.19926%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; background-color: #cceeff; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; width: 0.968635%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Capitalized borrowing costs &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;13,316&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 1.19926%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;30,748&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;23,438&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total investments in PP&amp;amp;E and intangible assets (cash flow) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; background-color: #cceeff; border-bottom: 2.8pt double #000000; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,150,814&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.19926%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; background-color: #cceeff; border-bottom: 2.8pt double #000000; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,172,039&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; background-color: #cceeff; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; width: 0.968635%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff; border-bottom: 2.8pt double #000000; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,415,905&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Addition on contractual assets with customers &amp;#8211; exclusive rights (see Note &lt;font&gt;11&lt;/font&gt;): &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.19926%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.922509%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.922509%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ipiranga &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;543,382&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.19926%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;330,068&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; width: 0.968635%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;390,177&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultragaz &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,703&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.19926%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: top; height: 17px; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;549,085&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.19926%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;330,068&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px; background-color: #cceeff; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; width: 0.968635%; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;390,177&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 431px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 84%; margin-right: auto;" width="84%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 63%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Depreciation of PP&amp;amp;E and amortization of intangible assets charges: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 11%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 11%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 11%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultragaz &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;192,241&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;186,221&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;222,527&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ipiranga &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;314,511&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;290,747&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;283,426&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Oxiteno &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;260,780&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;212,328&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;167,357&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultracargo &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;65,838&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;59,618&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;52,414&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Extrafarma &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;82,530&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;80,550&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;71,552&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Abastece A&amp;#237; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;4,053&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;919,953&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;829,464&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;797,276&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 22px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 22px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Others &lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 22px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;18,888&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 22px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 22px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;15,183&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 22px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 22px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15,213&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;938,841&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;844,647&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;812,489&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Amortization of contractual assets with customers &amp;#8211; exclusive rights (see Note &lt;font&gt;11&lt;/font&gt;): &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ipiranga &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;287,800&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;355,055&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;371,825&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultragaz &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,636&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;195&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;289,436&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;355,250&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;371,825&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Amortization of right-of-use assets: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultragaz &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;41,015&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;31,264&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ipiranga &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;177,039&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;164,543&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Oxiteno &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;14,283&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;9,676&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultracargo &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;19,482&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;20,673&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Extrafarma &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;71,369&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;73,774&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Abastece A&amp;#237; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;40&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;323,228&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;299,930&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 22px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 22px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Others &lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 22px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;5,094&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 22px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 22px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;128&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 22px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 22px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;328,322&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;300,058&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;

&lt;div&gt;
&lt;table style="width: 100%; margin-left: 0.1px; height: 10px; font-family: 'times new roman'; font-size: 10pt;"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="width: 3%; height: 10px; vertical-align: top;" valign="top"&gt;&lt;sup style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; text-indent: -9.46667px;"&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;/font&gt;&lt;/sup&gt;&lt;sup style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; text-indent: -9.46667px;"&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;1&lt;/font&gt;&lt;/font&gt;&lt;/sup&gt;&lt;sup style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; text-indent: -9.46667px;"&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;/td&gt;
&lt;td style="width: 97%; height: 10px; padding: 1px 1px 10px;"&gt;&lt;font&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Composed&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;of&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;the&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;parent&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;company&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;Ultrapar&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;(&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;including&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;goodwill&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;of&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;certain&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;acquisitions&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;and&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;ubsidiaries&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Serma&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;- Associa&amp;#231;&amp;#227;o dos Usu&amp;#225;rios de Equipamentos de Processamento de Dados e Servi&amp;#231;os Correlatos (&amp;#8220;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Serma&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;#8221;)&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;and&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Imaven&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;Im&amp;#243;veis Ltda&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;.&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;table style="width: 100%; margin-left: 0.1px; height: 20px; font-family: 'times new roman'; font-size: 10pt;"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="height: 10px; vertical-align: top; width: 3%;" valign="top"&gt;&lt;sup style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; text-indent: -9.46667px;"&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(2&lt;/font&gt;&lt;/sup&gt;&lt;sup style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; text-indent: -9.46667px;"&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="height: 10px; padding: 1px 1px 10px; width: 97%;"&gt;&lt;font&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&lt;font lang="PT-BR" style="font-family: 'Times New Roman', serif;"&gt;New reporting practices were adopted that allocate holding expenses previously recognized by our five businesses segments as Ultrapar's expenses (on an unconsolidated basis). These holding expenses include those incurred by our main governance bodies (including our Board of Directors, Fiscal Council, advisory committees to the Board of Directors, holding CEO and CFO), in addition to areas that were considered and related to a holding-company framework such as investor relations and M&amp;amp;A. The segregation of these expenses was adjusted retroactively to maintain comparability among the results of the Company in 2020, 2019 and 2018.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="height: 10px; vertical-align: top; width: 3%;" valign="top"&gt;&lt;sup style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; text-indent: -9.46667px;"&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(3&lt;/font&gt;&lt;/sup&gt;&lt;sup style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; text-indent: -9.46667px;"&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="height: 10px; width: 97%;"&gt;&lt;font&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&lt;font style="border-right: none; border-left: none;"&gt;Includes&lt;/font&gt; the share of profit (loss) in the joint&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;ventures&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;ConectCar&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;and RPR.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ugp:DisclosureOfFinancialInformationOfSegmentsExplanatory>
  <ugp:SummaryOfExpensesByNatureTableTextBlock id="Tag2398" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Company presents its expenses by function in the consolidated statement &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of profit or loss &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and presents below its expenses by nature:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 250px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 84%; margin-left: auto; margin-right: auto;" width="84%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 63%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Raw materials and materials for use and consumption &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 11%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;73,933,944&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 11%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;81,819,820&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 11%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;83,116,950&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Personnel expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,275,115&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,415,581&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,513,586&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Freight and storage &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,424,753&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,170,870&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,178,990&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Depreciation and amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;938,841&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;844,647&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;812,489&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Amortization of right-of-use assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;328,322&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;300,058&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Advertising and marketing &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;153,057&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;206,103&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;173,988&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Services provided by third parties &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;357,195&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;322,589&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;328,361&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;301,417&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;444,078&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;709,710&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-top: 1pt solid #000000; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;79,712,644&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-top: 1pt solid #000000; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;87,523,746&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #cceeff; border-top: 1pt solid #000000; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;88,834,074&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Classified as: &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cost of products and services sold &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;75,628,214&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;83,187,109&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;84,537,368&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Selling and marketing &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,547,850&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,610,384&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,670,867&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; General and administrative &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,536,580&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,726,253&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,625,839&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;79,712,644&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;87,523,746&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;88,834,074&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ugp:SummaryOfExpensesByNatureTableTextBlock>
  <ifrs-full:DisclosureOfExpensesByNatureExplanatory id="Tag2399" contextRef="D20201231_3">&lt;div&gt;
&lt;h1 style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 12pt; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;27&lt;/font&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Expenses by &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;n&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ature&lt;/font&gt;&lt;/font&gt;&lt;/h1&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Company presents its expenses by function in the consolidated statement &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of profit or loss &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and presents below its expenses by nature:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 250px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 84%; margin-left: auto; margin-right: auto;" width="84%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 63%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Raw materials and materials for use and consumption &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 11%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;73,933,944&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 11%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;81,819,820&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 11%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;83,116,950&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Personnel expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,275,115&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,415,581&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,513,586&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Freight and storage &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,424,753&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,170,870&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,178,990&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Depreciation and amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;938,841&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;844,647&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;812,489&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Amortization of right-of-use assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;328,322&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;300,058&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Advertising and marketing &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;153,057&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;206,103&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;173,988&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Services provided by third parties &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;357,195&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;322,589&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;328,361&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;301,417&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;444,078&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;709,710&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-top: 1pt solid #000000; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;79,712,644&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-top: 1pt solid #000000; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;87,523,746&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #cceeff; border-top: 1pt solid #000000; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;88,834,074&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Classified as: &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cost of products and services sold &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;75,628,214&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;83,187,109&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;84,537,368&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Selling and marketing &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,547,850&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,610,384&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,670,867&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; General and administrative &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,536,580&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,726,253&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,625,839&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;79,712,644&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;87,523,746&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;88,834,074&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
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  <ifrs-full:DisclosureOfProvisionsExplanatory id="Tag2452" contextRef="D20201231_3">&lt;div&gt;
&lt;h1 style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin: 0px; break-inside: avoid; break-after: avoid; font-size: 12pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;22&lt;/font&gt;.&amp;nbsp;&lt;/font&gt;Provisions and contingencies&lt;/font&gt;&lt;br/&gt;&lt;/h1&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;a. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Provisions for tax, civil, and labor risks&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Company and its subsidiaries are parties in tax, civil, environmental, regulatory, and labor disputes at the administrative and judiciary levels, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;which&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, when applicable, are backed by escrow deposits. Provisions for losses are estimated and updated by&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;m&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;anagement &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;based on &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the opinion of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Company&amp;#8217;s &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;legal department and its &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;external &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;legal &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;advisors&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The table below demonstrates the breakdown of provisions by nature and its movement:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 157px; margin: 0px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.9223%; text-indent: 0px;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; text-align: left; width: 37.5291%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Provisions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.9425%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Additions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.9425%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Reversals &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.0101%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.932401%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Payments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 0.97125%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.97125%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Interest &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.0101%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; text-align: left; width: 37.5291%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; IRPJ and CSLL (a&lt;font&gt;.1.1&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;541,281&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.9425%; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.9425%; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;537&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.0101%; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.932401%; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.97125%; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.97125%; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,118&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.0101%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 8.93551%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;547,862&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; text-align: left; width: 37.5291%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; PIS and COFINS &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,155&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.9425%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.9425%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;10,264&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.0101%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.932401%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.97125%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.97125%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;109&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.0101%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; text-align: left; background-color: #cceeff; width: 37.5291%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; ICMS &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;96,472&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.9425%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15,580&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.9425%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.0101%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.932401%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,085&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 0.97125%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.97125%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;601&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.0101%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;108,568&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; text-align: left; width: 37.5291%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Civil, environmental and regulatory claims (a&lt;font&gt;.2.1&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;85,855&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.9425%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.9425%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,070&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.0101%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.932401%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;24,199&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.97125%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.97125%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;186&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.0101%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;57,772&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; text-align: left; background-color: #cceeff; width: 37.5291%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Labor litigation (a&lt;font&gt;.3.1&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;98,010&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.9425%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,382&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.9425%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.0101%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.932401%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;17,083&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 0.97125%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.97125%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,366&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.0101%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;90,675&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; text-align: left; width: 37.5291%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Others &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;92,822&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.9425%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.9425%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;254&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.0101%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.932401%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.97125%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.97125%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;600&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.0101%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;93,168&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; text-align: left; background-color: #cceeff; width: 37.5291%;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;924,595&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(204, 238, 255); width: 1.9425%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;21,962&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(204, 238, 255); width: 1.9425%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;15,125&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(204, 238, 255); width: 1.0101%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.932401%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;45,367&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(204, 238, 255); width: 0.97125%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.97125%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;11,980&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.0101%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;898,045&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; text-align: left; width: 37.5291%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;40,455&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.9425%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.9425%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.0101%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.932401%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.97125%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.97125%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.0101%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;43,660&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; text-align: left; background-color: #cceeff; width: 37.5291%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Non-current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;884,140&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.9425%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.9425%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.0101%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.932401%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 0.97125%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.97125%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.0101%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;854,385&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Some of the provisions above involve&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in whole or in part, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;escrow deposits&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Balances of escrow&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; deposits are as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 79px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 74%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Tax matters &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 12%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;789,624&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 12%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;753,810&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Labor litigation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;57,603&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;71,605&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Civil and other &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;102,569&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;96,028&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &amp;#8211; non-current assets &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;949,796&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;921,443&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;a.&lt;font&gt;1&lt;/font&gt; Provisions for tax matters and social security&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;a.&lt;font&gt;1.1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; On October 7, 2005, the subsidiaries Cia. Ultragaz and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Bahiana&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;filed for and obtained a preliminary injunction to recognize and offset PIS and COFINS credits on LPG purchases, against other taxes levied by the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;R&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;FB&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, notably IRPJ and CSLL. The decision was confirmed by a trial court on May 16, 2008. Under the preliminary injunction, the subsidiaries made escrow deposits for these debits which amounted to R&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;$ &lt;/font&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;523,136&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;515,825&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of December 31, 201&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;). On July 18, 2014, a second instance unfavorable decision was published&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and the subsidiaries suspended the escrow deposits, and started to pay income taxes from that date. To revert the court decision, the subsidiaries presented a writ of prevention which was dismissed on December 30, 2014, and the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;subsidiaries &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;appealed this decision on February 3, 2015. Appeals were also presented to the respective higher courts &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Superior Court of Justice &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;STJ&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8221;) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Federal Supreme Court (&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;STF&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) whose &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;final &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;trial are pending.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;a.&lt;font&gt;2&lt;/font&gt; Provisions for &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;c&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ivil, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;e&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;nvironmental and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;r&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;egulatory &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;c&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;laims&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;a.&lt;font&gt;2.1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; The Company and its subsidiaries &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;maintain&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; provisions for lawsuits and administrative proceedings, mainly derived from contracts entered into with customers and former services providers, as well as proceedings related to environmental and regulatory issues in the amount of R&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;57,772&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;85,855&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of December 31, 201&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;).&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; The subsidiary IPP entered into an agreement in &lt;font&gt;two&lt;/font&gt; civil lawsuits that were provisioned for the expected loss in the amount &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; R$ &lt;font&gt;27,995&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;due to&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;the end of the lawsuits&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, this provision was written-&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;off in the period.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;a.&lt;font&gt;3&lt;/font&gt; Provisions for labor matters&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;a.&lt;font&gt;3.1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; The Company and its subsidiaries maintain provisions of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;90,675&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;98,010&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of December 31, 201&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) for labor litigation filed by former employees and by employees of our service providers&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; mainly&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; contesting the non-payment of labor rights.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;b.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Contingent &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;l&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;iabilities&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Company and its subsidiaries &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;are parties in&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;tax, civil, environmental, regulatory, and labor &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;claims whose loss &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;is assessed as &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;possible (proceedings whose chance of loss is &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;more than &lt;font&gt;25&lt;/font&gt;% and less or equal than &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;50&lt;/font&gt;%) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;by&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the Company&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and its subsidiaries&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8217; legal departments&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; based on the opinion of its external legal advisors&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and, based on th&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ese&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; assessment&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, these claims &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;were not recognized in the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;financial statements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. The estimated amount of this contingency is R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3,236,982&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2,840,086&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of December 31, 201&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;).&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;b.&lt;font&gt;1&lt;/font&gt; Contingent &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;l&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;iabilities for &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ax &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;m&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;atters and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ocial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ecurity &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Company and its subsidiaries have contingent liabilities for tax matters and social security in the amount of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;R$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2,419,000&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2,028,159&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of December 31, 201&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;), mainly represented by:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;b.&lt;font&gt;1.1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; The subsidiary IPP and its subsidiaries have assessments invalidating the offset of excise tax (&amp;#8220;IPI&amp;#8221;) credits in connection with the purchase of raw materials used in the manufacturing of products which sales are not subject to IPI under the protection of tax immunity. The amount of this contingency is R&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;176,390&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;173,738&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; as of December 31, 201&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;).&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;b.&lt;font&gt;1.2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; The subsidiary IPP and its subsidiaries have legal proceedings related to ICMS. The total amount involved in these proceedings, was R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;958,134&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;836,822&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of December 31, 201&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Such proceedings arise mostly of the disregard of ICMS credits amounting to R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;300,707&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;319,849&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of December 31, 201&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;), of which R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;92,687&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;126,772&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of December 31, 201&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) refer to proportional reversal requirement of ICMS credits related to the acquisition of hydrated alcohol; of alleged non-payment in the amount of R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;98,157&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;92,567&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of December 31, 201&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;);&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of conditioned fruition of fiscal incentive in the amount of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;119,894&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of December 31&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;117,753&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of December 31, 201&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;); &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;inventory differences in the amount of R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;269,581&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;172,736&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of December 31, 201&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) related to the leftovers or faults due to temperature changes or product handling.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;b.&lt;font&gt;1.3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; The Company and its subsidiaries are parties to administrative and judicial suits involving Income Tax, Social Security Contribution, PIS and COFINS, substantially about denials of offset claims and credits disallowance which total amount is R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;709,338&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;699,360&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of December 31, 201&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;), mainly represented by:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;b.&lt;font&gt;1.3.1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he subsidiary IPP received a tax assessment related to the IRPJ and CSLL resulting from the supposedly undue amortization of the goodwill paid on acquisition of a subsidiary, in the amount of R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;212,350&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;208,449&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of December 31, 201&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, which includes the amount of the income taxes, interest and penalty. Management assessed the likelihood of the tax assessment, supported by the opinion of its legal advisors, as &amp;#8220;possible&amp;#8221;, and therefore did not recognize a provision for this contingent liability.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;b.&lt;font&gt;2&lt;/font&gt; Contingent &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;l&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;iabilities for &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;c&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ivil, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;e&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;nvironmental and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;r&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;egulatory &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;c&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;laims &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Company and its subsidiaries have contingent liabilities for civil, environmental and regulatory claims in the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;amount of R$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;561,713&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, totaling &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2,840&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;lawsuits&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (R$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;549,664&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&amp;nbsp;totaling &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3,109&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;lawsuits&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of December 31, 201&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;), mainly represented by:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;b.&lt;font&gt;2.1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; The subsidiary Cia. Ultragaz is party to an administrative proceeding before CADE based on alleged anti-competitive practices in the State of Minas Gerais in &lt;font&gt;2001&lt;/font&gt;. The CADE entered a decision against Cia. Ultragaz and imposed a penalty of R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;33,895&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;33,603&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of December 31, 201&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;). The imposition of such administrative decision was suspended by a court order and its merit is being judicially reviewed. &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;b.&lt;font&gt;2.2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;In &lt;font&gt;2016&lt;/font&gt;, the subsidiary Cia. Ultragaz&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;became party to &lt;font&gt;two&lt;/font&gt; administrative proceedings filed by CADE,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;related to allegations of anti-competitive practices: &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) &lt;font&gt;one&lt;/font&gt; of the proceedings relate to practices in the State of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Para&amp;#237;ba&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and other Northeast States, in which the subsidiary &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Bahiana&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; is part along with Cia. Ultragaz.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;On this proceeding, Cia. Ultragaz and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Bahiana&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; signed a Cessation Commitment Agreement (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;TCC&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) with CADE, approved on November 22, 2017, in the amount of R$ &lt;font&gt;95,987&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, paid in &lt;font&gt;8&lt;/font&gt; (&lt;font&gt;eight&lt;/font&gt;) equal installments updated &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;semiannually&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;by SELIC, with maturity of the first &lt;font&gt;one&lt;/font&gt; in &lt;font&gt;180&lt;/font&gt; (&lt;font&gt;one&lt;/font&gt; hundred and &lt;font&gt;eighty&lt;/font&gt;) days from the date of publication of the approval&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. &lt;font&gt;Three&lt;/font&gt; employees and &lt;font&gt;one&lt;/font&gt; former employee signed TCC in the total amount of R$ &lt;font&gt;1,100&lt;/font&gt;. With the TCC, the administrative proceeding will be suspended in relation to the Cia. Ultragaz and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Bahiana&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; until final decision&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; ii) the second proceeding&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;relate to practices in the Federal District and around, in which only Cia. Ultragaz is part. On this proceeding, Cia. Ultragaz signed a TCC with CADE, approved on September 6, 2017, in the amount of R$ &lt;font&gt;2,154&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, paid in a single installment in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;March 8, 2018&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. &lt;font&gt;Two&lt;/font&gt; former employees signed TCC in the amount of R$ &lt;font&gt;50&lt;/font&gt; each. With the TCC, the administrative proceeding will be suspended in relation to the Cia. Ultragaz&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; until final decision&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;b.&lt;font&gt;2.3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The subsidiary IPP&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;became party to &lt;font&gt;two&lt;/font&gt; administrative proceedings filed by CADE,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;related to allegations of anti-competitive practices in the city of Joinville, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;tate of Santa Catarina and in the Distrito Federal.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; The process related to the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;anti-competitive &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;acts of Joinville, established in October 2015, is under judgment (until now &lt;font&gt;two&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; favorable votes and &lt;font&gt;one&lt;/font&gt; unfavorable vote have been pronounced)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; while the lawsuit related to the Distrito Federal, from an administrative inquiry initiated in May 2012, which was converted into an administrative proceeding in June 2020, is in the stage of presentation of defense. Besides these, i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;n &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;April,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2019&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;IPP received &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;an administrative &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;fine&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in the amount of R$ &lt;font&gt;40,693&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;for allegedly influencing uniform commercial conduct among fuel resellers&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; around&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;city&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Belo Horizonte, state of Minas Gerais.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;In this case, there was an option for the judicial discussion of the assessment and penalty applied,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; which has as last relevant movement the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;presentation of a reply by IPP, and it is certain that a decision has already been issued granting protection to suspend the enforceability of the fine. Management did not recognize a provision for these contingencies, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;upported by the opinion of external legal counsel that classified the probability of loss as remote&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;b.&lt;font&gt;2&lt;/font&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;&lt;font&gt;4&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; On November 29, 2016, a technical opinion was issued by the Operational Support Center for Execution (Centro de &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Apoio&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Operacional&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;#224; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Execu&amp;#231;&amp;#227;o&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; - CAEX), a technical body linked to the S&amp;#227;o Paulo State Public Prosecutor (&amp;#8220;MPE&amp;#8221;), presenting a proposal of compensation for the alleged environmental damages caused by the fire on April 2&lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;nd&lt;/font&gt;&lt;/sup&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;2015&lt;/font&gt; at the Santos Terminal of the subsidiary &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Tequimar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. This technical opinion is non-binding, with no condemnatory or sanctioning nature, and will still be evaluated by the authorities and parties. The subsidiary &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;disagrees with the methodology and the assumptions adopted in the proposal and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;is negotiating an agreement with the MPE and the Brazilian Federal Public Prosecutor (&amp;#8220;MPF&amp;#8221;), &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;since the beginning of the investigation &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and currently there is no &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;civil &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;lawsuit filed on the matter. The negotiations relate to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic;"&gt;in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-style: italic;"&gt;natura&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; repair of the any damages&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;hus, on May 15, 2019, the subsidiary &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Tequimar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;signed&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; a Partial Conduct Adjustment Commitment Agreement (&amp;#8220;TAC&amp;#8221;) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in the amount of R$ &lt;font&gt;67,539&lt;/font&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;with the MPE and MPF to compensate for diffuse and collective damages of any kind arising from the fish mortality and the damage caused to the ichthyofauna. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The n&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;egotiations on compensation for other alleged damages are still ongoing and once concluded&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, the payments related to the project costs may affect the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;future &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Company&amp;#8217;s &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;f&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;inancial statements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;In the criminal sphere&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the MP&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;F &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;denounced &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the subsidiary &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Tequimar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, which&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;was summoned and replied to the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;complaint&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; on June 19&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;2018&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;On September 12, 2019, at a hearing in the federal court of Santos, the MPF and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Tequimar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; agreed, and the judicial authority approved, the conditional suspension of the criminal proceedings for a period of &lt;font&gt;2&lt;/font&gt; years, when &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Tequimar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; shall then prove compliance with the execution of the Partial TAC signed, with the obligation of a complementary allocation of R$ &lt;font&gt;13,000&lt;/font&gt; to the Fisheries Management Project, to obtain the definitive filing of the process&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;In addition, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, there &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;are&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; contingent liabilities&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; not recognized&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; related to lawsuits in the amount of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;4,428&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;11,403&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; December 31, 201&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. O&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;n &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 31&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;2019&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, there &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;were&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; no&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; extrajudicial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;claims&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;b.&lt;font&gt;3&lt;/font&gt; Contingent &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;l&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;iabilities for &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;l&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;abor &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;m&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;atters &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Company and its subsidiaries have contingent liabilities for labor matters in the amount of R$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;256,269&lt;/font&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;totaling &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1,306&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;lawsuits&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;262,263&lt;/font&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;totaling &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1,649&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;lawsuits&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of December 31,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;), mainly represented by:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 10pt; text-align: justify; line-height: 115%; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;b.&lt;font&gt;3.1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he Petrochemical Industry Labor Union (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Sindiqu&amp;#237;mica&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;), of which the employees of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;S.A.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and EMCA, companies located in the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Cama&amp;#231;ari&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Petrochemical Complex, are members, filed&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, in &lt;font&gt;1990&lt;/font&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;collective&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; lawsuits against the subsidiaries&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; demanding the compliance &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the fourth section of the collective labor agreement&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;1989&lt;/font&gt;/&lt;font&gt;1990&lt;/font&gt; (CCT &lt;font&gt;1989&lt;/font&gt;/&lt;font&gt;1990&lt;/font&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, which provided for a salary&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; adjustment in lieu of the salary policies practiced. The &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;collective actions against the subsidiaries, which have already become final, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;were judged in a favorable way to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Nordeste&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;EMCA&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;At the same time, in &lt;font&gt;1990&lt;/font&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;there was the proposal for a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; collective agreement&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;which appeared &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the collective action&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Union&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Employees&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Union of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Companies&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (SINPEQ)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, discussing the same object (validity of the fourth clause of CCT &lt;font&gt;1989&lt;/font&gt;/&lt;font&gt;1990&lt;/font&gt;). &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;This action&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;that transit judged only&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in October 2019&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and remained unfavorable to SINPEQ&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;having the STF declared valid &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;fourth clause. During the process of collective &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;greement&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; between the Unions&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, some companies in the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Cama&amp;#231;ari&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Petrochemical Complex signed an agreement with &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Sindiqu&amp;#237;mica&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. In October 2015, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Sindiqu&amp;#237;mica&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; filed enforcement lawsuits against &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Nordeste&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, in &lt;font&gt;2017&lt;/font&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; EMCA&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;because&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; these companies did not sign the agreement&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of &lt;font&gt;2010&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; with &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Sindiqu&amp;#237;mica&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;In addition to collective actions, individual &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;claims&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; containing the same object have been filed.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; In all the ongoing lawsuits whose object is the fourth clause, all applicable legal measures have been taken to defend companies and there are no&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; new final decisions in addition to those judged in favor of companies in the &lt;font&gt;1990&lt;/font&gt;s.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;c.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Lubricants operation between IPP and Chevron&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;In the process of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;transaction&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the lubricants&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;'&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; operation in Brazil between Chevron and subsidiary IPP, it was agreed that each shareholder is responsible for any claims arising out of acts, facts or omissions &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;that occurred &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;prior to the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;transaction&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he liability provisions of the Chevron shareholder in the amount of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;101,663&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;5,423&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of December 31, 201&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; are reflected in the consolidation of these&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; financial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. Additionally, in connection with the business combination, a provision in the amount of R$ &lt;font&gt;198,900&lt;/font&gt; was recognized on December 1, 2017 due &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;contingent liabilities&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, amounted &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;R$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;102,777&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; as&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (R$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;188,073&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of December 31, 201&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. The amounts of provisions of Chevron's liability &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;recognized in the business combination &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;will be reimbursed to subsidiary &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Iconic&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in the event of losses and an indemnity asset &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;was&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; hereby constituted in the same amount&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, without the need to establish a provision for uncollectible amounts&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;d. Exclusion of ICMS from the calculation basis of PIS and COFINS (contingent assets)&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;In March 15, 2017, STF decided that ICMS is not included in the PIS and COFINS basis. All subsidiaries &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of the Company &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;have actions aimed at obtaining this right, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as long as&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; applicable. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; subsidiaries &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; S.A., &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Extrafarma&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Tequimar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and Tropical&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; have final and unappealable decision, and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;management confirmed &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the respective subsidies to prove the amounts to be refunded &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and recorded in results&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (see Note &lt;font&gt;7&lt;/font&gt;.a.&lt;font&gt;3&lt;/font&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. As a result of injunctions obtained, some subsidiaries have already excluded ICMS from the PIS and COFINS calculation base in the amount of R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;215,365&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; until &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt; (R$ &lt;font&gt;141,618&lt;/font&gt; as of December 31, 2019)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. The amounts to be recovered&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; from the other subsidiaries will be recognized to the extent that, there are &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;both &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the final and unappealable decision of the individual action and confirmation of the evidences.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Company's management emphasizes that it is possible for the STF to modulate the effects of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;its&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;judgment&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, either by restricting its effectiveness or determining when the decision will become effective, or by reinterpreting the value of ICMS to be excluded. After the decision of the STF has become final and unappealable, the Company's management will assess the impact on the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;claims&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of its subsidiaries, which may result in a reduction in the claimed tax credits.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfProvisionsExplanatory>
  <ifrs-full:NoncurrentAssets id="Tag2453" contextRef="I20201231_NordesteLogsticaIIMember" unitRef="BRL" decimals="-3">18005000</ifrs-full:NoncurrentAssets>
  <ifrs-full:Equity id="Tag2454" contextRef="I20191231_MetalurgicaPlusMember" unitRef="BRL" decimals="-3">416000</ifrs-full:Equity>
  <ugp:ShareOfProfitLossOfJointVentures id="Tag2455" contextRef="D20181231_UniaoVopakMember" unitRef="BRL" decimals="-3">-1350000</ugp:ShareOfProfitLossOfJointVentures>
  <ugp:PercentageOfCapitalHeld id="Tag2456" contextRef="D20201231_NordesteLogsticaIMember" unitRef="Pure" decimals="2">0.33</ugp:PercentageOfCapitalHeld>
  <ugp:SummaryOfBalancesOfEscrowDepositsTableTextBlock id="Tag2457" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Balances of escrow&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; deposits are as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 79px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 74%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Tax matters &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 12%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;789,624&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 12%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;753,810&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Labor litigation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;57,603&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;71,605&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Civil and other &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;102,569&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;96,028&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &amp;#8211; non-current assets &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;949,796&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;921,443&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ugp:SummaryOfBalancesOfEscrowDepositsTableTextBlock>
  <ugp:SummaryOfBreakdownOfProvisionsByNatureTableTextBlock id="Tag2458" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The table below demonstrates the breakdown of provisions by nature and its movement:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 157px; margin: 0px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.9223%; text-indent: 0px;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; text-align: left; width: 37.5291%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Provisions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.9425%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Additions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.9425%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Reversals &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.0101%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.932401%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Payments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 0.97125%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.97125%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Interest &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.0101%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; text-align: left; width: 37.5291%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; IRPJ and CSLL (a&lt;font&gt;.1.1&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;541,281&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.9425%; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.9425%; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;537&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.0101%; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.932401%; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.97125%; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.97125%; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,118&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.0101%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 8.93551%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;547,862&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; text-align: left; width: 37.5291%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; PIS and COFINS &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,155&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.9425%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.9425%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;10,264&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.0101%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.932401%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.97125%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.97125%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;109&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.0101%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; text-align: left; background-color: #cceeff; width: 37.5291%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; ICMS &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;96,472&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.9425%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15,580&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.9425%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.0101%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.932401%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,085&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 0.97125%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.97125%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;601&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.0101%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;108,568&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; text-align: left; width: 37.5291%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Civil, environmental and regulatory claims (a&lt;font&gt;.2.1&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;85,855&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.9425%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.9425%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,070&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.0101%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.932401%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;24,199&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.97125%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.97125%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;186&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.0101%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;57,772&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; text-align: left; background-color: #cceeff; width: 37.5291%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Labor litigation (a&lt;font&gt;.3.1&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;98,010&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.9425%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,382&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.9425%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.0101%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.932401%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;17,083&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 0.97125%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.97125%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,366&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.0101%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;90,675&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; text-align: left; width: 37.5291%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Others &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;92,822&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.9425%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.9425%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;254&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.0101%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.932401%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.97125%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.97125%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;600&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.0101%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;93,168&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; text-align: left; background-color: #cceeff; width: 37.5291%;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;924,595&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(204, 238, 255); width: 1.9425%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;21,962&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(204, 238, 255); width: 1.9425%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;15,125&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(204, 238, 255); width: 1.0101%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.932401%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;45,367&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(204, 238, 255); width: 0.97125%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.97125%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;11,980&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.0101%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;898,045&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; text-align: left; width: 37.5291%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;40,455&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.9425%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.9425%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.0101%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.932401%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 0.97125%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.97125%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.0101%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;43,660&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; text-align: left; background-color: #cceeff; width: 37.5291%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Non-current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;884,140&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.9425%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.9425%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.0101%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.932401%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 0.97125%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.97125%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.0101%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.93551%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;854,385&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
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  <ifrs-full:DisclosureOfReconciliationOfSummarisedFinancialInformationOfAssociateAccountedForUsingEquityMethodToCarryingAmountOfInterestInAssociateExplanatory id="Tag2525" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Balances and changes in associates are as follows:&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 198px; width: 100%;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Transportadora &lt;br/&gt;Sulbrasileira de &lt;br/&gt;G&amp;#225;s S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Oxicap &lt;br/&gt;Ind&amp;#250;stria &lt;br/&gt;de Gases &lt;br/&gt;Ltda. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Qu&amp;#237;mica da &lt;br/&gt;Bahia Ind&amp;#250;stria &lt;br/&gt;e Com&amp;#233;rcio &lt;br/&gt;S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Metal&amp;#250;rgica &lt;br/&gt;Plus S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Plenog&amp;#225;s &lt;br/&gt;Distribuidora &lt;br/&gt;de G&amp;#225;s S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt;Total&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 40%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2017 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,348&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; padding: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;14,458&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; padding: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,618&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; padding: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;340&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; padding: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;577&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; padding: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;25,341&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; padding: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Capital reduction &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,250&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; text-align: left;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right; padding: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right; padding: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right; padding: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right; padding: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right; padding: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,250&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; text-align: left; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Dividends &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;984&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; height: 17px; padding: 0px; text-align: left;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; padding: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; padding: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; padding: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; padding: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;236&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; height: 17px; padding: 0px; text-align: left;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; padding: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,220&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; padding: 0px; text-align: left; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Share of profit (loss) of associates &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;575&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right; padding: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;908&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right; padding: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;28&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; text-align: left;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right; padding: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;112&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; text-align: left;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right; padding: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;124&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right; padding: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,467&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; text-align: right; padding: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,689&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15,366&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,590&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;228&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;465&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;24,338&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Dividends &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;818&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;87&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;905&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Share of profit (loss) of associates &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,790&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;568&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;36&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;90&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;85&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,317&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,661&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15,934&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,554&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;138&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;463&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;25,750&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Dividends &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,357&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,357&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Share of profit (loss) of associates &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,846&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;414&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;12&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;91&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;38&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,195&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,150&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16,348&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,542&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;47&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;501&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;25,588&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfReconciliationOfSummarisedFinancialInformationOfAssociateAccountedForUsingEquityMethodToCarryingAmountOfInterestInAssociateExplanatory>
  <ugp:NumberOfSharesOrUnitsHeld id="Tag2526" contextRef="D20191231_RPRMember" unitRef="Shares" decimals="0">5078888</ugp:NumberOfSharesOrUnitsHeld>
  <ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests id="Tag2527" contextRef="D20191231_QuimicaDaBahiaIndustriaEcomercioMember" unitRef="Pure" decimals="2">0.50</ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests>
  <ugp:SharesOrUnitsHeld id="Tag2528" contextRef="D20191231_QuimicaDaBahiaIndustriaEcomercioMember" unitRef="Shares" decimals="0">1493120</ugp:SharesOrUnitsHeld>
  <ugp:SharesOrUnitsHeld id="Tag2529" contextRef="D20181231_PlenogasDistribuidoraDeGasMember" unitRef="Shares" decimals="0">1384308</ugp:SharesOrUnitsHeld>
  <ugp:NetFinancialIncomeAndIncomeAndSocialContributionTaxes id="Tag2530" contextRef="D20191231_QuimicaDaBahiaIndustriaEcomercioMember" unitRef="BRL" decimals="-3">12000</ugp:NetFinancialIncomeAndIncomeAndSocialContributionTaxes>
  <ifrs-full:OtherOperatingIncomeExpense id="Tag2531" contextRef="D20191231_QuimicaDaBahiaIndustriaEcomercioMember" unitRef="BRL" decimals="-3">-84000</ifrs-full:OtherOperatingIncomeExpense>
  <ifrs-full:Equity id="Tag2532" contextRef="I20191231_QuimicaDaBahiaIndustriaEcomercioMember" unitRef="BRL" decimals="-3">7108000</ifrs-full:Equity>
  <ugp:NumberOfSharesOrUnitsHeld id="Tag2533" contextRef="D20201231_NordesteLogsticaIMember" unitRef="Shares" decimals="0">681637</ugp:NumberOfSharesOrUnitsHeld>
  <ifrs-full:NoncurrentLiabilities id="Tag2534" contextRef="I20191231_QuimicaDaBahiaIndustriaEcomercioMember" unitRef="BRL" decimals="-3">3110000</ifrs-full:NoncurrentLiabilities>
  <ifrs-full:CurrentAssets id="Tag2535" contextRef="I20191231_QuimicaDaBahiaIndustriaEcomercioMember" unitRef="BRL" decimals="-3">71000</ifrs-full:CurrentAssets>
  <ifrs-full:InvestmentsInJointVentures id="Tag2536" contextRef="I20191231_UniaoVopakMember" unitRef="BRL" decimals="-3">7342000</ifrs-full:InvestmentsInJointVentures>
  <ugp:SharesOrUnitsHeld id="Tag2537" contextRef="D20191231_OxicapIndustriaDeGasesMember" unitRef="Shares" decimals="0">1987</ugp:SharesOrUnitsHeld>
  <ifrs-full:ProfitLoss id="Tag2538" contextRef="D20191231_OxicapIndustriaDeGasesMember" unitRef="BRL" decimals="-3">4189000</ifrs-full:ProfitLoss>
  <ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory id="Tag2539" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The table below presents the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;stat&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;e&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ments of financial position&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements of profit or loss&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of associates: &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 207px; margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="13" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Transportadora &lt;br/&gt;Sulbrasileira de &lt;br/&gt;G&amp;#225;s S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Oxicap &lt;br/&gt;Ind&amp;#250;stria de &lt;br/&gt;Gases Ltda. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Qu&amp;#237;mica da Bahia &lt;br/&gt;Ind&amp;#250;stria e &lt;br/&gt;Com&amp;#233;rcio S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Metal&amp;#250;rgica &lt;br/&gt;Plus S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Plenog&amp;#225;s &lt;br/&gt;Distribuidora de &lt;br/&gt;G&amp;#225;s S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 51%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,570&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;65,136&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;47&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;58&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;352&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Non-current assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;12,822&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;77,339&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,146&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;414&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,196&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,189&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;26,116&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;28&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;154&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Non-current liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;602&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,994&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,109&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;302&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;890&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Equity &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;20,601&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;108,365&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,084&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;142&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,504&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net revenue from sales and services &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;14,295&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;58,677&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Costs, operating expenses and income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;6,475&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;54,163&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;24&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;212&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;396&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net finance income and income and social contribution taxes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;437&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,770&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;60&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;39&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net income (loss) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,383&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,744&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;24&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;272&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;357&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Number of shares or units held &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;20,124,996&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,987&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,493,120&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,384,308&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; % of capital held &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;25&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;50&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 237px; margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="13" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 47px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 47px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 47px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Transportadora &lt;br/&gt;Sulbrasileira de &lt;br/&gt;G&amp;#225;s S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 47px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 47px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Oxicap &lt;br/&gt;Ind&amp;#250;stria de &lt;br/&gt;Gases Ltda. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 47px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 47px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Qu&amp;#237;mica da Bahia &lt;br/&gt;Ind&amp;#250;stria e &lt;br/&gt;Com&amp;#233;rcio S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 47px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 47px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Metal&amp;#250;rgica &lt;br/&gt;Plus S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 47px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 47px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Plenog&amp;#225;s &lt;br/&gt;Distribuidora de &lt;br/&gt;G&amp;#225;s S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 51%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;12,172&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;45,178&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;71&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;40&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;151&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Non-current assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;14,041&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;84,705&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,147&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;703&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,440&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,944&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;11,041&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;25&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;34&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Non-current liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;626&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,634&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,110&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;302&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,167&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Equity &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;22,643&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;109,208&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,108&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;416&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,390&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net revenue from sales and services &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;12,348&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;43,463&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Costs, operating expenses and income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,815&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;36,791&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;84&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;213&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;285&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net finance income and income and social contribution taxes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;157&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,483&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;12&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;57&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;29&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net income (loss) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,376&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,189&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;72&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;270&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;256&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Number of shares or units held &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;20,124,996&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,987&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,493,120&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,384,308&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; % of capital held &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;25&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;50&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 151px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 19px;"&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="13" style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 36px;"&gt;
&lt;td style="vertical-align: bottom; height: 36px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 36px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Transportadora&lt;br/&gt;Sulbrasileira de &lt;br/&gt;G&amp;#225;s S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 36px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 36px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Oxicap &lt;br/&gt;Ind&amp;#250;stria de &lt;br/&gt;Gases Ltda. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 36px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 36px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Qu&amp;#237;mica da Bahia&lt;br/&gt;Ind&amp;#250;stria e &lt;br/&gt;Com&amp;#233;rcio S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 36px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 36px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Metal&amp;#250;rgica &lt;br/&gt;Plus S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 36px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 36px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Plenog&amp;#225;s &lt;br/&gt;Distribuidora de &lt;br/&gt;G&amp;#225;s S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px; background-color: #cceeff;"&gt;
&lt;td style="vertical-align: top; height: 19px; background-color: #cceeff; width: 51%;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net revenue from sales and services &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,595&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;53,288&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px;"&gt;
&lt;td style="vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Costs, operating expenses and income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;7,957&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;43,814&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;78&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;266&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;399&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="vertical-align: top; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net finance income and income and social contribution taxes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;211&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;3,453&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;22&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;69&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;27&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px;"&gt;
&lt;td style="vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net income (loss) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,427&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;56&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;335&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;372&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Number of shares or units held &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;20,124,996&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,987&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,493,120&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,384,308&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px;"&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; % of capital held &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;25&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;50&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory>
  <ugp:IntangibleAssets id="Tag2540" contextRef="I20201231_ProvisionForLossesAndImpairmentMember" unitRef="BRL" decimals="-3">-593280000</ugp:IntangibleAssets>
  <ugp:IntangibleAssets id="Tag2541" contextRef="I20191231_IntangibleAssetsCostMember_CommercialPropertyRightsMember" unitRef="BRL" decimals="-3">7934000</ugp:IntangibleAssets>
  <ugp:IntangibleAssets id="Tag2542" contextRef="I20191231_IntangibleAssetsCostMember_SoftwareMember" unitRef="BRL" decimals="-3">1210529000</ugp:IntangibleAssets>
  <ugp:IntangibleAssets id="Tag2543" contextRef="I20181231_IntangibleAssetsCostMember_TechnologyMember" unitRef="BRL" decimals="-3">32617000</ugp:IntangibleAssets>
  <ugp:IntangibleAssets id="Tag2544" contextRef="I20171231_IntangibleAssetsAccumulatedAmortizationMember_TechnologyMember" unitRef="BRL" decimals="-3">-32541000</ugp:IntangibleAssets>
  <ugp:IntangibleAssetsWriteOffsAndDisposals id="Tag2545" contextRef="D20191231_IntangibleAssetsCostMember_CommercialPropertyRightsMember" unitRef="BRL" decimals="-3">2403000</ugp:IntangibleAssetsWriteOffsAndDisposals>
  <ugp:IntangibleAssets id="Tag2546" contextRef="I20181231_IntangibleAssetsAccumulatedAmortizationMember" unitRef="BRL" decimals="-3">-736501000</ugp:IntangibleAssets>
  <ugp:IntangibleAssets id="Tag2547" contextRef="I20191231_ProvisionForLossesAndImpairmentMember" unitRef="BRL" decimals="-3">-593745000</ugp:IntangibleAssets>
  <ugp:IntangibleAssetsAmortization id="Tag2548" contextRef="D20191231_IntangibleAssetsAccumulatedAmortizationMember_OtherIntangibleAssetsMember" unitRef="BRL" decimals="-3">105000</ugp:IntangibleAssetsAmortization>
  <ugp:IntangibleAssetsWriteOffsAndDisposals id="Tag2549" contextRef="D20181231_IntangibleAssetsAccumulatedAmortizationMember_SoftwareMember" unitRef="BRL" decimals="-3">-28000</ugp:IntangibleAssetsWriteOffsAndDisposals>
  <ugp:IntangibleAssets id="Tag2550" contextRef="I20181231_IntangibleAssetsCostMember" unitRef="BRL" decimals="-3">3105856000</ugp:IntangibleAssets>
  <ugp:IntangibleAssetsAmortization id="Tag2551" contextRef="D20181231_IntangibleAssetsAccumulatedAmortizationMember_TechnologyMember" unitRef="BRL" decimals="-3">72000</ugp:IntangibleAssetsAmortization>
  <ugp:IntangibleAssetsAdditions id="Tag2552" contextRef="D20181231_IntangibleAssetsCostMember_CommercialPropertyRightsMember" unitRef="BRL" decimals="-3">11117000</ugp:IntangibleAssetsAdditions>
  <ugp:IntangibleAssets id="Tag2553" contextRef="I20191231_IntangibleAssetsCostMember_DistributionRightsAssetMember" unitRef="BRL" decimals="-3">133599000</ugp:IntangibleAssets>
  <ugp:IntangibleAssetsAmortization id="Tag2554" contextRef="D20201231_IntangibleAssetsAccumulatedAmortizationMember_SoftwareMember" unitRef="BRL" decimals="-3">175144000</ugp:IntangibleAssetsAmortization>
  <ugp:SummaryOfAmortizationExpensesTableTextBlock id="Tag2555" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The amortization expenses were recognized in the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;financial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as shown below:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 84%; margin-right: auto;" width="84%"&gt;

&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 66%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Inventories and cost of products and services sold &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,575&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;11,183&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; width: 2%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; width: 10%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15,044&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Selling and marketing &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,825&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,872&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8,920&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; General and administrative &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;165,281&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;105,437&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #cceeff; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;75,370&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 13.5pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;182,681&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;120,492&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom: 2.8pt double #000000; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;99,334&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ugp:SummaryOfAmortizationExpensesTableTextBlock>
  <ugp:NetFinancialIncomeAndIncomeAndSocialContributionTaxes id="Tag2556" contextRef="D20191231_OxicapIndustriaDeGasesMember" unitRef="BRL" decimals="-3">-2483000</ugp:NetFinancialIncomeAndIncomeAndSocialContributionTaxes>
  <ifrs-full:OtherOperatingIncomeExpense id="Tag2557" contextRef="D20191231_OxicapIndustriaDeGasesMember" unitRef="BRL" decimals="-3">-36791000</ifrs-full:OtherOperatingIncomeExpense>
  <ifrs-full:Revenue id="Tag2558" contextRef="D20191231_OxicapIndustriaDeGasesMember" unitRef="BRL" decimals="-3">43463000</ifrs-full:Revenue>
  <ifrs-full:Equity id="Tag2559" contextRef="I20191231_OxicapIndustriaDeGasesMember" unitRef="BRL" decimals="-3">109208000</ifrs-full:Equity>
  <ifrs-full:NoncurrentLiabilities id="Tag2560" contextRef="I20191231_OxicapIndustriaDeGasesMember" unitRef="BRL" decimals="-3">9634000</ifrs-full:NoncurrentLiabilities>
  <ugp:ShareOfProfitLossOfAssociates id="Tag2561" contextRef="D20201231_QuimicaDaBahiaIndustriaEcomercioMember" unitRef="BRL" decimals="-3">12000</ugp:ShareOfProfitLossOfAssociates>
  <ugp:ShareOfProfitLossOfAssociates id="Tag2562" contextRef="D20191231_OxicapIndustriaDeGasesMember" unitRef="BRL" decimals="-3">-568000</ugp:ShareOfProfitLossOfAssociates>
  <ifrs-full:CurrentAssets id="Tag2563" contextRef="I20191231_RPRMember" unitRef="BRL" decimals="-3">428880000</ifrs-full:CurrentAssets>
  <ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests id="Tag2564" contextRef="D20191231_TransportadoraSulbrasileiraDeGasMember" unitRef="Pure" decimals="2">0.25</ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests>
  <ugp:SharesOrUnitsHeld id="Tag2565" contextRef="D20191231_TransportadoraSulbrasileiraDeGasMember" unitRef="Shares" decimals="0">20124996</ugp:SharesOrUnitsHeld>
  <ugp:ShareOfProfitLossOfJointVentures id="Tag2566" contextRef="D20201231_UniaoVopakMember" unitRef="BRL" decimals="-3">-392000</ugp:ShareOfProfitLossOfJointVentures>
  <ifrs-full:Revenue id="Tag2567" contextRef="D20201231_ConnectCarMember" unitRef="BRL" decimals="-3">91096000</ifrs-full:Revenue>
  <ifrs-full:OtherOperatingIncomeExpense id="Tag2568" contextRef="D20191231_TransportadoraSulbrasileiraDeGasMember" unitRef="BRL" decimals="-3">-4815000</ifrs-full:OtherOperatingIncomeExpense>
  <ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities id="Tag2569" contextRef="D20181231_LatitudeLogsticaMember" unitRef="BRL" decimals="-3">0</ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities>
  <ifrs-full:Equity id="Tag2570" contextRef="I20191231_TransportadoraSulbrasileiraDeGasMember" unitRef="BRL" decimals="-3">22643000</ifrs-full:Equity>
  <ugp:AcquisitionsThroughBusinessCombinationsGoodwill id="Tag2571" contextRef="D20201231_TemmarMember" unitRef="BRL" decimals="-3">43781000</ugp:AcquisitionsThroughBusinessCombinationsGoodwill>
  <ugp:IntangibleAssetsAmortization id="Tag2572" contextRef="D20191231_IntangibleAssetsAccumulatedAmortizationMember_DistributionRightsAssetMember" unitRef="BRL" decimals="-3">6511000</ugp:IntangibleAssetsAmortization>
  <ugp:IntangibleAssetsWriteOffsAndDisposals id="Tag2573" contextRef="D20201231_IntangibleAssetsCostMember" unitRef="BRL" decimals="-3">138854000</ugp:IntangibleAssetsWriteOffsAndDisposals>
  <ifrs-full:RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019 id="Tag2574" contextRef="D20181231_IntangibleAssetsCostMember_SoftwareMember">P5Y</ifrs-full:RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019>
  <ugp:IntangibleAssetsWriteOffsOfOxitenoAndina id="Tag2575" contextRef="D20191231_IntangibleAssetsCostMember_SoftwareMember" unitRef="BRL" decimals="-3">-281000</ugp:IntangibleAssetsWriteOffsOfOxitenoAndina>
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  <ugp:NetFinancialIncomeAndIncomeAndSocialContributionTaxes id="Tag2833" contextRef="D20191231_RPRMember" unitRef="BRL" decimals="-3">6237000</ugp:NetFinancialIncomeAndIncomeAndSocialContributionTaxes>
  <ugp:OperatingExpenseAndIncomeCosts id="Tag2834" contextRef="D20191231_RPRMember" unitRef="BRL" decimals="-3">-2130323000</ugp:OperatingExpenseAndIncomeCosts>
  <ifrs-full:Revenue id="Tag2835" contextRef="D20191231_RPRMember" unitRef="BRL" decimals="-3">2156432000</ifrs-full:Revenue>
  <ugp:PercentageOfCapitalHeld id="Tag2836" contextRef="D20181231_UniaoVopakMember" unitRef="Pure" decimals="2">0.50</ugp:PercentageOfCapitalHeld>
  <ugp:OperatingExpenseAndIncomeCosts id="Tag2837" contextRef="D20201231_NordesteLogsticaIIIMember" unitRef="BRL" decimals="-3">1878000</ugp:OperatingExpenseAndIncomeCosts>
  <ifrs-full:CurrentLiabilities id="Tag2838" contextRef="I20191231_RPRMember" unitRef="BRL" decimals="-3">418289000</ifrs-full:CurrentLiabilities>
  <ifrs-full:NoncurrentAssets id="Tag2839" contextRef="I20191231_RPRMember" unitRef="BRL" decimals="-3">133565000</ifrs-full:NoncurrentAssets>
  <ugp:CapitalIncreaseJointVentures id="Tag2840" contextRef="D20191231_LatitudeLogsticaMember" unitRef="BRL" decimals="-3">10351000</ugp:CapitalIncreaseJointVentures>
  <ugp:PercentageOfCapitalHeld id="Tag2841" contextRef="D20191231_UniaoVopakMember" unitRef="Pure" decimals="2">0.50</ugp:PercentageOfCapitalHeld>
  <ifrs-full:ProfitLoss id="Tag2842" contextRef="D20191231_MetalurgicaPlusMember" unitRef="BRL" decimals="-3">-270000</ifrs-full:ProfitLoss>
  <ifrs-full:ProfitLoss id="Tag2843" contextRef="D20191231_UniaoVopakMember" unitRef="BRL" decimals="-3">2740000</ifrs-full:ProfitLoss>
  <ifrs-full:ProfitLoss id="Tag2844" contextRef="D20181231_MetalurgicaPlusMember" unitRef="BRL" decimals="-3">-335000</ifrs-full:ProfitLoss>
  <ugp:OperatingExpenseAndIncomeCosts id="Tag2845" contextRef="D20191231_UniaoVopakMember" unitRef="BRL" decimals="-3">-12083000</ugp:OperatingExpenseAndIncomeCosts>
  <ifrs-full:Revenue id="Tag2846" contextRef="D20191231_UniaoVopakMember" unitRef="BRL" decimals="-3">15400000</ifrs-full:Revenue>
  <ifrs-full:Equity id="Tag2847" contextRef="I20191231_UniaoVopakMember" unitRef="BRL" decimals="-3">14684000</ifrs-full:Equity>
  <ifrs-full:NoncurrentLiabilities id="Tag2848" contextRef="I20191231_UniaoVopakMember" unitRef="BRL" decimals="-3">200000</ifrs-full:NoncurrentLiabilities>
  <ugp:SummaryOfBalancesOfGoodwillTableTextBlock id="Tag2849" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The balance &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of the goodwill &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;is tested annually for impairment&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;is represented by&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the following &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;acquisitions&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 295px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.7357%; margin-left: auto; margin-right: auto;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Segment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Goodwill on the acquisition of: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 67%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Extrafarma &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Extrafarma&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;661,553&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;661,553&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Extrafarma &amp;#8211; impairment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Extrafarma&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;593,280&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;593,280&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Extrafarma &amp;#8211; net &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Extrafarma&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;68,273&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;68,273&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 22px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 22px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ipiranga&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 22px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Ipiranga&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 22px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;276,724&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 22px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 22px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;276,724&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Uni&amp;#227;o Terminais &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Ultracargo&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;211,089&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;211,089&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Texaco &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Ipiranga&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;177,759&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;177,759&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Iconic (CBLSA) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Ipiranga&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;69,807&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;69,807&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Oxiteno Uruguay &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Oxiteno&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;44,856&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;44,856&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Temmar &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Ultracargo&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;43,781&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;43,781&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; DNP &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Ipiranga&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;24,736&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;24,736&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Repsol &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Ultragaz&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;13,403&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;13,403&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; TEAS &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Ultracargo&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;797&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;797&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Others &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Oxiteno&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;583&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;583&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;931,808&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;931,808&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/sup&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Including R$ &lt;font&gt;246,163&lt;/font&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;at&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ultrapar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ugp:SummaryOfBalancesOfGoodwillTableTextBlock>
  <ifrs-full:OtherOperatingIncomeExpense id="Tag2850" contextRef="D20181231_PlenogasDistribuidoraDeGasMember" unitRef="BRL" decimals="-3">399000</ifrs-full:OtherOperatingIncomeExpense>
  <ifrs-full:NoncurrentAssets id="Tag2851" contextRef="I20191231_UniaoVopakMember" unitRef="BRL" decimals="-3">9182000</ifrs-full:NoncurrentAssets>
  <ifrs-full:Equity id="Tag2852" contextRef="I20201231_NordesteLogsticaIIMember" unitRef="BRL" decimals="-3">23027000</ifrs-full:Equity>
  <ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities id="Tag2853" contextRef="D20191231_3" unitRef="BRL" decimals="-3">5769000</ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities>
  <ugp:ShareOfProfitLossOfJointVentures id="Tag2854" contextRef="D20201231_NordesteLogsticaIIIMember" unitRef="BRL" decimals="-3">-626000</ugp:ShareOfProfitLossOfJointVentures>
  <ugp:TransferToProvisionForShortTermLiabilitiesRelatedToJointVentures id="Tag2855" contextRef="D20201231_RPRMember" unitRef="BRL" decimals="-3">2096000</ugp:TransferToProvisionForShortTermLiabilitiesRelatedToJointVentures>
  <ugp:ShareOfProfitLossOfJointVentures id="Tag2856" contextRef="D20201231_NordesteLogsticaIMember" unitRef="BRL" decimals="-3">1409000</ugp:ShareOfProfitLossOfJointVentures>
  <ugp:IntangibleAssets id="Tag2857" contextRef="I20181231_IntangibleAssetsCostMember_TrademarkRightsMember" unitRef="BRL" decimals="-3">114792000</ugp:IntangibleAssets>
  <ugp:IntangibleAssetsEffectOfForeignCurrencyExchangeRateVariation id="Tag2858" contextRef="D20191231_IntangibleAssetsAccumulatedAmortizationMember_SoftwareMember" unitRef="BRL" decimals="-3">998000</ugp:IntangibleAssetsEffectOfForeignCurrencyExchangeRateVariation>
  <ugp:IntangibleAssetsWriteOffsAndDisposals id="Tag2859" contextRef="D20181231_IntangibleAssetsAccumulatedAmortizationMember_CommercialPropertyRightsMember" unitRef="BRL" decimals="-3">-2040000</ugp:IntangibleAssetsWriteOffsAndDisposals>
  <ugp:IntangibleAssetsWriteOffsAndDisposals id="Tag2860" contextRef="D20191231_IntangibleAssetsCostMember" unitRef="BRL" decimals="-3">3187000</ugp:IntangibleAssetsWriteOffsAndDisposals>
  <ugp:IntangibleAssetsAmortization id="Tag2861" contextRef="D20201231_IntangibleAssetsAccumulatedAmortizationMember_OtherIntangibleAssetsMember" unitRef="BRL" decimals="-3">121000</ugp:IntangibleAssetsAmortization>
  <ugp:IntangibleAssets id="Tag2862" contextRef="I20201231_IntangibleAssetsAccumulatedAmortizationMember_TechnologyMember" unitRef="BRL" decimals="-3">-32616000</ugp:IntangibleAssets>
  <ugp:IntangibleAssetsAdditions id="Tag2863" contextRef="D20191231_IntangibleAssetsCostMember_SoftwareMember" unitRef="BRL" decimals="-3">145004000</ugp:IntangibleAssetsAdditions>
  <ugp:AcquisitionsThroughBusinessCombinationsGoodwill id="Tag2864" contextRef="D20191231_TexacoMember" unitRef="BRL" decimals="-3">177759000</ugp:AcquisitionsThroughBusinessCombinationsGoodwill>
  <ifrs-full:DisclosureOfCommitmentsExplanatory id="Tag2865" contextRef="D20201231_3">&lt;div&gt;
&lt;h1 style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 12pt; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;34&lt;/font&gt;. Commitments&lt;/font&gt;&lt;/h1&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;a. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Contracts&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;a.&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Subsidiary &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Tequimar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; has agreements with CODEBA&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;with the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Complexo&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Industrial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Portu&amp;#225;rio&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Governador &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Eraldo&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Gueiros&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and with the company &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Empresa&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Maranhense&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; de &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Administra&amp;#231;&amp;#227;o&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Portu&amp;#225;ria&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in connection with its port facilities in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Aratu&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Suape&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Itaqui&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, respectively.&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;Such agreements establish a minimum cargo movement of products, as shown below:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 95px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Port &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px; text-align: right;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Minimum movement per year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px; text-align: right;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Maturity &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 60%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Aratu&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 10px; text-align: right; background-color: #cceeff; width: 20%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;900,000&lt;/font&gt; ton. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 10px; text-align: right; background-color: #cceeff; width: 20%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2022&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Suape&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px; text-align: right;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;250,000&lt;/font&gt; ton. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px; text-align: right;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2027&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Suape&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;400,000&lt;/font&gt; ton. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2029&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Aratu&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px; text-align: right;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;397,000&lt;/font&gt; ton. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px; text-align: right;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2031&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Itaqui&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,222,377&lt;/font&gt; m&amp;#179; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px; text-align: right; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2049&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;If the annual movement is less than the minimum contractual movement, the subsidiary is liable to pay the difference between the effective movement and the minimum contractual movement, based on the port &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;tariff rates in effect on the date established for payment. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;As of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, these rates were R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;8.37&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2.67&lt;/font&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; per ton for &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Aratu&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Suape&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;respectively&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and R$ &lt;font&gt;0.78&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; per m&amp;#179; for &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Itaqui&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;According to contractual conditions and tolerances, there are not material pending&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; issues&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;regarding the minimum purchase&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;limits of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;contract&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;a.&lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Subsidiary &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;S.A. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;has a supply agreement with Braskem S.A. which establishes&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and regulates&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;conditions for the supply of ethylene&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; based on the international market for this product&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;These contracts establish a minimum commitment to according to the table below:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 44px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Plant &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Minimum purchase (tons) per year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Maturity &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 10px; width: 60%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cama&amp;#231;ari &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 10px; width: 20%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;205,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 10px; width: 20%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Mau&amp;#225; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;44,100&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2023&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Should the minimum purchase commitment not be met, the subsidiary would be liable for a fine based on the current ethylene price for the quantity not purchased. According to contractual conditions and tolerances, there are no material issues regarding the minimum purchase commitment.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;b. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Insurance &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;c&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;overage&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Company &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;is supported by &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;insurance policies with the objective of covering several risks to which it is exposed, including &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;loss of profits, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;losses &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and damage &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;from&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; fire, lightning, explosion of any kind, gale, aircraft crash, electric damage, and other risks, covering the industrial plants and distribution bases and branches of all subsidiaries.&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font style="border-right: none; border-left: none; font-size: 10pt;"&gt;&lt;font&gt;The maximum compensation values based on the risk analysis of certain locations are shown below:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 112px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-left: auto; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="width: 52.8727%; vertical-align: bottom; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt;Maximum compensation value (*)&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 47.044%; vertical-align: top; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 44.9709%; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Oxiteno &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.90183%; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; US$ &lt;font&gt;1,142&lt;/font&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 47.044%; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (equivalent to R$ &lt;font&gt;5,935&lt;/font&gt; million as of 12/31/2020) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 44.9709%; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ipiranga &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.90183%; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; R$ &lt;font&gt;1,530&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 47.044%; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 44.9709%; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultracargo &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.90183%; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; R$ &lt;font&gt;1,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 47.044%; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 44.9709%; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultragaz &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.90183%; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; R$ &lt;font&gt;272&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 47.044%; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 44.9709%; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Extrafarma &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.90183%; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; R$ &lt;font&gt;160&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 47.044%; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;*&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; In million&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;In accordance with&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;policy conditions.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The General Liability Insurance program covers the Company &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and its subsidiaries with a maximum aggregate coverage of US$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;250&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; million&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (equivalent to R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1,299&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; million as of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; against losses caused to third parties as a result of accidents related to commercial and industrial operations and/or distribution and sale of products and services.&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he Company &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;maintain&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; liability insurance policies&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; for directors&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and executive officers &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;to indemnify &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the members of the Board of Directors&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;F&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;iscal &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ouncil&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, directors&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;executive officers of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ultrapar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and its subsidiaries &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&amp;#8220;Insured&amp;#8221;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in the total amount of US$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;80&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; million&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (equivalent to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;416&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; million as of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, which cover &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;any &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Insured &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;liabilities resulting from wrongful acts, including any act or omission committed or attempted, except if the act, omission or the claim is consequence of gross negligence or willful misconduct.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;In addition, group life and personal accident, health and national and international transportation&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, cyber risks&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and other insurance policies are also maintained.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The coverage and limit of the insurance policies are based on a careful study of risks and losses conducted by independent insurance advisors&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;type of insurance is considered by management to be &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;sufficient&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; to cover potential losses based on the nature of the business conducted by the companies.&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;c. Area port lease&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;On March 22, 2019, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ultrapar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, through its subsidiary IPP, won the port concessions of &lt;font&gt;three&lt;/font&gt; areas with minimum storage capacity of &lt;font&gt;64&lt;/font&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;thousand m&amp;#179; (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;unaudited&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;located &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;at the port of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Cabedelo&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, in the state of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Para&amp;#237;ba&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, and &lt;font&gt;one&lt;/font&gt; area with minimum storage capacity of &lt;font&gt;66&lt;/font&gt; thousand m&amp;#179; (not reviewed) at the port of Vit&amp;#243;ria, in the state of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Esp&amp;#237;rito&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Santo, which will be designated for handling, storage and distribution of fuels.&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font&gt;These concessions were carried out by two consortiums of which IPP holds one third of the total participation. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;.&lt;/font&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;For the port of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Cabedelo&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, the companies &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Nordeste&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Log&amp;#237;stica&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; I, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Nordeste&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Log&amp;#237;stica&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; II and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Nordeste&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Log&amp;#237;stica&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; III were &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;incorporated, in partnership&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; with &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ra&amp;#237;zen&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Combust&amp;#237;vel&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; S.A. and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Petrobr&amp;#225;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Distribuidora&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; S.A. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;For the port of Vit&amp;#243;ria, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the company &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Navegantes&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;was &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;incorporated, in partnership&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; with &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ra&amp;#237;zen&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Combust&amp;#237;vel&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; S.A. and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Petrobr&amp;#225;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Distribuidora&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;S.A&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he total investments regarding IPP&amp;#8217;s stake sums up to R$&lt;font&gt;160&lt;/font&gt; million (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;unaudited&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) for a concession term of &lt;font&gt;25 years&lt;/font&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;On April 5, 2019, Company, through its subsidiary IPP and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Tequimar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, also won &lt;font&gt;three&lt;/font&gt; concessions. IPP won &lt;font&gt;two&lt;/font&gt; concessions&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in the port of Miramar, in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Bel&amp;#233;m&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, state of Par&amp;#225;: (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) area BEL&lt;font&gt;02&lt;/font&gt;A, through a consortium &lt;font&gt;50&lt;/font&gt;% owned by &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;IPP,that&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; shall have minimum storage capacity of &lt;font&gt;41&lt;/font&gt; thousand m&amp;#179;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (unaudited)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, and (ii) area BEL&lt;font&gt;04&lt;/font&gt;, which is currently operated by IPP with minimum storage capacity of &lt;font&gt;23&lt;/font&gt; thousand m&amp;#179;. Such areas will be operated for at least &lt;font&gt;15 years&lt;/font&gt;, according to the auction notice.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; For the area BEL&lt;font&gt;02&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;A&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, Latitude was &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;incorporated&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, together with &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Petr&amp;#243;leo&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Sabb&amp;#225;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;S.A.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;equimar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; won the concession of area VDC&lt;font&gt;12&lt;/font&gt; in the port of Vila do Conde, in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Barcarena&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, state of Par&amp;#225;. The minimum storage capacity will be &lt;font&gt;59&lt;/font&gt; thousand m&amp;#179;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (unaudited)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. The area will be operated by &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Tequi&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;m&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;for at least &lt;font&gt;25 years&lt;/font&gt;, according to the auction notice.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;For the area VDC&lt;font&gt;12&lt;/font&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Tequimar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Vila do Conde &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Log&amp;#237;stica&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Portu&amp;#225;ria&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; S.A. (&amp;#8220;Tequimar Vila do Conde&amp;#8221;)&amp;nbsp;was &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;incorporated&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (see Note &lt;font&gt;3&lt;/font&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;b&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he estimated investments regarding the participation of IPP and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Tequimar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; sums up to R$ &lt;font&gt;450&lt;/font&gt; million, approximately, to be disbursed throughout the next &lt;font&gt;five&lt;/font&gt; years&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;including the auction grants and the minimum investment required for these areas.&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfCommitmentsExplanatory>
  <ugp:MinimumCargoMovementPerYear id="Tag2866" contextRef="D20201231_CargoContractFiveMember">1,222,377</ugp:MinimumCargoMovementPerYear>
  <ugp:DescriptionOfPortConcessions id="Tag2867" contextRef="D20190322_AreaPortLeaseMember_IpirangaProdutosDepetroleoSaAndUltracargoMember">These concessions were carried out by two consortiums of which IPP holds one third of the total participation. </ugp:DescriptionOfPortConcessions>
  <ugp:CargoAgreementMaturity id="Tag2868" contextRef="D20201231_CargoContractOneMember">2022</ugp:CargoAgreementMaturity>
  <ugp:Minimumportstoragecapacity id="Tag2869" contextRef="D20190322_AreaPortLeaseMember_IpirangaProdutosdePetroleoSAMember_EspiritoSantoMember_PortOfVitoriaMember" unitRef="CubicMetre" decimals="-3">66000</ugp:Minimumportstoragecapacity>
  <ugp:CargoRatesPerTon id="Tag2870" contextRef="I20201231_ItaquiMember" unitRef="USD" decimals="2">0.78</ugp:CargoRatesPerTon>
  <ugp:DisclosureOfDepreciationExpenses id="Tag2871" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The depreciation expenses were recognized in the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;f&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;inancial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as shown below:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 79px; width: 99.8343%;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 65%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Inventories and cost of products and services sold &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;429,984&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;405,966&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; background-color: #cceeff; padding: 0px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding: 0px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;406,002&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; padding: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Selling and marketing &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;297,172&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;285,671&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;279,023&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; General and administrative &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;50,247&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;48,635&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; background-color: #cceeff; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;52,568&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;777,403&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;740,272&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;737,593&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ugp:DisclosureOfDepreciationExpenses>
  <ugp:CargoRatesPerTon id="Tag2872" contextRef="I20201231_SuapeMember" unitRef="USD" decimals="2">2.67</ugp:CargoRatesPerTon>
  <ifrs-full:IncomeArisingFromInsuranceContracts id="Tag2873" contextRef="D20201231_OxitenoMember" unitRef="USD" decimals="-3">1142000</ifrs-full:IncomeArisingFromInsuranceContracts>
  <ugp:MinimumCargoMovementPerYear id="Tag2874" contextRef="D20201231_CargoContractTwoMember">250,000</ugp:MinimumCargoMovementPerYear>
  <ugp:RightOfUseAssetsIncreaseDecreaseInRecognitionSurplus id="Tag2875" contextRef="D20191231_RightofuseAssetsMember_AccumulatedDepreciationAndAmortisationMember" unitRef="BRL" decimals="-3">117000</ugp:RightOfUseAssetsIncreaseDecreaseInRecognitionSurplus>
  <ifrs-full:LeaseLiabilities id="Tag2876" contextRef="I20201231" unitRef="BRL" decimals="-3">1833288000</ifrs-full:LeaseLiabilities>
  <ugp:AdditionsAndRemeasurementOfRightOfUseAsset id="Tag2877" contextRef="D20191231_RightofuseAssetsMember_GrossCarryingAmountMember" unitRef="BRL" decimals="-3">402864000</ugp:AdditionsAndRemeasurementOfRightOfUseAsset>
  <ugp:AdditionsAndRemeasurementOfRightOfUseAsset id="Tag2878" contextRef="D20191231_RightofuseAssetsMember_GrossCarryingAmountMember_RealEstateMember" unitRef="BRL" decimals="-3">308622000</ugp:AdditionsAndRemeasurementOfRightOfUseAsset>
  <ugp:IncreaseDecreaseThroughTransferOfRightOfUseAsset id="Tag2879" contextRef="D20191231_RightofuseAssetsMember" unitRef="BRL" decimals="-3">111822000</ugp:IncreaseDecreaseThroughTransferOfRightOfUseAsset>
  <ifrs-full:ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed id="Tag2880" contextRef="D20191231_3" unitRef="BRL" decimals="-3">11400000</ifrs-full:ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed>
  <ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory id="Tag2881" contextRef="D20201231_3">&lt;div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 316px; width: 100%;" width="100%"&gt;

&lt;tr style="height: 60px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Weighted &lt;br/&gt;average useful &lt;br/&gt;life (years) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Additions &lt;br/&gt;and remeasurement &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Write-offs &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Effect of foreign currency &lt;br/&gt;exchange rate variation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 31%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cost: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Real estate &lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,068,254&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;259,244&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;78,529&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,463&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,254,432&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Port area (i) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;20&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;68,007&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;200,527&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;268,534&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Vehicles &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;91,868&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;55,616&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;7,893&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;252&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;139,843&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Equipment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;31,822&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,833&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;572&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,853&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Others &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;27,846&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
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&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,287,797&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;523,220&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;86,994&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;11,568&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,735,591&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Accumulated amortization: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Real estate &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;256,430&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;46,282&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;697&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;271,130&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;481,975&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Port area (i) &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
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&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;3,962&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;)&lt;/td&gt;
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&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Vehicles &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;27,492&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,509&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;232&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;41,340&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;63,091&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Equipment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;7,600&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;572&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,996&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;10,595&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;19,619&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Others &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;15,363&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,295&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;16,658&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;306,885&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;52,363&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,461&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;328,322&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;585,305&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net amount &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,980,912&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;523,220&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;34,631&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,107&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;328,322&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,150,286&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 224px; width: 99.8343%;" width="100%"&gt;

&lt;tr style="height: 60px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; Weighted &lt;br/&gt;average useful&lt;br/&gt;life (years) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; Adoption &lt;br/&gt;IFRS &lt;font style="border-left: none; border-right: none;"&gt;16&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; Additions &lt;br/&gt;and&amp;nbsp;remeasurement &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; Write-offs &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; Transfer &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; Effect of foreign currency &lt;br/&gt;exchange rate variation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; Amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-weight: bold; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Balance on 12/3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;1/2019 &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 21%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cost: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Real estate &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,636,330&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;308,622&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;55,605&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;98,043&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;80,930&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,068,320&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Port area (i) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;68,007&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,682&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;36&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;262,750&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;256,032&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Others &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;442&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;14,068&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;81&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;37,308&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;50,853&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,124&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;14,068&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;117&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;300,058&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;306,885&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net amount &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,731,427&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;402,864&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;50,462&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;111,822&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;85,319&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;300,058&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,980,912&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) Refers to the area port lease, which R$ &lt;font&gt;68,007&lt;/font&gt; was paid by the Company&amp;#8217;s subsidiaries in the fourth quarter of &lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt; (see Note &lt;font style="border-left: none; border-right: none;"&gt;34&lt;/font&gt;.c).&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory>
  <ugp:ShareOfProfitLossOfJointVentures id="Tag2882" contextRef="D20201231_NavegantesLogsticaMember" unitRef="BRL" decimals="-3">1594000</ugp:ShareOfProfitLossOfJointVentures>
  <ugp:NetFinancialIncomeAndIncomeAndSocialContributionTaxes id="Tag2883" contextRef="D20191231_TransportadoraSulbrasileiraDeGasMember" unitRef="BRL" decimals="-3">-157000</ugp:NetFinancialIncomeAndIncomeAndSocialContributionTaxes>
  <ugp:ShareOfProfitLossOfJointVentures id="Tag2884" contextRef="D20201231_RPRMember" unitRef="BRL" decimals="-3">21788000</ugp:ShareOfProfitLossOfJointVentures>
  <ugp:NetFinancialIncomeAndIncomeAndSocialContributionTaxes id="Tag2885" contextRef="D20201231_UniaoVopakMember" unitRef="BRL" decimals="-3">-474000</ugp:NetFinancialIncomeAndIncomeAndSocialContributionTaxes>
  <ifrs-full:CurrentAssets id="Tag2886" contextRef="I20191231_TransportadoraSulbrasileiraDeGasMember" unitRef="BRL" decimals="-3">12172000</ifrs-full:CurrentAssets>
  <ugp:ValuationAdjustmentsJointVentures id="Tag2887" contextRef="D20201231_RPRMember" unitRef="BRL" decimals="-3">-1065000</ugp:ValuationAdjustmentsJointVentures>
  <ifrs-full:Revenue id="Tag2888" contextRef="D20201231_NordesteLogsticaIIIMember" unitRef="BRL" decimals="-3">0</ifrs-full:Revenue>
  <ugp:ShareOfProfitLossOfJointVentures id="Tag2889" contextRef="D20191231_ConnectCarMember" unitRef="BRL" decimals="-3">26572000</ugp:ShareOfProfitLossOfJointVentures>
  <ugp:InvestmentsInSubsidiariesInAssociates id="Tag2890" contextRef="I20181231_MetalurgicaPlusMember" unitRef="BRL" decimals="-3">228000</ugp:InvestmentsInSubsidiariesInAssociates>
  <ugp:ShareOfProfitLossOfJointVentures id="Tag2891" contextRef="D20191231_UniaoVopakMember" unitRef="BRL" decimals="-3">-1370000</ugp:ShareOfProfitLossOfJointVentures>
  <ugp:ValuationAdjustmentsJointVentures id="Tag2892" contextRef="D20191231_3" unitRef="BRL" decimals="-3">7771000</ugp:ValuationAdjustmentsJointVentures>
  <ifrs-full:DividendsReceivedFromAssociatesClassifiedAsInvestingActivities id="Tag2893" contextRef="D20201231_PlenogasDistribuidoraDeGasMember" unitRef="BRL" decimals="-3">0</ifrs-full:DividendsReceivedFromAssociatesClassifiedAsInvestingActivities>
  <ifrs-full:ProfitLoss id="Tag2894" contextRef="D20201231_NordesteLogsticaIIIMember" unitRef="BRL" decimals="-3">1878000</ifrs-full:ProfitLoss>
  <ugp:ShareOfProfitLossOfJointVentures id="Tag2895" contextRef="D20181231_ConnectCarMember" unitRef="BRL" decimals="-3">18744000</ugp:ShareOfProfitLossOfJointVentures>
  <ugp:ShareOfProfitLossOfJointVentures id="Tag2896" contextRef="D20181231_RPRMember" unitRef="BRL" decimals="-3">-1148000</ugp:ShareOfProfitLossOfJointVentures>
  <ifrs-full:NoncurrentAssets id="Tag2897" contextRef="I20201231_QuimicaDaBahiaIndustriaEcomercioMember" unitRef="BRL" decimals="-3">10146000</ifrs-full:NoncurrentAssets>
  <ugp:ValuationAdjustmentsJointVentures id="Tag2898" contextRef="D20181231" unitRef="BRL" decimals="-3">3704000</ugp:ValuationAdjustmentsJointVentures>
  <ifrs-full:CurrentLiabilities id="Tag2899" contextRef="I20201231_NordesteLogsticaIIIMember" unitRef="BRL" decimals="-3">6000</ifrs-full:CurrentLiabilities>
  <ugp:PercentageOfCapitalHeld id="Tag2900" contextRef="D20201231_NordesteLogsticaIIIMember" unitRef="Pure" decimals="2">0.33</ugp:PercentageOfCapitalHeld>
  <ifrs-full:CurrentAssets id="Tag2901" contextRef="I20191231_MetalurgicaPlusMember" unitRef="BRL" decimals="-3">40000</ifrs-full:CurrentAssets>
  <ugp:SharesOrUnitsHeld id="Tag2902" contextRef="D20181231_OxicapIndustriaDeGasesMember" unitRef="Shares" decimals="0">1987</ugp:SharesOrUnitsHeld>
  <ugp:ShareOfProfitLossOfAssociates id="Tag2903" contextRef="D20201231_OxicapIndustriaDeGasesMember" unitRef="BRL" decimals="-3">-414000</ugp:ShareOfProfitLossOfAssociates>
  <ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities id="Tag2904" contextRef="D20191231_LatitudeLogsticaMember" unitRef="BRL" decimals="-3">0</ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities>
  <ifrs-full:NoncurrentLiabilities id="Tag2905" contextRef="I20201231_NordesteLogsticaIIIMember" unitRef="BRL" decimals="-3">22877000</ifrs-full:NoncurrentLiabilities>
  <ifrs-full:CurrentLiabilities id="Tag2906" contextRef="I20191231_UniaoVopakMember" unitRef="BRL" decimals="-3">1116000</ifrs-full:CurrentLiabilities>
  <ugp:SummaryOfLoanAndDebentureMaturityTableTextBlock id="Tag2907" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;These loans mature, as follows&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;includes &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;accrued&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;interest &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;through&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-right: auto; height: 62px;" width="68%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Maturity &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 86%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; May/2021 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;204,328&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; May/2022 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;203,092&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;407,420&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ugp:SummaryOfLoanAndDebentureMaturityTableTextBlock>
  <ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates id="Tag2908" contextRef="I20190322_AreaPortLeaseMember_IpirangaProdutosdePetroleoSAMember" unitRef="BRL" decimals="-3">160000</ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates>
  <ugp:MinimumAnnualPurchaseOfMaua id="Tag2909" contextRef="D20201231_3" unitRef="Pure" decimals="INF">44100</ugp:MinimumAnnualPurchaseOfMaua>
  <ugp:MinimumAnnualPurchaseOfCamacari id="Tag2910" contextRef="D20201231_3" unitRef="Pure" decimals="INF">205000</ugp:MinimumAnnualPurchaseOfCamacari>
  <ugp:MinimumAnnualPurchasesTextBlock id="Tag2911" contextRef="D20201231_3">&lt;div&gt;These contracts establish a minimum commitment to according to the table below:
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 44px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Plant &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Minimum purchase (tons) per year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Maturity &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 10px; width: 60%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cama&amp;#231;ari &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 10px; width: 20%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;205,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 10px; width: 20%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Mau&amp;#225; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;44,100&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 2.15pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2023&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ugp:MinimumAnnualPurchasesTextBlock>
  <ugp:PeriodOfMaturityOfCommitmentOfCamacari id="Tag2912" contextRef="D20201231_3">2021</ugp:PeriodOfMaturityOfCommitmentOfCamacari>
  <ifrs-full:IncomeArisingFromInsuranceContracts id="Tag2913" contextRef="D20201231_ExtrafarmaMember" unitRef="BRL" decimals="-3">160000</ifrs-full:IncomeArisingFromInsuranceContracts>
  <ifrs-full:DisposalsPropertyPlantAndEquipment id="Tag2914" contextRef="D20191231_AccumulatedImpairmentMember_LeaseholdImprovementsMember" unitRef="BRL" decimals="-3">-111000</ifrs-full:DisposalsPropertyPlantAndEquipment>
  <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment id="Tag2915" contextRef="D20181231" unitRef="BRL" decimals="-3">1198613000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment id="Tag2916" contextRef="I20201231_GrossCarryingAmountMember_ConstructionInProgressMember" unitRef="BRL" decimals="-3">580695000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:DisposalsPropertyPlantAndEquipment id="Tag2917" contextRef="D20191231_AccumulatedDepreciationAndAmortisationMember_FurnitureMember" unitRef="BRL" decimals="-3">-2280000</ifrs-full:DisposalsPropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment id="Tag2918" contextRef="I20201231_GrossCarryingAmountMember_LPGTanksMember" unitRef="BRL" decimals="-3">776479000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment id="Tag2919" contextRef="D20191231_AccumulatedDepreciationAndAmortisationMember_LeaseholdImprovementsMember" unitRef="BRL" decimals="-3">84664000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment id="Tag2920" contextRef="D20201231_GrossCarryingAmountMember_VehiclesMember" unitRef="BRL" decimals="-3">22495000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
  <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment id="Tag2921" contextRef="D20191231_VehiclesMember_GrossCarryingAmountMember" unitRef="BRL" decimals="-3">24686000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
  <ifrs-full:NoncurrentAssets id="Tag2922" contextRef="I20201231_NordesteLogsticaIIIMember" unitRef="BRL" decimals="-3">30503000</ifrs-full:NoncurrentAssets>
  <ifrs-full:CurrentAssets id="Tag2923" contextRef="I20201231_NordesteLogsticaIIIMember" unitRef="BRL" decimals="-3">21513000</ifrs-full:CurrentAssets>
  <ugp:SharesOrUnitsHeld id="Tag2924" contextRef="D20181231_QuimicaDaBahiaIndustriaEcomercioMember" unitRef="Shares" decimals="0">1493120</ugp:SharesOrUnitsHeld>
  <ugp:NumberOfSharesOrUnitsHeld id="Tag2925" contextRef="D20201231_NordesteLogsticaIIMember" unitRef="Shares" decimals="0">3933265</ugp:NumberOfSharesOrUnitsHeld>
  <ugp:NetFinancialIncomeAndIncomeAndSocialContributionTaxes id="Tag2926" contextRef="D20201231_NordesteLogsticaIMember" unitRef="BRL" decimals="-3">0</ugp:NetFinancialIncomeAndIncomeAndSocialContributionTaxes>
  <ugp:OperatingExpenseAndIncomeCosts id="Tag2927" contextRef="D20201231_NordesteLogsticaIIMember" unitRef="BRL" decimals="-3">-1203000</ugp:OperatingExpenseAndIncomeCosts>
  <ugp:CapitalIncreaseJointVentures id="Tag2928" contextRef="D20191231_NordesteLogsticaIIIMember" unitRef="BRL" decimals="-3">4079000</ugp:CapitalIncreaseJointVentures>
  <ifrs-full:NoncurrentLiabilities id="Tag2929" contextRef="I20201231_NordesteLogsticaIIMember" unitRef="BRL" decimals="-3">13504000</ifrs-full:NoncurrentLiabilities>
  <ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities id="Tag2930" contextRef="D20201231_NavegantesLogsticaMember" unitRef="BRL" decimals="-3">0</ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities>
  <ifrs-full:Equity id="Tag2931" contextRef="I20201231_NordesteLogsticaIIIMember" unitRef="BRL" decimals="-3">29133000</ifrs-full:Equity>
  <ifrs-full:CurrentAssets id="Tag2932" contextRef="I20201231_NordesteLogsticaIIMember" unitRef="BRL" decimals="-3">18531000</ifrs-full:CurrentAssets>
  <ifrs-full:InvestmentsInJointVentures id="Tag2933" contextRef="I20201231_NordesteLogsticaIIIMember" unitRef="BRL" decimals="-3">9711000</ifrs-full:InvestmentsInJointVentures>
  <ugp:CapitalReductionInAssociatesClassifiedAsInvestingActivities id="Tag2934" contextRef="D20201231_RPRMember" unitRef="BRL" decimals="-3">0</ugp:CapitalReductionInAssociatesClassifiedAsInvestingActivities>
  <ifrs-full:ProfitLoss id="Tag2935" contextRef="D20201231_NordesteLogsticaIMember" unitRef="BRL" decimals="-3">-4226000</ifrs-full:ProfitLoss>
  <ugp:OperatingExpenseAndIncomeCosts id="Tag2936" contextRef="D20201231_NordesteLogsticaIMember" unitRef="BRL" decimals="-3">-4225000</ugp:OperatingExpenseAndIncomeCosts>
  <ifrs-full:Equity id="Tag2937" contextRef="I20201231_NordesteLogsticaIMember" unitRef="BRL" decimals="-3">2473000</ifrs-full:Equity>
  <ifrs-full:NoncurrentLiabilities id="Tag2938" contextRef="I20201231_NordesteLogsticaIMember" unitRef="BRL" decimals="-3">4516000</ifrs-full:NoncurrentLiabilities>
  <ifrs-full:NoncurrentLiabilities id="Tag2939" contextRef="I20201231_PlenogasDistribuidoraDeGasMember" unitRef="BRL" decimals="-3">890000</ifrs-full:NoncurrentLiabilities>
  <ifrs-full:NoncurrentAssets id="Tag2940" contextRef="I20201231_NordesteLogsticaIMember" unitRef="BRL" decimals="-3">6021000</ifrs-full:NoncurrentAssets>
  <ugp:ShareOfProfitLossOfJointVentures id="Tag2941" contextRef="D20181231_NavegantesLogsticaMember" unitRef="BRL" decimals="-3">0</ugp:ShareOfProfitLossOfJointVentures>
  <ugp:TransferToProvisionForShortTermLiabilitiesRelatedToJointVentures id="Tag2942" contextRef="D20201231_ConnectCarMember" unitRef="BRL" decimals="-3">0</ugp:TransferToProvisionForShortTermLiabilitiesRelatedToJointVentures>
  <ifrs-full:ProfitLoss id="Tag2943" contextRef="D20191231_PlenogasDistribuidoraDeGasMember" unitRef="BRL" decimals="-3">256000</ifrs-full:ProfitLoss>
  <ifrs-full:DisclosureOfJointVenturesExplanatory id="Tag2944" contextRef="D20201231_3">&lt;div&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The table below presents the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements of financial position&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements of profit or &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;loss of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;joint ventures: &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 227px; margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="19" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 32px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 32px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Uni&amp;#227;o Vopak &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; RPR &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; ConectCar &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Navegantes Log&amp;#237;stica&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Nordeste Log&amp;#237;stica I&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Nordeste Log&amp;#237;stica II&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 32px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Nordeste Log&amp;#237;stica III&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 32px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 38%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8,510&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;291,720&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;161,371&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;24,691&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;972&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;18,531&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;21,513&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Non-current assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,796&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;171,270&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;169,843&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;166,389&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;18,005&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;30,503&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,698&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;363,388&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;168,854&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Non-current liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;140&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;105,912&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;126,201&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,516&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;13,504&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;22,877&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Equity &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15,468&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;6,310&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;162,360&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;64,871&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,473&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;23,027&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;29,133&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net revenue from sales and services &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15,666&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,455,668&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;91,096&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Costs, operating expenses and income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;14,408&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,531,652&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;134,961&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;3,480&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,225&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,203&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,878&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net finance income and income and social contribution taxes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;474&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,361&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;589&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,301&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net income (loss) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;784&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;65,623&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;43,276&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,781&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,226&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,203&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,878&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Number of shares or units held &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;29,995&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,078,888&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;248,768,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;22,298,195&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;681,637&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,933,265&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,871,241&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; % of capital held &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;50&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;50&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;" width="100%"&gt;

&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="7" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Uni&amp;#227;o Vopak &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; RPR &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-weight: bold;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt;Con&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt;ectCar&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 68%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,818&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;428,880&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;159,972&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Non-current assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,182&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;133,565&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;161,817&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,116&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;418,289&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;155,542&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Non-current liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;200&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;87,562&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;612&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Equity &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;14,684&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;56,594&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;165,635&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net revenue from sales and services &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15,400&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,156,432&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;80,387&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Costs, operating expenses and income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;12,083&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,130,323&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;136,764&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net finance income and income and social contribution taxes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;577&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,237&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,234&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net income (loss) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,740&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;32,346&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;53,143&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Number of shares or units held &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;29,995&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,078,888&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;228,768,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; % of capital held &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;50&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;50&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 123px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="7" style="border-bottom: 1pt solid #000000; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 1pt solid #000000; vertical-align: middle;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Uni&amp;#227;o Vopak &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; RPR &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-weight: bold;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt;Con&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt;ectCar&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 68%;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net revenue from sales and services &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &lt;font&gt;16,938&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &lt;font&gt;2,092,548&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &lt;font&gt;57,506&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px;"&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Costs, operating expenses and income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;13,154&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,083,592&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;114,336&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px; background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net finance income and income and social contribution taxes &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; (&lt;font&gt;1,084&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;261&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &lt;font&gt;19,343&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px;"&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net income (loss) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,700&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8,695&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;37,487&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Number of shares or units held &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;29,995&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,078,888&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;193,768,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px;"&gt;
&lt;td style="vertical-align: middle; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; % of capital held &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;50&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;50&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The percentages in the table above are rounded&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfJointVenturesExplanatory>
  <ugp:IntangibleAssets id="Tag2945" contextRef="I20181231_IntangibleAssetsAccumulatedAmortizationMember_TechnologyMember" unitRef="BRL" decimals="-3">-32613000</ugp:IntangibleAssets>
  <ugp:IntangibleAssetsEffectOfForeignCurrencyExchangeRateVariation id="Tag2946" contextRef="D20201231_IntangibleAssetsAccumulatedAmortizationMember_SoftwareMember" unitRef="BRL" decimals="-3">4394000</ugp:IntangibleAssetsEffectOfForeignCurrencyExchangeRateVariation>
  <ugp:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillImpairment id="Tag2947" contextRef="D20191231_ExtrafarmaMember" unitRef="BRL" decimals="-3">-593280000</ugp:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillImpairment>
  <ugp:IntangibleAssets id="Tag2948" contextRef="I20171231_IntangibleAssetsCostMember_GoodwillMember" unitRef="BRL" decimals="-3">1524291000</ugp:IntangibleAssets>
  <ifrs-full:RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019 id="Tag2949" contextRef="D20181231_IntangibleAssetsCostMember_TrademarkRightsMember">P39Y</ifrs-full:RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019>
  <ugp:IntangibleAssetsEffectOfForeignCurrencyExchangeRateVariation id="Tag2950" contextRef="D20181231_IntangibleAssetsCostMember_SoftwareMember" unitRef="BRL" decimals="-3">-2053000</ugp:IntangibleAssetsEffectOfForeignCurrencyExchangeRateVariation>
  <ugp:IntangibleAssets id="Tag2951" contextRef="I20181231_IntangibleAssetsAccumulatedAmortizationMember_CommercialPropertyRightsMember_PreviouslyStatedMember" unitRef="BRL" decimals="-3">-23931000</ugp:IntangibleAssets>
  <ugp:GoodwillAcquisitionSegment id="Tag2952" contextRef="D20201231_IpirangaMember">Ipiranga</ugp:GoodwillAcquisitionSegment>
  <ugp:IntangibleAssetsEffectOfForeignCurrencyExchangeRateVariation id="Tag2953" contextRef="D20181231" unitRef="BRL" decimals="-3">-9168000</ugp:IntangibleAssetsEffectOfForeignCurrencyExchangeRateVariation>
  <ifrs-full:RevaluationIncreaseDecreaseIntangibleAssetsOtherThanGoodwill id="Tag2954" contextRef="D20191231_IntangibleAssetsCostMember_IncreasedecreaseDueToApplicationOfIfrs16Member" unitRef="BRL" decimals="-3">-56114000</ifrs-full:RevaluationIncreaseDecreaseIntangibleAssetsOtherThanGoodwill>
  <ugp:IntangibleAssets id="Tag2955" contextRef="I20201231_IntangibleAssetsCostMember_GoodwillMember" unitRef="BRL" decimals="-3">1525088000</ugp:IntangibleAssets>
  <ifrs-full:DisclosureOfLeasesExplanatory id="Tag2956" contextRef="D20201231_3">&lt;div&gt;
&lt;div&gt;
&lt;h1 style="margin-top: 12pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 12pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;13&lt;/font&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Right-of-&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;u&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;se &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;sets and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;l&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;eases &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;p&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ayable&lt;/font&gt;&lt;/font&gt;&lt;/h1&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Some of the subsidiaries of the Company have real estate leases, substantially related to: (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ipiranga&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;: fuel stations&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and distribution center&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;; (ii) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Extrafarma&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;: pharmacies&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and distribution center&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;; (iii) Ultragaz: points of sale and bottling base; (iv) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ultracargo&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;: port areas; and (v) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;: industrial plant. Some subsidiaries also have lease agreements relating to vehicles.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;a. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Right-of-&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;u&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;se &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ssets&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 316px; width: 100%;" width="100%"&gt;

&lt;tr style="height: 60px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Weighted &lt;br/&gt;average useful &lt;br/&gt;life (years) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Additions &lt;br/&gt;and remeasurement &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Write-offs &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Effect of foreign currency &lt;br/&gt;exchange rate variation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 31%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cost: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Real estate &lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,068,254&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;259,244&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;78,529&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,463&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,254,432&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Port area (i) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;68,007&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;200,527&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;268,534&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Vehicles &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;91,868&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;55,616&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;7,893&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;252&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
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&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Equipment &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;31,822&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;)&lt;/td&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;306,885&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;52,363&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,461&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;328,322&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;585,305&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net amount &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,980,912&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;523,220&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;34,631&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,107&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;328,322&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,150,286&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 224px; width: 99.8343%;" width="100%"&gt;

&lt;tr style="height: 60px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; Weighted &lt;br/&gt;average useful&lt;br/&gt;life (years) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; Adoption &lt;br/&gt;IFRS &lt;font style="border-left: none; border-right: none;"&gt;16&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; Additions &lt;br/&gt;and&amp;nbsp;remeasurement &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; Write-offs &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; Transfer &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; Effect of foreign currency &lt;br/&gt;exchange rate variation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; Amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 60px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-weight: bold; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Balance on 12/3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;1/2019 &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 21%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cost: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,124&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;14,068&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;117&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;300,058&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;306,885&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net amount &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,731,427&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;402,864&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;50,462&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;111,822&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;85,319&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;300,058&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,980,912&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) Refers to the area port lease, which R$ &lt;font&gt;68,007&lt;/font&gt; was paid by the Company&amp;#8217;s subsidiaries in the fourth quarter of &lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt; (see Note &lt;font style="border-left: none; border-right: none;"&gt;34&lt;/font&gt;.c).&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;div style="-aw-headerfooter-type: linked; clear: both;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="-aw-headerfooter-type: linked; clear: both;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The amortization expenses were recognized in the f&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;inancial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; as shown below:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 84%; margin-right: auto;" width="84%"&gt;

&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; width: 66%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cost of products and services sold &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;66,604&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;48,134&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 2%; background-color: #cceeff; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 10%; background-color: #cceeff; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15,044&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Selling and marketing &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;257,846&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;244,974&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8,920&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; General and administrative &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,872&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,950&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #cceeff; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;75,370&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 13.5pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;328,322&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;300,058&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom: 2.8pt double #000000; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;99,334&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;b. Lease&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;p&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ayable&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The changes in leases &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;payable &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;are shown below:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 307px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 87%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;46,066&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Adoption IFRS &lt;font&gt;16&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,363,803&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest accrued &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;128,996&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Payments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;321,716&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Additions and remeasurement &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;334,857&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Write-offs &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;52,129&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Effect of foreign currency exchange rate variation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;88,796&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,588,673&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest accrued &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;144,655&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Payments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;360,787&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Additions and remeasurement &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;484,121&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Write-offs &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;35,381&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Effect of foreign currency exchange rate variation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom: 1pt solid #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;12,007&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,833,288&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;260,189&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Non-current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,573,099&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The future disbursements (installments) assumed under leases contracts are presented below:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 129px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-right: auto;" width="68%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 362.5pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 45.9pt; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Up to &lt;font&gt;1&lt;/font&gt; year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;396,010&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; From &lt;font&gt;1&lt;/font&gt; to &lt;font&gt;2&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;351,894&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; From &lt;font&gt;2&lt;/font&gt; to &lt;font&gt;3&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;316,195&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; From &lt;font&gt;3&lt;/font&gt; to &lt;font&gt;4&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;284,575&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; From &lt;font&gt;4&lt;/font&gt; to &lt;font&gt;5&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;256,429&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; More than &lt;font&gt;5&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,129,281&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,734,384&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The contracts related to the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;leases&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; payable are substantially indexed by the IGP-M (General Market Price Index is a measure of Brazilian inflation, calculated by the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Get&amp;#250;lio&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Vargas Foundation).&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin: 0cm 0cm 0.0001pt; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; color: #000000;"&gt;&lt;font lang="EN-US" style="font-size: 10pt;"&gt;The weighted average discount rates for the lease payable are presented below:&lt;/font&gt;&lt;/p&gt;
&lt;table border="1" cellspacing="0" cellpadding="0" width="100%" style="height: 27px; margin-left: 0.1px; border-collapse: collapse; border: none; width: 100%; font-family: 'times new roman'; font-size: 10pt;"&gt;

&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="width: 222.017px; background: #cceeff; padding: 0cm 3pt; height: 10px;"&gt;
&lt;p align="center" style="text-align: center; break-after: avoid; margin: 0cm 0cm 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;font style="font-size: 8pt; font-family: 'times new roman', times;"&gt;&lt;b&gt;&lt;font lang="EN-US" style="color: #000000;"&gt;Maturity date of the contracts&lt;/font&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 70.1989px; background: #cceeff; padding: 0cm 3pt; height: 10px;"&gt;
&lt;p align="center" style="text-align: center; break-after: avoid; margin: 0cm 0cm 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;font style="font-size: 8pt; font-family: 'times new roman', times;"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&lt;font lang="EN-US" style="color: #000000;"&gt;Up to 5 &lt;br/&gt;years&lt;/font&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="width: 4.74432px; background: #cceeff; padding: 0cm 3pt; height: 10px;"&gt;
&lt;p align="center" style="text-align: center; break-after: avoid; margin: 0cm 0cm 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;font lang="EN-US" style="color: #000000; font-size: 8pt; font-family: 'times new roman', times;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 71.108px; background: #cceeff; padding: 0cm 3pt; height: 10px;"&gt;
&lt;p align="center" style="text-align: center; break-after: avoid; margin: 0cm 0cm 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;font style="font-size: 8pt; font-family: 'times new roman', times;"&gt;&lt;b&gt;&lt;font lang="EN-US" style="color: #000000;"&gt;From 5 to &lt;br/&gt;10 years&lt;/font&gt;&lt;/b&gt;&lt;b&gt;&lt;font lang="EN-US" style="color: #000000;"&gt;&lt;/font&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="top" style="width: 4.54545px; background: #cceeff; padding: 0cm; height: 10px;"&gt;
&lt;p align="center" style="text-align: center; break-after: avoid; margin: 0cm 0cm 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;font style="font-size: 8pt; font-family: 'times new roman', times;"&gt;&lt;b&gt;&lt;font lang="EN-US" style="color: #000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="top" style="width: 72.7273px; background: #cceeff; padding: 0cm; height: 10px;"&gt;
&lt;p align="center" style="text-align: center; break-after: avoid; margin: 0cm 0cm 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;font style="font-size: 8pt; font-family: 'times new roman', times;"&gt;&lt;b&gt;&lt;font lang="EN-US" style="color: #000000;"&gt;From 10 to &lt;br/&gt;15 years&lt;/font&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="top" style="width: 10px; background: #cceeff; padding: 0cm; height: 10px;"&gt;
&lt;p align="center" style="text-align: center; break-after: avoid; margin: 0cm 0cm 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;font style="font-size: 8pt; font-family: 'times new roman', times;"&gt;&lt;b&gt;&lt;font lang="EN-US" style="color: #000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="top" style="width: 77.2727px; background: #cceeff; padding: 0cm; height: 10px;"&gt;
&lt;p align="center" style="text-align: center; break-after: avoid; margin: 0cm 0cm 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;font style="font-size: 8pt; font-family: 'times new roman', times;"&gt;&lt;b&gt;&lt;font lang="EN-US" style="color: #000000;"&gt;More than &lt;br/&gt;15 years&lt;/font&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td valign="bottom" style="width: 222.017px; padding: 0cm 3pt; height: 17px;"&gt;
&lt;p style="break-after: avoid; margin: 0cm 0cm 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;font lang="EN-US" style="font-size: 10pt;"&gt;&lt;font&gt;Weighted average discount rates (% p.a.)&lt;/font&gt;&lt;font style="color: #000000;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="width: 70.1989px; padding: 0cm 3pt; height: 17px;"&gt;
&lt;p align="right" style="text-align: right; break-after: avoid; margin: 0cm 0cm 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;font lang="EN-US" style="color: #000000; font-size: 10pt;"&gt;&lt;font&gt;7.2&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="width: 4.74432px; padding: 0cm 3pt; height: 17px;"&gt;
&lt;p align="right" style="text-align: right; break-after: avoid; margin: 0cm 0cm 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;font lang="EN-US" style="color: #000000; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="width: 71.108px; padding: 0cm 3pt; height: 17px;"&gt;
&lt;p align="right" style="text-align: right; break-after: avoid; margin: 0cm 0cm 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font lang="EN-US" style="color: #000000;"&gt;&lt;font&gt;8.8&lt;/font&gt;&lt;/font&gt;&lt;font lang="EN-US" style="color: #000000;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="width: 4.54545px; padding: 0cm; height: 17px;"&gt;
&lt;p align="right" style="text-align: right; break-after: avoid; margin: 0cm 0cm 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;font lang="EN-US" style="color: #000000; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="width: 72.7273px; padding: 0cm; height: 17px;"&gt;
&lt;p align="right" style="margin: 0cm 2.85pt 0.0001pt 0cm; text-align: right; break-after: avoid; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;font lang="EN-US" style="color: #000000; font-size: 10pt;"&gt;&lt;font&gt;8.9&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="width: 10px; padding: 0cm; height: 17px;"&gt;
&lt;p align="right" style="text-align: right; break-after: avoid; margin: 0cm 0cm 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;font lang="EN-US" style="color: #000000; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="width: 77.2727px; padding: 0cm; height: 17px;"&gt;
&lt;p align="right" style="margin: 0cm 2.85pt 0.0001pt 0cm; text-align: right; break-after: avoid; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;font lang="EN-US" style="color: #000000; font-size: 10pt;"&gt;&lt;font&gt;9.2&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;c. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Lease contracts of low amount assets&lt;/font&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Subsidiaries Cia. Ultragaz, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Bahiana&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Extrafarma&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ipiranga&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Serma&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; S.A. have operating lease contracts &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;consider as low value, short term and variable payments &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;for the use of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; factory and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; IT equipment&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8217;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s, vehicles and real states&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. The subsidiaries have the option to purchase the assets &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;referring to IT equipment &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;at a price equal to the fair &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;value&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; on the date of option, and management does not intend to exercise such option.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The future disbursements (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;payments&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;), assumed &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as a result of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; these contracts amount approximately to:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; widows: 0; orphans: 0; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 92%; margin-left: auto; margin-right: auto;" width="92%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; break-inside: avoid; break-after: avoid; font-size: 10pt; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Up to &lt;font&gt;1&lt;/font&gt; year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; break-inside: avoid; break-after: avoid; font-size: 10pt; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Between &lt;font&gt;1&lt;/font&gt; and &lt;font&gt;5&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; break-inside: avoid; break-after: avoid; font-size: 10pt; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; More than &lt;font&gt;5&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; break-inside: avoid; break-after: avoid; font-size: 10pt; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 54%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,147&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,145&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,292&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,474&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,028&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,502&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; amount of lease considered&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; low value, short term and variable payments, recognized as an &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;expense &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2020&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;was R&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;17,749&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;11,400&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2019&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and R$ &lt;font&gt;11,386&lt;/font&gt; in &lt;font&gt;2018&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;).&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
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  <ugp:SummaryOfBalanceOfOtherComprehensiveIncomeTableTextBlock id="Tag3009" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Balance and changes in valuation adjustments of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Company&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; are as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin: 0px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 214px; width: 99.9225%; text-indent: 0px;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 47.0178%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; width: 9.06274%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Fair value &lt;br/&gt;of cash flow &lt;br/&gt;hedging &lt;br/&gt;instruments (i)&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.08443%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 1.00697%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; width: 8.98528%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Fair value &lt;br/&gt;of financial&lt;br/&gt;instruments (ii)&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 0.96824%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.96824%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; width: 8.98528%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Actuarial gains (losses) of post-employment &lt;br/&gt;benefits (iii)&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 0.96824%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.96824%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; width: 8.98528%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Non-&lt;br/&gt;controlling shareholders &lt;br/&gt;interest change (iv)&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.93648%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; width: 8.21646%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.775795%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 16px; background-color: #cceeff; width: 47.0178%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2017 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 9.06274%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;27,364&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.08443%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.00697%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;15,181&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;197,369&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.93648%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.21646%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;154,824&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.775795%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; width: 47.0178%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Changes in fair value of financial instruments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 9.06274%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;326,030&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.08443%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.00697%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;273&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.93648%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.21646%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;326,303&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.775795%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 16px; background-color: #cceeff; width: 47.0178%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; IRPJ and CSLL on fair value &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 9.06274%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;110,058&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.08443%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.00697%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.93648%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.21646%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;110,058&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.775795%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; width: 47.0178%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Actuarial loss of post-employment benefits &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 9.06274%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.08443%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.00697%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,810&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.93648%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.21646%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,810&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.775795%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; background-color: #cceeff; width: 47.0178%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Income and social contribution taxes on actuarial losses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9.06274%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.08443%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.00697%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;242&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.93648%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.21646%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;242&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.775795%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 16px; width: 47.0178%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 9.06274%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;243,336&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1.08443%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.00697%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;273&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;17,749&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;197,369&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1.93648%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 8.21646%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;63,989&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.775795%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; background-color: #cceeff; width: 47.0178%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Changes in fair value of financial instruments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9.06274%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;76,479&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.08443%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.00697%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;478&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.93648%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.21646%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;76,001&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.775795%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 16px; width: 47.0178%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; IRPJ and CSLL on fair value &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 9.06274%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;23,683&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1.08443%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.00697%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1.93648%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 8.21646%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;23,683&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.775795%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; background-color: #cceeff; width: 47.0178%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Actuarial loss of post-employment benefits &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9.06274%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.08443%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.00697%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;41,794&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.93648%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.21646%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;41,794&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.775795%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; width: 47.0178%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Income and social contribution taxes on actuarial losses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; width: 9.06274%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.08443%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.00697%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;11,784&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.93648%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; width: 8.21646%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;11,784&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.775795%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 16px; background-color: #cceeff; width: 47.0178%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 9.06274%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;296,132&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.08443%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.00697%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;205&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;47,759&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;197,369&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.93648%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.21646%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;146,317&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.775795%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; width: 47.0178%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Changes in fair value of financial instruments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 9.06274%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;477,570&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.08443%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.00697%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;64&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.93648%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.21646%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;477,507&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.775795%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 16px; background-color: #cceeff; width: 47.0178%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; IRPJ and CSLL on fair value &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 9.06274%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;164,425&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.08443%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.00697%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.93648%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.21646%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;164,425&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.775795%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 12px; width: 47.0178%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Actuarial loss of post-employment benefits &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; width: 9.06274%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; width: 1.08443%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.00697%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;7,725&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; width: 1.93648%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; width: 8.21646%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;7,724&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.775795%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; background-color: #cceeff; width: 47.0178%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Income and social contribution taxes on actuarial losses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9.06274%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.08443%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.00697%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,133&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.93648%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.21646%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,133&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.775795%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 16px; width: 47.0178%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; border-bottom: 2.8pt double #000000; width: 9.06274%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;609,277&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1.08443%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.00697%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; border-bottom: 2.8pt double #000000; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;269&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; border-bottom: 2.8pt double #000000; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;53,351&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; border-bottom: 2.8pt double #000000; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;197,369&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1.93648%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; border-bottom: 2.8pt double #000000; width: 8.21646%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;464,990&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.775795%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;(i) See Note 25.g.1.ii above.&lt;/font&gt;&lt;br/&gt;&lt;font style="font-size: 10pt;"&gt;(ii) See Note 25.g.1.iii above.&lt;/font&gt;&lt;br/&gt;&lt;font style="font-size: 10pt;"&gt;(iii) See Note 25.g.1.i above.&lt;/font&gt;&lt;br/&gt;&lt;font style="font-size: 10pt;"&gt;(iv) See Note 25.g.1.iv above.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;</ugp:SummaryOfBalanceOfOtherComprehensiveIncomeTableTextBlock>
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  <ugp:IntangibleAssets id="Tag3015" contextRef="I20191231_ProvisionForLossesAndImpairmentMember_GoodwillMember" unitRef="BRL" decimals="-3">-593280000</ugp:IntangibleAssets>
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  <ugp:IntangibleAssetsWriteOffsAndDisposals id="Tag3020" contextRef="D20191231_IntangibleAssetsCostMember_SoftwareMember" unitRef="BRL" decimals="-3">784000</ugp:IntangibleAssetsWriteOffsAndDisposals>
  <ugp:IntangibleAssetsWriteOffsAndDisposals id="Tag3021" contextRef="D20181231_IntangibleAssetsCostMember_CommercialPropertyRightsMember" unitRef="BRL" decimals="-3">2154000</ugp:IntangibleAssetsWriteOffsAndDisposals>
  <ugp:SellingAndMarketingAmortisation id="Tag3022" contextRef="D20181231" unitRef="BRL" decimals="-3">8920000</ugp:SellingAndMarketingAmortisation>
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  <ugp:IntangibleAssetsWriteOffsAndDisposals id="Tag3024" contextRef="D20201231_IntangibleAssetsAccumulatedAmortizationMember_CommercialPropertyRightsMember" unitRef="BRL" decimals="-3">-6469000</ugp:IntangibleAssetsWriteOffsAndDisposals>
  <ugp:IntangibleAssetsOpeningBalanceTeas id="Tag3025" contextRef="D20181231_IntangibleAssetsCostMember" unitRef="BRL" decimals="-3">846000</ugp:IntangibleAssetsOpeningBalanceTeas>
  <ugp:IntangibleAssetsEffectOfForeignCurrencyExchangeRateVariation id="Tag3026" contextRef="D20191231_IntangibleAssetsCostMember_BrandsMember" unitRef="BRL" decimals="-3">-1933000</ugp:IntangibleAssetsEffectOfForeignCurrencyExchangeRateVariation>
  <ugp:IntangibleAssets id="Tag3027" contextRef="I20181231_IntangibleAssetsCostMember_PreviouslyStatedMember" unitRef="BRL" decimals="-3">3105856000</ugp:IntangibleAssets>
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  <ugp:IntangibleAssets id="Tag3029" contextRef="I20191231_IntangibleAssetsAccumulatedAmortizationMember" unitRef="BRL" decimals="-3">-835625000</ugp:IntangibleAssets>
  <ugp:GoodwillAcquisitionSegment id="Tag3030" contextRef="D20201231_UniaoTerminaisMember">Ultracargo</ugp:GoodwillAcquisitionSegment>
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  <ugp:IntangibleAssets id="Tag3032" contextRef="I20181231_IntangibleAssetsCostMember_BrandsMember_PreviouslyStatedMember" unitRef="BRL" decimals="-3">120571000</ugp:IntangibleAssets>
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  <ugp:IntangibleAssetsAmortization id="Tag3040" contextRef="D20181231_IntangibleAssetsAccumulatedAmortizationMember_OtherIntangibleAssetsMember" unitRef="BRL" decimals="-3">1538000</ugp:IntangibleAssetsAmortization>
  <ugp:IntangibleAssetsAdditions id="Tag3041" contextRef="D20191231_IntangibleAssetsCostMember_DistributionRightsAssetMember" unitRef="BRL" decimals="-3">1505000</ugp:IntangibleAssetsAdditions>
  <ugp:GoodwillAcquisitionSegment id="Tag3042" contextRef="D20201231_TexacoMember">Ipiranga</ugp:GoodwillAcquisitionSegment>
  <ugp:IntangibleAssets id="Tag3043" contextRef="I20181231_IntangibleAssetsCostMember_SoftwareMember" unitRef="BRL" decimals="-3">1062486000</ugp:IntangibleAssets>
  <ugp:AcquisitionsThroughBusinessCombinationsGoodwill id="Tag3044" contextRef="D20191231_RepsolMember" unitRef="BRL" decimals="-3">13403000</ugp:AcquisitionsThroughBusinessCombinationsGoodwill>
  <ugp:IntangibleAssets id="Tag3045" contextRef="I20171231_IntangibleAssetsCostMember_BrandsMember" unitRef="BRL" decimals="-3">113543000</ugp:IntangibleAssets>
  <ugp:IntangibleAssetsEffectOfForeignCurrencyExchangeRateVariation id="Tag3046" contextRef="D20181231_IntangibleAssetsAccumulatedAmortizationMember_SoftwareMember" unitRef="BRL" decimals="-3">832000</ugp:IntangibleAssetsEffectOfForeignCurrencyExchangeRateVariation>
  <ugp:AcquisitionsThroughBusinessCombinationsGoodwill id="Tag3047" contextRef="D20201231_TEASTerminalExportadorDeAlcoolDeSantosLtdaMember_1" unitRef="BRL" decimals="-3">797000</ugp:AcquisitionsThroughBusinessCombinationsGoodwill>
  <ugp:AcquisitionsThroughBusinessCombinationsGoodwill id="Tag3048" contextRef="D20201231_ParentMember" unitRef="BRL" decimals="-3">246163000</ugp:AcquisitionsThroughBusinessCombinationsGoodwill>
  <ugp:IntangibleAssetsTransfer id="Tag3049" contextRef="D20191231_IntangibleAssetsAccumulatedAmortizationMember_SoftwareMember" unitRef="BRL" decimals="-3">13000</ugp:IntangibleAssetsTransfer>
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  <ugp:AcquisitionsThroughBusinessCombinationsGoodwill id="Tag3053" contextRef="D20191231_IconicCblsamemberMember" unitRef="BRL" decimals="-3">69807000</ugp:AcquisitionsThroughBusinessCombinationsGoodwill>
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  <ugp:DisclosureOfStockholdersEquityExplanatory id="Tag3055" contextRef="D20201231_3">&lt;div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;h1 style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 12pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;25&lt;/font&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Equity&lt;/font&gt;&lt;/font&gt;&lt;/h1&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;a.&amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Share &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;c&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;apital&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;On &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he subscribed and paid-in capital stock consists of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1,115,005,712&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1,112,810,192&lt;/font&gt; as of December 31, 2019)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; common shares with no par value&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and the issuance of preferred shares and participation certificates is prohibited.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Each common share entitles its holder to &lt;font&gt;one&lt;/font&gt; vote at Shareholders&amp;#8217; Meetings.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The price of the outstanding shares as of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;2020&lt;/font&gt;, on B&lt;font&gt;3&lt;/font&gt; was R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;23.74&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (R$ &lt;font&gt;25.48&lt;/font&gt; as of December 31, 2019).&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;As of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he Company is authorized to increase capital up to the limit of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1,600,000,000&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; common shares, without amendment to the Bylaws, by resolution of the Board of Directors.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;As a result of the conversion of the subscription warrants &lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;&amp;#8211;&lt;/font&gt;&amp;nbsp;indemnification into shares on&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;February 19, August 12, 2020 and on February 24, 2021 the Company&amp;#8217;s Board of Directors confirmed the issuance of &lt;font&gt;2,108,542&lt;/font&gt;,&amp;nbsp;&lt;font&gt;86,978&lt;/font&gt;&amp;nbsp;and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;font&gt;70,939&lt;/font&gt; common shares,&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;see note 24&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;As of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, there were &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;47,413,094&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;common shares outstanding abroad in the form of ADRs&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;46,518,315&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;shares &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 31&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and &lt;font&gt;55,725,974&lt;/font&gt; shares as of December 31, 2018&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;On April 10, 2019, the Company&amp;#8217;s extraordinary and annual general meeting approved the stock split of common shares issued by &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ultrapar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, at a ratio of &lt;font&gt;one&lt;/font&gt; currently existing share to &lt;font&gt;two&lt;/font&gt; shares of the same class and type as well as&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the changing of the number of shares in which the capital stock of the Company is divided. The stock split approved herein shall not imply in any change in the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ultrapar&amp;#8217;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; capital stock&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he new shares and ADRs resulting from the stock split approved herein &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;are&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of the same class and type and grant&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ed&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; to its holders the same rights of the current shares and ADRs. &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;b.&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: italic; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;&amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Equity instrument granted&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Company has a &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;share-based incentive plan, which establishes the general terms and conditions for the concession of common shares issued by the Company held in treasury (see &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;N&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ote &lt;font&gt;8&lt;/font&gt;.c).&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;c.&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: italic; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;&amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Treasury &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;hares&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The Company acquired its own shares at market prices, without capital reduction, to be held in treasury and to be subsequently disposed of or cancelled. &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;As of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;24,739,626&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; common shares were held in the Company's treasury, acquired at an average cost of R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;19.77&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(R$ &lt;font&gt;18.12&lt;/font&gt; as of December 31, 2019 and &lt;font&gt;2018&lt;/font&gt;) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;26,780,298&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 31&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2019&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and &lt;font&gt;2018&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;).&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;d.&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: italic; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;&amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Capital &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;r&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;eserve &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The capital reserve reflects the gain on the transfer of shares at market price used in the Deferred Stock Plan granted to executives of the subsidiaries&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of the Company&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, as mentioned in Note &lt;font&gt;8&lt;/font&gt;.c.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Because &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Extrafarma&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8217;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; associa&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;tion&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2014&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, the Company recognized an increase in the capital reserves in the amount of R$ &lt;font&gt;498,812&lt;/font&gt;,&amp;nbsp;due to the difference between the value attributable to share capital and the market value of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ultrapar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; shares on the date of issue&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, deducted &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;by &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;R$ &lt;font&gt;2,260&lt;/font&gt; related to the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; incurred costs directly attributable to issuing new shares&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Additionally, on February 19&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and August 12&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;2020&lt;/font&gt;, there was an increase in the reserve &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; amount of R$ &lt;font&gt;53,072&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and R$ &lt;font&gt;1,691&lt;/font&gt;, respectively&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, due to the partial exercise of the subscription warrants &amp;#8211; indemnification (see note &lt;font&gt;24&lt;/font&gt;).&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;e.&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: italic; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;&amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Revaluation &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;r&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;eserve&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The revaluation reserve&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;recognized&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; prior to the adoption of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the international accounting standards (IFRS)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; reflects the revaluation of assets of subsidiaries and is based on depreciation, write-off, or disposal of the revalued assets of the subsidiaries, as well as the tax effects recognized by these subsidiaries.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;f.&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: italic; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;&amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Profit &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;r&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;eserves&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;f.&lt;font&gt;1&lt;/font&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Legal &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;r&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;eserve&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Under Brazilian Corporate Law, the Company is required to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;allocate&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;5&lt;/font&gt;% of net annual earnings to a legal reserve, until the balance reaches &lt;font&gt;20&lt;/font&gt;% of capital stock. This reserve may be used to increase capital or &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;absorb losses but may not be distributed as dividends.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;f.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;&lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Investments &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;r&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;eserve&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;In compliance with Article 194 of the Brazilian Corporate Law and Article &lt;font style="border-left: none; border-right: none;"&gt;5&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;4&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;b&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) of the Bylaws this reserve is aimed to protect the integrity of the Company&amp;#8217;s assets and to supplement its capital stock, in order to allow new investments to be made. As provided in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;its&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Bylaws, the Company may allocate up to &lt;font&gt;50&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;% of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the annual &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;net income to the investments reserve&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; up to the limit of &lt;font&gt;100&lt;/font&gt;% of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;share &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;capital.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The investments reserve &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;is &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;free of distribution restrictions and totaled R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3,658,265&lt;/font&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3,290,073&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; December 31, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;g.&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: italic; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;&amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp;Other comprehensive income&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;g.&lt;font&gt;1&lt;/font&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Valuation &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;djustments&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;"&gt;

&lt;tr&gt;
&lt;td style="width: 3%; vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(i)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 97%; padding: 1px 1px 10px;"&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Actuarial g&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;ains and losses relating to post-employment benefits, calculated based on a valuation conducted by an independent actuary, are recognized in equity&lt;font&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;under&lt;font&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;the title&lt;font&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;#8220;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;valuation adjustments&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;#8221;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;.&lt;font&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Actuarial g&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;ains and losses recorded in equity are&lt;font&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;not&lt;font&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;reclassified to profit or loss in&lt;font&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;subsequent periods&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(ii)&lt;/font&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 1px 1px 10px;"&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Gains and losses on the hedging instruments&lt;font&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;of exchange rate related to&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&lt;font&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;firm commitment&lt;font&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;and highly probable transactions&lt;font&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;designated as cash flows&lt;font&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;hedges&lt;font&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;are&lt;font&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;recognized&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&lt;font&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;in equity&lt;font&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;as&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&lt;font&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;#8220;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;v&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;aluation&lt;font&gt;&amp;nbsp;&lt;/font&gt;adjustments&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;#8221;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;. Gains and losses are reclassified to&lt;font&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;initial cost of non-financial assets&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(iii)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 1px 1px 10px;"&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;The differences between the fair value of financial investments measured at fair value through other comprehensive income and the initial&lt;font&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;amount of financial investments&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&lt;font&gt;&amp;nbsp;&lt;/font&gt;plus&lt;font&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;the &lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;earned income and&lt;font&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;the foreign currency exchange variation&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&lt;font&gt;&amp;nbsp;&lt;/font&gt;are&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&lt;font&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;recognized in equity&lt;font&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;as&lt;font&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;valuation adjustments. Gains and losses are reclassified to&lt;font&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;statements of profit or loss&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&lt;font&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;when&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&lt;font&gt;&amp;nbsp;&lt;/font&gt;the financial investment is&lt;font&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;settled&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(iv)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 1px 1px 10px;"&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;The Company&lt;font&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;also&lt;font&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;recognizes in this&lt;font&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;item&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&lt;font&gt;&amp;nbsp;&lt;/font&gt;the effect of changes in the non-controlling interest in subsidiaries that do not result in loss of control. This amount corresponds to the difference between the amount by which the non&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;-&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;controlling interest was adjusted and the fair value of the consideration received or paid and represents a transaction with shareholders.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="margin-top: 2pt; text-align: justify; line-height: 115%; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Balance and changes in valuation adjustments of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Company&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; are as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin: 0px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 214px; width: 99.9225%; text-indent: 0px;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 47.0178%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; width: 9.06274%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Fair value &lt;br/&gt;of cash flow &lt;br/&gt;hedging &lt;br/&gt;instruments (i)&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.08443%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 1.00697%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; width: 8.98528%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Fair value &lt;br/&gt;of financial&lt;br/&gt;instruments (ii)&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 0.96824%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.96824%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; width: 8.98528%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Actuarial gains (losses) of post-employment &lt;br/&gt;benefits (iii)&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 0.96824%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.96824%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; width: 8.98528%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Non-&lt;br/&gt;controlling shareholders &lt;br/&gt;interest change (iv)&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.93648%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom: 1pt solid #000000; width: 8.21646%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.775795%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 16px; background-color: #cceeff; width: 47.0178%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2017 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 9.06274%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;27,364&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.08443%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.00697%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;15,181&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;197,369&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.93648%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.21646%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;154,824&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.775795%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; width: 47.0178%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Changes in fair value of financial instruments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 9.06274%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;326,030&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.08443%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.00697%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;273&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.93648%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.21646%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;326,303&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.775795%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 16px; background-color: #cceeff; width: 47.0178%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; IRPJ and CSLL on fair value &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 9.06274%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;110,058&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.08443%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.00697%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.93648%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.21646%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;110,058&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.775795%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; width: 47.0178%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Actuarial loss of post-employment benefits &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 9.06274%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.08443%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.00697%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,810&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.93648%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.21646%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,810&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.775795%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; background-color: #cceeff; width: 47.0178%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Income and social contribution taxes on actuarial losses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9.06274%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.08443%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.00697%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;242&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.93648%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.21646%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;242&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.775795%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 16px; width: 47.0178%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 9.06274%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;243,336&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1.08443%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.00697%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;273&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;17,749&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;197,369&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1.93648%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 8.21646%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;63,989&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.775795%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; background-color: #cceeff; width: 47.0178%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Changes in fair value of financial instruments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9.06274%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;76,479&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.08443%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.00697%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;478&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.93648%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.21646%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;76,001&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.775795%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 16px; width: 47.0178%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; IRPJ and CSLL on fair value &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 9.06274%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;23,683&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1.08443%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.00697%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1.93648%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 8.21646%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;23,683&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.775795%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; background-color: #cceeff; width: 47.0178%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Actuarial loss of post-employment benefits &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9.06274%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.08443%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.00697%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;41,794&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.93648%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.21646%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;41,794&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.775795%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; width: 47.0178%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Income and social contribution taxes on actuarial losses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; width: 9.06274%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.08443%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.00697%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;11,784&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.93648%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; width: 8.21646%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;11,784&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.775795%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 16px; background-color: #cceeff; width: 47.0178%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 9.06274%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;296,132&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.08443%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.00697%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;205&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;47,759&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;197,369&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.93648%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.21646%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;146,317&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.775795%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; width: 47.0178%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Changes in fair value of financial instruments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 9.06274%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;477,570&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.08443%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.00697%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;64&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.93648%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 8.21646%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;477,507&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.775795%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 16px; background-color: #cceeff; width: 47.0178%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; IRPJ and CSLL on fair value &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 9.06274%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;164,425&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.08443%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.00697%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1.93648%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8.21646%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;164,425&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.775795%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 12px; width: 47.0178%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Actuarial loss of post-employment benefits &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; width: 9.06274%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; width: 1.08443%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.00697%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;7,725&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; width: 1.93648%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 12px; width: 8.21646%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;7,724&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.775795%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; background-color: #cceeff; width: 47.0178%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Income and social contribution taxes on actuarial losses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9.06274%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.08443%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.00697%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,133&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.93648%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.21646%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,133&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.775795%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 16px; width: 47.0178%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; border-bottom: 2.8pt double #000000; width: 9.06274%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;609,277&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1.08443%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.00697%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; border-bottom: 2.8pt double #000000; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;269&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; border-bottom: 2.8pt double #000000; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;53,351&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.96824%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; border-bottom: 2.8pt double #000000; width: 8.98528%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;197,369&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1.93648%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; border-bottom: 2.8pt double #000000; width: 8.21646%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;464,990&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.775795%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;(i) See Note 25.g.1.ii above.&lt;/font&gt;&lt;br/&gt;&lt;font style="font-size: 10pt;"&gt;(ii) See Note 25.g.1.iii above.&lt;/font&gt;&lt;br/&gt;&lt;font style="font-size: 10pt;"&gt;(iii) See Note 25.g.1.i above.&lt;/font&gt;&lt;br/&gt;&lt;font style="font-size: 10pt;"&gt;(iv) See Note 25.g.1.iv above.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;g.&lt;font&gt;2&lt;/font&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Cumulative &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ranslation &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;A&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;djustments&lt;/font&gt;&lt;font style="width: 28.41pt; display: inline-block;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The change in exchange rates on assets, liabilities&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and income of foreign subsidiaries that have functional currency other than the presentation currency of the Company&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; an independent management&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (see Note &lt;font&gt;2&lt;/font&gt;.s.&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the exchange rate variation on &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;notes &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;n the foreign market, net of income taxes (see Note &lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.h.&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; is directly recognized in the equity. This cumulative effect is reflected in profit or loss as a gain or loss only in case of disposal or write-off of the investment.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Balance and changes in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;cumulative translation adjustments&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of the Company &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;are as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 96px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin: 0px auto; text-indent: 0px;" width="68%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 62.5998%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Initial balance &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.9464%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;102,427&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.48233%;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.02623%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.9464%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;65,857&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff; padding: 0px; width: 0.969215%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; padding: 0px; width: 0.969215%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; padding: 0px; width: 9.5781%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;53,061&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; padding: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Currency translation adjustment of foreign subsidiaries &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;202,277&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;46,330&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;52,531&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Effect of foreign currency exchange rate variation on financial instruments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;110,770&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;14,788&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;60,204&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; padding: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; IRPJ and CSLL on foreign currency exchange rate variation on financial instruments&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;37,662&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,028&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;20,469&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Final balance &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;231,596&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;102,427&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px; background-color: #cceeff; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;65,857&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 10pt; text-align: justify; line-height: 115%; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;h.&amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Dividends&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;llocation of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;n&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;et &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ncome&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The shareholders &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of the Company &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;is&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; entitled under the Bylaws to a minimum annual dividend of &lt;font&gt;50&lt;/font&gt;% of adjusted net income&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;after allocation of&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;5&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;% to the legal reserve, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;calculated in accordance with Brazilian Corporate Law. The dividends and interest on equity in excess of the obligation established in the Bylaws are recognized in equity until the Shareholders&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; approve them&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he proposed dividends payable&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; that refers of the exercise of &lt;font&gt;2019&lt;/font&gt;, the amount of which on &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of December 31, 201&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;totaled&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;261,470&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;font&gt;0.24&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8211;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;twenty-four&lt;/font&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;cents &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of Brazilian Real &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;per share), were approved by the Board of Directors on February 19, 202&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;0&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;were &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;paid as of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;March &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;06&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;0&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; The proposed &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;dividends payable that refers of the exercise of &lt;font&gt;2020&lt;/font&gt;, the amount of which on&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of December 31, 2020 &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;totaled&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; R$ &lt;font&gt;479,748&lt;/font&gt; (R$ &lt;font&gt;0.44&lt;/font&gt; &amp;#8211; &lt;font&gt;forty-four&lt;/font&gt; cents of Brazilian Real per share), were approved by the Board of Directors on February 24, 2021, and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;will be&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; paid &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;from &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;March 12, 2021&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; onwards&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The management proposal for the allocation of net income for &lt;font&gt;2020&lt;/font&gt; and for distribution of dividends is as follow:&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 230px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-right: auto;" width="68%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 362.5pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; text-decoration: underline; font-size: 10pt;"&gt; Allocation of net income &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net income for the period attributable to shareholders of Ultrapar &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;893,383&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Legal reserve (&lt;font&gt;5&lt;/font&gt;% of the net income) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;44,669&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Adjusted net income (basis for dividends) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;848,714&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Minimum mandatory dividends for the period (&lt;font&gt;50&lt;/font&gt;% of the adjusted net income) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;424,357&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Additional dividends to minimum mandatory dividends &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;55,391&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Legal reserve (&lt;font&gt;5&lt;/font&gt;% of the net income) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;44,669&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Investments statutory reserve &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;368,966&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total allocation of net income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;893,383&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; text-decoration: underline; font-size: 10pt;"&gt; Allocation of dividends &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Minimum mandatory dividends for the period (&lt;font&gt;50&lt;/font&gt;% of the adjusted net income) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;424,357&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Additional dividends to minimum mandatory dividends &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;55,391&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total allocation (R$ &lt;font&gt;0.44&lt;/font&gt; per share) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;479,748&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Balances and changes in dividends payable are as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 113px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin: 0px auto; text-indent: 0px;" width="68%"&gt;

&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 79.6829%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 19.3171%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;284,024&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 79.6829%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Provisions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 19.3171%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;329,106&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 79.6829%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Payments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 19.3171%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;596,436&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 79.6829%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; width: 19.3171%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16,694&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 79.6829%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Provisions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 19.3171%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;710,206&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 79.6829%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Payments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; width: 19.3171%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;284,767&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; width: 1%;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
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&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 79.6829%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;/td&gt;
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&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
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&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 348px; width: 99.9171%;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Weighted average useful life (years) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Additions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Transfer (i) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Write-offs &lt;br/&gt;and disposals &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Effect of foreign currency exchange rate variation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cost: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px; width: 23%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Goodwill (a) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,525,088&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,525,088&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Software (b) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,210,529&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;184,027&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;993&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;6,633&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,130&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,395,046&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Technology (c) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;32,617&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;32,617&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Commercial property rights &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,934&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;7,934&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Distribution rights &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;133,599&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;133,599&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Brands (d) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;122,504&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;14,458&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;136,962&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Trademark rights (d) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;39&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;114,792&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;114,792&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Others (e) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;44,900&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,040&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,758&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;50,698&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Decarbonization credits (f) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;125,345&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,058&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;124,287&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,191,963&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;310,412&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;/td&gt;
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&lt;/td&gt;
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&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,388,802&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Software &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;835,625&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;182,681&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,844&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,405&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,012,867&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Provision for losses and impairment: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Goodwill (a) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;593,280&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;593,280&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Commercial property rights &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;465&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;465&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;593,745&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;465&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;593,280&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net amount &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,762,593&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;310,412&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;182,681&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;65&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;128,545&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;20,941&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,782,655&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Refers to amounts transferred to PP&amp;amp;E&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and prepaid expenses&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-right: auto; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 327px; width: 99.8344%;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt;&lt;font&gt; Weighted &lt;/font&gt;&lt;br/&gt;&lt;font&gt;average useful &lt;/font&gt;&lt;br/&gt;&lt;font&gt;life (years&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Adoption &lt;br/&gt;IFRS &lt;font&gt;16&lt;/font&gt; &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Additions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Transfer (i) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Write-offs &lt;br/&gt;and &lt;br/&gt;disposals &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Effect of foreign currency exchange rate variation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Oxiteno &lt;br/&gt;Andina (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cost: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; width: 23%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Goodwill (a) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,525,088&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,525,088&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Software (b) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,062,486&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;145,004&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,553&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;784&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,551&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;281&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Brands (d) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;120,571&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,933&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;122,504&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Trademark rights (d) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;35&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;114,792&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;114,792&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Others (e) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;43,281&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,668&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;355&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;306&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;32,613&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;32,616&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
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&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,878&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;6,384&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;106,597&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
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&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Goodwill (a) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;593,280&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;593,280&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Commercial property rights &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
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&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
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&lt;/td&gt;
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&lt;/td&gt;
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&lt;/td&gt;
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&lt;/td&gt;
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&lt;/td&gt;
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&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
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&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;593,745&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;593,745&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net amount &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,369,355&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;39,928&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;441,748&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;120,492&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;6,442&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;920&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,788&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;20&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,762,593&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) Refers to amounts transferred to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;PP&amp;amp;E&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and right-of-use assets.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(*) Refers to the asset write-offs of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Andina&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ee Note &lt;font&gt;3&lt;/font&gt;.b.&lt;font&gt;6&lt;/font&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;

&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-right: auto; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 278px; width: 99.9171%;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Weighted &lt;br/&gt;average &lt;br/&gt;useful life &lt;br/&gt;(years) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2017 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Additions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Transfer (i) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Write-offs &lt;br/&gt;and &lt;br/&gt;disposals &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Effect of foreign currency &lt;br/&gt;exchange rate variation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance acquisition &lt;br/&gt;TEAS (ii) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 31%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cost: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Goodwill (a) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,524,291&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;797&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,525,088&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Software (b) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;853,079&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;223,964&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,258&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;15,401&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,053&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;49&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,062,486&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Technology (c) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;32,617&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;32,617&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Commercial property rights (d) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;
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&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Distribution rights &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;142,989&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Brands (e) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;113,543&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,028&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;120,571&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Trademark rights (e) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;39&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;114,792&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;114,792&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Others (f) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;40,514&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,822&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
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&lt;/td&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
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&lt;/td&gt;
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&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
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&lt;/td&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net amount &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,238,042&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;237,593&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;99,334&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,424&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;15,487&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,168&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;797&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,369,355&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; widows: 0; orphans: 0; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(i)&lt;/font&gt;&lt;font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Refers&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; to amounts transferred to PP&amp;amp;E.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; widows: 0; orphans: 0; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(ii)&lt;/font&gt;&lt;font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';"&gt;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;See Note &lt;font&gt;3&lt;/font&gt;.c.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; widows: 0; orphans: 0; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ugp:SummaryOfBalancesInIntangibleAssetsTextBlock>
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  <ugp:SummaryOfBalancesInPropertyPlantAndEquipmentTableTextBlock id="Tag3501" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Balances and changes in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;PP&amp;amp;E&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; are as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 299px; width: 99.8343%;" width="100%"&gt;

&lt;tr style="height: 68px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 68px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 68px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Weighted &lt;br/&gt;average &lt;br/&gt;useful life &lt;br/&gt;(years) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 68px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 68px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 68px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 68px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Additions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 68px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 68px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 68px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Depreciation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 68px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 68px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 68px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Transfer (i) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 68px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 68px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 68px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Write-&lt;br/&gt;offs and &lt;br/&gt;disposals &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 68px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 68px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 68px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Effect of foreign currency &lt;br/&gt;exchange rate variation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 68px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 68px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 68px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 68px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cost: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 23%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Land &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;667,865&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;21,300&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,113&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;14,427&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,257&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;687,108&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Buildings &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;32&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,925,946&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;148,527&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;81,875&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,154,710&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Leasehold improvements &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; LPG tanks and bottles &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Depreciation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Transfer (i) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Write-&lt;br/&gt;offs and &lt;br/&gt;disposals &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Effect of foreign currency &lt;br/&gt;exchange rate variation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 23%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Accumulated depreciation: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 8%;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
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&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
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&lt;/td&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;191,713&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; IT equipment &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;318,063&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;35,080&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,911&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;352,256&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;7,460,856&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;777,403&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,625&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;119,560&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;72,215&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
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&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;8,188,289&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Provision for losses: &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Advances to suppliers &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;110&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;110&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Land &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;146&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;146&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Leasehold improvements &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,599&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;910&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;639&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;11&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;61&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Machinery and equipment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,875&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
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&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px;"&gt;)&lt;/td&gt;
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&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net amount &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;/td&gt;
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&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;(&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;) &lt;font&gt;Refers to amounts transferred&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;between rubrics and&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;to&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;intangible assets.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 9pt; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 241px; width: 99.9171%;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Weighted &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt;average &lt;br/&gt;useful life &lt;br/&gt;(years) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Additions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Depreciation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Transfer (i) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Write-offs &lt;br/&gt;and &lt;br/&gt;disposals &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Effect of &lt;br/&gt;foreign &lt;br/&gt;currency &lt;br/&gt;exchange rate variation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Oxiteno &lt;br/&gt;Andina (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/30/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cost: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 31%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Land &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;620,879&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;43,420&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,785&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,017&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,059&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;261&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;667,865&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Buildings &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;32&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,801,073&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;18,117&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;105,861&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,339&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,023&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,789&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,925,946&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Leasehold improvements &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,015,640&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;19,191&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;129,234&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;42,552&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,121,528&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Machinery and equipment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;13&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,219,256&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;131,831&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;365,953&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,967&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,596&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;13,948&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,707,721&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;250&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; IT equipment &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;21,771&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;872&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;5,249&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;352&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;412,809&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;14,183,960&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,051,080&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;20,813&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;185,351&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;26,192&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;16,622&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15,038,446&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="/* margin-top: 2pt; */margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 436px; width: 100%;" width="100%"&gt;

&lt;tr style="height: 51px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Additions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Depreciation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Transfer (i) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Write-offs &lt;br/&gt;and &lt;br/&gt;disposals &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Effect of &lt;br/&gt;foreign &lt;br/&gt;currency &lt;br/&gt;exchange&amp;nbsp;rate&lt;br/&gt;variation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Oxiteno &lt;br/&gt;Andina (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2019 &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 20%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Accumulated depreciation: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Buildings &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;743,117&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;187&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,681&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;893&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,679&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;793,835&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Leasehold improvements &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/tr&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;139,045&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;)&lt;/td&gt;
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&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;155,339&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;12&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,280&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;204&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;336&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;171,475&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
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&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; IT equipment &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;288,083&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;34,782&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,061&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Advances to suppliers &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;83&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;27&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;110&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Buildings &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
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&lt;/td&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Land &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
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&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;146&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,385&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;111&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,599&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
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&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;6,117&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
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&lt;/td&gt;
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&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
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&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,335&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,875&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Automotive fuel/lubricant distribution equipment and facilities &lt;/font&gt;&lt;/p&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;"&gt;)&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;67&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;98&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Construction in progress &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;38&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;38&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Furniture and utensils &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;70&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;69&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;8,991&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,555&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;948&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,341&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,429&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net amount &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,278,865&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,049,525&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;740,272&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;11,070&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;51,690&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;45,968&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,436&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,572,762&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(i) &lt;font&gt;Refers to amounts transferred to intangible assets, inventories and right-of-use assets.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(*) &lt;font&gt;Refers to the asset write-offs of Oxiteno Andina&lt;/font&gt;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (see Note &lt;font&gt;3&lt;/font&gt;.b.&lt;font&gt;6&lt;/font&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.917%; height: 366px;" width="100%"&gt;

&lt;tr style="height: 85px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 85px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 85px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Weighted &lt;br/&gt;average &lt;br/&gt;useful life &lt;br/&gt;(years) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 85px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2017 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 85px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 85px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Additions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 85px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 85px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Depreciation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 85px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 85px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Transfer (i) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 85px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 85px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Write-offs &lt;br/&gt;and &lt;br/&gt;disposals &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 85px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 85px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Effect of &lt;br/&gt;foreign &lt;br/&gt;currency &lt;br/&gt;exchange rate variation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 85px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 85px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance acquisition &lt;br/&gt;TEAS (ii) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 85px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 85px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 85px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cost: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 19px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px; width: 7%;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px; width: 7%;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,801,073&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px;"&gt;
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&lt;td style="padding: 0px; vertical-align: middle; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;912,555&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,015,640&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Machinery and equipment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;13&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;115,171&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;588,696&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;261,955&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;60,308&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,219,256&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 34px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Automotive fuel/lubricant distribution equipment&amp;nbsp;and facilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;13&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,729,522&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;98,478&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;98,573&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;62,240&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,864,333&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; LPG tanks and bottles &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;692,856&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;78,995&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,552&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;31,387&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;
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&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;13,219,520&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,202,014&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;798&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;142,009&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;207,904&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;111,541&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;14,183,960&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 9pt; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(i) R&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;efers to amounts transferred to intangible assets, inventories and right-of-use assets as from &lt;font&gt;2019&lt;/font&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 9pt; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(ii) S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ee Note &lt;font&gt;3&lt;/font&gt;.c.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 9pt; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 443px; width: 100%;" width="100%"&gt;

&lt;tr style="height: 51px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2017 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Additions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Depreciation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Transfer (i) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Write-offs &lt;br/&gt;and &lt;br/&gt;disposals &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Effect of &lt;br/&gt;foreign &lt;br/&gt;currency &lt;br/&gt;exchange rate variation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance acquisition &lt;br/&gt;TEAS (ii) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 28%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Accumulated depreciation: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Buildings &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;724,408&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;53,462&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,046&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,608&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;26,533&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,434&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;743,117&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Leasehold improvements &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;475,651&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;83,208&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,574&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,398&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;7&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;558,042&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Machinery and equipment &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,980,166&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;271,867&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,143&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,449&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;288,461&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,969,209&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;tr style="height: 34px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Automotive fuel/lubricant distribution equipment&amp;nbsp;and facilities &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;401,056&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Advances to suppliers &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;83&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;83&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Buildings &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;306&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;306&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Land &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;104&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;827&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Leasehold improvements &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;564&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Machinery and equipment &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,724&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;6,117&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;/tr&gt;
&lt;tr style="height: 34px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Automotive fuel/lubricant distribution equipment&amp;nbsp;and facilities &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;169&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;165&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Construction in progress &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;38&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;38&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Furniture and utensils &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;69&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: Calibri; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;70&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;5,645&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;3,401&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;450&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;395&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;8,991&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net amount &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,637,826&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,198,613&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;737,593&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;742&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;36,542&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;118,967&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;96,852&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,278,865&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(i) &lt;font&gt;Refers to amounts transferred to intangible assets, inventories and right-of-use assets as from &lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(ii) &lt;font&gt;See Note &lt;/font&gt;&lt;font&gt;3&lt;/font&gt;&lt;font&gt;.c.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ugp:SummaryOfBalancesInPropertyPlantAndEquipmentTableTextBlock>
  <ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory id="Tag3502" contextRef="D20201231_3">&lt;div&gt;
&lt;h1 style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 12pt; text-indent: 0px;"&gt;&lt;font&gt;&lt;font&gt;&lt;font&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;14&lt;/font&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Property, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;p&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;lant, and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;e&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;quipment&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/h1&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Balances and changes in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;PP&amp;amp;E&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; are as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 299px; width: 99.8343%;" width="100%"&gt;

&lt;tr style="height: 68px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 68px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 68px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Weighted &lt;br/&gt;average &lt;br/&gt;useful life &lt;br/&gt;(years) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 68px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 68px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 68px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 68px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Additions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 68px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 68px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 68px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Depreciation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 68px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 68px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 68px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Transfer (i) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 68px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 68px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 68px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Write-&lt;br/&gt;offs and &lt;br/&gt;disposals &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 68px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 68px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 68px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Effect of foreign currency &lt;br/&gt;exchange rate variation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 68px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 68px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 68px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 68px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cost: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 23%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Land &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;667,865&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;21,300&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,113&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;14,427&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,257&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;687,108&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Buildings &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;32&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,925,946&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;25,572&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;148,527&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;27,210&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;81,875&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,154,710&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Leasehold improvements &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,121,528&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;28,374&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;89,559&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;16,954&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;315&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,222,822&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Machinery and equipment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;13&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,707,721&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;tr style="height: 17px;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;3,781&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;203,300&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;386,430&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16,197,396&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 351px; width: 99.9171%;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Additions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Depreciation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Transfer (i) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Write-&lt;br/&gt;offs and &lt;br/&gt;disposals &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Effect of foreign currency &lt;br/&gt;exchange rate variation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 23%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Accumulated depreciation: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;/td&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;65,318&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;20,021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;14,641&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;851,397&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,252&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;88&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;689,161&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;3,231,627&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;317,694&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;59&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,091&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;53,133&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;3,598,304&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 34px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Automotive fuel/lubricant distribution equipment and facilities &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 34px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,766,878&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"&gt;)&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;454,651&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;143,854&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;)&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;191,713&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; IT equipment &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;318,063&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
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&lt;/td&gt;
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&lt;/tr&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Land &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;146&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;146&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Leasehold improvements &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,599&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;910&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;639&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;11&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;61&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Machinery and equipment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,875&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;156&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;138&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,857&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 34px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Automotive fuel/lubricant distribution equipment and facilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;98&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 34px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;73&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,828&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;910&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;820&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;149&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;3,247&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net amount &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,572,762&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;980,511&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;777,403&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,156&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;82,920&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;314,066&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8,005,860&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;(&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;) &lt;font&gt;Refers to amounts transferred&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;between rubrics and&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;to&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;intangible assets.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 9pt; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 241px; width: 99.9171%;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Weighted &lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt;average &lt;br/&gt;useful life &lt;br/&gt;(years) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Additions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Depreciation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Transfer (i) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Write-offs &lt;br/&gt;and &lt;br/&gt;disposals &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Effect of &lt;br/&gt;foreign &lt;br/&gt;currency &lt;br/&gt;exchange rate variation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 31%;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;19,191&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;42,552&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,121,528&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;131,831&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;365,953&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,967&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,596&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;13,948&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,707,721&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
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&lt;td style="padding: 0px; vertical-align: middle; height: 10px;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;103,288&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;81,038&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;57,187&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,991,472&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; LPG tanks and bottles &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;743,016&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;65,351&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;320,161&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;353&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;295,604&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;695,301&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;14,183,960&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,051,080&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;20,813&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;185,351&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;26,192&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;16,622&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15,038,446&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="/* margin-top: 2pt; */margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 436px; width: 100%;" width="100%"&gt;

&lt;tr style="height: 51px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Additions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Depreciation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Transfer (i) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Write-offs &lt;br/&gt;and &lt;br/&gt;disposals &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Effect of &lt;br/&gt;foreign &lt;br/&gt;currency &lt;br/&gt;exchange&amp;nbsp;rate&lt;br/&gt;variation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Oxiteno &lt;br/&gt;Andina (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 20%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Accumulated depreciation: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Buildings &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;743,117&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;614,379&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;425,554&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;139,045&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;171,475&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;288,083&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;34,782&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,061&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;309&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;318,063&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;110&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Buildings &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;306&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;306&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Land &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;827&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;146&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Leasehold improvements &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,203&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,599&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Machinery and equipment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;6,117&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;769&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,138&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,335&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,875&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 34px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Automotive fuel/lubricant distribution equipment and facilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 34px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;165&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;67&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;98&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Construction in progress &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;38&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;38&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Furniture and utensils &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;70&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;69&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;8,991&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,555&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;948&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,341&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,429&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,828&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net amount &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,278,865&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,049,525&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;740,272&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;11,070&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;51,690&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;45,968&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,436&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,572,762&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(i) &lt;font&gt;Refers to amounts transferred to intangible assets, inventories and right-of-use assets.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(*) &lt;font&gt;Refers to the asset write-offs of Oxiteno Andina&lt;/font&gt;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (see Note &lt;font&gt;3&lt;/font&gt;.b.&lt;font&gt;6&lt;/font&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.917%; height: 366px;" width="100%"&gt;

&lt;tr style="height: 85px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 85px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 85px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Weighted &lt;br/&gt;average &lt;br/&gt;useful life &lt;br/&gt;(years) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 85px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2017 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 85px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 85px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Additions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 85px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 85px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Depreciation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 85px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 85px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Transfer (i) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 85px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 85px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Write-offs &lt;br/&gt;and &lt;br/&gt;disposals &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 85px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 85px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Effect of &lt;br/&gt;foreign &lt;br/&gt;currency &lt;br/&gt;exchange rate variation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 85px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 85px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance acquisition &lt;br/&gt;TEAS (ii) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 85px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 85px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 85px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cost: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 19px; width: 22%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Land &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 19px; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;576,642&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,994&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,261&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;895&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px; width: 1%;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,238&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px; width: 1%;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33,115&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;620,879&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Buildings &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;32&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,637,871&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,041&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;151,937&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,929&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;10,914&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;18,067&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,801,073&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Leasehold improvements &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;912,555&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;11,931&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;103,371&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;12,273&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;56&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,015,640&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Machinery and equipment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;13&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,721,931&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;115,171&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;588,696&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,895&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;261,955&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;60,308&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,219,256&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 34px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Automotive fuel/lubricant distribution equipment&amp;nbsp;and facilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 34px;"&gt;
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&lt;tr style="height: 19px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;41&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; IT equipment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;352,986&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;34,921&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,942&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,953&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,161&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;395,063&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;13,219,520&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,202,014&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;798&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;142,009&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;207,904&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;111,541&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 9pt; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(i) R&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;efers to amounts transferred to intangible assets, inventories and right-of-use assets as from &lt;font&gt;2019&lt;/font&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 9pt; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(ii) S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ee Note &lt;font&gt;3&lt;/font&gt;.c.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 9pt; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 443px; width: 100%;" width="100%"&gt;

&lt;tr style="height: 51px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2017 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Additions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Depreciation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Transfer (i) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Write-offs &lt;br/&gt;and &lt;br/&gt;disposals &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Effect of &lt;br/&gt;foreign &lt;br/&gt;currency &lt;br/&gt;exchange rate variation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance acquisition &lt;br/&gt;TEAS (ii) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 51px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 28%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Accumulated depreciation: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Buildings &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;724,408&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;53,462&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,046&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,608&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;26,533&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,434&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;743,117&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Leasehold improvements &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;88,308&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,347&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
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&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;112,200&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;123,650&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;)&lt;/td&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;155,339&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
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&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; IT equipment &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;260,859&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;30,659&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,819&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,080&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;6&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;288,083&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;6,576,049&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;737,593&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;56&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;105,017&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;327,266&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;14,689&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;6,896,104&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Provision for losses: &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Advances to suppliers &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;83&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Buildings &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;306&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;306&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Land &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;104&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;827&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Leasehold improvements &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;564&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;6,117&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;tr style="height: 34px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px; background-color: #cceeff;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;169&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 34px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 34px;"&gt;)&lt;/td&gt;
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&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;38&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Furniture and utensils &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;69&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: Calibri; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;70&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;5,645&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;3,401&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;450&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;395&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;8,991&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net amount &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,637,826&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,198,613&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;737,593&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;742&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;36,542&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;118,967&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
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&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,278,865&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(i) &lt;font&gt;Refers to amounts transferred to intangible assets, inventories and right-of-use assets as from &lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(ii) &lt;font&gt;See Note &lt;/font&gt;&lt;font&gt;3&lt;/font&gt;&lt;font&gt;.c.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Construction in progress relates substantially to expansions, renovations, constructions and upgrade of industrial facilities, terminals, stores, service stations and distribution bases.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;br/&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Advances to suppliers is related, basically, to manufacturing of assets for expansion of plants, terminals, stores&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, service stations&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and bases and acquisition of real estate.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The depreciation expenses were recognized in the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;f&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;inancial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as shown below:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 79px; width: 99.8343%;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 65%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Inventories and cost of products and services sold &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;429,984&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;405,966&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; background-color: #cceeff; padding: 0px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding: 0px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;406,002&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; padding: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Selling and marketing &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;297,172&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;285,671&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;279,023&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; General and administrative &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;50,247&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;48,635&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; background-color: #cceeff; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;52,568&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;777,403&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;740,272&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;737,593&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory>
  <ifrs-full:AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment id="Tag3503" contextRef="D20181231" unitRef="BRL" decimals="-3">96852000</ifrs-full:AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment id="Tag3504" contextRef="I20191231_AccumulatedImpairmentMember_AutomotiveMember" unitRef="BRL" decimals="-3">-98000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment id="Tag3505" contextRef="D20201231_GrossCarryingAmountMember_AdvancesToSuppliersMember" unitRef="BRL" decimals="-3">-6185000</ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment>
  <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment id="Tag3506" contextRef="D20201231_GrossCarryingAmountMember_LPGTanksMember" unitRef="BRL" decimals="-3">65230000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
  <ifrs-full:DisposalsPropertyPlantAndEquipment id="Tag3507" contextRef="D20181231_AccumulatedImpairmentMember_LeaseholdImprovementsMember" unitRef="BRL" decimals="-3">-2000</ifrs-full:DisposalsPropertyPlantAndEquipment>
  <ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment id="Tag3508" contextRef="D20201231_GrossCarryingAmountMember_ITEquipmentMember">P5Y</ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment id="Tag3509" contextRef="I20191231_GrossCarryingAmountMember_ConstructionInProgressMember" unitRef="BRL" decimals="-3">827086000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment id="Tag3510" contextRef="D20191231_AdvancesToSuppliersMember_GrossCarryingAmountMember" unitRef="BRL" decimals="-3">-1000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment id="Tag3511" contextRef="D20191231_ITEquipmentMember_GrossCarryingAmountMember" unitRef="BRL" decimals="-3">352000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment id="Tag3512" contextRef="D20181231_AccumulatedImpairmentMember_ConstructionInProgressMember" unitRef="BRL" decimals="-3">-38000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment id="Tag3513" contextRef="D20201231_GrossCarryingAmountMember_BuildingsMember" unitRef="BRL" decimals="-3">148527000</ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment id="Tag3514" contextRef="D20201231_GrossCarryingAmountMember_AutomotiveMember" unitRef="BRL" decimals="-3">133963000</ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment id="Tag3515" contextRef="D20201231_3" unitRef="BRL" decimals="-3">777403000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment id="Tag3516" contextRef="D20181231_AccumulatedImpairmentMember_LandMember" unitRef="BRL" decimals="-3">-723000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
  <ifrs-full:DisposalsPropertyPlantAndEquipment id="Tag3517" contextRef="D20201231_GrossCarryingAmountMember_LeaseholdImprovementsMember" unitRef="BRL" decimals="-3">16954000</ifrs-full:DisposalsPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment id="Tag3518" contextRef="D20201231_AccumulatedDepreciationAndAmortisationMember_FurnitureMember" unitRef="BRL" decimals="-3">-2173000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment id="Tag3519" contextRef="I20171231_AccumulatedImpairmentMember_LandMember" unitRef="BRL" decimals="-3">-104000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment id="Tag3520" contextRef="I20191231_AccumulatedImpairmentMember_LandMember" unitRef="BRL" decimals="-3">-146000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment id="Tag3521" contextRef="I20201231_AccumulatedImpairmentMember_AdvancesToSuppliersMember" unitRef="BRL" decimals="-3">-110000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:RetirementsPropertyPlantAndEquipment id="Tag3522" contextRef="D20191231_AccumulatedImpairmentMember_ConstructionInProgressMember" unitRef="BRL" decimals="-3">-38000</ifrs-full:RetirementsPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment id="Tag3523" contextRef="D20201231_GrossCarryingAmountMember_LPGTanksMember" unitRef="BRL" decimals="-3">289000</ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment id="Tag3524" contextRef="I20191231_AccumulatedDepreciationAndAmortisationMember_LeaseholdImprovementsMember" unitRef="BRL" decimals="-3">-614379000</ifrs-full:PropertyPlantAndEquipment>
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  <ifrs-full:DisposalsPropertyPlantAndEquipment id="Tag3632" contextRef="D20181231_AccumulatedDepreciationAndAmortisationMember_ITEquipmentMember" unitRef="BRL" decimals="-3">-1819000</ifrs-full:DisposalsPropertyPlantAndEquipment>
  <ifrs-full:DisposalsPropertyPlantAndEquipment id="Tag3633" contextRef="D20181231_GrossCarryingAmountMember_FurnitureMember" unitRef="BRL" decimals="-3">863000</ifrs-full:DisposalsPropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment id="Tag3634" contextRef="I20171231_AccumulatedImpairmentMember_LeaseholdImprovementsMember" unitRef="BRL" decimals="-3">-564000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment id="Tag3635" contextRef="I20171231_AccumulatedDepreciationAndAmortisationMember_ITEquipmentMember" unitRef="BRL" decimals="-3">-260859000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:DisposalsPropertyPlantAndEquipment id="Tag3636" contextRef="D20181231_AccumulatedImpairmentMember_AutomotiveMember" unitRef="BRL" decimals="-3">-4000</ifrs-full:DisposalsPropertyPlantAndEquipment>
  <ifrs-full:DisposalsPropertyPlantAndEquipment id="Tag3637" contextRef="D20181231_AccumulatedDepreciationAndAmortisationMember_VehiclesMember" unitRef="BRL" decimals="-3">-15002000</ifrs-full:DisposalsPropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment id="Tag3638" contextRef="I20181231_AccumulatedImpairmentMember_FurnitureMember" unitRef="BRL" decimals="-3">-70000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment id="Tag3639" contextRef="I20171231_GrossCarryingAmountMember_LPGTanksMember" unitRef="BRL" decimals="-3">692856000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment id="Tag3640" contextRef="D20191231_AccumulatedDepreciationAndAmortisationMember_LeaseholdImprovementsMember" unitRef="BRL" decimals="-3">-4000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment id="Tag3641" contextRef="D20181231_AccumulatedDepreciationAndAmortisationMember_LeaseholdImprovementsMember" unitRef="BRL" decimals="-3">-4574000</ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment id="Tag3642" contextRef="D20181231_GrossCarryingAmountMember" unitRef="BRL" decimals="-3">798000</ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment>
  <ifrs-full:DisposalsPropertyPlantAndEquipment id="Tag3643" contextRef="D20191231_ITEquipmentMember_GrossCarryingAmountMember" unitRef="BRL" decimals="-3">5249000</ifrs-full:DisposalsPropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment id="Tag3644" contextRef="I20201231_GrossCarryingAmountMember_BuildingsMember" unitRef="BRL" decimals="-3">2154710000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment id="Tag3645" contextRef="I20171231_AccumulatedDepreciationAndAmortisationMember_VehiclesMember" unitRef="BRL" decimals="-3">-112200000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment id="Tag3646" contextRef="I20201231_GrossCarryingAmountMember_AutomotiveMember" unitRef="BRL" decimals="-3">3169320000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment id="Tag3647" contextRef="I20171231_GrossCarryingAmountMember_BuildingsMember" unitRef="BRL" decimals="-3">1637871000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment id="Tag3648" contextRef="D20191231_BuildingsMember_GrossCarryingAmountMember">P32Y</ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment>
  <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment id="Tag3649" contextRef="D20181231_GrossCarryingAmountMember_ITEquipmentMember" unitRef="BRL" decimals="-3">34921000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment id="Tag3650" contextRef="D20201231_3" unitRef="BRL" decimals="-3">314066000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment id="Tag3651" contextRef="D20201231_GrossCarryingAmountMember_ConstructionInProgressMember" unitRef="BRL" decimals="-3">506367000</ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment id="Tag3652" contextRef="D20191231_AccumulatedDepreciationAndAmortisationMember" unitRef="BRL" decimals="-3">17435000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment id="Tag3653" contextRef="D20181231_AccumulatedDepreciationAndAmortisationMember_ITEquipmentMember" unitRef="BRL" decimals="-3">2702000</ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment id="Tag3654" contextRef="I20201231_AccumulatedImpairmentMember_MachineryMember" unitRef="BRL" decimals="-3">-2857000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment id="Tag3655" contextRef="I20181231_AccumulatedDepreciationAndAmortisationMember_VehiclesMember" unitRef="BRL" decimals="-3">-123650000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment id="Tag3656" contextRef="D20181231_GrossCarryingAmountMember_VehiclesMember" unitRef="BRL" decimals="-3">18061000</ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment id="Tag3657" contextRef="I20201231_AccumulatedDepreciationAndAmortisationMember_ITEquipmentMember" unitRef="BRL" decimals="-3">-352256000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment id="Tag3658" contextRef="I20171231_GrossCarryingAmountMember_ConstructionInProgressMember" unitRef="BRL" decimals="-3">929000000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment id="Tag3659" contextRef="I20201231_GrossCarryingAmountMember_MachineryMember" unitRef="BRL" decimals="-3">6498362000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment id="Tag3660" contextRef="D20181231_AccumulatedImpairmentMember" unitRef="BRL" decimals="-3">-395000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment id="Tag3661" contextRef="D20201231_GrossCarryingAmountMember_ITEquipmentMember" unitRef="BRL" decimals="-3">2189000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment id="Tag3662" contextRef="D20201231_GrossCarryingAmountMember_BuildingsMember">P32Y</ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment id="Tag3663" contextRef="I20201231_GrossCarryingAmountMember_ITEquipmentMember" unitRef="BRL" decimals="-3">444844000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment id="Tag3664" contextRef="D20201231_GrossCarryingAmountMember_LandMember" unitRef="BRL" decimals="-3">10257000</ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment>
  <ifrs-full:PropertyPlantAndEquipment id="Tag3665" contextRef="I20191231_GrossCarryingAmountMember" unitRef="BRL" decimals="-3">15038446000</ifrs-full:PropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment id="Tag3666" contextRef="D20191231_AccumulatedDepreciationAndAmortisationMember_LPGTanksMember" unitRef="BRL" decimals="-3">57890000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment id="Tag3667" contextRef="D20191231_AccumulatedDepreciationAndAmortisationMember" unitRef="BRL" decimals="-3">740272000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:DisposalsPropertyPlantAndEquipment id="Tag3668" contextRef="D20181231_AccumulatedDepreciationAndAmortisationMember_BuildingsMember" unitRef="BRL" decimals="-3">-2608000</ifrs-full:DisposalsPropertyPlantAndEquipment>
  <ifrs-full:DepreciationPropertyPlantAndEquipment id="Tag3669" contextRef="D20201231_AccumulatedDepreciationAndAmortisationMember_LPGTanksMember" unitRef="BRL" decimals="-3">56267000</ifrs-full:DepreciationPropertyPlantAndEquipment>
  <ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment id="Tag3670" contextRef="D20201231_GrossCarryingAmountMember_MachineryMember" unitRef="BRL" decimals="-3">378883000</ifrs-full:IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment>
  <ifrs-full:InvestmentsInJointVentures id="Tag3671" contextRef="I20201231_ConnectCarMember" unitRef="BRL" decimals="-3">81180000</ifrs-full:InvestmentsInJointVentures>
  <ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities id="Tag3672" contextRef="D20201231_LatitudeLogsticaMember" unitRef="BRL" decimals="-3">0</ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities>
  <ugp:CapitalIncreaseJointVentures id="Tag3673" contextRef="D20201231_3" unitRef="BRL" decimals="-3">29203000</ugp:CapitalIncreaseJointVentures>
  <ugp:OperatingExpenseAndIncomeCosts id="Tag3674" contextRef="D20201231_UniaoVopakMember" unitRef="BRL" decimals="-3">-14408000</ugp:OperatingExpenseAndIncomeCosts>
  <ugp:CapitalIncreaseJointVentures id="Tag3675" contextRef="D20201231_NordesteLogsticaIIMember" unitRef="BRL" decimals="-3">3894000</ugp:CapitalIncreaseJointVentures>
  <ugp:CapitalIncreaseJointVentures id="Tag3676" contextRef="D20201231_NordesteLogsticaIMember" unitRef="BRL" decimals="-3">303000</ugp:CapitalIncreaseJointVentures>
  <ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests id="Tag3677" contextRef="D20181231_MetalurgicaPlusMember" unitRef="Pure" decimals="2">0.33</ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests>
  <ifrs-full:InvestmentsInJointVentures id="Tag3678" contextRef="I20191231_NordesteLogsticaIIIMember" unitRef="BRL" decimals="-3">4079000</ifrs-full:InvestmentsInJointVentures>
  <ugp:ShareOfProfitLossOfJointVentures id="Tag3679" contextRef="D20201231_3" unitRef="BRL" decimals="-3">45812000</ugp:ShareOfProfitLossOfJointVentures>
  <ifrs-full:InvestmentsInJointVentures id="Tag3680" contextRef="I20191231_NordesteLogsticaIMember" unitRef="BRL" decimals="-3">1930000</ifrs-full:InvestmentsInJointVentures>
  <ifrs-full:InvestmentsInJointVentures id="Tag3681" contextRef="I20191231_NavegantesLogsticaMember" unitRef="BRL" decimals="-3">23581000</ifrs-full:InvestmentsInJointVentures>
  <ugp:PercentageOfCapitalHeld id="Tag3682" contextRef="D20181231_RPRMember" unitRef="Pure" decimals="2">0.33</ugp:PercentageOfCapitalHeld>
  <ugp:DisclosureOfMaturityAnalysisOfWeightedAverageDiscountRatesForLeasePayableTableTextBlock id="Tag3683" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin: 0cm 0cm 0.0001pt; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; color: #000000;"&gt;&lt;font lang="EN-US" style="font-size: 10pt;"&gt;The weighted average discount rates for the lease payable are presented below:&lt;/font&gt;&lt;/p&gt;
&lt;table border="1" cellspacing="0" cellpadding="0" width="100%" style="height: 27px; margin-left: 0.1px; border-collapse: collapse; border: none; width: 100%; font-family: 'times new roman'; font-size: 10pt;"&gt;

&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="width: 222.017px; background: #cceeff; padding: 0cm 3pt; height: 10px;"&gt;
&lt;p align="center" style="text-align: center; break-after: avoid; margin: 0cm 0cm 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;font style="font-size: 8pt; font-family: 'times new roman', times;"&gt;&lt;b&gt;&lt;font lang="EN-US" style="color: #000000;"&gt;Maturity date of the contracts&lt;/font&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 70.1989px; background: #cceeff; padding: 0cm 3pt; height: 10px;"&gt;
&lt;p align="center" style="text-align: center; break-after: avoid; margin: 0cm 0cm 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;font style="font-size: 8pt; font-family: 'times new roman', times;"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&lt;font lang="EN-US" style="color: #000000;"&gt;Up to 5 &lt;br/&gt;years&lt;/font&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="width: 4.74432px; background: #cceeff; padding: 0cm 3pt; height: 10px;"&gt;
&lt;p align="center" style="text-align: center; break-after: avoid; margin: 0cm 0cm 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;font lang="EN-US" style="color: #000000; font-size: 8pt; font-family: 'times new roman', times;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 71.108px; background: #cceeff; padding: 0cm 3pt; height: 10px;"&gt;
&lt;p align="center" style="text-align: center; break-after: avoid; margin: 0cm 0cm 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;font style="font-size: 8pt; font-family: 'times new roman', times;"&gt;&lt;b&gt;&lt;font lang="EN-US" style="color: #000000;"&gt;From 5 to &lt;br/&gt;10 years&lt;/font&gt;&lt;/b&gt;&lt;b&gt;&lt;font lang="EN-US" style="color: #000000;"&gt;&lt;/font&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="top" style="width: 4.54545px; background: #cceeff; padding: 0cm; height: 10px;"&gt;
&lt;p align="center" style="text-align: center; break-after: avoid; margin: 0cm 0cm 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;font style="font-size: 8pt; font-family: 'times new roman', times;"&gt;&lt;b&gt;&lt;font lang="EN-US" style="color: #000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="top" style="width: 72.7273px; background: #cceeff; padding: 0cm; height: 10px;"&gt;
&lt;p align="center" style="text-align: center; break-after: avoid; margin: 0cm 0cm 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;font style="font-size: 8pt; font-family: 'times new roman', times;"&gt;&lt;b&gt;&lt;font lang="EN-US" style="color: #000000;"&gt;From 10 to &lt;br/&gt;15 years&lt;/font&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="top" style="width: 10px; background: #cceeff; padding: 0cm; height: 10px;"&gt;
&lt;p align="center" style="text-align: center; break-after: avoid; margin: 0cm 0cm 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;font style="font-size: 8pt; font-family: 'times new roman', times;"&gt;&lt;b&gt;&lt;font lang="EN-US" style="color: #000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="top" style="width: 77.2727px; background: #cceeff; padding: 0cm; height: 10px;"&gt;
&lt;p align="center" style="text-align: center; break-after: avoid; margin: 0cm 0cm 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;font style="font-size: 8pt; font-family: 'times new roman', times;"&gt;&lt;b&gt;&lt;font lang="EN-US" style="color: #000000;"&gt;More than &lt;br/&gt;15 years&lt;/font&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td valign="bottom" style="width: 222.017px; padding: 0cm 3pt; height: 17px;"&gt;
&lt;p style="break-after: avoid; margin: 0cm 0cm 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;font lang="EN-US" style="font-size: 10pt;"&gt;&lt;font&gt;Weighted average discount rates (% p.a.)&lt;/font&gt;&lt;font style="color: #000000;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="width: 70.1989px; padding: 0cm 3pt; height: 17px;"&gt;
&lt;p align="right" style="text-align: right; break-after: avoid; margin: 0cm 0cm 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;font lang="EN-US" style="color: #000000; font-size: 10pt;"&gt;&lt;font&gt;7.2&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="width: 4.74432px; padding: 0cm 3pt; height: 17px;"&gt;
&lt;p align="right" style="text-align: right; break-after: avoid; margin: 0cm 0cm 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;font lang="EN-US" style="color: #000000; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="width: 71.108px; padding: 0cm 3pt; height: 17px;"&gt;
&lt;p align="right" style="text-align: right; break-after: avoid; margin: 0cm 0cm 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font lang="EN-US" style="color: #000000;"&gt;&lt;font&gt;8.8&lt;/font&gt;&lt;/font&gt;&lt;font lang="EN-US" style="color: #000000;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="width: 4.54545px; padding: 0cm; height: 17px;"&gt;
&lt;p align="right" style="text-align: right; break-after: avoid; margin: 0cm 0cm 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;font lang="EN-US" style="color: #000000; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="width: 72.7273px; padding: 0cm; height: 17px;"&gt;
&lt;p align="right" style="margin: 0cm 2.85pt 0.0001pt 0cm; text-align: right; break-after: avoid; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;font lang="EN-US" style="color: #000000; font-size: 10pt;"&gt;&lt;font&gt;8.9&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="width: 10px; padding: 0cm; height: 17px;"&gt;
&lt;p align="right" style="text-align: right; break-after: avoid; margin: 0cm 0cm 0.0001pt; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;font lang="EN-US" style="color: #000000; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="width: 77.2727px; padding: 0cm; height: 17px;"&gt;
&lt;p align="right" style="margin: 0cm 2.85pt 0.0001pt 0cm; text-align: right; break-after: avoid; font-size: 10pt; font-family: 'Times New Roman', serif;"&gt;&lt;font lang="EN-US" style="color: #000000; font-size: 10pt;"&gt;&lt;font&gt;9.2&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ugp:DisclosureOfMaturityAnalysisOfWeightedAverageDiscountRatesForLeasePayableTableTextBlock>
  <ugp:DisclosureOfLeasesContractOfLowAssetValueExplanatoryTableTextBlock id="Tag3684" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The future disbursements (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;payments&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;), assumed &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as a result of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; these contracts amount approximately to:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; widows: 0; orphans: 0; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 44px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 92%; margin-left: auto; margin-right: auto;" width="92%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; break-inside: avoid; break-after: avoid; font-size: 10pt; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Up to &lt;font&gt;1&lt;/font&gt; year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; break-inside: avoid; break-after: avoid; font-size: 10pt; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Between &lt;font&gt;1&lt;/font&gt; and &lt;font&gt;5&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; break-inside: avoid; break-after: avoid; font-size: 10pt; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; More than &lt;font&gt;5&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; break-inside: avoid; break-after: avoid; font-size: 10pt; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 54%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,147&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,145&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,292&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,474&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,028&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,502&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ugp:DisclosureOfLeasesContractOfLowAssetValueExplanatoryTableTextBlock>
  <ifrs-full:DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsExplanatory id="Tag3685" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The future disbursements (installments) assumed under leases contracts are presented below:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 129px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-right: auto;" width="68%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 362.5pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 45.9pt; border-bottom: 0.75pt solid #000000; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Up to &lt;font&gt;1&lt;/font&gt; year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;396,010&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; From &lt;font&gt;1&lt;/font&gt; to &lt;font&gt;2&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;351,894&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; From &lt;font&gt;2&lt;/font&gt; to &lt;font&gt;3&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;316,195&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; From &lt;font&gt;3&lt;/font&gt; to &lt;font&gt;4&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;284,575&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; From &lt;font&gt;4&lt;/font&gt; to &lt;font&gt;5&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;256,429&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; More than &lt;font&gt;5&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,129,281&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,734,384&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsExplanatory>
  <ifrs-full:DisclosureOfAdditionalInformationAboutLeasingActivitiesForLesseeExplanatory id="Tag3686" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The changes in leases &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;payable &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;are shown below:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 307px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 87%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;46,066&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Adoption IFRS &lt;font&gt;16&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,363,803&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest accrued &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;128,996&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Payments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;321,716&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Additions and remeasurement &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;334,857&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Write-offs &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;52,129&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Effect of foreign currency exchange rate variation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;88,796&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,588,673&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest accrued &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;144,655&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Payments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;360,787&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Additions and remeasurement &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;484,121&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Write-offs &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;35,381&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Effect of foreign currency exchange rate variation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; border-bottom: 1pt solid #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;12,007&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,833,288&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;260,189&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Non-current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,573,099&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfAdditionalInformationAboutLeasingActivitiesForLesseeExplanatory>
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  <ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment id="Tag3697" contextRef="D20201231_RightofuseAssetsMember_VehiclesMember">P4Y</ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment>
  <ugp:IncreaseDecreaseThroughTransferOfRightOfUseAsset id="Tag3698" contextRef="D20191231_RightofuseAssetsMember_GrossCarryingAmountMember_RealEstateMember" unitRef="BRL" decimals="-3">98043000</ugp:IncreaseDecreaseThroughTransferOfRightOfUseAsset>
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  <ifrs-full:RightofuseAssets id="Tag3700" contextRef="I20191231_RightofuseAssetsMember" unitRef="BRL" decimals="-3">1980912000</ifrs-full:RightofuseAssets>
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  <ifrs-full:RightofuseAssets id="Tag3702" contextRef="I20201231_GrossCarryingAmountMember_RightofuseAssetsMember" unitRef="BRL" decimals="-3">2735591000</ifrs-full:RightofuseAssets>
  <ifrs-full:AmountOfReclassificationsOrChangesInPresentation id="Tag3703" contextRef="D20191231_RightofuseAssetsMember_GrossCarryingAmountMember_RealEstateMember" unitRef="BRL" decimals="-3">1636330000</ifrs-full:AmountOfReclassificationsOrChangesInPresentation>
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  <ifrs-full:AdditionsToRightofuseAssets id="Tag3705" contextRef="D20191231" unitRef="BRL" decimals="-3">68007000</ifrs-full:AdditionsToRightofuseAssets>
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  <ifrs-full:RightofuseAssets id="Tag3708" contextRef="I20191231_GrossCarryingAmountMember_RightofuseAssetsMember_VehiclesMember" unitRef="BRL" decimals="-3">91868000</ifrs-full:RightofuseAssets>
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  <ifrs-full:UndiscountedOperatingLeasePaymentsToBeReceived id="Tag3712" contextRef="I20201231_NotLaterThanOneYearMember" unitRef="BRL" decimals="-3">396010000</ifrs-full:UndiscountedOperatingLeasePaymentsToBeReceived>
  <ugp:Inventoriesandcostofproductsandservicessoldamortisation id="Tag3713" contextRef="D20201231_3" unitRef="BRL" decimals="-3">66604000</ugp:Inventoriesandcostofproductsandservicessoldamortisation>
  <ifrs-full:GainsLossesArisingFromSaleAndLeasebackTransactions id="Tag3714" contextRef="D20201231_RightofuseAssetsMember" unitRef="BRL" decimals="-3">-34631000</ifrs-full:GainsLossesArisingFromSaleAndLeasebackTransactions>
  <ugp:RightOfUseAssetsIncreaseDecreaseInRecognitionSurplus id="Tag3715" contextRef="D20191231_RightofuseAssetsMember_GrossCarryingAmountMember_RealEstateMember" unitRef="BRL" decimals="-3">80930000</ugp:RightOfUseAssetsIncreaseDecreaseInRecognitionSurplus>
  <ugp:AmortizationOfRightToUseAsset id="Tag3716" contextRef="D20201231_AccumulatedDepreciationAndAmortisationMember_RealEstateMember_RightofuseAssetsMember" unitRef="BRL" decimals="-3">-271130000</ugp:AmortizationOfRightToUseAsset>
  <ifrs-full:UndiscountedOperatingLeasePaymentsToBeReceived id="Tag3717" contextRef="I20201231_LaterThanTwoYearsAndNotLaterThanFiveYearsMember" unitRef="BRL" decimals="-3">256429000</ifrs-full:UndiscountedOperatingLeasePaymentsToBeReceived>
  <ifrs-full:RightofuseAssets id="Tag3718" contextRef="I20191231_GrossCarryingAmountMember_RightofuseAssetsMember" unitRef="BRL" decimals="-3">2287797000</ifrs-full:RightofuseAssets>
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  <ugp:SellingAndMarketingAmortization id="Tag3720" contextRef="D20191231_3" unitRef="BRL" decimals="-3">244974000</ugp:SellingAndMarketingAmortization>
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  <ugp:RightOfUseAssetsIncreaseDecreaseInRecognitionSurplus id="Tag3722" contextRef="D20201231_AccumulatedDepreciationAndAmortisationMember_RealEstateMember_RightofuseAssetsMember" unitRef="BRL" decimals="-3">-697000</ugp:RightOfUseAssetsIncreaseDecreaseInRecognitionSurplus>
  <ugp:GeneralAndAdministrativeAmortization id="Tag3723" contextRef="D20181231" unitRef="BRL" decimals="-3">75370000</ugp:GeneralAndAdministrativeAmortization>
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  <ugp:RightOfUseAssetsIncreaseDecreaseInRecognitionSurplus id="Tag3725" contextRef="D20201231_GrossCarryingAmountMember_RightofuseAssetsMember_VehiclesMember" unitRef="BRL" decimals="-3">252000</ugp:RightOfUseAssetsIncreaseDecreaseInRecognitionSurplus>
  <ifrs-full:LeaseLiabilities id="Tag3726" contextRef="I20191231" unitRef="BRL" decimals="-3">1588673000</ifrs-full:LeaseLiabilities>
  <ifrs-full:UndiscountedOperatingLeasePaymentsToBeReceived id="Tag3727" contextRef="I20201231_LaterThanOneYearAndNotLaterThanTwoYearsMember" unitRef="BRL" decimals="-3">351894000</ifrs-full:UndiscountedOperatingLeasePaymentsToBeReceived>
  <ugp:UndiscountedOperatingLeasePaymentsToBePayable id="Tag3728" contextRef="I20201231_LaterThanFiveYearsMember" unitRef="BRL" xsi:nil="true" />
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  <ugp:UndiscountedOperatingLeasePaymentsToBePayable id="Tag3730" contextRef="I20191231_LaterThanOneYearAndNotLaterThanFiveYearsMember" unitRef="BRL" decimals="-3">6028000</ugp:UndiscountedOperatingLeasePaymentsToBePayable>
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  <ugp:AdditionsAndRemeasurementOfRightOfUseAsset id="Tag3732" contextRef="D20201231_GrossCarryingAmountMember_PortAreaMember_RightofuseAssetsMember" unitRef="BRL" decimals="-3">200527000</ugp:AdditionsAndRemeasurementOfRightOfUseAsset>
  <ugp:AmortizationOfRightToUseAsset id="Tag3733" contextRef="D20201231_AccumulatedDepreciationAndAmortisationMember_PortAreaMember_RightofuseAssetsMember" unitRef="BRL" decimals="-3">-3962000</ugp:AmortizationOfRightToUseAsset>
  <ugp:AdditionsAndRemeasurementOfLeaseLiability id="Tag3734" contextRef="D20191231_3" unitRef="BRL" decimals="-3">334857000</ugp:AdditionsAndRemeasurementOfLeaseLiability>
  <ifrs-full:GainsLossesArisingFromSaleAndLeasebackTransactions id="Tag3735" contextRef="D20191231_RightofuseAssetsMember_GrossCarryingAmountMember" unitRef="BRL" decimals="-3">-57586000</ifrs-full:GainsLossesArisingFromSaleAndLeasebackTransactions>
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  <ugp:IncreaseDecreaseThroughTransferOfRightOfUseAsset id="Tag3737" contextRef="D20191231_RightofuseAssetsMember_GrossCarryingAmountMember" unitRef="BRL" decimals="-3">125890000</ugp:IncreaseDecreaseThroughTransferOfRightOfUseAsset>
  <ifrs-full:GainsLossesArisingFromSaleAndLeasebackTransactions id="Tag3738" contextRef="D20191231_3" unitRef="BRL" decimals="-3">-52129000</ifrs-full:GainsLossesArisingFromSaleAndLeasebackTransactions>
  <ugp:RightOfUseAssetsIncreaseDecreaseInRecognitionSurplus id="Tag3739" contextRef="D20201231_AccumulatedDepreciationAndAmortisationMember_RightofuseAssetsMember_MachineryMember" unitRef="BRL" decimals="-3">-1996000</ugp:RightOfUseAssetsIncreaseDecreaseInRecognitionSurplus>
  <ugp:AmortizationOfRightToUseAsset id="Tag3740" contextRef="D20201231_GrossCarryingAmountMember_RightofuseAssetsMember" unitRef="BRL" decimals="-3">0</ugp:AmortizationOfRightToUseAsset>
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  <ugp:RightOfUseAssetsIncreaseDecreaseInRecognitionSurplus id="Tag3777" contextRef="D20191231_RightofuseAssetsMember_GrossCarryingAmountMember" unitRef="BRL" decimals="-3">85202000</ugp:RightOfUseAssetsIncreaseDecreaseInRecognitionSurplus>
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  <ugp:UndiscountedOperatingLeasePaymentsToBePayable id="Tag3783" contextRef="I20201231_NotLaterThanOneYearMember" unitRef="BRL" decimals="-3">1147000</ugp:UndiscountedOperatingLeasePaymentsToBePayable>
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  <ifrs-full:GainsLossesArisingFromSaleAndLeasebackTransactions id="Tag3787" contextRef="D20201231_GrossCarryingAmountMember_RightofuseAssetsMember" unitRef="BRL" decimals="-3">-86994000</ifrs-full:GainsLossesArisingFromSaleAndLeasebackTransactions>
  <ifrs-full:RightofuseAssets id="Tag3788" contextRef="I20201231_RightofuseAssetsMember" unitRef="BRL" decimals="-3">2150286000</ifrs-full:RightofuseAssets>
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  <ifrs-full:UndiscountedOperatingLeasePaymentsToBeReceived id="Tag3792" contextRef="I20201231_LaterThanThreeYearsAndNotLaterThanFourYearsMember" unitRef="BRL" decimals="-3">284575000</ifrs-full:UndiscountedOperatingLeasePaymentsToBeReceived>
  <ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment id="Tag3793" contextRef="D20201231_PortAreaMember_RightofuseAssetsMember">P20Y</ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment>
  <ifrs-full:InterestExpenseOnLeaseLiabilities id="Tag3794" contextRef="D20191231_3" unitRef="BRL" decimals="-3">128996000</ifrs-full:InterestExpenseOnLeaseLiabilities>
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  <ifrs-full:GainsLossesArisingFromSaleAndLeasebackTransactions id="Tag3796" contextRef="D20191231_RightofuseAssetsMember_AccumulatedDepreciationAndAmortisationMember_OtherAssetsMember" unitRef="BRL" decimals="-3">442000</ifrs-full:GainsLossesArisingFromSaleAndLeasebackTransactions>
  <ifrs-full:RightofuseAssets id="Tag3797" contextRef="I20191231_AccumulatedDepreciationAndAmortisationMember_OtherAssetsMember_RightofuseAssetsMember" unitRef="BRL" decimals="-3">-15363000</ifrs-full:RightofuseAssets>
  <ifrs-full:LeaseLiabilities id="Tag3798" contextRef="I20181231" unitRef="BRL" decimals="-3">46066000</ifrs-full:LeaseLiabilities>
  <ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment id="Tag3799" contextRef="D20191231_RightofuseAssetsMember_OtherAssetsMember">P4Y</ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment>
  <ugp:UndiscountedOperatingLeasePaymentsToBePayable id="Tag3800" contextRef="I20201231" unitRef="BRL" decimals="-3">7292000</ugp:UndiscountedOperatingLeasePaymentsToBePayable>
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  <ifrs-full:GainsLossesArisingFromSaleAndLeasebackTransactions id="Tag3802" contextRef="D20191231_RightofuseAssetsMember_AccumulatedDepreciationAndAmortisationMember" unitRef="BRL" decimals="-3">7124000</ifrs-full:GainsLossesArisingFromSaleAndLeasebackTransactions>
  <ugp:AmountAppropriatedToProfitOrLossInFuture id="Tag3803" contextRef="I20201231_MoreThan5YearsMember" unitRef="BRL" decimals="-3">12617000</ugp:AmountAppropriatedToProfitOrLossInFuture>
  <ugp:TransactionCostsFinancialInstruments id="Tag3804" contextRef="I20201231_BancoDoBrasilMember" unitRef="BRL" decimals="-3">332000</ugp:TransactionCostsFinancialInstruments>
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  <ugp:DebenturePaymentOfInterestDescription id="Tag3806" contextRef="D20201231_DebentureSevenMember">Semiannually</ugp:DebenturePaymentOfInterestDescription>
  <ugp:TransactionCostAmortization id="Tag3807" contextRef="D20181231" unitRef="BRL" decimals="-3">17303000</ugp:TransactionCostAmortization>
  <ugp:LoanMaturityDate id="Tag3808" contextRef="D20201231_Loan9Member">2020</ugp:LoanMaturityDate>
  <ugp:LoansDebenturesAndFinanceLeases id="Tag3809" contextRef="I20201231" unitRef="BRL" decimals="-3">17259057000</ugp:LoansDebenturesAndFinanceLeases>
  <ugp:GuaranteeLiabilities id="Tag3810" contextRef="I20191231_IpirangaProdutosdePetroleoSAMember" unitRef="BRL" decimals="-3">1237000</ugp:GuaranteeLiabilities>
  <ugp:LoanDescription id="Tag3811" contextRef="D20201231_Loan12Member">Debentures &#x2013; Ipiranga</ugp:LoanDescription>
  <ugp:LoanMaturityDate id="Tag3812" contextRef="D20201231_Loan13Member">2021</ugp:LoanMaturityDate>
  <ugp:NumberOfDebenturesIssued id="Tag3813" contextRef="D20171031_DebenturesSeventhIssueMember_IpirangaProdutosdePetroleoSAMember_DebentureFiveMember" unitRef="Pure" decimals="0">730384</ugp:NumberOfDebenturesIssued>
  <ugp:LoanIndexCurrency id="Tag3814" contextRef="D20201231_Loan1Member">US$</ugp:LoanIndexCurrency>
  <ugp:GuaranteeLiabilities id="Tag3815" contextRef="I20201231_IpirangaProdutosdePetroleoSAMember" unitRef="BRL" decimals="-3">5496000</ugp:GuaranteeLiabilities>
  <ugp:BrazilianRealDenominatedLoans id="Tag3816" contextRef="I20191231_Loan11Member" unitRef="BRL" decimals="-3">1752080000</ugp:BrazilianRealDenominatedLoans>
  <ugp:AmountAppropriatedToProfitOrLossInFuture id="Tag3817" contextRef="I20201231_From2To3YearsMember_NotesInForeignMarketMember" unitRef="BRL" decimals="-3">4896000</ugp:AmountAppropriatedToProfitOrLossInFuture>
  <ugp:LongTermDebtInterestRate id="Tag3818" contextRef="I20201231_LongTermInterestRateMember" unitRef="Pure" decimals="4">0.0455</ugp:LongTermDebtInterestRate>
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  <ugp:TransactionCostsFinancialInstruments id="Tag3824" contextRef="I20171231_NotesInForeignMarketMember" unitRef="BRL" decimals="-3">15298000</ugp:TransactionCostsFinancialInstruments>
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  <ugp:WeightedAverageFinancialChargesLoans id="Tag3829" contextRef="D20201231_Loan1Member">5.3</ugp:WeightedAverageFinancialChargesLoans>
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  <ugp:DebentureReprice id="Tag3831" contextRef="D20201231_DebentureNineMember">Not applicable</ugp:DebentureReprice>
  <ugp:SummaryOfTransactionCostsTextBlock id="Tag3832" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Transaction costs incurred in issuing debt were deducted from the value of the related financial instrument&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and are recognized as &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;an &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;expense according to the effective interest rate method, as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 130px; width: 100%;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Effective rate &lt;br/&gt;of transaction &lt;br/&gt;costs (% p.a.) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Incurred &lt;br/&gt;cost &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 47%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Debentures (g) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;0.2&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;41,406&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;13,058&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;28,348&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Notes in the foreign market (b) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;0.1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;28,114&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;13,263&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,265&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;37,112&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Notes (h) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;0.5&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,802&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;5,484&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,318&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Banco do Brasil (f) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;0.1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;770&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;438&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;332&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign loans (c) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;94&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;94&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Others &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,382&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,382&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;71,766&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;20,065&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;24,721&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;67,110&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;" width="100%"&gt;

&lt;tr style="height: 38.25pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Effective rate &lt;br/&gt;of transaction &lt;br/&gt;costs (% p.a.) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Incurred &lt;br/&gt;cost &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 47%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Debentures (g) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;0.2&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;56,376&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;692&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;15,662&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;41,406&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Notes in the foreign market (b) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;0.1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;13,881&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;18,442&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,209&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;28,114&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Banco do Brasil (f) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;0.2&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,437&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,667&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;770&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign loans (c) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;331&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;237&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;94&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Others &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;0.2&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,432&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,050&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,382&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 13.5pt;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;76,457&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;19,134&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;23,825&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;71,766&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; height: 130px; width: 100%;" width="100%"&gt;

&lt;tr style="height: 34px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: Calibri; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Effective rate &lt;br/&gt;of transaction &lt;br/&gt;costs (% p.a.) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 9pt;"&gt;&lt;font style="font-family: Calibri; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2017 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 9pt;"&gt;&lt;font style="font-family: Calibri; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Incurred &lt;br/&gt;cost &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 9pt;"&gt;&lt;font style="font-family: Calibri; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 9pt;"&gt;&lt;font style="font-family: Calibri; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 47%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Debentures (g) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;0.2&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;44,709&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;21,308&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;9,641&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;56,376&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Notes in the foreign market (b) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15,298&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,417&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;13,881&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Banco do Brasil (f) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;0.2&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8,065&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,628&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,437&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign loans (c) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;0.1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,213&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;882&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;331&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;0.2&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,801&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;366&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;735&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,432&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;72,086&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;21,674&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;17,303&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;76,457&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ugp:SummaryOfTransactionCostsTextBlock>
  <ugp:ForeignLoanMaturityAmount id="Tag3833" contextRef="D20201231_ForeignLoanFourMember_IpirangaProdutosdePetroleoSAMember_ForeignLoansMember" unitRef="USD" decimals="-3">65000000</ugp:ForeignLoanMaturityAmount>
  <ugp:AmountAppropriatedToProfitOrLossInFuture id="Tag3834" contextRef="I20201231_UpTo1YearMember_NotesInForeignMarketMember" unitRef="BRL" decimals="-3">4890000</ugp:AmountAppropriatedToProfitOrLossInFuture>
  <ugp:SummaryOfAppropriatedProfitOrLossInFutureTableTextBlock id="Tag3835" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The amount to be appropriated to profit or loss in the future is as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 96px; margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Up to &lt;br/&gt;&lt;font&gt;1&lt;/font&gt; year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;1&lt;/font&gt; to &lt;font&gt;2&lt;/font&gt; &lt;br/&gt;years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2&lt;/font&gt; to &lt;font&gt;3&lt;/font&gt; &lt;br/&gt;years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;3&lt;/font&gt; to &lt;font&gt;4&lt;/font&gt; &lt;br/&gt;years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;4&lt;/font&gt; to &lt;font&gt;5&lt;/font&gt; &lt;br/&gt;years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; More than &lt;font&gt;5&lt;/font&gt; &lt;br/&gt;years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 31%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Debentures (g) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;12,403&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,274&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,318&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,139&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;214&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;28,348&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Notes in the foreign market (b) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,890&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,893&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,896&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,913&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,903&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;12,617&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;37,112&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Notes (h) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,318&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,318&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Banco do Brasil (f) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;257&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;75&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;332&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000; border-top: 1pt solid #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;18,868&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000; border-top: 1pt solid #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;14,242&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000; border-top: 1pt solid #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,214&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000; border-top: 1pt solid #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,052&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000; border-top: 1pt solid #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,117&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000; border-top: 1pt solid #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;12,617&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000; border-top: 1pt solid #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;67,110&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ugp:SummaryOfAppropriatedProfitOrLossInFutureTableTextBlock>
  <ugp:DebentureInterestDescription id="Tag3836" contextRef="D20201231_ForeignLoansMember_IpirangaProdutosdePetroleoSAMember">104.1% of DI</ugp:DebentureInterestDescription>
  <ugp:AmountAppropriatedToProfitOrLossInFuture id="Tag3837" contextRef="I20201231_UnsecuredNotesPayableNotConvertibleIntoSharesMember_UpTo1YearMember" unitRef="BRL" decimals="-3">1318000</ugp:AmountAppropriatedToProfitOrLossInFuture>
  <ifrs-full:NotionalAmount id="Tag3838" contextRef="I20200430_UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt3rdApril2021Member_IpirangaProdutosdePetroleoSAMember" unitRef="BRL" decimals="-1">20000000000</ifrs-full:NotionalAmount>
  <ugp:EffectiveRateOfTransactionCosts id="Tag3839" contextRef="D20201231_ForeignLoansMember" unitRef="Pure" decimals="2">0</ugp:EffectiveRateOfTransactionCosts>
  <ifrs-full:Borrowings id="Tag3840" contextRef="I20201231_OxitenoUSAMember" unitRef="BRL" decimals="-3">312200000</ifrs-full:Borrowings>
  <ugp:LoanDescription id="Tag3841" contextRef="D20201231_Loan13Member">Notes - Ultrapar</ugp:LoanDescription>
  <ugp:BrazilianRealDenominatedLoans id="Tag3842" contextRef="I20201231_Loan17Member" unitRef="BRL" decimals="-3">92541000</ugp:BrazilianRealDenominatedLoans>
  <ugp:BrazilianRealDenominatedLoans id="Tag3843" contextRef="I20201231_Loan20Member" unitRef="BRL" decimals="-3">0</ugp:BrazilianRealDenominatedLoans>
  <ugp:NumberOfDebtInstrumentsIssued id="Tag3844" contextRef="D20200430_UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt3rdApril2021Member_IpirangaProdutosdePetroleoSAMember" unitRef="Pure" decimals="INF">15</ugp:NumberOfDebtInstrumentsIssued>
  <ugp:EffectiveRateOfTransactionCosts id="Tag3845" contextRef="D20181231_NotesInForeignMarketMember" unitRef="Pure" decimals="2">0</ugp:EffectiveRateOfTransactionCosts>
  <ugp:CollateralAssetsLettersOfCreditOrGuarantees id="Tag3846" contextRef="I20201231" unitRef="BRL" decimals="-3">129139000</ugp:CollateralAssetsLettersOfCreditOrGuarantees>
  <ugp:LoanDescription id="Tag3847" contextRef="D20201231_Loan23Member">BNDES</ugp:LoanDescription>
  <ifrs-full:BorrowingsAdjustmentToInterestRateBasis id="Tag3848" contextRef="I20201231_ForeignLoansMember_GlobalPetroleumProductsTradingCorporationMember" unitRef="Pure" decimals="3">0.020</ifrs-full:BorrowingsAdjustmentToInterestRateBasis>
  <ugp:AmountAppropriatedToProfitOrLossInFuture id="Tag3849" contextRef="I20201231_From1To2YearsMember_BancoDoBrasilMember" unitRef="BRL" decimals="-3">75000</ugp:AmountAppropriatedToProfitOrLossInFuture>
  <ugp:SummaryOfLoanAndDebentureMaturityDistributionTableTextBlock id="Tag3850" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt; padding-left: 30px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The debentures have maturity dates distributed as shown below (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;includes &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;accrued&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; interest &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;through &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;).&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-right: auto; height: 249px;" width="68%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Maturity &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 86%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Charges &lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 12%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;205,533&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; May/2021 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;166,670&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Jul/2021 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;750,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Apr/2022 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;660,139&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Jul/2022 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;750,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Oct/2022 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;730,384&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Mar/2023 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,725,336&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Dec/2023 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;660,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Apr/2024 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;352,361&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Oct/2024 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;213,693&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Nov/2024 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;90,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Dec/2025 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;240,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,544,116&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/sup&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Includes interest, transaction cost and mark to market.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ugp:SummaryOfLoanAndDebentureMaturityDistributionTableTextBlock>
  <ugp:SummaryOfDebenturesTableTextBlock id="Tag3851" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;g.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; In May 2016, the subsidiary IPP made its fourth issuance of public debentures&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;one&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;single series of &lt;font&gt;500&lt;/font&gt; simple&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;nominative&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; registered debentures,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; nonconvertible into shares and unsecured, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;which main characteristics&lt;/font&gt;&lt;font style="font-family: Times;"&gt; &lt;/font&gt;&lt;font style="font-family: Times;"&gt;are &lt;/font&gt;&lt;font style="font-family: Times;"&gt;as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-left: auto; margin-right: auto;" width="68%"&gt;

&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; Face value unit: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; R$ &lt;font&gt;1,000,000.00&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; Final maturity: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; &lt;font&gt;May 25, 2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; Payment of the face value: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; &lt;font&gt;Annual as from May 2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; Interest: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; &lt;font&gt;&lt;font style="border-left: none; border-right: none;"&gt;105.0&lt;/font&gt;% of DI&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; Payment of interest: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; &lt;font&gt;Semiannually&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; Reprice: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; &lt;font&gt;Not applicable&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;g.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;&lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;In April 2017, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the subsidiary &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;IPP carried out its fifth issuance of debentures, in &lt;font&gt;two&lt;/font&gt; series&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, being &lt;font&gt;one&lt;/font&gt;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;&amp;nbsp;&lt;/font&gt;&lt;font&gt;660,139&lt;/font&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;another of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;352,361&lt;/font&gt;, simple, nonconvertible into shares, nominative, book-entry and unsecured debentures. The debentures have been subscribed by Eco Consult &amp;#8211; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Consultoria&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; de &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Opera&amp;#231;&amp;#245;es&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Financeiras&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Agropecu&amp;#225;rias&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Ltda. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he proceeds from this issuance&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;were&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; used&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;exclusively &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;for the purchase of ethanol&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; by subsidiary IPP&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The debentures were later assigned and transferred to Eco &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Securitizadora&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; de &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Direitos&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Credit&amp;#243;rios&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; do &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Agroneg&amp;#243;cio&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; S.A. that acquired these agribusiness credit rights with the purpose to bind the issuance of Certificates of Agribusiness Receivables (CRA). &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;debentures have an additional guarantee from &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ultrapar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;main characteristics of the debentures are as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 126px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-left: auto; margin-right: auto;" width="68%"&gt;

&lt;tr style="height: 12px;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top; height: 12px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; Amount: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top; height: 12px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; &lt;font&gt;660,139&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; Face value unit: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; R$ &lt;font&gt;1,000.00&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; Final maturity: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; &lt;font&gt;April 18, 2022&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; Payment of the face value: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; &lt;font&gt;Lump sum at final maturity&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; Interest: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; &lt;font&gt;&lt;font style="border-left: none; border-right: none;"&gt;95.0&lt;/font&gt;% of DI&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; Payment of interest: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; &lt;font&gt;Semiannually&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; Reprice: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; &lt;font&gt;Not applicable&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-left: auto; margin-right: auto;" width="68%"&gt;

&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; Amount: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; &lt;font&gt;352,361&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; Face value unit: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; R$ &lt;font&gt;1,000.00&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; Final maturity: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; &lt;font&gt;April 15, 2024&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; Payment of the face value: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; &lt;font&gt;Lump sum at final maturity&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; Interest: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; &lt;font&gt;IPCA + &lt;font style="border-left: none; border-right: none;"&gt;4.68&lt;/font&gt;%&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; Payment of interest: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; &lt;font&gt;Annually&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; Reprice: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; &lt;font&gt;Not applicable&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The subsidiary IPP &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;contracted hedging instruments subjected to&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;IPCA variation,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;changing the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;debentures&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;charge&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;linked to IPCA&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;to &lt;font&gt;&lt;font style="border-left: none; border-right: none;"&gt;93.9&lt;/font&gt;% of DI&lt;/font&gt;. IPP &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;designated these hedging instruments as fair value hedge&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;; therefore, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;debentures&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and hedging instruments are both measured at fair value from inception, with changes in fair value recognized through profit or loss.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;g.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;In July&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 2017&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, the subsidiary IPP made its sixth issuance of public debentures, in &lt;font&gt;one&lt;/font&gt; single series of &lt;font&gt;1,500,000&lt;/font&gt; simple, nonconvertible into shares and unsecured debentures, which main characteristics are as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 114px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-left: auto; margin-right: auto;" width="68%"&gt;

&lt;tr style="height: 19px;"&gt;
&lt;td style="width: 49.9517%; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Face value unit: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 49.9517%; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; R$ &lt;font&gt;1,000.00&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px;"&gt;
&lt;td style="width: 49.9517%; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Final maturity: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 49.9517%; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;July 28, 2022&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px;"&gt;
&lt;td style="width: 49.9517%; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Payment of the face value: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 49.9517%; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Annual as from July 2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px;"&gt;
&lt;td style="width: 49.9517%; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 49.9517%; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font style="border-left: none; border-right: none;"&gt;105.0&lt;/font&gt;% of DI&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px;"&gt;
&lt;td style="width: 49.9517%; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Payment of interest: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 49.9517%; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Annually&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px;"&gt;
&lt;td style="width: 49.9517%; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Reprice: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 49.9517%; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Not applicable&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;g.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;&lt;font&gt;4&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;In October 2017, the subsidiary IPP carried out its seventh issuance of debentures in the amount of R$ &lt;font&gt;944,077&lt;/font&gt;, in &lt;font&gt;two&lt;/font&gt; series&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, being on&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt; of &lt;/font&gt;&lt;font&gt;730,384&lt;/font&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;another of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;213,693&lt;/font&gt;, simple, nonconvertible into shares, nominative, book-entry and unsecured debentures. The debentures have been subscribed by &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Vert&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Companhia&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Securitizadora&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he proceeds from this issuance were&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; used &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;exclusively &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;for the purchase of ethanol&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; by subsidiary IPP&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The debentures were later assigned and transferred to Vert &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Cr&amp;#233;ditos&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ltda&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, that acquired these agribusiness credit rights with the purpose to bind the issuance of Certificates of Agribusiness Receivables (CRA).&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The financial settlement occurred on November 1, 2017&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he debentures have an additional guarantee from &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ultrapar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and the main characteristics of the debentures are as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-right: auto;" width="68%"&gt;

&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Amount: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;730,384&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Face value unit: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; R$ &lt;font&gt;1,000.00&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Final maturity: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;October 24, 2022&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Payment of the face value: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Lump sum at final maturity&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font style="border-left: none; border-right: none;"&gt;95.0&lt;/font&gt;% of DI&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Payment of interest: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Semiannually&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Reprice: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Not applicable&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-right: auto;" width="68%"&gt;

&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Amount: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;213,693&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Face value unit: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; R$ &lt;font&gt;1,000.00&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Final maturity: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;October 24, 2024&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Payment of the face value: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Lump sum at final maturity&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;IPCA + &lt;font style="border-left: none; border-right: none;"&gt;4.34&lt;/font&gt;%&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Payment of interest: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Annually&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Reprice: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Not applicable&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The subsidiary IPP contracted hedging instruments subjected to&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;IPCA variation,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;changing the debentures charges&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;linked to IPCA to&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;font&gt;&lt;font style="border-left: none; border-right: none;"&gt;97.3&lt;/font&gt;% of DI&lt;/font&gt;. IPP designated these hedging instruments as fair value hedges; therefore, debentures and hedging instruments are both measured at fair value from inception, with changes in fair value recognized through profit or loss.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;g.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;&lt;font&gt;5&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;In March 2018, the Company made its sixth issuance of public debentures, in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; single series of &lt;font&gt;1,725,000&lt;/font&gt; simple, nonconvertible into shares and unsecured debentures, which main characteristics are as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-right: auto;" width="68%"&gt;

&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Face value unit: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; R$ &lt;font&gt;1,000.00&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Final maturity: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;March 5, 2023&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Payment of the face value: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Lump sum at final maturity&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font style="border-left: none; border-right: none;"&gt;105.25&lt;/font&gt;% of DI&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Payment of interest: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Semiannually&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Reprice: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Not applicable&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;g.&lt;font&gt;6&lt;/font&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;In December 2018, the subsidiary IPP carried out its eighth issuance of debentures in the amount of R$ &lt;font&gt;900,000&lt;/font&gt;, in &lt;font&gt;two&lt;/font&gt; series&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, being &lt;font&gt;one&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt; of &lt;/font&gt;&lt;font&gt;660,000&lt;/font&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;another of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;240,000&lt;/font&gt;, simple, nonconvertible into shares, nominative, book-entry and unsecured debentures. The debentures have been subscribed by Vert &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Companhia&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Securitizadora&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. The proceeds from this issuance &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;were&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; used exclusively for the purchase of ethanol&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; by subsidiary IPP&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The debentures were subscribed with the purpose to bind the issuance of CRA. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he financial settlement occurred on December 21, 2018&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he debentures have an additional guarantee from &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ultrapar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and the main characteristics of the debentures are as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-right: auto;" width="68%"&gt;

&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Amount: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;660,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Face value unit: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; R$ &lt;font&gt;1,000.00&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Final maturity: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;December 18, 2023&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Payment of the face value: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Lump sum at final maturity&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font style="border-left: none; border-right: none;"&gt;97.5&lt;/font&gt;% of DI&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Payment of interest: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Semiannually&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Reprice: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Not applicable&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-right: auto;" width="68%"&gt;

&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Amount: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;240,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Face value unit: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; R$ &lt;font&gt;1,000.00&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Final maturity: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;December 15, 2025&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Payment of the face value: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Lump sum at final maturity&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;IPCA + &lt;font style="border-left: none; border-right: none;"&gt;4.61&lt;/font&gt;%&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Payment of interest: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Annually&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Reprice: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Not applicable&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The subsidiary IPP contracted hedging instruments subjected to&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;IPCA variation,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;changing the debentures charges&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;linked to IPCA to &lt;font&gt;&lt;font style="border-left: none; border-right: none;"&gt;97.1&lt;/font&gt;% of DI&lt;/font&gt;. IPP designated these hedging instruments as fair value hedges; therefore, debentures and hedging instruments are both measured at fair value from inception, with changes in fair value recognized through profit or loss.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;g.&lt;font&gt;7&lt;/font&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; In November 2019, the subsidiary &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Tequimar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; made its first issuance of debentures, in a single series of &lt;font&gt;90,000&lt;/font&gt; simple, nonconvertible into shares and unsecured debentures, which main characteristics are as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-right: auto;" width="68%"&gt;

&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Face value unit: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; R$ &lt;font&gt;1,000.00&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Final maturity: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;November 19, 2024&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Payment of the face value: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Lump sum at final maturity&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font style="border-left: none; border-right: none;"&gt;6.47&lt;/font&gt;%&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Payment of interest: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Semiannually&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Reprice: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Not applicable&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The subsidiary &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Tequimar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; contracted hedging instruments subjected interest rate variation, changing the debentures fixed for &lt;font&gt;99.94&lt;/font&gt;% of the DI. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Tequimar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; designated these hedging instruments as fair value hedges; therefore, debentures and hedging instruments are both measured at fair value from inception, with changes in fair value recognized &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; profit or loss.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ugp:SummaryOfDebenturesTableTextBlock>
  <ugp:SummaryOfForeignLoanMaturityTableTextBlock id="Tag3852" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The foreign loans ha&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ve&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the maturity distributed as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 113px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 84%; margin-right: auto;" width="84%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Maturity &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; US$ (thousands) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; R$ (thousands) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Cost in % of DI &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 66%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Charges &lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16,877&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;87,703&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Jul/2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;60,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;311,802&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;101.8&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Jun/2022&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;50,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;259,835&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;105.0&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;Sep/2023&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;60,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;311,802&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;105.0&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;Sep/2023&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;65,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;337,786&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;104.8&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total / average cost &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000 !important; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;251,877&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000 !important; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,308,928&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000 !important; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;104.1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/sup&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Includes interest, transaction costs &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;fair value adjustments&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ugp:SummaryOfForeignLoanMaturityTableTextBlock>
  <ifrs-full:DisclosureOfCollateralExplanatory id="Tag3853" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Some subsidiaries&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Company&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;issue collateral to financial institutions in connection with the amounts owed by some of their customers to such institutions (vendor financing) as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 95px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 92%; margin-right: auto;" width="92%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; IPP &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Oxiteno &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 58%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Maximum amount of future payments related to these collaterals &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;330,944&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;81,344&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,753&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Maturities of up to &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;46&lt;/font&gt; months &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;60&lt;/font&gt; months &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4&lt;/font&gt; months &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Fair value of collaterals &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,496&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,237&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;68&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfCollateralExplanatory>
  <ugp:SummaryOfLoanMaturityExplanatory id="Tag3854" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;subsidiary &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; USA &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;has&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; loan&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;with &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;bearing interest of &lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;LIBOR&lt;/font&gt; + &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;1&lt;/font&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;4&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;%&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; maturity as shown below:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; widows: 0; orphans: 0; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 62px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-left: auto; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 74%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; break-inside: avoid; break-after: avoid; font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Maturity &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; US$ &lt;br/&gt;(thousands) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; R$ &lt;br/&gt;(thousands) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Charges &lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Mar/2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;60,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;312,185&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000 !important; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;60,003&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000 !important; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;312,200&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ugp:SummaryOfLoanMaturityExplanatory>
  <ugp:LoandsAndDebenturesInterestAccrued id="Tag3855" contextRef="D20201231_3" unitRef="BRL" decimals="-3">757161000</ugp:LoandsAndDebenturesInterestAccrued>
  <ugp:AdditionsLoansAndDebenturesWithCashEffect id="Tag3856" contextRef="D20191231_3" unitRef="BRL" decimals="-3">2105737000</ugp:AdditionsLoansAndDebenturesWithCashEffect>
  <ugp:LoanDescription id="Tag3857" contextRef="D20191231_Loan15Member">Banco do Brasil</ugp:LoanDescription>
  <ugp:LoanDescription id="Tag3858" contextRef="D20191231_Loan14Member">Debentures &amp;#8211; CRA</ugp:LoanDescription>
  <ugp:NumberOfDebenturesIssued id="Tag3859" contextRef="D20181231_DebenturesEighthIssueMember_IpirangaProdutosdePetroleoSAMember" unitRef="Pure" decimals="0">240000</ugp:NumberOfDebenturesIssued>
  <ugp:DebenturePaymentOfInterestDescription id="Tag3860" contextRef="D20201231_DebentureTwoMember">Semiannually</ugp:DebenturePaymentOfInterestDescription>
  <ugp:TransactionCostAmortization id="Tag3861" contextRef="D20191231_NotesInForeignMarketMember" unitRef="BRL" decimals="-3">4209000</ugp:TransactionCostAmortization>
  <ugp:LoanMaturityDate id="Tag3862" contextRef="D20201231_Loan16Member">2021</ugp:LoanMaturityDate>
  <ugp:BrazilianRealDenominatedLoans id="Tag3863" contextRef="I20201231_Loan21Member" unitRef="BRL" decimals="-3">0</ugp:BrazilianRealDenominatedLoans>
  <ugp:ForeignCurrencyDenominatedLoans id="Tag3864" contextRef="I20191231_Loan6Member" unitRef="BRL" decimals="-3">0</ugp:ForeignCurrencyDenominatedLoans>
  <ifrs-full:Borrowings id="Tag3865" contextRef="I20201231_ChargesMember_OxitenoUSAMember" unitRef="BRL" decimals="-3">15000</ifrs-full:Borrowings>
  <ugp:EffectiveRateOfTransactionCosts id="Tag3866" contextRef="D20191231_BancoDoBrasilMember" unitRef="Pure" decimals="3">0.002</ugp:EffectiveRateOfTransactionCosts>
  <ugp:ForeignLoanMaturityAmount id="Tag3867" contextRef="D20201231_ForeignLoanThreeMember_IpirangaProdutosdePetroleoSAMember_ForeignLoansMember" unitRef="BRL" decimals="-3">311802000</ugp:ForeignLoanMaturityAmount>
  <ugp:TransactionCostAmortization id="Tag3868" contextRef="D20191231_ForeignLoansMember" unitRef="BRL" decimals="-3">237000</ugp:TransactionCostAmortization>
  <ugp:ForeignCurrencyDenominatedLoans id="Tag3869" contextRef="I20191231" unitRef="BRL" decimals="-3">6902121000</ugp:ForeignCurrencyDenominatedLoans>
  <ugp:DebentureFinalMaturity id="Tag3870" contextRef="D20201231_DebentureNineMember">December 15, 2025</ugp:DebentureFinalMaturity>
  <ugp:DebenturePaymentOfFaceValueDescription id="Tag3871" contextRef="D20201231_DebentureSixMember">Lump sum at final maturity</ugp:DebenturePaymentOfFaceValueDescription>
  <ugp:TransactionCostsFinancialInstruments id="Tag3872" contextRef="I20181231_DebenturesMember" unitRef="BRL" decimals="-3">56376000</ugp:TransactionCostsFinancialInstruments>
  <ugp:DebentureInterestDescription id="Tag3873" contextRef="D20201231_DebentureOneMember">105.0% of DI</ugp:DebentureInterestDescription>
  <ugp:LoandsAndDebenturesInterestAccrued id="Tag3874" contextRef="D20191231_3" unitRef="BRL" decimals="-3">845844000</ugp:LoandsAndDebenturesInterestAccrued>
  <ugp:DebentureFinalMaturity id="Tag3875" contextRef="D20201231_DebentureSixMember">October 24, 2024</ugp:DebentureFinalMaturity>
  <ugp:NoncurrentDebt id="Tag3876" contextRef="I20191231_From1To2YearsMember" unitRef="BRL" decimals="-3">1424775000</ugp:NoncurrentDebt>
  <ugp:LoanDescription id="Tag3877" contextRef="D20201231_Loan6Member">Advances on foreign exchange contracts</ugp:LoanDescription>
  <ugp:BrazilianRealDenominatedLoans id="Tag3878" contextRef="I20191231_Loan21Member" unitRef="BRL" decimals="-3">12820000</ugp:BrazilianRealDenominatedLoans>
  <ugp:AmountAppropriatedToProfitOrLossInFuture id="Tag3879" contextRef="I20201231_UpTo1YearMember_BancoDoBrasilMember" unitRef="BRL" decimals="-3">257000</ugp:AmountAppropriatedToProfitOrLossInFuture>
  <ugp:ForeignCurrencyDenominatedLoans id="Tag3880" contextRef="I20201231" unitRef="BRL" decimals="-3">9188527000</ugp:ForeignCurrencyDenominatedLoans>
  <ugp:WeightedAverageFinancialChargesLoans id="Tag3881" contextRef="D20201231_Loan14Member">4.6</ugp:WeightedAverageFinancialChargesLoans>
  <ugp:EffectiveRateOfTransactionCosts id="Tag3882" contextRef="D20191231_NotesInForeignMarketMember" unitRef="Pure" decimals="3">0.001</ugp:EffectiveRateOfTransactionCosts>
  <ugp:MaximumPotentialAmountOfFuturePaymentsOnGuarantees id="Tag3883" contextRef="I20201231_IpirangaProdutosdePetroleoSAMember" unitRef="BRL" decimals="-3">330944000</ugp:MaximumPotentialAmountOfFuturePaymentsOnGuarantees>
  <ugp:LoanIndexCurrency id="Tag3884" contextRef="D20201231_Loan18Member">TJLP</ugp:LoanIndexCurrency>
  <ugp:DebentureFaceValue id="Tag3885" contextRef="D20201231_DebentureFourMember" unitRef="BRL" decimals="-1">1000000</ugp:DebentureFaceValue>
  <ifrs-full:BorrowingsMaturity id="Tag3886" contextRef="D20200430_UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt6thApril2021Member">April 6, 2021</ifrs-full:BorrowingsMaturity>
  <ugp:LoansDebenturesAndFinanceLeases id="Tag3887" contextRef="I20181231" unitRef="BRL" decimals="-3">15116139000</ugp:LoansDebenturesAndFinanceLeases>
  <ugp:EffectiveRateOfTransactionCosts id="Tag3888" contextRef="D20201231_BancoDoBrasilMember" unitRef="Pure" decimals="3">0.001</ugp:EffectiveRateOfTransactionCosts>
  <ugp:SummaryOfInsuranceCoverageInSubsidiariesTableTextBlock id="Tag3889" contextRef="D20201231_3">&lt;div&gt;The maximum compensation values based on the risk analysis of certain locations are shown below:
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 112px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-left: auto; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="width: 52.8727%; vertical-align: bottom; height: 10px;" colspan="2"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt;Maximum compensation value (*)&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 47.044%; vertical-align: top; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 44.9709%; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Oxiteno &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.90183%; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; US$ &lt;font&gt;1,142&lt;/font&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 47.044%; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (equivalent to R$ &lt;font&gt;5,935&lt;/font&gt; million as of 12/31/2020) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 44.9709%; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ipiranga &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.90183%; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; R$ &lt;font&gt;1,530&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 47.044%; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 44.9709%; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultracargo &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.90183%; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; R$ &lt;font&gt;1,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 47.044%; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 44.9709%; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultragaz &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.90183%; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; R$ &lt;font&gt;272&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 47.044%; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 44.9709%; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Extrafarma &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.90183%; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; R$ &lt;font&gt;160&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 47.044%; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ugp:SummaryOfInsuranceCoverageInSubsidiariesTableTextBlock>
  <ugp:CargoAgreementMaturity id="Tag3890" contextRef="D20201231_CargoContractThreeMember">2029</ugp:CargoAgreementMaturity>
  <ugp:SummaryOfChangesInLoansDebenturesAndFinanceLeasesTableTextBlock id="Tag3891" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The changes in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;loans&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; debentures &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;are shown below:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; widows: 0; orphans: 0; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 273px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-left: auto; margin-right: auto;" width="68%"&gt;

&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 86.4312%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 12.691%; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15,116,139&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.21951%; vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 86.4312%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; New loans and debentures with cash effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 12.691%; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,105,737&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.21951%; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 86.4312%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest accrued &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 12.691%; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;845,844&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.21951%; vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 86.4312%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Principal payment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 12.691%; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,644,704&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.21951%; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 86.4312%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest payment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 12.691%; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,469,780&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.21951%; vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 86.4312%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Monetary and exchange rate variation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 12.691%; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;296,441&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.21951%; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 86.4312%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Change in fair value &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 12.691%; border-bottom: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;113,060&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.21951%; vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 86.4312%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 12.691%; vertical-align: bottom; height: 17px; border-top: 0.75pt solid rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;14,362,737&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.21951%; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 86.4312%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; New loans and debentures with cash effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 12.691%; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,591,624&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.21951%; vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 86.4312%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest accrued &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 12.691%; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;757,161&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.21951%; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 86.4312%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Principal payment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 12.691%; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,795,002&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.21951%; vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 86.4312%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest payment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 12.691%; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;740,853&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.21951%; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 86.4312%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Monetary and exchange rate variation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 12.691%; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,048,688&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.21951%; vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 86.4312%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Change in fair value &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 12.691%; border-bottom: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;34,702&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.21951%; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="width: 86.4312%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 12.691%; vertical-align: bottom; height: 18px; background-color: rgb(204, 238, 255); border-bottom: 2.8pt double rgb(0, 0, 0);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;17,259,057&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.21951%; vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;br/&gt;&lt;/div&gt;
&lt;/div&gt;</ugp:SummaryOfChangesInLoansDebenturesAndFinanceLeasesTableTextBlock>
  <ugp:LoanIndexCurrency id="Tag3892" contextRef="D20201231_Loan5Member">US$</ugp:LoanIndexCurrency>
  <ugp:LoanDescription id="Tag3893" contextRef="D20201231_Loan9Member">BNDES</ugp:LoanDescription>
  <ifrs-full:BorrowingsMaturity id="Tag3894" contextRef="D20200713_UltraparInternationalSAMember">June 2029</ifrs-full:BorrowingsMaturity>
  <ugp:AmountAppropriatedToProfitOrLossInFuture id="Tag3895" contextRef="I20201231_From3To4YearsMember_DebenturesMember" unitRef="BRL" decimals="-3">1139000</ugp:AmountAppropriatedToProfitOrLossInFuture>
  <ugp:LoanIndexCurrency id="Tag3896" contextRef="D20201231_Loan17Member">R$</ugp:LoanIndexCurrency>
  <ugp:LoanDescription id="Tag3897" contextRef="D20191231_Loan13Member">Notes - Ultrapar</ugp:LoanDescription>
  <ugp:LoanDescription id="Tag3898" contextRef="D20191231_Loan12Member">Debentures &amp;#8211; Ipiranga</ugp:LoanDescription>
  <ugp:LoanDescription id="Tag3899" contextRef="D20191231_Loan11Member">Debentures - 6</ugp:LoanDescription>
  <ugp:LoanDescription id="Tag3900" contextRef="D20191231_Loan10Member">Debentures &amp;#8211; CRA</ugp:LoanDescription>
  <ugp:LoanMaturityDate id="Tag3901" contextRef="D20191231_Loan24Member">2020 to 2022</ugp:LoanMaturityDate>
  <ugp:LoanMaturityDate id="Tag3902" contextRef="D20191231_Loan23Member">2020 to 2022</ugp:LoanMaturityDate>
  <ugp:LoanMaturityDate id="Tag3903" contextRef="D20191231_Loan22Member">2020</ugp:LoanMaturityDate>
  <ugp:LoanMaturityDate id="Tag3904" contextRef="D20191231_Loan21Member">2020 to 2021</ugp:LoanMaturityDate>
  <ugp:LoanMaturityDate id="Tag3905" contextRef="D20191231_Loan20Member">2021</ugp:LoanMaturityDate>
  <ugp:LoanMaturityDate id="Tag3906" contextRef="D20191231_Loan19Member">2021</ugp:LoanMaturityDate>
  <ugp:WeightedAverageFinancialChargesLoans id="Tag3907" contextRef="D20201231_Loan3Member">1.4</ugp:WeightedAverageFinancialChargesLoans>
  <ugp:TransactionCostsFinancialInstruments id="Tag3908" contextRef="I20181231" unitRef="BRL" decimals="-3">76457000</ugp:TransactionCostsFinancialInstruments>
  <ugp:WeightedAverageFinancialChargesLoans id="Tag3909" contextRef="D20201231_Loan18Member">1.6</ugp:WeightedAverageFinancialChargesLoans>
  <ugp:GuaranteesDebtors id="Tag3910" contextRef="I20201231" unitRef="BRL" decimals="-3">13758033000</ugp:GuaranteesDebtors>
  <ugp:ForeignCurrencyDenominatedLoans id="Tag3911" contextRef="I20201231_ForeignLoansMember_IpirangaProdutosdePetroleoSAMember" unitRef="USD" decimals="-3">235000000</ugp:ForeignCurrencyDenominatedLoans>
  <ugp:NoncurrentDebt id="Tag3912" contextRef="I20191231_From2To3YearsMember" unitRef="BRL" decimals="-3">3115495000</ugp:NoncurrentDebt>
  <ugp:ForeignCurrencyDenominatedLoans id="Tag3913" contextRef="I20201231_Loan6Member" unitRef="BRL" decimals="-3">105579000</ugp:ForeignCurrencyDenominatedLoans>
  <ugp:ForeignLoanMaturityAmount id="Tag3914" contextRef="D20201231_ForeignLoanThreeMember_IpirangaProdutosdePetroleoSAMember_ForeignLoansMember" unitRef="USD" decimals="-3">60000000</ugp:ForeignLoanMaturityAmount>
  <ugp:LoanIndexCurrency id="Tag3915" contextRef="D20201231_Loan22Member">SELIC</ugp:LoanIndexCurrency>
  <ugp:PercentageOfConsortiumOwned id="Tag3916" contextRef="D20190405_AreaPortLeaseMember_IpirangaProdutosdePetroleoSAMember" unitRef="Pure" decimals="2">0.50</ugp:PercentageOfConsortiumOwned>
  <ifrs-full:IncomeArisingFromInsuranceContracts id="Tag3917" contextRef="D20201231_UltracargoMember" unitRef="BRL" decimals="-3">1000000</ifrs-full:IncomeArisingFromInsuranceContracts>
  <ugp:TransactionCostAmortization id="Tag3918" contextRef="D20201231_OtherTransactionCostsMember" unitRef="BRL" decimals="-3">1382000</ugp:TransactionCostAmortization>
  <ugp:ForeignCurrencyDenominatedLoans id="Tag3919" contextRef="I20201231_Loan1Member" unitRef="BRL" decimals="-3">7267687000</ugp:ForeignCurrencyDenominatedLoans>
  <ugp:LoanMaturityDate id="Tag3920" contextRef="D20201231_Loan19Member">2021</ugp:LoanMaturityDate>
  <ugp:AmountAppropriatedToProfitOrLossInFuture id="Tag3921" contextRef="I20201231_From4To5YearsMember_DebenturesMember" unitRef="BRL" decimals="-3">214000</ugp:AmountAppropriatedToProfitOrLossInFuture>
  <ugp:NumberOfDebenturesDistributedThroughPublicOffer id="Tag3922" contextRef="D20170731_DebenturesSixthIssueMember_IpirangaProdutosdePetroleoSAMember" unitRef="Pure" decimals="0">1500000</ugp:NumberOfDebenturesDistributedThroughPublicOffer>
  <ugp:DescriptionOfBorrowingsReprice id="Tag3923" contextRef="D20200430_UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt6thApril2021Member">Not applicable</ugp:DescriptionOfBorrowingsReprice>
  <ugp:BrazilianRealDenominatedLoans id="Tag3924" contextRef="I20191231_Loan15Member" unitRef="BRL" decimals="-3">611276000</ugp:BrazilianRealDenominatedLoans>
  <ugp:LoanMaturityDate id="Tag3925" contextRef="D20201231_Loan4Member">2022</ugp:LoanMaturityDate>
  <ugp:LoanDescription id="Tag3926" contextRef="D20201231_Loan24Member">FINAME</ugp:LoanDescription>
  <ugp:LoanMaturityDate id="Tag3927" contextRef="D20191231_Loan18Member">2020 to 2023</ugp:LoanMaturityDate>
  <ugp:LoanMaturityDate id="Tag3928" contextRef="D20191231_Loan17Member">2024</ugp:LoanMaturityDate>
  <ugp:LoanMaturityDate id="Tag3929" contextRef="D20191231_Loan16Member">2021</ugp:LoanMaturityDate>
  <ugp:WeightedAverageFinancialChargesLoans id="Tag3930" contextRef="D20191231_Loan22Member">0</ugp:WeightedAverageFinancialChargesLoans>
  <ugp:LoanDescription id="Tag3931" contextRef="D20191231_Loan9Member">BNDES</ugp:LoanDescription>
  <ugp:LoanDescription id="Tag3932" contextRef="D20191231_Loan8Member">Foreign loan</ugp:LoanDescription>
  <ugp:WeightedAverageFinancialChargesLoans id="Tag3933" contextRef="D20191231_Loan21Member">0</ugp:WeightedAverageFinancialChargesLoans>
  <ugp:WeightedAverageFinancialChargesLoans id="Tag3934" contextRef="D20191231_Loan20Member">0</ugp:WeightedAverageFinancialChargesLoans>
  <ugp:WeightedAverageFinancialChargesLoans id="Tag3935" contextRef="D20201231_Loan5Member">2.5</ugp:WeightedAverageFinancialChargesLoans>
  <ugp:BrazilianRealDenominatedLoans id="Tag3936" contextRef="I20201231_Loan15Member" unitRef="BRL" decimals="-3">407420000</ugp:BrazilianRealDenominatedLoans>
  <ugp:TransactionCostAmortization id="Tag3937" contextRef="D20201231_BancoDoBrasilMember" unitRef="BRL" decimals="-3">438000</ugp:TransactionCostAmortization>
  <ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities id="Tag3938" contextRef="D20201231_BrazilianNationalDevelopmentBankLoansMember_SubsidiariesMember" unitRef="BRL" decimals="-3">39843000</ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities>
  <ugp:WeightedAverageFinancialChargesLoans id="Tag3939" contextRef="D20201231_Loan16Member">3.5</ugp:WeightedAverageFinancialChargesLoans>
  <ugp:BrazilianRealDenominatedLoans id="Tag3940" contextRef="I20201231_Loan22Member" unitRef="BRL" decimals="-3">0</ugp:BrazilianRealDenominatedLoans>
  <ugp:DescriptionOfPaymentOfFaceValueOfBorrowings id="Tag3941" contextRef="D20200430_UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt6thApril2021Member">Lump sum at final maturity</ugp:DescriptionOfPaymentOfFaceValueOfBorrowings>
  <ugp:TotalForeignCurrencyAndBrazilianReais id="Tag3942" contextRef="I20191231" unitRef="BRL" decimals="-3">14362737000</ugp:TotalForeignCurrencyAndBrazilianReais>
  <ugp:TransactionCostAmortization id="Tag3943" contextRef="D20201231_3" unitRef="BRL" decimals="-3">24721000</ugp:TransactionCostAmortization>
  <ifrs-full:LiabilitiesArisingFromInsuranceContracts id="Tag3944" contextRef="I20201231_ThirdPartiesMember" unitRef="USD" decimals="-3">250000</ifrs-full:LiabilitiesArisingFromInsuranceContracts>
  <ugp:Minimumportstoragecapacity id="Tag3945" contextRef="D20190322_AreaPortLeaseMember_IpirangaProdutosdePetroleoSAMember_ParaibaMember_PortOfCabedeloMember" unitRef="CubicMetre" decimals="-3">64000</ugp:Minimumportstoragecapacity>
  <ugp:MinimumCargoMovementPerYear id="Tag3946" contextRef="D20201231_CargoContractThreeMember">400,000</ugp:MinimumCargoMovementPerYear>
  <ugp:MinimumCargoMovementPerYear id="Tag3947" contextRef="D20201231_CargoContractOneMember">900,000</ugp:MinimumCargoMovementPerYear>
  <ugp:EstimatedInvestmentsToPortConcessions id="Tag3948" contextRef="D20190405_AreaPortLeaseMember_IpirangaProdutosDepetroleoSaAndUltracargoMember" unitRef="BRL" decimals="-6">450000000</ugp:EstimatedInvestmentsToPortConcessions>
  <ugp:CargoPort id="Tag3949" contextRef="D20201231_CargoContractFiveMember">Itaqui</ugp:CargoPort>
  <ugp:PeriodOfMaturityOfCommitmentOfMaua id="Tag3950" contextRef="D20201231_3">2023</ugp:PeriodOfMaturityOfCommitmentOfMaua>
  <ugp:CargoPort id="Tag3951" contextRef="D20201231_CargoContractThreeMember">Suape</ugp:CargoPort>
  <ifrs-full:BorrowingsInterestRate id="Tag3952" contextRef="I20201231_NortheastConstitutionalFinancingFundMember" unitRef="Pure" decimals="2">0.10</ifrs-full:BorrowingsInterestRate>
  <ugp:WeightedAverageFinancialChargesLoans id="Tag3953" contextRef="D20201231_Loan23Member">0</ugp:WeightedAverageFinancialChargesLoans>
  <ugp:WeightedAverageFinancialChargesLoans id="Tag3954" contextRef="D20201231_Loan8Member">0</ugp:WeightedAverageFinancialChargesLoans>
  <ugp:WeightedAverageFinancialChargesLoans id="Tag3955" contextRef="D20201231_Loan20Member">0</ugp:WeightedAverageFinancialChargesLoans>
  <ugp:LoanDescription id="Tag3956" contextRef="D20201231_Loan4Member">Foreign loan</ugp:LoanDescription>
  <ugp:ForeignCurrencyDenominatedLoans id="Tag3957" contextRef="I20191231_Loan1Member" unitRef="BRL" decimals="-3">4213662000</ugp:ForeignCurrencyDenominatedLoans>
  <ugp:IncurredTransactionCost id="Tag3958" contextRef="D20191231_DebenturesMember" unitRef="BRL" decimals="-3">692000</ugp:IncurredTransactionCost>
  <ugp:EffectiveRateOfTransactionCosts id="Tag3959" contextRef="D20181231_BancoDoBrasilMember" unitRef="Pure" decimals="3">0.002</ugp:EffectiveRateOfTransactionCosts>
  <ugp:DebentureReprice id="Tag3960" contextRef="D20201231_DebentureFourMember">Not applicable</ugp:DebentureReprice>
  <ugp:DebentureReprice id="Tag3961" contextRef="D20201231_DebentureTenMember">Not applicable</ugp:DebentureReprice>
  <ifrs-full:LiabilitiesToWhichSignificantRestrictionsApply id="Tag3962" contextRef="I20201231_RestrictedAssetsMember" unitRef="USD" decimals="-3">150000000</ifrs-full:LiabilitiesToWhichSignificantRestrictionsApply>
  <ugp:DebentureFinalMaturity id="Tag3963" contextRef="D20201231_DebentureTenMember">November 19, 2024</ugp:DebentureFinalMaturity>
  <ugp:DebenturePaymentOfInterestDescription id="Tag3964" contextRef="D20201231_DebentureEightMember">Semiannually</ugp:DebenturePaymentOfInterestDescription>
  <ugp:Debentures id="Tag3965" contextRef="I20201231_MaturityTwentyTwoMember" unitRef="BRL" decimals="-3">240000000</ugp:Debentures>
  <ugp:NoncurrentDebt id="Tag3966" contextRef="I20201231_From4To5YearsMember" unitRef="BRL" decimals="-3">231271000</ugp:NoncurrentDebt>
  <ugp:LoanDescription id="Tag3967" contextRef="D20201231_Loan11Member">Debentures - 6</ugp:LoanDescription>
  <ugp:TransactionCostsFinancialInstruments id="Tag3968" contextRef="I20181231_ForeignLoansMember" unitRef="BRL" decimals="-3">331000</ugp:TransactionCostsFinancialInstruments>
  <ugp:ForeignCurrencyDenominatedLoans id="Tag3969" contextRef="I20191231_Loan9Member" unitRef="BRL" decimals="-3">208000</ugp:ForeignCurrencyDenominatedLoans>
  <ugp:TransactionCostsFinancialInstruments id="Tag3970" contextRef="I20181231_NotesInForeignMarketMember" unitRef="BRL" decimals="-3">13881000</ugp:TransactionCostsFinancialInstruments>
  <ifrs-full:BorrowingsInterestRateBasis id="Tag3971" contextRef="D20200430_UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt3rdApril2021Member_IpirangaProdutosdePetroleoSAMember">DI + 2.00%</ifrs-full:BorrowingsInterestRateBasis>
  <ugp:LoansAndDebenturesMonetaryAndExchangeRateVariation id="Tag3972" contextRef="D20201231_3" unitRef="BRL" decimals="-3">2048688000</ugp:LoansAndDebenturesMonetaryAndExchangeRateVariation>
  <ugp:WeightedAverageFinancialChargesLoans id="Tag3973" contextRef="D20201231_Loan19Member">0</ugp:WeightedAverageFinancialChargesLoans>
  <ugp:LoansAndDebenturesInterestPayment id="Tag3974" contextRef="D20201231_3" unitRef="BRL" decimals="-3">740853000</ugp:LoansAndDebenturesInterestPayment>
  <ugp:EffectiveRateOfTransactionCosts id="Tag3975" contextRef="D20201231_UnsecuredNotesPayableNotConvertibleIntoSharesMember" unitRef="Pure" decimals="3">0.005</ugp:EffectiveRateOfTransactionCosts>
  <ugp:DebenturePaymentOfInterestDescription id="Tag3976" contextRef="D20201231_DebentureFourMember">Annually</ugp:DebenturePaymentOfInterestDescription>
  <ifrs-full:NotesAndDebenturesIssued id="Tag3977" contextRef="I20161006_UltraparInternationalSAMember" unitRef="BRL" decimals="-3">3897525000</ifrs-full:NotesAndDebenturesIssued>
  <ugp:BrazilianRealDenominatedLoans id="Tag3978" contextRef="I20201231_Loan12Member" unitRef="BRL" decimals="-3">1679036000</ugp:BrazilianRealDenominatedLoans>
  <ugp:ForeignLoanMaturityAmount id="Tag3979" contextRef="D20201231_ForeignLoanFourMember_IpirangaProdutosdePetroleoSAMember_ForeignLoansMember" unitRef="BRL" decimals="-3">337786000</ugp:ForeignLoanMaturityAmount>
  <ugp:DebentureInterestDescription id="Tag3980" contextRef="D20201231_DebentureEightMember">97.5% of DI</ugp:DebentureInterestDescription>
  <ugp:DebenturePaymentOfFaceValueDescription id="Tag3981" contextRef="D20201231_DebentureFourMember">Annual as from July 2021</ugp:DebenturePaymentOfFaceValueDescription>
  <ugp:AmountAppropriatedToProfitOrLossInFuture id="Tag3982" contextRef="I20201231_DebenturesMember" unitRef="BRL" decimals="-3">28348000</ugp:AmountAppropriatedToProfitOrLossInFuture>
  <ugp:IncurredTransactionCost id="Tag3983" contextRef="D20181231_DebenturesMember" unitRef="BRL" decimals="-3">21308000</ugp:IncurredTransactionCost>
  <ugp:LoanMaturityDate id="Tag3984" contextRef="D20201231_Loan7Member">2021</ugp:LoanMaturityDate>
  <ugp:IncurredTransactionCost id="Tag3985" contextRef="D20201231_3" unitRef="BRL" decimals="-3">20065000</ugp:IncurredTransactionCost>
  <ugp:AverageCostInPercentageOfCdi id="Tag3986" contextRef="D20201231_ForeignLoanThreeMember_IpirangaProdutosdePetroleoSAMember_ForeignLoansMember" unitRef="Pure" decimals="3">1.050</ugp:AverageCostInPercentageOfCdi>
  <ugp:DebentureInterestDescription id="Tag3987" contextRef="D20201231_DebentureSevenMember">105.25% of DI</ugp:DebentureInterestDescription>
  <ugp:DebentureReprice id="Tag3988" contextRef="D20201231_DebentureTwoMember">Not applicable</ugp:DebentureReprice>
  <ifrs-full:NotesAndDebenturesIssued id="Tag3989" contextRef="I20190606_UltraparInternationalSAMember" unitRef="USD" decimals="-3">500000000</ifrs-full:NotesAndDebenturesIssued>
  <ugp:LoanDescription id="Tag3990" contextRef="D20201231_Loan17Member">Debentures &#x2013; Tequimar</ugp:LoanDescription>
  <ugp:LoanIndexCurrency id="Tag3991" contextRef="D20201231_Loan8Member">US$ + LIBOR</ugp:LoanIndexCurrency>
  <ugp:WeightedAverageFinancialChargesLoans id="Tag3992" contextRef="D20201231_Loan6Member">3.7</ugp:WeightedAverageFinancialChargesLoans>
  <ugp:CollateralFuturePaymentsMaturityPeriod id="Tag3993" contextRef="D20201231_IpirangaProdutosdePetroleoSAMember">P46M</ugp:CollateralFuturePaymentsMaturityPeriod>
  <ugp:NumberOfDebenturesDistributedThroughPublicOffer id="Tag3994" contextRef="D20180331_DebenturesSixthIssueMember_IpirangaProdutosdePetroleoSAMember" unitRef="Pure" decimals="0">1725000</ugp:NumberOfDebenturesDistributedThroughPublicOffer>
  <ugp:ForeignCurrencyDenominatedLoans id="Tag3995" contextRef="I20201231_Loan9Member" unitRef="BRL" decimals="-3">0</ugp:ForeignCurrencyDenominatedLoans>
  <ugp:LoanIndexCurrency id="Tag3996" contextRef="D20201231_Loan21Member">R$</ugp:LoanIndexCurrency>
  <ugp:TransactionCostsFinancialInstruments id="Tag3997" contextRef="I20191231_ForeignLoansMember" unitRef="BRL" decimals="-3">94000</ugp:TransactionCostsFinancialInstruments>
  <ugp:LoanMaturityDate id="Tag3998" contextRef="D20201231_Loan21Member">2020 to 2021</ugp:LoanMaturityDate>
  <ugp:LoanMaturityDate id="Tag3999" contextRef="D20201231_Loan2Member">2021 to 2023</ugp:LoanMaturityDate>
  <ugp:AverageCostInPercentageOfCdi id="Tag4000" contextRef="D20201231_ForeignLoanOneMember_IpirangaProdutosdePetroleoSAMember_ForeignLoansMember" unitRef="Pure" decimals="3">1.018</ugp:AverageCostInPercentageOfCdi>
  <ugp:DebentureFaceValue id="Tag4001" contextRef="D20201231_DebentureThreeMember" unitRef="BRL" decimals="-1">1000000</ugp:DebentureFaceValue>
  <ugp:LoanMaturityDate id="Tag4002" contextRef="D20201231_Loan10Member">2022 to 2023</ugp:LoanMaturityDate>
  <ugp:WeightedAverageFinancialChargesLoans id="Tag4003" contextRef="D20191231_Loan19Member">0</ugp:WeightedAverageFinancialChargesLoans>
  <ugp:WeightedAverageFinancialChargesLoans id="Tag4004" contextRef="D20191231_Loan18Member">1.6</ugp:WeightedAverageFinancialChargesLoans>
  <ugp:WeightedAverageFinancialChargesLoans id="Tag4005" contextRef="D20191231_Loan17Member">6.5</ugp:WeightedAverageFinancialChargesLoans>
  <ugp:WeightedAverageFinancialChargesLoans id="Tag4006" contextRef="D20191231_Loan16Member">3.5</ugp:WeightedAverageFinancialChargesLoans>
  <ugp:LoanMaturityDate id="Tag4007" contextRef="D20191231_Loan15Member">2021 to 2022</ugp:LoanMaturityDate>
  <ugp:LoanMaturityDate id="Tag4008" contextRef="D20191231_Loan14Member">2024 to 2025</ugp:LoanMaturityDate>
  <ugp:LoanMaturityDate id="Tag4009" contextRef="D20191231_Loan13Member">2021</ugp:LoanMaturityDate>
  <ugp:LoanMaturityDate id="Tag4010" contextRef="D20191231_Loan12Member">2021 to 2022</ugp:LoanMaturityDate>
  <ugp:LoanMaturityDate id="Tag4011" contextRef="D20191231_Loan11Member">2023</ugp:LoanMaturityDate>
  <ugp:LoanMaturityDate id="Tag4012" contextRef="D20191231_Loan10Member">2022 to 2023</ugp:LoanMaturityDate>
  <ugp:LoanMaturityDate id="Tag4013" contextRef="D20191231_Loan9Member">2020</ugp:LoanMaturityDate>
  <ugp:LoanMaturityDate id="Tag4014" contextRef="D20191231_Loan8Member">2020</ugp:LoanMaturityDate>
  <ugp:LoanMaturityDate id="Tag4015" contextRef="D20191231_Loan7Member">2021</ugp:LoanMaturityDate>
  <ugp:LoanMaturityDate id="Tag4016" contextRef="D20191231_Loan6Member">2021</ugp:LoanMaturityDate>
  <ugp:LoanMaturityDate id="Tag4017" contextRef="D20191231_Loan5Member">2020 to 2022</ugp:LoanMaturityDate>
  <ugp:LoanMaturityDate id="Tag4018" contextRef="D20191231_Loan4Member">2022</ugp:LoanMaturityDate>
  <ugp:LoanMaturityDate id="Tag4019" contextRef="D20191231_Loan3Member">2021</ugp:LoanMaturityDate>
  <ugp:LoanMaturityDate id="Tag4020" contextRef="D20191231_Loan2Member">2021 to 2023</ugp:LoanMaturityDate>
  <ugp:LoanMaturityDate id="Tag4021" contextRef="D20191231_Loan1Member">2026 to 2029</ugp:LoanMaturityDate>
  <ugp:WeightedAverageFinancialChargesLoans id="Tag4022" contextRef="D20191231_Loan15Member">110.9</ugp:WeightedAverageFinancialChargesLoans>
  <ugp:WeightedAverageFinancialChargesLoans id="Tag4023" contextRef="D20191231_Loan14Member">4.6</ugp:WeightedAverageFinancialChargesLoans>
  <ugp:WeightedAverageFinancialChargesLoans id="Tag4024" contextRef="D20191231_Loan13Member">3.1</ugp:WeightedAverageFinancialChargesLoans>
  <ugp:WeightedAverageFinancialChargesLoans id="Tag4025" contextRef="D20191231_Loan12Member">105.0</ugp:WeightedAverageFinancialChargesLoans>
  <ugp:WeightedAverageFinancialChargesLoans id="Tag4026" contextRef="D20191231_Loan11Member">105.3</ugp:WeightedAverageFinancialChargesLoans>
  <ugp:WeightedAverageFinancialChargesLoans id="Tag4027" contextRef="D20191231_Loan10Member">95.8</ugp:WeightedAverageFinancialChargesLoans>
  <ugp:WeightedAverageFinancialChargesLoans id="Tag4028" contextRef="D20191231_Loan7Member">8.4</ugp:WeightedAverageFinancialChargesLoans>
  <ugp:WeightedAverageFinancialChargesLoans id="Tag4029" contextRef="D20191231_Loan6Member">3.7</ugp:WeightedAverageFinancialChargesLoans>
  <ugp:WeightedAverageFinancialChargesLoans id="Tag4030" contextRef="D20191231_Loan5Member">2.5</ugp:WeightedAverageFinancialChargesLoans>
  <ugp:WeightedAverageFinancialChargesLoans id="Tag4031" contextRef="D20191231_Loan4Member">1.0</ugp:WeightedAverageFinancialChargesLoans>
  <ugp:WeightedAverageFinancialChargesLoans id="Tag4032" contextRef="D20191231_Loan3Member">1.4</ugp:WeightedAverageFinancialChargesLoans>
  <ugp:WeightedAverageFinancialChargesLoans id="Tag4033" contextRef="D20191231_Loan2Member">3.9</ugp:WeightedAverageFinancialChargesLoans>
  <ugp:WeightedAverageFinancialChargesLoans id="Tag4034" contextRef="D20191231_Loan1Member">5.3</ugp:WeightedAverageFinancialChargesLoans>
  <ugp:WeightedAverageFinancialChargesLoans id="Tag4035" contextRef="D20191231_Loan8Member">0</ugp:WeightedAverageFinancialChargesLoans>
  <ugp:WeightedAverageFinancialChargesLoans id="Tag4036" contextRef="D20191231_Loan9Member">0</ugp:WeightedAverageFinancialChargesLoans>
  <ugp:LoanIndexCurrency id="Tag4037" contextRef="D20191231_Loan15Member">DI</ugp:LoanIndexCurrency>
  <ugp:LoanIndexCurrency id="Tag4038" contextRef="D20191231_Loan14Member">IPCA</ugp:LoanIndexCurrency>
  <ugp:LoanIndexCurrency id="Tag4039" contextRef="D20191231_Loan13Member">R$ + DI</ugp:LoanIndexCurrency>
  <ugp:LoanIndexCurrency id="Tag4040" contextRef="D20191231_Loan12Member">DI</ugp:LoanIndexCurrency>
  <ugp:LoanIndexCurrency id="Tag4041" contextRef="D20191231_Loan11Member">DI</ugp:LoanIndexCurrency>
  <ugp:LoanIndexCurrency id="Tag4042" contextRef="D20191231_Loan10Member">DI</ugp:LoanIndexCurrency>
  <ugp:LoanIndexCurrency id="Tag4043" contextRef="D20191231_Loan1Member">US$</ugp:LoanIndexCurrency>
  <ugp:LoanIndexCurrency id="Tag4044" contextRef="D20191231_Loan2Member">US$</ugp:LoanIndexCurrency>
  <ugp:LoanIndexCurrency id="Tag4045" contextRef="D20191231_Loan3Member">US$   LIBOR</ugp:LoanIndexCurrency>
  <ugp:LoanIndexCurrency id="Tag4046" contextRef="D20191231_Loan4Member">US$ + LIBOR</ugp:LoanIndexCurrency>
  <ugp:LoanIndexCurrency id="Tag4047" contextRef="D20191231_Loan5Member">US$</ugp:LoanIndexCurrency>
  <ugp:LoanIndexCurrency id="Tag4048" contextRef="D20191231_Loan6Member">US$</ugp:LoanIndexCurrency>
  <ugp:LoanIndexCurrency id="Tag4049" contextRef="D20191231_Loan7Member">MX$</ugp:LoanIndexCurrency>
  <ugp:LoanIndexCurrency id="Tag4050" contextRef="D20191231_Loan9Member">US$</ugp:LoanIndexCurrency>
  <ugp:LoanIndexCurrency id="Tag4051" contextRef="D20191231_Loan8Member">US$   LIBOR</ugp:LoanIndexCurrency>
  <ugp:LoanDescription id="Tag4052" contextRef="D20191231_Loan7Member">Financial institutions</ugp:LoanDescription>
  <ugp:LoanDescription id="Tag4053" contextRef="D20191231_Loan6Member">Advances on foreign exchange contracts</ugp:LoanDescription>
  <ugp:LoanDescription id="Tag4054" contextRef="D20191231_Loan5Member">Financial institutions</ugp:LoanDescription>
  <ugp:LoanDescription id="Tag4055" contextRef="D20191231_Loan4Member">Foreign loan</ugp:LoanDescription>
  <ugp:LoanDescription id="Tag4056" contextRef="D20191231_Loan3Member">Financial institutions</ugp:LoanDescription>
  <ugp:LoanDescription id="Tag4057" contextRef="D20191231_Loan2Member">Foreign loan</ugp:LoanDescription>
  <ugp:LoanDescription id="Tag4058" contextRef="D20191231_Loan1Member">Notes in the foreign market</ugp:LoanDescription>
  <ugp:LoanDescription id="Tag4059" contextRef="D20191231_Loan24Member">FINAME</ugp:LoanDescription>
  <ugp:LoanDescription id="Tag4060" contextRef="D20191231_Loan23Member">BNDES</ugp:LoanDescription>
  <ugp:LoanDescription id="Tag4061" contextRef="D20191231_Loan22Member">BNDES</ugp:LoanDescription>
  <ugp:LoanDescription id="Tag4062" contextRef="D20191231_Loan21Member">FINEP</ugp:LoanDescription>
  <ugp:NoncurrentDebt id="Tag4063" contextRef="I20191231_From3To4YearsMember" unitRef="BRL" decimals="-3">3451988000</ugp:NoncurrentDebt>
  <ugp:DebentureFaceValue id="Tag4064" contextRef="D20201231_DebentureFiveMember" unitRef="BRL" decimals="-1">1000000</ugp:DebentureFaceValue>
  <ugp:BrazilianRealDenominatedLoans id="Tag4065" contextRef="I20191231_Loan16Member" unitRef="BRL" decimals="-3">0</ugp:BrazilianRealDenominatedLoans>
  <ifrs-full:NotesAndDebenturesIssued id="Tag4066" contextRef="I20161006_UltraparInternationalSAMember" unitRef="USD" decimals="-3">750000000</ifrs-full:NotesAndDebenturesIssued>
  <ugp:LoanDescription id="Tag4067" contextRef="D20201231_Loan5Member">Financial institutions</ugp:LoanDescription>
  <ugp:LoanDescription id="Tag4068" contextRef="D20201231_Loan2Member">Foreign loan</ugp:LoanDescription>
  <ugp:AmountAppropriatedToProfitOrLossInFuture id="Tag4069" contextRef="I20201231_From4To5YearsMember" unitRef="BRL" decimals="-3">5117000</ugp:AmountAppropriatedToProfitOrLossInFuture>
  <ugp:DebenturePaymentOfInterestDescription id="Tag4070" contextRef="D20201231_DebentureThreeMember">Annually</ugp:DebenturePaymentOfInterestDescription>
  <ugp:NumberOfDebenturesIssued id="Tag4071" contextRef="D20170430_DebenturesFifthIssueMember_IpirangaProdutosdePetroleoSAMember_DebentureTwoMember" unitRef="Pure" decimals="0">660139</ugp:NumberOfDebenturesIssued>
  <ugp:TransactionCostAmortization id="Tag4072" contextRef="D20181231_DebenturesMember" unitRef="BRL" decimals="-3">9641000</ugp:TransactionCostAmortization>
  <ugp:DebentureInterestDescription id="Tag4073" contextRef="D20201231_DebentureFourMember">105.0% of DI</ugp:DebentureInterestDescription>
  <ugp:NoncurrentDebt id="Tag4074" contextRef="I20201231_From3To4YearsMember" unitRef="BRL" decimals="-3">784778000</ugp:NoncurrentDebt>
  <ugp:LoanMaturityBancoDeBrasil id="Tag4075" contextRef="D20201231_MaturitySixMember" unitRef="BRL" decimals="-3">204328000</ugp:LoanMaturityBancoDeBrasil>
  <ugp:LoanMaturityDate id="Tag4076" contextRef="D20201231_Loan5Member">2020 to 2022</ugp:LoanMaturityDate>
  <ugp:DebentureReprice id="Tag4077" contextRef="D20201231_DebentureSixMember">Not applicable</ugp:DebentureReprice>
  <ugp:AmountAppropriatedToProfitOrLossInFuture id="Tag4078" contextRef="I20201231_From2To3YearsMember_DebenturesMember" unitRef="BRL" decimals="-3">5318000</ugp:AmountAppropriatedToProfitOrLossInFuture>
  <ugp:LoansAndDebenturesMonetaryAndExchangeRateVariation id="Tag4079" contextRef="D20191231_3" unitRef="BRL" decimals="-3">296441000</ugp:LoansAndDebenturesMonetaryAndExchangeRateVariation>
  <ugp:ForeignCurrencyDenominatedLoans id="Tag4080" contextRef="I20201231_ForeignLoansMember_GlobalPetroleumProductsTradingCorporationMember" unitRef="USD" decimals="-3">60000000</ugp:ForeignCurrencyDenominatedLoans>
  <ugp:LoanDescription id="Tag4081" contextRef="D20201231_Loan20Member">Banco do Nordeste do Brasil</ugp:LoanDescription>
  <ugp:LoanDescription id="Tag4082" contextRef="D20201231_Loan14Member">Debentures &#x2013; CRA</ugp:LoanDescription>
  <ugp:TransactionCostAmortization id="Tag4083" contextRef="D20201231_UnsecuredNotesPayableNotConvertibleIntoSharesMember" unitRef="BRL" decimals="-3">5484000</ugp:TransactionCostAmortization>
  <ugp:TransactionCostAmortization id="Tag4084" contextRef="D20191231_OtherTransactionCostsMember" unitRef="BRL" decimals="-3">1050000</ugp:TransactionCostAmortization>
  <ugp:IncurredTransactionCost id="Tag4085" contextRef="D20191231_3" unitRef="BRL" decimals="-3">19134000</ugp:IncurredTransactionCost>
  <ugp:LoanIndexCurrency id="Tag4086" contextRef="D20201231_Loan23Member">R$</ugp:LoanIndexCurrency>
  <ugp:CommercialTransactionsPurchases id="Tag4087" contextRef="I20201231_RefinariaDePetroleoRigrandenseMember" unitRef="BRL" decimals="-3">314587000</ugp:CommercialTransactionsPurchases>
  <ugp:CommercialTransactionsPayables id="Tag4088" contextRef="I20201231_RefinariaDePetroleoRigrandenseMember" unitRef="BRL" decimals="-3">65215000</ugp:CommercialTransactionsPayables>
  <ugp:CommercialTransactionsPayables id="Tag4089" contextRef="I20191231" unitRef="BRL" decimals="-3">289988000</ugp:CommercialTransactionsPayables>
  <ugp:CommercialTransactionsSalesAndServices id="Tag4090" contextRef="D20201231_OxicapIndustriaDeGasesMember" unitRef="BRL" decimals="-3">471000</ugp:CommercialTransactionsSalesAndServices>
  <ugp:NumberOfInstrumentsOtherEquityInstrumentsCancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment id="Tag4091" contextRef="D20201231_3" unitRef="Shares" decimals="0">-353294</ugp:NumberOfInstrumentsOtherEquityInstrumentsCancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment>
  <ugp:LoansAssets id="Tag4092" contextRef="I20201231_RouteasyServicosDeAssessoriaLogisticaLtdaMember" unitRef="BRL" decimals="-3">2334000</ugp:LoansAssets>
  <ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted id="Tag4093" contextRef="D20201231_GrantDateFourMember" unitRef="BRL" decimals="-3">700000000</ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted>
  <ugp:LoansAssets id="Tag4094" contextRef="I20191231_RelatiedPartiesOtherMember" unitRef="BRL" decimals="-3">490000</ugp:LoansAssets>
  <ugp:LoansLiabilities id="Tag4095" contextRef="I20191231_QuimicaDaBahiaIndustriaEcomercioMember" unitRef="BRL" decimals="-3">2875000</ugp:LoansLiabilities>
  <ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement id="Tag4096" contextRef="D20201231_RestrictedProgramOneMember">2023</ifrs-full:DescriptionOfVestingRequirementsForSharebasedPaymentArrangement>
  <ugp:LoansAssets id="Tag4097" contextRef="I20191231" unitRef="BRL" decimals="-3">490000</ugp:LoansAssets>
  <ugp:LoansLiabilities id="Tag4098" contextRef="I20201231_RelatiedPartiesOtherMember" unitRef="BRL" decimals="-3">836000</ugp:LoansLiabilities>
  <ugp:LoansAssets id="Tag4099" contextRef="I20201231_RelatiedPartiesOtherMember" unitRef="BRL" decimals="-3">490000</ugp:LoansAssets>
  <ugp:CommercialTransactionsReceivables id="Tag4100" contextRef="I20191231_ChevronLubricantsOilsSAMember" unitRef="BRL" decimals="-3">58000</ugp:CommercialTransactionsReceivables>
  <ugp:LoansLiabilities id="Tag4101" contextRef="I20201231" unitRef="BRL" decimals="-3">3711000</ugp:LoansLiabilities>
  <ifrs-full:TradeReceivables id="Tag4102" contextRef="I20201231_FromSixtyOneDaysToNinetyDaysMember_ExpectedLossesOnDoubtfulAccountsMember" unitRef="BRL" decimals="-3">2233000</ifrs-full:TradeReceivables>
  <ifrs-full:TradeReceivables id="Tag4103" contextRef="I20201231_ForeignCustomersMember" unitRef="BRL" decimals="-3">326442000</ifrs-full:TradeReceivables>
  <ugp:ResellerFinancingGross id="Tag4104" contextRef="I20191231_FromSixtyOneDaysToNinetyDaysMember" unitRef="BRL" decimals="-3">12616000</ugp:ResellerFinancingGross>
  <ifrs-full:TradeReceivables id="Tag4105" contextRef="I20191231_DomesticCustomersMember" unitRef="BRL" decimals="-3">3867163000</ifrs-full:TradeReceivables>
  <ifrs-full:TradeReceivables id="Tag4106" contextRef="I20201231_DomesticCustomersMember" unitRef="BRL" decimals="-3">3443641000</ifrs-full:TradeReceivables>
  <ifrs-full:TradeReceivables id="Tag4107" contextRef="I20191231" unitRef="BRL" decimals="-3">3689500000</ifrs-full:TradeReceivables>
  <ugp:TradeReceivablesGross id="Tag4108" contextRef="I20201231_FromThirtyOneDaysToSixtyDaysMember" unitRef="BRL" decimals="-3">27970000</ugp:TradeReceivablesGross>
  <ugp:LoanDescription id="Tag4109" contextRef="D20201231_Loan16Member">Bank Credit Bill</ugp:LoanDescription>
  <ugp:FinancialLiabilitiesFairValue id="Tag4110" contextRef="I20201231_Debentures2Member_Level2OfFairValueHierarchyMember" unitRef="BRL" decimals="-3">1093365000</ugp:FinancialLiabilitiesFairValue>
  <ugp:InterestEffectOnDebtLIBOR id="Tag4111" contextRef="I20191231_Scenario1Member" unitRef="BRL" decimals="-3">-3551000</ugp:InterestEffectOnDebtLIBOR>
  <ugp:DebentureFinalMaturity id="Tag4112" contextRef="D20201231_DebentureTwoMember">April 18, 2022</ugp:DebentureFinalMaturity>
  <ugp:NumberOfDebtInstrumentsIssued id="Tag4113" contextRef="D20200430_UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt6thApril2021Member" unitRef="Pure" decimals="INF">40</ugp:NumberOfDebtInstrumentsIssued>
  <ugp:LoanDescription id="Tag4114" contextRef="D20201231_Loan19Member">BNDES</ugp:LoanDescription>
  <ugp:SummaryOfSensitivityAnalysisTableTextBlock id="Tag4115" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 77px; width: 100%;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Assumption &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Change in &lt;br/&gt;assumptions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Decrease in &lt;br/&gt;liability &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Change in &lt;br/&gt;assumptions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Increase in &lt;br/&gt;liability &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 16px; width: 46%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Discount rate &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; width: 12%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font&gt;increase by 1.0 p.p&lt;/font&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; width: 12%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,559&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; width: 12%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font&gt;decrease by 1.0 p.p&lt;/font&gt;.&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; width: 12%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,857&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Medical services growth rate &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font&gt;decrease by 1.0 p.p&lt;/font&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;18,391&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;increase by 1.0 p.p&lt;/font&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;23,271&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ugp:SummaryOfSensitivityAnalysisTableTextBlock>
  <ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties id="Tag4116" contextRef="I20191231_ForeignSuppliersMember" unitRef="BRL" decimals="-3">23604000</ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties>
  <ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties id="Tag4117" contextRef="I20191231_DomesticSuppliersReverseFactoringMember" unitRef="BRL" decimals="-3">193080000</ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties>
  <ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties id="Tag4118" contextRef="I20191231_DomesticSuppliersMember" unitRef="BRL" decimals="-3">96908000</ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties>
  <ifrs-full:TradeAndOtherCurrentPayables id="Tag4119" contextRef="I20191231_ForeignSuppliersMember" unitRef="BRL" decimals="-3">237618000</ifrs-full:TradeAndOtherCurrentPayables>
  <ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties id="Tag4120" contextRef="I20201231_DomesticSuppliersReverseFactoringMember" unitRef="BRL" decimals="-3">61989000</ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties>
  <ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties id="Tag4121" contextRef="I20201231_DomesticSuppliersMember" unitRef="BRL" decimals="-3">5102000</ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties>
  <ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties id="Tag4122" contextRef="I20201231_ForeignSuppliersMember" unitRef="BRL" decimals="-3">126033000</ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties>
  <ugp:LoansAssets id="Tag4123" contextRef="I20201231" unitRef="BRL" decimals="-3">2824000</ugp:LoansAssets>
  <ifrs-full:TradeAndOtherCurrentPayables id="Tag4124" contextRef="I20191231_ForeignSuppliersReverseFactoringMember" unitRef="BRL" decimals="-3">85643000</ifrs-full:TradeAndOtherCurrentPayables>
  <ifrs-full:TradeAndOtherCurrentPayables id="Tag4125" contextRef="I20191231_DomesticSuppliersReverseFactoringMember" unitRef="BRL" decimals="-3">262870000</ifrs-full:TradeAndOtherCurrentPayables>
  <ifrs-full:DisclosureOfEmployeeBenefitsExplanatory id="Tag4126" contextRef="D20201231_3">&lt;div&gt;
&lt;h1 style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 12pt; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;20&lt;/font&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Employee &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;b&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;enefits and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;p&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;rivate &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;p&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ension &lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;p&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;lan&lt;/font&gt;&lt;/font&gt;&lt;/h1&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;a. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ULTRAPREV&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;- &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;A&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ssocia&amp;#231;&amp;#259;o&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt; de &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;P&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;revid&amp;#234;ncia &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;omplementar&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;In February 2001, the Company&amp;#8217;s Board of Directors approved the adoption of a defined contribution pension plan to be sponsored by the Company and each of its subsidiaries. Participating employees have been contributing to this plan, managed by &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ultraprev&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; - &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Associa&amp;#231;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#227;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;o&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; de &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Previd&amp;#234;ncia&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Complementar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ultraprev&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8221;), since August 2001. Under the terms of the plan, every year each participating employee chooses his or her basic contribution to the plan. Each sponsoring company provides a matching contribution in an amount equivalent to each basic contribution, up to a limit of &lt;font&gt;11&lt;/font&gt;% of the employee&amp;#8217;s reference salary, according to the rules of the plan. As participating employees retire, they may choose to receive either (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) a monthly sum ranging between &lt;font&gt;0.3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;% and &lt;font&gt;1.0&lt;/font&gt;% of their respective accumulated fund in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ultraprev&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; or (ii) a fixed monthly amount&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; which will &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;exhaust their respective accumulated fund over a period of &lt;font&gt;5&lt;/font&gt; to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;35&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; years. The sponsoring company does not &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;take responsibility for &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;guarantee&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ing&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; amounts or the duration of the benefits received by &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the retired &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;employee. &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;In May 2020, the Deliberative Council of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ultraprev&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; approved the use of the reversion fund&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in the amount of &lt;font&gt;R$ &lt;/font&gt;&lt;font&gt;47,088&lt;/font&gt;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;which R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;11,020&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; used to deduct the sponsors&amp;#8217; normal contributions. The balance of &lt;font&gt;R$ &lt;/font&gt;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;36,068&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; on &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;2020&lt;/font&gt; will be&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; used &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;to deduct normal sponsor contributions&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;an average period between &lt;font&gt;10&lt;/font&gt; and &lt;font&gt;70&lt;/font&gt; months depending on the sponsor.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;In&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2020&lt;/font&gt;, the subsidiaries contributed&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ultraprev&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; with&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20,505&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, including the use of the reversion fund of R$ &lt;font&gt;11,020&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in &lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt; the subsidiaries contributed to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ultraprev&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; with &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;21,357&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and R$ &lt;font&gt;24,323&lt;/font&gt; in &lt;font style="border-left: none; border-right: none;"&gt;2018&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, which is recognized as expense in the income statement. The total number of participating employees as of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font style="border-left: none; border-right: none;"&gt;2020&lt;/font&gt; was &lt;font&gt;7,290&lt;/font&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;active participants and &lt;font&gt;361&lt;/font&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;retired participants. In addition, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ultraprev&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; had &lt;font&gt;23&lt;/font&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;former employees receiving benefits under the rules of a previous plan whose reserves are fully constituted.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;b. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Post-employment &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;b&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;enefits&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The subsidiaries recognized a provision for post-employment benefits mainly related to seniority bonus, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;payment of G&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;overnment Severance Indemnity Fund (&amp;#8220;FGTS&amp;#8221;), and health, dental care, and life insurance plan for eligible retirees.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The amounts related to such benefits were determined based on a valuation conducted by an independent actuary &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and reviewed by management&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 116px; margin-left: auto; border-collapse: collapse; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 74%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Health and dental care plan&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;200,318&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;154,142&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Indemnification of FGTS &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;53,952&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;66,309&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Seniority bonus&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16,336&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;34,485&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Life insurance&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt;&lt;font style="color: rgb(0, 0, 0); font-family: &amp;quot;Times New Roman&amp;quot;; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(1)&lt;/font&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;14,118&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;17,931&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;284,724&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;272,867&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;27,077&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;28,951&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Non-current &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;257,647&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;243,916&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;) &lt;/font&gt;&lt;/sup&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Only &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;IPP&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, Tropical&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Iconic&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;2&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;In September 2020, there was a change in the bonus policy &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;to retirement &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;with reduced benefit.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The change in the present value of the post-employment benefit obligation &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;occurred &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 188px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin: 0px auto; text-indent: 0px;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 73.8022%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 12.7421%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 1.01937%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 1.22324%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 10.1427%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.78389%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 73.8022%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Opening balance &lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 12.7421%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;272,867&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.01937%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.22324%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.1427%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;249,815&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.78389%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 73.8022%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current service cost &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 12.7421%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;13,568&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01937%; margin: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.22324%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 10.1427%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;10,704&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.78389%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 73.8022%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest cost &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 12.7421%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;18,779&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.01937%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.22324%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.1427%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;21,386&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.78389%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 73.8022%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Expense for the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 12.7421%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,211&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01937%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.22324%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 10.1427%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,682&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.78389%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 73.8022%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Losses from changes in actuarial assumptions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 12.7421%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;24,822&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.01937%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.22324%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.1427%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;44,489&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.78389%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 73.8022%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Benefits paid directly by Company and its subsidiaries &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 12.7421%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;18,969&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01937%; margin: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.22324%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 10.1427%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;33,510&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.78389%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 73.8022%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Exchange rates from post employment benefits &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 12.7421%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;793&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.01937%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.22324%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.1427%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,391&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.78389%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; width: 73.8022%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ending balance &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); width: 12.7421%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;284,724&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; width: 1.01937%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.22324%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); width: 10.1427%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;272,867&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.78389%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;total of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;expense &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in each period &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;is presented below:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 96px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin: 0px auto; text-indent: 0px;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 55.2497%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 14.1692%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.01937%; padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.73293%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 12.946%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.866465%; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.866465%; vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 12.0795%; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.07031%; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="width: 55.2497%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Health and dental care plan &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 14.1692%; padding: 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;11,127&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.01937%; padding: 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.73293%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 12.946%; padding: 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,442&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.866465%; vertical-align: top; height: 10px; background-color: rgb(204, 238, 255); padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.866465%; vertical-align: top; background-color: rgb(204, 238, 255); padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 12.0795%; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,559&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.07031%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 55.2497%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Indemnification of FGTS &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 14.1692%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,689&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.01937%; padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.73293%; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 12.946%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;5,818&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.866465%; vertical-align: top; height: 17px; padding: 0px;"&gt;)&lt;/td&gt;
&lt;td style="width: 0.866465%; vertical-align: top; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 12.0795%; vertical-align: bottom; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;11,159&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.07031%; vertical-align: bottom; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 55.2497%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Seniority bonus &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 14.1692%; padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;13,722&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.01937%; padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="width: 1.73293%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 12.946%; padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,765&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.866465%; vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.866465%; vertical-align: top; background-color: rgb(204, 238, 255); padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 12.0795%; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,460&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.07031%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 55.2497%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Life insurance &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 14.1692%; border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,117&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.01937%; padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.73293%; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 12.946%; border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,293&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.866465%; vertical-align: top; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.866465%; vertical-align: top; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 12.0795%; border-bottom: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,380&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.07031%; vertical-align: bottom; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="width: 55.2497%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 14.1692%; padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,211&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.01937%; padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.73293%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 12.946%; padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,682&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.866465%; vertical-align: top; height: 18px; background-color: rgb(204, 238, 255); padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.866465%; vertical-align: top; background-color: rgb(204, 238, 255); padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 12.0795%; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;27,558&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.07031%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The main actuarial assumptions used are:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 95px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Economic factors &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; % p.a. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; % p.a. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Discount rate for the actuarial obligation at present value &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8.22&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8.79&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Average projected salary growth rate &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7.07&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7.64&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Inflation rate (long term) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3.25&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3.80&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Growth rate of medical services &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7.38&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7.95&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; text-decoration: underline; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;table style="width: 68%; margin-left: auto; margin-right: auto; height: 85px; font-family: 'times new roman'; font-size: 10pt;"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 100%; height: 17px;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; float: none; display: inline !important;"&gt;Demographic factors&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 100%; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Mortality Table for the life insurance benefit &amp;#8211; CSO-&lt;/font&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-left: none; border-right: none;"&gt;80&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 100%; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Mortality Table for other benefits &amp;#8211; AT&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-left: none; border-right: none;"&gt;2000&lt;/font&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;&amp;nbsp;Basic decreased by&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-left: none; border-right: none;"&gt;10&lt;/font&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;%&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 100%; height: 17px; background-color: #cceeff;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Disabled Mortality Table &amp;#8211; RRB&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-left: none; border-right: none;"&gt;1983&lt;/font&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;&amp;nbsp;and RRB-&lt;/font&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; border-left: none; border-right: none;"&gt;1944&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 100%; height: 17px;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Disability Table &amp;#8211; Weak light&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; text-decoration: underline; font-size: 10pt;"&gt;Sensitivity analysis&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The significant actuarial assumptions to determine the provision for post-employment benefits &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;are:&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; discount rate, wage and medical costs increases. The following sensitivity analyses on December 31, 2020, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as shown &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;below, were determined based on possible changes of assumptions occurring at the reporting date of the financial statements, keeping all other assumptions constant.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 77px; width: 100%;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Assumption &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Change in &lt;br/&gt;assumptions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Decrease in &lt;br/&gt;liability &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Change in &lt;br/&gt;assumptions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Increase in &lt;br/&gt;liability &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 16px; width: 46%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Discount rate &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; width: 12%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font&gt;increase by 1.0 p.p&lt;/font&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; width: 12%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,559&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; width: 12%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font&gt;decrease by 1.0 p.p&lt;/font&gt;.&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; width: 12%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,857&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Medical services growth rate &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font&gt;decrease by 1.0 p.p&lt;/font&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;18,391&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;increase by 1.0 p.p&lt;/font&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;23,271&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The sensitivity analyses presented may not represent the real change in the post-employment benefits obligation, since it is unlikely that changes occur in just &lt;font&gt;one&lt;/font&gt; assumption alone, considering that some of these assumptions may be correlated.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; text-decoration: underline; font-size: 10pt;"&gt;Inherent risks related to post-employment benefits&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Interest rate risk: a long-term interest rate is used to calculate the present value of post-employment liabilities. A reduction in this interest rate will increase the corresponding liability.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Wage growth risk: the present value of the liability is calculated using as reference the wages of the plan participants, projected with the average nominal wage growth rate. An increase in the real wages of plan participants will increase the corresponding liability.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Medical costs growth risk: the present value of the liability is calculated using as reference the medical cost by age based on actual healthcare costs, projected based on the growth rate of medical services costs. An increase in the real medical costs will increase the corresponding liability.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfEmployeeBenefitsExplanatory>
  <ugp:SummaryOfSignificantActuarialAssumptionsAdoptedTableTextBlock id="Tag4127" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The main actuarial assumptions used are:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 95px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Economic factors &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; % p.a. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; % p.a. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Discount rate for the actuarial obligation at present value &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8.22&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8.79&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Average projected salary growth rate &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7.07&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7.64&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Inflation rate (long term) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3.25&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3.80&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Growth rate of medical services &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7.38&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7.95&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ugp:SummaryOfSignificantActuarialAssumptionsAdoptedTableTextBlock>
  <ugp:InterestEffectOnDebtTJLP id="Tag4128" contextRef="I20201231_Scenario3Member" unitRef="BRL" decimals="-3">-1503000</ugp:InterestEffectOnDebtTJLP>
  <ugp:LiabilitiesInterestRateBasis id="Tag4129" contextRef="D20201231_DesignatedAsHedgeAccountingMember_InterestRateSwapContractMember">95.8% DI</ugp:LiabilitiesInterestRateBasis>
  <ifrs-full:FinancialAssetsAtFairValue id="Tag4130" contextRef="I20201231_FixedIncomeSecuritiesLocalCurrency2Member" unitRef="BRL" decimals="-3">31315000</ifrs-full:FinancialAssetsAtFairValue>
  <ifrs-full:ExpectedCreditLossRate id="Tag4131" contextRef="I20191231_WeightedAverageMember_LessThanOneMonthMember" unitRef="Pure" decimals="3">0.021</ifrs-full:ExpectedCreditLossRate>
  <ifrs-full:NotionalAmount id="Tag4132" contextRef="I20191231_NotDesignatedAsHedgeAccountingMember_ForeignExchangeSwapTwoMember" unitRef="USD" decimals="-3">17896000</ifrs-full:NotionalAmount>
  <ugp:DerivativeNonmonetaryNotionalAmountVolumeOne id="Tag4133" contextRef="D20201231_CommodityPriceRiskMember_TermMember_HeatingOilOneMember" unitRef="Pure" decimals="INF">108429</ugp:DerivativeNonmonetaryNotionalAmountVolumeOne>
  <ugp:NotionalAmountDesignatedAsFairValueHedge id="Tag4134" contextRef="D20191231_InterestRateHedgingInstrumentsMember" unitRef="USD" decimals="-3">806054000</ugp:NotionalAmountDesignatedAsFairValueHedge>
  <ugp:IncrementalExpensesLibor id="Tag4135" contextRef="I20191231_Scenario2Member" unitRef="BRL" decimals="-3">-4571000</ugp:IncrementalExpensesLibor>
  <ugp:SummaryOfEmploymentBenefitExpenseTableTextBlock id="Tag4136" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;total of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;expense &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in each period &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;is presented below:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 96px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin: 0px auto; text-indent: 0px;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 55.2497%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 14.1692%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.01937%; padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.73293%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 12.946%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.866465%; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.866465%; vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 12.0795%; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.07031%; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="width: 55.2497%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Health and dental care plan &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 14.1692%; padding: 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;11,127&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.01937%; padding: 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.73293%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 12.946%; padding: 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,442&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.866465%; vertical-align: top; height: 10px; background-color: rgb(204, 238, 255); padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.866465%; vertical-align: top; background-color: rgb(204, 238, 255); padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 12.0795%; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,559&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.07031%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 55.2497%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Indemnification of FGTS &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 14.1692%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,689&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.01937%; padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.73293%; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 12.946%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;5,818&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.866465%; vertical-align: top; height: 17px; padding: 0px;"&gt;)&lt;/td&gt;
&lt;td style="width: 0.866465%; vertical-align: top; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 12.0795%; vertical-align: bottom; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;11,159&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.07031%; vertical-align: bottom; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 55.2497%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Seniority bonus &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 14.1692%; padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;13,722&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.01937%; padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="width: 1.73293%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 12.946%; padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,765&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.866465%; vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.866465%; vertical-align: top; background-color: rgb(204, 238, 255); padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 12.0795%; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,460&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.07031%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 55.2497%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Life insurance &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 14.1692%; border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,117&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.01937%; padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.73293%; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 12.946%; border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,293&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.866465%; vertical-align: top; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.866465%; vertical-align: top; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 12.0795%; border-bottom: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,380&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.07031%; vertical-align: bottom; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="width: 55.2497%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 14.1692%; padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,211&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.01937%; padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.73293%; padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 12.946%; padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,682&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.866465%; vertical-align: top; height: 18px; background-color: rgb(204, 238, 255); padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.866465%; vertical-align: top; background-color: rgb(204, 238, 255); padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 12.0795%; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;27,558&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.07031%; vertical-align: bottom; background-color: rgb(204, 238, 255); padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ugp:SummaryOfEmploymentBenefitExpenseTableTextBlock>
  <ifrs-full:DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsExplanatory id="Tag4137" contextRef="D20201231_3">&lt;div&gt;
&lt;div&gt;
&lt;h1 style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 12pt; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;33&lt;/font&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Risks and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;f&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;inancial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;nstruments&lt;/font&gt;&lt;/font&gt;&lt;/h1&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;a. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Risk &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;m&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;anagement and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;f&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;inancial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;nstruments &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;&amp;#8211;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;g&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;overnance&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The main risks to which the Company and its subsidiaries are exposed reflect strategic/operational and economic/financial aspects. Operational/strategic risks (including, but not limited to, demand behavior, competition, technological innovation, and material changes in the industry structure) are addressed by the Company&amp;#8217;s management model. Economic/financial risks primarily reflect default of customers, behavior of macroeconomic variables, such as exchange and interest rates, as well as the characteristics of the financial instruments used by the Company and its subsidiaries and their counterparties. These risks are managed through control policies, specific strategies, and the establishment of limits.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Company has a policy for the management of resources, financial instruments&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and risks approved by its &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ompany&amp;#8217;s Board of Directors&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&amp;#8220;Policy&amp;#8221;). In accordance with the Policy, the main objectives of financial management are to preserve the value and liquidity of financial assets and ensure financial resources for the development of the business, including expansions. The main financial risks considered in the Policy are &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;market &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;risks &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;currencies, interest rates&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and commodities)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, liquidity and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;credit. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The g&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;overnance of the management of financial risks follows the segregation of duties below:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The execution of the Policy has done by corporate financial board, through its treasury department, with the assistance of the accounting, legal and tax departments.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The monitoring of compliance of the Policy and possible issues is the responsibility of the Risk and Investment Committee, (&amp;#8220;Committee&amp;#8221;), which is composed of CFO, Treasury Director, Controller and other directors designated by the CFO. The Committee holds quarte&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;r&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ly meetings and monitors the risk standards established by the Policy through a monitoring map on a monthly basis.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Approval of the Policy and the periodic &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;assessment&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of Company exposure to financial risks are subject to the approval of the C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ompany&amp;#8217;s Board of Directors&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ultrapar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Audit and Risks Committee advises the C&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ompany&amp;#8217;s Board of Directors&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in the assessment of controls, management and exposure of financial risks and revision of Policy. The Risk, Compliance and Audit board monitors of standards compliance of the Policy and reports to the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Audit and Risks Committee&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the risks exposure and compliance or noncompliance of the Policy.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;b. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Currency &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;r&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;isk&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Most transactions of the Company&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, through &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;its subsidiaries&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;are located in&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Brazil and, therefore, the reference currency for risk management is the Brazilian Real. Currency risk management is guided by neutrality of currency exposures and considers the risks of the Company and its subsidiaries and their exposure to changes in exchange rates. The Company considers as its main currency exposures the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; changes in&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; assets and liabilities in foreign currency.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Company and its subsidiaries use exchange rate hedging instruments (especially between the Brazilian Real and the U.S. dollar) available in the financial market to protect their assets, liabilities, receipts&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and disbursements in foreign currency&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and net investment&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in foreign operation&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Hedge is used &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in order to reduce the effects of changes in exchange rates on &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the Company&amp;#180;s income &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and cash flows in Brazilian Reais within the exposure limits under its Policy. Such foreign exchange hedging instruments have amounts, periods, and rates substantially equivalent to those of assets, liabilities, receipts&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and disbursements in foreign currenc&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ies&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; to which they are related. &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Assets and liabilities in foreign currencies are stated below, translated into Brazilian Reais:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;b.&lt;font style="border-left: none; border-right: none;"&gt;1&lt;/font&gt; &lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Assets and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;l&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;iabilities in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;f&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;oreign &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;c&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;urrencies&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 219px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin: 0px auto; text-indent: 0px;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 75.7669%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 10.9407%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 1.32924%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.920245%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 9.56033%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.38037%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 75.7669%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Assets in foreign currency &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.9407%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.32924%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.920245%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.56033%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.38037%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 75.7669%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cash, cash equivalents and financial investments in foreign currency (except hedging instruments) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 10.9407%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,413,276&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.32924%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.920245%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 9.56033%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;455,620&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.38037%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 75.7669%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign trade receivables, net of allowance for doubtful accounts and advances to foreign customers &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); width: 10.9407%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;307,829&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); width: 1.32924%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.920245%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); width: 9.56033%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;213,544&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.38037%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 75.7669%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 10.9407%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,767,626&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.32924%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.920245%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 9.56033%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,445,022&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.38037%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 75.7669%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 10.9407%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,488,731&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(204, 238, 255); width: 1.32924%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.920245%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 9.56033%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,114,186&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.38037%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 75.7669%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Liabilities in foreign currency &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 10.9407%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.32924%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.920245%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.56033%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.38037%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 75.7669%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financing in foreign currency, gross of transaction costs and discount &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.9407%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;9,246,707&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.32924%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.920245%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 9.56033%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;6,895,052&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.38037%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 75.7669%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Payables arising from imports, net of advances to foreign suppliers &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 10.9407%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;633,013&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.32924%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.920245%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 9.56033%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;344,523&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.38037%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 75.7669%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 10.9407%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;9,879,720&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(204, 238, 255); width: 1.32924%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.920245%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 9.56033%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;7,239,575&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.38037%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 75.7669%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign currency hedging instruments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 10.9407%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,837,554&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.32924%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.920245%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 9.56033%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,636,418&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.38037%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 75.7669%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net liability position &amp;#8211; total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 10.9407%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,553,435&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); width: 1.32924%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.920245%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 9.56033%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,488,971&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.38037%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 75.7669%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net asset (liability) position &amp;#8211; income statement effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 10.9407%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;186,306&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.32924%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.920245%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.56033%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;452,178&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.38037%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 75.7669%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net liability position &amp;#8211; equity effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.9407%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,739,741&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.32924%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.920245%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 9.56033%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,941,149&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.38037%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;b.&lt;font&gt;2&lt;/font&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Sensitivity &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;nalysis of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ssets and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;l&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;iabilities in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;f&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;oreign &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;c&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;urrency&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Scenarios I, II and III were&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;based on &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;10&lt;/font&gt;%, &lt;font&gt;25&lt;/font&gt;% and &lt;font&gt;50&lt;/font&gt;% variations, respectively, applied &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;on&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the net position of the Company exposed to the currency risk, simulating the effects of appreciation and devaluation of the Real in the income statement and the equity&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The table below shows&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;three&lt;/font&gt; scenarios,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the effect&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of exchange rate changes&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;o&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;n&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the net &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;liability&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; position&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1,553,435&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in foreign currency&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; as of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 131px; margin: 0px auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 92%; text-indent: 0px;" width="92%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 53.9696%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 11.9088%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Risk &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 9.20608%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario I &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.01352%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 1.94257%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 8.53041%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario II &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.43581%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.94257%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 8.9527%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario III &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.01352%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 53.9696%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 11.9088%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 9.20608%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Base &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.01352%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 1.94257%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 8.53041%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;25&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.43581%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.94257%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 8.9527%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;50&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.01352%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 53.9696%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1&lt;/font&gt;) Income statement effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td rowspan="2" style="padding-right: 0px; padding-left: 0px; height: 27px; vertical-align: middle; background-color: #cceeff; width: 11.9088%; margin: 0px; text-indent: 0px;" valign="middle"&gt;
&lt;p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Real devaluation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.20608%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;18,631&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.01352%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.94257%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.53041%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;46,577&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.43581%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.94257%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.9527%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;93,153&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.01352%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 53.9696%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2&lt;/font&gt;) Equity effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9.20608%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;173,974&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.01352%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.94257%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.53041%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;434,935&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.43581%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.94257%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.9527%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;869,871&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.01352%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; width: 53.9696%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(&lt;font&gt;1&lt;/font&gt;) + (&lt;font&gt;2&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; width: 11.9088%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 9.20608%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;155,343&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.01352%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; width: 1.94257%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 8.53041%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;388,358&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.43581%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.94257%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 8.9527%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;776,718&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.01352%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 53.9696%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;3&lt;/font&gt;) Income statement effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td rowspan="2" style="padding-right: 0px; padding-left: 0px; height: 34px; background-color: #cceeff; vertical-align: middle; width: 11.9088%; margin: 0px; text-indent: 0px;" valign="middle"&gt;
&lt;p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Real appreciation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.20608%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;18,631&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.01352%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.94257%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.53041%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;46,577&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.43581%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.94257%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.9527%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;93,153&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.01352%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 53.9696%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4&lt;/font&gt;) Equity effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.20608%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;173,974&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.01352%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.94257%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.53041%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;434,935&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.43581%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.94257%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.9527%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;869,871&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.01352%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; width: 53.9696%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(&lt;font&gt;3&lt;/font&gt;) + (&lt;font&gt;4&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; width: 11.9088%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 9.20608%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;155,343&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.01352%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; width: 1.94257%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 8.53041%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;388,358&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.43581%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.94257%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 8.9527%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;776,718&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.01352%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The table below shows, in the &lt;font&gt;three&lt;/font&gt; scenarios, the effects of exchange rate changes on the net liability position &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1,488,971&lt;/font&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in foreign currency as of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;19&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 172px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 92%; margin: 0px auto; text-indent: 0px;" width="92%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 54.0152%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 12.0034%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Risk &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 10.0592%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario I &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 1.01437%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.929839%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 9.97464%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario II &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 0.972105%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.972105%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 8.87246%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario III &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.10218%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 54.0152%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 12.0034%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 10.0592%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Base &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 1.01437%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.929839%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 9.97464%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;25&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 0.972105%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.972105%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 8.87246%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;50&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.10218%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 54.0152%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1&lt;/font&gt;) Income statement effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td rowspan="2" style="padding-right: 0px; padding-left: 0px; height: 34px; background-color: #cceeff; vertical-align: middle; width: 12.0034%; margin: 0px; text-indent: 0px;" valign="middle"&gt;
&lt;p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Real devaluation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.0592%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;45,218&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.01437%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.929839%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.97464%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;113,045&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.972105%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.972105%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.87246%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;226,089&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.10218%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 54.0152%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2&lt;/font&gt;) Equity effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.0592%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;194,115&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.01437%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.929839%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.97464%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;485,287&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.972105%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.972105%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.87246%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;970,575&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.10218%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; width: 54.0152%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(&lt;font&gt;1&lt;/font&gt;) + (&lt;font&gt;2&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; width: 12.0034%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; border-top: 0.75pt solid #000000 !important; width: 10.0592%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;148,897&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; width: 1.01437%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.929839%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; border-top: 0.75pt solid #000000 !important; width: 9.97464%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;372,242&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; width: 0.972105%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.972105%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; border-top: 0.75pt solid #000000 !important; width: 8.87246%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;744,486&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.10218%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 54.0152%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;3&lt;/font&gt;) Income statement effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td rowspan="2" style="padding-right: 0px; padding-left: 0px; height: 34px; background-color: #cceeff; vertical-align: middle; width: 12.0034%; margin: 0px; text-indent: 0px;" valign="middle"&gt;
&lt;p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Real appreciation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.0592%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;45,218&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.01437%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.929839%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.97464%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;113,045&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.972105%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.972105%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.87246%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;226,089&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.10218%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 54.0152%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4&lt;/font&gt;) Equity effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.0592%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;194,115&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.01437%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.929839%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.97464%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;485,287&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.972105%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.972105%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.87246%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;970,575&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.10218%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; width: 54.0152%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(&lt;font&gt;3&lt;/font&gt;) + (&lt;font&gt;4&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; width: 12.0034%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; border-top: 0.75pt solid #000000 !important; width: 10.0592%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;148,897&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; width: 1.01437%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.929839%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; border-top: 0.75pt solid #000000 !important; width: 9.97464%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;372,242&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; width: 0.972105%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.972105%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 8.87246%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;744,486&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.10218%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The equity effect refer&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;cumulative translation adjustments &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of changes&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in the exchange rate on equity of foreign subsidiaries (see Note&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2&lt;/font&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;5&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;g&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, net investments hedge in foreign entities, cash flow hedge of firm commitment and highly probable transaction (see Note &lt;font&gt;2&lt;/font&gt;.c and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8220;h. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Hedge Accounting&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; below)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;c. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Interest &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;r&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ate &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;r&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;isk&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Company and its subsidiaries adopt policies for borrowing and investing financial resources and for capital cost minimization. The financial investments of the Company and its subsidiaries are primarily held in transactions linked to the DI, as set forth in Note &lt;font&gt;4&lt;/font&gt;. Borrowings primarily relate to financing from Banco do &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Bra&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;il&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as well as &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;debentures and borrowings in foreign currency, as shown in Note &lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;6&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Company attempts to maintain &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;most of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;its financial interest assets and liabilities at floating rates.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="/* margin-top: 2pt; *//* margin-bottom: 10pt; */text-align: justify; line-height: 115%; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;c.&lt;font&gt;1&lt;/font&gt; Assets and liabilities exposed to floating interest rates&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he financial assets and liabilities exposed to floating interest rates&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; are demonstrated below:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin: 0px auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 84%; text-indent: 0px;" width="84%"&gt;

&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 71.8779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 5.92044%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Note &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 9.99075%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.20259%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.925069%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 8.78816%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.2026%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 71.8779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; DI &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 5.92044%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 9.99075%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.20259%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.925069%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 8.78816%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.2026%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; width: 71.8779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cash equivalents &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 5.92044%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 9.99075%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,241,852&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.20259%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.925069%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 8.78816%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,780,939&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.2026%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 71.8779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financial investments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 5.92044%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4&lt;/font&gt;.b &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 9.99075%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,749,852&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.20259%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.925069%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 8.78816%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,610,686&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.2026%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; width: 71.8779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Asset position of foreign exchange hedging instruments &amp;#8211; DI &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 5.92044%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt;.g &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 9.99075%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.20259%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.925069%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 8.78816%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;19,323&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.2026%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 71.8779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Loans and debentures &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 5.92044%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 9.99075%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;6,947,362&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.20259%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.925069%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 8.78816%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;6,268,615&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.2026%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; width: 71.8779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Liability position of foreign exchange hedging instruments &amp;#8211; DI &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 5.92044%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt;.g &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 9.99075%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,124,146&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.20259%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.925069%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 8.78816%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;3,318,289&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.2026%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 71.8779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Liability position of fixed interest instruments + IPCA &amp;#8211; DI &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 5.92044%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt;.g &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 9.99075%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,203,705&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.20259%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.925069%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 8.78816%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;821,902&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.2026%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; width: 71.8779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net liability position in DI &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 5.92044%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 9.99075%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;5,283,509&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.20259%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.925069%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 8.78816%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;5,997,858&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.2026%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 71.8779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; TJLP &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 5.92044%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 9.99075%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.20259%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.925069%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 8.78816%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.2026%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; width: 71.8779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Loans &amp;#8211;TJLP &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 5.92044%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 9.99075%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;29,803&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.20259%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.925069%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 8.78816%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;103,945&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.2026%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 71.8779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net liability position in TJLP &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 5.92044%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 9.99075%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;29,803&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.20259%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.925069%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 8.78816%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;103,945&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.2026%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; width: 71.8779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;LIBOR&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 5.92044%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 9.99075%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.20259%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.925069%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 8.78816%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.2026%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 71.8779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Asset position of foreign exchange hedging instruments &amp;#8211; &lt;font&gt;LIBOR&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 5.92044%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt;.g &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 9.99075%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;260,958&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.20259%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.925069%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 8.78816%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;850,307&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.2026%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; width: 71.8779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Loans &amp;#8211; &lt;font&gt;LIBOR&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 5.92044%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 9.99075%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;573,484&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.20259%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.925069%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 8.78816%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,457,263&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.2026%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 71.8779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net liability position in &lt;font&gt;LIBOR&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 5.92044%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 9.99075%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;312,526&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.20259%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.925069%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 8.78816%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;606,956&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.2026%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; width: 71.8779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; SELIC &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 5.92044%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 9.99075%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.20259%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.925069%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 8.78816%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.2026%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 71.8779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Loans &amp;#8211; SELIC &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 5.92044%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 9.99075%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.20259%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.925069%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 8.78816%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;30,392&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.2026%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; width: 71.8779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net liability position in SELIC &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 5.92044%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 9.99075%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.20259%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.925069%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 8.78816%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;30,392&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.2026%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 71.8779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Total net liability position exposed to floating interest &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 5.92044%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 9.99075%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;5,625,838&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.20259%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.925069%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 8.78816%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;6,739,151&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.2026%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;c.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;&lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Sensitivity &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;nalysis of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;f&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;loating &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;nterest &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;r&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ate &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;r&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;isk&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;For&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; sensitivity analysis of floating interest rate risk&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the Company used the accumulated amount of the reference indexes (DI, TJLP, &lt;font&gt;LIBOR&lt;/font&gt; and SELIC) as a base scenario. Scenarios I, II and III were &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;based on&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;10&lt;/font&gt;%, &lt;font&gt;25&lt;/font&gt;% and &lt;font&gt;50&lt;/font&gt;%&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; variation&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, respectively, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;applied &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in the floating interest rate&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of the base scenario&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The tables below show the incremental expenses and income that would be recognized in finance income, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;due to the effect&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of floating interest rate changes in different scenarios.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 255px; width: 100%;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Risk &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; text-align: center;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario I &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-top: 0.75pt solid #000000 !important; text-align: center;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; text-align: center;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario II &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-top: 0.75pt solid #000000 !important; text-align: center;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; text-align: center;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario III &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; text-align: center;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Base &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; text-align: center;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; text-align: center;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;25&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; text-align: center;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; text-align: center;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;50&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; font-size: 10pt;"&gt; Exposure of interest rate risk &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 56%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest effect on cash equivalents and financial &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 13%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Increase in DI &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;13,175&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;32,937&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;65,875&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest effect on debt in DI &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Increase in DI &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;19,674&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;49,184&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;98,368&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest rate hedging instruments (liabilities in DI) effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Increase in DI &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,137&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;11,934&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;29,929&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Incremental expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;7,636&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;28,181&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;62,422&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest effect on debt in TJLP &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Increase in TJLP &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;301&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;752&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,503&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Incremental expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;301&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;752&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,503&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign exchange hedging instruments (assets in &lt;font&gt;LIBOR&lt;/font&gt;) effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Increase in &lt;font&gt;LIBOR&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;528&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,320&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,640&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest effect on debt in &lt;font&gt;LIBOR&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Increase in &lt;font&gt;LIBOR&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,410&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;3,525&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;7,050&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Incremental expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;882&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,205&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,410&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest effect on debt in SELIC &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Increase in SELIC &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;41&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;102&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;203&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Incremental expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;41&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;102&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;203&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 317px; width: 99.9168%;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Risk &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; text-align: center;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario I &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-top: 0.75pt solid #000000 !important; text-align: center;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; text-align: center;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario II &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-top: 0.75pt solid #000000 !important; text-align: center;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; text-align: center;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario III &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; text-align: center;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Base &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; text-align: center;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; text-align: center;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;25&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; text-align: center;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; text-align: center;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;50&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; font-size: 10pt;"&gt; Exposure of interest rate risk &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 56%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest effect on cash equivalents and financial &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 13%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Increase in DI &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;29,304&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;73,261&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;146,522&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign exchange hedging instruments (assets in DI) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Increase in DI &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;55&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;137&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;274&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest effect on debt in DI &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Increase in DI &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;44,469&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;111,173&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;222,345&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest rate hedging instruments (liabilities in DI) effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Increase in DI &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;39,175&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;85,571&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;162,897&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Incremental expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;54,285&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;123,346&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;238,446&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest effect on debt in TJLP &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Increase in TJLP &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,213&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;3,033&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;6,065&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Incremental expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,213&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;3,033&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;6,065&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign exchange hedging instruments (assets in &lt;font&gt;LIBOR&lt;/font&gt;) effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Increase in &lt;font&gt;LIBOR&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,722&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,305&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8,609&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest effect on debt in &lt;font&gt;LIBOR&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Increase in &lt;font&gt;LIBOR&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;3,551&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;8,876&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;17,753&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Incremental expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,829&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,571&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;9,144&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest effect on debt in SELIC &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Increase in SELIC &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;251&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;628&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,257&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Incremental expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;251&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;628&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,257&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;d. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Credit &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;r&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;isks&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The financial instruments that would expose the Company and its subsidiaries to credit risks of the counterparty are basically represented by cash and bank deposits, financial investments, hedging instruments&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (see Note &lt;font&gt;4&lt;/font&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and trade receivables&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (see Note &lt;font&gt;5&lt;/font&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;d.&lt;font&gt;1&lt;/font&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Credit risk of financial institutions &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Such risk results from the inability of financial institutions to comply with their financial obligations to the Company and its subsidiaries due to insolvency. The Company and its subsidiaries regularly conduct a credit review of the institutions with which they hold cash and cash equivalents, financial investments, and hedging instruments through various methodologies that assess liquidity, solvency, leverage, portfolio quality, etc. Cash and cash equivalents, financial investments, and hedging instruments are held only with institutions with a solid credit history, chosen for safety and soundness. The volume of cash and cash equivalents, financial investments&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and hedging instruments are subject to maximum limits by &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;each &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;institution and, therefore, require diversification of counterpart&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ies&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;d.&lt;font&gt;2&lt;/font&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Government credit risk&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Company's policy allows investments in government securities from countries classified as investment grade AAA or &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;aa&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; by specialized credit rating agencies&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (S&amp;amp;P, Moody&amp;#8217;s and Fitch)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and in Brazilian government bonds. The volume of such financial investments is subject to maximum limits by each country and, therefore, requires diversification of counterparties.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The credit risk of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;financial institution and government of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;cash, cash equivalents and financial investments is summarized below:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 120px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Fair value &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Counterparty credit rating &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 74%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; AAA &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 11%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8,190,428&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 11%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,906,077&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; AA &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;317,894&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;331,512&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; A &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;163,839&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;418,020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; BBB &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;56,488&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8,672,160&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,712,097&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;d.&lt;font&gt;3&lt;/font&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Customer credit risk&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The credit policy establishes the analysis of the profile of each new customer&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; individually&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; regarding their financial condition. The review carried out by the subsidiaries of the Company includes the evaluation of external ratings, when available, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;f&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;inancial statements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, credit bureau information, industry information and, when necessary, bank references. Credit limits are established for each customer and reviewed periodically, in a shorter period the greater the risk, depending on the approval of the responsible area in cases of sales that exceed these limits.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;In monitoring credit risk, customers are grouped according to their credit characteristics and depending on the business the grouping takes into account, for example, whether they are natural or legal clients, whether they are wholesalers, resellers or final customers, considering also &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; geographic area.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;expected&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of credit loss&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;es&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; are calculated &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;by &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;expected loss ap&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;p&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;roach&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;based on the probability of default&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;rates. Loss rates are calculated &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;on the basis of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the average probability of a receivable amount to advance through successive stages of default until full write-off&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. The&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;probability of default&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; calculation takes into account a credit risk score for each exposure&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; based on data considered to be capable of fores&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;eeing&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the risk of loss (external classifications, audited &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;f&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;inancial statements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, cash flow projections, customer information available in the press, for example), with addition of the credit assessment based on experience.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Such &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;credit &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;risks are managed by each business unit through specific criteria for acceptance of customers and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;their &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;credit rating and are additionally mitigated by &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;diversification of sales. &lt;font&gt;No&lt;/font&gt; single customer or group accounts for more than &lt;font&gt;10&lt;/font&gt;% of total revenue.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The subsidiaries of the Company request guarantees related to trade receivables and other receivables in specific situations to customers, but these guarantees don&amp;#8217;t influence in the calculation of risk of loss. The subsidiaries of the Company maintained the following allowance for expected losses on doubtful accounts balances on trade receivables:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 113px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 76%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ipiranga &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 11%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;447,389&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 11%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;447,235&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultragaz &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;113,621&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;94,985&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Oxiteno &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16,430&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;13,252&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Extrafarma &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;73&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,419&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultracargo &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,594&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,001&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;579,107&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;560,892&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The table below presents information about credit risk exposure:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 147px; width: 100%;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Weighted &lt;br/&gt;average rate &lt;br/&gt;of losses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Accounting balance &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Provision &lt;br/&gt;for losses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Weighted &lt;br/&gt;average rate &lt;br/&gt;of losses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Accounting balance &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Provision for losses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 41%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; width: 9%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1.2&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; width: 8%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,751,067&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; width: 8%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;44,091&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; width: 8%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1.3&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; width: 8%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,843,803&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; width: 8%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;50,198&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; less than &lt;font&gt;30&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2.2&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;134,836&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,939&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2.1&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;185,612&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,975&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;31&lt;/font&gt;-&lt;font&gt;60&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8.2&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;43,207&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,563&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7.1&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;37,801&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,688&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;61&lt;/font&gt;-&lt;font&gt;90&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10.9&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;42,589&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,630&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;20.4&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;24,861&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,062&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;91&lt;/font&gt;-&lt;font&gt;180&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;36.8&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;76,158&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;28,062&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;41.8&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;91,633&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;38,337&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; more than &lt;font&gt;180&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;55.7&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;890,756&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;495,822&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;53.1&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;867,618&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;460,632&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,938,613&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;579,107&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,051,328&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;560,892&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The information about expected losses on doubtful accounts balances by geographic area are as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 147px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 78%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Brazil &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;568,461&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;550,928&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Mexico &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,123&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Uruguay &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;76&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;267&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other Latin American countries &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;271&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;561&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; United States of America and Canada &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,146&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;889&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Europe &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,120&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,075&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Others&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;49&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;579,107&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;560,892&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;For further information about the allowance for &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;expected&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; losses on doubtful accounts, see Notes&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;5&lt;/font&gt;.a and &lt;font&gt;5&lt;/font&gt;.b.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;d.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;&lt;font&gt;4&lt;/font&gt; Price risk&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Company and its subsidiaries are exposed to commodity price risk, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;due&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the fluctuation in prices for diesel and gasoline&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, among others&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;To mitigate th&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;e&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; risk&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of the fluctuation of diesel and gasoline prices&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, the Company and its subsidiaries permanently monitor the market, seeking to protect&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ion&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;price movements through hedge transactions for cargo purchased in the international market&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, used contracts of derivative &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;for heating oil (diesel) and RBOB (gasoline)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; traded on the stock exchange&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. These &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;products&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; are traded on the stock exchange and are subject&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ed&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; to the impacts of macroeconomic and geopolitical factors outside the control of the Company and its subsidiaries.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The table below shows the positions of derivative financial instruments to hedge commodity price risk at &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;2020&lt;/font&gt;:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 95px; width: 100%;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Derivative &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Contract &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Notional amount (m&lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; vertical-align: super;"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;/sup&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Notional amount (USD thousands) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Fair value &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Position &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Product &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Maturity &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; text-align: center;"&gt;&lt;font style="font-weight: bold; font-size: 8pt;"&gt;R$ thousands&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; text-align: center;"&gt;&lt;font style="color: #000000; font-family: 'times new roman'; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;R$ thousands&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Term &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Sold &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Heating Oil &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; jan-21 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;108,429&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;76,950&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;42,399&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;40,529&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;563&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,378&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Term &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Sold &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; RBOB &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;64,867&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;29,243&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,107&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;563&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,271&lt;/font&gt;)&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;e. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Liquidity &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;r&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;isk&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Company and its subsidiaries&amp;#8217; main sources of liquidity derive from (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;cash, cash equivalents&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and financial investments, (ii)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;cash generated from operations and (iii)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;financing. The Company and its subsidiaries believe that these sources are &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;sufficient&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; to satisfy their current funding requirements, which include, but are not limited to, working capital, capital expenditures, amortization of debt&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and payment of dividends.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Company and its subsidiaries periodically examine opportunities for acquisitions and investments. They consider different types of investments, either directly&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; through joint ventures, or &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;through &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;associated companies, and finance such investments using cash generated from operations, debt financing, through capital increases&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; or through a combination of these methods.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;On December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 31, 2020 t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he Company and its subsidiaries believe to have enough working capital &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and sources of financing &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;to satisfy their current needs. The gross indebtedness due over the next &lt;font&gt;twelve&lt;/font&gt; months total&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ed&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; R$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3,620,550&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; including estimated interests on loans&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (for quantitative information, see Note &lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;6&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. Furthermore, the investment for &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;total&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ed&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1,890,763&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;On&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, the Company and its subsidiaries had R$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;7,694,752&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in c&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ash, cash equivalents&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and short-term financial investments (for quantitative information, see Note &lt;font&gt;4&lt;/font&gt;).&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The table below presents a summary of financial liabilities &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;by the Company and its subsidiaries, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;listed &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;by maturity. The amounts disclosed in this table are the contractual undiscounted cash outflows, and, therefore, these amounts &amp;#8203;&amp;#8203;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;may &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;be different from the amounts disclosed on the balance sheet.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 87px; width: 100%;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Financial liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Less than &lt;br/&gt;&lt;font&gt;1&lt;/font&gt; year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Between &lt;br/&gt;&lt;font&gt;1&lt;/font&gt; and &lt;font&gt;3&lt;/font&gt; &lt;br/&gt;years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Between &lt;br/&gt;&lt;font&gt;3&lt;/font&gt; and &lt;font&gt;5&lt;/font&gt; &lt;br/&gt;years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; More &lt;br/&gt;than &lt;font&gt;5&lt;/font&gt; &lt;br/&gt;years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 50%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Loans including future contractual interest (&lt;font&gt;1&lt;/font&gt;) (&lt;font&gt;2&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;20,131,159&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,620,550&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,716,208&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,695,276&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8,099,125&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Currency and interest rate hedging instruments (&lt;font&gt;3&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;472,647&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;133,092&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;88,918&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;106,885&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;143,752&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 20px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 20px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Trade payables &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 20px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,040,652&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 20px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,040,652&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 20px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 20px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 20px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 20px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 20px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Leases payable &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 20px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,734,384&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 20px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;396,010&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 20px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;668,089&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 20px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;541,004&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 20px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,129,281&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;table style="width: 100%; margin: 0px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;"&gt;

&lt;tr&gt;
&lt;td style="width: 3%; vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 11.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(1)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 97%; padding: 1px 0px 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 9pt; padding-left: 0px; padding-right: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;To calculate the estimated interest on loans some macroeconomic assumptions were used, including averag&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ing&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; for the period&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the following&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;:&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) DI of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;% &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2.29&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;%&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; to &lt;font&gt;2021&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3.74&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;%&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; to &lt;font&gt;2022&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;4.84&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;% &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;to&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2023&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (ii) exchange rate of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;R&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;eal against the U.S. dollar of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;4.86&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in &lt;font&gt;2021&lt;/font&gt;, R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;4.33&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in &lt;font&gt;2022&lt;/font&gt;, R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;4.17&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in &lt;font&gt;2023&lt;/font&gt;, R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;4.20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in &lt;font&gt;2024&lt;/font&gt;, R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;4.22&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in &lt;font&gt;2025&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;4.24&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in &lt;font&gt;2026&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;4.26&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in &lt;font&gt;2027&lt;/font&gt;, R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;4.28&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in &lt;font&gt;2028&lt;/font&gt; and R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;4.30&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in &lt;font&gt;2029&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(iii) TJLP of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;4.39&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;%&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (iv) IGP-M of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;4.79&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;% in &lt;font&gt;2021&lt;/font&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;4.02&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;%&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in &lt;font&gt;2022&lt;/font&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3.25&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;% &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;from&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(v) IPCA of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3.6&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;%&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in &lt;font&gt;202&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3.3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;% in &lt;font&gt;202&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;3.0&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;% &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as from&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;202&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(source:&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;B&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; B&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ulletin Focus and financial institutions)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 11.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(2)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 1px 0px 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 9pt; padding-left: 0px; padding-right: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Includes estimated interest payments on short-term and long-term loans until the payment&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; date&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 11.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(3)&lt;/font&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 9pt; padding-left: 0px; padding-right: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The currency and interest rate hedging instruments were estimated based on projected U.S dollar futures contracts and the futures curve&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of DI x Pre&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and Pre x IPCA&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; contract&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; quoted on &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;B&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;on&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2020&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and on the futures curve of &lt;font&gt;LIBOR&lt;/font&gt; (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ICE &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8211;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Intercontinental&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Exchange&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and commodities heating oil&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;contracts&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;RBOB quoted on &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;New York Mercantile Exchange&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&amp;#8220;NYMEX&amp;#8221;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;on&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2020&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. In the table above, only the hedging instruments with negative result&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; at the time of settlement were considered.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="/* margin-top: 2pt; *//* margin-bottom: 10pt; */text-align: justify; line-height: 115%; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;f. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Capital &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;m&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;anagement&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Company manages its capital structure based on indicators and benchmarks. The key performance indicators related to the capital structure management are the weighted average cost of capital, net debt / EBITDA, interest coverage&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and indebtedness / equity ratios. Net debt is composed of cash, cash equivalents&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and financial investments (see Note &lt;font&gt;4&lt;/font&gt;) and loans, including debentures (see Note &lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;6&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;). The Company can change its capital structure depending on the economic and financial conditions, in order to optimize its financial leverage and capital management. The Company seeks to improve its return on &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;invested &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;capital by implementing efficient working capital management and a selective investment program.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;g. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Selection and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;u&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;se of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;f&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;inancial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;nstruments&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;In selecting financial investments and hedging instruments, an analysis is conducted to estimate rates of return, risks involved, liquidity, calculation methodology for the carrying value and fair value, and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;a review is conducted of any &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;documentation applicable to the financial instruments. The financial instruments used to manage the financial resources of the Company and its subsidiaries are intended to preserve value and liquidity.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Policy contemplates the use of derivative financial instruments only to cover identified risks and in amounts consistent with the risk (limited to &lt;font&gt;100&lt;/font&gt;% of the identified risk). The risks identified in the Policy are described in the above sections and are subject to risk management. In accordance with the Policy, the Company and its subsidiaries can use forward contracts, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;waps, options, and futures contracts to manage identified risks. Leveraged derivative instruments are not permitted. Because the use of derivative financial instruments is limited to the coverage of identified risks, the Company and its subsidiaries use the term &amp;#8220;hedging instruments&amp;#8221; to refer to derivative financial instruments.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The table below summarizes the position of hedging instruments &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;entered &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;by the Company and its subsidiaries:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 162px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td colspan="3" style="width: 22.3608%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; font-size: 10pt;"&gt; Designated as hedge accounting &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 16.0432%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 11.4713%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.31754%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 4.48878%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.39817%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.24688%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.31505%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 12.7182%; padding-right: 3pt; padding-left: 3pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.4788%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 16.0432%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 11.4713%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.31754%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 4.48878%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.39817%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.24688%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.31505%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="width: 12.7182%; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Product &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.4788%; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Hedged object &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="width: 27.5145%; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Rates agreement &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.31754%; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Maturity &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 4.48878%; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Note &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="width: 17.4564%; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Notional amount &lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; vertical-align: super;"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="width: 15.9601%; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Fair value &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 12.7182%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.4788%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 16.0432%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 11.4713%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.31754%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 4.48878%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.1463%; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.1463%; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.39817%; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.24688%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.31505%; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="width: 12.7182%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign exchange swap &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.4788%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Debt &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 16.0432%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;USD + &lt;font style="border-left: none; border-right: none;"&gt;4.58&lt;/font&gt; %&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 11.4713%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font style="border-left: none; border-right: none;"&gt;103.9&lt;/font&gt;% DI&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.31754%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;nov-23&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 4.48878%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt;.h&lt;font&gt;.1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; USD &lt;font&gt;185,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; USD &lt;font&gt;245,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.39817%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;298,889&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.24688%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.31505%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;69,298&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="width: 12.7182%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign exchange swap &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.4788%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Debt &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 16.0432%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;USD + &lt;font style="border-left: none; border-right: none;"&gt;LIBOR&lt;/font&gt;-&lt;font style="border-left: none; border-right: none;"&gt;3&lt;/font&gt;M + &lt;font style="border-left: none; border-right: none;"&gt;1.14&lt;/font&gt;%&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 11.4713%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font style="border-left: none; border-right: none;"&gt;105.0&lt;/font&gt;% DI&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.31754%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;jun-22&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 4.48878%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt;.h&lt;font&gt;.1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; USD &lt;font&gt;50,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; USD &lt;font&gt;150,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.39817%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;94,782&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.24688%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.31505%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;74,970&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 12.7182%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest rate swap &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.4788%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Debt &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 16.0432%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font style="border-left: none; border-right: none;"&gt;4.57&lt;/font&gt;% + IPCA&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 11.4713%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font style="border-left: none; border-right: none;"&gt;95.8&lt;/font&gt;% DI&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.31754%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;dec-25&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 4.48878%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt;.h&lt;font&gt;.1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; R$ &lt;font&gt;806,054&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; R$ &lt;font&gt;806,054&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.39817%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;203,837&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.24688%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.31505%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;144,123&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 12.7182%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest rate swap &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.4788%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Debt &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 16.0432%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font style="border-left: none; border-right: none;"&gt;6.47&lt;/font&gt;%&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 11.4713%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font style="border-left: none; border-right: none;"&gt;99.9&lt;/font&gt;% DI&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.31754%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;nov-24&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 4.48878%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt;.h&lt;font&gt;.1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; R$ &lt;font&gt;90,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; R$ &lt;font&gt;90,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.39817%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,498&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.24688%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.31505%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;584&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="width: 12.7182%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Term &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.4788%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Firm commitments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 16.0432%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;BRL&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 11.4713%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Heating Oil / RBOB&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.31754%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;jan-21&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 4.48878%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt;.h&lt;font&gt;.1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; USD &lt;font&gt;42,399&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.39817%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;563&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.24688%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.31505%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="width: 12.7182%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; NDF &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.4788%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Firm commitments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 16.0432%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;BRL&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 11.4713%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;USD&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.31754%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;jan-21&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 4.48878%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt;.h&lt;font&gt;.1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; USD &lt;font&gt;23,124&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.39817%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;733&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.24688%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.31505%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="width: 12.7182%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Zero&lt;/font&gt; Cost Collar &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.4788%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Operating margin &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 16.0432%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Put USD &lt;font style="border-left: none; border-right: none;"&gt;3.86&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 11.4713%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Call USD &lt;font style="border-left: none; border-right: none;"&gt;4.33&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.31754%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 4.48878%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt;.h&lt;font&gt;.2&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; USD &lt;font&gt;60,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.39817%; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.24688%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.31505%; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;121&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 12.7182%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.4788%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 16.0432%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 11.4713%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.31754%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 4.48878%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.39817%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;599,710&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.24688%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.31505%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;288,854&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 197px; width: 100%;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td colspan="3" style="width: 98.65pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; font-size: 10pt;"&gt; Not designated as hedge accounting &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 79.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 86.15pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 43.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 57.85pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 57.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.05pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 98.65pt; padding-right: 3pt; padding-left: 3pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.8pt; padding-right: 3pt; padding-left: 3pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 78.25pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 79.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 86.15pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 43.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 57.85pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 57.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.05pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="width: 98.65pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Product &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.8pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 78.25pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Hedged object &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="width: 79.9pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Rates agreement &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 43.6pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Maturity &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="width: 57.85pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Notional amount &lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; vertical-align: super;"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Fair value &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 98.65pt; border-top: 0.75pt solid #000000 !important; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.8pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 78.25pt; border-top: 0.75pt solid #000000 !important; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 79.9pt; border-top: 0.75pt solid #000000 !important; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 86.15pt; border-top: 0.75pt solid #000000 !important; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 43.6pt; border-top: 0.75pt solid #000000 !important; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 57.85pt; border-top: 0.75pt solid #000000 !important; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; border-top: 0.75pt solid #000000 !important; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 57.9pt; border-top: 0.75pt solid #000000 !important; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; border-top: 0.75pt solid #000000 !important; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.05pt; border-top: 0.75pt solid #000000 !important; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; border-top: 0.75pt solid #000000 !important; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 98.65pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign exchange swap &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.8pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 78.25pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Debt &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 79.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;USD + &lt;font style="border-left: none; border-right: none;"&gt;0.18&lt;/font&gt;%&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 86.15pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font style="border-left: none; border-right: none;"&gt;55.5&lt;/font&gt;% DI&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 43.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;jun-29&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 57.85pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; USD &lt;font&gt;320,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 57.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; USD &lt;font&gt;853,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;519,260&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.05pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;353,451&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 98.65pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; NDF &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.8pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 78.25pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Firm commitments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 79.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;BRL&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 86.15pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;USD&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 43.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;may-21&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 57.85pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; USD &lt;font&gt;378,550&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 57.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; USD &lt;font&gt;71,600&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.1pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;112,152&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.05pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,080&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 98.65pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest rate swap &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.8pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 78.25pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Debt &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 79.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font style="border-left: none; border-right: none;"&gt;1.9&lt;/font&gt;%&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 86.15pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font style="border-left: none; border-right: none;"&gt;100&lt;/font&gt;% DI&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 43.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;jan-21&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 57.85pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; R$ &lt;font&gt;1,300,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 57.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;5&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.05pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 98.65pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign exchange swap &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.8pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 78.25pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Debt &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 79.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font style="border-left: none; border-right: none;"&gt;LIBOR&lt;/font&gt;-&lt;font style="border-left: none; border-right: none;"&gt;3&lt;/font&gt;M + &lt;font style="border-left: none; border-right: none;"&gt;2.0&lt;/font&gt;%&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 86.15pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font style="border-left: none; border-right: none;"&gt;105.9&lt;/font&gt;% DI&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 43.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 57.85pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 57.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; USD &lt;font&gt;60,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.1pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.05pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;48,535&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 98.65pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign exchange swap &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.8pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 78.25pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Firm commitments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 79.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;USD + &lt;font style="border-left: none; border-right: none;"&gt;0.00&lt;/font&gt;%&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 86.15pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font style="border-left: none; border-right: none;"&gt;33.5&lt;/font&gt;% DI&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 43.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 57.85pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 57.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; USD &lt;font&gt;17,896&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.05pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,203&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 98.65pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign exchange swap &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.8pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 78.25pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Operating margin &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 79.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font style="border-left: none; border-right: none;"&gt;34.8&lt;/font&gt;% DI&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 86.15pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;USD + &lt;font style="border-left: none; border-right: none;"&gt;0.00&lt;/font&gt;%&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 43.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 57.85pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 57.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; USD &lt;font&gt;4,680&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.1pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.05pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;612&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 98.65pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Term &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.8pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 78.25pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Firm commitments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 79.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;BRL&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 86.15pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Heating Oil / RBOB&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 43.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 57.85pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 57.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; USD &lt;font&gt;56,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.05pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,271&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 98.65pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.8pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 78.25pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 79.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 86.15pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 43.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 57.85pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 57.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;407,103&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.05pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;398,044&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/sup&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;) &lt;/font&gt;&lt;/sup&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Currency as indicated.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;All transactions mentioned above were properly registered with CETIP S.A.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;h. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Hedge &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ccounting&lt;/font&gt;&lt;font style="width: 32.33pt; display: inline-block; -aw-tabstop-align: left; -aw-tabstop-pos: 126.75pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Company and its subsidiaries &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;use derivative and non-derivative financial instruments&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;for hedging purposes and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;test, throughout the duration of the hedge, the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ir&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; effectiveness, as well as the changes in their fair value. &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;h.&lt;font&gt;1&lt;/font&gt; Fair value hedge&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Company and its subsidiaries designate as fair value hedges certain financial instruments used to offset the variations in interest and exchange rates, which are based on the market value of financing contracted in Brazilian Reais and U.S. dollars&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he foreign exchange hedging instruments designated as fair value hedge&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; are:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 102px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; In thousands, except the DI % &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 75%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Notional amount &amp;#8211; US$ &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;235,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 3%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;395,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Result of hedging instruments &amp;#8211; gain/(loss) &amp;#8211; R$ &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;574,378&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;79,466&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Fair value adjustment of debt &amp;#8211; R$ &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;13,131&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;36,764&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Finance expense in the statements of profit or loss &amp;#8211; R$ &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;597,735&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;130,320&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Average effective cost &amp;#8211; DI % &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;104.1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;104.4&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;For more information, see Note &lt;font&gt;16&lt;/font&gt;.c.&lt;font&gt;1&lt;/font&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he interest &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;rate &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;hedging instruments designated as fair value hedge&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; are:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 119px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; In thousands, except the DI % &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 75%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Notional amount &amp;#8211; US$ &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 11%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;806,054&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 3%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 11%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;806,054&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Result of hedging instruments &amp;#8211; gain/(loss) &amp;#8211; R$ &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;67,446&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;72,957&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Fair value adjustment of debt &amp;#8211; R$ &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;18,446&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;76,992&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Finance expense in the statements of profit or loss &amp;#8211; R$ &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;99,555&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;68,054&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Average effective cost &amp;#8211; DI % &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;95.8&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;95.8&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;For more information, see Note&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;16&lt;/font&gt;.g.&lt;font&gt;2&lt;/font&gt;, &lt;font&gt;16&lt;/font&gt;.g.&lt;font&gt;4&lt;/font&gt; and &lt;font&gt;16&lt;/font&gt;.g.&lt;font&gt;6&lt;/font&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="/* margin-top: 2pt; *//* margin-bottom: 10pt; */text-align: justify; line-height: 115%; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 95px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; In thousands, except the DI % &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 75%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Notional amount &amp;#8211; US$ &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 11%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;90,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 3%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 11%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;90,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Result of hedging instruments &amp;#8211; gain/(loss) &amp;#8211; R$ &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,528&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;584&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Fair value adjustment of debt &amp;#8211; R$ &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,250&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;208&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Finance expense in the statements of profit or loss &amp;#8211; R$ &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;8,968&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;377&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Average effective cost &amp;#8211; DI % &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;99.9&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;99.9&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;For more information, see Note &lt;font&gt;16&lt;/font&gt;.g.&lt;font&gt;7&lt;/font&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The foreign exchange hedging instruments and commodities designated as fair value hedge are as described below. The purpose of this relationship is to transform the cost of the imported product from fixed to variable until the moment of blend the fuel, as occurs with the price practiced in its sales. The subsidiary &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ipiranga&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; realizes these operations with over-the-counter derivatives that are designated in a hedge &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;accounting&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; relationship, as a fair value hedge in an amount equivalent to the inventories of imported product.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; In thousands, except the DI % &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 75%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Notional amount &amp;#8211; US$ &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;65,523&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 3%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Result of hedging instruments &amp;#8211; gain/(loss) &amp;#8211; R$ &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;87,448&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Fair value adjustment of inventories &amp;#8211; R$ &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;18,468&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;h.&lt;font&gt;2&lt;/font&gt; Cash flow hedge&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;The Company and its subsidiaries designate, as cash flow hedge &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;of firm commitment &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;and highly probable transactions, derivative financial instruments to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;hedge&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt; firm commitments and non-derivative financial instruments to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;hedge&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt; highly probable future transactions, to hedge against&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt; fluctuations&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;arising from &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;changes in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;exchange rate.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;On &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;, &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;the notional amount of foreign exchange hedging instruments for highly probable future transactions designated as &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;cash flow&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt; hedge&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;, related to&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;notes in the foreign market &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;totaled US$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;&lt;font&gt;468,215&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt; (US$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;550,000&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt; on December 31, 201&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;On &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;he&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;unrealized &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;loss of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;Other comprehensive income&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;is&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt; R$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;&lt;font&gt;315,403&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;(loss of R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;293,277&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt; on December 31, 201&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;, net of deferred &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;IRPJ and CSLL&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;On &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;, &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;, the notional amount of foreign exchange hedging instruments for highly probable future transactions designated as &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;cash flow&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt; hedge, related to&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;future sales revenues of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt; (&lt;font&gt;zero&lt;/font&gt; cost collars) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;have not been renewed and did not have balance&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt; (US$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;60,000&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt; on &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt; 31, 20&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;&lt;font&gt;19&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt; or&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;loss &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;recognized in&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;&amp;#8220;Other comprehensive income&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt; (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;loss&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt; of R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;&lt;font&gt;74&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt; on December 31, 201&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;h.&lt;font&gt;3&lt;/font&gt; Net investment hedge in foreign entities&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;The Company and its subsidiaries designate, as net investment&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt; hedge &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;in foreign entities, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;notes in the foreign market&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;for hedging net investment in foreign entities,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;to offset &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;changes&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt; in exchange rates.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;On &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;, &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;, the balance of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;foreign &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;exchange hedging instruments designated as net investments &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;hedge &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;in foreign entities, related to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;part of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;the investments made in entities &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;which&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt; functional &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;currency &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;is &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;other than the Brazilian Real, totaled US$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;95,000&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt; (US$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;95,000&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt; on December 31, 201&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;On &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;, &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;he&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt; unrealized &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;loss&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt; of &amp;#8220;Other comprehensive income&amp;#8221; is &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;73,108&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt; (l&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;oss of R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;55,682&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt; on December 31, 201&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;, net of deferred income and social contribution taxes. The effects of exchange rate &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;changes&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt; on investments and hedg&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt;ing&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121;"&gt; instruments were offset in equity.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;. Gains (losses) on &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;h&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;edging &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;nstruments&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The following tables summarize the value of gains (losses) recognized, which affected the equity of the Company and its subsidiaries:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto; height: 113px;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-top: 0.75pt solid #000000 !important; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Profit or loss &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-top: 0.75pt solid #000000 !important; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-top: 0.75pt solid #000000 !important; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Equity &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 75%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; a &amp;#8211; Exchange rate derivates receivable in U.S. dollars (i) and (ii) and commodities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 11%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;497,210&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 3%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 11%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; b &amp;#8211; Exchange rate derivates payable in U.S. dollars (ii) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;330,999&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;80&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; c &amp;#8211; Interest rate swaps in R$ (iii) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;58,131&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; d &amp;#8211; Non-derivative financial instruments (iv) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;919,219&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;737,471&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;694,877&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;737,391&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 113px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Profit or loss &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Equity &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 75%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; a &amp;#8211; Exchange rate derivates receivable in U.S. dollars (i) and (ii) and commodities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 11%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;230,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 3%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 11%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; b &amp;#8211; Exchange rate derivates payable in U.S. dollars (ii) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,667&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;80&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; c &amp;#8211; Interest rate swaps in R$ (iii) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,035&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; d &amp;#8211; Non-derivative financial instruments (iv) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;262,098&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;348,959&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;37,800&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;349,039&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 129px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-left: auto; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; R$ million &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Profit or loss &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Equity &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 75%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; a &amp;#8211; Exchange rate swaps receivable in U.S. dollars (i) (ii) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 11%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;181,544&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 3%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 11%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; b &amp;#8211; Exchange rate swaps payable in U.S. dollars (ii) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;3.903&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;0,176&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; c &amp;#8211; Interest rate swaps in R$ (iii) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;12,474&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; d &amp;#8211; Non-derivative financial instruments (iv) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;133,951&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;284,624&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;56,163&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;289,448&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;"&gt;

&lt;tr&gt;
&lt;td style="width: 3%; vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(i)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 97%; padding: 1px 1px 10px;"&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;D&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;oes&lt;font&gt;&amp;nbsp;&lt;/font&gt;not consider the effect of exchange rate variation of exchange&lt;font&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;S&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;waps&lt;font&gt;&amp;nbsp;&lt;/font&gt;receivable in U&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;S&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&lt;font&gt;&amp;nbsp;&lt;/font&gt;dollars when this effect is offset in the gain or loss of the hedged item (debt&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;/&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;firm commitments&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(ii)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 1px 1px 10px;"&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Considers the designation effect of foreign exchange hedging&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(iii)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 1px 1px 10px;"&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;C&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;onsiders&lt;font&gt;&amp;nbsp;&lt;/font&gt;the designation effect of interest rate hedging in Brazilian&lt;font&gt;&amp;nbsp;&lt;/font&gt;Reais&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;; and&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top;" valign="top"&gt;(iv)&lt;/td&gt;
&lt;td&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Considers the&lt;font&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;results&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&lt;font&gt;&amp;nbsp;&lt;/font&gt;of notes in&lt;font&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;the&lt;font&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;foreign market&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&lt;font&gt;&amp;nbsp;&lt;/font&gt;(for further information see Note&lt;font&gt;&amp;nbsp;&lt;/font&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&lt;font&gt;6&lt;/font&gt;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;.b).&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;j. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Fair &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;v&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;alue of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;f&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;inancial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;nstruments&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The fair values and the carrying values of the financial instruments, including currency and interest rate hedging instruments, are&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;stated below:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 302px; width: 100%;" width="100%"&gt;

&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Category &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Note &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Carrying &lt;br/&gt;value &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Fair &lt;br/&gt;value &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Carrying &lt;br/&gt;value &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Fair &lt;br/&gt;value &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financial assets: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cash and cash equivalents &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 37%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cash and bank &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 19%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at amortized cost&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;405,081&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;405,081&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2%;"&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;75,251&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;76,904&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;76,904&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Fixed-income securities and funds in foreign currency &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at fair value through other comprehensive income&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4&lt;/font&gt;.b &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,278,940&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,278,940&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;303,417&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;303,417&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Currency and interest rate hedging and commodities instruments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at fair value through profit or loss&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4&lt;/font&gt;.b &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;981,874&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;981,874&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;682,615&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;682,615&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Trade Receivables &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at amortized cost&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,391,122&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,369,766&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,689,500&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,663,247&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Reseller Financing &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at amortized cost&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5&lt;/font&gt;.b &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;968,384&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;965,645&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;800,936&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;839,090&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;13,031,666&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;13,007,571&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,202,534&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,214,435&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financial liabilities: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financing &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at fair value through profit or loss&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,308,928&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,308,928&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,666,092&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,666,092&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financing &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at amortized cost&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,406,013&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,186,947&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,008,414&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,268,742&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Debentures &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at amortized cost&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,450,751&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,363,621&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,657,339&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,603,669&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Debentures &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at fair value through profit or loss&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,093,365&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,093,365&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,030,892&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,030,891&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Leases payable &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at amortized cost&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;13&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,833,288&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,833,288&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,588,673&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,588,673&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Commodities, currency and interest rate hedging instruments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at fair value through profit or loss&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;117,159&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;117,159&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;29,985&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;29,985&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Trade payables &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at amortized cost&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;17&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,040,652&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,008,457&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,700,071&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,678,808&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Subscription warrants &amp;#8211; indemnification &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at fair value through profit or loss&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;24&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;86,439&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;86,439&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;130,657&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;130,657&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;23,336,595&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;23,998,204&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;18,812,123&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;19,997,517&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The fair value of financial instruments, including currency and interest hedging instruments, was determined as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="disc" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="margin-left: 50pt; text-align: justify; padding-left: 20pt; font-family: serif; font-size: 11pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&amp;#61623;';"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The fair value of cash and bank deposit balances are identical to their carrying values.&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="disc" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="text-align: justify; font-family: serif; font-size: 11pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&amp;#61623;'; margin-left: 50pt; padding-left: 20pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Financial investments in investment funds are valued at the value of the fund unit as of the date of the financial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, which corresponds to their fair value.&lt;/font&gt;&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 2pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="disc" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="text-align: justify; font-family: serif; font-size: 11pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&amp;#61623;'; margin-left: 50pt; padding-left: 20pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Financial investments in CDBs (Bank Certificates of Deposit) and similar investments offer daily liquidity through repurchase at the &amp;#8220;yield curve&amp;#8221; and the Company calculates their fair value through methodologies commonly used for mark to the market.&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 2pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="disc" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="text-align: justify; font-family: serif; font-size: 11pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&amp;#61623;'; margin-left: 50pt; padding-left: 20pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The fair value of trade receivables and trade payables are approximate to their carrying values&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and the Company calculates its fair value &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;through&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; methodologies commonly used in the market&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 2pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="disc" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="text-align: justify; font-family: serif; font-size: 11pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&amp;#61623;'; margin-left: 50pt; padding-left: 20pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The subscription warrants &amp;#8211; indemnification was measured based on the share price of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ultrapar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (UGPA&lt;font&gt;3&lt;/font&gt;) at the financial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; date and are adjusted to the Company&amp;#8217;s dividend yield, since the exercise is only possible starting in &lt;font&gt;2020&lt;/font&gt; onwards and they are not entitled to dividends until then. The number of shares of subscription warrants &amp;#8211; indemnification is also adjusted according to the changes in the amounts of provision for tax, civil, and labor risks and contingent liabilities related to the period prior to January 31, 2014 &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ee Note &lt;font&gt;24&lt;/font&gt;).&lt;/font&gt;&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 2pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="disc" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="text-align: justify; font-family: serif; font-size: 11pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&amp;#61623;'; margin-left: 50pt; padding-left: 20pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The fair value calculation of notes in the foreign market is based on the quoted price in an active market&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(see Note &lt;font&gt;16&lt;/font&gt;.b).&lt;/font&gt;&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The fair value of other financial investments&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; financing &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and leases payable &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;was determined using calculation methodologies commonly used for mark-to-market&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; reporting&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, which consist of calculating future cash flows associated with each instrument adopted and adjusting them to present value at the market rates &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of the date of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;f&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;inancial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; For some cases where there is no active market for the financial instrument, the Company and its subsidiaries can use quotes provided by the transaction counterparties.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The interpretation of market information on the choice of calculation methodologies for the fair value requires considerable judgment and estimates to obtain a value deemed appropriate to each situation. Consequently, the estimates presented do not necessary indicate the amounts that may be realiz&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;able&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in the current market.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Financial instruments were classified as financial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;assets or &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;liabilities measured at amortized cost, except (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) all exchange rate and interest rate hedging instruments, which are measured at fair value through profit or loss, financial investments classified as measured at fair value through profit or loss&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; financial investments that are classified as &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;measured at fair value through other comprehensive income&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (see Note &lt;font&gt;4&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.b&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;), (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ii&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;loans and financing &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;measured at fair value through profit or loss (see Note &lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;6&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;iii&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) guarantees to customers that have vendor arrangements (see Note &lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;6&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;), which are measured at fair value through profit or loss&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;iv&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;subscription warrants &amp;#8211; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;indemnification&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, which are measured at fair value through profit or loss&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (see Note &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;4&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. Cash, banks&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; trade receivables&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and reseller financing&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; are classified as &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;measured at amortized cost&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. Trade payables&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, leases&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;payable &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and other payables are classified as financial liabilities measured at amortized cost.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;j.&lt;font&gt;1&lt;/font&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Fair &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;v&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;alue &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;h&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ierarchy of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;f&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;inancial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;nstruments&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The financial instruments are classified in the following categories:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(a) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Level &lt;font&gt;1&lt;/font&gt; &amp;#8211; prices negotiated (without adjustment) in active markets for identical assets or &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;liabilities;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(b) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Level &lt;font&gt;2&lt;/font&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8211;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; inputs other than prices negotiated in active markets included in Level &lt;font&gt;1&lt;/font&gt; and observable for the asset or liability, either directly (as prices) or indirectly (derived from prices).&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The table below shows &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;categories &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of the financial assets and financial liabilities:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 686px; width: 100%;" width="100%"&gt;

&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Category &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Note &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Level &lt;font&gt;1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Level &lt;font&gt;2&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financial assets: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cash and cash equivalents &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cash and bank &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;405,081&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;-&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financial investments in local currency &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at fair value through other comprehensive income&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financial investments in foreign currency &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at fair value through profit or loss&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;14,561&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;14,561&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px;"&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Fixed-income securities and funds in local currency &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at fair value through profit or loss&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Fixed-income securities and funds in local currency &lt;/font&gt;&lt;/p&gt;
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&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Fixed-income securities &lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0.533333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(guarantee of loans)&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;-&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Fixed-income securities and funds in foreign currency &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at fair value through other comprehensive income&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4&lt;/font&gt;.b &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,278,940&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;30,245&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,248,695&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Currency and interest rate hedging and commodities instruments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at fair value through profit or loss&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4&lt;/font&gt;.b &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;981,874&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;981,874&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Trade Receivables &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at amortized cost&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,369,766&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;-&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Reseller Financing &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at amortized cost&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5&lt;/font&gt;.b &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;965,645&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;-&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;13,007,571&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financial liabilities: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financing &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at fair value through profit or loss&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,308,928&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,308,928&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financing &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at amortized cost&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,186,947&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;-&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;-&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Debentures &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at amortized cost&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,363,621&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;-&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 29px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Debentures &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 29px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at fair value through profit or loss&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 29px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 29px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,093,365&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 29px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 29px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 29px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 29px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,093,365&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at amortized cost&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;13&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,833,288&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;-&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Commodities, currency and interest rate hedging instruments &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;117,159&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;23,998,204&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Category &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Note &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Level &lt;font&gt;1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Level &lt;font&gt;2&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financial assets: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cash and cash equivalents &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cash and bank &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at amortized cost&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;284,992&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp; -&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financial investments in local currency &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at fair value through other comprehensive income&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,780,939&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,780,939&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financial investments in foreign currency &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at fair value through profit or loss&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;49,448&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;49,448&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financial investments: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;839,090&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;-&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,214,435&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financial liabilities: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financing &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at fair value through profit or loss&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,666,092&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,666,092&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financing &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at amortized cost&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,268,742&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;-&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp; &lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Debentures &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at amortized cost&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,603,669&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp; &lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Debentures &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at fair value through profit or loss&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,030,891&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,030,891&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Leases payable &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at amortized cost&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;13&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,588,673&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp; &lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Commodities, currency and interest rate hedging instruments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at fair value through profit or loss&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;29,985&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;29,985&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Trade payables &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at amortized cost&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;17&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,678,808&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp; &lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Subscription warrants &amp;#8211; indemnification &lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at fair value through profit or loss&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;24&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;130,657&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;130,657&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 47%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 19%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom: 2.8pt double #000000; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;19,997,517&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(1)&amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp;Refers to subscription warrants issued by the Company in the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Extrafarma&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; acquisition.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The fair value of trade receivables and trade payables are classified as level &lt;font&gt;2&lt;/font&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;k. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Sensitivity &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;nalysis&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt; of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;d&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;erivative &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;f&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;inancial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;nstruments&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Company and its subsidiaries use derivative financial instruments only to hedge against identified risks and in amounts consistent with the risk (limited to &lt;font&gt;100&lt;/font&gt;% of the identified risk). Thus, for purposes of sensitivity analysis of market risks associated with financial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;instruments,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Company analyzes the hedging instrument and the hedged item together, as shown on the charts below.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;For the sensitivity analysis of foreign exchange hedging instruments&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; as of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 31,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, management adopted as a &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;base&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; scenario the Real/U.S. dollar &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;exchange rates at maturity of each swap, projected by U.S dollar futures contracts quoted on &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;B&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. As a reference, the exchange rate for the last maturity of foreign exchange hedging instruments is R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;8.23&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;5.76&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; as of December 31, 201&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;base&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; scenario. Scenarios II and III were estimated with&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; a &lt;font&gt;25&lt;/font&gt;% and &lt;font&gt;50&lt;/font&gt;% additional appreciation or depreciation of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Brazilian &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Real against the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;base&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; scenario, according to the risk to which the hedged item is exposed.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Based on the balances of the hedging instruments and hedged items as of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December 31&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, the exchange rates were replaced, and the changes between the new balance in Brazilian Reais and the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;original &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;balance in Brazilian Reais were calculated in each of the &lt;font&gt;three&lt;/font&gt; scenarios. The table below shows the change in the values of the main derivative instruments and their hedged items, considering the changes in the exchange rate in the different scenarios:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;div&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 151px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 92%; margin-left: auto; margin-right: auto;" width="92%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt;12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Risk &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario I &lt;br/&gt;Base &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario II &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario III &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Currency swaps receivable in U.S. dollars &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 59%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1&lt;/font&gt;) U.S. Dollar / Real swaps &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Dollar&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,013,826&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,522,343&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,030,860&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2&lt;/font&gt;) Debts / firm commitments in dollars &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; text-align: center; height: 16px; background-color: #cceeff;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;appreciation&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,013,824&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,522,330&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,030,835&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; (&lt;font&gt;1&lt;/font&gt;)+(&lt;font&gt;2&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;13&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;25&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Currency swaps payable in U.S. dollars &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;3&lt;/font&gt;) Real / U.S. Dollar swaps &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Dollar&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;59&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;17,877&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;35,694&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4&lt;/font&gt;) Gross margin of Oxiteno/Ipiranga &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; text-align: center; height: 16px; background-color: #cceeff;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;devaluation&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;59&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;17,877&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;35,694&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; (&lt;font&gt;3&lt;/font&gt;)+(&lt;font&gt;4&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="/* margin-top: 2pt; *//* margin-bottom: 10pt; */text-align: justify; line-height: 115%; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 196px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 92%; margin-left: auto; margin-right: auto;" width="92%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Risk &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario I &lt;br/&gt;Base &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario II &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario III &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Currency swaps receivable in U.S. dollars &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 59%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1&lt;/font&gt;) U.S. Dollar / Real swaps &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Dollar&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;700,499&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,668,202&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,635,905&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2&lt;/font&gt;) Debts / firm commitments in dollars &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; text-align: center;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;appreciation&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;700,465&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,668,031&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,635,596&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; (&lt;font&gt;1&lt;/font&gt;)+(&lt;font&gt;2&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;34&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;171&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;309&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Currency swaps payable in U.S. dollars &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;3&lt;/font&gt;) Real / U.S. Dollar swaps &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Dollar&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;376&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;62,559&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;124,742&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4&lt;/font&gt;) Gross margin of Oxiteno &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; text-align: center;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;devaluation&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;376&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;62,559&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;124,742&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; (&lt;font&gt;3&lt;/font&gt;)+(&lt;font&gt;4&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Options &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;5&lt;/font&gt;) Options Real / U.S. Dollar swaps &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Dollar&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;42,101&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;102,917&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;6&lt;/font&gt;) Gross margin of Oxiteno &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; text-align: center;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;devaluation&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;42,101&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;102,917&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; (&lt;font&gt;5&lt;/font&gt;)+(&lt;font&gt;6&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"&gt; &lt;/font&gt;&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;For sensitivity analysis of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;hedging instruments for &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;interest rate&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in Brazilian Reais&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; as of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;2020&lt;/font&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December 31&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;2019&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the Company&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;u&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ed the future&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; curve of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;DI x Pre contract quoted on B&lt;font&gt;3&lt;/font&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;for each &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;swap and debt (hedged item)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; maturities&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, to determine the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;base&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; scenario&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Scenarios II and III were estimated &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;based on&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; a &lt;font&gt;25&lt;/font&gt;% and &lt;font&gt;50&lt;/font&gt;% &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;deterioration&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, respectively,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;base&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; scenario pre-fixed interest rate&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Based on the &lt;font&gt;three&lt;/font&gt; scenarios of interest rate&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in Brazilian Reais&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the Company estimated the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;values&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;its&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; debt and hedging instruments according to the risk &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;which&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; is being hedged (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;variations in the pre-fixed&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; interest rate&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in Brazilian Reais)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, by projecting &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;them to future value &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;at the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; contracted rates and bringing them to present value &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;at&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the interest rate&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;estimated&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; scenarios. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The result&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;are&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;shown&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in the table below:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;div&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 72px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 92%; margin-left: auto; margin-right: auto;" width="92%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt;12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Risk &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario I &lt;br/&gt;Base &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario II &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario III &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 59%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Interest rate swap (Real) &amp;#8211; Debentures - CRA &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1&lt;/font&gt;) Fixed rate swap - DI &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Decrease in&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;39,412&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;230,705&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;187,597&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2&lt;/font&gt;) Fixed rate debt &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; text-align: center; height: 17px; background-color: #cceeff;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Pre-fixed rate&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;39,412&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;230,705&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;187,597&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; (&lt;font&gt;1&lt;/font&gt;)+(&lt;font&gt;2&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 91px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 92%; margin-left: auto; margin-right: auto;" width="92%"&gt;

&lt;tr style="height: 33px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 33px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 33px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Risk &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 33px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario I &lt;br/&gt;Base &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 33px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 33px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario II &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 33px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 33px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario III &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 59%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Interest rate swap (Real) &amp;#8211; Debentures - CRA &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1&lt;/font&gt;) Fixed rate swap - DI &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Decrease in&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;195,123&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;137,260&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;74,027&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2&lt;/font&gt;) Fixed rate debt &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; text-align: center; height: 16px; background-color: #cceeff;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Pre-fixed rate&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;195,123&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;137,260&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;74,027&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; (&lt;font&gt;1&lt;/font&gt;)+(&lt;font&gt;2&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"&gt; &lt;/font&gt;&lt;/div&gt;
&lt;p style="/* margin-top: 2pt; *//* margin-bottom: 10pt; */text-align: justify; line-height: 115%; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;For the sensitivity analysis of the commodity price swings hedging instruments on &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and December 31, 2019&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, the Company used the futures heating oil and gasoline (RBOB) contracts quoted on NYMEX. Scenarios II and III were estimated based on &lt;font&gt;25&lt;/font&gt;% and &lt;font&gt;50&lt;/font&gt;% deterioration, respectively, of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;base&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; scenario commodity price.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Based on the balances of the hedging instruments and the objects hedged on &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;2020&lt;/font&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December 31&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;2019&lt;/font&gt;, prices were substituted and the variations between the new balance in Reais and the balance in Reais in the report date were calculated in each of the &lt;font&gt;three&lt;/font&gt; scenarios. The table below shows the variation of the amounts of the derivative instruments and their objects of hedge, considering the variations in commodity prices in the different scenarios:&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;div&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 92%; margin-left: auto; margin-right: auto; height: 65px;" width="92%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt;12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Risk &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario I &lt;br/&gt;Base &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario II &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario III &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; NDF Commodities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-top: 0.75pt solid #000000 !important; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-top: 0.75pt solid #000000 !important; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-top: 0.75pt solid #000000 !important; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1&lt;/font&gt;) NDF Commodities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Decrease in&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;551,794&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,103,589&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 58%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2&lt;/font&gt;) Gross margin from Ipiranga &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; text-align: center; height: 10px; width: 11%; background-color: #cceeff;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Commodities Price&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 9%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 10px; width: 9%; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;551,794&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 2%; background-color: rgb(204, 238, 255); text-align: left;"&gt;)&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 9%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,103,589&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; (&lt;font&gt;1&lt;/font&gt;)+(&lt;font&gt;2&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-top: 0.75pt solid #000000 !important; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-top: 0.75pt solid #000000 !important; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-top: 0.75pt solid #000000 !important; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 88px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 92%; margin: 0px auto; text-indent: 0px;" width="92%"&gt;

&lt;tr style="height: 33px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 33px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 33px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Risk &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 33px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario I &lt;br/&gt;Base &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 33px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 33px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 33px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario II &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 33px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 33px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 33px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario III &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 33px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 56%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; NDF Commodities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); border-top: 0.75pt solid rgb(0, 0, 0) !important; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px; width: 1%;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); border-top: 0.75pt solid rgb(0, 0, 0) !important; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px; width: 1%;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); border-top: 0.75pt solid rgb(0, 0, 0) !important; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1&lt;/font&gt;) NDF Commodities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Decrease in&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100,542&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,490,893&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,881,245&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2&lt;/font&gt;) Gross margin from Ipiranga &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; text-align: center; height: 10px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Commodities Price&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;100,542&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,490,893&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,881,245&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px; height: 10px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; (&lt;font&gt;1&lt;/font&gt;)+(&lt;font&gt;2&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); border-top: 0.75pt solid rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); border-top: 0.75pt solid rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); border-top: 0.75pt solid rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsExplanatory>
  <ifrs-full:DisclosureOfDetailedInformationAboutHedgingInstrumentsExplanatory id="Tag4138" contextRef="D20201231_3">&lt;div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he foreign exchange hedging instruments designated as fair value hedge&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; are:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 102px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; In thousands, except the DI % &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 75%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Notional amount &amp;#8211; US$ &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;235,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 3%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;395,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Result of hedging instruments &amp;#8211; gain/(loss) &amp;#8211; R$ &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;574,378&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;79,466&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Fair value adjustment of debt &amp;#8211; R$ &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;13,131&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;36,764&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Finance expense in the statements of profit or loss &amp;#8211; R$ &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;597,735&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;130,320&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Average effective cost &amp;#8211; DI % &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;104.1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;104.4&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;For more information, see Note &lt;font&gt;16&lt;/font&gt;.c.&lt;font&gt;1&lt;/font&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he interest &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;rate &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;hedging instruments designated as fair value hedge&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; are:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 119px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; In thousands, except the DI % &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 75%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Notional amount &amp;#8211; US$ &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 11%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;806,054&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 3%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 11%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;806,054&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Result of hedging instruments &amp;#8211; gain/(loss) &amp;#8211; R$ &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;67,446&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;72,957&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Fair value adjustment of debt &amp;#8211; R$ &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;18,446&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;76,992&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Finance expense in the statements of profit or loss &amp;#8211; R$ &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;99,555&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;68,054&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Average effective cost &amp;#8211; DI % &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;95.8&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;95.8&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;For more information, see Note&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;16&lt;/font&gt;.g.&lt;font&gt;2&lt;/font&gt;, &lt;font&gt;16&lt;/font&gt;.g.&lt;font&gt;4&lt;/font&gt; and &lt;font&gt;16&lt;/font&gt;.g.&lt;font&gt;6&lt;/font&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="/* margin-top: 2pt; *//* margin-bottom: 10pt; */text-align: justify; line-height: 115%; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 95px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; In thousands, except the DI % &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 75%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Notional amount &amp;#8211; US$ &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 11%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;90,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 3%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 11%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;90,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Result of hedging instruments &amp;#8211; gain/(loss) &amp;#8211; R$ &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,528&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;584&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Fair value adjustment of debt &amp;#8211; R$ &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,250&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;208&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Finance expense in the statements of profit or loss &amp;#8211; R$ &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;8,968&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;377&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Average effective cost &amp;#8211; DI % &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;99.9&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;99.9&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;For more information, see Note &lt;font&gt;16&lt;/font&gt;.g.&lt;font&gt;7&lt;/font&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The foreign exchange hedging instruments and commodities designated as fair value hedge are as described below. The purpose of this relationship is to transform the cost of the imported product from fixed to variable until the moment of blend the fuel, as occurs with the price practiced in its sales. The subsidiary &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ipiranga&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; realizes these operations with over-the-counter derivatives that are designated in a hedge &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;accounting&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; relationship, as a fair value hedge in an amount equivalent to the inventories of imported product.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; In thousands, except the DI % &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 75%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Notional amount &amp;#8211; US$ &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;65,523&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 3%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Result of hedging instruments &amp;#8211; gain/(loss) &amp;#8211; R$ &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;87,448&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Fair value adjustment of inventories &amp;#8211; R$ &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;18,468&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfDetailedInformationAboutHedgingInstrumentsExplanatory>
  <ugp:SummaryOfPositionsOfDerivativeFinancialInstrumentsToHedgeCommodityPriceRiskTableTextBlock id="Tag4139" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The table below shows the positions of derivative financial instruments to hedge commodity price risk at &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;2020&lt;/font&gt;:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 95px; width: 100%;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Derivative &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Contract &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Notional amount (m&lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; vertical-align: super;"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;/sup&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;)&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Notional amount (USD thousands) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Fair value &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Position &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Product &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Maturity &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; text-align: center;"&gt;&lt;font style="font-weight: bold; font-size: 8pt;"&gt;R$ thousands&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; text-align: center;"&gt;&lt;font style="color: #000000; font-family: 'times new roman'; font-size: 10.6667px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;R$ thousands&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Term &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Sold &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Heating Oil &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 7%;"&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;76,950&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;42,399&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;40,529&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;563&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,378&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
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&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Term &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Sold &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; RBOB &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;64,867&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;29,243&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,107&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;563&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,271&lt;/font&gt;)&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ugp:SummaryOfPositionsOfDerivativeFinancialInstrumentsToHedgeCommodityPriceRiskTableTextBlock>
  <ugp:SummaryOfAllowanceForDoubtfulAccountsOnTradeReceivablesTableTextBlock id="Tag4140" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The subsidiaries of the Company request guarantees related to trade receivables and other receivables in specific situations to customers, but these guarantees don&amp;#8217;t influence in the calculation of risk of loss. The subsidiaries of the Company maintained the following allowance for expected losses on doubtful accounts balances on trade receivables:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 113px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 76%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ipiranga &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 11%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;447,389&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 11%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;447,235&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultragaz &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;113,621&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;94,985&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Oxiteno &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16,430&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;13,252&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Extrafarma &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;73&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,419&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultracargo &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,594&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,001&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;579,107&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;560,892&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ugp:SummaryOfAllowanceForDoubtfulAccountsOnTradeReceivablesTableTextBlock>
  <ugp:SummaryOfChangesInExchangeRateTableTextBlock id="Tag4141" contextRef="D20201231_3">&lt;div&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 151px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 92%; margin-left: auto; margin-right: auto;" width="92%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt;12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Risk &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario I &lt;br/&gt;Base &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario II &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario III &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Currency swaps receivable in U.S. dollars &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 59%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1&lt;/font&gt;) U.S. Dollar / Real swaps &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Dollar&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,013,826&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,522,343&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,030,860&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2&lt;/font&gt;) Debts / firm commitments in dollars &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; text-align: center; height: 16px; background-color: #cceeff;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;appreciation&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,013,824&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,522,330&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,030,835&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; (&lt;font&gt;1&lt;/font&gt;)+(&lt;font&gt;2&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;13&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;25&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Currency swaps payable in U.S. dollars &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;3&lt;/font&gt;) Real / U.S. Dollar swaps &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Dollar&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;59&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;17,877&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;35,694&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4&lt;/font&gt;) Gross margin of Oxiteno/Ipiranga &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; text-align: center; height: 16px; background-color: #cceeff;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;devaluation&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;59&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;17,877&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;35,694&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; (&lt;font&gt;3&lt;/font&gt;)+(&lt;font&gt;4&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="/* margin-top: 2pt; *//* margin-bottom: 10pt; */text-align: justify; line-height: 115%; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 196px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 92%; margin-left: auto; margin-right: auto;" width="92%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Risk &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario I &lt;br/&gt;Base &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario II &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario III &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Currency swaps receivable in U.S. dollars &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 59%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1&lt;/font&gt;) U.S. Dollar / Real swaps &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Dollar&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;700,499&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,668,202&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,635,905&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2&lt;/font&gt;) Debts / firm commitments in dollars &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; text-align: center;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;appreciation&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;700,465&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,668,031&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,635,596&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; (&lt;font&gt;1&lt;/font&gt;)+(&lt;font&gt;2&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;34&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;171&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;309&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Currency swaps payable in U.S. dollars &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;3&lt;/font&gt;) Real / U.S. Dollar swaps &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Dollar&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;376&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;62,559&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;124,742&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4&lt;/font&gt;) Gross margin of Oxiteno &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; text-align: center;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;devaluation&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;376&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;62,559&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;124,742&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; (&lt;font&gt;3&lt;/font&gt;)+(&lt;font&gt;4&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Options &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;5&lt;/font&gt;) Options Real / U.S. Dollar swaps &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Dollar&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;42,101&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;102,917&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;6&lt;/font&gt;) Gross margin of Oxiteno &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; text-align: center;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;devaluation&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;42,101&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;102,917&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; (&lt;font&gt;5&lt;/font&gt;)+(&lt;font&gt;6&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ugp:SummaryOfChangesInExchangeRateTableTextBlock>
  <ugp:DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectExplanatoryTextBlock id="Tag4142" contextRef="D20201231_3">&lt;div&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 92%; margin-left: auto; margin-right: auto; height: 65px;" width="92%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt;12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Risk &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario I &lt;br/&gt;Base &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario II &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario III &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; NDF Commodities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-top: 0.75pt solid #000000 !important; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-top: 0.75pt solid #000000 !important; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-top: 0.75pt solid #000000 !important; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1&lt;/font&gt;) NDF Commodities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Decrease in&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;551,794&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,103,589&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 58%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2&lt;/font&gt;) Gross margin from Ipiranga &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; text-align: center; height: 10px; width: 11%; background-color: #cceeff;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Commodities Price&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 9%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 10px; width: 9%; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;551,794&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 2%; background-color: rgb(204, 238, 255); text-align: left;"&gt;)&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 9%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,103,589&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; (&lt;font&gt;1&lt;/font&gt;)+(&lt;font&gt;2&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-top: 0.75pt solid #000000 !important; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-top: 0.75pt solid #000000 !important; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-top: 0.75pt solid #000000 !important; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 88px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 92%; margin: 0px auto; text-indent: 0px;" width="92%"&gt;

&lt;tr style="height: 33px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 33px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 33px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Risk &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 33px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario I &lt;br/&gt;Base &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 33px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 33px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 33px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario II &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 33px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 33px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 33px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario III &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 33px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 56%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; NDF Commodities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); border-top: 0.75pt solid rgb(0, 0, 0) !important; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px; width: 1%;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); border-top: 0.75pt solid rgb(0, 0, 0) !important; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px; width: 1%;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); border-top: 0.75pt solid rgb(0, 0, 0) !important; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px; height: 17px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1&lt;/font&gt;) NDF Commodities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Decrease in&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100,542&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,490,893&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,881,245&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2&lt;/font&gt;) Gross margin from Ipiranga &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; text-align: center; height: 10px; background-color: rgb(204, 238, 255);"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Commodities Price&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;100,542&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,490,893&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,881,245&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px; height: 10px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; (&lt;font&gt;1&lt;/font&gt;)+(&lt;font&gt;2&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); border-top: 0.75pt solid rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); border-top: 0.75pt solid rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 9pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); border-top: 0.75pt solid rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ugp:DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectExplanatoryTextBlock>
  <ugp:SummaryOfFinancialAssetsAndFinancialLiabilitiesMeasuredAtFairValueTableTextBlock id="Tag4143" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The table below shows &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;categories &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of the financial assets and financial liabilities:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 686px; width: 100%;" width="100%"&gt;

&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Category &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Note &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Level &lt;font&gt;1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Level &lt;font&gt;2&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financial assets: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cash and cash equivalents &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cash and bank &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at amortized cost&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;405,081&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;-&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financial investments in local currency &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at fair value through other comprehensive income&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,241,852&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,241,852&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financial investments in foreign currency &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at fair value through profit or loss&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;14,561&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;14,561&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;tr style="height: 15px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financial investments: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px;"&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Fixed-income securities and funds in local currency &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at fair value through profit or loss&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4&lt;/font&gt;.b &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,643,286&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Fixed-income securities and funds in local currency &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at fair value through other comprehensive income&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4&lt;/font&gt;.b &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;31,315&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Fixed-income securities &lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0.533333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(guarantee of loans)&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at amortized cost&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4&lt;/font&gt;.b &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;75,251&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;-&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Fixed-income securities and funds in foreign currency &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at fair value through other comprehensive income&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4&lt;/font&gt;.b &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,278,940&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;30,245&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,248,695&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Currency and interest rate hedging and commodities instruments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at fair value through profit or loss&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4&lt;/font&gt;.b &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;981,874&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;981,874&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Trade Receivables &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at amortized cost&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,369,766&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;-&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Reseller Financing &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at amortized cost&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5&lt;/font&gt;.b &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;965,645&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;-&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;13,007,571&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financial liabilities: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financing &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at fair value through profit or loss&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,308,928&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,308,928&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financing &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at amortized cost&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,186,947&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;-&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;-&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Debentures &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at amortized cost&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,363,621&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;-&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 29px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Debentures &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at fair value through profit or loss&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 29px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 29px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,093,365&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 29px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 29px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 29px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 29px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,093,365&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Leases payable &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at amortized cost&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;13&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,833,288&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;-&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Commodities, currency and interest rate hedging instruments &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;117,159&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Subscription warrants &amp;#8211; indemnification &lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at fair value through profit or loss&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;24&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;86,439&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;86,439&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;23,998,204&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Category &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Note &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Level &lt;font&gt;1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Level &lt;font&gt;2&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financial assets: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cash and cash equivalents &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cash and bank &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at amortized cost&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;284,992&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp; -&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financial investments in local currency &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at fair value through other comprehensive income&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,780,939&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,780,939&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financial investments in foreign currency &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at fair value through profit or loss&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;595,816&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Fixed-income securities &lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0.533333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(guarantee of loans)&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,663,247&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp; -&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Reseller Financing &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at amortized cost&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5&lt;/font&gt;.b &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;839,090&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;-&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,214,435&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financial liabilities: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financing &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at fair value through profit or loss&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,666,092&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,666,092&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financing &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at amortized cost&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,268,742&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;-&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp; &lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Debentures &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at amortized cost&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,603,669&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp; &lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Debentures &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at fair value through profit or loss&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,030,891&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,030,891&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Leases payable &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at amortized cost&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;13&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,588,673&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp; &lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Commodities, currency and interest rate hedging instruments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at fair value through profit or loss&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;29,985&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;29,985&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Trade payables &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at amortized cost&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;17&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,678,808&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp; &lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;-&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Subscription warrants &amp;#8211; indemnification &lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at fair value through profit or loss&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;24&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;130,657&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;130,657&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 47%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 19%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; border-bottom: 2.8pt double #000000; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;19,997,517&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(1)&amp;nbsp; &amp;nbsp; &amp;nbsp; &amp;nbsp;Refers to subscription warrants issued by the Company in the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Extrafarma&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; acquisition.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The fair value of trade receivables and trade payables are classified as level &lt;font&gt;2&lt;/font&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ugp:SummaryOfFinancialAssetsAndFinancialLiabilitiesMeasuredAtFairValueTableTextBlock>
  <ugp:SummaryOfValueOfGainsLossesRecognizedTableTextBlock id="Tag4144" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The following tables summarize the value of gains (losses) recognized, which affected the equity of the Company and its subsidiaries:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto; height: 113px;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-top: 0.75pt solid #000000 !important; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Profit or loss &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-top: 0.75pt solid #000000 !important; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-top: 0.75pt solid #000000 !important; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Equity &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 75%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; a &amp;#8211; Exchange rate derivates receivable in U.S. dollars (i) and (ii) and commodities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 11%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;497,210&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 3%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 11%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; b &amp;#8211; Exchange rate derivates payable in U.S. dollars (ii) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;330,999&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;80&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; c &amp;#8211; Interest rate swaps in R$ (iii) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;58,131&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; d &amp;#8211; Non-derivative financial instruments (iv) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;919,219&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;737,471&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;694,877&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;737,391&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 113px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Profit or loss &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Equity &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 75%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; a &amp;#8211; Exchange rate derivates receivable in U.S. dollars (i) and (ii) and commodities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 11%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;230,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 3%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 11%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; b &amp;#8211; Exchange rate derivates payable in U.S. dollars (ii) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,667&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;80&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; c &amp;#8211; Interest rate swaps in R$ (iii) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,035&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; d &amp;#8211; Non-derivative financial instruments (iv) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;262,098&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;348,959&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;37,800&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;349,039&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 129px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-left: auto; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; R$ million &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Profit or loss &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Equity &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 75%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; a &amp;#8211; Exchange rate swaps receivable in U.S. dollars (i) (ii) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 11%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;181,544&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 3%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 11%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; b &amp;#8211; Exchange rate swaps payable in U.S. dollars (ii) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;3.903&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;0,176&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; c &amp;#8211; Interest rate swaps in R$ (iii) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;12,474&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; d &amp;#8211; Non-derivative financial instruments (iv) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;133,951&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;284,624&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;56,163&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;289,448&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;"&gt;

&lt;tr&gt;
&lt;td style="width: 3%; vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(i)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 97%; padding: 1px 1px 10px;"&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;D&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;oes&lt;font&gt;&amp;nbsp;&lt;/font&gt;not consider the effect of exchange rate variation of exchange&lt;font&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;S&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;waps&lt;font&gt;&amp;nbsp;&lt;/font&gt;receivable in U&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;S&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&lt;font&gt;&amp;nbsp;&lt;/font&gt;dollars when this effect is offset in the gain or loss of the hedged item (debt&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;/&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;firm commitments&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(ii)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 1px 1px 10px;"&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Considers the designation effect of foreign exchange hedging&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(iii)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 1px 1px 10px;"&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;C&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;onsiders&lt;font&gt;&amp;nbsp;&lt;/font&gt;the designation effect of interest rate hedging in Brazilian&lt;font&gt;&amp;nbsp;&lt;/font&gt;Reais&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;; and&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top;" valign="top"&gt;(iv)&lt;/td&gt;
&lt;td&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Considers the&lt;font&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;results&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&lt;font&gt;&amp;nbsp;&lt;/font&gt;of notes in&lt;font&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;the&lt;font&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;foreign market&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&lt;font&gt;&amp;nbsp;&lt;/font&gt;(for further information see Note&lt;font&gt;&amp;nbsp;&lt;/font&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&lt;font&gt;6&lt;/font&gt;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;.b).&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ugp:SummaryOfValueOfGainsLossesRecognizedTableTextBlock>
  <ugp:DisclosureOfAllowanceForDoubtfulAccountsOnTradeReceivablesByGeographicAreaExplanatoryTextBlock id="Tag4145" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The information about expected losses on doubtful accounts balances by geographic area are as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 147px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 78%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Brazil &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;568,461&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;550,928&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Mexico &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,123&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Uruguay &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;76&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;267&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other Latin American countries &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;271&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;561&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; United States of America and Canada &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,146&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;889&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Europe &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,120&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,075&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Others&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;49&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;579,107&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;560,892&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ugp:DisclosureOfAllowanceForDoubtfulAccountsOnTradeReceivablesByGeographicAreaExplanatoryTextBlock>
  <ugp:LiabilitiesInterestRateBasis id="Tag4146" contextRef="D20201231_NotDesignatedAsHedgeAccountingMember_ForeignExchangeSwapOneMember">105.9% DI</ugp:LiabilitiesInterestRateBasis>
  <ugp:ForeignCurrencyHedgingInstruments id="Tag4147" contextRef="I20191231" unitRef="BRL" decimals="-3">-3636418000</ugp:ForeignCurrencyHedgingInstruments>
  <ugp:IncrementalExpensesTjlp id="Tag4148" contextRef="I20201231_Scenario3Member" unitRef="BRL" decimals="-3">-1503000</ugp:IncrementalExpensesTjlp>
  <ugp:IncrementalExpensesLibor id="Tag4149" contextRef="I20201231_Scenario2Member" unitRef="BRL" decimals="-3">-2205000</ugp:IncrementalExpensesLibor>
  <ugp:IncrementalExpensesCDI id="Tag4150" contextRef="I20191231_Scenario3Member" unitRef="BRL" decimals="-3">-238446000</ugp:IncrementalExpensesCDI>
  <ugp:FinancialAssetLiabilityCategory id="Tag4151" contextRef="D20191231_TradePayableMember">Measured at amortized cost</ugp:FinancialAssetLiabilityCategory>
  <ugp:AllowancesForDoubfulAccountsOnTradeReceivable id="Tag4152" contextRef="I20201231_CA" unitRef="BRL" decimals="-3">1146000</ugp:AllowancesForDoubfulAccountsOnTradeReceivable>
  <ugp:GainLossRelatedToFairValueAdjustmentOfDebt id="Tag4153" contextRef="D20191231_3" unitRef="BRL" decimals="-3">-208000</ugp:GainLossRelatedToFairValueAdjustmentOfDebt>
  <ugp:FixedNdfCommoditiesNetEffect id="Tag4154" contextRef="I20201231_Scenario3Member" unitRef="BRL" xsi:nil="true" />
  <ifrs-full:GainsLossesOnHedgingInstrument id="Tag4155" contextRef="D20191231_ProfitOrLossMember_InterestRateSwapsBrlMember" unitRef="BRL" decimals="-3">-4035000</ifrs-full:GainsLossesOnHedgingInstrument>
  <ifrs-full:NotionalAmount id="Tag4156" contextRef="I20201231_NotDesignatedAsHedgeAccountingMember_InterestRateSwapContractMember" unitRef="BRL" decimals="-3">1300000000</ifrs-full:NotionalAmount>
  <ugp:ForeignExchangeHedgingInstrumentsAssetsLiborEffect id="Tag4157" contextRef="I20191231_Scenario1Member" unitRef="BRL" decimals="-3">-1722000</ugp:ForeignExchangeHedgingInstrumentsAssetsLiborEffect>
  <ugp:AllowancesForDoubfulAccountsOnTradeReceivable id="Tag4158" contextRef="I20191231_IpirangaMember" unitRef="BRL" decimals="-3">447235000</ugp:AllowancesForDoubfulAccountsOnTradeReceivable>
  <ugp:HedgingInstrumentsPositionFairValue id="Tag4159" contextRef="I20201231_DesignatedAsHedgeAccountingMember_InterestRateSwapContractOneMember" unitRef="BRL" decimals="-3">3498000</ugp:HedgingInstrumentsPositionFairValue>
  <ifrs-full:ExpectedCreditLossRate id="Tag4160" contextRef="I20191231_WeightedAverageMember_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember" unitRef="Pure" decimals="3">0.418</ifrs-full:ExpectedCreditLossRate>
  <ifrs-full:GainsLossesOnHedgingInstrument id="Tag4161" contextRef="D20191231_ProfitOrLossMember_ExchangeRateSwapPayableInUsDollarsMember" unitRef="BRL" decimals="-3">-1667000</ifrs-full:GainsLossesOnHedgingInstrument>
  <ugp:AssetsInterestRateBasis id="Tag4162" contextRef="D20201231_DesignatedAsHedgeAccountingMember_TermMember">BRL</ugp:AssetsInterestRateBasis>
  <ugp:DebtsFirmCommitmentsInDollars id="Tag4163" contextRef="I20191231_Scenario2Member" unitRef="USD" decimals="-3">1668031000</ugp:DebtsFirmCommitmentsInDollars>
  <ifrs-full:GainsLossesOnHedgingInstrument id="Tag4164" contextRef="D20181231_ProfitOrLossMember_ExchangeRateSwapReceivableInUSDollarsMember" unitRef="BRL" decimals="-3">181544000</ifrs-full:GainsLossesOnHedgingInstrument>
  <ugp:AllowancesForDoubfulAccountsOnTradeReceivable id="Tag4165" contextRef="I20201231_BR" unitRef="BRL" decimals="-3">568461000</ugp:AllowancesForDoubfulAccountsOnTradeReceivable>
  <ugp:LoansIncludingFutureContractualInterest id="Tag4166" contextRef="I20201231_Between3And5YearsMember" unitRef="BRL" decimals="-3">1695276000</ugp:LoansIncludingFutureContractualInterest>
  <ugp:IncrementalExpensesSelic id="Tag4167" contextRef="I20191231_Scenario3Member" unitRef="BRL" decimals="-3">-1257000</ugp:IncrementalExpensesSelic>
  <ifrs-full:FinancialLiabilitiesAtFairValue id="Tag4168" contextRef="I20201231_Financing1Member" unitRef="BRL" decimals="-3">1308928000</ifrs-full:FinancialLiabilitiesAtFairValue>
  <ifrs-full:FinancialLiabilitiesAtFairValue id="Tag4169" contextRef="I20201231_SubscriptionWarrantsIndemnificationMember" unitRef="BRL" decimals="-3">86439000</ifrs-full:FinancialLiabilitiesAtFairValue>
  <ifrs-full:GainsLossesOnHedgingInstrument id="Tag4170" contextRef="D20201231_HedgingInstrumentEquityMember" unitRef="BRL" decimals="-3">-737391000</ifrs-full:GainsLossesOnHedgingInstrument>
  <ugp:USDollarToRealSwaps id="Tag4171" contextRef="I20191231_Scenario3Member" unitRef="USD" decimals="-3">2635905000</ugp:USDollarToRealSwaps>
  <ugp:FinancialLiabilitiesFairValue id="Tag4172" contextRef="I20201231_LeasePayableMember" unitRef="BRL" decimals="-3">1833288000</ugp:FinancialLiabilitiesFairValue>
  <ugp:InterestEffectOnCashEquivalentsAndFinancialInvestments id="Tag4173" contextRef="I20191231_Scenario3Member" unitRef="BRL" decimals="-3">-146522000</ugp:InterestEffectOnCashEquivalentsAndFinancialInvestments>
  <ugp:FinancialLiabilitiesFairValue id="Tag4174" contextRef="I20201231_CommoditiesCurrencyAndInterestRateHedgingInstrumentsMember" unitRef="BRL" decimals="-3">117159000</ugp:FinancialLiabilitiesFairValue>
  <ifrs-full:NotionalAmount id="Tag4175" contextRef="I20191231_DesignatedAsHedgeAccountingMember_InterestRateSwapContractMember" unitRef="BRL" decimals="-3">806054000</ifrs-full:NotionalAmount>
  <ugp:InterestEffectOnDebtTJLP id="Tag4176" contextRef="I20201231_Scenario1Member" unitRef="BRL" decimals="-3">-301000</ugp:InterestEffectOnDebtTJLP>
  <ifrs-full:FinancialLiabilities id="Tag4177" contextRef="I20191231_DebenturesMember" unitRef="BRL" decimals="-3">5657339000</ifrs-full:FinancialLiabilities>
  <ugp:FinancialLiabilitiesFairValue id="Tag4178" contextRef="I20191231_LeasePayableMember" unitRef="BRL" decimals="-3">1588673000</ugp:FinancialLiabilitiesFairValue>
  <ugp:LiabilitiesInterestRateBasis id="Tag4179" contextRef="D20201231_DesignatedAsHedgeAccountingMember_ZeroCostCollarMember">Call USD 4.33</ugp:LiabilitiesInterestRateBasis>
  <ugp:NumberOfFormerEmployeesReceivingBenefits id="Tag4180" contextRef="D20201231_3" unitRef="Employee" decimals="0">23</ugp:NumberOfFormerEmployeesReceivingBenefits>
  <ugp:SummaryOfAssetsAndLiabilitiesInForeignCurrenciesTableTextBlock id="Tag4181" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 219px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin: 0px auto; text-indent: 0px;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 75.7669%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 10.9407%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 1.32924%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.920245%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 9.56033%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.38037%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 75.7669%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Assets in foreign currency &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.9407%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.32924%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.920245%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.56033%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.38037%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 75.7669%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cash, cash equivalents and financial investments in foreign currency (except hedging instruments) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 10.9407%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,413,276&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.32924%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.920245%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 9.56033%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;455,620&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.38037%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 75.7669%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign trade receivables, net of allowance for doubtful accounts and advances to foreign customers &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); width: 10.9407%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;307,829&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); width: 1.32924%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.920245%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); width: 9.56033%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;213,544&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.38037%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 75.7669%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 10.9407%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,767,626&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.32924%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.920245%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 9.56033%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,445,022&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.38037%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 75.7669%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 10.9407%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,488,731&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(204, 238, 255); width: 1.32924%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.920245%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 9.56033%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,114,186&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.38037%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 75.7669%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Liabilities in foreign currency &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 10.9407%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.32924%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.920245%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.56033%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.38037%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 75.7669%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financing in foreign currency, gross of transaction costs and discount &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.9407%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;9,246,707&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.32924%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.920245%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 9.56033%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;6,895,052&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.38037%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 75.7669%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Payables arising from imports, net of advances to foreign suppliers &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 10.9407%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;633,013&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.32924%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.920245%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 9.56033%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;344,523&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.38037%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 75.7669%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 10.9407%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;9,879,720&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(204, 238, 255); width: 1.32924%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.920245%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 9.56033%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;7,239,575&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.38037%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 75.7669%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign currency hedging instruments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 10.9407%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,837,554&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.32924%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.920245%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 9.56033%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,636,418&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.38037%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 75.7669%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net liability position &amp;#8211; total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 10.9407%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,553,435&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); width: 1.32924%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.920245%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 9.56033%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,488,971&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.38037%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 75.7669%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net asset (liability) position &amp;#8211; income statement effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 10.9407%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;186,306&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.32924%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.920245%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.56033%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;452,178&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.38037%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 75.7669%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net liability position &amp;#8211; equity effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.9407%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,739,741&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.32924%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.920245%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 9.56033%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,941,149&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.38037%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Assets and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;l&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;iabilities in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;f&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;oreign &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;c&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;urrencies&lt;/font&gt;&lt;/div&gt;</ugp:SummaryOfAssetsAndLiabilitiesInForeignCurrenciesTableTextBlock>
  <ugp:EmployeetBenefitsCurrentServiceCost id="Tag4182" contextRef="D20191231_3" unitRef="BRL" decimals="-3">-10704000</ugp:EmployeetBenefitsCurrentServiceCost>
  <ugp:SummaryOfContractualUndiscountedCashOutflowsTableTextBlock id="Tag4183" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The table below presents a summary of financial liabilities &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;by the Company and its subsidiaries, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;listed &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;by maturity. The amounts disclosed in this table are the contractual undiscounted cash outflows, and, therefore, these amounts &amp;#8203;&amp;#8203;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;may &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;be different from the amounts disclosed on the balance sheet.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 87px; width: 100%;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Financial liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Less than &lt;br/&gt;&lt;font&gt;1&lt;/font&gt; year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Between &lt;br/&gt;&lt;font&gt;1&lt;/font&gt; and &lt;font&gt;3&lt;/font&gt; &lt;br/&gt;years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Between &lt;br/&gt;&lt;font&gt;3&lt;/font&gt; and &lt;font&gt;5&lt;/font&gt; &lt;br/&gt;years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; More &lt;br/&gt;than &lt;font&gt;5&lt;/font&gt; &lt;br/&gt;years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 50%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Loans including future contractual interest (&lt;font&gt;1&lt;/font&gt;) (&lt;font&gt;2&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;20,131,159&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,620,550&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,716,208&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,695,276&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8,099,125&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Currency and interest rate hedging instruments (&lt;font&gt;3&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;472,647&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;133,092&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;88,918&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;106,885&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;143,752&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 20px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 20px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Trade payables &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 20px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,040,652&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 20px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,040,652&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 20px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 20px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 20px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 20px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 20px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Leases payable &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 20px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,734,384&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 20px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;396,010&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 20px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;668,089&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 20px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;541,004&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 20px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,129,281&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;table style="width: 100%; margin: 0px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;"&gt;

&lt;tr&gt;
&lt;td style="width: 3%; vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 11.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(1)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 97%; padding: 1px 0px 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 9pt; padding-left: 0px; padding-right: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;To calculate the estimated interest on loans some macroeconomic assumptions were used, including averag&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ing&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; for the period&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the following&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;:&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) DI of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;% &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2.29&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;%&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; to &lt;font&gt;2021&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3.74&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;%&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; to &lt;font&gt;2022&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;4.84&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;% &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;to&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2023&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (ii) exchange rate of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;R&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;eal against the U.S. dollar of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;4.86&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in &lt;font&gt;2021&lt;/font&gt;, R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;4.33&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in &lt;font&gt;2022&lt;/font&gt;, R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;4.17&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in &lt;font&gt;2023&lt;/font&gt;, R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;4.20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in &lt;font&gt;2024&lt;/font&gt;, R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;4.22&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in &lt;font&gt;2025&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;4.24&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in &lt;font&gt;2026&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;4.26&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in &lt;font&gt;2027&lt;/font&gt;, R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;4.28&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in &lt;font&gt;2028&lt;/font&gt; and R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;4.30&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in &lt;font&gt;2029&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(iii) TJLP of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;4.39&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;%&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (iv) IGP-M of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;4.79&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;% in &lt;font&gt;2021&lt;/font&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;4.02&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;%&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in &lt;font&gt;2022&lt;/font&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3.25&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;% &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;from&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(v) IPCA of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3.6&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;%&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in &lt;font&gt;202&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3.3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;% in &lt;font&gt;202&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;3.0&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;% &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as from&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;202&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(source:&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;B&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; B&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ulletin Focus and financial institutions)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 11.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(2)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 1px 0px 10px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 9pt; padding-left: 0px; padding-right: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Includes estimated interest payments on short-term and long-term loans until the payment&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; date&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 11.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(3)&lt;/font&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 9pt; padding-left: 0px; padding-right: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The currency and interest rate hedging instruments were estimated based on projected U.S dollar futures contracts and the futures curve&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of DI x Pre&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and Pre x IPCA&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; contract&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; quoted on &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;B&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;on&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2020&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and on the futures curve of &lt;font&gt;LIBOR&lt;/font&gt; (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ICE &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8211;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Intercontinental&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Exchange&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and commodities heating oil&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;contracts&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;RBOB quoted on &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;New York Mercantile Exchange&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&amp;#8220;NYMEX&amp;#8221;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;on&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2020&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. In the table above, only the hedging instruments with negative result&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; at the time of settlement were considered.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ugp:SummaryOfContractualUndiscountedCashOutflowsTableTextBlock>
  <ugp:NotionalAmountOfForeignExchangeHedgingInstrumentsForHighlyProbableFutureTransactionsDesignatedAsCashFlowHedgeRelatedToNotesInForeignMarket id="Tag4184" contextRef="I20201231" unitRef="USD" decimals="-3">468215000</ugp:NotionalAmountOfForeignExchangeHedgingInstrumentsForHighlyProbableFutureTransactionsDesignatedAsCashFlowHedgeRelatedToNotesInForeignMarket>
  <ugp:FixedRateDebt id="Tag4185" contextRef="I20191231_Scenario3Member" unitRef="BRL" decimals="-3">74027000</ugp:FixedRateDebt>
  <ugp:IncomeStatementEffectIncrease id="Tag4186" contextRef="I20201231_Scenario2Member" unitRef="BRL" decimals="-3">46577000</ugp:IncomeStatementEffectIncrease>
  <ifrs-full:TradeAndOtherPayables id="Tag4187" contextRef="I20201231_Between3And5YearsMember" unitRef="BRL" xsi:nil="true" />
  <ugp:HedgingInstrumentsPositionFairValue id="Tag4188" contextRef="I20201231_DesignatedAsHedgeAccountingMember_InterestRateSwapContractMember" unitRef="BRL" decimals="-3">203837000</ugp:HedgingInstrumentsPositionFairValue>
  <ugp:FinancialLiabilitiesFairValue id="Tag4189" contextRef="I20191231_Financing1Member_Level2OfFairValueHierarchyMember" unitRef="BRL" decimals="-3">1666092000</ugp:FinancialLiabilitiesFairValue>
  <ifrs-full:FinancialLiabilitiesAtFairValue id="Tag4190" contextRef="I20191231_DebenturesMember" unitRef="BRL" decimals="-3">5603669000</ifrs-full:FinancialLiabilitiesAtFairValue>
  <ugp:HedgingInstrumentsPositionFairValue id="Tag4191" contextRef="I20191231_CommodityPriceRiskMember_TermMember_RBOBMember" unitRef="BRL" decimals="-3">1107000</ugp:HedgingInstrumentsPositionFairValue>
  <ifrs-full:FinancialLiabilitiesAtFairValue id="Tag4192" contextRef="I20201231_LeasePayableMember" unitRef="BRL" decimals="-3">1833288000</ifrs-full:FinancialLiabilitiesAtFairValue>
  <ugp:GrossMarginOfOxitenoIpirangaSwapPayable id="Tag4193" contextRef="I20201231_Scenario3Member" unitRef="USD" decimals="-3">35694000</ugp:GrossMarginOfOxitenoIpirangaSwapPayable>
  <ifrs-full:NotionalAmount id="Tag4194" contextRef="I20191231_DesignatedAsHedgeAccountingMember_ForeignExchangeSwapOneMember" unitRef="USD" decimals="-3">150000000</ifrs-full:NotionalAmount>
  <ifrs-full:GainsLossesOnHedgingInstrument id="Tag4195" contextRef="D20201231_HedgingInstrumentEquityMember_NonDerivativeFinancialInstrumentsMember" unitRef="BRL" decimals="-3">-737471000</ifrs-full:GainsLossesOnHedgingInstrument>
  <ugp:GainLossRelatedToHedgingInstrument id="Tag4196" contextRef="D20201231_InterestRateHedgingInstrumentsMember" unitRef="BRL" decimals="-3">67446000</ugp:GainLossRelatedToHedgingInstrument>
  <ugp:NdfOfCommodities id="Tag4197" contextRef="I20201231_Scenario2Member" unitRef="BRL" decimals="-3">551794000</ugp:NdfOfCommodities>
  <ugp:FinancialAssetLiabilityCategory id="Tag4198" contextRef="D20201231_Financing2Member">Measured at amortized cost</ugp:FinancialAssetLiabilityCategory>
  <ugp:CategoryOfFinancialAssetsAndLiabilities id="Tag4199" contextRef="D20201231_FinancialInvestmentsLocalCurrencyMember">Measured at fair value through other comprehensive income</ugp:CategoryOfFinancialAssetsAndLiabilities>
  <ugp:AllowancesForDoubfulAccountsOnTradeReceivable id="Tag4200" contextRef="I20201231_AccountingBalanceCreditLossesMember_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember" unitRef="BRL" decimals="-3">76158000</ugp:AllowancesForDoubfulAccountsOnTradeReceivable>
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  <ifrs-full:LeaseLiabilities id="Tag4690" contextRef="I20201231_Between1And3YearsMember" unitRef="BRL" decimals="-3">668089000</ifrs-full:LeaseLiabilities>
  <ugp:LiabilitiesInterestRateBasis id="Tag4691" contextRef="D20201231_DesignatedAsHedgeAccountingMember_NdfMember">USD</ugp:LiabilitiesInterestRateBasis>
  <ugp:NetLiabilityPosition id="Tag4692" contextRef="I20201231_LIBORMember_AssetPositionForeignExchangeHedgingInstrumentsMember" unitRef="BRL" decimals="-3">260958000</ugp:NetLiabilityPosition>
  <ugp:GrossMarginOfOxitenoOption id="Tag4693" contextRef="I20191231_Scenario3Member" unitRef="USD" decimals="-3">-102917000</ugp:GrossMarginOfOxitenoOption>
  <ifrs-full:GainsLossesOnHedgingInstrument id="Tag4694" contextRef="D20191231_HedgingInstrumentEquityMember_ExchangeRateSwapReceivableInUSDollarsAndCommoditiesMember" unitRef="BRL" xsi:nil="true" />
  <ugp:InterestEffectOnDebtSELIC id="Tag4695" contextRef="I20201231_Scenario1Member" unitRef="BRL" decimals="-3">-41000</ugp:InterestEffectOnDebtSELIC>
  <ugp:NotionalAmountOfForeignExchangeHedgingInstrumentsForHighlyProbableFutureTransactionsDesignatedAsCashFlowHedgeRelatedToNotesInForeignMarket id="Tag4696" contextRef="I20191231" unitRef="USD" decimals="-3">550000000</ugp:NotionalAmountOfForeignExchangeHedgingInstrumentsForHighlyProbableFutureTransactionsDesignatedAsCashFlowHedgeRelatedToNotesInForeignMarket>
  <ugp:ForeignCurrencyHedgingInstruments id="Tag4697" contextRef="I20201231" unitRef="BRL" decimals="-3">-4837554000</ugp:ForeignCurrencyHedgingInstruments>
  <ugp:FinancialLiabilitiesFairValue id="Tag4698" contextRef="I20191231_Financing2Member" unitRef="BRL" decimals="-3">7268742000</ugp:FinancialLiabilitiesFairValue>
  <ugp:AllowancesForDoubfulAccountsOnTradeReceivable id="Tag4699" contextRef="I20201231_UY_1" unitRef="BRL" decimals="-3">76000</ugp:AllowancesForDoubfulAccountsOnTradeReceivable>
  <ugp:FixedRateSwapNetEffect id="Tag4700" contextRef="I20201231_Scenario1Member" unitRef="BRL" xsi:nil="true" />
  <ugp:NetAssetLiabilityPositionIncomeStatementEffect id="Tag4701" contextRef="I20201231" unitRef="BRL" decimals="-3">186306000</ugp:NetAssetLiabilityPositionIncomeStatementEffect>
  <ifrs-full:FinancialAssets id="Tag4702" contextRef="I20201231_FixedIncomeSecuritiesLocalCurrency1Member" unitRef="BRL" decimals="-3">3643286000</ifrs-full:FinancialAssets>
  <ifrs-full:FinancialLiabilitiesAtFairValue id="Tag4703" contextRef="I20191231_CommoditiesCurrencyAndInterestRateHedgingInstrumentsMember" unitRef="BRL" decimals="-3">29985000</ifrs-full:FinancialLiabilitiesAtFairValue>
  <ugp:NetLiabilityPosition id="Tag4704" contextRef="I20201231_DiMember_CashEquivalentMember" unitRef="BRL" decimals="-3">2241852000</ugp:NetLiabilityPosition>
  <ugp:CurrencyAndInterestRateHedgingInstruments id="Tag4705" contextRef="I20201231_TotalMember" unitRef="BRL" decimals="-3">472647000</ugp:CurrencyAndInterestRateHedgingInstruments>
  <ugp:FinancialLiabilitiesFairValue id="Tag4706" contextRef="I20191231_CommoditiesCurrencyAndInterestRateHedgingInstrumentsMember_Level2OfFairValueHierarchyMember" unitRef="BRL" decimals="-3">29985000</ugp:FinancialLiabilitiesFairValue>
  <ugp:FinancialLiabilitiesFairValue id="Tag4707" contextRef="I20191231_Financing1Member" unitRef="BRL" decimals="-3">1666092000</ugp:FinancialLiabilitiesFairValue>
  <ugp:InvestmentPlan id="Tag4708" contextRef="I20201231" unitRef="BRL" decimals="-3">1890763000</ugp:InvestmentPlan>
  <ifrs-full:GainsLossesOnHedgingInstrument id="Tag4709" contextRef="D20181231_ProfitOrLossMember_NonDerivativeFinancialInstrumentsMember" unitRef="BRL" decimals="-3">-133951000</ifrs-full:GainsLossesOnHedgingInstrument>
  <ifrs-full:FinancialAssetsAtFairValue id="Tag4710" contextRef="I20201231_FixedIncomeSecuritiesLocalCurrency1Member_Level1OfFairValueHierarchyMember" unitRef="BRL" decimals="-3">3643286000</ifrs-full:FinancialAssetsAtFairValue>
  <ugp:DiRate id="Tag4711" contextRef="D20201231_TwentyTwentyTwoMember" unitRef="Pure" decimals="4">0.0374</ugp:DiRate>
  <ugp:IPCARate id="Tag4712" contextRef="D20201231_TwentyTwentyThreeMember" unitRef="Pure" decimals="3">0.030</ugp:IPCARate>
  <ugp:RealToUsDollarSwaps id="Tag4713" contextRef="I20191231_Scenario2Member" unitRef="USD" decimals="-3">62559000</ugp:RealToUsDollarSwaps>
  <ifrs-full:FinancialAssets id="Tag4714" contextRef="I20191231_FixedIncomeSecuritiesLocalCurrency1Member" unitRef="BRL" decimals="-3">1937967000</ifrs-full:FinancialAssets>
  <ugp:AssetsInForeignCurrency id="Tag4715" contextRef="I20201231" unitRef="BRL" decimals="-3">-3488731000</ugp:AssetsInForeignCurrency>
  <ugp:CategoryOfFinancialAssetsAndLiabilities id="Tag4716" contextRef="D20201231_ResellerFinancingMember">Measured at amortized cost</ugp:CategoryOfFinancialAssetsAndLiabilities>
  <ugp:FixedRateSwapDI id="Tag4717" contextRef="I20191231_Scenario3Member" unitRef="BRL" decimals="-3">-74027000</ugp:FixedRateSwapDI>
  <ifrs-full:FinancialAssetsAtFairValue id="Tag4718" contextRef="I20191231_FinancialInvestmentsLocalCurrencyMember_Level2OfFairValueHierarchyMember" unitRef="BRL" decimals="-3">1780939000</ifrs-full:FinancialAssetsAtFairValue>
  <ifrs-full:NotionalAmount id="Tag4719" contextRef="I20201231_CommodityPriceRiskMember_TermMember_HeatingOilOneMember" unitRef="USD" decimals="-3">42399000</ifrs-full:NotionalAmount>
  <ifrs-full:FinancialAssets id="Tag4720" contextRef="I20191231_CashAndBankDepositsMember" unitRef="BRL" decimals="-3">284992000</ifrs-full:FinancialAssets>
  <ifrs-full:GainsLossesOnHedgingInstrument id="Tag4721" contextRef="D20191231_ProfitOrLossMember_ExchangeRateSwapReceivableInUSDollarsAndCommoditiesMember" unitRef="BRL" decimals="-3">230000000</ifrs-full:GainsLossesOnHedgingInstrument>
  <ugp:CashCashEquivalentsAndFinancialInvestments id="Tag4722" contextRef="I20201231_AAAMember" unitRef="BRL" decimals="-3">8190428000</ugp:CashCashEquivalentsAndFinancialInvestments>
  <ugp:IPCARate id="Tag4723" contextRef="D20201231_TwentyTwentyTwoMember" unitRef="Pure" decimals="3">0.033</ugp:IPCARate>
  <ugp:FinancialLiabilitiesFairValue id="Tag4724" contextRef="I20201231_TradePayableMember" unitRef="BRL" decimals="-3">4008457000</ugp:FinancialLiabilitiesFairValue>
  <ugp:NetLiabilityPosition id="Tag4725" contextRef="I20191231_DiMember" unitRef="BRL" decimals="-3">-5997858000</ugp:NetLiabilityPosition>
  <ugp:AllowancesForDoubfulAccountsOnTradeReceivable id="Tag4726" contextRef="I20201231_OutrosMember" unitRef="BRL" decimals="-3">33000</ugp:AllowancesForDoubfulAccountsOnTradeReceivable>
  <ugp:HedgingInstrumentsPositionFairValue id="Tag4727" contextRef="I20191231_NotDesignatedAsHedgeAccountingMember_NdfMember" unitRef="BRL" decimals="-3">-1080000</ugp:HedgingInstrumentsPositionFairValue>
  <ugp:ForeignExchangeHedgingInstrumentsAssetsCdiEffect id="Tag4728" contextRef="I20191231_Scenario1Member" unitRef="BRL" decimals="-3">-55000</ugp:ForeignExchangeHedgingInstrumentsAssetsCdiEffect>
  <ugp:LiabilitiesInterestRateBasis id="Tag4729" contextRef="D20201231_DesignatedAsHedgeAccountingMember_InterestRateSwapContractOneMember">99.9% DI</ugp:LiabilitiesInterestRateBasis>
  <ifrs-full:ExpectedCreditLossRate id="Tag4730" contextRef="I20201231_WeightedAverageMember_LaterThanOneMonthAndNotLaterThanTwoMonthsMember" unitRef="Pure" decimals="3">0.082</ifrs-full:ExpectedCreditLossRate>
  <ugp:NotionalAmountDesignatedAsFairValueHedge id="Tag4731" contextRef="D20201231_InterestRateHedgingInstrumentsMember" unitRef="USD" decimals="-3">806054000</ugp:NotionalAmountDesignatedAsFairValueHedge>
  <ugp:FinancialAssetLiabilityCategory id="Tag4732" contextRef="D20201231_LeasePayableMember">Measured at amortized cost</ugp:FinancialAssetLiabilityCategory>
  <ugp:ForeignExchangeHedgingInstrumentsAssetsCdiEffect id="Tag4733" contextRef="I20191231_Scenario2Member" unitRef="BRL" decimals="-3">-137000</ugp:ForeignExchangeHedgingInstrumentsAssetsCdiEffect>
  <ugp:BalanceOfForeignExchangeHedgingInstrumentsDesignatedAsNetInvestmentsHedgeInForeignEntities id="Tag4734" contextRef="I20191231" unitRef="USD" decimals="-3">95000000</ugp:BalanceOfForeignExchangeHedgingInstrumentsDesignatedAsNetInvestmentsHedgeInForeignEntities>
  <ifrs-full:FinancialAssets id="Tag4735" contextRef="I20191231" unitRef="BRL" decimals="-3">10202534000</ifrs-full:FinancialAssets>
  <ugp:AllowancesForDoubfulAccountsOnTradeReceivable id="Tag4736" contextRef="I20191231_ExtrafarmaMember_1" unitRef="BRL" decimals="-3">3419000</ugp:AllowancesForDoubfulAccountsOnTradeReceivable>
  <ugp:InterestRateHedgingInstrumentsLiabilitiesCDIEffect id="Tag4737" contextRef="I20191231_Scenario1Member" unitRef="BRL" decimals="-3">-39175000</ugp:InterestRateHedgingInstrumentsLiabilitiesCDIEffect>
  <ugp:AssetsInterestRateBasis id="Tag4738" contextRef="D20201231_DesignatedAsHedgeAccountingMember_InterestRateSwapContractOneMember">6.47%</ugp:AssetsInterestRateBasis>
  <ugp:GainLossRelatedToFairValueAdjustmentOfDebt id="Tag4739" contextRef="D20191231_ForeignExchangeHedgingInstrumentsMember" unitRef="BRL" decimals="-3">-36764000</ugp:GainLossRelatedToFairValueAdjustmentOfDebt>
  <ifrs-full:NotionalAmount id="Tag4740" contextRef="I20201231_DesignatedAsHedgeAccountingMember_TermMember" unitRef="USD" decimals="-3">42399000</ifrs-full:NotionalAmount>
  <ugp:IncomeStatementEffectincreaseShareholdersEquityDecreaseNetEffect id="Tag4741" contextRef="I20191231_Scenario1Member" unitRef="BRL" decimals="-3">-148897000</ugp:IncomeStatementEffectincreaseShareholdersEquityDecreaseNetEffect>
  <ifrs-full:AverageForeignExchangeRate id="Tag4742" contextRef="D20201231_TwentyTwentyOneMember" unitRef="BRLPerShare" decimals="2">4.86</ifrs-full:AverageForeignExchangeRate>
  <ugp:ForeignExchangeHedgingInstrumentsAssetsLiborEffect id="Tag4743" contextRef="I20191231_Scenario3Member" unitRef="BRL" decimals="-3">-8609000</ugp:ForeignExchangeHedgingInstrumentsAssetsLiborEffect>
  <ugp:IGPMRate id="Tag4744" contextRef="D20201231_TwentyTwentyOneMember" unitRef="Pure" decimals="4">0.0479</ugp:IGPMRate>
  <ugp:AllowancesForDoubfulAccountsOnTradeReceivable id="Tag4745" contextRef="I20201231_UltracargoMember" unitRef="BRL" decimals="-3">1594000</ugp:AllowancesForDoubfulAccountsOnTradeReceivable>
  <ugp:GrossMarginOfOxitenoSwapPayable id="Tag4746" contextRef="I20191231_Scenario2Member" unitRef="USD" decimals="-3">62559000</ugp:GrossMarginOfOxitenoSwapPayable>
  <ugp:FixedRateSwapNetEffect id="Tag4747" contextRef="I20191231_Scenario1Member" unitRef="BRL" xsi:nil="true" />
  <ifrs-full:FinancialAssetsAtFairValue id="Tag4748" contextRef="I20191231_FinancialInvestmentsLocalCurrencyMember" unitRef="BRL" decimals="-3">1780939000</ifrs-full:FinancialAssetsAtFairValue>
  <ifrs-full:AverageForeignExchangeRate id="Tag4749" contextRef="D20201231_TwentyTwentyTwoMember" unitRef="BRLPerShare" decimals="2">4.33</ifrs-full:AverageForeignExchangeRate>
  <ifrs-full:AverageForeignExchangeRate id="Tag4750" contextRef="D20201231_TwentyTwentyFourMember" unitRef="BRLPerShare" decimals="2">4.20</ifrs-full:AverageForeignExchangeRate>
  <ugp:IncomeStatementEffectIncrease id="Tag4751" contextRef="I20191231_Scenario1Member" unitRef="BRL" decimals="-3">45218000</ugp:IncomeStatementEffectIncrease>
  <ugp:IncrementalExpensesSelic id="Tag4752" contextRef="I20201231_Scenario1Member" unitRef="BRL" decimals="-3">-41000</ugp:IncrementalExpensesSelic>
  <ugp:AllowancesForDoubfulAccountsOnTradeReceivable id="Tag4753" contextRef="I20201231_ExtrafarmaMember_1" unitRef="BRL" decimals="-3">73000</ugp:AllowancesForDoubfulAccountsOnTradeReceivable>
  <ugp:LossRelatedToFinancialExpenseOfDebt id="Tag4754" contextRef="D20201231_3" unitRef="BRL" decimals="-3">-8968000</ugp:LossRelatedToFinancialExpenseOfDebt>
  <ugp:IncomeStatementEffectincreaseShareholdersEquityDecreaseNetEffect id="Tag4755" contextRef="I20191231_Scenario2Member" unitRef="BRL" decimals="-3">-372242000</ugp:IncomeStatementEffectincreaseShareholdersEquityDecreaseNetEffect>
  <ugp:AllowancesForDoubfulAccountsOnTradeReceivable id="Tag4756" contextRef="I20201231_UltragazMember" unitRef="BRL" decimals="-3">113621000</ugp:AllowancesForDoubfulAccountsOnTradeReceivable>
  <ugp:LossRelatedToFinancialExpenseOfDebt id="Tag4757" contextRef="D20191231_ForeignExchangeHedgingInstrumentsMember" unitRef="BRL" decimals="-3">-130320000</ugp:LossRelatedToFinancialExpenseOfDebt>
  <ugp:NetLiabilityPosition id="Tag4758" contextRef="I20191231_DiMember_AssetPositionForeignExchangeHedgingMember" unitRef="BRL" decimals="-3">19323000</ugp:NetLiabilityPosition>
  <ugp:CategoryOfFinancialAssetsAndLiabilities id="Tag4759" contextRef="D20201231_Debentures1Member">Measured at fair value through profit or loss</ugp:CategoryOfFinancialAssetsAndLiabilities>
  <ifrs-full:LeaseLiabilities id="Tag4760" contextRef="I20201231_LessThanOneYearMember" unitRef="BRL" decimals="-3">396010000</ifrs-full:LeaseLiabilities>
  <ugp:IncrementalExpensesLibor id="Tag4761" contextRef="I20201231_Scenario1Member" unitRef="BRL" decimals="-3">-882000</ugp:IncrementalExpensesLibor>
  <ifrs-full:ExpectedCreditLossRate id="Tag4762" contextRef="I20191231_WeightedAverageMember_LaterThanOneMonthAndNotLaterThanTwoMonthsMember" unitRef="Pure" decimals="3">0.071</ifrs-full:ExpectedCreditLossRate>
  <ifrs-full:FinancialLiabilitiesAtFairValue id="Tag4763" contextRef="I20201231_DebenturesMember" unitRef="BRL" decimals="-3">5363621000</ifrs-full:FinancialLiabilitiesAtFairValue>
  <ugp:AssetsInForeignCurrency id="Tag4764" contextRef="I20191231" unitRef="BRL" decimals="-3">-2114186000</ugp:AssetsInForeignCurrency>
  <ugp:NdfOfCommodities id="Tag4765" contextRef="I20191231_Scenario2Member" unitRef="BRL" decimals="-3">1490893000</ugp:NdfOfCommodities>
  <ugp:AllowancesForDoubfulAccountsOnTradeReceivable id="Tag4766" contextRef="I20201231_IpirangaMember" unitRef="BRL" decimals="-3">447389000</ugp:AllowancesForDoubfulAccountsOnTradeReceivable>
  <ugp:PayablesArisingFromImports id="Tag4767" contextRef="I20191231" unitRef="BRL" decimals="-3">344523000</ugp:PayablesArisingFromImports>
  <ifrs-full:ExpectedCreditLossRate id="Tag4768" contextRef="I20201231_WeightedAverageMember_LessThanOneMonthMember" unitRef="Pure" decimals="3">0.022</ifrs-full:ExpectedCreditLossRate>
  <ugp:NetLiabilityPosition id="Tag4769" contextRef="I20201231_DiMember_AssetPositionForeignExchangeHedgingMember" unitRef="BRL" xsi:nil="true" />
  <ugp:AllowancesForDoubfulAccountsOnTradeReceivable id="Tag4770" contextRef="I20191231_ProvisionForLossesCreditLossesMember_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember" unitRef="BRL" decimals="-3">5062000</ugp:AllowancesForDoubfulAccountsOnTradeReceivable>
  <ugp:AssetsInterestRateBasis id="Tag4771" contextRef="D20201231_DesignatedAsHedgeAccountingMember_ForeignExchangeSwapMember">USD + 4.58 %</ugp:AssetsInterestRateBasis>
  <ugp:ShareholdersEquityEffectDecrease id="Tag4772" contextRef="I20201231_Scenario3Member" unitRef="BRL" decimals="-3">-869871000</ugp:ShareholdersEquityEffectDecrease>
  <ifrs-full:NotionalAmount id="Tag4773" contextRef="I20201231_NotDesignatedAsHedgeAccountingMember_NdfMember" unitRef="USD" decimals="-3">378550000</ifrs-full:NotionalAmount>
  <ugp:FixedRateSwapDI id="Tag4774" contextRef="I20191231_Scenario2Member" unitRef="BRL" decimals="-3">-137260000</ugp:FixedRateSwapDI>
  <ifrs-full:GainsLossesOnHedgingInstrument id="Tag4775" contextRef="D20181231_HedgingInstrumentEquityMember_NonDerivativeFinancialInstrumentsMember" unitRef="BRL" decimals="-3">-284624000</ifrs-full:GainsLossesOnHedgingInstrument>
  <ugp:CategoryOfFinancialAssetsAndLiabilities id="Tag4776" contextRef="D20201231_CashAndBankDepositsMember">Measured at amortized cost</ugp:CategoryOfFinancialAssetsAndLiabilities>
  <ugp:FinancialAssetLiabilityCategory id="Tag4777" contextRef="D20191231_SubscriptionWarrantsIndemnificationMember">Measured at fair value through profit or loss</ugp:FinancialAssetLiabilityCategory>
  <ifrs-full:FinancialLiabilitiesAtFairValue id="Tag4778" contextRef="I20191231_SubscriptionWarrantsIndemnificationMember" unitRef="BRL" decimals="-3">130657000</ifrs-full:FinancialLiabilitiesAtFairValue>
  <ugp:AllowancesForDoubfulAccountsOnTradeReceivable id="Tag4779" contextRef="I20191231_CA" unitRef="BRL" decimals="-3">889000</ugp:AllowancesForDoubfulAccountsOnTradeReceivable>
  <ugp:IncomeStatementEffectDecrease id="Tag4780" contextRef="I20191231_Scenario2Member" unitRef="BRL" decimals="-3">-113045000</ugp:IncomeStatementEffectDecrease>
  <ugp:NotionalAmountDesignatedAsFairValueHedge id="Tag4781" contextRef="D20191231_IpirangaMember" unitRef="USD" xsi:nil="true" />
  <ifrs-full:BorrowingsMaturity id="Tag4782" contextRef="D20201231_DesignatedAsHedgeAccountingMember_ForeignExchangeSwapOneMember">jun-22</ifrs-full:BorrowingsMaturity>
  <ifrs-full:FinancialAssets id="Tag4783" contextRef="I20201231_FixedIncomeSecuritiesLocalCurrency2Member" unitRef="BRL" decimals="-3">31315000</ifrs-full:FinancialAssets>
  <ifrs-full:FinancialLiabilitiesAtFairValue id="Tag4784" contextRef="I20201231_CommoditiesCurrencyAndInterestRateHedgingInstrumentsMember" unitRef="BRL" decimals="-3">117159000</ifrs-full:FinancialLiabilitiesAtFairValue>
  <ifrs-full:GainsLossesOnHedgingInstrument id="Tag4785" contextRef="D20201231_HedgingInstrumentEquityMember_ExchangeRateSwapPayableInUsDollarsMember" unitRef="BRL" decimals="-3">80000</ifrs-full:GainsLossesOnHedgingInstrument>
  <ugp:USDollarToRealSwaps id="Tag4786" contextRef="I20191231_Scenario2Member" unitRef="USD" decimals="-3">1668202000</ugp:USDollarToRealSwaps>
  <ugp:NetLiabilityPosition id="Tag4787" contextRef="I20201231_LIBORMember_LoansLiborMember" unitRef="BRL" decimals="-3">-573484000</ugp:NetLiabilityPosition>
  <ifrs-full:FinancialAssetsAtFairValue id="Tag4788" contextRef="I20191231_FixedIncomeSecuritiesLocalCurrency2Member_Level2OfFairValueHierarchyMember" unitRef="BRL" decimals="-3">595816000</ifrs-full:FinancialAssetsAtFairValue>
  <ugp:FinancialAssetLiabilityCategory id="Tag4789" contextRef="D20201231_DebenturesMember">Measured at amortized cost</ugp:FinancialAssetLiabilityCategory>
  <ugp:IncrementalExpensesLibor id="Tag4790" contextRef="I20201231_Scenario3Member" unitRef="BRL" decimals="-3">-4410000</ugp:IncrementalExpensesLibor>
  <ifrs-full:AverageForeignExchangeRate id="Tag4791" contextRef="D20201231_TwentyTwentyThreeMember" unitRef="BRLPerShare" decimals="2">4.17</ifrs-full:AverageForeignExchangeRate>
  <ugp:LiabilitiesInterestRateBasis id="Tag4792" contextRef="D20201231_DesignatedAsHedgeAccountingMember_ForeignExchangeSwapMember">103.9% DI</ugp:LiabilitiesInterestRateBasis>
  <ugp:CashFlowHedgeUnrealizedGainOfOtherComprehensiveIncomeNet id="Tag4793" contextRef="D20191231_3" unitRef="BRL" decimals="-3">74000</ugp:CashFlowHedgeUnrealizedGainOfOtherComprehensiveIncomeNet>
  <ugp:OptionsRealToDollarSwapsNetEffect id="Tag4794" contextRef="I20191231_Scenario2Member" unitRef="USD" xsi:nil="true" />
  <ugp:CashCashEquivalentsAndFinancialInvestmentsInForeignCurrencyExceptHedgingInstruments id="Tag4795" contextRef="I20201231" unitRef="BRL" decimals="-3">1413276000</ugp:CashCashEquivalentsAndFinancialInvestmentsInForeignCurrencyExceptHedgingInstruments>
  <ugp:LoansIncludingFutureContractualInterest id="Tag4796" contextRef="I20201231_Between1And3YearsMember" unitRef="BRL" decimals="-3">6716208000</ugp:LoansIncludingFutureContractualInterest>
  <ugp:NetAssetLiabilityPositionShareholdersEquityEffect id="Tag4797" contextRef="I20201231" unitRef="BRL" decimals="-3">-1739741000</ugp:NetAssetLiabilityPositionShareholdersEquityEffect>
  <ugp:PercentageOfAverageEffectiveCost id="Tag4798" contextRef="D20191231_ForeignExchangeHedgingInstrumentsMember" unitRef="Pure" decimals="3">1.044</ugp:PercentageOfAverageEffectiveCost>
  <ifrs-full:FinancialLiabilitiesAtFairValue id="Tag4799" contextRef="I20191231_Financing2Member" unitRef="BRL" decimals="-3">7268742000</ifrs-full:FinancialLiabilitiesAtFairValue>
  <ugp:DebtsFirmCommitmentsInDollars id="Tag4800" contextRef="I20201231_Scenario2Member" unitRef="USD" decimals="-3">1522330000</ugp:DebtsFirmCommitmentsInDollars>
  <ifrs-full:FinancialAssetsAtFairValue id="Tag4801" contextRef="I20201231_FinancialInvestmentsForeignCurrencyMember" unitRef="BRL" decimals="-3">14561000</ifrs-full:FinancialAssetsAtFairValue>
  <ifrs-full:FinancialAssets id="Tag4802" contextRef="I20191231_FinancialInvestmentsForeignCurrencyMember" unitRef="BRL" decimals="-3">49448000</ifrs-full:FinancialAssets>
  <ifrs-full:FinancialAssetsAtFairValue id="Tag4803" contextRef="I20191231_FinancialInvestmentsForeignCurrencyMember" unitRef="BRL" decimals="-3">49448000</ifrs-full:FinancialAssetsAtFairValue>
  <ugp:AllowancesForDoubfulAccountsOnTradeReceivable id="Tag4804" contextRef="I20201231_OxitenoMember" unitRef="BRL" decimals="-3">16430000</ugp:AllowancesForDoubfulAccountsOnTradeReceivable>
  <ifrs-full:FinancialLiabilitiesAtFairValue id="Tag4805" contextRef="I20201231" unitRef="BRL" decimals="-3">23998204000</ifrs-full:FinancialLiabilitiesAtFairValue>
  <ugp:FixedRateSwapNetEffect id="Tag4806" contextRef="I20201231_Scenario3Member" unitRef="BRL" xsi:nil="true" />
  <ifrs-full:FinancialAssets id="Tag4807" contextRef="I20201231_FixedIncomeSecuritiesLocalCurrency3Member" unitRef="BRL" decimals="-3">75251000</ifrs-full:FinancialAssets>
  <ugp:InterestEffectOnDebtDi id="Tag4808" contextRef="I20201231_Scenario1Member" unitRef="BRL" decimals="-3">-19674000</ugp:InterestEffectOnDebtDi>
  <ugp:InterestRateHedgingInstrumentsLiabilitiesCDIEffect id="Tag4809" contextRef="I20201231_Scenario2Member" unitRef="BRL" decimals="-3">-11934000</ugp:InterestRateHedgingInstrumentsLiabilitiesCDIEffect>
  <ugp:NetLiabilityPosition id="Tag4810" contextRef="I20191231_TJLPMember" unitRef="BRL" decimals="-3">-103945000</ugp:NetLiabilityPosition>
  <ugp:InterestEffectOnDebtLIBOR id="Tag4811" contextRef="I20201231_Scenario3Member" unitRef="BRL" decimals="-3">-7050000</ugp:InterestEffectOnDebtLIBOR>
  <ugp:AllowancesForDoubfulAccountsOnTradeReceivable id="Tag4812" contextRef="I20191231_ProvisionForLossesCreditLossesMember_LessThanOneMonthMember" unitRef="BRL" decimals="-3">3975000</ugp:AllowancesForDoubfulAccountsOnTradeReceivable>
  <ugp:IncomeStatementEffectDecrease id="Tag4813" contextRef="I20191231_Scenario3Member" unitRef="BRL" decimals="-3">-226089000</ugp:IncomeStatementEffectDecrease>
  <ugp:AllowancesForDoubfulAccountsOnTradeReceivable id="Tag4814" contextRef="I20191231_ProvisionForLossesCreditLossesMember_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember" unitRef="BRL" decimals="-3">38337000</ugp:AllowancesForDoubfulAccountsOnTradeReceivable>
  <ugp:IncrementalExpensesCDI id="Tag4815" contextRef="I20201231_Scenario2Member" unitRef="BRL" decimals="-3">-28181000</ugp:IncrementalExpensesCDI>
  <ugp:FinancialAssetLiabilityCategory id="Tag4816" contextRef="D20201231_FixedIncomeSecuritiesForeignCurrencyMember">Measured at fair value through other comprehensive income</ugp:FinancialAssetLiabilityCategory>
  <ifrs-full:FinancialAssets id="Tag4817" contextRef="I20201231_TradeReceivablesMember_1" unitRef="BRL" decimals="-3">3391122000</ifrs-full:FinancialAssets>
  <ugp:LiabilitiesInterestRateBasis id="Tag4818" contextRef="D20201231_NotDesignatedAsHedgeAccountingMember_ForeignExchangeSwapTwoMember">33.5% DI</ugp:LiabilitiesInterestRateBasis>
  <ugp:NdfOfCommodities id="Tag4819" contextRef="I20191231_Scenario3Member" unitRef="BRL" decimals="-3">2881245000</ugp:NdfOfCommodities>
  <ifrs-full:FinancialLiabilities id="Tag4820" contextRef="I20191231_Financing1Member" unitRef="BRL" decimals="-3">1666092000</ifrs-full:FinancialLiabilities>
  <ugp:FinancialLiabilitiesFairValue id="Tag4821" contextRef="I20191231_Debentures2Member_Level2OfFairValueHierarchyMember" unitRef="BRL" decimals="-3">1030891000</ugp:FinancialLiabilitiesFairValue>
  <ugp:NotionalAmountDesignatedAsFairValueHedge id="Tag4822" contextRef="D20191231_ForeignExchangeHedgingInstrumentsMember" unitRef="USD" decimals="-3">395000000</ugp:NotionalAmountDesignatedAsFairValueHedge>
  <ugp:FinancialAssetLiabilityCategory id="Tag4823" contextRef="D20201231_SubscriptionWarrantsIndemnificationMember">Measured at fair value through profit or loss</ugp:FinancialAssetLiabilityCategory>
  <ugp:LossRelatedToFinancialExpenseOfDebt id="Tag4824" contextRef="D20201231_InterestRateHedgingInstrumentsMember" unitRef="BRL" decimals="-3">-99555000</ugp:LossRelatedToFinancialExpenseOfDebt>
  <ugp:LikelyScenarioPrefixedInterestRateDeterioration id="Tag4825" contextRef="D20201231_Scenario1Member" unitRef="Pure" decimals="2">0.10</ugp:LikelyScenarioPrefixedInterestRateDeterioration>
  <ifrs-full:FinancialAssets id="Tag4826" contextRef="I20191231_FinancialInvestmentsLocalCurrencyMember" unitRef="BRL" decimals="-3">1780939000</ifrs-full:FinancialAssets>
  <ugp:AllowancesForDoubfulAccountsOnTradeReceivable id="Tag4827" contextRef="I20201231_AccountingBalanceCreditLossesMember" unitRef="BRL" decimals="-3">4938613000</ugp:AllowancesForDoubfulAccountsOnTradeReceivable>
  <ugp:PercentageOfAverageEffectiveCost id="Tag4828" contextRef="D20191231_3" unitRef="Pure" decimals="3">0.999</ugp:PercentageOfAverageEffectiveCost>
  <ifrs-full:FinancialAssets id="Tag4829" contextRef="I20201231_CashAndBankDepositsMember" unitRef="BRL" decimals="-3">405081000</ifrs-full:FinancialAssets>
  <ugp:USDollarToRealSwapsNetEffect id="Tag4830" contextRef="I20201231_Scenario2Member" unitRef="USD" decimals="-3">13000</ugp:USDollarToRealSwapsNetEffect>
  <ugp:NetLiabilityPosition id="Tag4831" contextRef="I20201231_TJLPMember_LoansTJLPMember" unitRef="BRL" decimals="-3">-29803000</ugp:NetLiabilityPosition>
  <ifrs-full:LeaseLiabilities id="Tag4832" contextRef="I20201231_TotalMember" unitRef="BRL" decimals="-3">2734384000</ifrs-full:LeaseLiabilities>
  <ugp:IGPMRate id="Tag4833" contextRef="D20201231_TwentyTwentyThreeMember" unitRef="Pure" decimals="4">0.0325</ugp:IGPMRate>
  <ugp:ShareholdersEquityEffectDecrease id="Tag4834" contextRef="I20201231_Scenario1Member" unitRef="BRL" decimals="-3">-173974000</ugp:ShareholdersEquityEffectDecrease>
  <ugp:GainLossRelatedToHedgingInstrument id="Tag4835" contextRef="D20191231_InterestRateHedgingInstrumentsMember" unitRef="BRL" decimals="-3">72957000</ugp:GainLossRelatedToHedgingInstrument>
  <ifrs-full:GainsLossesOnHedgingInstrument id="Tag4836" contextRef="D20191231_HedgingInstrumentEquityMember_ExchangeRateSwapPayableInUsDollarsMember" unitRef="BRL" decimals="-3">-80000</ifrs-full:GainsLossesOnHedgingInstrument>
  <ugp:AllowancesForDoubfulAccountsOnTradeReceivable id="Tag4837" contextRef="I20191231" unitRef="BRL" decimals="-3">560892000</ugp:AllowancesForDoubfulAccountsOnTradeReceivable>
  <ifrs-full:FinancialLiabilitiesAtFairValue id="Tag4838" contextRef="I20191231" unitRef="BRL" decimals="-3">19997517000</ifrs-full:FinancialLiabilitiesAtFairValue>
  <ugp:NotionalAmountDesignatedAsFairValueHedge id="Tag4839" contextRef="D20191231_3" unitRef="USD" decimals="-3">90000000</ugp:NotionalAmountDesignatedAsFairValueHedge>
  <ugp:HedgingInstrumentsPositionFairValue id="Tag4840" contextRef="I20191231_NotDesignatedAsHedgeAccountingMember_ForeignExchangeSwapThreeMember" unitRef="BRL" decimals="-3">612000</ugp:HedgingInstrumentsPositionFairValue>
  <ifrs-full:FinancialAssetsAtFairValue id="Tag4841" contextRef="I20191231_FixedIncomeSecuritiesForeignCurrencyMember" unitRef="BRL" decimals="-3">303417000</ifrs-full:FinancialAssetsAtFairValue>
  <ugp:AllowancesForDoubfulAccountsOnTradeReceivable id="Tag4842" contextRef="I20191231_ProvisionForLossesCreditLossesMember_LaterThanSixMonthsMember" unitRef="BRL" decimals="-3">460632000</ugp:AllowancesForDoubfulAccountsOnTradeReceivable>
  <ugp:NdfOfCommodities id="Tag4843" contextRef="I20201231_Scenario1Member" unitRef="BRL" xsi:nil="true" />
  <ugp:FinancialAssetLiabilityCategory id="Tag4844" contextRef="D20201231_Debentures2Member">Measured at fair value through profit or loss</ugp:FinancialAssetLiabilityCategory>
  <ifrs-full:FinancialAssetsAtFairValue id="Tag4845" contextRef="I20191231_FixedIncomeSecuritiesLocalCurrency3Member" unitRef="BRL" decimals="-3">76904000</ifrs-full:FinancialAssetsAtFairValue>
  <ugp:ShareholdersEquityEffectDecrease id="Tag4846" contextRef="I20191231_Scenario1Member" unitRef="BRL" decimals="-3">-194115000</ugp:ShareholdersEquityEffectDecrease>
  <ifrs-full:FinancialLiabilities id="Tag4847" contextRef="I20201231_Debentures1Member" unitRef="BRL" decimals="-3">1093365000</ifrs-full:FinancialLiabilities>
  <ugp:InterestRateHedgingInstrumentsLiabilitiesCDIEffect id="Tag4848" contextRef="I20191231_Scenario2Member" unitRef="BRL" decimals="-3">-85571000</ugp:InterestRateHedgingInstrumentsLiabilitiesCDIEffect>
  <ugp:DebtsFirmCommitmentsInDollars id="Tag4849" contextRef="I20201231_Scenario3Member" unitRef="USD" decimals="-3">2030835000</ugp:DebtsFirmCommitmentsInDollars>
  <ifrs-full:FinancialAssetsAtFairValue id="Tag4850" contextRef="I20201231_FixedIncomeSecuritiesLocalCurrency1Member" unitRef="BRL" decimals="-3">3643286000</ifrs-full:FinancialAssetsAtFairValue>
  <ugp:FixedNdfCommoditiesNetEffect id="Tag4851" contextRef="I20191231_Scenario1Member" unitRef="BRL" xsi:nil="true" />
  <ifrs-full:FinancialAssetsAtFairValue id="Tag4852" contextRef="I20191231_ResellerFinancingMember" unitRef="BRL" decimals="-3">839090000</ifrs-full:FinancialAssetsAtFairValue>
  <ugp:HedgingInstrumentsPositionFairValue id="Tag4853" contextRef="I20201231_DesignatedAsHedgeAccountingMember_TermMember" unitRef="BRL" decimals="-3">-563000</ugp:HedgingInstrumentsPositionFairValue>
  <ugp:GrossMarginOfOxitenoOption id="Tag4854" contextRef="I20191231_Scenario2Member" unitRef="USD" decimals="-3">-42101000</ugp:GrossMarginOfOxitenoOption>
  <ugp:FinancialAssetLiabilityCategory id="Tag4855" contextRef="D20201231_FixedIncomeSecuritiesLocalCurrency2Member">Measured at fair value through other comprehensive income</ugp:FinancialAssetLiabilityCategory>
  <ugp:HedgingInstrumentsPositionFairValue id="Tag4856" contextRef="I20191231_CommodityPriceRiskMember_TermMember_HeatingOilOneMember" unitRef="BRL" decimals="-3">-2378000</ugp:HedgingInstrumentsPositionFairValue>
  <ugp:RealToUsDollarSwapsNetEffect id="Tag4857" contextRef="I20191231_Scenario3Member" unitRef="USD" xsi:nil="true" />
  <ifrs-full:FinancialAssets id="Tag4858" contextRef="I20201231_FinancialInvestmentsLocalCurrencyMember" unitRef="BRL" decimals="-3">2241852000</ifrs-full:FinancialAssets>
  <ifrs-full:FinancialLiabilitiesAtFairValue id="Tag4859" contextRef="I20201231_Financing2Member" unitRef="BRL" decimals="-3">10186947000</ifrs-full:FinancialLiabilitiesAtFairValue>
  <ugp:FixedRateDebt id="Tag4860" contextRef="I20191231_Scenario1Member" unitRef="BRL" decimals="-3">195123000</ugp:FixedRateDebt>
  <ugp:IncrementalExpensesTjlp id="Tag4861" contextRef="I20191231_Scenario2Member" unitRef="BRL" decimals="-3">-3033000</ugp:IncrementalExpensesTjlp>
  <ifrs-full:GainsLossesOnHedgingInstrument id="Tag4862" contextRef="D20191231_HedgingInstrumentEquityMember" unitRef="BRL" decimals="-3">-349039000</ifrs-full:GainsLossesOnHedgingInstrument>
  <ugp:FinancialLiabilitiesFairValue id="Tag4863" contextRef="I20201231_Financing1Member" unitRef="BRL" decimals="-3">1308928000</ugp:FinancialLiabilitiesFairValue>
  <ifrs-full:NotionalAmount id="Tag4864" contextRef="I20201231_DesignatedAsHedgeAccountingMember_ForeignExchangeSwapOneMember" unitRef="USD" decimals="-3">50000000</ifrs-full:NotionalAmount>
  <ifrs-full:GainsLossesOnHedgingInstrument id="Tag4865" contextRef="D20201231_ProfitOrLossMember" unitRef="BRL" decimals="-3">-694877000</ifrs-full:GainsLossesOnHedgingInstrument>
  <ugp:CategoryOfFinancialAssetsAndLiabilities id="Tag4866" contextRef="D20201231_FixedIncomeSecuritiesLocalCurrency2Member">Measured at fair value through other comprehensive income</ugp:CategoryOfFinancialAssetsAndLiabilities>
  <ugp:InterestRateHedgingInstrumentsLiabilitiesCDIEffect id="Tag4867" contextRef="I20201231_Scenario1Member" unitRef="BRL" decimals="-3">-1137000</ugp:InterestRateHedgingInstrumentsLiabilitiesCDIEffect>
  <ugp:GrossMarginOfOxitenoIpirangaSwapPayable id="Tag4868" contextRef="I20201231_Scenario1Member" unitRef="USD" decimals="-3">59000</ugp:GrossMarginOfOxitenoIpirangaSwapPayable>
  <ugp:HedgingInstrumentsPositionFairValue id="Tag4869" contextRef="I20191231_NotDesignatedAsHedgeAccountingMember_ForeignExchangeSwapTwoMember" unitRef="BRL" decimals="-3">-2203000</ugp:HedgingInstrumentsPositionFairValue>
  <ugp:FinancialLiabilitiesFairValue id="Tag4870" contextRef="I20191231_SubscriptionWarrantsIndemnificationMember_Level2OfFairValueHierarchyMember" unitRef="BRL" decimals="-3">130657000</ugp:FinancialLiabilitiesFairValue>
  <ifrs-full:AdjustmentsForDecreaseIncreaseInInventories id="Tag4871" contextRef="D20191231_3" unitRef="BRL" decimals="-3">-357553000</ifrs-full:AdjustmentsForDecreaseIncreaseInInventories>
  <ifrs-full:BorrowingsMaturity id="Tag4872" contextRef="D20201231_DesignatedAsHedgeAccountingMember_NdfMember">jan-21</ifrs-full:BorrowingsMaturity>
  <ifrs-full:BorrowingsMaturity id="Tag4873" contextRef="D20201231_DesignatedAsHedgeAccountingMember_InterestRateSwapContractOneMember">nov-24</ifrs-full:BorrowingsMaturity>
  <ugp:HedgingInstrumentsPositionFairValue id="Tag4874" contextRef="I20191231_NotDesignatedAsHedgeAccountingMember_ForeignExchangeSwapOneMember" unitRef="BRL" decimals="-3">48535000</ugp:HedgingInstrumentsPositionFairValue>
  <ifrs-full:FinancialAssets id="Tag4875" contextRef="I20201231_CurrencyInterestRateHedgingInstrumentsMember" unitRef="BRL" decimals="-3">981874000</ifrs-full:FinancialAssets>
  <ugp:NetLiabilityPosition id="Tag4876" contextRef="I20191231_DiMember_CashEquivalentMember" unitRef="BRL" decimals="-3">1780939000</ugp:NetLiabilityPosition>
  <ugp:AssetsInterestRateBasis id="Tag4877" contextRef="D20201231_DesignatedAsHedgeAccountingMember_NdfMember">BRL</ugp:AssetsInterestRateBasis>
  <ugp:AllowancesForDoubfulAccountsOnTradeReceivable id="Tag4878" contextRef="I20201231" unitRef="BRL" decimals="-3">579107000</ugp:AllowancesForDoubfulAccountsOnTradeReceivable>
  <ugp:HedgingInstrumentsPositionFairValue id="Tag4879" contextRef="I20191231_DesignatedAsHedgeAccountingMember_ForeignExchangeSwapOneMember" unitRef="BRL" decimals="-3">74970000</ugp:HedgingInstrumentsPositionFairValue>
  <ugp:FinancialLiabilitiesFairValue id="Tag4880" contextRef="I20191231_TradePayableMember" unitRef="BRL" decimals="-3">2678808000</ugp:FinancialLiabilitiesFairValue>
  <ifrs-full:CashRepaymentsOfAdvancesAndLoansFromRelatedParties id="Tag4881" contextRef="D20191231_3" unitRef="BRL" decimals="-3">146000</ifrs-full:CashRepaymentsOfAdvancesAndLoansFromRelatedParties>
  <ugp:FinancialAssetLiabilityCategory id="Tag4882" contextRef="D20191231_Financing2Member">Measured at amortized cost</ugp:FinancialAssetLiabilityCategory>
  <ifrs-full:LeaseLiabilities id="Tag4883" contextRef="I20201231_Between3And5YearsMember" unitRef="BRL" decimals="-3">541004000</ifrs-full:LeaseLiabilities>
  <ugp:AllowancesForDoubfulAccountsOnTradeReceivable id="Tag4884" contextRef="I20201231_AccountingBalanceCreditLossesMember_LaterThanSixMonthsMember" unitRef="BRL" decimals="-3">890756000</ugp:AllowancesForDoubfulAccountsOnTradeReceivable>
  <ugp:InvestmentHegeInForeignEntitiesUnrealizedLossOfOtherComprehensiveIncomeNet id="Tag4885" contextRef="D20191231_3" unitRef="BRL" decimals="-3">55682000</ugp:InvestmentHegeInForeignEntitiesUnrealizedLossOfOtherComprehensiveIncomeNet>
  <ifrs-full:GainsLossesOnHedgingInstrument id="Tag4886" contextRef="D20181231_ProfitOrLossMember" unitRef="BRL" decimals="-3">56163000</ifrs-full:GainsLossesOnHedgingInstrument>
  <ugp:InterestEffectOnDebtTJLP id="Tag4887" contextRef="I20191231_Scenario2Member" unitRef="BRL" decimals="-3">-3033000</ugp:InterestEffectOnDebtTJLP>
  <ugp:LiabilitiesInterestRateBasis id="Tag4888" contextRef="D20201231_DesignatedAsHedgeAccountingMember_TermMember">Heating Oil / RBOB</ugp:LiabilitiesInterestRateBasis>
  <ugp:FinancialAssetLiabilityCategory id="Tag4889" contextRef="D20201231_CommoditiesCurrencyAndInterestRateHedgingInstrumentsMember">Measured at fair value through profit or loss</ugp:FinancialAssetLiabilityCategory>
  <ugp:LikelyScenarioPrefixedInterestRateDeterioration id="Tag4890" contextRef="D20201231_Scenario2Member" unitRef="Pure" decimals="2">0.25</ugp:LikelyScenarioPrefixedInterestRateDeterioration>
  <ugp:LiabilitiesInterestRateBasis id="Tag4891" contextRef="D20201231_NotDesignatedAsHedgeAccountingMember_TermMember">Heating Oil / RBOB</ugp:LiabilitiesInterestRateBasis>
  <ugp:HedgingInstrumentsPositionFairValue id="Tag4892" contextRef="I20201231_NotDesignatedAsHedgeAccountingMember_ForeignExchangeSwapMember" unitRef="BRL" decimals="-3">519260000</ugp:HedgingInstrumentsPositionFairValue>
  <ugp:GrossMarginFromIpirangaNdfCommodities id="Tag4893" contextRef="I20201231_Scenario2Member" unitRef="BRL" decimals="-3">-551794000</ugp:GrossMarginFromIpirangaNdfCommodities>
  <ugp:IncomeStatementEffectIncrease id="Tag4894" contextRef="I20191231_Scenario2Member" unitRef="BRL" decimals="-3">113045000</ugp:IncomeStatementEffectIncrease>
  <ugp:InterestRateHedgingInstrumentsLiabilitiesCDIEffect id="Tag4895" contextRef="I20201231_Scenario3Member" unitRef="BRL" decimals="-3">-29929000</ugp:InterestRateHedgingInstrumentsLiabilitiesCDIEffect>
  <ugp:HedgingInstrumentsPositionFairValue id="Tag4896" contextRef="I20201231_CommodityPriceRiskMember_TermMember_HeatingOilOneMember" unitRef="BRL" decimals="-3">-563000</ugp:HedgingInstrumentsPositionFairValue>
  <ugp:CategoryOfFinancialAssetsAndLiabilities id="Tag4897" contextRef="D20201231_TradePayableMember">Measured at amortized cost</ugp:CategoryOfFinancialAssetsAndLiabilities>
  <ifrs-full:GainsLossesOnHedgingInstrument id="Tag4898" contextRef="D20181231_HedgingInstrumentEquityMember_InterestRateSwapsBrlMember" unitRef="BRL" xsi:nil="true" />
  <ifrs-full:NotionalAmount id="Tag4899" contextRef="I20191231_DesignatedAsHedgeAccountingMember_ZeroCostCollarMember" unitRef="USD" decimals="-3">60000000</ifrs-full:NotionalAmount>
  <ifrs-full:FinancialLiabilities id="Tag4900" contextRef="I20201231_Financing2Member" unitRef="BRL" decimals="-3">9406013000</ifrs-full:FinancialLiabilities>
  <ugp:USDollarToRealSwapsNetEffect id="Tag4901" contextRef="I20191231_Scenario3Member" unitRef="USD" decimals="-3">309000</ugp:USDollarToRealSwapsNetEffect>
  <ugp:LossRelatedToFinancialExpenseOfDebt id="Tag4902" contextRef="D20191231_3" unitRef="BRL" decimals="-3">-377000</ugp:LossRelatedToFinancialExpenseOfDebt>
  <ugp:IncrementalExpensesTjlp id="Tag4903" contextRef="I20191231_Scenario3Member" unitRef="BRL" decimals="-3">-6065000</ugp:IncrementalExpensesTjlp>
  <ugp:HedgingInstrumentsPositionFairValue id="Tag4904" contextRef="I20201231_DesignatedAsHedgeAccountingMember_ForeignExchangeSwapMember" unitRef="BRL" decimals="-3">298889000</ugp:HedgingInstrumentsPositionFairValue>
  <ugp:FixedRateDebt id="Tag4905" contextRef="I20191231_Scenario2Member" unitRef="BRL" decimals="-3">137260000</ugp:FixedRateDebt>
  <ugp:FloatingInterestRate id="Tag4906" contextRef="D20201231_Scenario2Member" unitRef="Pure" decimals="2">0.25</ugp:FloatingInterestRate>
  <ugp:AllowancesForDoubfulAccountsOnTradeReceivable id="Tag4907" contextRef="I20191231_AccountingBalanceCreditLossesMember_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember" unitRef="BRL" decimals="-3">24861000</ugp:AllowancesForDoubfulAccountsOnTradeReceivable>
  <ugp:NetAssetLiabilityPositionIncomeStatementEffect id="Tag4908" contextRef="I20191231" unitRef="BRL" decimals="-3">452178000</ugp:NetAssetLiabilityPositionIncomeStatementEffect>
  <ugp:LossRelatedToFinancialExpenseOfDebt id="Tag4909" contextRef="D20191231_InterestRateHedgingInstrumentsMember" unitRef="BRL" decimals="-3">-68054000</ugp:LossRelatedToFinancialExpenseOfDebt>
  <ugp:FinancialAssetLiabilityCategory id="Tag4910" contextRef="D20201231_CashAndBankDepositsMember">Measured at amortized cost</ugp:FinancialAssetLiabilityCategory>
  <ifrs-full:FinancialAssetsAtFairValue id="Tag4911" contextRef="I20191231_FixedIncomeSecuritiesLocalCurrency1Member" unitRef="BRL" decimals="-3">1937967000</ifrs-full:FinancialAssetsAtFairValue>
  <ugp:FixedRateSwapNetEffect id="Tag4912" contextRef="I20191231_Scenario2Member" unitRef="BRL" xsi:nil="true" />
  <ugp:FinancialAssetLiabilityCategory id="Tag4913" contextRef="D20201231_Financing1Member">Measured at fair value through profit or loss</ugp:FinancialAssetLiabilityCategory>
  <ugp:ShareholdersEquityEffectDecrease id="Tag4914" contextRef="I20191231_Scenario2Member" unitRef="BRL" decimals="-3">-485287000</ugp:ShareholdersEquityEffectDecrease>
  <ugp:IncomeStatementEffectDecreaseShareHoldersEquityIncreaseNetEffect id="Tag4915" contextRef="I20191231_Scenario3Member" unitRef="BRL" decimals="-3">744486000</ugp:IncomeStatementEffectDecreaseShareHoldersEquityIncreaseNetEffect>
  <ugp:NetLiabilityPosition id="Tag4916" contextRef="I20201231_SelicMember_LoansSELICMember" unitRef="BRL" xsi:nil="true" />
  <ugp:NetLiabilityPosition id="Tag4917" contextRef="I20191231_DiMember_FinancialInvestmentsMember" unitRef="BRL" decimals="-3">2610686000</ugp:NetLiabilityPosition>
  <ugp:FinancialAssetLiabilityCategory id="Tag4918" contextRef="D20201231_ResellerFinancingMember">Measured at amortized cost</ugp:FinancialAssetLiabilityCategory>
  <ifrs-full:FinancialAssetsAtFairValue id="Tag4919" contextRef="I20191231_FixedIncomeSecuritiesForeignCurrencyMember_Level1OfFairValueHierarchyMember" unitRef="BRL" decimals="-3">18985000</ifrs-full:FinancialAssetsAtFairValue>
  <ugp:CategoryOfFinancialAssetsAndLiabilities id="Tag4920" contextRef="D20201231_FixedIncomeSecuritiesLocalCurrency3Member">Measured at amortized cost</ugp:CategoryOfFinancialAssetsAndLiabilities>
  <ifrs-full:AverageForeignExchangeRate id="Tag4921" contextRef="D20201231_TwentyTwentySixMember" unitRef="BRLPerShare" decimals="2">4.24</ifrs-full:AverageForeignExchangeRate>
  <ugp:IncrementalExpensesLibor id="Tag4922" contextRef="I20191231_Scenario3Member" unitRef="BRL" decimals="-3">-9144000</ugp:IncrementalExpensesLibor>
  <ugp:IncrementalExpensesSelic id="Tag4923" contextRef="I20191231_Scenario2Member" unitRef="BRL" decimals="-3">-628000</ugp:IncrementalExpensesSelic>
  <ifrs-full:Borrowings id="Tag4924" contextRef="I20201231_LaterThanOneYearMember" unitRef="BRL" decimals="-3">3620550000</ifrs-full:Borrowings>
  <ugp:AssetsInterestRateBasis id="Tag4925" contextRef="D20201231_DesignatedAsHedgeAccountingMember_ZeroCostCollarMember">Put USD 3.86</ugp:AssetsInterestRateBasis>
  <ifrs-full:FinancialAssetsAtFairValue id="Tag4926" contextRef="I20191231_TradeReceivablesMember_1" unitRef="BRL" decimals="-3">3663247000</ifrs-full:FinancialAssetsAtFairValue>
  <ugp:NetLiabilityPosition id="Tag4927" contextRef="I20191231_TJLPMember_LoansTJLPMember" unitRef="BRL" decimals="-3">-103945000</ugp:NetLiabilityPosition>
  <ugp:AllowancesForDoubfulAccountsOnTradeReceivable id="Tag4928" contextRef="I20201231_LatinAmericaMember" unitRef="BRL" decimals="-3">271000</ugp:AllowancesForDoubfulAccountsOnTradeReceivable>
  <ifrs-full:ExpectedCreditLossRate id="Tag4929" contextRef="I20191231_WeightedAverageMember_LaterThanSixMonthsMember" unitRef="Pure" decimals="3">0.531</ifrs-full:ExpectedCreditLossRate>
  <ifrs-full:FinancialAssetsAtFairValue id="Tag4930" contextRef="I20201231_Level2OfFairValueHierarchyMember_CommoditiesCurrencyAndInterestRateHedgingInstrumentsMember" unitRef="BRL" decimals="-3">981874000</ifrs-full:FinancialAssetsAtFairValue>
  <ugp:TJLPRate id="Tag4931" contextRef="D20201231_TwentyTwentyMember" unitRef="Pure" decimals="4">0.0439</ugp:TJLPRate>
  <ugp:FinancialAssetLiabilityCategory id="Tag4932" contextRef="D20191231_FixedIncomeSecuritiesForeignCurrencyMember">Measured at fair value through other comprehensive income</ugp:FinancialAssetLiabilityCategory>
  <ugp:IncomeStatementEffectincreaseShareholdersEquityDecreaseNetEffect id="Tag4933" contextRef="I20201231_Scenario2Member" unitRef="BRL" decimals="-3">-388358000</ugp:IncomeStatementEffectincreaseShareholdersEquityDecreaseNetEffect>
  <ugp:FinancialAssetLiabilityCategory id="Tag4934" contextRef="D20191231_FixedIncomeSecuritiesLocalCurrency1Member">Measured at fair value through profit or loss</ugp:FinancialAssetLiabilityCategory>
  <ugp:InterestEffectOnDebtLIBOR id="Tag4935" contextRef="I20191231_Scenario2Member" unitRef="BRL" decimals="-3">-8876000</ugp:InterestEffectOnDebtLIBOR>
  <ugp:NumberOfCustomersAccountedForMoreThanTenPercentOfRevenue id="Tag4936" contextRef="D20201231_3" unitRef="Pure" decimals="INF">0</ugp:NumberOfCustomersAccountedForMoreThanTenPercentOfRevenue>
  <ugp:LiabilitiesInterestRateBasis id="Tag4937" contextRef="D20201231_NotDesignatedAsHedgeAccountingMember_ForeignExchangeSwapThreeMember">USD + 0.00%</ugp:LiabilitiesInterestRateBasis>
  <ugp:NetLiabilityPosition id="Tag4938" contextRef="I20191231_LIBORMember" unitRef="BRL" decimals="-3">-606956000</ugp:NetLiabilityPosition>
  <ugp:GainLossRelatedToHedgingInstrument id="Tag4939" contextRef="D20201231_IpirangaMember" unitRef="BRL" decimals="-3">-87448000</ugp:GainLossRelatedToHedgingInstrument>
  <ugp:CategoryOfFinancialAssetsAndLiabilities id="Tag4940" contextRef="D20201231_CurrencyInterestRateHedgingInstrumentsMember">Measured at fair value through profit or loss</ugp:CategoryOfFinancialAssetsAndLiabilities>
  <ugp:FloatingInterestRate id="Tag4941" contextRef="D20201231_Scenario1Member" unitRef="Pure" decimals="2">0.10</ugp:FloatingInterestRate>
  <ifrs-full:FinancialAssetsAtFairValue id="Tag4942" contextRef="I20201231_CashAndBankDepositsMember" unitRef="BRL" decimals="-3">405081000</ifrs-full:FinancialAssetsAtFairValue>
  <ugp:ShareholdersEquityEffectDecrease id="Tag4943" contextRef="I20191231_Scenario3Member" unitRef="BRL" decimals="-3">-970575000</ugp:ShareholdersEquityEffectDecrease>
  <ifrs-full:FinancialAssetsAtFairValue id="Tag4944" contextRef="I20191231" unitRef="BRL" decimals="-3">10214435000</ifrs-full:FinancialAssetsAtFairValue>
  <ifrs-full:NotionalAmount id="Tag4945" contextRef="I20191231_CommodityPriceRiskMember_TermMember_RBOBMember" unitRef="USD" decimals="-3">29243000</ifrs-full:NotionalAmount>
  <ugp:CategoryOfFinancialAssetsAndLiabilities id="Tag4946" contextRef="D20201231_FinancialInvestmentsForeignCurrencyMember">Measured at fair value through profit or loss</ugp:CategoryOfFinancialAssetsAndLiabilities>
  <ugp:AllowancesForDoubfulAccountsOnTradeReceivable id="Tag4947" contextRef="I20191231_ProvisionForLossesCreditLossesMember_CurrentMember" unitRef="BRL" decimals="-3">50198000</ugp:AllowancesForDoubfulAccountsOnTradeReceivable>
  <ugp:HedgingInstrumentsPositionFairValue id="Tag4948" contextRef="I20191231_NotDesignatedAsHedgeAccountingMember_ForeignExchangeSwapMember" unitRef="BRL" decimals="-3">353451000</ugp:HedgingInstrumentsPositionFairValue>
  <ifrs-full:FinancialAssetsAtFairValue id="Tag4949" contextRef="I20191231_FinancialInvestmentsForeignCurrencyMember_Level1OfFairValueHierarchyMember" unitRef="BRL" decimals="-3">49448000</ifrs-full:FinancialAssetsAtFairValue>
  <ifrs-full:GainsLossesOnHedgingInstrument id="Tag4950" contextRef="D20191231_HedgingInstrumentEquityMember_InterestRateSwapsBrlMember" unitRef="BRL" xsi:nil="true" />
  <ifrs-full:NotionalAmount id="Tag4951" contextRef="I20191231_DesignatedAsHedgeAccountingMember_ForeignExchangeSwapMember" unitRef="USD" decimals="-3">245000000</ifrs-full:NotionalAmount>
  <ugp:GrossMarginOfOxitenoOption id="Tag4952" contextRef="I20191231_Scenario1Member" unitRef="USD" xsi:nil="true" />
  <ugp:InterestEffectOnDebtDi id="Tag4953" contextRef="I20201231_Scenario2Member" unitRef="BRL" decimals="-3">-49184000</ugp:InterestEffectOnDebtDi>
  <ugp:ShareholdersEquityEffectincrease id="Tag4954" contextRef="I20201231_Scenario1Member" unitRef="BRL" decimals="-3">173974000</ugp:ShareholdersEquityEffectincrease>
  <ugp:CashCashEquivalentsAndFinancialInvestments id="Tag4955" contextRef="I20191231_AMember" unitRef="BRL" decimals="-3">418020000</ugp:CashCashEquivalentsAndFinancialInvestments>
  <ugp:CashCashEquivalentsAndFinancialInvestments id="Tag4956" contextRef="I20191231_AaMember" unitRef="BRL" decimals="-3">331512000</ugp:CashCashEquivalentsAndFinancialInvestments>
  <ifrs-full:FinancialAssets id="Tag4957" contextRef="I20191231_FixedIncomeSecuritiesForeignCurrencyMember" unitRef="BRL" decimals="-3">303417000</ifrs-full:FinancialAssets>
  <ifrs-full:FinancialLiabilities id="Tag4958" contextRef="I20191231_Debentures1Member" unitRef="BRL" decimals="-3">1030892000</ifrs-full:FinancialLiabilities>
  <ugp:GainLossRelatedToFairValueAdjustmentOfDebt id="Tag4959" contextRef="D20201231_3" unitRef="BRL" decimals="-3">3250000</ugp:GainLossRelatedToFairValueAdjustmentOfDebt>
  <ugp:AssetsInterestRateBasis id="Tag4960" contextRef="D20201231_NotDesignatedAsHedgeAccountingMember_InterestRateSwapContractMember">1.9%</ugp:AssetsInterestRateBasis>
  <ugp:CategoryOfFinancialAssetsAndLiabilities id="Tag4961" contextRef="D20201231_DebenturesMember">Measured at amortized cost</ugp:CategoryOfFinancialAssetsAndLiabilities>
  <ugp:IPCARate id="Tag4962" contextRef="D20201231_TwentyTwentyOneMember" unitRef="Pure" decimals="3">0.036</ugp:IPCARate>
  <ifrs-full:ExpectedCreditLossRate id="Tag4963" contextRef="I20191231_WeightedAverageMember_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember" unitRef="Pure" decimals="3">0.204</ifrs-full:ExpectedCreditLossRate>
  <ugp:LoansIncludingFutureContractualInterest id="Tag4964" contextRef="I20201231_MoreThan5YearsMember" unitRef="BRL" decimals="-3">8099125000</ugp:LoansIncludingFutureContractualInterest>
  <ugp:FinancialLiabilitiesFairValue id="Tag4965" contextRef="I20191231_CommoditiesCurrencyAndInterestRateHedgingInstrumentsMember" unitRef="BRL" decimals="-3">29985000</ugp:FinancialLiabilitiesFairValue>
  <ugp:ForeignExchangeHedgingInstrumentsAssetsLiborEffect id="Tag4966" contextRef="I20201231_Scenario3Member" unitRef="BRL" decimals="-3">-2640000</ugp:ForeignExchangeHedgingInstrumentsAssetsLiborEffect>
  <ifrs-full:FinancialAssetsAtFairValue id="Tag4967" contextRef="I20191231_FixedIncomeSecuritiesLocalCurrency2Member" unitRef="BRL" decimals="-3">595816000</ifrs-full:FinancialAssetsAtFairValue>
  <ugp:AllowancesForDoubfulAccountsOnTradeReceivable id="Tag4968" contextRef="I20201231_ProvisionForLossesCreditLossesMember_CurrentMember" unitRef="BRL" decimals="-3">44091000</ugp:AllowancesForDoubfulAccountsOnTradeReceivable>
  <ugp:FinancialAssetLiabilityCategory id="Tag4969" contextRef="D20201231_FixedIncomeSecuritiesLocalCurrency3Member">Measured at amortized cost</ugp:FinancialAssetLiabilityCategory>
  <ugp:HedgingInstrumentsPositionFairValue id="Tag4970" contextRef="I20201231_CommodityPriceRiskMember_TermMember_RBOBMember" unitRef="BRL" xsi:nil="true" />
  <ugp:HedgingInstrumentsPositionFairValue id="Tag4971" contextRef="I20191231_NotDesignatedAsHedgeAccountingMember" unitRef="BRL" decimals="-3">398044000</ugp:HedgingInstrumentsPositionFairValue>
  <ugp:CategoryOfFinancialAssetsAndLiabilities id="Tag4972" contextRef="D20201231_Financing1Member">Measured at fair value through profit or loss</ugp:CategoryOfFinancialAssetsAndLiabilities>
  <ugp:NdfOfCommodities id="Tag4973" contextRef="I20201231_Scenario3Member" unitRef="BRL" decimals="-3">1103589000</ugp:NdfOfCommodities>
  <ifrs-full:FinancialLiabilities id="Tag4974" contextRef="I20191231_LeasePayableMember" unitRef="BRL" decimals="-3">1588673000</ifrs-full:FinancialLiabilities>
  <ugp:FinancialAssetLiabilityCategory id="Tag4975" contextRef="D20191231_Financing1Member">Measured at fair value through profit or loss</ugp:FinancialAssetLiabilityCategory>
  <ugp:NetLiabilityPosition id="Tag4976" contextRef="I20191231_LIBORMember_AssetPositionForeignExchangeHedgingInstrumentsMember" unitRef="BRL" decimals="-3">850307000</ugp:NetLiabilityPosition>
  <ugp:ShareholdersEquityEffectDecrease id="Tag4977" contextRef="I20201231_Scenario2Member" unitRef="BRL" decimals="-3">-434935000</ugp:ShareholdersEquityEffectDecrease>
  <ugp:FinancialLiabilitiesFairValue id="Tag4978" contextRef="I20201231" unitRef="BRL" decimals="-3">23998204000</ugp:FinancialLiabilitiesFairValue>
  <ugp:CurrencyAndInterestRateHedgingInstruments id="Tag4979" contextRef="I20201231_MoreThan5YearsMember" unitRef="BRL" decimals="-3">143752000</ugp:CurrencyAndInterestRateHedgingInstruments>
  <ugp:HedgingInstrumentsPositionFairValue id="Tag4980" contextRef="I20201231_NotDesignatedAsHedgeAccountingMember_NdfMember" unitRef="BRL" decimals="-3">-112152000</ugp:HedgingInstrumentsPositionFairValue>
  <ifrs-full:FinancialAssetsAtFairValue id="Tag4981" contextRef="I20201231_FixedIncomeSecuritiesLocalCurrency3Member" unitRef="BRL" decimals="-3">75251000</ifrs-full:FinancialAssetsAtFairValue>
  <ugp:FixedRateDebt id="Tag4982" contextRef="I20201231_Scenario3Member" unitRef="BRL" decimals="-3">187597000</ugp:FixedRateDebt>
  <ifrs-full:FinancialAssetsAtFairValue id="Tag4983" contextRef="I20191231_FixedIncomeSecuritiesLocalCurrency1Member_Level1OfFairValueHierarchyMember" unitRef="BRL" decimals="-3">1937967000</ifrs-full:FinancialAssetsAtFairValue>
  <ifrs-full:FinancialLiabilities id="Tag4984" contextRef="I20191231_CommoditiesCurrencyAndInterestRateHedgingInstrumentsMember" unitRef="BRL" decimals="-3">29985000</ifrs-full:FinancialLiabilities>
  <ugp:LiabilitiesInForeignCurrency id="Tag4985" contextRef="I20201231" unitRef="BRL" decimals="-3">9879720000</ugp:LiabilitiesInForeignCurrency>
  <ugp:AllowancesForDoubfulAccountsOnTradeReceivable id="Tag4986" contextRef="I20201231_AccountingBalanceCreditLossesMember_CurrentMember" unitRef="BRL" decimals="-3">3751067000</ugp:AllowancesForDoubfulAccountsOnTradeReceivable>
  <ugp:FinancialAssetLiabilityCategory id="Tag4987" contextRef="D20191231_FinancialInvestmentsForeignCurrencyMember">Measured at fair value through profit or loss</ugp:FinancialAssetLiabilityCategory>
  <ifrs-full:NotionalAmount id="Tag4988" contextRef="I20191231_NotDesignatedAsHedgeAccountingMember_NdfMember" unitRef="USD" decimals="-3">71600000</ifrs-full:NotionalAmount>
  <ugp:NetLiabilityPosition id="Tag4989" contextRef="I20201231_SelicMember" unitRef="BRL" xsi:nil="true" />
  <ugp:FinancialLiabilitiesFairValue id="Tag4990" contextRef="I20201231_SubscriptionWarrantsIndemnificationMember_Level2OfFairValueHierarchyMember" unitRef="BRL" decimals="-3">86439000</ugp:FinancialLiabilitiesFairValue>
  <ugp:CashCashEquivalentsAndFinancialInvestments id="Tag4991" contextRef="I20191231_BbbMember" unitRef="BRL" decimals="-3">56488000</ugp:CashCashEquivalentsAndFinancialInvestments>
  <ugp:LossRelatedToFinancialExpenseOfDebt id="Tag4992" contextRef="D20201231_ForeignExchangeHedgingInstrumentsMember" unitRef="BRL" decimals="-3">-597735000</ugp:LossRelatedToFinancialExpenseOfDebt>
  <ugp:GainLossRelatedToHedgingInstrument id="Tag4993" contextRef="D20201231_3" unitRef="BRL" decimals="-3">6528000</ugp:GainLossRelatedToHedgingInstrument>
  <ifrs-full:TradeAndOtherPayables id="Tag4994" contextRef="I20201231_MoreThan5YearsMember" unitRef="BRL" xsi:nil="true" />
  <ugp:LoansIncludingFutureContractualInterest id="Tag4995" contextRef="I20201231_TotalMember" unitRef="BRL" decimals="-3">20131159000</ugp:LoansIncludingFutureContractualInterest>
  <ugp:OptionsRealToDollarSwaps id="Tag4996" contextRef="I20191231_Scenario1Member" unitRef="USD" xsi:nil="true" />
  <ugp:HedgingInstrumentsPositionFairValue id="Tag4997" contextRef="I20191231_CommodityPriceRiskMember" unitRef="BRL" decimals="-3">-1271000</ugp:HedgingInstrumentsPositionFairValue>
  <ugp:ShareholdersEquityEffectincrease id="Tag4998" contextRef="I20201231_Scenario3Member" unitRef="BRL" decimals="-3">869871000</ugp:ShareholdersEquityEffectincrease>
  <ugp:IncomeStatementEffectDecrease id="Tag4999" contextRef="I20201231_Scenario3Member" unitRef="BRL" decimals="-3">-93153000</ugp:IncomeStatementEffectDecrease>
  <ifrs-full:NotionalAmount id="Tag5000" contextRef="I20201231_NotDesignatedAsHedgeAccountingMember_ForeignExchangeSwapMember" unitRef="USD" decimals="-3">320000000</ifrs-full:NotionalAmount>
  <ifrs-full:NotionalAmount id="Tag5001" contextRef="I20191231_NotDesignatedAsHedgeAccountingMember_ForeignExchangeSwapMember" unitRef="USD" decimals="-3">853000000</ifrs-full:NotionalAmount>
  <ugp:NotionalAmountDesignatedAsFairValueHedge id="Tag5002" contextRef="D20201231_IpirangaMember" unitRef="USD" decimals="-3">65523000</ugp:NotionalAmountDesignatedAsFairValueHedge>
  <ugp:FinancialAssetLiabilityCategory id="Tag5003" contextRef="D20201231_TradeReceivablesMember_3">Measured at amortized cost</ugp:FinancialAssetLiabilityCategory>
  <ugp:InterestEffectOnDebtSELIC id="Tag5004" contextRef="I20191231_Scenario2Member" unitRef="BRL" decimals="-3">-628000</ugp:InterestEffectOnDebtSELIC>
  <ugp:FinancingInForeignCurrency id="Tag5005" contextRef="I20191231" unitRef="BRL" decimals="-3">6895052000</ugp:FinancingInForeignCurrency>
  <ifrs-full:AverageForeignExchangeRate id="Tag5006" contextRef="D20201231_TwentyTwentyFiveMember" unitRef="BRLPerShare" decimals="2">4.22</ifrs-full:AverageForeignExchangeRate>
  <ifrs-full:FinancialLiabilities id="Tag5007" contextRef="I20201231_DebenturesMember" unitRef="BRL" decimals="-3">5450751000</ifrs-full:FinancialLiabilities>
  <ugp:AssetsInterestRateBasis id="Tag5008" contextRef="D20201231_NotDesignatedAsHedgeAccountingMember_ForeignExchangeSwapMember">USD + 0.18%</ugp:AssetsInterestRateBasis>
  <ifrs-full:FinancialLiabilities id="Tag5009" contextRef="I20201231" unitRef="BRL" decimals="-3">23336595000</ifrs-full:FinancialLiabilities>
  <ugp:AssetsInterestRateBasis id="Tag5010" contextRef="D20201231_NotDesignatedAsHedgeAccountingMember_TermMember">BRL</ugp:AssetsInterestRateBasis>
  <ugp:FixedRateSwapDI id="Tag5011" contextRef="I20201231_Scenario2Member" unitRef="BRL" decimals="-3">-230705000</ugp:FixedRateSwapDI>
  <ugp:FinancialAssetLiabilityCategory id="Tag5012" contextRef="D20191231_TradeReceivablesMember_1">Measured at amortized cost</ugp:FinancialAssetLiabilityCategory>
  <ugp:InterestEffectOnDebtLIBOR id="Tag5013" contextRef="I20201231_Scenario2Member" unitRef="BRL" decimals="-3">-3525000</ugp:InterestEffectOnDebtLIBOR>
  <ugp:IncrementalExpensesTjlp id="Tag5014" contextRef="I20201231_Scenario2Member" unitRef="BRL" decimals="-3">-752000</ugp:IncrementalExpensesTjlp>
  <ugp:InterestEffectOnDebtLIBOR id="Tag5015" contextRef="I20191231_Scenario3Member" unitRef="BRL" decimals="-3">-17753000</ugp:InterestEffectOnDebtLIBOR>
  <ugp:InterestEffectOnDebtDi id="Tag5016" contextRef="I20191231_Scenario2Member" unitRef="BRL" decimals="-3">-111173000</ugp:InterestEffectOnDebtDi>
  <ugp:IncrementalExpensesSelic id="Tag5017" contextRef="I20201231_Scenario3Member" unitRef="BRL" decimals="-3">-203000</ugp:IncrementalExpensesSelic>
  <ugp:MaturityOfForeignExchangeHedgingInstruments id="Tag5018" contextRef="I20191231" unitRef="USDPerShare" decimals="2">5.76</ugp:MaturityOfForeignExchangeHedgingInstruments>
  <ugp:HedgingInstrumentsPositionFairValue id="Tag5019" contextRef="I20201231_DesignatedAsHedgeAccountingMember_NdfMember" unitRef="BRL" decimals="-3">-733000</ugp:HedgingInstrumentsPositionFairValue>
  <ifrs-full:FinancialLiabilities id="Tag5020" contextRef="I20201231_SubscriptionWarrantsIndemnificationMember" unitRef="BRL" decimals="-3">86439000</ifrs-full:FinancialLiabilities>
  <ugp:PercentageOfAverageEffectiveCost id="Tag5021" contextRef="D20201231_InterestRateHedgingInstrumentsMember" unitRef="Pure" decimals="3">0.958</ugp:PercentageOfAverageEffectiveCost>
  <ugp:SummaryOfPositionOfHedgingInstrumentsTableTextBlock id="Tag5022" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The table below summarizes the position of hedging instruments &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;entered &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;by the Company and its subsidiaries:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 162px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: 0.1px;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td colspan="3" style="width: 22.3608%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; font-size: 10pt;"&gt; Designated as hedge accounting &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 16.0432%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 11.4713%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.31754%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 4.48878%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.39817%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.24688%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.31505%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 12.7182%; padding-right: 3pt; padding-left: 3pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.4788%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 16.0432%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 11.4713%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.31754%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 4.48878%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.39817%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.24688%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.31505%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="width: 12.7182%; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Product &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.4788%; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Hedged object &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="width: 27.5145%; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Rates agreement &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.31754%; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Maturity &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 4.48878%; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Note &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="width: 17.4564%; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Notional amount &lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; vertical-align: super;"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="width: 15.9601%; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Fair value &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 12.7182%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.4788%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 16.0432%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 11.4713%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.31754%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 4.48878%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.1463%; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.1463%; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.39817%; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.24688%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.31505%; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="width: 12.7182%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign exchange swap &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.4788%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Debt &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 16.0432%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;USD + &lt;font style="border-left: none; border-right: none;"&gt;4.58&lt;/font&gt; %&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 11.4713%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font style="border-left: none; border-right: none;"&gt;103.9&lt;/font&gt;% DI&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.31754%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;nov-23&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 4.48878%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt;.h&lt;font&gt;.1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; USD &lt;font&gt;185,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; USD &lt;font&gt;245,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.39817%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;298,889&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.24688%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.31505%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;69,298&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="width: 12.7182%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign exchange swap &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.4788%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Debt &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 16.0432%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;USD + &lt;font style="border-left: none; border-right: none;"&gt;LIBOR&lt;/font&gt;-&lt;font style="border-left: none; border-right: none;"&gt;3&lt;/font&gt;M + &lt;font style="border-left: none; border-right: none;"&gt;1.14&lt;/font&gt;%&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 11.4713%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font style="border-left: none; border-right: none;"&gt;105.0&lt;/font&gt;% DI&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.31754%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;jun-22&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 4.48878%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt;.h&lt;font&gt;.1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; USD &lt;font&gt;50,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; USD &lt;font&gt;150,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.39817%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;94,782&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.24688%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.31505%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;74,970&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 12.7182%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest rate swap &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.4788%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Debt &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 16.0432%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font style="border-left: none; border-right: none;"&gt;4.57&lt;/font&gt;% + IPCA&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 11.4713%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font style="border-left: none; border-right: none;"&gt;95.8&lt;/font&gt;% DI&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.31754%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;dec-25&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 4.48878%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt;.h&lt;font&gt;.1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; R$ &lt;font&gt;806,054&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; R$ &lt;font&gt;806,054&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.39817%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;203,837&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.24688%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.31505%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;144,123&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 12.7182%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest rate swap &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.4788%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Debt &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 16.0432%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font style="border-left: none; border-right: none;"&gt;6.47&lt;/font&gt;%&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 11.4713%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font style="border-left: none; border-right: none;"&gt;99.9&lt;/font&gt;% DI&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.31754%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;nov-24&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 4.48878%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt;.h&lt;font&gt;.1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; R$ &lt;font&gt;90,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; R$ &lt;font&gt;90,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.39817%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,498&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.24688%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.31505%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;584&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="width: 12.7182%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Term &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.4788%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Firm commitments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 16.0432%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;BRL&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 11.4713%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Heating Oil / RBOB&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.31754%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;jan-21&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 4.48878%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt;.h&lt;font&gt;.1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; USD &lt;font&gt;42,399&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.39817%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;563&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.24688%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.31505%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="width: 12.7182%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; NDF &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.4788%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Firm commitments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 16.0432%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;BRL&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 11.4713%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;USD&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.31754%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;jan-21&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 4.48878%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt;.h&lt;font&gt;.1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; USD &lt;font&gt;23,124&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.39817%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;733&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.24688%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.31505%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="width: 12.7182%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Zero&lt;/font&gt; Cost Collar &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.4788%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Operating margin &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 16.0432%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Put USD &lt;font style="border-left: none; border-right: none;"&gt;3.86&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 11.4713%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Call USD &lt;font style="border-left: none; border-right: none;"&gt;4.33&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.31754%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 4.48878%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt;.h&lt;font&gt;.2&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; USD &lt;font&gt;60,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.39817%; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.24688%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.31505%; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;121&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 12.7182%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.4788%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 16.0432%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 11.4713%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 6.31754%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 4.48878%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 8.1463%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.16376%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.39817%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;599,710&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.24688%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.31505%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;288,854&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 197px; width: 100%;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td colspan="3" style="width: 98.65pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; font-size: 10pt;"&gt; Not designated as hedge accounting &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 79.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 86.15pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 43.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 57.85pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 57.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.05pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 98.65pt; padding-right: 3pt; padding-left: 3pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.8pt; padding-right: 3pt; padding-left: 3pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 78.25pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 79.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 86.15pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 43.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 57.85pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 57.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.05pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="width: 98.65pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Product &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.8pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 78.25pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Hedged object &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="2" style="width: 79.9pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Rates agreement &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 43.6pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Maturity &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="width: 57.85pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;Notional amount &lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; vertical-align: super;"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Fair value &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 98.65pt; border-top: 0.75pt solid #000000 !important; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.8pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 78.25pt; border-top: 0.75pt solid #000000 !important; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 79.9pt; border-top: 0.75pt solid #000000 !important; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 86.15pt; border-top: 0.75pt solid #000000 !important; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 43.6pt; border-top: 0.75pt solid #000000 !important; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 57.85pt; border-top: 0.75pt solid #000000 !important; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; border-top: 0.75pt solid #000000 !important; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 57.9pt; border-top: 0.75pt solid #000000 !important; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; border-top: 0.75pt solid #000000 !important; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.05pt; border-top: 0.75pt solid #000000 !important; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; border-top: 0.75pt solid #000000 !important; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 98.65pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign exchange swap &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.8pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 78.25pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Debt &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 79.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;USD + &lt;font style="border-left: none; border-right: none;"&gt;0.18&lt;/font&gt;%&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 86.15pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font style="border-left: none; border-right: none;"&gt;55.5&lt;/font&gt;% DI&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 43.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;jun-29&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 57.85pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; USD &lt;font&gt;320,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 57.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; USD &lt;font&gt;853,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;519,260&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.05pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;353,451&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 98.65pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; NDF &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.8pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 78.25pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Firm commitments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 79.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;BRL&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 86.15pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;USD&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 43.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;may-21&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 57.85pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; USD &lt;font&gt;378,550&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 57.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; USD &lt;font&gt;71,600&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.1pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;112,152&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.05pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,080&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 98.65pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest rate swap &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.8pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 78.25pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Debt &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 79.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font style="border-left: none; border-right: none;"&gt;1.9&lt;/font&gt;%&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 86.15pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font style="border-left: none; border-right: none;"&gt;100&lt;/font&gt;% DI&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 43.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;jan-21&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 57.85pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; R$ &lt;font&gt;1,300,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 57.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;5&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.05pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 98.65pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign exchange swap &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.8pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 78.25pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Debt &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 79.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font style="border-left: none; border-right: none;"&gt;LIBOR&lt;/font&gt;-&lt;font style="border-left: none; border-right: none;"&gt;3&lt;/font&gt;M + &lt;font style="border-left: none; border-right: none;"&gt;2.0&lt;/font&gt;%&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 86.15pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font style="border-left: none; border-right: none;"&gt;105.9&lt;/font&gt;% DI&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 43.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 57.85pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 57.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; USD &lt;font&gt;60,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.1pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.05pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;48,535&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 98.65pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign exchange swap &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.8pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 78.25pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Firm commitments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 79.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;USD + &lt;font style="border-left: none; border-right: none;"&gt;0.00&lt;/font&gt;%&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 86.15pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font style="border-left: none; border-right: none;"&gt;33.5&lt;/font&gt;% DI&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 43.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 57.85pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 57.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; USD &lt;font&gt;17,896&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.05pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,203&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 98.65pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign exchange swap &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.8pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 78.25pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Operating margin &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 79.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font style="border-left: none; border-right: none;"&gt;34.8&lt;/font&gt;% DI&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 86.15pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;USD + &lt;font style="border-left: none; border-right: none;"&gt;0.00&lt;/font&gt;%&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 43.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 57.85pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 57.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; USD &lt;font&gt;4,680&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.1pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.05pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;612&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 98.65pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Term &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.8pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 78.25pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Firm commitments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 79.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;BRL&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 86.15pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Heating Oil / RBOB&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 43.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 57.85pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 57.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; USD &lt;font&gt;56,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 7.1pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.05pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,271&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 98.65pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.8pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 78.25pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 79.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 86.15pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 43.6pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 57.85pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 57.9pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;407,103&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.05pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;398,044&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/sup&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;) &lt;/font&gt;&lt;/sup&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Currency as indicated.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ugp:SummaryOfPositionOfHedgingInstrumentsTableTextBlock>
  <ifrs-full:NotionalAmount id="Tag5023" contextRef="I20191231_DesignatedAsHedgeAccountingMember_InterestRateSwapContractOneMember" unitRef="BRL" decimals="-3">90000000</ifrs-full:NotionalAmount>
  <ugp:IncomeStatementEffectDecreaseShareHoldersEquityIncreaseNetEffect id="Tag5024" contextRef="I20191231_Scenario1Member" unitRef="BRL" decimals="-3">148897000</ugp:IncomeStatementEffectDecreaseShareHoldersEquityIncreaseNetEffect>
  <ugp:FinancialAssetLiabilityCategory id="Tag5025" contextRef="D20191231_FixedIncomeSecuritiesLocalCurrency3Member">Measured at amortized cost</ugp:FinancialAssetLiabilityCategory>
  <ugp:FixedRateDebt id="Tag5026" contextRef="I20201231_Scenario1Member" unitRef="BRL" decimals="-3">39412000</ugp:FixedRateDebt>
  <ugp:NetAssetLiabilityPositionTotal id="Tag5027" contextRef="I20201231" unitRef="BRL" decimals="-3">-1553435000</ugp:NetAssetLiabilityPositionTotal>
  <ugp:FixedRateDebt id="Tag5028" contextRef="I20201231_Scenario2Member" unitRef="BRL" decimals="-3">230705000</ugp:FixedRateDebt>
  <ugp:OtherNetAssetsInForeignExceptCashCashEquivalentsFinancialInvestmentsTradeReceivablesFinancingAndPayables id="Tag5029" contextRef="I20201231" unitRef="BRL" decimals="-3">1767626000</ugp:OtherNetAssetsInForeignExceptCashCashEquivalentsFinancialInvestmentsTradeReceivablesFinancingAndPayables>
  <ifrs-full:FinancialLiabilities id="Tag5030" contextRef="I20191231" unitRef="BRL" decimals="-3">18812123000</ifrs-full:FinancialLiabilities>
  <ugp:USDollarToRealSwapsNetEffect id="Tag5031" contextRef="I20201231_Scenario3Member" unitRef="USD" decimals="-3">25000</ugp:USDollarToRealSwapsNetEffect>
  <ugp:InterestEffectOnDebtSELIC id="Tag5032" contextRef="I20191231_Scenario3Member" unitRef="BRL" decimals="-3">-1257000</ugp:InterestEffectOnDebtSELIC>
  <ugp:SummaryOfFairAndCarryingValuesOfFinancialInstrumentsTableTextBlock id="Tag5033" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The fair values and the carrying values of the financial instruments, including currency and interest rate hedging instruments, are&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;stated below:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 302px; width: 100%;" width="100%"&gt;

&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Category &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Note &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Carrying &lt;br/&gt;value &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Fair &lt;br/&gt;value &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Carrying &lt;br/&gt;value &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Fair &lt;br/&gt;value &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financial assets: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cash and cash equivalents &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 37%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cash and bank &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 19%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at amortized cost&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;405,081&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;405,081&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;284,992&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;284,992&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financial investments in local currency &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at fair value through other comprehensive income&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,241,852&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,241,852&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,780,939&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,780,939&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financial investments in foreign currency &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at fair value through profit or loss&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;14,561&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;14,561&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;49,448&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;49,448&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financial investments: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,391,122&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,369,766&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,689,500&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,663,247&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Reseller Financing &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at amortized cost&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5&lt;/font&gt;.b &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;968,384&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;965,645&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;800,936&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;839,090&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;13,031,666&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;13,007,571&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,202,534&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,214,435&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financial liabilities: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financing &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at fair value through profit or loss&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,308,928&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,308,928&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,666,092&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,666,092&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financing &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at amortized cost&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,406,013&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,186,947&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,008,414&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,268,742&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Commodities, currency and interest rate hedging instruments &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Measured at fair value through profit or loss&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;130,657&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;130,657&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;23,336,595&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;23,998,204&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;18,812,123&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;19,997,517&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ugp:SummaryOfFairAndCarryingValuesOfFinancialInstrumentsTableTextBlock>
  <ugp:DebentureFinalMaturity id="Tag5034" contextRef="D20201231_DebentureThreeMember">April 15, 2024</ugp:DebentureFinalMaturity>
  <ugp:EffectiveRateOfTransactionCosts id="Tag5035" contextRef="D20201231_OtherTransactionCostsMember" unitRef="Pure" decimals="2">0</ugp:EffectiveRateOfTransactionCosts>
  <ugp:BrazilianRealDenominatedLoans id="Tag5036" contextRef="I20191231_Loan19Member" unitRef="BRL" decimals="-3">62578000</ugp:BrazilianRealDenominatedLoans>
  <ugp:EffectiveRateOfTransactionCosts id="Tag5037" contextRef="D20201231_DebenturesMember" unitRef="Pure" decimals="3">0.002</ugp:EffectiveRateOfTransactionCosts>
  <ugp:DebenturePaymentOfInterestDescription id="Tag5038" contextRef="D20201231_DebentureOneMember">Semiannually</ugp:DebenturePaymentOfInterestDescription>
  <ugp:BrazilianRealDenominatedLoans id="Tag5039" contextRef="I20191231_Loan17Member" unitRef="BRL" decimals="-3">89278000</ugp:BrazilianRealDenominatedLoans>
  <ugp:Debentures id="Tag5040" contextRef="I20201231_MaturitySixteenMember" unitRef="BRL" decimals="-3">730384000</ugp:Debentures>
  <ugp:CurrencyInterestRateHedgingInstruments id="Tag5041" contextRef="I20191231" unitRef="BRL" decimals="-3">29985000</ugp:CurrencyInterestRateHedgingInstruments>
  <ugp:BondsIssuePriceInPercentage id="Tag5042" contextRef="D20161006_UltraparInternationalSAMember" unitRef="Pure" decimals="5">0.98097</ugp:BondsIssuePriceInPercentage>
  <ugp:WeightedAverageFinancialChargesLoans id="Tag5043" contextRef="D20201231_Loan12Member">105.0</ugp:WeightedAverageFinancialChargesLoans>
  <ifrs-full:NotesAndDebenturesIssued id="Tag5044" contextRef="I20200713_UltraparInternationalSAMember" unitRef="BRL" decimals="-3">1818845000</ifrs-full:NotesAndDebenturesIssued>
  <ugp:TransactionCostAmortization id="Tag5045" contextRef="D20201231_DebenturesMember" unitRef="BRL" decimals="-3">13058000</ugp:TransactionCostAmortization>
  <ifrs-full:NotesAndDebenturesIssued id="Tag5046" contextRef="I20190621_UltraparInternationalSAMember" unitRef="USD" decimals="-3">200000000</ifrs-full:NotesAndDebenturesIssued>
  <ugp:TransactionCostAmortization id="Tag5047" contextRef="D20201231_ForeignLoansMember" unitRef="BRL" decimals="-3">94000</ugp:TransactionCostAmortization>
  <ugp:WeightedAverageFinancialChargesLoans id="Tag5048" contextRef="D20201231_Loan22Member">0</ugp:WeightedAverageFinancialChargesLoans>
  <ugp:DebentureReprice id="Tag5049" contextRef="D20201231_DebentureEightMember">Not applicable</ugp:DebentureReprice>
  <ugp:TransactionCostsFinancialInstruments id="Tag5050" contextRef="I20201231" unitRef="BRL" decimals="-3">67110000</ugp:TransactionCostsFinancialInstruments>
  <ugp:LoanMaturityDate id="Tag5051" contextRef="D20201231_Loan14Member">2024 to 2025</ugp:LoanMaturityDate>
  <ifrs-full:BorrowingsInterestRateBasis id="Tag5052" contextRef="D20201231_OxitenoUSAMember_1">LIBOR + 1.4%</ifrs-full:BorrowingsInterestRateBasis>
  <ugp:OtherComprehensiveIncomeOfTheCompany id="Tag5053" contextRef="I20181231_NoncontrollingShareholdersInterestChangeMember" unitRef="BRL" decimals="-3">197369000</ugp:OtherComprehensiveIncomeOfTheCompany>
  <ugp:LoanIndexCurrency id="Tag5054" contextRef="D20201231_Loan3Member">US$ + LIBOR</ugp:LoanIndexCurrency>
  <ugp:EstimatedRecoveryOfIcmsAssets id="Tag5055" contextRef="I20201231_NotLaterThanOneYearMember" unitRef="BRL" decimals="-3">422548000</ugp:EstimatedRecoveryOfIcmsAssets>
  <ugp:RecoverableTaxes id="Tag5056" contextRef="I20191231_SubsidiariesGroupOneMember_ICMSMember" unitRef="BRL" decimals="-3">151393000</ugp:RecoverableTaxes>
  <ugp:RecoverableTaxes id="Tag5057" contextRef="I20201231_ICMSMember" unitRef="BRL" decimals="-3">1129325000</ugp:RecoverableTaxes>
  <ugp:EstimatedRecoveryOfProgramOfSocialIntegrationContributionForFinancingOfSocialSecurityCredits id="Tag5058" contextRef="I20201231_LaterThanTwoYearsAndNotLaterThanThreeYearsMember_PisAndCofinsMember" unitRef="BRL" decimals="-3">178049000</ugp:EstimatedRecoveryOfProgramOfSocialIntegrationContributionForFinancingOfSocialSecurityCredits>
  <ifrs-full:CurrentTaxAssetsNoncurrent id="Tag5059" contextRef="I20201231" unitRef="BRL" decimals="-3">1474808000</ifrs-full:CurrentTaxAssetsNoncurrent>
  <ugp:RecoverableTaxes id="Tag5060" contextRef="I20191231_SubsidiariesGroupTwoMember_ICMSMember" unitRef="BRL" decimals="-3">563565000</ugp:RecoverableTaxes>
  <ugp:RecoverableTaxes id="Tag5061" contextRef="I20191231_ICMSMember" unitRef="BRL" decimals="-3">872670000</ugp:RecoverableTaxes>
  <ugp:RecoverableTaxes id="Tag5062" contextRef="I20191231_SubsidiariesGroupFourMember" unitRef="BRL" decimals="-3">391544000</ugp:RecoverableTaxes>
  <ifrs-full:CurrentTaxAssetsNoncurrent id="Tag5063" contextRef="I20191231" unitRef="BRL" decimals="-3">767360000</ifrs-full:CurrentTaxAssetsNoncurrent>
  <ugp:RecoverableTaxes id="Tag5064" contextRef="I20191231_ValueAddedTaxMember" unitRef="BRL" decimals="-3">29707000</ugp:RecoverableTaxes>
  <ugp:RecoverableAndSocialContributionTaxes id="Tag5065" contextRef="I20201231_IrpjandcsllMember" unitRef="BRL" decimals="-3">627285000</ugp:RecoverableAndSocialContributionTaxes>
  <ugp:RecoverableTaxes id="Tag5066" contextRef="I20201231" unitRef="BRL" decimals="-3">2519658000</ugp:RecoverableTaxes>
  <ifrs-full:InvestmentsInJointVentures id="Tag5067" contextRef="I20191231_ConnectCarMember" unitRef="BRL" decimals="-3">82818000</ifrs-full:InvestmentsInJointVentures>
  <ifrs-full:InvestmentsInJointVentures id="Tag5068" contextRef="I20191231_RPRMember" unitRef="BRL" decimals="-3">18792000</ifrs-full:InvestmentsInJointVentures>
  <ugp:ValuationAdjustmentsJointVentures id="Tag5069" contextRef="D20191231_NavegantesLogsticaMember" unitRef="BRL" decimals="-3">0</ugp:ValuationAdjustmentsJointVentures>
  <ugp:ValuationAdjustmentsJointVentures id="Tag5070" contextRef="D20181231_NordesteLogsticaIIIMember" unitRef="BRL" decimals="-3">0</ugp:ValuationAdjustmentsJointVentures>
  <ifrs-full:ProfitLoss id="Tag5071" contextRef="D20191231_QuimicaDaBahiaIndustriaEcomercioMember" unitRef="BRL" decimals="-3">-72000</ifrs-full:ProfitLoss>
  <ugp:CapitalIncreaseJointVentures id="Tag5072" contextRef="D20191231_NordesteLogsticaIIMember" unitRef="BRL" decimals="-3">4183000</ugp:CapitalIncreaseJointVentures>
  <ugp:NetFinancialIncomeAndIncomeAndSocialContributionTaxes id="Tag5073" contextRef="D20191231_UniaoVopakMember" unitRef="BRL" decimals="-3">-577000</ugp:NetFinancialIncomeAndIncomeAndSocialContributionTaxes>
  <ifrs-full:CurrentAssets id="Tag5074" contextRef="I20191231_UniaoVopakMember" unitRef="BRL" decimals="-3">6818000</ifrs-full:CurrentAssets>
  <ugp:SharesOrUnitsHeld id="Tag5075" contextRef="D20201231_MetalurgicaPlusMember" unitRef="Shares" decimals="0">3000</ugp:SharesOrUnitsHeld>
  <ugp:CapitalIncreaseJointVentures id="Tag5076" contextRef="D20191231_ConnectCarMember" unitRef="BRL" decimals="-3">35000000</ugp:CapitalIncreaseJointVentures>
  <ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities id="Tag5077" contextRef="D20181231_ConnectCarMember" unitRef="BRL" decimals="-3">0</ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities>
  <ugp:CapitalIncreaseJointVentures id="Tag5078" contextRef="D20181231_ConnectCarMember" unitRef="BRL" decimals="-3">31908000</ugp:CapitalIncreaseJointVentures>
  <ifrs-full:InvestmentsInJointVentures id="Tag5079" contextRef="I20181231_RPRMember" unitRef="BRL" decimals="-3">20118000</ifrs-full:InvestmentsInJointVentures>
  <ifrs-full:InvestmentsInJointVentures id="Tag5080" contextRef="I20181231_UniaoVopakMember" unitRef="BRL" decimals="-3">7446000</ifrs-full:InvestmentsInJointVentures>
  <ugp:CapitalIncreaseJointVentures id="Tag5081" contextRef="D20181231" unitRef="BRL" decimals="-3">31908000</ugp:CapitalIncreaseJointVentures>
  <ugp:NumberOfSharesOrUnitsHeld id="Tag5082" contextRef="D20201231_NordesteLogsticaIIIMember" unitRef="Shares" decimals="0">4871241</ugp:NumberOfSharesOrUnitsHeld>
  <ifrs-full:InvestmentsInJointVentures id="Tag5083" contextRef="I20171231" unitRef="BRL" decimals="-3">122061000</ifrs-full:InvestmentsInJointVentures>
  <ugp:DescriptionOfTransferToProvisionForShortTermLiabilitiesRelatedToJointVenturesTableTextBlock id="Tag5084" contextRef="D20201231_3">&lt;div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;

&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 85.2181%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td rowspan="2" style="width: 14.686%; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Provision for short-term liabilities &lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 85.2181%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 85.2181%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 14.686%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; RPR &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="width: 85.2181%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2019 &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 14.686%; border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;-&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 85.2181%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Transfer to provision for short-term liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 14.686%; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,096&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="width: 85.2181%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 14.686%; border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,096&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</ugp:DescriptionOfTransferToProvisionForShortTermLiabilitiesRelatedToJointVenturesTableTextBlock>
  <ugp:TransactionCostsFinancialInstruments id="Tag5085" contextRef="I20171231_DebenturesMember" unitRef="BRL" decimals="-3">44709000</ugp:TransactionCostsFinancialInstruments>
  <ugp:DebenturesPrincipalAmount id="Tag5086" contextRef="I20171031_DebenturesSeventhIssueMember_IpirangaProdutosdePetroleoSAMember" unitRef="BRL" decimals="-3">944077000</ugp:DebenturesPrincipalAmount>
  <ugp:ForeignCurrencyDenominatedLoans id="Tag5087" contextRef="I20191231_Loan4Member" unitRef="BRL" decimals="-3">608685000</ugp:ForeignCurrencyDenominatedLoans>
  <ugp:NoncurrentDebt id="Tag5088" contextRef="I20201231_MoreThan5YearsMember" unitRef="BRL" decimals="-3">7309956000</ugp:NoncurrentDebt>
  <ugp:DebentureFaceValue id="Tag5089" contextRef="D20201231_DebentureOneMember" unitRef="BRL" decimals="-1">1000000000</ugp:DebentureFaceValue>
  <ugp:BrazilianRealDenominatedLoans id="Tag5090" contextRef="I20191231_Loan22Member" unitRef="BRL" decimals="-3">30392000</ugp:BrazilianRealDenominatedLoans>
  <ugp:ForeignCurrencyDenominatedLoans id="Tag5091" contextRef="I20201231_Loan8Member" unitRef="BRL" decimals="-3">0</ugp:ForeignCurrencyDenominatedLoans>
  <ugp:ForeignCurrencyDenominatedLoans id="Tag5092" contextRef="I20201231_Loan5Member" unitRef="BRL" decimals="-3">154783000</ugp:ForeignCurrencyDenominatedLoans>
  <ugp:DebenturesPrincipalAmount id="Tag5093" contextRef="I20201231_DebentureThreeMember" unitRef="BRL" decimals="-3">352361000</ugp:DebenturesPrincipalAmount>
  <ugp:BrazilianRealDenominatedLoans id="Tag5094" contextRef="I20201231_Loan16Member" unitRef="BRL" decimals="-3">50692000</ugp:BrazilianRealDenominatedLoans>
  <ugp:EffectiveRateOfTransactionCosts id="Tag5095" contextRef="D20191231_OtherTransactionCostsMember" unitRef="Pure" decimals="3">0.002</ugp:EffectiveRateOfTransactionCosts>
  <ugp:DebentureInterestDescription id="Tag5096" contextRef="D20201231_IpirangaProdutosdePetroleoSAMember_DebenturesFifthIssueMember">93.9% of DI</ugp:DebentureInterestDescription>
  <ugp:DebentureFaceValue id="Tag5097" contextRef="D20201231_DebentureNineMember" unitRef="BRL" decimals="-1">1000000</ugp:DebentureFaceValue>
  <ugp:DebentureFinalMaturity id="Tag5098" contextRef="D20201231_DebentureOneMember">May 25, 2021</ugp:DebentureFinalMaturity>
  <ugp:Debentures id="Tag5099" contextRef="I20201231_MaturityThirteenMember" unitRef="BRL" decimals="-3">750000000</ugp:Debentures>
  <ugp:LoansAndDebenturesInterestPayment id="Tag5100" contextRef="D20191231_3" unitRef="BRL" decimals="-3">1469780000</ugp:LoansAndDebenturesInterestPayment>
  <ugp:LoanDescription id="Tag5101" contextRef="D20201231_Loan3Member">Financial institutions</ugp:LoanDescription>
  <ugp:GuaranteesDebtors id="Tag5102" contextRef="I20191231" unitRef="BRL" decimals="-3">11833294000</ugp:GuaranteesDebtors>
  <ugp:NoncurrentDebt id="Tag5103" contextRef="I20191231" unitRef="BRL" decimals="-3">13275281000</ugp:NoncurrentDebt>
  <ugp:LoanMaturityDate id="Tag5104" contextRef="D20201231_Loan15Member">2021 to 2022</ugp:LoanMaturityDate>
  <ugp:DebenturePaymentOfFaceValueDescription id="Tag5105" contextRef="D20201231_DebentureTwoMember">Lump sum at final maturity</ugp:DebenturePaymentOfFaceValueDescription>
  <ugp:TransactionCostsFinancialInstruments id="Tag5106" contextRef="I20191231_OtherTransactionCostsMember" unitRef="BRL" decimals="-3">1382000</ugp:TransactionCostsFinancialInstruments>
  <ifrs-full:Borrowings id="Tag5107" contextRef="I20201231_OxitenoUSAMember_MatureInMarchTwoThousandAndTwentyOneMember" unitRef="BRL" decimals="-3">312185000</ifrs-full:Borrowings>
  <ugp:IncurredTransactionCost id="Tag5108" contextRef="D20201231_NotesInForeignMarketMember" unitRef="BRL" decimals="-3">13263000</ugp:IncurredTransactionCost>
  <ugp:TransactionCostsFinancialInstruments id="Tag5109" contextRef="I20191231_DebenturesMember" unitRef="BRL" decimals="-3">41406000</ugp:TransactionCostsFinancialInstruments>
  <ugp:DebentureInterestDescription id="Tag5110" contextRef="D20201231_DebenturesSeventhIssueMember_IpirangaProdutosdePetroleoSAMember">97.3% of DI</ugp:DebentureInterestDescription>
  <ugp:LoanDescription id="Tag5111" contextRef="D20201231_Loan10Member">Debentures &#x2013; CRA</ugp:LoanDescription>
  <ugp:ForeignCurrencyDenominatedLoans id="Tag5112" contextRef="I20201231_Loan4Member" unitRef="BRL" decimals="-3">261284000</ugp:ForeignCurrencyDenominatedLoans>
  <ugp:TransactionCostsFinancialInstruments id="Tag5113" contextRef="I20191231_BancoDoBrasilMember" unitRef="BRL" decimals="-3">770000</ugp:TransactionCostsFinancialInstruments>
  <ugp:TransactionCostAmortization id="Tag5114" contextRef="D20201231_NotesInForeignMarketMember" unitRef="BRL" decimals="-3">4265000</ugp:TransactionCostAmortization>
  <ugp:CollateralFuturePaymentsMaturityPeriod id="Tag5115" contextRef="D20191231_IpirangaProdutosdePetroleoSAMember">P60M</ugp:CollateralFuturePaymentsMaturityPeriod>
  <ugp:LoanMaturityBancoDeBrasil id="Tag5116" contextRef="D20201231_MaturitySevenMember" unitRef="BRL" decimals="-3">203092000</ugp:LoanMaturityBancoDeBrasil>
  <ugp:TransactionCostsFinancialInstruments id="Tag5117" contextRef="I20171231_BancoDoBrasilMember" unitRef="BRL" decimals="-3">8065000</ugp:TransactionCostsFinancialInstruments>
  <ugp:LoanIndexCurrency id="Tag5118" contextRef="D20201231_Loan15Member">DI</ugp:LoanIndexCurrency>
  <ugp:TransactionCostsFinancialInstruments id="Tag5119" contextRef="I20201231_UnsecuredNotesPayableNotConvertibleIntoSharesMember" unitRef="BRL" decimals="-3">1318000</ugp:TransactionCostsFinancialInstruments>
  <ugp:AmountAppropriatedToProfitOrLossInFuture id="Tag5120" contextRef="I20201231_From1To2YearsMember_DebenturesMember" unitRef="BRL" decimals="-3">9274000</ugp:AmountAppropriatedToProfitOrLossInFuture>
  <ugp:CollateralFuturePaymentsMaturityPeriod id="Tag5121" contextRef="D20191231_OxitenoMember_3">P4M</ugp:CollateralFuturePaymentsMaturityPeriod>
  <ugp:BrazilianRealDenominatedLoans id="Tag5122" contextRef="I20201231_Loan14Member" unitRef="BRL" decimals="-3">1000824000</ugp:BrazilianRealDenominatedLoans>
  <ugp:CollateralAssetsLettersOfCreditOrGuarantees id="Tag5123" contextRef="I20191231" unitRef="BRL" decimals="-3">293509000</ugp:CollateralAssetsLettersOfCreditOrGuarantees>
  <ugp:LoanIndexCurrency id="Tag5124" contextRef="D20201231_Loan4Member">US$ + LIBOR</ugp:LoanIndexCurrency>
  <ugp:LoanDescription id="Tag5125" contextRef="D20201231_Loan15Member">Banco do Brasil</ugp:LoanDescription>
  <ugp:TransactionCostsFinancialInstruments id="Tag5126" contextRef="I20191231_NotesInForeignMarketMember" unitRef="BRL" decimals="-3">28114000</ugp:TransactionCostsFinancialInstruments>
  <ugp:BrazilianRealDenominatedLoans id="Tag5127" contextRef="I20201231_Loan11Member" unitRef="BRL" decimals="-3">1734113000</ugp:BrazilianRealDenominatedLoans>
  <ugp:LoanMaturityDate id="Tag5128" contextRef="D20201231_Loan23Member">2020 to 2022</ugp:LoanMaturityDate>
  <ugp:NumberOfDebenturesIssued id="Tag5129" contextRef="D20170430_DebenturesFifthIssueMember_IpirangaProdutosdePetroleoSAMember" unitRef="Pure" decimals="0">352361</ugp:NumberOfDebenturesIssued>
  <ugp:LoanIndexCurrency id="Tag5130" contextRef="D20201231_Loan12Member">DI</ugp:LoanIndexCurrency>
  <ugp:BrazilianRealDenominatedLoans id="Tag5131" contextRef="I20201231" unitRef="BRL" decimals="-3">8070530000</ugp:BrazilianRealDenominatedLoans>
  <ugp:LoanIndexCurrency id="Tag5132" contextRef="D20201231_Loan20Member">R$</ugp:LoanIndexCurrency>
  <ugp:IncurredTransactionCost id="Tag5133" contextRef="D20201231_UnsecuredNotesPayableNotConvertibleIntoSharesMember" unitRef="BRL" decimals="-3">6802000</ugp:IncurredTransactionCost>
  <ugp:DebentureInterestDescription id="Tag5134" contextRef="D20201231_DebentureTenMember">6.47%</ugp:DebentureInterestDescription>
  <ugp:DebenturePaymentOfFaceValueDescription id="Tag5135" contextRef="D20201231_DebentureSevenMember">Lump sum at final maturity</ugp:DebenturePaymentOfFaceValueDescription>
  <ugp:WeightedAverageFinancialChargesLoans id="Tag5136" contextRef="D20201231_Loan17Member">6.5</ugp:WeightedAverageFinancialChargesLoans>
  <ugp:LoanMaturityDate id="Tag5137" contextRef="D20201231_Loan3Member">2021</ugp:LoanMaturityDate>
  <ugp:WeightedAverageFinancialChargesLoans id="Tag5138" contextRef="D20201231_Loan7Member">8.4</ugp:WeightedAverageFinancialChargesLoans>
  <ugp:TransactionCostsFinancialInstruments id="Tag5139" contextRef="I20191231" unitRef="BRL" decimals="-3">71766000</ugp:TransactionCostsFinancialInstruments>
  <ugp:ForeignCurrencyDenominatedLoans id="Tag5140" contextRef="I20201231_Loan7Member" unitRef="BRL" decimals="-3">39350000</ugp:ForeignCurrencyDenominatedLoans>
  <ugp:TransactionCostsFinancialInstruments id="Tag5141" contextRef="I20171231" unitRef="BRL" decimals="-3">72086000</ugp:TransactionCostsFinancialInstruments>
  <ugp:TransactionCostsFinancialInstruments id="Tag5142" contextRef="I20181231_BancoDoBrasilMember" unitRef="BRL" decimals="-3">3437000</ugp:TransactionCostsFinancialInstruments>
  <ugp:TransactionCostAmortization id="Tag5143" contextRef="D20191231_DebenturesMember" unitRef="BRL" decimals="-3">15662000</ugp:TransactionCostAmortization>
  <ifrs-full:BorrowingsInterestRate id="Tag5144" contextRef="I20200713_UltraparInternationalSAMember" unitRef="Pure" decimals="4">0.0525</ifrs-full:BorrowingsInterestRate>
  <ifrs-full:Borrowings id="Tag5145" contextRef="I20201231_OxitenoUSAMember_MatureInMarchTwoThousandAndTwentyOneMember" unitRef="USD" decimals="-3">60000000</ifrs-full:Borrowings>
  <ugp:LoanIndexCurrency id="Tag5146" contextRef="D20201231_Loan16Member">R$ + DI</ugp:LoanIndexCurrency>
  <ugp:DebenturePaymentOfInterestDescription id="Tag5147" contextRef="D20201231_DebentureTenMember">Semiannually</ugp:DebenturePaymentOfInterestDescription>
  <ugp:EffectiveRateOfTransactionCosts id="Tag5148" contextRef="D20181231_OtherTransactionCostsMember" unitRef="Pure" decimals="3">0.002</ugp:EffectiveRateOfTransactionCosts>
  <ifrs-full:ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions id="Tag5149" contextRef="D20191231_3" unitRef="BRL" decimals="-3">73536000</ifrs-full:ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions>
  <ugp:LoanIndexCurrency id="Tag5150" contextRef="D20201231_Loan11Member">DI</ugp:LoanIndexCurrency>
  <ugp:LoanDescription id="Tag5151" contextRef="D20201231_Loan1Member">Notes in the foreign market</ugp:LoanDescription>
  <ugp:Debentures id="Tag5152" contextRef="I20201231_MaturityTwentyOneMember" unitRef="BRL" decimals="-3">90000000</ugp:Debentures>
  <ugp:IncurredTransactionCost id="Tag5153" contextRef="D20181231_OtherTransactionCostsMember" unitRef="BRL" decimals="-3">366000</ugp:IncurredTransactionCost>
  <ugp:Debentures id="Tag5154" contextRef="I20201231_MaturityEighteenMember" unitRef="BRL" decimals="-3">660000000</ugp:Debentures>
  <ugp:NoncurrentDebt id="Tag5155" contextRef="I20201231_From2To3YearsMember" unitRef="BRL" decimals="-3">3091641000</ugp:NoncurrentDebt>
  <ugp:AmountAppropriatedToProfitOrLossInFuture id="Tag5156" contextRef="I20201231_UpTo1YearMember_DebenturesMember" unitRef="BRL" decimals="-3">12403000</ugp:AmountAppropriatedToProfitOrLossInFuture>
  <ugp:WeightedAverageFinancialChargesLoans id="Tag5157" contextRef="D20201231_Loan4Member">1.0</ugp:WeightedAverageFinancialChargesLoans>
  <ugp:DebenturePaymentOfInterestDescription id="Tag5158" contextRef="D20201231_DebentureSixMember">Annually</ugp:DebenturePaymentOfInterestDescription>
  <ugp:DebenturesPrincipalAmount id="Tag5159" contextRef="I20201231_DebentureEightMember" unitRef="BRL" decimals="-3">660000000</ugp:DebenturesPrincipalAmount>
  <ugp:AmountAppropriatedToProfitOrLossInFuture id="Tag5160" contextRef="I20201231_UpTo1YearMember" unitRef="BRL" decimals="-3">18868000</ugp:AmountAppropriatedToProfitOrLossInFuture>
  <ugp:NumberOfDebenturesIssued id="Tag5161" contextRef="D20181231_DebenturesEighthIssueMember_IpirangaProdutosdePetroleoSAMember_DebentureEightMember" unitRef="Pure" decimals="0">660000</ugp:NumberOfDebenturesIssued>
  <ugp:TransactionCostsFinancialInstruments id="Tag5162" contextRef="I20201231_DebenturesMember" unitRef="BRL" decimals="-3">28348000</ugp:TransactionCostsFinancialInstruments>
  <ugp:LoanIndexCurrency id="Tag5163" contextRef="D20201231_Loan19Member">TJLP</ugp:LoanIndexCurrency>
  <ugp:TransactionCostAmortization id="Tag5164" contextRef="D20181231_OtherTransactionCostsMember" unitRef="BRL" decimals="-3">735000</ugp:TransactionCostAmortization>
  <ugp:NumberOfDebenturesIssued id="Tag5165" contextRef="D20171031_DebenturesSeventhIssueMember_IpirangaProdutosdePetroleoSAMember" unitRef="Pure" decimals="0">213693</ugp:NumberOfDebenturesIssued>
  <ugp:AmountAppropriatedToProfitOrLossInFuture id="Tag5166" contextRef="I20201231_From3To4YearsMember" unitRef="BRL" decimals="-3">6052000</ugp:AmountAppropriatedToProfitOrLossInFuture>
  <ugp:DebenturesPrincipalAmount id="Tag5167" contextRef="I20201231_DebentureNineMember" unitRef="BRL" decimals="-3">240000000</ugp:DebenturesPrincipalAmount>
  <ugp:BrazilianRealDenominatedLoans id="Tag5168" contextRef="I20201231_Loan23Member" unitRef="BRL" decimals="-3">0</ugp:BrazilianRealDenominatedLoans>
  <ugp:DebenturePaymentOfInterestDescription id="Tag5169" contextRef="D20201231_DebentureNineMember">Annually</ugp:DebenturePaymentOfInterestDescription>
  <ugp:PrincipalPaymentAndFinancialLeases id="Tag5170" contextRef="D20201231_3" unitRef="BRL" decimals="-3">2795002000</ugp:PrincipalPaymentAndFinancialLeases>
  <ifrs-full:NotesAndDebenturesIssued id="Tag5171" contextRef="I20190621_UltraparInternationalSAMember" unitRef="BRL" decimals="-3">1039340000</ifrs-full:NotesAndDebenturesIssued>
  <ugp:AmountAppropriatedToProfitOrLossInFuture id="Tag5172" contextRef="I20201231_From3To4YearsMember_NotesInForeignMarketMember" unitRef="BRL" decimals="-3">4913000</ugp:AmountAppropriatedToProfitOrLossInFuture>
  <ugp:AmountAppropriatedToProfitOrLossInFuture id="Tag5173" contextRef="I20201231" unitRef="BRL" decimals="-3">67110000</ugp:AmountAppropriatedToProfitOrLossInFuture>
  <ugp:DebentureInterestDescription id="Tag5174" contextRef="D20201231_ForeignLoansMember_GlobalPetroleumProductsTradingCorporationMember">105.9% of DI</ugp:DebentureInterestDescription>
  <ugp:IncurredTransactionCost id="Tag5175" contextRef="D20191231_NotesInForeignMarketMember" unitRef="BRL" decimals="-3">18442000</ugp:IncurredTransactionCost>
  <ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities id="Tag5176" contextRef="D20201231_ForeignLoansMember_IpirangaProdutosdePetroleoSAMember" unitRef="USD" decimals="-3">160000000</ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities>
  <ugp:LoanIndexCurrency id="Tag5177" contextRef="D20201231_Loan14Member">IPCA</ugp:LoanIndexCurrency>
  <ugp:ForeignCurrencyDenominatedLoans id="Tag5178" contextRef="I20191231_Loan3Member" unitRef="BRL" decimals="-3">604741000</ugp:ForeignCurrencyDenominatedLoans>
  <ugp:Debentures id="Tag5179" contextRef="I20201231_MaturityNineteenMember" unitRef="BRL" decimals="-3">352361000</ugp:Debentures>
  <ugp:DebentureReprice id="Tag5180" contextRef="D20201231_DebentureFiveMember">Not applicable</ugp:DebentureReprice>
  <ugp:NumberOfDebenturesDistributedThroughPublicOffer id="Tag5181" contextRef="D20191130_DebenturesFirstIssueMember_TerminalQuimicoDeAratuSATequimarMember" unitRef="Pure" decimals="0">90000</ugp:NumberOfDebenturesDistributedThroughPublicOffer>
  <ugp:ForeignLoanMaturityAmount id="Tag5182" contextRef="D20201231_ForeignLoansMember_IpirangaProdutosdePetroleoSAMember" unitRef="BRL" decimals="-3">1308928000</ugp:ForeignLoanMaturityAmount>
  <ugp:ForeignCurrencyDenominatedLoans id="Tag5183" contextRef="I20201231_Loan2Member" unitRef="BRL" decimals="-3">1047644000</ugp:ForeignCurrencyDenominatedLoans>
  <ugp:ForeignCurrencyDenominatedLoans id="Tag5184" contextRef="I20191231_Loan7Member" unitRef="BRL" decimals="-3">41164000</ugp:ForeignCurrencyDenominatedLoans>
  <ugp:LoanMaturityDate id="Tag5185" contextRef="D20201231_Loan11Member">2023</ugp:LoanMaturityDate>
  <ugp:WeightedAverageFinancialChargesLoans id="Tag5186" contextRef="D20201231_Loan10Member">95.8</ugp:WeightedAverageFinancialChargesLoans>
  <ifrs-full:BorrowingsMaturity id="Tag5187" contextRef="D20161006_UltraparInternationalSAMember">October 2026</ifrs-full:BorrowingsMaturity>
  <ugp:NoncurrentDebt id="Tag5188" contextRef="I20191231_MoreThan5YearsMember" unitRef="BRL" decimals="-3">4517760000</ugp:NoncurrentDebt>
  <ugp:LoanMaturityDate id="Tag5189" contextRef="D20201231_Loan1Member">2026 to 2029</ugp:LoanMaturityDate>
  <ugp:WeightedAverageFinancialChargesLoans id="Tag5190" contextRef="D20201231_Loan15Member">110.9</ugp:WeightedAverageFinancialChargesLoans>
  <ugp:MaximumPotentialAmountOfFuturePaymentsOnGuarantees id="Tag5191" contextRef="I20191231_OxitenoMember_1" unitRef="BRL" decimals="-3">2753000</ugp:MaximumPotentialAmountOfFuturePaymentsOnGuarantees>
  <ugp:LoansAndDeBenturesChangeInFairValue id="Tag5192" contextRef="D20191231_3" unitRef="BRL" decimals="-3">113060000</ugp:LoansAndDeBenturesChangeInFairValue>
  <ugp:ForeignCurrencyDenominatedLoans id="Tag5193" contextRef="I20201231_Loan3Member" unitRef="BRL" decimals="-3">312200000</ugp:ForeignCurrencyDenominatedLoans>
  <ugp:ForeignCurrencyDenominatedLoans id="Tag5194" contextRef="I20191231_Loan2Member" unitRef="BRL" decimals="-3">1057407000</ugp:ForeignCurrencyDenominatedLoans>
  <ugp:Debentures id="Tag5195" contextRef="I20201231_MaturitySeventeenMember" unitRef="BRL" decimals="-3">1725336000</ugp:Debentures>
  <ugp:TransactionCostsFinancialInstruments id="Tag5196" contextRef="I20201231_NotesInForeignMarketMember" unitRef="BRL" decimals="-3">37112000</ugp:TransactionCostsFinancialInstruments>
  <ugp:BrazilianRealDenominatedLoans id="Tag5197" contextRef="I20191231_Loan23Member" unitRef="BRL" decimals="-3">3913000</ugp:BrazilianRealDenominatedLoans>
  <ugp:MaximumPotentialAmountOfFuturePaymentsOnGuarantees id="Tag5198" contextRef="I20191231_IpirangaProdutosdePetroleoSAMember" unitRef="BRL" decimals="-3">81344000</ugp:MaximumPotentialAmountOfFuturePaymentsOnGuarantees>
  <ugp:ForeignLoanMaturityAmount id="Tag5199" contextRef="D20201231_ForeignLoanOneMember_IpirangaProdutosdePetroleoSAMember_ForeignLoansMember" unitRef="USD" decimals="-3">60000000</ugp:ForeignLoanMaturityAmount>
  <ugp:LoanIndexCurrency id="Tag5200" contextRef="D20201231_Loan10Member">DI</ugp:LoanIndexCurrency>
  <ugp:DescriptionOfPaymentOfInterestOfBorrowings id="Tag5201" contextRef="D20200430_UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt6thApril2021Member">Lump sum at final maturity</ugp:DescriptionOfPaymentOfInterestOfBorrowings>
  <ugp:LoansDebenturesAndFinanceLeases id="Tag5202" contextRef="I20191231" unitRef="BRL" decimals="-3">14362737000</ugp:LoansDebenturesAndFinanceLeases>
  <ugp:BondsIssuePriceInPercentage id="Tag5203" contextRef="D20190606_UltraparInternationalSAMember" unitRef="Pure" decimals="2">1.00</ugp:BondsIssuePriceInPercentage>
  <ifrs-full:NotesAndDebenturesIssued id="Tag5204" contextRef="I20190606_UltraparInternationalSAMember" unitRef="BRL" decimals="-3">2598350000</ifrs-full:NotesAndDebenturesIssued>
  <ifrs-full:BorrowingsInterestRate id="Tag5205" contextRef="I20161006_UltraparInternationalSAMember" unitRef="Pure" decimals="4">0.0525</ifrs-full:BorrowingsInterestRate>
  <ifrs-full:NotesAndDebenturesIssued id="Tag5206" contextRef="I20200713_UltraparInternationalSAMember" unitRef="USD" decimals="-3">350000000</ifrs-full:NotesAndDebenturesIssued>
  <ugp:Debentures id="Tag5207" contextRef="I20201231_MaturityFourteenMember" unitRef="BRL" decimals="-3">660139000</ugp:Debentures>
  <ugp:DebenturePaymentOfFaceValueDescription id="Tag5208" contextRef="D20201231_DebentureEightMember">Lump sum at final maturity</ugp:DebenturePaymentOfFaceValueDescription>
  <ugp:AmountAppropriatedToProfitOrLossInFuture id="Tag5209" contextRef="I20201231_MoreThan5YearsMember_NotesInForeignMarketMember" unitRef="BRL" decimals="-3">12617000</ugp:AmountAppropriatedToProfitOrLossInFuture>
  <ifrs-full:NotionalAmount id="Tag5210" contextRef="I20200430_UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt6thApril2021Member" unitRef="BRL" decimals="-1">25000000000</ifrs-full:NotionalAmount>
  <ugp:TransactionCostAmortization id="Tag5211" contextRef="D20191231_BancoDoBrasilMember" unitRef="BRL" decimals="-3">2667000</ugp:TransactionCostAmortization>
  <ugp:DebentureFaceValue id="Tag5212" contextRef="D20201231_DebentureTenMember" unitRef="BRL" decimals="-1">1000000</ugp:DebentureFaceValue>
  <ugp:WeightedAverageFinancialChargesLoans id="Tag5213" contextRef="D20201231_Loan2Member">3.9</ugp:WeightedAverageFinancialChargesLoans>
  <ugp:BrazilianRealDenominatedLoans id="Tag5214" contextRef="I20201231_Loan19Member" unitRef="BRL" decimals="-3">0</ugp:BrazilianRealDenominatedLoans>
  <ugp:ForeignLoanMaturityDate id="Tag5215" contextRef="D20201231_ForeignLoanFourMember_IpirangaProdutosdePetroleoSAMember_ForeignLoansMember">Sep/2023</ugp:ForeignLoanMaturityDate>
  <ugp:ForeignLoanMaturityDate id="Tag5216" contextRef="D20201231_ForeignLoanThreeMember_IpirangaProdutosdePetroleoSAMember_ForeignLoansMember">Sep/2023</ugp:ForeignLoanMaturityDate>
  <ugp:ForeignLoanMaturityAmount id="Tag5217" contextRef="D20201231_ForeignLoanTwoMember_IpirangaProdutosdePetroleoSAMember_ForeignLoansMember" unitRef="USD" decimals="-3">50000000</ugp:ForeignLoanMaturityAmount>
  <ugp:DebentureReprice id="Tag5218" contextRef="D20201231_DebentureThreeMember">Not applicable</ugp:DebentureReprice>
  <ugp:TransactionCostAmortization id="Tag5219" contextRef="D20181231_BancoDoBrasilMember" unitRef="BRL" decimals="-3">4628000</ugp:TransactionCostAmortization>
  <ugp:LoanIndexCurrency id="Tag5220" contextRef="D20201231_Loan13Member">R$ + DI</ugp:LoanIndexCurrency>
  <ugp:ForeignCurrencyDenominatedLoans id="Tag5221" contextRef="I20201231_ForeignLoansMember_IpirangaProdutosdePetroleoSAMember" unitRef="BRL" decimals="-3">1221225000</ugp:ForeignCurrencyDenominatedLoans>
  <ugp:Debentures id="Tag5222" contextRef="I20201231_MaturityFifteenMember" unitRef="BRL" decimals="-3">750000000</ugp:Debentures>
  <ugp:BrazilianRealDenominatedLoans id="Tag5223" contextRef="I20191231_Loan20Member" unitRef="BRL" decimals="-3">10039000</ugp:BrazilianRealDenominatedLoans>
  <ugp:PercentageOfDiscountRate id="Tag5224" contextRef="D20201231_NortheastConstitutionalFinancingFundMember" unitRef="Pure" decimals="2">0.15</ugp:PercentageOfDiscountRate>
  <ugp:DebentureFaceValue id="Tag5225" contextRef="D20201231_DebentureSevenMember" unitRef="BRL" decimals="-1">1000000</ugp:DebentureFaceValue>
  <ugp:DebenturePaymentOfFaceValueDescription id="Tag5226" contextRef="D20201231_DebentureThreeMember">Lump sum at final maturity</ugp:DebenturePaymentOfFaceValueDescription>
  <ugp:EffectiveRateOfTransactionCosts id="Tag5227" contextRef="D20181231_DebenturesMember" unitRef="Pure" decimals="3">0.002</ugp:EffectiveRateOfTransactionCosts>
  <ugp:LoanIndexCurrency id="Tag5228" contextRef="D20201231_Loan24Member">TJLP</ugp:LoanIndexCurrency>
  <ugp:LoanIndexCurrency id="Tag5229" contextRef="D20201231_Loan9Member">US$</ugp:LoanIndexCurrency>
  <ugp:TotalForeignCurrencyAndBrazilianReais id="Tag5230" contextRef="I20201231" unitRef="BRL" decimals="-3">17259057000</ugp:TotalForeignCurrencyAndBrazilianReais>
  <ifrs-full:BorrowingsInterestRateBasis id="Tag5231" contextRef="D20200430_UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt6thApril2021Member">DI + 3.10%</ifrs-full:BorrowingsInterestRateBasis>
  <ugp:DebentureInterestDescription id="Tag5232" contextRef="D20201231_DebentureTwoMember">95.0% of DI</ugp:DebentureInterestDescription>
  <ugp:AmountAppropriatedToProfitOrLossInFuture id="Tag5233" contextRef="I20201231_UnsecuredNotesPayableNotConvertibleIntoSharesMember" unitRef="BRL" decimals="-3">1318000</ugp:AmountAppropriatedToProfitOrLossInFuture>
  <ugp:AmountAppropriatedToProfitOrLossInFuture id="Tag5234" contextRef="I20201231_From4To5YearsMember_NotesInForeignMarketMember" unitRef="BRL" decimals="-3">4903000</ugp:AmountAppropriatedToProfitOrLossInFuture>
  <ugp:LoanMaturityBancoDeBrasil id="Tag5235" contextRef="D20201231_3" unitRef="BRL" decimals="-3">407420000</ugp:LoanMaturityBancoDeBrasil>
  <ugp:AmountAppropriatedToProfitOrLossInFuture id="Tag5236" contextRef="I20201231_NotesInForeignMarketMember" unitRef="BRL" decimals="-3">37112000</ugp:AmountAppropriatedToProfitOrLossInFuture>
  <ugp:ForeignLoanMaturityAmount id="Tag5237" contextRef="D20201231_ForeignLoanTwoMember_IpirangaProdutosdePetroleoSAMember_ForeignLoansMember" unitRef="BRL" decimals="-3">259835000</ugp:ForeignLoanMaturityAmount>
  <ugp:LoanDebt id="Tag5238" contextRef="I20191231" unitRef="BRL" decimals="-3">14392722000</ugp:LoanDebt>
  <ugp:DebentureFinalMaturity id="Tag5239" contextRef="D20201231_DebentureEightMember">December 18, 2023</ugp:DebentureFinalMaturity>
  <ugp:LoanDescription id="Tag5240" contextRef="D20201231_Loan8Member">Foreign loan</ugp:LoanDescription>
  <ugp:Debentures id="Tag5241" contextRef="I20201231" unitRef="BRL" decimals="-3">6544116000</ugp:Debentures>
  <ugp:AdditionsLoansAndDebenturesWithCashEffect id="Tag5242" contextRef="D20201231_3" unitRef="BRL" decimals="-3">3591624000</ugp:AdditionsLoansAndDebenturesWithCashEffect>
  <ifrs-full:ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions id="Tag5243" contextRef="D20201231_3" unitRef="BRL" decimals="-3">75251000</ifrs-full:ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions>
  <ugp:CurrentDebt id="Tag5244" contextRef="I20191231" unitRef="BRL" decimals="-3">1117441000</ugp:CurrentDebt>
  <ugp:WeightedAverageFinancialChargesLoans id="Tag5245" contextRef="D20201231_Loan9Member">0</ugp:WeightedAverageFinancialChargesLoans>
  <ugp:AverageCostInPercentageOfCdi id="Tag5246" contextRef="D20201231_ForeignLoanFourMember_IpirangaProdutosdePetroleoSAMember_ForeignLoansMember" unitRef="Pure" decimals="3">1.048</ugp:AverageCostInPercentageOfCdi>
  <ugp:DebenturePaymentOfFaceValueDescription id="Tag5247" contextRef="D20201231_DebentureFiveMember">Lump sum at final maturity</ugp:DebenturePaymentOfFaceValueDescription>
  <ugp:LoanIndexCurrency id="Tag5248" contextRef="D20201231_Loan7Member">MX$</ugp:LoanIndexCurrency>
  <ugp:ForeignCurrencyDenominatedLoans id="Tag5249" contextRef="I20191231_Loan8Member" unitRef="BRL" decimals="-3">243837000</ugp:ForeignCurrencyDenominatedLoans>
  <ugp:LoanMaturityDate id="Tag5250" contextRef="D20201231_Loan20Member">2021</ugp:LoanMaturityDate>
  <ugp:NoncurrentDebt id="Tag5251" contextRef="I20201231_From1To2YearsMember" unitRef="BRL" decimals="-3">2702626000</ugp:NoncurrentDebt>
  <ugp:LoanMaturityDate id="Tag5252" contextRef="D20201231_Loan12Member">2021 to 2022</ugp:LoanMaturityDate>
  <ifrs-full:BorrowingsMaturity id="Tag5253" contextRef="D20190621_UltraparInternationalSAMember">October 2026</ifrs-full:BorrowingsMaturity>
  <ugp:EffectiveRateOfTransactionCosts id="Tag5254" contextRef="D20201231_NotesInForeignMarketMember" unitRef="Pure" decimals="3">0.001</ugp:EffectiveRateOfTransactionCosts>
  <ugp:BrazilianRealDenominatedLoans id="Tag5255" contextRef="I20191231_Loan14Member" unitRef="BRL" decimals="-3">941614000</ugp:BrazilianRealDenominatedLoans>
  <ugp:BrazilianRealDenominatedLoans id="Tag5256" contextRef="I20191231_Loan13Member" unitRef="BRL" decimals="-3">0</ugp:BrazilianRealDenominatedLoans>
  <ugp:SummaryOfPrincipalMaturityScheduleTableTextBlock id="Tag5257" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The long-term debt had the following &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;principal &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;maturity schedule:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; widows: 0; orphans: 0; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 113px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 74%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; From &lt;font&gt;1&lt;/font&gt; to &lt;font&gt;2&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,702,626&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,424,775&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; From &lt;font&gt;2&lt;/font&gt; to &lt;font&gt;3&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,091,641&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,115,495&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; From &lt;font&gt;3&lt;/font&gt; to &lt;font&gt;4&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;784,778&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,451,988&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; From &lt;font&gt;4&lt;/font&gt; to &lt;font&gt;5&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;231,271&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;765,263&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; More than &lt;font&gt;5&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,309,956&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,517,760&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;14,120,272&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;13,275,281&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ugp:SummaryOfPrincipalMaturityScheduleTableTextBlock>
  <ugp:SummaryOfCompostionOfLoansTableTextBlock id="Tag5258" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt;a. Composition&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 556px; width: 100%;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Description &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Index/ &lt;br/&gt;Currency &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Weighted average &lt;br/&gt;financial charges &lt;br/&gt;12/31/2020 &amp;#8211; % p.a. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Maturity &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign currency &amp;#8211; denominated loans: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; width: 40%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;N&lt;font&gt;otes in the foreign market&lt;/font&gt;&lt;/font&gt; (b) (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,267,687&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,213,662&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font style="border-right: none; border-left: none;"&gt;US&lt;/font&gt;$&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5.3&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;2026 to 2029&lt;/font&gt;&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Foreign loan&lt;/font&gt; (c&lt;font&gt;.1&lt;/font&gt;) (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,047,644&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,057,407&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font style="border-right: none; border-left: none;"&gt;US&lt;/font&gt;$&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3.9&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;2021 to 2023&lt;/font&gt;&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Financial institutions&lt;/font&gt; (e) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;312,200&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;604,741&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;US$ + &lt;font style="border-left: none; border-right: none;"&gt;LIBOR&lt;/font&gt;&lt;/font&gt; (&lt;font style="border-left: none; border-right: none;"&gt;1&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1.4&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Foreign loan&lt;/font&gt; (c&lt;font&gt;.1&lt;/font&gt;) (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;261,284&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;608,685&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;US$ + &lt;font style="border-left: none; border-right: none;"&gt;LIBOR&lt;/font&gt;&lt;/font&gt; (&lt;font style="border-left: none; border-right: none;"&gt;1&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1.0&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2022&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Financial institutions&lt;/font&gt; (e) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;154,783&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;132,417&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;US$&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2.5&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;2020 to 2022&lt;/font&gt;&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Advances on foreign exchange contracts&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;105,579&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;US$&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3.7&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Financial institutions&lt;/font&gt; (e) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;39,350&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;41,164&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;MX$&lt;/font&gt; (&lt;font style="border-left: none; border-right: none;"&gt;2&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8.4&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Foreign loan&lt;/font&gt; (c&lt;font&gt;.2&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;243,837&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;US$ + &lt;font style="border-left: none; border-right: none;"&gt;LIBOR&lt;/font&gt;&lt;/font&gt; (&lt;font style="border-left: none; border-right: none;"&gt;1&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;BNDES&lt;/font&gt; (d) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;208&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;US$&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total foreign currency &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; border-bottom: 1pt solid #000000; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,188,527&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; border-bottom: 1pt solid #000000; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,902,121&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Brazilian Reais &amp;#8211; denominated loans: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Debentures &amp;#8211; CRA&lt;/font&gt; (g&lt;font style="border-left: none; border-right: none;"&gt;.2&lt;/font&gt;, g&lt;font style="border-left: none; border-right: none;"&gt;.4&lt;/font&gt; and g&lt;font style="border-left: none; border-right: none;"&gt;.6&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;2,037,602&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;2,036,647&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;DI&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;95.8&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;2022 to 2023&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font style="border-right: none; border-left: none;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;Debentures - 6&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&amp;#170; issuance (g&lt;font style="border-left: none; border-right: none;"&gt;.5&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,734,113&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,752,080&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;DI&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;105.3&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2023&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Debentures &amp;#8211; Ipiranga&lt;/font&gt; (g&lt;font style="border-left: none; border-right: none;"&gt;.1&lt;/font&gt; and g&lt;font style="border-left: none; border-right: none;"&gt;.3&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,679,036&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,868,612&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;DI&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;105.0&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;2021 to 2022&lt;/font&gt;&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Notes - Ultrapar&lt;/font&gt; (h&lt;font style="border-left: none; border-right: none;"&gt;.1&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,038,499&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;R$ + DI&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3.1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Debentures &amp;#8211; CRA&lt;/font&gt; (g&lt;font style="border-left: none; border-right: none;"&gt;.2&lt;/font&gt;, g&lt;font style="border-left: none; border-right: none;"&gt;.4&lt;/font&gt; and g&lt;font style="border-left: none; border-right: none;"&gt;.6&lt;/font&gt;) (*)&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,000,824&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;941,614&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;IPCA&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4.6&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;2024 to 2025&lt;/font&gt;&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Banco do Brasil&lt;/font&gt; (f) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;407,420&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;611,276&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;DI&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;110.9&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;2021 to 2022&lt;/font&gt;&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Bank Credit Bill&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;50,692&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;R$ + DI&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3.5&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Debentures &amp;#8211; Tequimar&lt;/font&gt; (g&lt;font style="border-left: none; border-right: none;"&gt;.7&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;92,541&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;89,278&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;R$&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6.5&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2024&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;FINEP&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;29,803&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;41,345&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;TJLP&lt;/font&gt; (&lt;font style="border-left: none; border-right: none;"&gt;3&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1.6&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;2020 to 2023&lt;/font&gt;&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;BNDES&lt;/font&gt; (d) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;62,578&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;TJLP&lt;/font&gt; (&lt;font style="border-left: none; border-right: none;"&gt;3&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Banco do Nordeste do Brasil&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;10,039&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;R$&lt;/font&gt; (&lt;font style="border-left: none; border-right: none;"&gt;4&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;FINEP&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;12,820&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;R$&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;2020 to 2021&lt;/font&gt;&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;BNDES&lt;/font&gt; (d) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;30,392&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;SELIC&lt;/font&gt; (&lt;font style="border-left: none; border-right: none;"&gt;5&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;BNDES&lt;/font&gt; (d) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;3,913&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;R$&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;2020 to 2022&lt;/font&gt;&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;FINAME&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;22&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;TJLP&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font style="border-left: none; border-right: none;"&gt;3&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;2020 to 2022&lt;/font&gt;&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total in Brazilian Reais &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-bottom: 1pt solid #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;8,070,530&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-bottom: 1pt solid #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;7,460,616&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total foreign currency and Brazilian Reais &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;17,259,057&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;14,362,737&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Currency and interest rate hedging instruments (**) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;117,159&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;29,985&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;17,376,216&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;14,392,722&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;3,255,944&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,117,441&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Non-current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;14,120,272&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;13,275,281&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(*) These transactions were designated for hedge accounting (see Note &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.h&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;).&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(**) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Accumulated&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; losses (see Note &lt;font style="border-left: none; border-right: none;"&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;).&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';"&gt;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;LIBOR&lt;/font&gt; = London Interbank Offered Rate.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/sup&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;2&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';"&gt;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;MX$ = Mexican Peso; TIIE = the Mexican interbank balance interest rate.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/sup&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;3&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';"&gt;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;TJLP (Long-term Interest Rate) = set by the National Monetary Council, TJLP is the basic financing cost of Banco Nacional de Desenvolvimento Econ&amp;#244;mico e Social (&amp;#8220;BNDES&amp;#8221;), the Brazilian Development Bank. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;On &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font style="border-left: none; border-right: none;"&gt;2020&lt;/font&gt;, TJLP was fixed at &lt;font&gt;4.55&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;% p.a.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 2pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/sup&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;4&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';"&gt;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Contract linked to the rate of FNE (Northeast Constitutional Financing Fund) fund whose purpose is to promote the development of the industrial sector, managed by Banco do Nordeste do Brasil. On &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font style="border-left: none; border-right: none;"&gt;2020&lt;/font&gt;, the FNE interest &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;rate was &lt;font&gt;10&lt;/font&gt;% p.a. FNE grants a discount of &lt;font&gt;15&lt;/font&gt;% on the interest rate for timely payments.&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;5&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';"&gt;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;SELIC = basic interest rate set by the Brazilian Central Bank.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ugp:SummaryOfCompostionOfLoansTableTextBlock>
  <ugp:GainlossonDisposalofPropertyplantandequipmentandintangiblesAndImpairmentTextBlock id="Tag5259" contextRef="D20201231_3">&lt;div&gt;
&lt;h1 style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 12pt; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;28&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Gain (loss) on &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;d&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;isposal of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;PP&amp;amp;E&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ntangibles&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and impairment&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;/font&gt;&lt;/h1&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;gain or loss &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;is determined as the difference between the selling price and residual book value of the investment, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;PP&amp;amp;E&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; intangible asset. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;In&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2020&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;th&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;e &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;gain&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;was &lt;font&gt;R$&lt;/font&gt;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;76,150&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;loss&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;es&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;30,019&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;201&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and losses&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of R$ &lt;font&gt;22,088&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;in &lt;font&gt;2018&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;),&lt;/font&gt; represented primarily from&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;sale o&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;f PP&amp;amp;E.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; In &lt;font&gt;2019&lt;/font&gt; the impairment tests identified the need to recognize a loss in the amount of R$ &lt;font&gt;593,280&lt;/font&gt; for &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Extrafarma's&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; goodwill&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ugp:GainlossonDisposalofPropertyplantandequipmentandintangiblesAndImpairmentTextBlock>
  <ugp:DisclosureOfAssetReclassificationExplanatory id="Tag5260" contextRef="D20201231_3">&lt;div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 84%; margin-right: auto; height: 181px;" width="84%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total assets (excluding intersegment account balances): &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 63%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultragaz &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;2,927,062&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;2,998,623&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,719,425&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ipiranga &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;18,761,207&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;16,278,320&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15,381,887&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Oxiteno &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;8,892,850&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;7,453,476&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,452,331&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultracargo &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;2,197,675&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,871,799&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,478,697&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Extrafarma &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,845,038&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;2,060,182&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,107,901&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Abastece A&amp;#237; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;85,787&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;34,709,619&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;30,662,400&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;29,140,241&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Others &lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,540,543&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;533,072&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,359,154&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt double #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;36,250,162&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt double #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;31,195,472&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt double #000000; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;30,499,395&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;

&lt;table style="width: 100%; margin-left: 0.1px; height: 10px; font-family: 'times new roman'; font-size: 10pt;"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="width: 3%; height: 10px; vertical-align: top;" valign="top"&gt;&lt;sup style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; text-indent: -9.46667px;"&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;/font&gt;&lt;/sup&gt;&lt;sup style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; text-indent: -9.46667px;"&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;1&lt;/font&gt;&lt;/font&gt;&lt;/sup&gt;&lt;sup style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; text-indent: -9.46667px;"&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;/td&gt;
&lt;td style="width: 97%; height: 10px; padding: 1px 1px 10px;"&gt;&lt;font&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Composed&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;of&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;the&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;parent&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;company&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;Ultrapar&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;(&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;including&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;goodwill&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;of&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;certain&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;acquisitions&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;and&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;ubsidiaries&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Serma&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;- Associa&amp;#231;&amp;#227;o dos Usu&amp;#225;rios de Equipamentos de Processamento de Dados e Servi&amp;#231;os Correlatos (&amp;#8220;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Serma&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;#8221;)&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;and&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Imaven&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;Im&amp;#243;veis Ltda&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;.&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ugp:DisclosureOfAssetReclassificationExplanatory>
  <ugp:SummaryOfFinancialIncomeExpenseTableTextBlock id="Tag5261" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 280px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 84%; margin-right: auto;" width="84%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Finance income: &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 63%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest on financial investments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;135,502&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;302,793&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;328,625&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest from customers &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;134,001&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;138,462&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;135,514&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Changes in subscription warrants &amp;#8211; indemnification (see Note &lt;font&gt;24&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;44,484&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Selic interest on extraordinary PIS/COFINS credits (see Note &lt;font&gt;7&lt;/font&gt;.a&lt;font&gt;.2&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;242,661&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;11,146&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;168,564&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other finance income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15,546&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,888&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,048&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;527,710&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;457,289&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;681,235&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Finance expenses: &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest on loans &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;372,017&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;388,897&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;440,641&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest on debentures &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;321,654&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;482,361&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;441,394&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest on leases payable &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;147,687&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;132,994&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,670&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Bank charges, financial transactions tax, and other charges &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;79,882&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;62,687&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;92,558&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Exchange variation, net of gains and losses with derivative financial instruments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;158,007&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;134,544&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;172,701&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Changes in subscription warrants &amp;#8211; indemnification (see Note &lt;font&gt;24&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;17,353&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;7,760&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest of provisions and other expenses&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;16,498&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;23,988&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,791&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;797,084&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;964,143&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;794,771&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Finance income (expense) &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;269,374&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;506,854&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;113,536&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ugp:SummaryOfFinancialIncomeExpenseTableTextBlock>
  <ugp:DisclosureOfFinancialIncomeExpenseExplanatory id="Tag5262" contextRef="D20201231_3">&lt;div&gt;
&lt;h1 style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 12pt; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;30&lt;/font&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Finance&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ncome (Expense)&lt;/font&gt;&lt;/font&gt;&lt;/h1&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 280px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 84%; margin-right: auto;" width="84%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Finance income: &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 63%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest on financial investments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;135,502&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;302,793&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;328,625&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest from customers &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;134,001&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;138,462&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;135,514&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Changes in subscription warrants &amp;#8211; indemnification (see Note &lt;font&gt;24&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;44,484&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Selic interest on extraordinary PIS/COFINS credits (see Note &lt;font&gt;7&lt;/font&gt;.a&lt;font&gt;.2&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;242,661&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;11,146&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;168,564&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other finance income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15,546&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,888&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,048&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;527,710&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;457,289&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;681,235&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Finance expenses: &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest on loans &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;372,017&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;388,897&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;440,641&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest on debentures &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;321,654&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;482,361&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;441,394&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest on leases payable &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;147,687&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;132,994&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,670&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Bank charges, financial transactions tax, and other charges &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;79,882&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;62,687&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;92,558&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Exchange variation, net of gains and losses with derivative financial instruments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;158,007&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;134,544&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;172,701&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Changes in subscription warrants &amp;#8211; indemnification (see Note &lt;font&gt;24&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;17,353&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;7,760&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest of provisions and other expenses&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;16,498&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;23,988&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,791&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;797,084&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;964,143&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;794,771&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Finance income (expense) &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;269,374&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;506,854&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;113,536&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ugp:DisclosureOfFinancialIncomeExpenseExplanatory>
  <ugp:SummaryOfWeightedAverageSharesOutstandingTableTextBlock id="Tag5263" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 96px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 84%; margin-right: auto;" width="84%"&gt;

&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 63%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Weighted average shares outstanding (in thousands) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Weighted average shares outstanding for basic per share &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,087,050&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,086,642&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,086,394&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Dilution effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; Subscription warrants &amp;#8211; indemnification &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,570&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,570&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,570&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; Deferred stock plan &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,858&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,614&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,602&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Weighted average shares outstanding for diluted per share &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,093,478&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,092,826&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,092,566&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ugp:SummaryOfWeightedAverageSharesOutstandingTableTextBlock>
  <ifrs-full:DisclosureOfExternalCreditExposuresExplanatory id="Tag5264" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The credit risk of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;financial institution and government of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;cash, cash equivalents and financial investments is summarized below:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 120px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Fair value &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Counterparty credit rating &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 74%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; AAA &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 11%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8,190,428&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 11%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,906,077&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; AA &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;317,894&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;331,512&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; A &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;163,839&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;418,020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; BBB &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;56,488&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8,672,160&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,712,097&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfExternalCreditExposuresExplanatory>
  <ugp:WeightedAverageSharesDiluted id="Tag5265" contextRef="D20201231_3" unitRef="Shares" decimals="-3">1093478000</ugp:WeightedAverageSharesDiluted>
  <ugp:DisclosureOfFixedAndIntangibleAssetsAbroadExplanatory id="Tag5266" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The fixed and intangible assets of the Company and its subsidiaries &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;are located in&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Brazil, except those related to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8217; plants abroad, as shown below:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 86px; margin: 0px auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; text-indent: 0px;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; width: 76%; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; United States of America &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 11%; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,152,876&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 11%; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;909,787&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Mexico &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;163,042&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;124,809&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Uruguay &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;90,347&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;74,732&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,406,265&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,109,328&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ugp:DisclosureOfFixedAndIntangibleAssetsAbroadExplanatory>
  <ugp:OtherComprehensiveIncomeOfTheCompany id="Tag5267" contextRef="I20171231_TotalValuationAdjustmentsMember" unitRef="BRL" decimals="-3">154824000</ugp:OtherComprehensiveIncomeOfTheCompany>
  <ifrs-full:DisclosureOfEarningsPerShareExplanatory id="Tag5268" contextRef="D20201231_3">&lt;div&gt;
&lt;h1 style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 12pt; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;31&lt;/font&gt;&lt;/font&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Earnings per &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;hare&lt;/font&gt;&lt;/font&gt;&lt;/h1&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The table below presents a reconciliation of numerators and denominators used in computing earnings per share. The Company has a deferred stock plan&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and subscription warrants &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8211;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; indemnification&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, as mentioned in Notes &lt;font&gt;8&lt;/font&gt;.c&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and &lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;4&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, respectively.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 163px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 84%; margin-right: auto;" width="84%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Basic earnings per share &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; width: 63%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net income for the year of the Company &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;893,383&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;373,526&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,150,421&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Weighted average shares outstanding (in thousands) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,087,050&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,086,642&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,086,394&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Basic earnings per share &amp;#8211; R$ &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;0.8218&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;0.3437&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1.0589&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Diluted earnings per share &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net income for the year of the Company &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;893,383&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;373,526&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,150,421&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Weighted average shares outstanding (in thousands), including dilution effects &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,093,478&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,092,826&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,092,566&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Diluted earnings per share &amp;#8211; R$ &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;0.8170&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;0.3418&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1.0530&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 96px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 84%; margin-right: auto;" width="84%"&gt;

&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 63%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Weighted average shares outstanding (in thousands) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Weighted average shares outstanding for basic per share &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,087,050&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,086,642&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,086,394&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Dilution effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; Subscription warrants &amp;#8211; indemnification &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,570&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,570&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,570&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp; Deferred stock plan &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,858&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,614&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,602&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Weighted average shares outstanding for diluted per share &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,093,478&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,092,826&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,092,566&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Earnings per share were adjusted retrospectively by the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;issue of &lt;font&gt;2,195,520&lt;/font&gt; common&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; shares due to the partial exercise of the rights conferred by the subscription warrants disclosed in note &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;24&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and by the issue&lt;font&gt; of &lt;/font&gt;&lt;font&gt;70,939&lt;/font&gt; common shares disclosed in note &lt;font&gt;35&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.b&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfEarningsPerShareExplanatory>
  <ifrs-full:DisclosureOfCreditRiskExposureExplanatory id="Tag5269" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The table below presents information about credit risk exposure:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 147px; width: 100%;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Weighted &lt;br/&gt;average rate &lt;br/&gt;of losses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Accounting balance &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Provision &lt;br/&gt;for losses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Weighted &lt;br/&gt;average rate &lt;br/&gt;of losses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Accounting balance &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Provision for losses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 41%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; width: 9%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1.2&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; width: 8%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,751,067&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; width: 8%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;44,091&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; width: 8%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1.3&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; width: 8%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,843,803&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; width: 8%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;50,198&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; less than &lt;font&gt;30&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2.2&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;134,836&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,939&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2.1&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;185,612&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,975&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;31&lt;/font&gt;-&lt;font&gt;60&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8.2&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;43,207&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,563&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7.1&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;37,801&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,688&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;61&lt;/font&gt;-&lt;font&gt;90&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10.9&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;42,589&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,630&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;20.4&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;24,861&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,062&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;91&lt;/font&gt;-&lt;font&gt;180&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;36.8&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;76,158&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;28,062&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;41.8&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;91,633&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;38,337&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; more than &lt;font&gt;180&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;55.7&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;890,756&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;495,822&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;53.1&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;867,618&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;460,632&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,938,613&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;579,107&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,051,328&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;560,892&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfCreditRiskExposureExplanatory>
  <ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory id="Tag5270" contextRef="D20201231_3">&lt;div&gt;
&lt;h1 style="margin-top: 12pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 12pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;32&lt;/font&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Segment &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;nformation&lt;/font&gt;&lt;/font&gt;&lt;/h1&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Company operates &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;five&lt;/font&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;main business segments: gas distribution, fuel distribution, chemicals,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;storage&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;drugstores&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. The gas distribution segment (Ultragaz) distributes LPG to residential, commercial, and industrial consumers, especially in the South, Southeast, and Northeast regions of Brazil. The fuel distribution segment (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ipiranga&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) operates the distribution and marketing of gasoline, ethanol, diesel, fuel oil, kerosene, natural gas for vehicles&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and lubricants and related activities throughout all the Brazilian territory. The chemicals segment (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) produces ethylene oxide and its main derivatives and fatty alcohols, which are raw materials &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;used in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the home and personal care, agrochemical, paints, varnishes, and other industries. The storage segment (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ultracargo&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) operates liquid bulk terminals, especially in the Southeast and Northeast regions of Brazil&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;drugstores segment&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Extrafarma&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) trade&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; pharmaceutical, hygiene&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; beauty products through &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;its &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;own &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;drugstore chain in the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;North, Northeast and Southeast &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;regions &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of the country&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; The segments shown in the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;f&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;inancial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;are strategic business units supplying different products and services. Intersegment sales are at prices &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;similar to&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; those that would be charged to third parties.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;a. Financial information related to segments&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The main financial information of each of the Company&amp;#8217;s segments &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;are&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; stated as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 690px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 84%; margin: 0px auto; text-indent: 0px;" width="84%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 11.0701%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 1.10701%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.1937%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net revenue from sales and services: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 11.0701%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 1.10701%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; width: 0.968635%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff; width: 10.1937%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; width: 0.922509%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultragaz &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 11.0701%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;7,408,342&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.10701%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;7,094,823&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,043,246&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ipiranga &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 11.0701%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;66,133,035&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.10701%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;75,452,481&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;76,477,640&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Oxiteno &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 11.0701%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;5,210,704&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.10701%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;4,254,237&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,748,428&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultracargo &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 11.0701%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;644,177&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.10701%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;540,758&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;493,649&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Extrafarma &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 11.0701%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,988,411&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.10701%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;2,060,568&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,027,988&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Abastece A&amp;#237; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 11.0701%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;17,223&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.10701%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 11.0701%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;81,401,892&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.10701%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;89,402,867&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 17px; width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;90,790,951&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Others &lt;/font&gt;&lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;&lt;font&gt;(&lt;/font&gt;&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); width: 11.0701%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;48,325&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.10701%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255); width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;44,770&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;46,937&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Intersegment sales &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 11.0701%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;209,115&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.10701%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;149,662&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 17px; width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;139,905&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; padding: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 11.0701%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;81,241,102&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.10701%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: rgb(204, 238, 255); width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;89,297,975&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;90,697,983&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Intersegment sales: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 11.0701%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; width: 1.10701%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultragaz &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 11.0701%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;4,710&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: rgb(204, 238, 255); width: 1.10701%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;3,794&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,879&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ipiranga &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 11.0701%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;207&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; width: 1.10701%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;535&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,919&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Oxiteno &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 11.0701%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;16,069&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: rgb(204, 238, 255); width: 1.10701%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;22,265&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,325&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultracargo &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 11.0701%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;139,452&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; width: 1.10701%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;78,390&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;82,573&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 11.0701%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;160,438&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: rgb(204, 238, 255); width: 1.10701%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;104,984&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;94,696&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 22px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 22px; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Others &lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 22px; width: 11.0701%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;48,677&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; width: 1.10701%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 22px; width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 22px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;44,678&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 22px; width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 22px; width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;45,209&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 11.0701%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;209,115&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: rgb(204, 238, 255); width: 1.10701%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: rgb(204, 238, 255); width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;149,662&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;139,905&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net revenue from sales and services, excluding intersegment sales: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 11.0701%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; width: 1.10701%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultragaz &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 11.0701%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;7,403,632&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.10701%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;7,091,029&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,040,367&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ipiranga &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 11.0701%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;66,132,828&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; width: 1.10701%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;75,451,946&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;76,474,721&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Oxiteno &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 11.0701%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;5,194,635&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: rgb(204, 238, 255); width: 1.10701%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;4,231,971&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,742,103&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultracargo &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 11.0701%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;504,725&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; width: 1.10701%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;462,368&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;411,076&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Extrafarma &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 11.0701%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,988,411&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: rgb(204, 238, 255); width: 1.10701%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;2,060,569&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,027,988&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Abastece A&amp;#237; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 17px; width: 11.0701%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;17,223&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; width: 1.10701%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); vertical-align: top; height: 17px; width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 11.0701%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;81,241,454&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: rgb(204, 238, 255); width: 1.10701%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;89,297,883&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;90,696,255&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 22px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 22px; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Others &lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 22px; width: 11.0701%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;352&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; width: 1.10701%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 22px; width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 22px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;92&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 22px; width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 22px; width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,728&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 11.0701%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;81,241,102&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: rgb(204, 238, 255); width: 1.10701%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: rgb(204, 238, 255); width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;89,297,975&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;90,697,983&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Operating income (expense): &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 11.0701%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; width: 1.10701%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultragaz &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 11.0701%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;494,213&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: rgb(204, 238, 255); width: 1.10701%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;368,975&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;52,564&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ipiranga &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 11.0701%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;915,432&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; width: 1.10701%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,674,439&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,461,513&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Oxiteno &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 11.0701%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;355,852&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: rgb(204, 238, 255); width: 1.10701%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;12,833&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;471,927&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultracargo &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 11.0701%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt; 251,759&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; width: 1.10701%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;83,171&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;129,490&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Extrafarma &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 11.0701%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;69,672&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: rgb(204, 238, 255); width: 1.10701%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: rgb(204, 238, 255); width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;720,252&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;113,769&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Abastece A&amp;#237; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 11.0701%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;28,966&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; width: 1.10701%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Holding &lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;2&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255); width: 11.0701%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;107,451&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: rgb(204, 238, 255); width: 1.10701%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255); width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255); width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;96,432&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="height: 10px; background-color: rgb(204, 238, 255); width: 0.968635%; vertical-align: middle; padding: 0px;" valign="middle"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); vertical-align: top; height: 10px; background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;106,065&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 17px; width: 11.0701%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,811,167&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; width: 1.10701%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,297,068&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 17px; width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,895,660&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Others &lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255); width: 11.0701%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;888&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: rgb(204, 238, 255); width: 1.10701%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255); width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255); width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;3,484&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,694&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; width: 61.9004%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); width: 11.0701%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,812,055&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; width: 1.10701%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; width: 1.93727%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: middle; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,300,552&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px; width: 0.968635%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); width: 10.1937%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,899,354&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 464px; border-collapse: collapse; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; width: 84%; margin: 0px auto; text-indent: 0px;" width="84%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 1.19926%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.286%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Share of profit (loss) of joint ventures and associates: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.19926%; padding-left: 0px; padding-right: 0px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; width: 0.968635%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff; width: 10.286%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultragaz &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;53&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 1.19926%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;5&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;12&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ipiranga &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;932&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.19926%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,790&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; width: 0.968635%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;576&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Oxiteno &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;402&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 1.19926%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;532&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;880&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultracargo &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;392&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.19926%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,370&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; width: 0.968635%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,350&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;191&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 1.19926%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;3,687&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; vertical-align: bottom; height: 17px; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,818&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Others&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt;(3)&lt;/sup&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255); width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;43,426&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); width: 1.19926%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255); width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;15,832&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="height: 10px; background-color: rgb(204, 238, 255); width: 0.968635%; vertical-align: middle;" valign="middle"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 0.968635%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;17,597&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; height: 10px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: middle; height: 18px; border-bottom: 2.8pt double #000000; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;43,617&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; width: 1.19926%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.922509%; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: middle; height: 18px; border-bottom: 2.8pt double #000000; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;12,145&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px; width: 0.968635%;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;14,779&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; height: 18px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Income before financial result, income and social contribution taxes &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,768,438&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.19926%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,288,407&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; width: 0.968635%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,884,575&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financial result, net &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;269,374&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 1.19926%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;506,854&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;113,536&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Income before income and social contribution taxes &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,499,064&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.19926%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;781,553&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px; background-color: #cceeff; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; width: 0.968635%; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,771,039&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Additions to PP&amp;amp;E and intangible assets (excluding intersegment account balances): &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 10px; width: 1.19926%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.922509%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 10px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.922509%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultragaz &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;309,083&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.19926%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;249,784&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; width: 0.968635%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;245,069&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ipiranga &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;338,848&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.19926%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;370,864&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;417,519&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Oxiteno &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;210,144&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.19926%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;255,016&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; width: 0.968635%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;473,026&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultracargo &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;218,898&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.19926%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;217,377&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;167,034&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Extrafarma &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;39,824&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1.19926%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; background-color: #cceeff; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;89,850&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; width: 0.968635%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;118,577&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Abastece A&amp;#237; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;15,434&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; width: 1.19926%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,132,231&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 1.19926%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; background-color: #cceeff; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,182,891&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; width: 0.968635%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,421,225&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Others&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;32,437&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.19926%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.922509%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;20,186&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 10px; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;18,382&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total additions to PP&amp;amp;E and intangible assets (see Notes &lt;font&gt;14&lt;/font&gt; and &lt;font&gt;15&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,164,668&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.19926%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,203,077&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; background-color: #cceeff; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; width: 0.968635%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,439,607&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Asset retirement obligation &amp;#8211; fuel tanks (see Note &lt;font&gt;21&lt;/font&gt;) &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;163&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 1.19926%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;290&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;264&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Provision for demobilization of machinery and equipment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;375&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.19926%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; background-color: #cceeff; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; width: 0.968635%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Capitalized borrowing costs &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;13,316&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 1.19926%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;30,748&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;23,438&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.922509%; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total investments in PP&amp;amp;E and intangible assets (cash flow) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; background-color: #cceeff; border-bottom: 2.8pt double #000000; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,150,814&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.19926%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; background-color: #cceeff; border-bottom: 2.8pt double #000000; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,172,039&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; background-color: #cceeff; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; width: 0.968635%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff; border-bottom: 2.8pt double #000000; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,415,905&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Addition on contractual assets with customers &amp;#8211; exclusive rights (see Note &lt;font&gt;11&lt;/font&gt;): &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 1.19926%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.922509%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 10px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.922509%; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ipiranga &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;543,382&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.19926%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;330,068&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; width: 0.968635%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;390,177&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultragaz &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,703&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.19926%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 17px; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.968635%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: top; height: 17px; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.922509%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 62.9151%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;549,085&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 1.19926%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 0.922509%; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px 0px 0px 4px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000; width: 10.9779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;330,068&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px; background-color: #cceeff; width: 0.968635%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; width: 0.968635%; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000; width: 10.286%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;390,177&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.922509%; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 431px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 84%; margin-right: auto;" width="84%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 63%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Depreciation of PP&amp;amp;E and amortization of intangible assets charges: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 11%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 11%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 11%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultragaz &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;192,241&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;186,221&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;222,527&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ipiranga &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;314,511&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;290,747&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;283,426&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Oxiteno &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;260,780&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;212,328&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;167,357&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultracargo &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;65,838&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;59,618&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;52,414&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Extrafarma &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;82,530&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;80,550&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;71,552&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Abastece A&amp;#237; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;4,053&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;919,953&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;829,464&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;797,276&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 22px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 22px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Others &lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 22px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;18,888&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 22px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 22px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;15,183&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 22px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 22px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15,213&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;938,841&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;844,647&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;812,489&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Amortization of contractual assets with customers &amp;#8211; exclusive rights (see Note &lt;font&gt;11&lt;/font&gt;): &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ipiranga &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;287,800&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;355,055&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;371,825&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultragaz &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,636&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;195&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;289,436&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;355,250&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;371,825&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Amortization of right-of-use assets: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultragaz &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;41,015&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;31,264&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ipiranga &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;177,039&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;164,543&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Oxiteno &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;14,283&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;9,676&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultracargo &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;19,482&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;20,673&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Extrafarma &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;71,369&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;73,774&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Abastece A&amp;#237; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;40&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;323,228&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;299,930&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 22px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 22px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Others &lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 22px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;5,094&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 22px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 22px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;128&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 22px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 22px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;328,322&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;300,058&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;#8208;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 84%; margin-right: auto; height: 181px;" width="84%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total assets (excluding intersegment account balances): &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 63%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultragaz &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;2,927,062&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;2,998,623&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,719,425&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ipiranga &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;18,761,207&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;16,278,320&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15,381,887&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Oxiteno &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;8,892,850&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;7,453,476&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,452,331&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultracargo &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;2,197,675&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,871,799&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,478,697&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Extrafarma &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,845,038&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;2,060,182&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,107,901&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Abastece A&amp;#237; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;85,787&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;34,709,619&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;30,662,400&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;29,140,241&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Others &lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,540,543&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;533,072&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,359,154&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt double #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;36,250,162&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt double #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;31,195,472&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 1.5pt double #000000; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;30,499,395&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;div&gt;
&lt;table style="width: 100%; margin-left: 0.1px; height: 10px; font-family: 'times new roman'; font-size: 10pt;"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="width: 3%; height: 10px; vertical-align: top;" valign="top"&gt;&lt;sup style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; text-indent: -9.46667px;"&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;/font&gt;&lt;/sup&gt;&lt;sup style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; text-indent: -9.46667px;"&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;1&lt;/font&gt;&lt;/font&gt;&lt;/sup&gt;&lt;sup style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; text-indent: -9.46667px;"&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;/td&gt;
&lt;td style="width: 97%; height: 10px; padding: 1px 1px 10px;"&gt;&lt;font&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Composed&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;of&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;the&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;parent&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;company&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;Ultrapar&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;(&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;including&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;goodwill&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;of&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;certain&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;acquisitions&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;and&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;ubsidiaries&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Serma&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;- Associa&amp;#231;&amp;#227;o dos Usu&amp;#225;rios de Equipamentos de Processamento de Dados e Servi&amp;#231;os Correlatos (&amp;#8220;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Serma&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;#8221;)&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;and&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Imaven&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;Im&amp;#243;veis Ltda&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;.&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;table style="width: 100%; margin-left: 0.1px; height: 20px; font-family: 'times new roman'; font-size: 10pt;"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="height: 10px; vertical-align: top; width: 3%;" valign="top"&gt;&lt;sup style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; text-indent: -9.46667px;"&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(2&lt;/font&gt;&lt;/sup&gt;&lt;sup style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; text-indent: -9.46667px;"&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="height: 10px; padding: 1px 1px 10px; width: 97%;"&gt;&lt;font&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&lt;font lang="PT-BR" style="font-family: 'Times New Roman', serif;"&gt;New reporting practices were adopted that allocate holding expenses previously recognized by our five businesses segments as Ultrapar's expenses (on an unconsolidated basis). These holding expenses include those incurred by our main governance bodies (including our Board of Directors, Fiscal Council, advisory committees to the Board of Directors, holding CEO and CFO), in addition to areas that were considered and related to a holding-company framework such as investor relations and M&amp;amp;A. The segregation of these expenses was adjusted retroactively to maintain comparability among the results of the Company in 2020, 2019 and 2018.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="height: 10px; vertical-align: top; width: 3%;" valign="top"&gt;&lt;sup style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; text-indent: -9.46667px;"&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(3&lt;/font&gt;&lt;/sup&gt;&lt;sup style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; text-indent: -9.46667px;"&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="height: 10px; width: 97%;"&gt;&lt;font&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&lt;font style="border-right: none; border-left: none;"&gt;Includes&lt;/font&gt; the share of profit (loss) in the joint&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;ventures&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;ConectCar&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;and RPR.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-left: 7.1pt; margin-bottom: 0pt; text-indent: -7.1pt; text-align: justify; font-size: 9pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;b&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Geographic &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;rea &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;nformation&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The fixed and intangible assets of the Company and its subsidiaries &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;are located in&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Brazil, except those related to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8217; plants abroad, as shown below:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 86px; margin: 0px auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; text-indent: 0px;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; width: 76%; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; United States of America &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 11%; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,152,876&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 11%; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;909,787&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Mexico &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;163,042&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;124,809&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Uruguay &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;90,347&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;74,732&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,406,265&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,109,328&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;subsidiaries&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; generate revenue from operations in Brazil, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;United Stated of America,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Mexico&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Uruguay, as well as from exports of products to foreign customers, as disclosed below:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 209px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 84%; margin-right: auto;" width="84%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net revenue from sale and services: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 63%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Brazil &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;79,364,726&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;87,927,198&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;89,183,342&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Mexico &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;239,968&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;220,021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;207,615&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Uruguay &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;59,606&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;41,648&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;48,096&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Venezuela (i) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;68,877&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other Latin American countries &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;647,469&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;418,368&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;425,973&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; United States of America and Canada &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;590,926&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;437,669&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;465,840&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Far East &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;91,428&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;74,093&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;96,394&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Europe &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;151,150&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;118,917&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;138,347&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;95,829&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;60,061&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;63,499&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;81,241,102&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;89,297,975&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;90,697,983&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) &lt;/font&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ee Note &lt;font style="border-left: none; border-right: none;"&gt;3&lt;/font&gt;.b.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;6&lt;/font&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Sales to the foreign market are made substantially by the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory>
  <ugp:SummaryOfRevenueFromSalesAndServicesTableTextBlock id="Tag5271" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 115px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 84%; margin: 0px auto; text-indent: 0px;" width="84%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 63.0237%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; width: 11.02%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 1.18397%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.910747%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; width: 10.929%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.956285%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.956285%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.969%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.959995%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; background-color: #cceeff; width: 63.0237%; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Gross revenue from sale &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; background-color: rgb(204, 238, 255); width: 11.02%; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;86,754,003&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; background-color: rgb(204, 238, 255); width: 1.18397%; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; background-color: rgb(204, 238, 255); width: 0.910747%; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: rgb(204, 238, 255); width: 10.929%; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;94,296,759&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255); width: 0.956285%; height: 10px; vertical-align: bottom; padding: 0px;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255); width: 0.956285%; vertical-align: bottom; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255); width: 9.969%; height: 10px; vertical-align: bottom; padding: 0px;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;94,693,178&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255); width: 0.959995%; vertical-align: bottom; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; height: 17px; vertical-align: bottom; width: 63.0237%;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Gross revenue from services &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; width: 11.02%;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;929,304&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; width: 1.18397%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.910747%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; width: 10.929%;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;869,084&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="height: 17px; vertical-align: bottom; width: 0.956285%; padding: 0px;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.956285%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="height: 17px; vertical-align: bottom; width: 9.969%; padding: 0px;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;750,791&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.959995%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; background-color: #cceeff; height: 10px; vertical-align: bottom; width: 63.0237%;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Sales taxes &lt;sup&gt;(i)&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; background-color: rgb(204, 238, 255); height: 10px; vertical-align: bottom; width: 11.02%;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,291,081&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; background-color: rgb(204, 238, 255); height: 10px; vertical-align: bottom; width: 1.18397%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.910747%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: rgb(204, 238, 255); height: 10px; vertical-align: bottom; width: 10.929%;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,031,295&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255); height: 10px; vertical-align: bottom; width: 0.956285%; padding: 0px;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.956285%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255); height: 10px; vertical-align: bottom; width: 9.969%; padding: 0px;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;3,027,597&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.959995%; padding: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; height: 17px; vertical-align: bottom; width: 63.0237%;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Discounts and sales returns &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; width: 11.02%;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,871,825&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; width: 1.18397%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.910747%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; width: 10.929%;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,494,814&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="height: 17px; vertical-align: bottom; width: 0.956285%; padding: 0px;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.956285%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="height: 17px; vertical-align: bottom; width: 9.969%; padding: 0px;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,342,799&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.959995%; padding: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; width: 63.0237%;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Amortization of contractual assets with customers (see Note &lt;font&gt;11&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; background-color: rgb(204, 238, 255); height: 17px; vertical-align: bottom; width: 11.02%;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;289,436&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; background-color: rgb(204, 238, 255); height: 17px; vertical-align: bottom; width: 1.18397%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.910747%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: rgb(204, 238, 255); height: 17px; vertical-align: bottom; width: 10.929%;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;355,250&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255); height: 17px; vertical-align: bottom; width: 0.956285%; padding: 0px;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.956285%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255); height: 17px; vertical-align: bottom; width: 9.969%; padding: 0px;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;371,825&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.959995%; padding: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; height: 17px; vertical-align: bottom; width: 63.0237%;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Deferred revenue (see Note &lt;font&gt;23&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; height: 17px; vertical-align: bottom; width: 11.02%;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,137&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; width: 1.18397%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.910747%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; height: 17px; vertical-align: bottom; width: 10.929%;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;13,491&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="height: 17px; vertical-align: bottom; width: 0.956285%; padding: 0px;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.956285%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); height: 17px; vertical-align: bottom; width: 9.969%; padding: 0px;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;3,765&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.959995%; padding: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; background-color: #cceeff; height: 10px; vertical-align: bottom; width: 63.0237%;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net revenue from sales and services&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; background-color: rgb(204, 238, 255); border-bottom: 2.8pt double rgb(0, 0, 0); height: 10px; vertical-align: bottom; width: 11.02%;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;81,241,102&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; background-color: rgb(204, 238, 255); height: 10px; vertical-align: bottom; width: 1.18397%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.910747%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: rgb(204, 238, 255); border-bottom: 2.8pt double rgb(0, 0, 0); height: 10px; vertical-align: bottom; width: 10.929%;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;89,297,975&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255); height: 10px; vertical-align: bottom; width: 0.956285%; padding: 0px;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.956285%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255); border-bottom: 2.8pt double rgb(0, 0, 0); height: 10px; vertical-align: bottom; width: 9.969%; padding: 0px;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;90,697,983&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.959995%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 80pt; text-indent: 0pt;"&gt;&lt;sup&gt;(i)&lt;/sup&gt; &lt;font&gt;Presented as required by the Brazilian law.&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;</ugp:SummaryOfRevenueFromSalesAndServicesTableTextBlock>
  <ifrs-full:DisclosureOfRevenueExplanatory id="Tag5272" contextRef="D20201231_3">&lt;div&gt;
&lt;h1 style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 12pt; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;26&lt;/font&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Net &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;r&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;evenue from &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ale and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ervices&lt;/font&gt;&lt;/font&gt;&lt;/h1&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 115px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 84%; margin: 0px auto; text-indent: 0px;" width="84%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 63.0237%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; width: 11.02%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 1.18397%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.910747%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; width: 10.929%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 0.956285%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.956285%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 9.969%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.959995%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; background-color: #cceeff; width: 63.0237%; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Gross revenue from sale &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; background-color: rgb(204, 238, 255); width: 11.02%; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;86,754,003&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; background-color: rgb(204, 238, 255); width: 1.18397%; height: 10px; vertical-align: bottom; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; background-color: rgb(204, 238, 255); width: 0.910747%; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: rgb(204, 238, 255); width: 10.929%; height: 10px; vertical-align: bottom;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;94,296,759&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255); width: 0.956285%; height: 10px; vertical-align: bottom; padding: 0px;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255); width: 0.956285%; vertical-align: bottom; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255); width: 9.969%; height: 10px; vertical-align: bottom; padding: 0px;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;94,693,178&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255); width: 0.959995%; vertical-align: bottom; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; height: 17px; vertical-align: bottom; width: 63.0237%;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Gross revenue from services &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; width: 11.02%;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;929,304&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; width: 1.18397%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.910747%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; width: 10.929%;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;869,084&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="height: 17px; vertical-align: bottom; width: 0.956285%; padding: 0px;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.956285%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="height: 17px; vertical-align: bottom; width: 9.969%; padding: 0px;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;750,791&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.959995%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; background-color: #cceeff; height: 10px; vertical-align: bottom; width: 63.0237%;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Sales taxes &lt;sup&gt;(i)&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; background-color: rgb(204, 238, 255); height: 10px; vertical-align: bottom; width: 11.02%;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,291,081&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; background-color: rgb(204, 238, 255); height: 10px; vertical-align: bottom; width: 1.18397%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.910747%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: rgb(204, 238, 255); height: 10px; vertical-align: bottom; width: 10.929%;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,031,295&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255); height: 10px; vertical-align: bottom; width: 0.956285%; padding: 0px;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.956285%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255); height: 10px; vertical-align: bottom; width: 9.969%; padding: 0px;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;3,027,597&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.959995%; padding: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; height: 17px; vertical-align: bottom; width: 63.0237%;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Discounts and sales returns &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; width: 11.02%;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,871,825&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; width: 1.18397%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.910747%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; width: 10.929%;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,494,814&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="height: 17px; vertical-align: bottom; width: 0.956285%; padding: 0px;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.956285%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="height: 17px; vertical-align: bottom; width: 9.969%; padding: 0px;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,342,799&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.959995%; padding: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; background-color: #cceeff; height: 17px; vertical-align: bottom; width: 63.0237%;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Amortization of contractual assets with customers (see Note &lt;font&gt;11&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; background-color: rgb(204, 238, 255); height: 17px; vertical-align: bottom; width: 11.02%;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;289,436&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; background-color: rgb(204, 238, 255); height: 17px; vertical-align: bottom; width: 1.18397%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.910747%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: rgb(204, 238, 255); height: 17px; vertical-align: bottom; width: 10.929%;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;355,250&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255); height: 17px; vertical-align: bottom; width: 0.956285%; padding: 0px;" valign="bottom"&gt;)&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.956285%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255); height: 17px; vertical-align: bottom; width: 9.969%; padding: 0px;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;371,825&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.959995%; padding: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; height: 17px; vertical-align: bottom; width: 63.0237%;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Deferred revenue (see Note &lt;font&gt;23&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; height: 17px; vertical-align: bottom; width: 11.02%;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,137&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; height: 17px; vertical-align: bottom; width: 1.18397%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.910747%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; height: 17px; vertical-align: bottom; width: 10.929%;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;13,491&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="height: 17px; vertical-align: bottom; width: 0.956285%; padding: 0px;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.956285%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); height: 17px; vertical-align: bottom; width: 9.969%; padding: 0px;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;3,765&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.959995%; padding: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; background-color: #cceeff; height: 10px; vertical-align: bottom; width: 63.0237%;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net revenue from sales and services&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; background-color: rgb(204, 238, 255); border-bottom: 2.8pt double rgb(0, 0, 0); height: 10px; vertical-align: bottom; width: 11.02%;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;81,241,102&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; background-color: rgb(204, 238, 255); height: 10px; vertical-align: bottom; width: 1.18397%; margin: 0px; text-indent: 0px;" valign="bottom"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.910747%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; background-color: rgb(204, 238, 255); border-bottom: 2.8pt double rgb(0, 0, 0); height: 10px; vertical-align: bottom; width: 10.929%;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;89,297,975&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255); height: 10px; vertical-align: bottom; width: 0.956285%; padding: 0px;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.956285%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255); border-bottom: 2.8pt double rgb(0, 0, 0); height: 10px; vertical-align: bottom; width: 9.969%; padding: 0px;" valign="bottom"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;90,697,983&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 0.959995%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0pt 0pt 80pt; text-indent: 0pt;"&gt;&lt;sup&gt;(i)&lt;/sup&gt; &lt;font&gt;Presented as required by the Brazilian law.&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfRevenueExplanatory>
  <ugp:DisclosureOfRevenueFromOperationsAbroadExplanatory id="Tag5273" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;subsidiaries&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; generate revenue from operations in Brazil, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;United Stated of America,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Mexico&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Uruguay, as well as from exports of products to foreign customers, as disclosed below:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 209px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 84%; margin-right: auto;" width="84%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net revenue from sale and services: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 63%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Brazil &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;79,364,726&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;87,927,198&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;89,183,342&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Mexico &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;239,968&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;220,021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;207,615&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Uruguay &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;59,606&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;41,648&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;48,096&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Venezuela (i) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;68,877&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other Latin American countries &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;647,469&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;418,368&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;425,973&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; United States of America and Canada &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;590,926&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;437,669&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;465,840&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Far East &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;91,428&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;74,093&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;96,394&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Europe &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;151,150&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;118,917&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;138,347&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;95,829&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;60,061&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;63,499&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;81,241,102&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;89,297,975&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;90,697,983&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) &lt;/font&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ee Note &lt;font style="border-left: none; border-right: none;"&gt;3&lt;/font&gt;.b.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;6&lt;/font&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ugp:DisclosureOfRevenueFromOperationsAbroadExplanatory>
  <ugp:SummaryOfTradePayablesTableTextBlock id="Tag5274" contextRef="D20201231_3">&lt;div&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 147px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-left: auto; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 78%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Domestic suppliers &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,306,398&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,800,348&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Domestic suppliers &amp;#8211; related parties (see Note &lt;font&gt;8&lt;/font&gt;.a)&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,102&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;96,908&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Domestic suppliers &amp;#8211; reverse factoring (i) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,021,424&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;262,870&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Domestic suppliers &amp;#8211; reverse factoring (i) - related parties (see Note &lt;font&gt;8&lt;/font&gt;.a) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;61,989&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;193,080&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign suppliers &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;307,486&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;237,618&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign suppliers - related parties (see Note &lt;font&gt;8&lt;/font&gt;.a) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;126,033&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;23,604&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign suppliers &amp;#8211; reverse factoring (i) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;212,220&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;85,643&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,040,652&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,700,071&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) Suppliers&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;#8211; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;reverse factoring&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;: &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ome subsidiaries of the Company entered into an &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;agreement&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; with a financial institution&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;These agreements &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;consist &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the anticipation of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;receipt of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;trade payables&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; by the supplier, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in which&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the financial institution&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;prepay&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; a certain amount fr&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;om&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;supplier&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; receives on the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;maturity&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; date the amount &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;payable&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; by the subsidiaries of the Company. The decision to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;join &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;this &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;type of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;transaction is solely and exclusively &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the supplier. The agreement does not &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;substantially&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;change the main characteristics of the commercial conditions previously established &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;between the subsidiaries of the Company and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the supplier&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. These &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;transactions&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; are presented &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;operating activities&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in the statements of cash flow&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Some&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Company&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8217;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; subsidiaries acquire oil&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;-&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;based fuels and LPG from Petrobras and its subsidiaries and ethylene from Braskem &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;S.A. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;These suppliers control almost all the markets for these products in Brazil.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ugp:SummaryOfTradePayablesTableTextBlock>
  <ugp:IncomeAndSocialContributionTaxesAtStatutoryTaxRates id="Tag5275" contextRef="D20191231_3" unitRef="BRL" decimals="-3">269857000</ugp:IncomeAndSocialContributionTaxesAtStatutoryTaxRates>
  <ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory id="Tag5276" contextRef="D20201231_3">&lt;div&gt;
&lt;h1 style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 12pt; text-indent: 0px;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;17&lt;/font&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Trade &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;p&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ayables&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/h1&gt;
&lt;p&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
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&lt;div&gt;
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&lt;table cellspacing="0" cellpadding="0" style="height: 147px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-left: auto; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 78%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Domestic suppliers &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,306,398&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,800,348&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Domestic suppliers &amp;#8211; related parties (see Note &lt;font&gt;8&lt;/font&gt;.a)&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,102&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;96,908&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Domestic suppliers &amp;#8211; reverse factoring (i) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,021,424&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;262,870&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Domestic suppliers &amp;#8211; reverse factoring (i) - related parties (see Note &lt;font&gt;8&lt;/font&gt;.a) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;61,989&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;193,080&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign suppliers &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;307,486&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;237,618&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign suppliers - related parties (see Note &lt;font&gt;8&lt;/font&gt;.a) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;126,033&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;23,604&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign suppliers &amp;#8211; reverse factoring (i) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;212,220&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;85,643&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,040,652&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,700,071&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) Suppliers&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &amp;#8211; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;reverse factoring&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;: &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ome subsidiaries of the Company entered into an &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;agreement&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; with a financial institution&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;These agreements &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;consist &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the anticipation of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;receipt of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;trade payables&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; by the supplier, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in which&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the financial institution&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;prepay&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; a certain amount fr&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;om&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;supplier&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; receives on the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;maturity&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; date the amount &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;payable&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; by the subsidiaries of the Company. The decision to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;join &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;this &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;type of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;transaction is solely and exclusively &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the supplier. The agreement does not &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;substantially&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;change the main characteristics of the commercial conditions previously established &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;between the subsidiaries of the Company and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the supplier&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. These &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;transactions&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; are presented &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;operating activities&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in the statements of cash flow&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Some&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Company&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8217;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; subsidiaries acquire oil&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;-&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;based fuels and LPG from Petrobras and its subsidiaries and ethylene from Braskem &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;S.A. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;These suppliers control almost all the markets for these products in Brazil.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory>
  <ugp:DeferredIncomeAndSocialContributionTaxesProvisionForPostemploymentBenefitsBusinessCombinationFairValueOfAssets id="Tag5277" contextRef="I20191231" unitRef="BRL" decimals="-3">114125000</ugp:DeferredIncomeAndSocialContributionTaxesProvisionForPostemploymentBenefitsBusinessCombinationFairValueOfAssets>
  <ugp:DeferredIncomeAndSocialContributionTaxesProvisionForPostemploymentBenefitsProvisionForGoodwillAndNegativeGoodwill id="Tag5278" contextRef="I20191231" unitRef="BRL" decimals="-3">39186000</ugp:DeferredIncomeAndSocialContributionTaxesProvisionForPostemploymentBenefitsProvisionForGoodwillAndNegativeGoodwill>
  <ugp:Subsidiary id="Tag5279" contextRef="D20201231_BahianaDistribuidoraDeGasLtdaMember">Bahiana Distribuidora de G&#xE1;s Ltda.</ugp:Subsidiary>
  <ugp:BusinessUnit id="Tag5280" contextRef="D20201231_BahianaDistribuidoraDeGasLtdaMember_CaucaiaBaseMember">Caucaia base</ugp:BusinessUnit>
  <ugp:DeferredIncomeAndSocialContributionTaxesProvisionsFortaxCivilAndLaborRisks id="Tag5281" contextRef="I20201231" unitRef="BRL" decimals="-3">-138516000</ugp:DeferredIncomeAndSocialContributionTaxesProvisionsFortaxCivilAndLaborRisks>
  <ugp:IncomeAndSocialContributionTaxesBeforeTaxIncentives id="Tag5282" contextRef="D20181231" unitRef="BRL" decimals="-3">746385000</ugp:IncomeAndSocialContributionTaxesBeforeTaxIncentives>
  <ugp:DeferredIncomeAndSocialContributionTaxesTaxLossesAndNegativeBasisForSocialContributionCarryforwards id="Tag5283" contextRef="I20191231_OnshoreMember" unitRef="BRL" decimals="-3">278140000</ugp:DeferredIncomeAndSocialContributionTaxesTaxLossesAndNegativeBasisForSocialContributionCarryforwards>
  <ugp:TaxLossCarryforwards id="Tag5284" contextRef="I20191231_OxitenoUsaMember" unitRef="BRL" decimals="-3">744797000</ugp:TaxLossCarryforwards>
  <ugp:TaxIncentives id="Tag5285" contextRef="D20201231_3" unitRef="BRL" decimals="-3">83928000</ugp:TaxIncentives>
  <ugp:IncentivePercentage id="Tag5286" contextRef="D20201231_BahianaDistribuidoraDeGasLtdaMember_AracajuBaseMember" unitRef="Pure" decimals="2">0.75</ugp:IncentivePercentage>
  <ugp:DeferredIncomeAndSocialContributionTaxesLeasesPayable id="Tag5287" contextRef="I20191231" unitRef="BRL" decimals="-3">19003000</ugp:DeferredIncomeAndSocialContributionTaxesLeasesPayable>
  <ugp:NonConstitutedDeferredTaxesRelatedToIncomeTaxLossCarryforwardsAndNegativeBasisOfSocialContributionBase id="Tag5288" contextRef="I20201231_OnshoreMember" unitRef="BRL" decimals="-3">302842000</ugp:NonConstitutedDeferredTaxesRelatedToIncomeTaxLossCarryforwardsAndNegativeBasisOfSocialContributionBase>
  <ugp:IncentivePercentage id="Tag5289" contextRef="D20201231_BahianaDistribuidoraDeGasLtdaMember_MataripeBaseMember" unitRef="Pure" decimals="2">0.75</ugp:IncentivePercentage>
  <ugp:DeferredIRPJAndCSLLRecognizedInBusinessCombinations id="Tag5290" contextRef="D20181231" unitRef="BRL" decimals="-3">1054000</ugp:DeferredIRPJAndCSLLRecognizedInBusinessCombinations>
  <ugp:TaxLossCarryforwards id="Tag5291" contextRef="I20191231" unitRef="BRL" decimals="-3">816802000</ugp:TaxLossCarryforwards>
  <ugp:DeferredincomeAndSocialContributionTaxesGoodwill id="Tag5292" contextRef="I20191231" unitRef="BRL" decimals="-3">8161000</ugp:DeferredincomeAndSocialContributionTaxesGoodwill>
  <ugp:DeferredIncomeAndSocialContributionTaxesTaxLossesAndNegativeBasisForSocialContributionCarryforwards id="Tag5293" contextRef="I20201231_TequimarVilaDoCondeMember_OnshoreMember" unitRef="BRL" decimals="-3">489000</ugp:DeferredIncomeAndSocialContributionTaxesTaxLossesAndNegativeBasisForSocialContributionCarryforwards>
  <ugp:DeferredIncomeAndSocialContributionTaxesProvisionForPostEmploymentBenefits id="Tag5294" contextRef="I20191231" unitRef="BRL" decimals="-3">92199000</ugp:DeferredIncomeAndSocialContributionTaxesProvisionForPostEmploymentBenefits>
  <ugp:Subsidiary id="Tag5295" contextRef="D20201231_OxitenoIndustriaComercioMember">Oxiteno S.A. Ind&#xFA;stria e Com&#xE9;rcio</ugp:Subsidiary>
  <ugp:TaxLossCarryforwards id="Tag5296" contextRef="I20191231_IRPJMember" unitRef="BRL" decimals="-3">1268964000</ugp:TaxLossCarryforwards>
  <ugp:UnrecordedDeferredIncomeAndSocialContributionTaxesCarryforwardsDeferred id="Tag5297" contextRef="D20181231" unitRef="BRL" decimals="-3">95480000</ugp:UnrecordedDeferredIncomeAndSocialContributionTaxesCarryforwardsDeferred>
  <ugp:DeferredIncomeAndSocialContributionTaxesProvisionForAssetRetirementObligation id="Tag5298" contextRef="I20191231" unitRef="BRL" decimals="-3">14762000</ugp:DeferredIncomeAndSocialContributionTaxesProvisionForAssetRetirementObligation>
  <ugp:DeferredIncomeAndSocialContributionTaxesProvisionForPostemploymentBenefitsProvisionForGoodwillAndNegativeGoodwill id="Tag5299" contextRef="I20201231" unitRef="BRL" decimals="-3">92242000</ugp:DeferredIncomeAndSocialContributionTaxesProvisionForPostemploymentBenefitsProvisionForGoodwillAndNegativeGoodwill>
  <ugp:TaxIncentives id="Tag5300" contextRef="D20181231" unitRef="BRL" decimals="-3">107666000</ugp:TaxIncentives>
  <ugp:IncomeBeforeTaxesAndShareOfProfitLossOfJointVenturesAndAssociates id="Tag5301" contextRef="D20201231_3" unitRef="BRL" decimals="-3">1542681000</ugp:IncomeBeforeTaxesAndShareOfProfitLossOfJointVenturesAndAssociates>
  <ugp:DisclosureOfAmortizationExpensesExplanatoryTableTextBlock id="Tag5302" contextRef="D20201231_3">&lt;div&gt;
&lt;div style="-aw-headerfooter-type: linked; clear: both;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The amortization expenses were recognized in the f&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;inancial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; as shown below:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 84%; margin-right: auto;" width="84%"&gt;

&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; width: 66%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cost of products and services sold &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;66,604&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;48,134&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 2%; background-color: #cceeff; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 10%; background-color: #cceeff; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15,044&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Selling and marketing &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;257,846&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;244,974&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8,920&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; General and administrative &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,872&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,950&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #cceeff; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;75,370&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 13.5pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;328,322&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;300,058&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom: 2.8pt double #000000; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;99,334&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ugp:DisclosureOfAmortizationExpensesExplanatoryTableTextBlock>
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  <ugp:RightOfUseAssetsIncreaseDecreaseInRecognitionSurplus id="Tag5304" contextRef="D20201231_GrossCarryingAmountMember_RightofuseAssetsMember" unitRef="BRL" decimals="-3">11568000</ugp:RightOfUseAssetsIncreaseDecreaseInRecognitionSurplus>
  <ugp:IncomeAndSocialContributionTaxesOnActuarialLosses id="Tag5305" contextRef="D20181231_FairValueCashFlowHedgingInstrumentsMember" unitRef="BRL" decimals="-3">0</ugp:IncomeAndSocialContributionTaxesOnActuarialLosses>
  <ugp:AdditionalDividendsToMinimumMandatoryDividends id="Tag5306" contextRef="D20201231_3" unitRef="BRL" decimals="-3">55391000</ugp:AdditionalDividendsToMinimumMandatoryDividends>
  <ifrs-full:NumberOfSharesOutstanding id="Tag5307" contextRef="I20181231" unitRef="Shares" decimals="0">55725974</ifrs-full:NumberOfSharesOutstanding>
  <ugp:IrpjAndCsllOnExchangeVariation id="Tag5308" contextRef="D20201231_3" unitRef="BRL" decimals="-3">37662000</ugp:IrpjAndCsllOnExchangeVariation>
  <ugp:IncomeAndSocialContributionTaxesOnFairValue id="Tag5309" contextRef="D20181231_FairValueCashFlowHedgingInstrumentsMember" unitRef="BRL" decimals="-3">-110058000</ugp:IncomeAndSocialContributionTaxesOnFairValue>
  <ugp:OtherComprehensiveIncomeOfTheCompany id="Tag5310" contextRef="I20191231_NoncontrollingShareholdersInterestChangeMember" unitRef="BRL" decimals="-3">197369000</ugp:OtherComprehensiveIncomeOfTheCompany>
  <ugp:OtherComprehensiveIncomeOfTheCompany id="Tag5311" contextRef="I20191231_ActuarialGainsOfPostemploymentBenefitsMember" unitRef="BRL" decimals="-3">-47759000</ugp:OtherComprehensiveIncomeOfTheCompany>
  <ugp:IncomeAndSocialContributionTaxesAtStatutoryTaxRates id="Tag5312" contextRef="D20181231" unitRef="BRL" decimals="-3">607178000</ugp:IncomeAndSocialContributionTaxesAtStatutoryTaxRates>
  <ifrs-full:WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16 id="Tag5313" contextRef="I20201231_LaterThanFifteenYearsMember" unitRef="Pure" decimals="3">0.092</ifrs-full:WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16>
  <ifrs-full:WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16 id="Tag5314" contextRef="I20201231_NotLaterThanFiveYearsMember" unitRef="Pure" decimals="3">0.072</ifrs-full:WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16>
  <ugp:AdditionsAndRemeasurementOfRightOfUseAsset id="Tag5315" contextRef="D20191231_RightofuseAssetsMember_GrossCarryingAmountMember_PortAreaMember" unitRef="BRL" decimals="-3">68007000</ugp:AdditionsAndRemeasurementOfRightOfUseAsset>
  <ugp:AmortizationOfRightToUseAsset id="Tag5316" contextRef="D20191231_RightofuseAssetsMember_AccumulatedDepreciationAndAmortisationMember_OtherAssetsMember" unitRef="BRL" decimals="-3">-37308000</ugp:AmortizationOfRightToUseAsset>
  <ugp:IntangibleAssetsEffectOfForeignCurrencyExchangeRateVariation id="Tag5317" contextRef="D20201231_IntangibleAssetsAccumulatedAmortizationMember_OtherIntangibleAssetsMember" unitRef="BRL" decimals="-3">11000</ugp:IntangibleAssetsEffectOfForeignCurrencyExchangeRateVariation>
  <ugp:GoodwillAcquisitionSegment id="Tag5318" contextRef="D20201231_TemmarMember">Ultracargo</ugp:GoodwillAcquisitionSegment>
  <ugp:AcquisitionsThroughBusinessCombinationsGoodwill id="Tag5319" contextRef="D20191231_IpirangaMember" unitRef="BRL" decimals="-3">276724000</ugp:AcquisitionsThroughBusinessCombinationsGoodwill>
  <ugp:IntangibleAssets id="Tag5320" contextRef="I20201231" unitRef="BRL" decimals="-3">1782655000</ugp:IntangibleAssets>
  <ugp:IntangibleAssetsWriteOffsAndDisposals id="Tag5321" contextRef="D20201231_DecarbonizationCreditsMember" unitRef="BRL" decimals="-3">124287000</ugp:IntangibleAssetsWriteOffsAndDisposals>
  <ugp:TranslationAdjustments id="Tag5322" contextRef="I20181231" unitRef="BRL" decimals="-3">65857000</ugp:TranslationAdjustments>
  <ugp:IncomeAndSocialContributionTaxesOnFairValue id="Tag5323" contextRef="D20181231_FairValueFinancialInstrumentsAvailableForSaleMember" unitRef="BRL" decimals="-3">0</ugp:IncomeAndSocialContributionTaxesOnFairValue>
  <ugp:IncomeAndSocialContributionTaxesOnFairValue id="Tag5324" contextRef="D20201231_ActuarialGainsOfPostemploymentBenefitsMember" unitRef="BRL" decimals="-3">0</ugp:IncomeAndSocialContributionTaxesOnFairValue>
  <ugp:ActuarialLossesOfPostemploymentBenefits id="Tag5325" contextRef="D20181231_TotalValuationAdjustmentsMember" unitRef="BRL" decimals="-3">2810000</ugp:ActuarialLossesOfPostemploymentBenefits>
  <ugp:IncomeAndSocialContributionTaxesOnActuarialLosses id="Tag5326" contextRef="D20181231_FairValueFinancialInstrumentsAvailableForSaleMember" unitRef="BRL" decimals="-3">0</ugp:IncomeAndSocialContributionTaxesOnActuarialLosses>
  <ugp:TransferOfContractAssetsRelatingToContractsWithCustomers id="Tag5327" contextRef="D20181231" unitRef="BRL" decimals="-3">2235000</ugp:TransferOfContractAssetsRelatingToContractsWithCustomers>
  <ifrs-full:ContractAssets id="Tag5328" contextRef="I20191231" unitRef="BRL" decimals="-3">1465989000</ifrs-full:ContractAssets>
  <ifrs-full:ContractAssets id="Tag5329" contextRef="I20171231" unitRef="BRL" decimals="-3">1502360000</ifrs-full:ContractAssets>
  <ugp:SharesHeldInTreasury id="Tag5330" contextRef="I20201231" unitRef="Shares" decimals="0">24739626</ugp:SharesHeldInTreasury>
  <ugp:ActuarialLossesOfPostemploymentBenefits id="Tag5331" contextRef="D20191231_FairValueCashFlowHedgingInstrumentsMember" unitRef="BRL" decimals="-3">0</ugp:ActuarialLossesOfPostemploymentBenefits>
  <ugp:CapitalIncreasesReserved id="Tag5332" contextRef="I20200219" unitRef="BRL" decimals="-3">53072000</ugp:CapitalIncreasesReserved>
  <ugp:DisclosureOfPrinciplesOfConsolidationExplanatory id="Tag5333" contextRef="D20201231_3">&lt;div&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;h1 style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 12pt; text-indent: 0px;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;3. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Principles of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;c&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;onsolidation&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;nvestments in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ubsidiaries &lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/h1&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;a. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Principles of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;c&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;onsolidation&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;In the preparation of the consolidated &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;financial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;nvestments of &lt;font&gt;one&lt;/font&gt; company in another, balances of asset and liability accounts&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; revenues &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;transactions, costs &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and expenses were eliminated, as well as the effects of transactions conducted between the companies. Non-controlling interests in subsidiaries are presented within consolidated equity and net income.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Consolidation of a subsidiary begins when the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;p&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;arent company obtains direct or indirect control over a c&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ompany and ceases when the p&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;arent company loses control of a company. Income and expenses of a subsidiary acquired are included in the consolidated &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statement of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; profit or &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;loss and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; comprehe&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;nsive income from the date the p&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;arent company gains the control. Income and expenses of a subsidiary&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;which &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the p&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;arent company loses control,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; are included in the consolidated &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statement of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; profit or &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;loss and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; comprehen&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;sive income until the date the p&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;arent company loses control. &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;When necessary, adjustments are made to the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;financial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;subsidiaries to bring their accounting policies into line with the Company&amp;#8217;s accounting policies.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;b. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Investments in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ubsidiaries&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt; &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The consolidated &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;financial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;include the following direct and indirect subsidiaries:&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-right: auto; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.8343%; height: 609px;" width="100%"&gt;

&lt;tr style="height: 13px;"&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="11" style="border-bottom: 1pt solid #000000; vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 13px;"&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 1pt solid #000000; vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="border-top: 1pt solid #000000; border-bottom: 1pt solid #000000; vertical-align: top; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; padding: 0px; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 13px;"&gt;
&lt;td colspan="2" style="vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Control &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Control &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="vertical-align: top; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Control &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; padding: 0px; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 13px;"&gt;
&lt;td style="vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Location &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Segment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Direct &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Indirect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Direct &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Indirect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Direct &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 13px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Indirect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; padding: 0px; height: 13px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 45.5%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Ipiranga Produtos de Petr&amp;#243;leo S.A.&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 9%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Brazil&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 9%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Ipiranga&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 5%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 5%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 5%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 5%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; padding: 0px; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 5%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 1%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; width: 5%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; width: 0.5%; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &lt;font&gt;am/pm Comest&amp;#237;veis Ltda.&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Brazil&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Ipiranga&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &lt;font&gt;Icorban &amp;#8211; Correspondente Banc&amp;#225;rio Ltda.&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;tr style="height: 10px;"&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px;"&gt;
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&lt;td style="vertical-align: bottom; height: 10px; padding: 0px;"&gt;
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&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
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&lt;p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &lt;font&gt;Iconic Lubrificantes S.A.&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;99&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;99&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; padding: 0px; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="vertical-align: bottom; height: 17px; padding: 0px;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Brazil&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Brazil&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Ultracargo&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &lt;font&gt;Ultrapar International S.A.&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Luxembourg&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Others&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &lt;font&gt;SERMA - Ass. dos usu&amp;#225;rios equip. proc. de dados&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Brazil&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Others&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="vertical-align: middle; height: 10px; padding: 0px;"&gt;
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&lt;td style="vertical-align: bottom; height: 10px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &lt;font&gt;Brazil&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 10px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Others&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 10px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 10px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 10px; padding: 0px;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: top; height: 10px; padding: 0px;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; padding: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="vertical-align: middle; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ea&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#237;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Clube&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Automobilista&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; S.A&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;/font&gt;&lt;/sup&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;&lt;font&gt;8&lt;/font&gt;&lt;/font&gt;&lt;/sup&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Brazil&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Abastece A&amp;#237;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;100&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; padding: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The percentages in the table above are rounded&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;"&gt;

&lt;tr&gt;
&lt;td style="width: 3.02403%; vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(1)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 96.976%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Non operating&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; company in closing phase&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="width: 3.02403%; vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(2)&lt;/font&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 96.976%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;I&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;n October 2020, there was a change in the share capital of the company &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Uting&amp;#225;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, which became controlled by &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Companhia&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Ultragaz S.A.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&amp;#8220;Ultragaz&amp;#8221;).&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="width: 3.02403%; vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(3)&lt;/font&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 96.976%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Subsidiary&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;created&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;n &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;January&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 20&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;20&lt;/font&gt;&amp;nbsp;to provide&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;valuation, business management and financial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;advisory services to UVC - Fundo de investimento em participa&amp;#231;&amp;#245;es multiestrat&amp;#233;gia investimento no exterior&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; In September 2020 the company&amp;#8217;s name was changed to &amp;#8220;UVC &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Investimentos&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ltda&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8221;.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="width: 3.02403%; vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(4)&lt;/font&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 96.976%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;In May 2020 t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;here was a c&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;hange in the participation of the capital of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;subsidiary&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Millen&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;n&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ium&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; which became a direct subsidiary of the Company&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="width: 3.02403%; vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(5)&lt;/font&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 96.976%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;On April 30, 2019, the shareholders of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Nordeste&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; S.A. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ind&amp;#250;stria&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; e &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Com&amp;#233;rcio&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Nordeste&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8221;) approved the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;redemption&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of all of its preferred shares class &amp;#8220;B&amp;#8221;, with &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;sub&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;sequent cancellation. On December 2, 2019, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in order to simplify the corporate structure&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the subsidiary &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Nordeste&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; was incorporated by its parent &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; S.A. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ind&amp;#250;stria&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; e &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Com&amp;#233;rcio&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; S&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;A&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8221;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="width: 3.02403%; vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(6)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 96.976%;"&gt;
&lt;p style="margin-top: 2pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;On October 15, 2019, the subsidiary Oxiteno S.A. approved the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;asset write-offs&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno Andina C.A. (&amp;#8220;Oxiteno Andina&amp;#8221;).&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="width: 3.02403%; vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(7)&lt;/font&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 96.976%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;F&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;und constituted&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; on January 2020, the UVC has &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; purpose to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;invest in promising companies that can leverage or complement the Company's business,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; besides&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; to supporting the mapping and sharing of startups and new technologies&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr&gt;
&lt;td style="width: 3.02403%; vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(8)&lt;/font&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 96.976%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Subsidiary&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; created in July 2020&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;adding&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Abastece&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;A&amp;#237;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;app &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and Km de &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Vantagens&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; programs to operate in the digital payments segment under the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Abastece&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;A&amp;#237;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; brand.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;c. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;TEAS &amp;#8211; Terminal Exportador de &amp;#193;lcool de Santos Ltda. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Acquisition&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Company&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;through&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; its &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;subsidiary&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Terminal Qu&amp;#237;mico de Aratu S.A. &amp;#8211; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Tequimar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Tequimar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8221;) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;acquired&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;100&lt;/font&gt;% &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; quotas &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; TEAS Terminal Exportador de &amp;#193;lcool de Santos Ltda. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;TEAS&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. On March 29, 2018, the acquisition was &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;concluded through the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;closing &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of the operation.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ugp:DisclosureOfPrinciplesOfConsolidationExplanatory>
  <ugp:DisclosureOfProvisionForLossesExplanatory id="Tag5334" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Movements in the provision for losses are as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 205px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-left: auto; margin-right: auto;" width="68%"&gt;

&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 75.8857%; padding: 0px 4px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; Balance as of December 31, 2017 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 22.7429%; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;37,099&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.25714%; padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 75.8857%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; Additions to net realizable value adjustment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 22.7429%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;600&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.25714%; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 75.8857%; padding: 0px 4px 0px 0px; vertical-align: middle; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; Additions of obsolescence and other losses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 22.7429%; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,903&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.25714%; padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 75.8857%; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; Oxiteno Andina (i) &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 22.7429%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;985&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.25714%; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 75.8857%; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2018 &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 22.7429%; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;42,587&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.25714%; padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 75.8857%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Reversals to net realizable value adjustment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 22.7429%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;5,174&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.25714%; padding: 0px; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 75.8857%; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; Additions of obsolescence and other losses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 22.7429%; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,296&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.25714%; padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 75.8857%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt; Oxiteno Andina (ii) &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 22.7429%; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;985&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.25714%; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 75.8857%; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2019 &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 22.7429%; border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;40,724&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.25714%; border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 75.8857%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; Additions to net realizable value adjustment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 22.7429%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,245&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.25714%; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 75.8857%; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Reversals of obsolescence and other losses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 22.7429%; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,976&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.25714%; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="width: 75.8857%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2020 &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 22.7429%; border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;40,993&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.25714%; border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: super;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/sup&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) &lt;font&gt;R&lt;/font&gt;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;efers to impairment for subsidiary &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Andina.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(ii) &lt;font&gt;R&lt;/font&gt;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;efers to the asset write-offs of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Andina in &lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt; (see Note &lt;font style="border-left: none; border-right: none;"&gt;3&lt;/font&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;b&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;6&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;).&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ugp:DisclosureOfProvisionForLossesExplanatory>
  <ugp:SummaryOfCompensationForKeyExecutivesTableTextBlock id="Tag5335" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he expenses for compensation of its key executives (Company&amp;#8217;s directors and executive officers)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; as shown below:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 96px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 84%; margin-left: auto; margin-right: auto;" width="84%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 66%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Short-term compensation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;47,936&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;41,659&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;36,504&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Stock compensation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,786&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,881&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,407&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Post-employment benefits &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,866&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,640&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,278&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Termination benefit &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;905&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;55,588&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;54,180&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; border-bottom: 2.8pt double #000000; height: 18px; background-color: #cceeff; border-top-width: 1pt; border-top-style: solid; border-top-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;41,094&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ugp:SummaryOfCompensationForKeyExecutivesTableTextBlock>
  <ifrs-full:DisclosureOfIncomeTaxExplanatory id="Tag5336" contextRef="D20201231_3">&lt;div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;h1 style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 12pt; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;9&lt;/font&gt;. Income and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ocial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;c&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ontribution &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;axes&lt;/font&gt;&lt;/font&gt;&lt;/h1&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;a. Deferred income (IRPJ) and social contribution taxes (CSLL)&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Company and its subsidiaries recognize &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;deferred tax assets and liabilities&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; which are not subject to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statute of limitations, mainly resulting from &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;p&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;rovision for differences between cash and accrual basis&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;tax loss carryforwards&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;negative tax bases&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and provisions for tax, civil, and labor risks&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Deferred tax assets &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;are sustained by the continued profitability of their operations.&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Deferred IRPJ and CSLL are recognized under the following main categories:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 495px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 71.2538%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 15.5963%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 2.30444%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Assets - deferred income and social contribution taxes on: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 15.5963%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; padding-right: 3pt; padding-left: 3pt; vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
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&lt;td style="width: 2.30444%; padding-right: 3pt; padding-left: 3pt; vertical-align: top; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Provision for impairment of assets &lt;/font&gt;&lt;/p&gt;
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&lt;td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;72,377&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="width: 2.30444%; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Provisions for tax, civil, and labor risks &lt;/font&gt;&lt;/p&gt;
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&lt;td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;138,516&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;150,085&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="width: 2.30444%; padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Provision for post-employment benefits &lt;/font&gt;&lt;/p&gt;
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&lt;td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;96,108&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;92,199&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="width: 2.30444%; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Provision for differences between cash and accrual basis (i) &lt;/font&gt;&lt;/p&gt;
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&lt;td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;606,054&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;224,065&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="width: 2.30444%; padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Goodwill &lt;/font&gt;&lt;/p&gt;
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&lt;td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8,161&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="width: 2.30444%; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Business combination &amp;#8211; tax basis vs. accounting basis of goodwill &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;75,515&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;75,745&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Provision for asset retirement obligation &lt;/font&gt;&lt;/p&gt;
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&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;14,762&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Provision for suppliers &lt;/font&gt;&lt;/p&gt;
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&lt;td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;49,501&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;35,214&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="width: 2.30444%; padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Provision for profit sharing and bonus &lt;/font&gt;&lt;/p&gt;
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&lt;td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;56,873&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;44,818&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="width: 2.30444%; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Leases payable &lt;/font&gt;&lt;/p&gt;
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&lt;td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;41,932&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;19,003&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 2.30444%; padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Change in fair value of subscription warrants &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;22,833&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16,338&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 2.30444%; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Provision for deferred revenue &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;25,770&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;29,961&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 2.30444%; padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other provisions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;14,917&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15,355&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 2.30444%; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Tax losses and negative basis for social contribution carryforwards (&lt;font&gt;9&lt;/font&gt;.d) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 15.5963%; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;363,862&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;278,140&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 2.30444%; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 15.5963%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,588,001&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,076,223&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 2.30444%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Offset liability balance of deferred IRPJ and CSLL &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 15.5963%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;613,290&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;422,529&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 2.30444%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net balance of deferred taxes assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 15.5963%; border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;974,711&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;653,694&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 2.30444%; border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Liabilities - deferred income and social contribution taxes on: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 2.30444%; padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Revaluation of PP&amp;amp;E &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,776&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,866&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 2.30444%; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Leases payable &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,895&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,356&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 2.30444%; padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Provision for differences between cash and accrual basis (i) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;402,780&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;257,718&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 2.30444%; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Provision for goodwill &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;92,242&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;39,186&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 2.30444%; padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Business combination &amp;#8211; fair value of assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 15.5963%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;111,832&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;114,125&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 2.30444%; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other provisions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 15.5963%; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15,497&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;14,809&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 2.30444%; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 15.5963%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;626,022&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;430,060&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 2.30444%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Offset asset balance of deferred IRPJ and CSLL &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 15.5963%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;613,290&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;422,529&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 2.30444%; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="width: 71.2538%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net balance of deferred taxes liabilities &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 15.5963%; border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;12,732&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding: 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 0.509685%; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 10.9474%; border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,531&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 2.30444%; border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) &lt;font&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font style="border-right: none; border-left: none;"&gt;Refers mainly to the income tax on the exchange variation of the derivate hedging instruments.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;

&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Changes in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the net balance of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;deferred IRPJ and CSLL are as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 102px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 84%; margin-left: auto; margin-right: auto;" width="84%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 58%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 12.7921%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 1.20792%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 58%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Initial balance &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;646,163&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;504,890&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); width: 2%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 12.7921%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;530,419&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.20792%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 58%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Deferred IRPJ and CSLL recognized in income of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;87,939&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;97,465&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; width: 2%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 12.7921%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;162,417&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.20792%; padding: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 13px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 13px; background-color: rgb(204, 238, 255); width: 58%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Deferred IRPJ and CSLL recognized in other comprehensive income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: rgb(204, 238, 255); width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;210,034&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: rgb(204, 238, 255); width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: rgb(204, 238, 255); width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;40,497&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 13px; background-color: rgb(204, 238, 255); width: 2%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 13px; background-color: rgb(204, 238, 255); width: 12.7921%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;133,124&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.20792%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 58%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Deferred IRPJ and CSLL recognized in business combination &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; width: 2%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 12.7921%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,054&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.20792%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 58%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Others &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;17,843&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,311&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); width: 2%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 12.7921%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,710&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.20792%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; width: 58%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Final balance &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;961,979&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;646,163&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px; width: 2%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); width: 12.7921%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;504,890&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.20792%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The estimated recovery of deferred tax assets relating to IRPJ and CSLL is stated as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-right: auto;" width="68%"&gt;

&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Up to &lt;font&gt;1&lt;/font&gt; year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;203,341&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; From &lt;font&gt;1&lt;/font&gt; to &lt;font&gt;2&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;154,684&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; From &lt;font&gt;2&lt;/font&gt; to &lt;font&gt;3&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;79,646&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; From &lt;font&gt;3&lt;/font&gt; to &lt;font&gt;5&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;189,231&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; From &lt;font&gt;5&lt;/font&gt; to &lt;font&gt;7&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;634,200&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; From &lt;font&gt;7&lt;/font&gt; to &lt;font&gt;10&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;326,899&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 13.5pt; background-color: #cceeff;"&gt;
&lt;td style="width: 362.5pt; padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total of deferred tax assets relating to IRPJ and CSLL &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; border-top: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,588,001&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;In order to evaluate the realization of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;deferred tax assets, the taxable income projections from&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;business plans of each segment of the Company&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;which indicates trends and perspectives, demand effects, competition and other economic factors&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; that represent the management&amp;#8217;s best estimate about the economic conditions existing during the period of realization of the deferred tax asset were taken into account.&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The main key assumptions used to calculate the realization of deferred tax assets &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;are:&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; growth in Gross Domestic Product (&amp;#8220;GDP&amp;#8221;), exchange rate, basic interest rate (SELIC) and DI, inflation rate, commodity price index, among others. The balance of R$ &lt;font&gt;1&lt;/font&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;588,001&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; was supported by the technical study on taxable profit projections for the realization of deferred tax assets, examined by the Fiscal Council (&amp;#8220;CF&amp;#8221;) and by the Audit and Risks Committee (&amp;#8220;CAR&amp;#8221;).&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;

&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;b. Reconciliation of income and social contribution taxes&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;IRPJ and CSLL are reconciled to the statutory tax rates as follows:&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 247px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 60.037%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 12.0259%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2.03515%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 12.0259%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 1.94265%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 10.9709%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.869935%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 60.037%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Income (loss) before taxes and share of profit (loss) of joint ventures, and associates &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 12.0259%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,542,681&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2.03515%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 12.0259%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;793,698&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; background-color: #cceeff; width: 1.94265%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10.9709%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,785,818&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; width: 0.869935%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 60.037%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Statutory tax rates &amp;#8211; % &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; width: 12.0259%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;34&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 2.03515%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; width: 12.0259%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;34&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 1.94265%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; width: 10.9709%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;34&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.869935%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 60.037%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Income and social contribution taxes at the statutory tax rates &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 12.0259%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;524,512&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2.03515%;"&gt;)&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 12.0259%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;269,857&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; background-color: #cceeff; width: 1.94265%; padding: 0px;"&gt;)&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 10.9709%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;607,178&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.869935%; padding: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 60.037%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Adjustments to the statutory income and social contribution taxes: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 12.0259%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 2.03515%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 12.0259%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; width: 1.94265%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; width: 10.9709%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 0.869935%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 60.037%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Nondeductible expenses (i) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 12.0259%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;74,877&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2.03515%;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 12.0259%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;68,795&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff; width: 1.94265%; padding: 0px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.9709%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;82,784&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; width: 0.869935%; padding: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 60.037%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Nontaxable revenues (ii) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 12.0259%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33,552&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 2.03515%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 12.0259%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;28,235&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 1.94265%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.9709%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;32,523&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.869935%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 60.037%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Adjustment to estimated income (iii) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 12.0259%;"&gt;
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&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest on equity (iv) &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 60.037%;"&gt;
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&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 60.037%;"&gt;
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&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 60.037%;"&gt;
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&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 60.037%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Effective IRPJ and CSLL rates &amp;#8211; % &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 12.0259%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;37.0&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 2.03515%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 12.0259%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;47.7&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 1.94265%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.9709%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;35.8&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 0.869935%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;table style="width: 100%; margin-left: 0.1px; height: 170px; font-family: 'times new roman'; font-size: 10pt;"&gt;

&lt;tr style="height: 34px;"&gt;
&lt;td style="width: 3.60398%; height: 34px; vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(i)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 96.396%; height: 34px;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;C&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;onsist&amp;nbsp;of certain expenses that cannot be deducted for tax purposes under applicable tax legislation, such as expenses with fines, donations, gifts, losses of assets&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;negative effects of foreign subsidiaries&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;and certain provisions&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 3.60398%; height: 17px; vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(ii)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 96.396%; height: 17px;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;C&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;onsist&amp;nbsp;of certain gains and income that are not taxable under applicable tax legislation, such as the reimbursement of taxes and the reversal of certain provisions&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 68px;"&gt;
&lt;td style="width: 3.60398%; height: 68px; vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(iii)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 96.396%; height: 68px;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Brazilian tax law allows for an alternative method of taxation for companies that generated gross revenues of up to R$&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;7&lt;/font&gt;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;8&lt;/font&gt;&amp;nbsp;million in their previous fiscal year. Certain subsidiaries of the Company adopted this alternative form of taxation, whereby income and social contribution taxes are calculated on a basis equal to&amp;nbsp;&lt;font style="border-left: none; border-right: none;"&gt;32&lt;/font&gt;% of operating revenues, as opposed to being calculated based on the effective taxable income of these subsidiaries. The&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;adjustment to estimated income represents the&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;difference between the taxation under this alternative method and the income and social contribution taxes that would have been pa&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;id&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;based on the effective statutory rate applied to the taxable income&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;of these subsidiaries&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 34px;"&gt;
&lt;td style="width: 3.60398%; height: 34px; vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(iv)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 96.396%; height: 34px;"&gt;&lt;font&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Interest on equity is an option foreseen in Brazilian corporate law to distribute profits to shareholders, calculated based on the long-term interest rate (&amp;#8220;TJLP&amp;#8221;), which does not affect the income statement, but is deductible for purposes of IRPJ and CSLL, being taxable to the beneficiary and deductible to the entity that pays.&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 3.60398%; height: 17px; vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(v)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 96.396%; height: 17px;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;See Note&amp;nbsp;&lt;font style="border-left: none; border-right: none;"&gt;9&lt;/font&gt;.d&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="margin-top: 0pt; margin-left: 21.3pt; margin-bottom: 0pt; text-indent: -21.3pt; text-align: justify; font-size: 9pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;

&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;c. Tax &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ncentives &amp;#8211; SUDENE&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The following subsidiaries are entitled to federal tax benefits providing for IRPJ reduction under the program for development of northeastern Brazil operated by the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Superintendence&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; for the Development of the Northeast (&amp;#8220;SUDENE&amp;#8221;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, as shown below&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 84%; margin-left: auto; margin-right: auto; height: 176px;" width="84%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 60.8997%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Subsidiary &lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 15.0519%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Units &lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 11.9377%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Incentive - % &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 11.9377%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Expiration &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 60.8997%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Bahiana Distribuidora de G&amp;#225;s Ltda.&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 15.0519%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Mataripe base&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 11.9377%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;75&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 11.9377%;"&gt;
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&lt;tr style="height: 17px;"&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 60.8997%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 11.9377%;"&gt;
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&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 60.8997%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;tr style="height: 17px;"&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 60.8997%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 60.8997%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 11.9377%;"&gt;
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&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 11.9377%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2027&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;tr style="height: 10px;"&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 60.8997%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Terminal Qu&amp;#237;mico de Aratu S.A. &amp;#8211; Tequimar&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 10px; width: 15.0519%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Suape&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; terminal&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;sup&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font style="border-left: none; border-right: none;"&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 10px; width: 11.9377%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;75&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 10px; width: 11.9377%;"&gt;
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&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 60.8997%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 15.0519%;"&gt;
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&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 11.9377%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;75&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 11.9377%;"&gt;
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&lt;tr style="height: 17px;"&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 60.8997%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Itaqui terminal&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 11.9377%;"&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 11.9377%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2025&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 60.8997%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Oleoqu&amp;#237;mica Ind&amp;#250;stria e Com&amp;#233;rcio de Produtos Qu&amp;#237;micos Ltda.&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 15.0519%;"&gt;
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&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 11.9377%;"&gt;
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&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 11.9377%;"&gt;
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&lt;tr style="height: 10px;"&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 60.8997%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;Oxiteno S.A. Ind&amp;#250;stria e Com&amp;#233;rcio&lt;/font&gt; &lt;/font&gt;&lt;sup&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;2&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Cama&amp;#231;ari plant&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 11.9377%;"&gt;
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&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 60.8997%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;Empresa Carioca de Produtos Qu&amp;#237;micos S.A.&lt;/font&gt; &lt;/font&gt;&lt;sup&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;3&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 15.0519%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Cama&amp;#231;ari plant&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 11.9377%;"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2026&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;table style="width: 100%; margin-left: 0.1px; height: 88px; font-family: 'times new roman'; font-size: 10pt;"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="width: 3.60398%; height: 10px; vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 11.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(1)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 96.396%; height: 10px;"&gt;&lt;font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Based on the legislation in force the enterprise belongs to the sectors identified as priorities for the development of the Northeast region of Brazil&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;C&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;ombined&amp;nbsp;with&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Tequimar's&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;successful track record in meeting the requirements for maintaining and renewing the incentive, as well as in the fact&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;that&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;several investments have been made in the modernization of the production process of the unit that is the object of the benefit &amp;#8211;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Suape&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;Terminal, the&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;request for the&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;extension of the incentive for another&amp;nbsp;&lt;font style="border-left: none; border-right: none;"&gt;10&lt;/font&gt;&amp;nbsp;years&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;will be filed in&amp;nbsp;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;2021&lt;/font&gt;&lt;/font&gt;&amp;nbsp;at SUDENE.&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;The&amp;nbsp;ren&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;ewal&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;request is usually made in the year&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;after the year in which&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;the incentive expires and generates retroactive effects&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;as of&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;January of the year in which the request is filed.&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 3.60398%; height: 17px; vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 11.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(2)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 96.396%; height: 17px;"&gt;&lt;font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;The request for&amp;nbsp;renewal&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;of the&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Oleoqu&amp;#237;mica&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;incentive will be filed in&amp;nbsp;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;2022&lt;/font&gt;&lt;/font&gt;,&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;for the same reasons&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;described in note&amp;nbsp;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;1&lt;/font&gt;&lt;/font&gt;&amp;nbsp;above.&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="width: 3.60398%; height: 10px; vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 11.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(3)&lt;/font&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 96.396%; height: 10px;"&gt;&lt;font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;The request to transfer the right to reduce the IRPJ to&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;S&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;A&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;was&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;submitted to SUDENE&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;and waits decision&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;d. Income and social contribution taxes carryforwards&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;In&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the Company and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;certain subsidiaries ha&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;d&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;tax &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;loss carryforwards &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;related to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;income tax&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (IRPJ)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;R$ &lt;/font&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;1,687,482&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1,268,964&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; as of December 31, 201&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and negative basis of CSLL of R$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;1,689,232&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1,270,714&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of December 31, 201&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, whose compensations are limited to &lt;font&gt;30&lt;/font&gt;% of taxable income&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in a given tax year&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, which do not expire.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;

&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The balances which are constituted of deferred taxes related to income tax loss carryforwards and negative basis of social contribution base are as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 198px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 300.15pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Oxiteno S.A. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;205,604&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;148,306&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Extrafarma &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;72,318&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;72,318&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ipiranga &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;44,537&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultrapar &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;27,736&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;27,051&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Iconic &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,691&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Abastece A&amp;#237; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,362&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Tequimar Vila do Conde &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;489&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font&gt;17,657&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultracargo &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;107&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; UVC Investimentos &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;18&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cia Ultragaz &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;12,808&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="width: 300.15pt; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; border-bottom: 2.8pt double #000000; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;363,862&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; border-bottom: 2.8pt double #000000; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;278,140&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;balances which are not constituted&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of deferred &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;taxes related to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;income &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;tax loss carryforwards &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;negative basis of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;social contribution &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;base &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;are as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 79px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-left: auto; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 300.15pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="width: 300.15pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Extrafarma &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;294,400&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;237,664&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 300.15pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Millennium &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;640&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;96&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 300.15pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Integra Frotas &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,802&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,636&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="width: 300.15pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;302,842&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.7pt; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;242,396&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;In addition, the following foreign subsidiaries that do not have deferred taxes recognized related to income tax, as shown below, subject to local compensation rules.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 113px; width: 100%;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; US$ (thousands) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; US$ (thousands) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; R$ (thousands) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; R$ (thousands) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 58%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Oxiteno USA &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;217,837&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;184,781&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,132,035&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;744,797&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Oxiteno Uruguai &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,943&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,444&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;41,279&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;30,005&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultrapar International &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,261&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,420&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;32,535&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;42,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;232,041&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;202,645&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,205,849&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;816,802&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin: 0cm 0cm 0.0001pt; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfIncomeTaxExplanatory>
  <ifrs-full:BorrowingsMaturity id="Tag5337" contextRef="D20201231_ForeignLoansMember_GlobalPetroleumProductsTradingCorporationMember">June 22, 2020</ifrs-full:BorrowingsMaturity>
  <ugp:ForeignLoanMaturityAmount id="Tag5338" contextRef="D20201231_ForeignLoansMember_IpirangaProdutosdePetroleoSAMember" unitRef="USD" decimals="-3">251877000</ugp:ForeignLoanMaturityAmount>
  <ugp:PrincipalPaymentAndFinancialLeases id="Tag5339" contextRef="D20191231_3" unitRef="BRL" decimals="-3">2644704000</ugp:PrincipalPaymentAndFinancialLeases>
  <ugp:EffectiveRateOfTransactionCosts id="Tag5340" contextRef="D20181231_ForeignLoansMember" unitRef="Pure" decimals="3">0.001</ugp:EffectiveRateOfTransactionCosts>
  <ugp:BrazilianRealDenominatedLoans id="Tag5341" contextRef="I20191231_Loan24Member" unitRef="BRL" decimals="-3">22000</ugp:BrazilianRealDenominatedLoans>
  <ugp:LoanMaturityDate id="Tag5342" contextRef="D20201231_Loan17Member">2024</ugp:LoanMaturityDate>
  <ugp:CurrencyInterestRateHedgingInstruments id="Tag5343" contextRef="I20201231" unitRef="BRL" decimals="-3">117159000</ugp:CurrencyInterestRateHedgingInstruments>
  <ugp:DebenturesPrincipalAmount id="Tag5344" contextRef="I20201231_DebentureTwoMember" unitRef="BRL" decimals="-3">660139000</ugp:DebenturesPrincipalAmount>
  <ifrs-full:BorrowingsMaturity id="Tag5345" contextRef="D20200430_UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt3rdApril2021Member_IpirangaProdutosdePetroleoSAMember">April 3, 2021</ifrs-full:BorrowingsMaturity>
  <ugp:TransactionCostsFinancialInstruments id="Tag5346" contextRef="I20181231_OtherTransactionCostsMember" unitRef="BRL" decimals="-3">2432000</ugp:TransactionCostsFinancialInstruments>
  <ugp:BrazilianRealDenominatedLoans id="Tag5347" contextRef="I20191231_Loan12Member" unitRef="BRL" decimals="-3">1868612000</ugp:BrazilianRealDenominatedLoans>
  <ifrs-full:LiabilitiesToWhichSignificantRestrictionsApply id="Tag5348" contextRef="I20201231_RestrictedAssetsMember" unitRef="BRL" decimals="-3">779505000</ifrs-full:LiabilitiesToWhichSignificantRestrictionsApply>
  <ugp:WeightedAverageFinancialChargesLoans id="Tag5349" contextRef="D20201231_Loan13Member">3.1</ugp:WeightedAverageFinancialChargesLoans>
  <ugp:TransactionCostAmortization id="Tag5350" contextRef="D20181231_ForeignLoansMember" unitRef="BRL" decimals="-3">882000</ugp:TransactionCostAmortization>
  <ugp:DebentureFaceValue id="Tag5351" contextRef="D20201231_DebentureTwoMember" unitRef="BRL" decimals="-1">1000000</ugp:DebentureFaceValue>
  <ugp:AverageCostInPercentageOfCdi id="Tag5352" contextRef="D20201231_ForeignLoanTwoMember_IpirangaProdutosdePetroleoSAMember_ForeignLoansMember" unitRef="Pure" decimals="3">1.050</ugp:AverageCostInPercentageOfCdi>
  <ugp:DebentureReprice id="Tag5353" contextRef="D20201231_DebentureOneMember">Not applicable</ugp:DebentureReprice>
  <ugp:EffectiveRateOfTransactionCosts id="Tag5354" contextRef="D20191231_DebenturesMember" unitRef="Pure" decimals="3">0.002</ugp:EffectiveRateOfTransactionCosts>
  <ugp:AmountAppropriatedToProfitOrLossInFuture id="Tag5355" contextRef="I20201231_BancoDoBrasilMember" unitRef="BRL" decimals="-3">332000</ugp:AmountAppropriatedToProfitOrLossInFuture>
  <ugp:WeightedAverageFinancialChargesLoans id="Tag5356" contextRef="D20201231_Loan11Member">105.3</ugp:WeightedAverageFinancialChargesLoans>
  <ugp:Debentures id="Tag5357" contextRef="I20201231_MaturityTwentyMember" unitRef="BRL" decimals="-3">213693000</ugp:Debentures>
  <ugp:DescriptionOfPaymentOfFaceValueOfBorrowings id="Tag5358" contextRef="D20200430_UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt3rdApril2021Member_IpirangaProdutosdePetroleoSAMember">Lump sum at final maturity</ugp:DescriptionOfPaymentOfFaceValueOfBorrowings>
  <ugp:EmployeeBenefitsExchangeRateFromForeignSubsidiaries id="Tag5359" contextRef="D20201231_3" unitRef="BRL" decimals="-3">793000</ugp:EmployeeBenefitsExchangeRateFromForeignSubsidiaries>
  <ugp:ActuarialGainsLossesFromChangesInActuarialAssumptionsEmployeeBenefits id="Tag5360" contextRef="D20201231_3" unitRef="BRL" decimals="-3">24822000</ugp:ActuarialGainsLossesFromChangesInActuarialAssumptionsEmployeeBenefits>
  <ugp:ActuarialGainsLossesFromChangesInActuarialAssumptionsEmployeeBenefits id="Tag5361" contextRef="D20191231_3" unitRef="BRL" decimals="-3">44489000</ugp:ActuarialGainsLossesFromChangesInActuarialAssumptionsEmployeeBenefits>
  <ugp:DebenturesPrincipalAmount id="Tag5362" contextRef="I20201231_DebentureSixMember" unitRef="BRL" decimals="-3">213693000</ugp:DebenturesPrincipalAmount>
  <ugp:BrazilianRealDenominatedLoans id="Tag5363" contextRef="I20201231_Loan18Member" unitRef="BRL" decimals="-3">29803000</ugp:BrazilianRealDenominatedLoans>
  <ugp:LoanDescription id="Tag5364" contextRef="D20201231_Loan22Member">BNDES</ugp:LoanDescription>
  <ugp:LoansAndDeBenturesChangeInFairValue id="Tag5365" contextRef="D20201231_3" unitRef="BRL" decimals="-3">34702000</ugp:LoansAndDeBenturesChangeInFairValue>
  <ugp:DisclosureOfForeignSubsidiariesHaveTaxLossCarryforwardsTableTextBlock id="Tag5366" contextRef="D20201231_3">&lt;div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;In addition, the following foreign subsidiaries that do not have deferred taxes recognized related to income tax, as shown below, subject to local compensation rules.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 113px; width: 100%;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; US$ (thousands) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; US$ (thousands) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; R$ (thousands) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; R$ (thousands) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 58%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Oxiteno USA &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;217,837&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;184,781&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,132,035&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;744,797&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Oxiteno Uruguai &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,943&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,444&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;41,279&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;30,005&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ultrapar International &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,261&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,420&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;32,535&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;42,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;232,041&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;202,645&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,205,849&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;816,802&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin: 0cm 0cm 0.0001pt; color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;</ugp:DisclosureOfForeignSubsidiariesHaveTaxLossCarryforwardsTableTextBlock>
  <ugp:SummaryOfChangesInBalanceOfDeferredTaxesTableTextBlock id="Tag5367" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Changes in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the net balance of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;deferred IRPJ and CSLL are as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 102px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 84%; margin-left: auto; margin-right: auto;" width="84%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 58%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 12.7921%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; width: 1.20792%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 58%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Initial balance &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;646,163&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;504,890&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); width: 2%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 12.7921%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;530,419&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.20792%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 58%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Deferred IRPJ and CSLL recognized in income of the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;87,939&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;97,465&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; width: 2%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 12.7921%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;162,417&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.20792%; padding: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 13px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 13px; background-color: rgb(204, 238, 255); width: 58%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Deferred IRPJ and CSLL recognized in other comprehensive income &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: rgb(204, 238, 255); width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;210,034&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: rgb(204, 238, 255); width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 13px; background-color: rgb(204, 238, 255); width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;40,497&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 13px; background-color: rgb(204, 238, 255); width: 2%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 13px; background-color: rgb(204, 238, 255); width: 12.7921%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;133,124&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.20792%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 58%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Deferred IRPJ and CSLL recognized in business combination &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; width: 2%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 12.7921%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,054&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.20792%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 58%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Others &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;17,843&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,311&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: rgb(204, 238, 255); width: 2%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 12.7921%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,710&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.20792%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; width: 58%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Final balance &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;961,979&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;646,163&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px; width: 2%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); width: 12.7921%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;504,890&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; width: 1.20792%; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</ugp:SummaryOfChangesInBalanceOfDeferredTaxesTableTextBlock>
  <ifrs-full:OtherOperatingIncomeExpense id="Tag5368" contextRef="D20191231_CommercialPartnershipsMember" unitRef="BRL" decimals="-3">40816000</ifrs-full:OtherOperatingIncomeExpense>
  <ugp:ChangesInAssumptionDecreaseInLiability id="Tag5369" contextRef="D20201231_DiscountRateMember">increase by 1.0 p.p</ugp:ChangesInAssumptionDecreaseInLiability>
  <ugp:EmployeetBenefitsCurrentServiceCost id="Tag5370" contextRef="D20201231_3" unitRef="BRL" decimals="-3">-13568000</ugp:EmployeetBenefitsCurrentServiceCost>
  <ugp:SummaryOfOtherOperatingIncomeTableTextBlock id="Tag5371" contextRef="D20201231_3">&lt;div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: auto; border-collapse: collapse; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; width: 85.2438%; margin-right: auto; height: 117px;" width="84%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 63.0048%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 10.9855%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2.26171%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 10.8239%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 1.93861%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.8239%;"&gt;
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&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px; width: 10.8239%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,793&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: rgb(204, 238, 255); height: 10px; width: 1.93861%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px; width: 10.8239%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,161&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; width: 63.0048%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other operating income, net &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); height: 10px; width: 10.9855%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;221,394&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.26171%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); height: 10px; width: 10.8239%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;179,625&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; width: 1.93861%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); height: 10px; width: 10.8239%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;57,533&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;table style="width: 100%; margin-left: 0.1px; height: 136px; font-family: 'times new roman'; font-size: 10pt;"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 3%; height: 17px; vertical-align: top;" valign="top"&gt;&lt;font style="font-size: 9pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(&lt;/font&gt;&lt;font style="border-left: none; border-right: none;"&gt;1&lt;/font&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;)&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 97%; height: 17px;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Refers to contracts with service providers and suppliers&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;which establish trade agreements&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;for&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;convenience stores and gas stations.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="height: 17px; vertical-align: top; width: 3%;" valign="top"&gt;&lt;font style="font-size: 9pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(&lt;/font&gt;&lt;font style="border-left: none; border-right: none;"&gt;2&lt;/font&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;)&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="height: 17px; width: 97%;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Refers to contracts with suppliers of convenience stores&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;,&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;which establish, among other agreements, promotional campaigns.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="height: 17px; vertical-align: top; width: 3%;" valign="top"&gt;&lt;font style="font-size: 9pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(&lt;/font&gt;&lt;font style="border-left: none; border-right: none;"&gt;3&lt;/font&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;)&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="height: 17px; width: 97%;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Refers to sales of &amp;#8220;Km de&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Vantagens&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;#8221; to partners of the loyalty program. Revenue is recognized at the time that the partners transfer&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;the points to their&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;customers.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="height: 17px; vertical-align: top; width: 3%;" valign="top"&gt;&lt;font style="font-size: 9pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(&lt;/font&gt;&lt;font style="border-left: none; border-right: none;"&gt;4&lt;/font&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;)&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="height: 17px; width: 97%;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;For more information&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;about the fire accident in&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Ultracargo&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;, see Note&amp;nbsp;&lt;font style="border-left: none; border-right: none;"&gt;22&lt;/font&gt;.b.&lt;font style="border-left: none; border-right: none;"&gt;2.4&lt;/font&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="height: 17px; vertical-align: top; width: 3%;" valign="top"&gt;&lt;font style="font-size: 9pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(&lt;/font&gt;&lt;font style="border-left: none; border-right: none;"&gt;5&lt;/font&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;)&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="height: 17px; width: 97%;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Refers to a contractual fine paid in&amp;nbsp;&lt;font style="border-left: none; border-right: none;"&gt;2018&lt;/font&gt;&amp;nbsp;by&amp;nbsp;Cia.&amp;nbsp;Ultragaz&amp;nbsp;in favor of&amp;nbsp;Petrobras&amp;nbsp;due to the non-closing of the acquisition of&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Liquig&amp;#225;s&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Distribuidora&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;S.A (&amp;#8220;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Liquig&amp;#225;s&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;#8221;) transaction rejected by the CADE.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="height: 17px; vertical-align: top; width: 3%;" valign="top"&gt;&lt;font style="font-size: 9pt;"&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; text-align: justify; text-indent: -9.46667px; float: none; display: inline !important;"&gt;(6&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; text-align: justify; text-indent: -9.46667px; float: none; display: inline !important;"&gt;)&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="height: 17px; width: 97%;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Refers&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;substantially&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;to&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;S.A.,&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Ipiranga&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;,&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Oleoqu&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;#237;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;mica&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;, EMCA,&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Tequimar&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Ultracargo&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;and Tropical&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;PIS and COFINS&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;credits (see Note&amp;nbsp;&lt;font style="border-left: none; border-right: none;"&gt;7&lt;/font&gt;.a.&lt;font style="border-left: none; border-right: none;"&gt;2&lt;/font&gt;)&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;, and&amp;nbsp;&lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt;&amp;nbsp;substantially to&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Extrafarma&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;,&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Ipiranga&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;and Iconic credits&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="height: 17px; vertical-align: top; width: 3%;" valign="top"&gt;&lt;font style="font-size: 9pt;"&gt;(7)&lt;/font&gt;&lt;/td&gt;
&lt;td style="height: 17px; width: 97%;"&gt;&lt;font&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;For more information, see Note&amp;nbsp;&lt;/font&gt;&lt;font style="border-left: none; border-right: none;"&gt;22&lt;/font&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;.b.&lt;/font&gt;&lt;font style="border-left: none; border-right: none;"&gt;2.4&lt;/font&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="height: 17px; vertical-align: top; width: 3%;" valign="top"&gt;&lt;font style="font-size: 9pt;"&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; text-align: justify; text-indent: -9.46667px; float: none; display: inline !important;"&gt;(8&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; text-align: justify; text-indent: -9.46667px; float: none; display: inline !important;"&gt;)&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="height: 17px; width: 97%;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Refers to the&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;obligation&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;adopted by the &lt;font style="border-right: none; border-left: none;"&gt;Brazilian&lt;/font&gt; National&amp;nbsp;Biofuels&amp;nbsp;Policy &amp;#8211; "&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;RenovaBio"&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;(implemented by Law No.&amp;nbsp;&lt;font style="border-left: none; border-right: none;"&gt;13,576&lt;/font&gt;/&lt;font style="border-left: none; border-right: none;"&gt;2017&lt;/font&gt;, with additional regulations established by Decree No.&amp;nbsp;&lt;font style="border-left: none; border-right: none;"&gt;9,888&lt;/font&gt;/&lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt;&amp;nbsp;and Ordinance No.&amp;nbsp;&lt;font style="border-left: none; border-right: none;"&gt;419&lt;/font&gt;&amp;nbsp;of November 20, 2019 issued by the Brazilian Ministry of Mines and Energy) to set&amp;nbsp;decarbonization&amp;nbsp;targets for its sector.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="margin-top: 0pt; margin-left: 7.1pt; margin-bottom: 0pt; text-indent: -7.1pt; text-align: justify; font-size: 9pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;</ugp:SummaryOfOtherOperatingIncomeTableTextBlock>
  <ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory id="Tag5372" contextRef="D20201231_3">&lt;div&gt;
&lt;h1 style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 12pt; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;29&lt;/font&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Other &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;o&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;perating &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ncome, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;n&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;et&lt;/font&gt;&lt;/font&gt;&lt;/h1&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: auto; border-collapse: collapse; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; width: 85.2438%; margin-right: auto; height: 117px;" width="84%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 63.0048%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 10.9855%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2.26171%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 10.8239%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 1.93861%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 10.8239%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: rgb(204, 238, 255);"&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px; width: 10.8239%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,161&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; width: 63.0048%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other operating income, net &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); height: 10px; width: 10.9855%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;221,394&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2.26171%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); height: 10px; width: 10.8239%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;179,625&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; width: 1.93861%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); height: 10px; width: 10.8239%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;57,533&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;table style="width: 100%; margin-left: 0.1px; height: 136px; font-family: 'times new roman'; font-size: 10pt;"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 3%; height: 17px; vertical-align: top;" valign="top"&gt;&lt;font style="font-size: 9pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(&lt;/font&gt;&lt;font style="border-left: none; border-right: none;"&gt;1&lt;/font&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;)&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 97%; height: 17px;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Refers to contracts with service providers and suppliers&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;which establish trade agreements&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;for&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;convenience stores and gas stations.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="height: 17px; vertical-align: top; width: 3%;" valign="top"&gt;&lt;font style="font-size: 9pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(&lt;/font&gt;&lt;font style="border-left: none; border-right: none;"&gt;2&lt;/font&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;)&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="height: 17px; width: 97%;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Refers to contracts with suppliers of convenience stores&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;,&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;which establish, among other agreements, promotional campaigns.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="height: 17px; vertical-align: top; width: 3%;" valign="top"&gt;&lt;font style="font-size: 9pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(&lt;/font&gt;&lt;font style="border-left: none; border-right: none;"&gt;3&lt;/font&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;)&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="height: 17px; width: 97%;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Refers to sales of &amp;#8220;Km de&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Vantagens&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;#8221; to partners of the loyalty program. Revenue is recognized at the time that the partners transfer&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;the points to their&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;customers.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="height: 17px; vertical-align: top; width: 3%;" valign="top"&gt;&lt;font style="font-size: 9pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(&lt;/font&gt;&lt;font style="border-left: none; border-right: none;"&gt;4&lt;/font&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;)&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="height: 17px; width: 97%;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;For more information&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;about the fire accident in&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Ultracargo&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;, see Note&amp;nbsp;&lt;font style="border-left: none; border-right: none;"&gt;22&lt;/font&gt;.b.&lt;font style="border-left: none; border-right: none;"&gt;2.4&lt;/font&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="height: 17px; vertical-align: top; width: 3%;" valign="top"&gt;&lt;font style="font-size: 9pt;"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(&lt;/font&gt;&lt;font style="border-left: none; border-right: none;"&gt;5&lt;/font&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;)&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="height: 17px; width: 97%;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Refers to a contractual fine paid in&amp;nbsp;&lt;font style="border-left: none; border-right: none;"&gt;2018&lt;/font&gt;&amp;nbsp;by&amp;nbsp;Cia.&amp;nbsp;Ultragaz&amp;nbsp;in favor of&amp;nbsp;Petrobras&amp;nbsp;due to the non-closing of the acquisition of&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Liquig&amp;#225;s&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Distribuidora&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;S.A (&amp;#8220;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Liquig&amp;#225;s&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;#8221;) transaction rejected by the CADE.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="height: 17px; vertical-align: top; width: 3%;" valign="top"&gt;&lt;font style="font-size: 9pt;"&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; text-align: justify; text-indent: -9.46667px; float: none; display: inline !important;"&gt;(6&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; text-align: justify; text-indent: -9.46667px; float: none; display: inline !important;"&gt;)&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="height: 17px; width: 97%;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Refers&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;substantially&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;to&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;S.A.,&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Ipiranga&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;,&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Oleoqu&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;#237;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;mica&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;, EMCA,&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Tequimar&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Ultracargo&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;and Tropical&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;PIS and COFINS&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;credits (see Note&amp;nbsp;&lt;font style="border-left: none; border-right: none;"&gt;7&lt;/font&gt;.a.&lt;font style="border-left: none; border-right: none;"&gt;2&lt;/font&gt;)&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;, and&amp;nbsp;&lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt;&amp;nbsp;substantially to&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Extrafarma&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;,&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Ipiranga&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;and Iconic credits&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="height: 17px; vertical-align: top; width: 3%;" valign="top"&gt;&lt;font style="font-size: 9pt;"&gt;(7)&lt;/font&gt;&lt;/td&gt;
&lt;td style="height: 17px; width: 97%;"&gt;&lt;font&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;For more information, see Note&amp;nbsp;&lt;/font&gt;&lt;font style="border-left: none; border-right: none;"&gt;22&lt;/font&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;.b.&lt;/font&gt;&lt;font style="border-left: none; border-right: none;"&gt;2.4&lt;/font&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="height: 17px; vertical-align: top; width: 3%;" valign="top"&gt;&lt;font style="font-size: 9pt;"&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; text-align: justify; text-indent: -9.46667px; float: none; display: inline !important;"&gt;(8&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; text-align: justify; text-indent: -9.46667px; float: none; display: inline !important;"&gt;)&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="height: 17px; width: 97%;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Refers to the&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;obligation&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;adopted by the &lt;font style="border-right: none; border-left: none;"&gt;Brazilian&lt;/font&gt; National&amp;nbsp;Biofuels&amp;nbsp;Policy &amp;#8211; "&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;RenovaBio"&lt;/font&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -9.46667px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;(implemented by Law No.&amp;nbsp;&lt;font style="border-left: none; border-right: none;"&gt;13,576&lt;/font&gt;/&lt;font style="border-left: none; border-right: none;"&gt;2017&lt;/font&gt;, with additional regulations established by Decree No.&amp;nbsp;&lt;font style="border-left: none; border-right: none;"&gt;9,888&lt;/font&gt;/&lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt;&amp;nbsp;and Ordinance No.&amp;nbsp;&lt;font style="border-left: none; border-right: none;"&gt;419&lt;/font&gt;&amp;nbsp;of November 20, 2019 issued by the Brazilian Ministry of Mines and Energy) to set&amp;nbsp;decarbonization&amp;nbsp;targets for its sector.&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p style="margin-top: 0pt; margin-left: 7.1pt; margin-bottom: 0pt; text-indent: -7.1pt; text-align: justify; font-size: 9pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory>
  <ugp:SummaryOfTaxIncentivesTableTextBlock id="Tag5373" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The following subsidiaries are entitled to federal tax benefits providing for IRPJ reduction under the program for development of northeastern Brazil operated by the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Superintendence&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; for the Development of the Northeast (&amp;#8220;SUDENE&amp;#8221;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, as shown below&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 84%; margin-left: auto; margin-right: auto; height: 176px;" width="84%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 60.8997%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Subsidiary &lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 15.0519%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Units &lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 11.9377%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Incentive - % &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 11.9377%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Expiration &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 60.8997%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Bahiana Distribuidora de G&amp;#225;s Ltda.&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 15.0519%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Mataripe base&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 11.9377%;"&gt;
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&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 11.9377%;"&gt;
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&lt;tr style="height: 17px;"&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 60.8997%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 11.9377%;"&gt;
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&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 60.8997%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 11.9377%;"&gt;
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&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 11.9377%;"&gt;
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&lt;tr style="height: 17px;"&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 60.8997%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 11.9377%;"&gt;
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&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 60.8997%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 11.9377%;"&gt;
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&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 11.9377%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2027&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;tr style="height: 10px;"&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 60.8997%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Terminal Qu&amp;#237;mico de Aratu S.A. &amp;#8211; Tequimar&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 10px; width: 15.0519%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Suape&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; terminal&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;sup&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font style="border-left: none; border-right: none;"&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 10px; width: 11.9377%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;75&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 60.8997%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 11.9377%;"&gt;
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&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; width: 11.9377%;"&gt;
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&lt;tr style="height: 17px;"&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 60.8997%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 11.9377%;"&gt;
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&lt;td style="vertical-align: bottom; height: 17px; width: 11.9377%;"&gt;
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&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 60.8997%;"&gt;
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&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 15.0519%;"&gt;
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&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 11.9377%;"&gt;
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&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 11.9377%;"&gt;
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&lt;tr style="height: 10px;"&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 60.8997%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;Oxiteno S.A. Ind&amp;#250;stria e Com&amp;#233;rcio&lt;/font&gt; &lt;/font&gt;&lt;sup&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;2&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Cama&amp;#231;ari plant&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; width: 11.9377%;"&gt;
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&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 60.8997%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;Empresa Carioca de Produtos Qu&amp;#237;micos S.A.&lt;/font&gt; &lt;/font&gt;&lt;sup&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;3&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 15.0519%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Cama&amp;#231;ari plant&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 11.9377%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;75&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff; width: 11.9377%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2026&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;table style="width: 100%; margin-left: 0.1px; height: 88px; font-family: 'times new roman'; font-size: 10pt;"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="width: 3.60398%; height: 10px; vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 11.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(1)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 96.396%; height: 10px;"&gt;&lt;font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Based on the legislation in force the enterprise belongs to the sectors identified as priorities for the development of the Northeast region of Brazil&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;C&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;ombined&amp;nbsp;with&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Tequimar's&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;successful track record in meeting the requirements for maintaining and renewing the incentive, as well as in the fact&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;that&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;several investments have been made in the modernization of the production process of the unit that is the object of the benefit &amp;#8211;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Suape&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;Terminal, the&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;request for the&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;extension of the incentive for another&amp;nbsp;&lt;font style="border-left: none; border-right: none;"&gt;10&lt;/font&gt;&amp;nbsp;years&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;will be filed in&amp;nbsp;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;2021&lt;/font&gt;&lt;/font&gt;&amp;nbsp;at SUDENE.&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;The&amp;nbsp;ren&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;ewal&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;request is usually made in the year&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;after the year in which&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;the incentive expires and generates retroactive effects&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;as of&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;January of the year in which the request is filed.&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 3.60398%; height: 17px; vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 11.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(2)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 96.396%; height: 17px;"&gt;&lt;font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;The request for&amp;nbsp;renewal&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;of the&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Oleoqu&amp;#237;mica&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;incentive will be filed in&amp;nbsp;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;2022&lt;/font&gt;&lt;/font&gt;,&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;for the same reasons&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;described in note&amp;nbsp;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;1&lt;/font&gt;&lt;/font&gt;&amp;nbsp;above.&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="width: 3.60398%; height: 10px; vertical-align: top;" valign="top"&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 11.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: -webkit-left; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(3)&lt;/font&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 96.396%; height: 10px;"&gt;&lt;font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;The request to transfer the right to reduce the IRPJ to&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;S&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;A&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;was&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;submitted to SUDENE&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;&amp;nbsp;and waits decision&lt;/font&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</ugp:SummaryOfTaxIncentivesTableTextBlock>
  <ifrs-full:InvestmentsInJointVentures id="Tag5374" contextRef="I20191231_LatitudeLogsticaMember" unitRef="BRL" decimals="-3">10351000</ifrs-full:InvestmentsInJointVentures>
  <ugp:SubscriptionWarrantsShares id="Tag5375" contextRef="I20140131" unitRef="Shares" decimals="0">3641075</ugp:SubscriptionWarrantsShares>
  <ifrs-full:InvestmentsInJointVentures id="Tag5376" contextRef="I20171231_RPRMember" unitRef="BRL" decimals="-3">54739000</ifrs-full:InvestmentsInJointVentures>
  <ugp:IncomeBeforeTaxesAndShareOfProfitLossOfJointVenturesAndAssociates id="Tag5377" contextRef="D20191231_3" unitRef="BRL" decimals="-3">793698000</ugp:IncomeBeforeTaxesAndShareOfProfitLossOfJointVenturesAndAssociates>
  <ugp:DeferredIRPJAndCSLLRecognizedInOtherComprehensiveIncome id="Tag5378" contextRef="D20201231_3" unitRef="BRL" decimals="-3">210034000</ugp:DeferredIRPJAndCSLLRecognizedInOtherComprehensiveIncome>
  <ifrs-full:RightofuseAssets id="Tag5379" contextRef="I20191231_IFRS16Member_FinancialEffectOfChangesInAccountingPolicyMember" unitRef="BRL" decimals="-3">1731427000</ifrs-full:RightofuseAssets>
  <ugp:SummaryOfFinancialAssetsAndLiabilitiesExposedToFloatingInterestRatesTableTextBlock id="Tag5380" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he financial assets and liabilities exposed to floating interest rates&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; are demonstrated below:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin: 0px auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 84%; text-indent: 0px;" width="84%"&gt;

&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 71.8779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 5.92044%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Note &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 9.99075%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.20259%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.925069%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 8.78816%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.2026%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 71.8779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; DI &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 5.92044%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 9.99075%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.20259%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.925069%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 8.78816%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.2026%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; width: 71.8779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cash equivalents &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 5.92044%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 9.99075%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,241,852&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.20259%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.925069%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 8.78816%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,780,939&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.2026%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 71.8779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Financial investments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 5.92044%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4&lt;/font&gt;.b &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 9.99075%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,749,852&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.20259%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.925069%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 8.78816%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,610,686&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.2026%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; width: 71.8779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Asset position of foreign exchange hedging instruments &amp;#8211; DI &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 5.92044%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt;.g &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 9.99075%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.20259%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.925069%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 8.78816%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;19,323&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.2026%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 71.8779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Loans and debentures &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 5.92044%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 9.99075%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;6,947,362&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.20259%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.925069%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 8.78816%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;6,268,615&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.2026%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; width: 71.8779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Liability position of foreign exchange hedging instruments &amp;#8211; DI &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 5.92044%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt;.g &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 9.99075%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,124,146&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.20259%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.925069%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 8.78816%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;3,318,289&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.2026%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 71.8779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Liability position of fixed interest instruments + IPCA &amp;#8211; DI &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 5.92044%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt;.g &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 9.99075%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,203,705&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.20259%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.925069%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 8.78816%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;821,902&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.2026%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; width: 71.8779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net liability position in DI &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 5.92044%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 9.99075%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;5,283,509&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.20259%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.925069%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 8.78816%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;5,997,858&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.2026%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 71.8779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; TJLP &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 5.92044%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 9.99075%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.20259%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.925069%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 8.78816%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.2026%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; width: 71.8779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Loans &amp;#8211;TJLP &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 5.92044%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 9.99075%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;29,803&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.20259%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.925069%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 8.78816%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;103,945&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.2026%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 71.8779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net liability position in TJLP &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 5.92044%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 9.99075%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;29,803&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.20259%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.925069%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 8.78816%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;103,945&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.2026%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; width: 71.8779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &lt;font&gt;LIBOR&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 5.92044%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 9.99075%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.20259%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.925069%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 8.78816%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.2026%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 71.8779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Asset position of foreign exchange hedging instruments &amp;#8211; &lt;font&gt;LIBOR&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 5.92044%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;33&lt;/font&gt;.g &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 9.99075%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;260,958&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.20259%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.925069%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 8.78816%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;850,307&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.2026%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; width: 71.8779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Loans &amp;#8211; &lt;font&gt;LIBOR&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 5.92044%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 9.99075%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;573,484&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.20259%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.925069%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 8.78816%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,457,263&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.2026%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 71.8779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net liability position in &lt;font&gt;LIBOR&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 5.92044%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 9.99075%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;312,526&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.20259%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.925069%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 8.78816%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;606,956&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.2026%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; width: 71.8779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; SELIC &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 5.92044%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 9.99075%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.20259%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.925069%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 8.78816%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.2026%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 71.8779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Loans &amp;#8211; SELIC &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 5.92044%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16&lt;/font&gt;.a &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 9.99075%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.20259%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.925069%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 8.78816%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;30,392&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.2026%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; width: 71.8779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net liability position in SELIC &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 5.92044%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 9.99075%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.20259%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.925069%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 8.78816%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;30,392&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.2026%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 71.8779%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Total net liability position exposed to floating interest &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 5.92044%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 9.99075%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;5,625,838&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.20259%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.925069%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 8.78816%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;6,739,151&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.2026%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;p&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;/div&gt;</ugp:SummaryOfFinancialAssetsAndLiabilitiesExposedToFloatingInterestRatesTableTextBlock>
  <ifrs-full:RightofuseAssets id="Tag5381" contextRef="I20191231_AccumulatedDepreciationAndAmortisationMember_PortAreaMember_RightofuseAssetsMember" unitRef="BRL" decimals="-3">0</ifrs-full:RightofuseAssets>
  <ugp:PaymentsOfLeaseLiability id="Tag5382" contextRef="D20201231_3" unitRef="BRL" decimals="-3">-360787000</ugp:PaymentsOfLeaseLiability>
  <ifrs-full:ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed id="Tag5383" contextRef="D20181231" unitRef="BRL" decimals="-3">11386000</ifrs-full:ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed>
  <ugp:Debentures id="Tag5384" contextRef="I20210319_IssuanceOfDebenturesMember_TequimarVilaDoCondeMember_DebentureNonconvertibleIntoSharesMaturingOnMarch152028Member_DebenturesFirstIssueMember" unitRef="BRL" decimals="-6">360000000</ugp:Debentures>
  <ugp:EstimatedInvestmentsDisbursementPeriod id="Tag5385" contextRef="D20210409_PortConcessionsMember_UltracargoMember">P6Y</ugp:EstimatedInvestmentsDisbursementPeriod>
  <ifrs-full:BorrowingsInterestRateBasis id="Tag5386" contextRef="D20210326_IssuanceOfDebenturesMember_TequimarVilaDoCondeMember_DebentureNonconvertibleIntoSharesMaturingOnMarch152028Member_DebenturesSecondIssueMember">111.4% of DI</ifrs-full:BorrowingsInterestRateBasis>
  <ugp:EstimatedInvestments id="Tag5387" contextRef="I20210409_PortConcessionsMember_UltracargoMember" unitRef="BRL" decimals="-6">310000000</ugp:EstimatedInvestments>
  <ugp:PeriodOfConcession id="Tag5388" contextRef="D20210409_PortConcessionsMember_UltracargoMember_BottomOfRangeMember">P20Y</ugp:PeriodOfConcession>
  <ifrs-full:NumberOfSharesIssuedAndFullyPaid id="Tag5389" contextRef="I20200219_MajorOrdinaryShareTransactionsMember" unitRef="Shares" decimals="0">1115076651</ifrs-full:NumberOfSharesIssuedAndFullyPaid>
  <ugp:Debentures id="Tag5390" contextRef="I20210326_IssuanceOfDebenturesMember_TequimarVilaDoCondeMember_DebentureNonconvertibleIntoSharesMaturingOnMarch152028Member_DebenturesSecondIssueMember" unitRef="BRL" decimals="-6">100000000</ugp:Debentures>
  <ugp:DebentureInterestDescription id="Tag5391" contextRef="D20210319_IssuanceOfDebenturesMember_TequimarVilaDoCondeMember_DebentureNonconvertibleIntoSharesMaturingOnMarch152028Member_DebenturesFirstIssueMember">IPCA plus 4.04%</ugp:DebentureInterestDescription>
  <ugp:DebentureFinalMaturity id="Tag5392" contextRef="D20210319_IssuanceOfDebenturesMember_TequimarVilaDoCondeMember_DebentureNonconvertibleIntoSharesMaturingOnMarch152028Member_DebenturesFirstIssueMember">March 15, 2028</ugp:DebentureFinalMaturity>
  <ugp:ProvisionExpenditure id="Tag5393" contextRef="D20181231_AssetRetirementObligationMember" unitRef="BRL" decimals="-3">12752000</ugp:ProvisionExpenditure>
  <ifrs-full:OtherLongtermProvisions id="Tag5394" contextRef="I20201231_AssetRetirementObligationMember" unitRef="BRL" decimals="-3">49168000</ifrs-full:OtherLongtermProvisions>
  <ifrs-full:AdditionalProvisionsOtherProvisions id="Tag5395" contextRef="D20181231_AssetRetirementObligationMember" unitRef="BRL" decimals="-3">264000</ifrs-full:AdditionalProvisionsOtherProvisions>
  <ifrs-full:OtherProvisions id="Tag5396" contextRef="I20171231_AssetRetirementObligationMember" unitRef="BRL" decimals="-3">64774000</ifrs-full:OtherProvisions>
  <ifrs-full:EarningsPerShareExplanatory id="Tag5397" contextRef="D20201231_3">&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 163px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 84%; margin-right: auto;" width="84%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Basic earnings per share &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; width: 63%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net income for the year of the Company &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;893,383&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;373,526&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; width: 11%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,150,421&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Weighted average shares outstanding (in thousands) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,087,050&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,086,642&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,086,394&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Basic earnings per share &amp;#8211; R$ &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;0.8218&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;0.3437&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1.0589&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Diluted earnings per share &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net income for the year of the Company &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;893,383&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;373,526&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,150,421&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Weighted average shares outstanding (in thousands), including dilution effects &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,093,478&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,092,826&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,092,566&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Diluted earnings per share &amp;#8211; R$ &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;0.8170&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;0.3418&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1.0530&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;</ifrs-full:EarningsPerShareExplanatory>
  <ugp:CargoPort id="Tag5398" contextRef="D20201231_CargoContractTwoMember">Suape</ugp:CargoPort>
  <ifrs-full:Assets id="Tag5399" contextRef="I20181231_OxitenoMember" unitRef="BRL" decimals="-3">7452331000</ifrs-full:Assets>
  <ifrs-full:Revenue id="Tag5400" contextRef="D20201231_IpirangaMember" unitRef="BRL" decimals="-3">66133035000</ifrs-full:Revenue>
  <ifrs-full:DepreciationAndAmortisationExpense id="Tag5401" contextRef="D20191231_UltracargoMember" unitRef="BRL" decimals="-3">59618000</ifrs-full:DepreciationAndAmortisationExpense>
  <ifrs-full:OtherOperatingIncomeExpense id="Tag5402" contextRef="D20201231_LoyaltyProgramMember" unitRef="BRL" decimals="-3">145000</ifrs-full:OtherOperatingIncomeExpense>
  <dei:DocumentType id="Tag5403" contextRef="D20201231_3">20-F</dei:DocumentType>
  <ugp:TaxLossCarryforwards id="Tag5404" contextRef="I20201231" unitRef="USD" decimals="-3">232041000</ugp:TaxLossCarryforwards>
  <ugp:NonConstitutedDeferredTaxesRelatedToIncomeTaxLossCarryforwardsAndNegativeBasisOfSocialContributionBase id="Tag5405" contextRef="I20201231_OnshoreMember_IntegraFrotasMember" unitRef="BRL" decimals="-3">7802000</ugp:NonConstitutedDeferredTaxesRelatedToIncomeTaxLossCarryforwardsAndNegativeBasisOfSocialContributionBase>
  <ugp:ExpirationYear id="Tag5406" contextRef="D20201231_OxitenoIndustriaComercioMember_CamacariPlantMember">2026</ugp:ExpirationYear>
  <ugp:IncentivePercentage id="Tag5407" contextRef="D20201231_BahianaDistribuidoraDeGasLtdaMember_SuapeBaseMember" unitRef="Pure" decimals="2">0.75</ugp:IncentivePercentage>
  <ugp:TaxLossCarryforwards id="Tag5408" contextRef="I20201231_UltraparInternationalMember" unitRef="BRL" decimals="-3">32535000</ugp:TaxLossCarryforwards>
  <ugp:DeferredIncomeAndSocialContributionTaxAssets id="Tag5409" contextRef="I20201231_UpTo1YearMember" unitRef="BRL" decimals="-3">203341000</ugp:DeferredIncomeAndSocialContributionTaxAssets>
  <ugp:Subsidiary id="Tag5410" contextRef="D20201231_TerminalQuimicoDeAratuSATequimarMember">Terminal Qu&#xED;mico de Aratu S.A. &#x2013; Tequimar</ugp:Subsidiary>
  <ugp:DeferredIncomeAndSocialContributionTaxLiabilitiesNet id="Tag5411" contextRef="I20191231" unitRef="BRL" decimals="-3">7531000</ugp:DeferredIncomeAndSocialContributionTaxLiabilitiesNet>
  <ugp:DeferredIncomeAndSocialContributionTaxAssets id="Tag5412" contextRef="I20201231_From7To10YearsMember" unitRef="BRL" decimals="-3">326899000</ugp:DeferredIncomeAndSocialContributionTaxAssets>
  <ugp:DeferredIncomeAndSocialContributionTaxAssets id="Tag5413" contextRef="I20201231" unitRef="BRL" decimals="-3">1588001000</ugp:DeferredIncomeAndSocialContributionTaxAssets>
  <ifrs-full:OtherOperatingIncomeExpense id="Tag5414" contextRef="D20201231_MerchandisingMember" unitRef="BRL" decimals="-3">29672000</ifrs-full:OtherOperatingIncomeExpense>
  <ifrs-full:OtherOperatingIncomeExpense id="Tag5415" contextRef="D20191231_UltraCargoFireMember" unitRef="BRL" decimals="-3">-3733000</ifrs-full:OtherOperatingIncomeExpense>
  <ifrs-full:OtherOperatingIncomeExpense id="Tag5416" contextRef="D20181231_UnrealizedAcquisitionFineMember" unitRef="BRL" decimals="-3">-286160000</ifrs-full:OtherOperatingIncomeExpense>
  <ifrs-full:OtherFinanceIncome id="Tag5417" contextRef="D20201231_3" unitRef="BRL" decimals="-3">15546000</ifrs-full:OtherFinanceIncome>
  <ifrs-full:OtherOperatingIncomeExpense id="Tag5418" contextRef="D20181231_ExtraordinaryTaxCreditMember" unitRef="BRL" decimals="-3">208038000</ifrs-full:OtherOperatingIncomeExpense>
  <ifrs-full:Equity id="Tag5419" contextRef="I20181231_AdditionalDividendsMember" unitRef="BRL" decimals="-3">109355000</ifrs-full:Equity>
  <ifrs-full:CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital id="Tag5420" contextRef="D20181231" unitRef="BRL" decimals="-3">3679453000</ifrs-full:CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital>
  <ugp:DeferredIncomeAndSocialContributionTaxesTaxLossesAndNegativeBasisForSocialContributionCarryforwards id="Tag5421" contextRef="I20191231_CiaUltragazMember_OnshoreMember" unitRef="BRL" decimals="-3">12808000</ugp:DeferredIncomeAndSocialContributionTaxesTaxLossesAndNegativeBasisForSocialContributionCarryforwards>
  <ugp:CapitalIncreaseJointVentures id="Tag5422" contextRef="D20201231_UniaoVopakMember" unitRef="BRL" decimals="-3">0</ugp:CapitalIncreaseJointVentures>
  <ugp:SummaryOfChangesInAssetRetirementObligationTableTextBlock id="Tag5423" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Changes in the provision for asset retirement obligation are as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 257px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin: 0px auto; text-indent: 0px;" width="68%"&gt;

&lt;tr style="background-color: #cceeff; height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 79%;"&gt;&lt;font&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Balance as of December 31, 2017&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); height: 17px; width: 20%;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;64,774&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;Additions (new tanks)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;264&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;Expenditure with tanks removed&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;(&lt;font&gt;12,752&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;Accretion expense&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;2,381&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;54,667&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Additions (new tanks) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;290&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Expenditure&lt;/font&gt; with tanks removed &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;5,456&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Accretion expense &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,741&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;51,242&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Additions (new tanks) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;163&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Expenditure&lt;/font&gt; with tanks removed &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,306&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Accretion expense &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,336&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); height: 18px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;53,435&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,267&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Non-current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;49,168&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</ugp:SummaryOfChangesInAssetRetirementObligationTableTextBlock>
  <ifrs-full:KeyManagementPersonnelCompensationTerminationBenefits id="Tag5424" contextRef="D20181231" unitRef="BRL" decimals="-3">2513586000</ifrs-full:KeyManagementPersonnelCompensationTerminationBenefits>
  <ugp:SharesHeldInTreasury id="Tag5425" contextRef="I20181231" unitRef="Shares" decimals="0">26780298</ugp:SharesHeldInTreasury>
  <ugp:TreasurySharesAveragePrice id="Tag5426" contextRef="D20181231" unitRef="BRLPerShare" decimals="2">18.12</ugp:TreasurySharesAveragePrice>
  <ugp:Minimumportstoragecapacity id="Tag5427" contextRef="D20210409_PortConcessionsMember_UltracargoMember_BottomOfRangeMember" unitRef="CubicMetre" decimals="-3">79000</ugp:Minimumportstoragecapacity>
  <dei:EntityFileNumber id="Tag5428" contextRef="D20201231_3">001-14950</dei:EntityFileNumber>
  <dei:EntityRegistrantName id="Tag5429" contextRef="D20201231_3">ULTRAPAR HOLDINGS INC</dei:EntityRegistrantName>
  <dei:EntityWellKnownSeasonedIssuer id="Tag5430" contextRef="D20201231_3">Yes</dei:EntityWellKnownSeasonedIssuer>
  <dei:EntityAddressCountry id="Tag5431" contextRef="D20201231_3">BR</dei:EntityAddressCountry>
  <dei:TradingSymbol id="Tag5432" contextRef="D20201231_3">UGP</dei:TradingSymbol>
  <dei:EntityShellCompany id="Tag5433" contextRef="D20201231_3">false</dei:EntityShellCompany>
  <dei:EntityEmergingGrowthCompany id="Tag5434" contextRef="D20201231_3">false</dei:EntityEmergingGrowthCompany>
  <dei:Security12bTitle id="Tag5435" contextRef="D20201231_3">Common Stock</dei:Security12bTitle>
  <ifrs-full:RepaymentsOfBondsNotesAndDebentures id="Tag5436" contextRef="D20201231_OxitenoUSAMember_1" unitRef="USD" decimals="-3">70000000</ifrs-full:RepaymentsOfBondsNotesAndDebentures>
  <ugp:ForeignLoanMaturityDate id="Tag5437" contextRef="D20201231_ForeignLoanOneMember_IpirangaProdutosdePetroleoSAMember_ForeignLoansMember">Jul/2021</ugp:ForeignLoanMaturityDate>
  <ugp:LoanMaturityDate id="Tag5438" contextRef="D20201231_Loan6Member">2021</ugp:LoanMaturityDate>
  <ugp:DescriptionOfBorrowingsReprice id="Tag5439" contextRef="D20200430_UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt3rdApril2021Member_IpirangaProdutosdePetroleoSAMember">Not applicable</ugp:DescriptionOfBorrowingsReprice>
  <ugp:DebentureReprice id="Tag5440" contextRef="D20201231_DebentureSevenMember">Not applicable</ugp:DebentureReprice>
  <ugp:TransactionCostsFinancialInstruments id="Tag5441" contextRef="I20171231_ForeignLoansMember" unitRef="BRL" decimals="-3">1213000</ugp:TransactionCostsFinancialInstruments>
  <ugp:DebentureInterestDescription id="Tag5442" contextRef="D20201231_DebentureFiveMember">95.0% of DI</ugp:DebentureInterestDescription>
  <ugp:TransactionCostAmortization id="Tag5443" contextRef="D20191231_3" unitRef="BRL" decimals="-3">23825000</ugp:TransactionCostAmortization>
  <ugp:GuaranteeLiabilities id="Tag5444" contextRef="I20191231_OxitenoMember_1" unitRef="BRL" decimals="-3">68000</ugp:GuaranteeLiabilities>
  <ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory id="Tag5445" contextRef="D20201231_3">&lt;div&gt;
&lt;h1 style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 12pt; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;16.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Loans&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;f&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;inancing,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;d&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ebentures&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;h&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;edge &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;d&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;erivative &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;f&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;inancial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;nstruments&lt;/font&gt;&lt;/font&gt;&lt;/h1&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt;a. Composition&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 556px; width: 100%;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Description &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Index/ &lt;br/&gt;Currency &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Weighted average &lt;br/&gt;financial charges &lt;br/&gt;12/31/2020 &amp;#8211; % p.a. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Maturity &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign currency &amp;#8211; denominated loans: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; width: 40%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;N&lt;font&gt;otes in the foreign market&lt;/font&gt;&lt;/font&gt; (b) (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,267,687&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,213,662&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font style="border-right: none; border-left: none;"&gt;US&lt;/font&gt;$&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5.3&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;2026 to 2029&lt;/font&gt;&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Foreign loan&lt;/font&gt; (c&lt;font&gt;.1&lt;/font&gt;) (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,047,644&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,057,407&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font style="border-right: none; border-left: none;"&gt;US&lt;/font&gt;$&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3.9&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;2021 to 2023&lt;/font&gt;&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Financial institutions&lt;/font&gt; (e) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;312,200&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;604,741&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;US$ + &lt;font style="border-left: none; border-right: none;"&gt;LIBOR&lt;/font&gt;&lt;/font&gt; (&lt;font style="border-left: none; border-right: none;"&gt;1&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1.4&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Foreign loan&lt;/font&gt; (c&lt;font&gt;.1&lt;/font&gt;) (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;261,284&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;608,685&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;US$ + &lt;font style="border-left: none; border-right: none;"&gt;LIBOR&lt;/font&gt;&lt;/font&gt; (&lt;font style="border-left: none; border-right: none;"&gt;1&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1.0&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2022&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Financial institutions&lt;/font&gt; (e) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;154,783&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;132,417&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;US$&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2.5&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;2020 to 2022&lt;/font&gt;&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Advances on foreign exchange contracts&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;105,579&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;US$&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3.7&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Financial institutions&lt;/font&gt; (e) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;39,350&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;41,164&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;MX$&lt;/font&gt; (&lt;font style="border-left: none; border-right: none;"&gt;2&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8.4&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Foreign loan&lt;/font&gt; (c&lt;font&gt;.2&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;243,837&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;US$ + &lt;font style="border-left: none; border-right: none;"&gt;LIBOR&lt;/font&gt;&lt;/font&gt; (&lt;font style="border-left: none; border-right: none;"&gt;1&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;BNDES&lt;/font&gt; (d) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;208&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;US$&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total foreign currency &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; border-bottom: 1pt solid #000000; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,188,527&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; border-bottom: 1pt solid #000000; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,902,121&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Brazilian Reais &amp;#8211; denominated loans: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Debentures &amp;#8211; CRA&lt;/font&gt; (g&lt;font style="border-left: none; border-right: none;"&gt;.2&lt;/font&gt;, g&lt;font style="border-left: none; border-right: none;"&gt;.4&lt;/font&gt; and g&lt;font style="border-left: none; border-right: none;"&gt;.6&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;2,037,602&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;2,036,647&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;DI&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;95.8&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;2022 to 2023&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font style="border-right: none; border-left: none;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;Debentures - 6&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&amp;#170; issuance (g&lt;font style="border-left: none; border-right: none;"&gt;.5&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,734,113&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,752,080&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;DI&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;105.3&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2023&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Debentures &amp;#8211; Ipiranga&lt;/font&gt; (g&lt;font style="border-left: none; border-right: none;"&gt;.1&lt;/font&gt; and g&lt;font style="border-left: none; border-right: none;"&gt;.3&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,679,036&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,868,612&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;DI&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;105.0&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;2021 to 2022&lt;/font&gt;&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Notes - Ultrapar&lt;/font&gt; (h&lt;font style="border-left: none; border-right: none;"&gt;.1&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,038,499&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;R$ + DI&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3.1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Debentures &amp;#8211; CRA&lt;/font&gt; (g&lt;font style="border-left: none; border-right: none;"&gt;.2&lt;/font&gt;, g&lt;font style="border-left: none; border-right: none;"&gt;.4&lt;/font&gt; and g&lt;font style="border-left: none; border-right: none;"&gt;.6&lt;/font&gt;) (*)&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,000,824&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;941,614&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;IPCA&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4.6&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;2024 to 2025&lt;/font&gt;&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Banco do Brasil&lt;/font&gt; (f) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;407,420&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;611,276&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;DI&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;110.9&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;2021 to 2022&lt;/font&gt;&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Bank Credit Bill&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;50,692&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;R$ + DI&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3.5&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Debentures &amp;#8211; Tequimar&lt;/font&gt; (g&lt;font style="border-left: none; border-right: none;"&gt;.7&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;92,541&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;89,278&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;R$&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6.5&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2024&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;FINEP&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;29,803&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;41,345&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;TJLP&lt;/font&gt; (&lt;font style="border-left: none; border-right: none;"&gt;3&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1.6&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;2020 to 2023&lt;/font&gt;&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;BNDES&lt;/font&gt; (d) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;62,578&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;TJLP&lt;/font&gt; (&lt;font style="border-left: none; border-right: none;"&gt;3&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Banco do Nordeste do Brasil&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;10,039&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;R$&lt;/font&gt; (&lt;font style="border-left: none; border-right: none;"&gt;4&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;FINEP&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;12,820&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;R$&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;2020 to 2021&lt;/font&gt;&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;BNDES&lt;/font&gt; (d) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;30,392&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;SELIC&lt;/font&gt; (&lt;font style="border-left: none; border-right: none;"&gt;5&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;BNDES&lt;/font&gt; (d) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;3,913&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;R$&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;2020 to 2022&lt;/font&gt;&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;FINAME&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;22&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt;TJLP&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font style="border-left: none; border-right: none;"&gt;3&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;2020 to 2022&lt;/font&gt;&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total in Brazilian Reais &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-bottom: 1pt solid #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;8,070,530&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-bottom: 1pt solid #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;7,460,616&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total foreign currency and Brazilian Reais &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;17,259,057&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;14,362,737&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Currency and interest rate hedging instruments (**) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;117,159&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;29,985&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;17,376,216&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;14,392,722&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;3,255,944&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,117,441&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Non-current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;14,120,272&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;13,275,281&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(*) These transactions were designated for hedge accounting (see Note &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.h&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;).&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(**) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Accumulated&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; losses (see Note &lt;font style="border-left: none; border-right: none;"&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;).&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';"&gt;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;LIBOR&lt;/font&gt; = London Interbank Offered Rate.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/sup&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;2&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';"&gt;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;MX$ = Mexican Peso; TIIE = the Mexican interbank balance interest rate.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/sup&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;3&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';"&gt;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;TJLP (Long-term Interest Rate) = set by the National Monetary Council, TJLP is the basic financing cost of Banco Nacional de Desenvolvimento Econ&amp;#244;mico e Social (&amp;#8220;BNDES&amp;#8221;), the Brazilian Development Bank. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;On &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font style="border-left: none; border-right: none;"&gt;2020&lt;/font&gt;, TJLP was fixed at &lt;font&gt;4.55&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;% p.a.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 2pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/sup&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;4&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';"&gt;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Contract linked to the rate of FNE (Northeast Constitutional Financing Fund) fund whose purpose is to promote the development of the industrial sector, managed by Banco do Nordeste do Brasil. On &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font style="border-left: none; border-right: none;"&gt;2020&lt;/font&gt;, the FNE interest &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;rate was &lt;font&gt;10&lt;/font&gt;% p.a. FNE grants a discount of &lt;font&gt;15&lt;/font&gt;% on the interest rate for timely payments.&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: ignore;"&gt;&amp;nbsp;&lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;5&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';"&gt;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;SELIC = basic interest rate set by the Brazilian Central Bank.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The changes in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;loans&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; debentures &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;are shown below:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; widows: 0; orphans: 0; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 273px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-left: auto; margin-right: auto;" width="68%"&gt;

&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 86.4312%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 12.691%; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15,116,139&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.21951%; vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 86.4312%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; New loans and debentures with cash effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 12.691%; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,105,737&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.21951%; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 86.4312%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest accrued &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 12.691%; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;845,844&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.21951%; vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 86.4312%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Principal payment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 12.691%; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,644,704&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.21951%; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 86.4312%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest payment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 12.691%; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,469,780&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.21951%; vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 86.4312%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Monetary and exchange rate variation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 12.691%; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;296,441&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.21951%; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 86.4312%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Change in fair value &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 12.691%; border-bottom: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;113,060&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.21951%; vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 86.4312%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 12.691%; vertical-align: bottom; height: 17px; border-top: 0.75pt solid rgb(0, 0, 0) !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;14,362,737&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.21951%; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 86.4312%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; New loans and debentures with cash effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 12.691%; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,591,624&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.21951%; vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 86.4312%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest accrued &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 12.691%; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;757,161&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.21951%; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 86.4312%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Principal payment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 12.691%; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,795,002&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.21951%; vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 86.4312%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest payment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 12.691%; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;740,853&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.21951%; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="width: 86.4312%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Monetary and exchange rate variation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 12.691%; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,048,688&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.21951%; vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="width: 86.4312%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Change in fair value &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 12.691%; border-bottom: 0.75pt solid rgb(0, 0, 0); vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;34,702&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.21951%; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="width: 86.4312%; padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 12.691%; vertical-align: bottom; height: 18px; background-color: rgb(204, 238, 255); border-bottom: 2.8pt double rgb(0, 0, 0);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;17,259,057&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.21951%; vertical-align: bottom; background-color: rgb(204, 238, 255);"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;br/&gt;&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The long-term debt had the following &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;principal &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;maturity schedule:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; widows: 0; orphans: 0; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 113px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 74%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; From &lt;font&gt;1&lt;/font&gt; to &lt;font&gt;2&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,702,626&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,424,775&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; From &lt;font&gt;2&lt;/font&gt; to &lt;font&gt;3&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,091,641&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,115,495&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; From &lt;font&gt;3&lt;/font&gt; to &lt;font&gt;4&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;784,778&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,451,988&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; From &lt;font&gt;4&lt;/font&gt; to &lt;font&gt;5&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;231,271&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;765,263&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; More than &lt;font&gt;5&lt;/font&gt; years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,309,956&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,517,760&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;14,120,272&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;13,275,281&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he transaction costs and issuance premiums associated with debt issuance were added to their financial liabilities, as shown in Note &lt;font style="border-left: none; border-right: none;"&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;6&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Company&amp;#8217;s management &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;entered into&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; hedging instruments against foreign exchange and interest rate variations for a portion of its debt obligations (see Note &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.h&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;).&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;b.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Notes in the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;f&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;oreign &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;m&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;arket&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;On October 6, 2016, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the subsidiary &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ultrapar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Internat&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ional &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;S.A. (&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ultrapar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; International&amp;#8221;) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;issued US$ &lt;font&gt;750,000&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(equivalent &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;to R$ &lt;font&gt;3,897,525&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;as of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font style="border-left: none; border-right: none;"&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in notes&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in the foreign market, maturing in &lt;font&gt;October 2026&lt;/font&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;with interest rate o&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;f &lt;font&gt;5.25&lt;/font&gt;% p&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, paid semiannually. The issue price was &lt;font&gt;98.097&lt;/font&gt;% of the face value of the note. The notes were guaranteed by the Company and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;its subsidiary &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;IPP&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Company has designated hedge&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; relationships&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; for this transaction (see &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;N&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ote &lt;font style="border-left: none; border-right: none;"&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.h&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;font style="border-left: none; border-right: none;"&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;).&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;On&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;June 6, 2019, the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;subsidiary&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ultrapar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; International&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;issued US$ &lt;font&gt;500,000&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;(equivalent&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;to R$ &lt;font&gt;2,598,350&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font style="border-left: none; border-right: none;"&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) in notes in the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;foreign&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;market, maturing in&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;font&gt;June 2029&lt;/font&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;with&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;interest rate of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;5.25&lt;/font&gt;% p. a., paid&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;semiannually. The issue&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;price&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;was &lt;font&gt;100&lt;/font&gt;% of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the face value&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the note. The notes were&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;guaranteed&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;by&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Company&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and its subsidiary IPP. The Company&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;has&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;designated hedge relationships for &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;part of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;this&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;transaction (see Note &lt;font style="border-left: none; border-right: none;"&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.h.&lt;font style="border-left: none; border-right: none;"&gt;3&lt;/font&gt;).&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;On June 21, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the subsidiary &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ultrapar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; International&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;repurchased&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; US$ &lt;font&gt;200,000&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;(equivalent&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;to&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;R&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;$ &lt;font&gt;1,039,340&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in notes in the foreign market maturing in &lt;font&gt;October 2026&lt;/font&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;On July 13, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;2020&lt;/font&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the subsidiary &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ultrapar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Interna&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ional made &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the reopening&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of notes in the foreign market &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;issued in &lt;font style="border-left: none; border-right: none;"&gt;2019&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, in the amount of US$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;font&gt;350,000&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(equivalent to R$ &lt;font&gt;1,818,845&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of December 31&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font style="border-left: none; border-right: none;"&gt;2020&lt;/font&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; maturing in &lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;June &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;2029&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, to the coupon (interest) and yield of &lt;font&gt;5.25&lt;/font&gt;% per year, paid semiannually. The &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;issue price &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;was &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;99.994&lt;/font&gt;% of face value of the note&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. The notes were guaranteed by the Company and the subsidiary IPP.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;As a result of the issuance of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; notes&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in the foreign market&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the Company and its subsidiaries are &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;required &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;perform&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;certain &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;obligations&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, including:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="disc" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="margin-left: 50pt; text-align: justify; padding-left: 20pt; font-family: serif; font-size: 11pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&amp;#61623;';"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Restriction on sale of all or &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;substantially&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; all assets of the Company and subsidiaries &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ultrapar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; International and IPP.&lt;/font&gt;&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;ul type="disc" style="margin: 0pt; padding-left: 0pt;"&gt;
&lt;li style="margin-left: 50pt; text-align: justify; padding-left: 20pt; font-family: serif; font-size: 11pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&amp;#61623;';"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Restriction o&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;n&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; encumbrance &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; assets &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;exceeding&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; US$ &lt;font&gt;150,000&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(equivalent to R&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;$ &lt;font&gt;779,505&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;as&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font style="border-left: none; border-right: none;"&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;or &lt;font&gt;15&lt;/font&gt;% of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;amount&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;consolidated tangible assets&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/li&gt;
&lt;/ul&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Company and its subsidiaries &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;are in compliance with&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the levels of covenants required by &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;this&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;debt&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. The restrictions imposed on the Company and its subsidiaries are customary in transactions of this &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;nature&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and have not limited their ability to conduct their business to date.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;c. Foreign &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;l&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;oans&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; color: #212121; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;c.&lt;font style="border-left: none; border-right: none;"&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he subsidiary IPP &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;has &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;foreign loan&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in the amount of &lt;font&gt;US$ &lt;/font&gt;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;235,000&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(equivalent to &lt;font&gt;R$&lt;/font&gt;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1,221,225&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font style="border-left: none; border-right: none;"&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. IPP also contracted hedging instruments with floating interest rate in U.S. dollar and exchange rate variation, changing the foreign loan&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; charge&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, on average,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; to &lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;104.1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;% of DI&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;IPP designated th&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ese&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; hedging instrument&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; as a fair value hedge&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(see Note &lt;font style="border-left: none; border-right: none;"&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.h.&lt;font style="border-left: none; border-right: none;"&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;herefore, loan&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and hedging instrument&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; are both &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;measured &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;at fair value from inception&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, with changes in fair value recognized through profit or loss&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The foreign loan&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;are &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;secured by the Company.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The foreign loans ha&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ve&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the maturity distributed as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 113px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 84%; margin-right: auto;" width="84%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Maturity &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; US$ (thousands) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; R$ (thousands) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Cost in % of DI &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 66%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Charges &lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16,877&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;87,703&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; width: 10%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Jul/2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;60,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;311,802&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;101.8&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Jun/2022&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;50,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;259,835&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;105.0&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;Sep/2023&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;60,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;311,802&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;105.0&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;&lt;font style="border-right: none; border-left: none;"&gt;&lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;Sep/2023&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;65,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;337,786&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;104.8&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total / average cost &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000 !important; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;251,877&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000 !important; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,308,928&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000 !important; padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;104.1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/sup&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Includes interest, transaction costs &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;fair value adjustments&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The subsidiary IPP paid off in advance of such financing in the amount of US$ &lt;font&gt;160,000&lt;/font&gt; in &lt;font&gt;2020&lt;/font&gt;. From the &lt;font&gt;2020&lt;/font&gt;, the subsidiary IPP&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;does not have &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;contracts of foreign loans with covenants.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;c.&lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The subsidiary&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Global Petroleum Products Trading Corporation&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&amp;#8220;GPPTC&amp;#8221;) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;contracted&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; a &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;foreign loan in the amount of &lt;font&gt;US$ &lt;/font&gt;&lt;font&gt;60,000&lt;/font&gt;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;with maturity on &lt;font&gt;June 22, 2020&lt;/font&gt; and interest of &lt;font&gt;LIBOR&lt;/font&gt; + &lt;font&gt;2.0&lt;/font&gt;% p.a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, paid quarterly. The Company, through the subsidiary Cia. Ultragaz, contracted &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;hedging instruments &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;subject to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;floating interest rate&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in dollar and exchange &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;rate &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;variation, changing the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;foreign loan&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; charge to &lt;font&gt;105.9% of DI&lt;/font&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The foreign loan&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; is guaranteed by the Company and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;its&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; subsidiary &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;S.A&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; The foreign loan w&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; settled by &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;sudsidiary&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; GPPTC on the maturity date.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;d. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;BNDES&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The subsidiaries ha&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;d&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; financing from BNDES for some of their investments and for working capital.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 8pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The subsidiaries paid such loans off in advance in the amount of R$ &lt;font&gt;39,843&lt;/font&gt; on December 2020.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;e. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Financial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;nstitutions&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The subsidiaries &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Mexico S.A. de C.V., &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; USA LLC&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; USA&amp;#8221;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Uruguay &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;have loans &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;for&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; investments and working capital.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;subsidiary &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; USA &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;has&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; loan&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;with &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;bearing interest of &lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;LIBOR&lt;/font&gt; + &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;1&lt;/font&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;4&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;%&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; maturity as shown below:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; widows: 0; orphans: 0; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 62px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin-left: auto; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 74%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; break-inside: avoid; break-after: avoid; font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Maturity &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; US$ &lt;br/&gt;(thousands) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; R$ &lt;br/&gt;(thousands) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Charges &lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Mar/2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;60,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;312,185&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000 !important; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;60,003&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000 !important; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;312,200&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; widows: 0; orphans: 0; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/sup&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Includes interest.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The proceeds of this loan &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;were&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; used&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in the working capital and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;to fund the construction of a new alkoxylation plant in the state of Texas.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The subsidiary &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; USA paid off in advance &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of such financing in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the amount of US$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;70,000&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in &lt;font&gt;2020&lt;/font&gt;. As from the third quarter of &lt;font&gt;2020&lt;/font&gt;, t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;subsidiary &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; USA&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;does not have the need to maintain &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the levels of covenants required by these loans.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;f. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Banco do &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Brasil&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The subsidiary IPP has floating interest rate loans with Banco do &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Brasil&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; to marketing, processing&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; or manufacturing of agricultural goods (ethanol)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;These loans mature, as follows&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;includes &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;accrued&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;interest &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;through&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-right: auto; height: 62px;" width="68%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Maturity &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 86%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; May/2021 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;204,328&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; May/2022 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;203,092&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;407,420&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;g. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Debentures&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;g.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; In May 2016, the subsidiary IPP made its fourth issuance of public debentures&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;one&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;single series of &lt;font&gt;500&lt;/font&gt; simple&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;nominative&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; registered debentures,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; nonconvertible into shares and unsecured, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;which main characteristics&lt;/font&gt;&lt;font style="font-family: Times;"&gt; &lt;/font&gt;&lt;font style="font-family: Times;"&gt;are &lt;/font&gt;&lt;font style="font-family: Times;"&gt;as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-left: auto; margin-right: auto;" width="68%"&gt;

&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; Face value unit: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; R$ &lt;font&gt;1,000,000.00&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; Final maturity: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; &lt;font&gt;May 25, 2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; Payment of the face value: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; &lt;font&gt;Annual as from May 2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; Interest: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; &lt;font&gt;&lt;font style="border-left: none; border-right: none;"&gt;105.0&lt;/font&gt;% of DI&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; Payment of interest: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; &lt;font&gt;Semiannually&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; Reprice: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; &lt;font&gt;Not applicable&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;g.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;&lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;In April 2017, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the subsidiary &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;IPP carried out its fifth issuance of debentures, in &lt;font&gt;two&lt;/font&gt; series&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, being &lt;font&gt;one&lt;/font&gt;&lt;/font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;&amp;nbsp;&lt;/font&gt;&lt;font&gt;660,139&lt;/font&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;another of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;352,361&lt;/font&gt;, simple, nonconvertible into shares, nominative, book-entry and unsecured debentures. The debentures have been subscribed by Eco Consult &amp;#8211; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Consultoria&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; de &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Opera&amp;#231;&amp;#245;es&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Financeiras&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Agropecu&amp;#225;rias&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Ltda. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he proceeds from this issuance&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;were&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; used&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;exclusively &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;for the purchase of ethanol&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; by subsidiary IPP&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The debentures were later assigned and transferred to Eco &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Securitizadora&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; de &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Direitos&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Credit&amp;#243;rios&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; do &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Agroneg&amp;#243;cio&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; S.A. that acquired these agribusiness credit rights with the purpose to bind the issuance of Certificates of Agribusiness Receivables (CRA). &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;debentures have an additional guarantee from &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ultrapar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;main characteristics of the debentures are as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 126px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-left: auto; margin-right: auto;" width="68%"&gt;

&lt;tr style="height: 12px;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top; height: 12px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; Amount: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top; height: 12px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; &lt;font&gt;660,139&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; Face value unit: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; R$ &lt;font&gt;1,000.00&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; Final maturity: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; &lt;font&gt;April 18, 2022&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; Payment of the face value: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; &lt;font&gt;Lump sum at final maturity&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; Interest: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; &lt;font&gt;&lt;font style="border-left: none; border-right: none;"&gt;95.0&lt;/font&gt;% of DI&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; Payment of interest: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; &lt;font&gt;Semiannually&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; Reprice: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; &lt;font&gt;Not applicable&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-left: auto; margin-right: auto;" width="68%"&gt;

&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; Amount: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; &lt;font&gt;352,361&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; Face value unit: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; R$ &lt;font&gt;1,000.00&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; Final maturity: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; &lt;font&gt;April 15, 2024&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; Payment of the face value: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; &lt;font&gt;Lump sum at final maturity&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; Interest: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; &lt;font&gt;IPCA + &lt;font style="border-left: none; border-right: none;"&gt;4.68&lt;/font&gt;%&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; Payment of interest: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; &lt;font&gt;Annually&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; Reprice: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: Times; font-size: 10pt;"&gt; &lt;font&gt;Not applicable&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The subsidiary IPP &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;contracted hedging instruments subjected to&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;IPCA variation,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;changing the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;debentures&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;charge&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;linked to IPCA&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;to &lt;font&gt;&lt;font style="border-left: none; border-right: none;"&gt;93.9&lt;/font&gt;% of DI&lt;/font&gt;. IPP &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;designated these hedging instruments as fair value hedge&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;; therefore, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;debentures&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and hedging instruments are both measured at fair value from inception, with changes in fair value recognized through profit or loss.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;g.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;In July&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 2017&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, the subsidiary IPP made its sixth issuance of public debentures, in &lt;font&gt;one&lt;/font&gt; single series of &lt;font&gt;1,500,000&lt;/font&gt; simple, nonconvertible into shares and unsecured debentures, which main characteristics are as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 114px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-left: auto; margin-right: auto;" width="68%"&gt;

&lt;tr style="height: 19px;"&gt;
&lt;td style="width: 49.9517%; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Face value unit: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 49.9517%; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; R$ &lt;font&gt;1,000.00&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px;"&gt;
&lt;td style="width: 49.9517%; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Final maturity: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 49.9517%; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;July 28, 2022&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px;"&gt;
&lt;td style="width: 49.9517%; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Payment of the face value: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 49.9517%; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Annual as from July 2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px;"&gt;
&lt;td style="width: 49.9517%; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 49.9517%; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font style="border-left: none; border-right: none;"&gt;105.0&lt;/font&gt;% of DI&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px;"&gt;
&lt;td style="width: 49.9517%; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Payment of interest: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 49.9517%; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Annually&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px;"&gt;
&lt;td style="width: 49.9517%; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Reprice: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 49.9517%; vertical-align: top; height: 19px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Not applicable&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;g.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;&lt;font&gt;4&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;In October 2017, the subsidiary IPP carried out its seventh issuance of debentures in the amount of R$ &lt;font&gt;944,077&lt;/font&gt;, in &lt;font&gt;two&lt;/font&gt; series&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, being on&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt; of &lt;/font&gt;&lt;font&gt;730,384&lt;/font&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;another of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;213,693&lt;/font&gt;, simple, nonconvertible into shares, nominative, book-entry and unsecured debentures. The debentures have been subscribed by &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Vert&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; -aw-import: spaces;"&gt;&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Companhia&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Securitizadora&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he proceeds from this issuance were&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; used &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;exclusively &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;for the purchase of ethanol&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; by subsidiary IPP&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The debentures were later assigned and transferred to Vert &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Cr&amp;#233;ditos&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ltda&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, that acquired these agribusiness credit rights with the purpose to bind the issuance of Certificates of Agribusiness Receivables (CRA).&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The financial settlement occurred on November 1, 2017&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he debentures have an additional guarantee from &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ultrapar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and the main characteristics of the debentures are as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-right: auto;" width="68%"&gt;

&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Amount: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;730,384&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Face value unit: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; R$ &lt;font&gt;1,000.00&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Final maturity: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;October 24, 2022&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Payment of the face value: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Lump sum at final maturity&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font style="border-left: none; border-right: none;"&gt;95.0&lt;/font&gt;% of DI&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Payment of interest: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Semiannually&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Reprice: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Not applicable&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-right: auto;" width="68%"&gt;

&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Amount: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;213,693&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Face value unit: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; R$ &lt;font&gt;1,000.00&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Final maturity: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;October 24, 2024&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Payment of the face value: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Lump sum at final maturity&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;IPCA + &lt;font style="border-left: none; border-right: none;"&gt;4.34&lt;/font&gt;%&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Payment of interest: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Annually&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Reprice: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Not applicable&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The subsidiary IPP contracted hedging instruments subjected to&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;IPCA variation,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;changing the debentures charges&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;linked to IPCA to&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;font&gt;&lt;font style="border-left: none; border-right: none;"&gt;97.3&lt;/font&gt;% of DI&lt;/font&gt;. IPP designated these hedging instruments as fair value hedges; therefore, debentures and hedging instruments are both measured at fair value from inception, with changes in fair value recognized through profit or loss.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;g.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;&lt;font&gt;5&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;In March 2018, the Company made its sixth issuance of public debentures, in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; single series of &lt;font&gt;1,725,000&lt;/font&gt; simple, nonconvertible into shares and unsecured debentures, which main characteristics are as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-right: auto;" width="68%"&gt;

&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Face value unit: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; R$ &lt;font&gt;1,000.00&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Final maturity: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;March 5, 2023&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Payment of the face value: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Lump sum at final maturity&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font style="border-left: none; border-right: none;"&gt;105.25&lt;/font&gt;% of DI&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Payment of interest: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Semiannually&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Reprice: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Not applicable&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;g.&lt;font&gt;6&lt;/font&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;In December 2018, the subsidiary IPP carried out its eighth issuance of debentures in the amount of R$ &lt;font&gt;900,000&lt;/font&gt;, in &lt;font&gt;two&lt;/font&gt; series&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, being &lt;font&gt;one&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt; of &lt;/font&gt;&lt;font&gt;660,000&lt;/font&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;another of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;240,000&lt;/font&gt;, simple, nonconvertible into shares, nominative, book-entry and unsecured debentures. The debentures have been subscribed by Vert &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Companhia&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Securitizadora&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. The proceeds from this issuance &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;were&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; used exclusively for the purchase of ethanol&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; by subsidiary IPP&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The debentures were subscribed with the purpose to bind the issuance of CRA. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he financial settlement occurred on December 21, 2018&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he debentures have an additional guarantee from &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ultrapar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and the main characteristics of the debentures are as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-right: auto;" width="68%"&gt;

&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Amount: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;660,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Face value unit: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; R$ &lt;font&gt;1,000.00&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Final maturity: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;December 18, 2023&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Payment of the face value: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Lump sum at final maturity&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font style="border-left: none; border-right: none;"&gt;97.5&lt;/font&gt;% of DI&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Payment of interest: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Semiannually&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Reprice: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Not applicable&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-right: auto;" width="68%"&gt;

&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Amount: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;240,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Face value unit: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; R$ &lt;font&gt;1,000.00&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Final maturity: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;December 15, 2025&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Payment of the face value: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Lump sum at final maturity&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;IPCA + &lt;font style="border-left: none; border-right: none;"&gt;4.61&lt;/font&gt;%&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Payment of interest: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Annually&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Reprice: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 49.9517%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Not applicable&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The subsidiary IPP contracted hedging instruments subjected to&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;IPCA variation,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;changing the debentures charges&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;linked to IPCA to &lt;font&gt;&lt;font style="border-left: none; border-right: none;"&gt;97.1&lt;/font&gt;% of DI&lt;/font&gt;. IPP designated these hedging instruments as fair value hedges; therefore, debentures and hedging instruments are both measured at fair value from inception, with changes in fair value recognized through profit or loss.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;g.&lt;font&gt;7&lt;/font&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; In November 2019, the subsidiary &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Tequimar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; made its first issuance of debentures, in a single series of &lt;font&gt;90,000&lt;/font&gt; simple, nonconvertible into shares and unsecured debentures, which main characteristics are as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-right: auto;" width="68%"&gt;

&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Face value unit: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; R$ &lt;font&gt;1,000.00&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Final maturity: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;November 19, 2024&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Payment of the face value: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Lump sum at final maturity&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&lt;font style="border-left: none; border-right: none;"&gt;6.47&lt;/font&gt;%&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Payment of interest: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Semiannually&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Reprice: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 141.75pt; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Not applicable&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The subsidiary &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Tequimar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; contracted hedging instruments subjected interest rate variation, changing the debentures fixed for &lt;font&gt;99.94&lt;/font&gt;% of the DI. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Tequimar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; designated these hedging instruments as fair value hedges; therefore, debentures and hedging instruments are both measured at fair value from inception, with changes in fair value recognized &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; profit or loss.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt; padding-left: 30px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The debentures have maturity dates distributed as shown below (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;includes &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;accrued&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; interest &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;through &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;).&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-right: auto; height: 249px;" width="68%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: left;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Maturity &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 86%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Charges &lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 12%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;205,533&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; May/2021 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;166,670&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Jul/2021 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;750,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Apr/2022 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;660,139&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Jul/2022 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;750,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Oct/2022 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;730,384&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Mar/2023 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,725,336&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Dec/2023 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;660,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Apr/2024 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;352,361&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Oct/2024 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;213,693&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Nov/2024 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;90,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Dec/2025 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;240,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,544,116&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/sup&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Includes interest, transaction cost and mark to market.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;h. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Notes&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;h.&lt;font&gt;1&lt;/font&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;In April 2020, the Company made its second public issuance of notes in a single series of &lt;font&gt;40&lt;/font&gt; commercial notes, not convertible into shares, of unsecured type, whose main characteristics are:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-left: auto; margin-right: auto;" width="68%"&gt;

&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 49.6774%; padding: 0px; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Face value unit: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.1076%; padding: 0px; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; R$ &lt;font&gt;25,000,000.00&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 49.6774%; padding: 0px; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Final maturity: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.1076%; padding: 0px; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;April 6, 2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 49.6774%; padding: 0px; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Payment of the face value: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.1076%; padding: 0px; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Lump sum at final maturity&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 49.6774%; padding: 0px; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.1076%; padding: 0px; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;DI + &lt;font style="border-left: none; border-right: none;"&gt;3.10&lt;/font&gt;%&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 49.6774%; padding: 0px; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Payment of interest: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.1076%; padding: 0px; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Lump sum at final maturity&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 49.6774%; padding: 0px; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Reprice: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 50.1076%; padding: 0px; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;&lt;font&gt;Not applicable&lt;/font&gt;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold;"&gt;h.&lt;font&gt;2&lt;/font&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;In April 2020, the subsidiary IPP made its first public issuance of notes in a single series of &lt;font&gt;15&lt;/font&gt; commercial notes, not convertible into shares, of unsecured type, whose main characteristics are:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-right: auto;" width="68%"&gt;

&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 49.8925%; padding: 0px; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Face value unit: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 49.8925%; padding: 0px; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; R$ &lt;font&gt;20,000,000.00&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 49.8925%; padding: 0px; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Final maturity: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 49.8925%; padding: 0px; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;April 3, 2021&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 49.8925%; padding: 0px; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Payment of the face value: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 49.8925%; padding: 0px; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Lump sum at final maturity&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 49.8925%; padding: 0px; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 49.8925%; padding: 0px; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;DI + &lt;font style="border-left: none; border-right: none;"&gt;2.00&lt;/font&gt;%&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 49.8925%; padding: 0px; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Payment of interest: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 49.8925%; padding: 0px; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Lump sum at final maturity&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="width: 49.8925%; padding: 0px; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Reprice: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 49.8925%; padding: 0px; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Not applicable&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The subsidiary IPP paid off in advance the notes in November 2020.&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Transaction &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;c&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;osts&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Transaction costs incurred in issuing debt were deducted from the value of the related financial instrument&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and are recognized as &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;an &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;expense according to the effective interest rate method, as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 130px; width: 100%;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Effective rate &lt;br/&gt;of transaction &lt;br/&gt;costs (% p.a.) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Incurred &lt;br/&gt;cost &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 47%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Debentures (g) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;0.2&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;41,406&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;13,058&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;28,348&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Notes in the foreign market (b) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;0.1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;28,114&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;13,263&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,265&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;37,112&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Notes (h) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;0.5&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,802&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;5,484&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,318&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Banco do Brasil (f) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;0.1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;770&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;438&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;332&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign loans (c) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;94&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;94&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Others &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,382&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,382&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;71,766&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;20,065&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;24,721&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;67,110&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt;" width="100%"&gt;

&lt;tr style="height: 38.25pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Effective rate &lt;br/&gt;of transaction &lt;br/&gt;costs (% p.a.) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Incurred &lt;br/&gt;cost &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 47%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Debentures (g) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;0.2&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;56,376&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;692&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;15,662&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;41,406&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Notes in the foreign market (b) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;0.1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;13,881&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;18,442&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,209&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;28,114&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Banco do Brasil (f) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;0.2&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,437&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,667&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;770&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign loans (c) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;331&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;237&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;94&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Others &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;0.2&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,432&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,050&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,382&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 13.5pt;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;76,457&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;19,134&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;23,825&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;71,766&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; height: 130px; width: 100%;" width="100%"&gt;

&lt;tr style="height: 34px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: Calibri; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Effective rate &lt;br/&gt;of transaction &lt;br/&gt;costs (% p.a.) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 9pt;"&gt;&lt;font style="font-family: Calibri; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2017 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 9pt;"&gt;&lt;font style="font-family: Calibri; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Incurred &lt;br/&gt;cost &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 9pt;"&gt;&lt;font style="font-family: Calibri; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 9pt;"&gt;&lt;font style="font-family: Calibri; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 47%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Debentures (g) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;0.2&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;44,709&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;21,308&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;9,641&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;56,376&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Notes in the foreign market (b) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15,298&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,417&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;13,881&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Banco do Brasil (f) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;0.2&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8,065&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,628&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,437&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign loans (c) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;0.1&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,213&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;882&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;331&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Other &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;0.2&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,801&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;366&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;735&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,432&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;72,086&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;21,674&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;17,303&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;76,457&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The amount to be appropriated to profit or loss in the future is as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 96px; margin-left: 0.1px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Up to &lt;br/&gt;&lt;font&gt;1&lt;/font&gt; year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;1&lt;/font&gt; to &lt;font&gt;2&lt;/font&gt; &lt;br/&gt;years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2&lt;/font&gt; to &lt;font&gt;3&lt;/font&gt; &lt;br/&gt;years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;3&lt;/font&gt; to &lt;font&gt;4&lt;/font&gt; &lt;br/&gt;years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;4&lt;/font&gt; to &lt;font&gt;5&lt;/font&gt; &lt;br/&gt;years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; More than &lt;font&gt;5&lt;/font&gt; &lt;br/&gt;years &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 31%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Debentures (g) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;12,403&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,274&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,318&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,139&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;214&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;28,348&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Notes in the foreign market (b) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,890&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,893&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,896&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,913&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,903&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;12,617&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;37,112&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Notes (h) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,318&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,318&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Banco do Brasil (f) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;257&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;75&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;332&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000; border-top: 1pt solid #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;18,868&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000; border-top: 1pt solid #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;14,242&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000; border-top: 1pt solid #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,214&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000; border-top: 1pt solid #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,052&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000; border-top: 1pt solid #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,117&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000; border-top: 1pt solid #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;12,617&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000; border-top: 1pt solid #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;67,110&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;j. Guarantees&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The financings are guaranteed by collateral in the amount of R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;75,251&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;73,536&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of December 31, 201&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and by guarantees and promissory notes in the amount &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of R$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;13,758,033&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;11,833,294&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of December 31, 201&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;).&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he Company and its subsidiaries offer collateral in the form of letters of credit for commercial and legal proceedings in the amount of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;129,139&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;293,509&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of December 31, 201&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;9&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Some subsidiaries&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Company&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;issue collateral to financial institutions in connection with the amounts owed by some of their customers to such institutions (vendor financing) as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 95px; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 92%; margin-right: auto;" width="92%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; IPP &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="3" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Oxiteno &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 58%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Maximum amount of future payments related to these collaterals &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;330,944&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;81,344&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,753&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Maturities of up to &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;46&lt;/font&gt; months &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;60&lt;/font&gt; months &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4&lt;/font&gt; months &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Fair value of collaterals &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,496&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,237&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;68&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;If a subsidiary is required to make any payment under these collaterals, this subsidiary may recover the amount paid directly from its customers through commercial collection. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Until &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, the subsidiaries did not have losses in connection with these collaterals. The fair value of collaterals &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;is &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;recognized in current liabilities as &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;other payables&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, which is recognized &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in the statement of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;profit or loss as customers settle their obligations with the financial institutions.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory>
  <ugp:DescriptionOfAccountingPolicyForRightOfUseAssetsAndLeasePayablePolicyTextBlock id="Tag5446" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;h. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Right-of-use assets and leases payable&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Company and its &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;subsidiaries recognized in the financial position, a right-of-use assets and the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;respective lease&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; liabilities&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;initially measured at the present value of future lease payments, considering the related contract costs (see Note &lt;font&gt;13&lt;/font&gt;). &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The amortization expenses of right-of-use assets is recognized in statement of profit or loss &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;over the lease contract term&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The liability is increased for interest and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;decreased by lease&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; payments&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; made&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. The &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;interests&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; are recognized in the statement of profit or loss using the effective interest rate method.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The remeasurement of assets and liabilities based on the contractual index is recognized in the financial position, not having an effect in the result. In case of cancellation of the contract, the assets and respective liabilities are written off to the result&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, considering, if it is the case, any penalties provided in contractual clauses.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Company and its subsidiaries have no intention &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; purchasing the underlying asset. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Company and its subsidiaries &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;periodically &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;review the existence of an indication that the righ&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;t-of-use assets may &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;be impaired&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (see &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;N&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ote &lt;font&gt;2&lt;/font&gt;.u).&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Right-of-use assets include amo&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;u&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;nts related to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;area port leases&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; grants (see Note &lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;4&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.c)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin: 0pt; text-align: justify; font-size: 11pt; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;The &lt;/font&gt;&lt;font&gt;Company and its &lt;/font&gt;&lt;font&gt;subsidiaries &lt;/font&gt;&lt;font&gt;apply &lt;/font&gt;&lt;font&gt;the &lt;/font&gt;&lt;font&gt;recognition&amp;nbsp;&lt;/font&gt;&lt;font&gt;exemptions &lt;/font&gt;&lt;font&gt;to &lt;/font&gt;&lt;font&gt;short-term leases of &lt;font&gt;12&lt;/font&gt; months or less, and leases of low amount assets such. In these cases, the recognition of the lease expense in the statements of profit or loss is on a straight-line basis.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-indent: 0px; text-align: justify;"&gt;&lt;font style="font-size: 10pt;"&gt;The following standards, amendments, and interpretations to IFRS were issued by the IASB, which are effective as of January 1, 2019:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-indent: 0px; text-align: justify;"&gt;&lt;font style="font-size: 10pt;"&gt;IFRS &lt;font&gt;16&lt;/font&gt; - Lease:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-indent: 0px; text-align: justify;"&gt;&lt;font style="font-size: 10pt;"&gt;With the adoption of IFRS &lt;font&gt;16&lt;/font&gt;, the leases contracted by the Company&amp;#8217;s subsidiaries, identified and effective at the date of transition and with maturities of more than &lt;font&gt;12&lt;/font&gt; months, were accounted in the financial statements:&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-indent: 0px; text-align: justify;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;nbsp;- recognition of right-of-use assets and lease liabilities in financial position, initially measured at the present value of future lease payments; and&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-indent: 0px; text-align: justify;"&gt;&lt;font style="font-size: 10pt;"&gt;&amp;nbsp;- recognition of amortization expenses of right-of-use assets and interest expenses on the lease payable in the financial result in the statements of profits or loss.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-indent: 0px; text-align: justify;"&gt;&lt;font style="font-size: 10pt;"&gt;The Company selected as transition method the modified retrospective approach, with the cumulative effect of initial application of this new pronouncement recorded as an adjustment to the opening balance of equity and without restatement of comparative periods.&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-indent: 0px; text-align: justify;"&gt;&lt;font style="font-size: 10pt;"&gt;In the analysis of the adoption, the Company&amp;#8217;s management, with the assistance of specialized consulting, carried out the inventory of the contracts, evaluating whether or not each agreement contains a lease in accordance with IFRS &lt;font&gt;16&lt;/font&gt;. This analysis identified impacts mainly related to the lease of properties from third parties, port areas and lower amounts arising from other operations where the existence of leased assets individually or combined in service contracts was identified.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-indent: 0px; text-align: justify;"&gt;&lt;font style="font-size: 10pt;"&gt;As allowed in the standard, short-term leases with a term of &lt;font&gt;12&lt;/font&gt; months or less, variable amounts, indefinite term and leases of low amount assets such as computers and office furniture, are recognized as lease expenses on a straight-line basis in profit or loss.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify; font-size: 11pt; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;In addition, the following practical expedients were used to transition to new lease accounting requirements:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8226; application of the IFRS &lt;font&gt;16&lt;/font&gt; to all contracts initiated before January 1, 2019 that were identified as leases in accordance with IAS &lt;font&gt;7&lt;/font&gt; and IFRIC &lt;font&gt;4&lt;/font&gt;;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8226; use of discount rate according to the lease term and similar characteristics;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8226; contracts with a term up to &lt;font&gt;12&lt;/font&gt; months from the date of the initial adoption of the standard or less;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8226; exclusion of the initial direct costs of the measurement of the opening balance from right-of-use asset; and&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8226; options for extension of the term or termination were considered, when applicable.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The table below summarizes the effects on the initial adoption of the IFRS &lt;font&gt;16&lt;/font&gt;:&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div align="center"&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" width="50%" style="height: 141px; border-collapse: collapse; margin: 0px; width: 50%; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt; margin-left: 0.1px;"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px; width: 80.0312%;"&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;&lt;font lang="PT-BR" style="color: #000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px; width: 2.02808%;"&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&lt;font lang="PT-BR" style="color: #000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px; width: 15.7566%;"&gt;
&lt;p align="center" style="margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&lt;font lang="PT-BR" style="color: #000000;"&gt;&lt;font style="font-size: 8pt;"&gt;01/01/2019&lt;/font&gt;&lt;/font&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2.02809%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="background: #cceeff; padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px; width: 80.0312%;"&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;&lt;font lang="PT-BR" style="color: #000000;"&gt;Current assets&lt;/font&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background: #cceeff; padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px; width: 2.02808%;"&gt;&lt;/td&gt;
&lt;td valign="top" style="background: #cceeff; padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px; width: 15.7566%;"&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background: #cceeff; padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2.02809%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11px;"&gt;
&lt;td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 80.0312%;"&gt;
&lt;p style="text-indent: 0px; margin: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 30px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: black; font-family: 'times new roman', times;"&gt; Prepaid expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 2.02808%;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 15.7566%;"&gt;
&lt;p align="right" style="text-align: right; text-indent: 0px; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; (&lt;font&gt;39,066&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2.02809%;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11px; background-color: #cceeff;"&gt;
&lt;td style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 80.0312%;"&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;&lt;font lang="PT-BR" style="color: #000000;"&gt;Non-current assets&lt;/font&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 2.02808%;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;&lt;font lang="PT-BR" style="color: #000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 15.7566%;"&gt;
&lt;p align="right" style="text-align: right; text-indent: 0px; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background: #cceeff; padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2.02809%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11px;"&gt;
&lt;td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 80.0312%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 30px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; Prepaid expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 2.02808%;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 15.7566%;"&gt;
&lt;p align="right" style="text-align: right; text-indent: 0px; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; (&lt;font&gt;288,630&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2.02809%;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11px; background-color: #cceeff;"&gt;
&lt;td style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 80.0312%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 30px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; Right-of-use assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 2.02808%;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 15.7566%;"&gt;
&lt;p align="right" style="text-align: right; text-indent: 0px; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &lt;font&gt;1,731,427&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background: #cceeff; padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2.02809%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11px;"&gt;
&lt;td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 80.0312%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 30px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; Intangible assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 2.02808%;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 15.7566%;"&gt;
&lt;p align="right" style="text-align: right; text-indent: 0px; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; (&lt;font&gt;39,928&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2.02809%;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11px; background-color: #cceeff;"&gt;
&lt;td style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 80.0312%;"&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;&lt;font lang="PT-BR" style="color: #000000;"&gt;Total assets&lt;/font&gt;&lt;/b&gt;&lt;font lang="PT-BR" style="color: #000000;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 2.02808%;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="border-right: none; border-left: none; border-image: initial; background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; width: 15.7566%;"&gt;
&lt;p align="right" style="text-align: right; text-indent: 0px; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &lt;font&gt;1,363,803&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-right: none; border-left: none; border-image: initial; background: #cceeff; padding: 0in 0px; margin: 0px; text-indent: 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; width: 2.02809%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11px;"&gt;
&lt;td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 80.0312%;"&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;&lt;font lang="PT-BR" style="color: #000000;"&gt;Current liabilities&lt;/font&gt;&lt;/b&gt;&lt;font lang="PT-BR" style="color: black;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 2.02808%;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 15.7566%;"&gt;
&lt;p align="right" style="text-align: right; text-indent: 0px; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2.02809%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11px; background-color: #cceeff;"&gt;
&lt;td style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 80.0312%;"&gt;
&lt;p style="text-indent: 0px; margin: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 30px; padding-right: 0px;"&gt;&lt;font&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: black; font-family: 'times new roman', times;"&gt; Leases payable &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 2.02808%;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 15.7566%;"&gt;
&lt;p align="right" style="text-align: right; text-indent: 0px; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &lt;font&gt;13,827&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background: #cceeff; padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2.02809%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11px;"&gt;
&lt;td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 80.0312%;"&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;&lt;font lang="PT-BR" style="color: #000000;"&gt;Non-current liabilities&lt;/font&gt;&lt;/b&gt;&lt;font lang="PT-BR" style="color: black;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 2.02808%;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 15.7566%;"&gt;
&lt;p align="right" style="text-align: right; text-indent: 0px; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2.02809%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11px; background-color: #cceeff;"&gt;
&lt;td style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 80.0312%;"&gt;
&lt;p style="text-indent: 0px; margin: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 30px; padding-right: 0px;"&gt;&lt;font&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: black; font-family: 'times new roman', times;" class="selected"&gt; Leases payable &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 2.02808%;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 15.7566%;"&gt;
&lt;p align="right" style="text-align: right; text-indent: 0px; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &lt;font&gt;1,349,976&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background: #cceeff; padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2.02809%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11px;"&gt;
&lt;td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 80.0312%;"&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;&lt;font lang="PT-BR" style="color: #000000;"&gt;Total liabilities&lt;/font&gt;&lt;/b&gt;&lt;font lang="PT-BR" style="color: #000000;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 2.02808%;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="border-right: none; border-left: none; border-image: initial; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; width: 15.7566%;"&gt;
&lt;p align="right" style="text-align: right; text-indent: 0px; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &lt;font&gt;1,363,803&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-right: none; border-left: none; border-image: initial; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; margin: 0px; text-indent: 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; width: 2.02809%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;div style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; margin-top: 6pt;"&gt;&lt;br/&gt;&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;To measurement, the Company used an incremental discount rate, ranging between &lt;font&gt;4.81&lt;/font&gt;% p.a. and &lt;font&gt;11.04&lt;/font&gt;% p.a., according to the terms of the contracts, and estimated the payment flows for the gross portion of taxes.&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The table below summarizes the reconciliation of the operating lease commitments to leases payable:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" width="80%" style="height: 105px; width: 80%; border-collapse: collapse; margin: 0px 0px 0px 0.1px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt; margin-left: 0.1px;"&gt;

&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td width="463" nowrap="nowrap" valign="bottom" style="width: 87.5761%; padding: 0px 0px 0px 15px; height: 15px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; Operating lease commitments as of December 31, 2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td width="67" nowrap="nowrap" valign="bottom" style="width: 10.9269%; padding: 0in 0px; height: 15px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; font-family: 'times new roman', times;"&gt; &lt;font&gt;1,540,994&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.37522%; padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td width="463" nowrap="nowrap" valign="bottom" style="width: 87.5761%; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px 0px 0px 15px; height: 15px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; Discounted using the incremental borrowing rate on January 1, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td width="67" nowrap="nowrap" valign="bottom" style="width: 10.9269%; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 15px; margin: 0px; text-indent: 0px;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; font-family: 'times new roman', times;"&gt; (&lt;font&gt;177,707&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.37522%; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td width="463" nowrap="nowrap" valign="bottom" style="width: 87.5761%; padding: 0px 0px 0px 15px; height: 15px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; Finance lease liabilities recognised as of December 31, 2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td width="67" nowrap="nowrap" valign="bottom" style="width: 10.9269%; padding: 0in 0px; height: 15px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; font-family: 'times new roman', times;"&gt; &lt;font&gt;46,066&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.37522%; padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td width="463" nowrap="nowrap" valign="bottom" style="width: 87.5761%; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px 0px 0px 15px; height: 15px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; (-) Recognition exemption for leases of low amount assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td width="67" nowrap="nowrap" valign="bottom" style="width: 10.9269%; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 15px; margin: 0px; text-indent: 0px;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; font-family: 'times new roman', times;"&gt; (&lt;font&gt;33,893&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.37522%; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td width="463" nowrap="nowrap" valign="bottom" style="width: 87.5761%; padding: 0px 0px 0px 15px; height: 15px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; (-) Recognition exemption for leases with less than &lt;font&gt;12&lt;/font&gt; months of lease term at transition &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td width="67" nowrap="nowrap" valign="bottom" style="width: 10.9269%; padding: 0in 0px; height: 15px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; font-family: 'times new roman', times;"&gt; (&lt;font&gt;11,657&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.37522%; padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td width="463" nowrap="nowrap" valign="bottom" style="width: 87.5761%; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px 0px 0px 15px; height: 15px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; (-) Extension options reasonably certain to be exercised &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td width="67" nowrap="nowrap" valign="bottom" style="width: 10.9269%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 15px; margin: 0px; text-indent: 0px;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.37522%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td width="463" nowrap="nowrap" valign="bottom" style="width: 87.5761%; padding: 0px 0px 0px 15px; height: 15px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; Leases payable recognised on January 1, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td width="67" nowrap="nowrap" valign="bottom" style="width: 10.9269%; padding: 0in 0px; height: 15px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; font-family: 'times new roman', times;"&gt; &lt;font&gt;1,363,803&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.37522%; padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;/div&gt;</ugp:DescriptionOfAccountingPolicyForRightOfUseAssetsAndLeasePayablePolicyTextBlock>
  <ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue id="Tag5447" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;a. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Recognition of revenue&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Revenue&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of sales and services&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;rendered is measured at the value of the consideration that the Company's subsidiaries expect to be entitled to, net of sales returns, discounts&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; amortization of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;contractual assets with customers &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and other deduction&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, if applicable, being recognized as the entity fulfills its performance obligation&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and freight mode of delivery&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;At &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ipiranga&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, the r&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;evenue from sales of fuels and lubricants is recognized when the products are delivered to gas stations and to large consumers. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;At Ultragaz, r&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;evenue from sales &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of LPG &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;is recognized when the products are delivered to customers at home, to independent dealers and to industrial and commercial customers. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;At &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Extrafarma&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, the r&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;evenue from sales of&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; pharmaceutical&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; is recognized when the products are delivered to end &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;user &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;customers&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in own drugstores and when the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; products&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; are delivered to independent resellers. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;At &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, the r&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;evenue &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;from sales &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of chemical products is recognized when the products are delivered to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;industrial&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; customers. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;At &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ultracargo&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he revenue provided &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;from &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;storage services is recognized &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;services&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; are performed&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. The &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;breakdown&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of revenue&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; from&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; sales and services&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;are&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; shown in N&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ote&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;6&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and &lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Amortization of contract&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ual&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; assets&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; with customers&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; for the exclusive rights in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ipiranga&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8217;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;reseller service stations &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and the bonus&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;es paid in performance obligation sales&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; are recognized &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in the income statement &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as a &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;d&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;eduction of the revenue &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;from sale &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ccord&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ing to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the conditions established in the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;agreements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;whic&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;h is &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;reviewed as &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;per the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;changes &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;occurred &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the agreements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(see Notes &lt;font&gt;2&lt;/font&gt;.f and &lt;font&gt;11&lt;/font&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The am/pm franchising upfront fee received by &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ipiranga&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; is deferred and recognized in profit or loss as the entity fulfills each performance obligation throughout the terms of the agreements with the franchisees. For more information, see Note &lt;font&gt;2&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.a.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Deferred revenue from loyalty program is recognized in the income statement when the points are redeemed, on which occasion the costs incurred are also recognized in profit or loss. Deferred revenue of unredeemed points is also recognized in profit or loss when points expire. For more information, see Note &lt;font&gt;23&lt;/font&gt;.b.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Costs of products &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;sold&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and services provided include goods (mainly fuels&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;lubricants&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; LPG&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and pharmaceutical&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; products&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;), raw materials (chemicals and petrochemicals) and production, distribution, storage&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;fulfillment&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; costs.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Exchange variations and the results of derivative financial instruments are presented in the statement of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;profit and loss&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;on&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; finance expenses.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Research and development expenses are recognized in the statements of profit or loss &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in general and administrative&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; expenses&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and amounted to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;R$ &lt;font&gt;63,746&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2020&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;R$&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;61,589&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2019&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;R$ &lt;font&gt;63,085&lt;/font&gt; in &lt;font&gt;2018&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;).&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue>
  <ifrs-full:CurrentPrepaidExpenses id="Tag5448" contextRef="I20191231_IFRS16Member_FinancialEffectOfChangesInAccountingPolicyMember" unitRef="BRL" decimals="-3">-39066000</ifrs-full:CurrentPrepaidExpenses>
  <ifrs-full:DisclosureOfChangesInAccountingEstimatesExplanatory id="Tag5449" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The table below summarizes the effects on the initial adoption of the IFRS &lt;font&gt;16&lt;/font&gt;:&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div align="center"&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" width="50%" style="height: 141px; border-collapse: collapse; margin: 0px; width: 50%; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt; margin-left: 0.1px;"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px; width: 80.0312%;"&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;&lt;font lang="PT-BR" style="color: #000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px; width: 2.02808%;"&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&lt;font lang="PT-BR" style="color: #000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px; width: 15.7566%;"&gt;
&lt;p align="center" style="margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: right;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b style="mso-bidi-font-weight: normal;"&gt;&lt;font lang="PT-BR" style="color: #000000;"&gt;&lt;font style="font-size: 8pt;"&gt;01/01/2019&lt;/font&gt;&lt;/font&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2.02809%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="background: #cceeff; padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px; width: 80.0312%;"&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;&lt;font lang="PT-BR" style="color: #000000;"&gt;Current assets&lt;/font&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background: #cceeff; padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px; width: 2.02808%;"&gt;&lt;/td&gt;
&lt;td valign="top" style="background: #cceeff; padding: 0in 0px; height: 10px; margin: 0px; text-indent: 0px; width: 15.7566%;"&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background: #cceeff; padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2.02809%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11px;"&gt;
&lt;td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 80.0312%;"&gt;
&lt;p style="text-indent: 0px; margin: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 30px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: black; font-family: 'times new roman', times;"&gt; Prepaid expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 2.02808%;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 15.7566%;"&gt;
&lt;p align="right" style="text-align: right; text-indent: 0px; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; (&lt;font&gt;39,066&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2.02809%;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11px; background-color: #cceeff;"&gt;
&lt;td style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 80.0312%;"&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;&lt;font lang="PT-BR" style="color: #000000;"&gt;Non-current assets&lt;/font&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 2.02808%;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;&lt;font lang="PT-BR" style="color: #000000;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 15.7566%;"&gt;
&lt;p align="right" style="text-align: right; text-indent: 0px; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background: #cceeff; padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2.02809%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11px;"&gt;
&lt;td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 80.0312%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 30px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; Prepaid expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 2.02808%;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 15.7566%;"&gt;
&lt;p align="right" style="text-align: right; text-indent: 0px; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; (&lt;font&gt;288,630&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2.02809%;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11px; background-color: #cceeff;"&gt;
&lt;td style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 80.0312%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 30px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; Right-of-use assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 2.02808%;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 15.7566%;"&gt;
&lt;p align="right" style="text-align: right; text-indent: 0px; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &lt;font&gt;1,731,427&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background: #cceeff; padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2.02809%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11px;"&gt;
&lt;td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 80.0312%;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 30px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; Intangible assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 2.02808%;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 15.7566%;"&gt;
&lt;p align="right" style="text-align: right; text-indent: 0px; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; (&lt;font&gt;39,928&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2.02809%;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11px; background-color: #cceeff;"&gt;
&lt;td style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 80.0312%;"&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;&lt;font lang="PT-BR" style="color: #000000;"&gt;Total assets&lt;/font&gt;&lt;/b&gt;&lt;font lang="PT-BR" style="color: #000000;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 2.02808%;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="border-right: none; border-left: none; border-image: initial; background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; width: 15.7566%;"&gt;
&lt;p align="right" style="text-align: right; text-indent: 0px; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &lt;font&gt;1,363,803&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-right: none; border-left: none; border-image: initial; background: #cceeff; padding: 0in 0px; margin: 0px; text-indent: 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; width: 2.02809%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11px;"&gt;
&lt;td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 80.0312%;"&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;&lt;font lang="PT-BR" style="color: #000000;"&gt;Current liabilities&lt;/font&gt;&lt;/b&gt;&lt;font lang="PT-BR" style="color: black;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 2.02808%;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 15.7566%;"&gt;
&lt;p align="right" style="text-align: right; text-indent: 0px; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2.02809%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11px; background-color: #cceeff;"&gt;
&lt;td style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 80.0312%;"&gt;
&lt;p style="text-indent: 0px; margin: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 30px; padding-right: 0px;"&gt;&lt;font&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: black; font-family: 'times new roman', times;"&gt; Leases payable &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 2.02808%;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 15.7566%;"&gt;
&lt;p align="right" style="text-align: right; text-indent: 0px; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &lt;font&gt;13,827&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background: #cceeff; padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2.02809%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11px;"&gt;
&lt;td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 80.0312%;"&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;&lt;font lang="PT-BR" style="color: #000000;"&gt;Non-current liabilities&lt;/font&gt;&lt;/b&gt;&lt;font lang="PT-BR" style="color: black;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 2.02808%;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 15.7566%;"&gt;
&lt;p align="right" style="text-align: right; text-indent: 0px; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2.02809%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11px; background-color: #cceeff;"&gt;
&lt;td style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 80.0312%;"&gt;
&lt;p style="text-indent: 0px; margin: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 30px; padding-right: 0px;"&gt;&lt;font&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: black; font-family: 'times new roman', times;" class="selected"&gt; Leases payable &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 2.02808%;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background: #cceeff; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 15.7566%;"&gt;
&lt;p align="right" style="text-align: right; text-indent: 0px; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &lt;font&gt;1,349,976&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="background: #cceeff; padding: 0in 0px; margin: 0px; text-indent: 0px; width: 2.02809%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 11px;"&gt;
&lt;td style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 80.0312%;"&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;b&gt;&lt;font lang="PT-BR" style="color: #000000;"&gt;Total liabilities&lt;/font&gt;&lt;/b&gt;&lt;font lang="PT-BR" style="color: #000000;"&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; width: 2.02808%;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td valign="bottom" style="border-right: none; border-left: none; border-image: initial; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 11px; margin: 0px; text-indent: 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; width: 15.7566%;"&gt;
&lt;p align="right" style="text-align: right; text-indent: 0px; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; &lt;font&gt;1,363,803&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-right: none; border-left: none; border-image: initial; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; margin: 0px; text-indent: 0px; border-top: 1pt solid #000000; border-bottom: 2.8pt double #000000; width: 2.02809%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfChangesInAccountingEstimatesExplanatory>
  <ugp:ContractualAssetsWithCustomersExclusiveRightsExplanatory id="Tag5450" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;f. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Contractual assets with customers &amp;#8211; exclusive rights&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Exclusive rights disbursements as provided in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ipiranga&amp;#8217;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; agreements with reseller service stations and major consumers are recognized as &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;contractual assets&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; when paid and amortized according to the conditions established in the agreements (see Note &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;2&lt;/font&gt;.a and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;11&lt;/font&gt;).&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ugp:ContractualAssetsWithCustomersExclusiveRightsExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories id="Tag5451" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 10pt; line-height: 115%; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;e. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Inventories&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Inventories are stated at the lower of acquisition cost or net realizable value&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (see Note &lt;font&gt;6&lt;/font&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. The cost value of inventory is measured using the weighted average cost and includes the costs of acquisition and processing directly &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and indirectly &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;related to the units produced based on the normal capacity of production. Estimates of net realizable value are based on the average selling prices at the end of the reporting period, net of applicable direct selling expenses. Subsequent events related to the fluctuation of prices and costs are also considered, if relevant. If net realizable values are below inventory costs, a provision corresponding to this difference is recognized. Provisions are also made for obsolescence of products, materials&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; or supplies that (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) do not meet its subsidiaries&amp;#8217; specifications, (ii) have exceeded their expiration date&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; or (iii) are considered slow-moving inventory. This classification is made by management with the support of its industrial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and operation&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;team&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories>
  <ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents id="Tag5452" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;b. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Cash and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;c&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ash &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;e&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;quivalents&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Include&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; cash, banks deposits&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and short-term up to &lt;font&gt;90&lt;/font&gt; days of maturity,&amp;nbsp;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;highly&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;liquid investments that are readily convertible into a known amount of cash and are subject to an insignificant risk of change in value. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;F&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;or further &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;information&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;on cash and cash equivalents of the Company and its subsidiaries&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, see Note &lt;font&gt;4&lt;/font&gt;.a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents>
  <ugp:TermsOfResellerFinancing id="Tag5453" contextRef="D20201231_BottomOfRangeMember">P12M</ugp:TermsOfResellerFinancing>
  <ugp:ResellerFinancingRatePerMonth id="Tag5454" contextRef="D20201231_TopOfRangeMember" unitRef="Pure" decimals="2">0.01</ugp:ResellerFinancingRatePerMonth>
  <ugp:GeographicalAreas id="Tag5455" contextRef="D20201231_OxitenoServiciosCorporativosMember">Mexico</ugp:GeographicalAreas>
  <ugp:GeographicalAreas id="Tag5456" contextRef="D20201231_OxitenoServiciosIndustrialesMember">Mexico</ugp:GeographicalAreas>
  <ifrs-full:ApplicableTaxRate id="Tag5457" contextRef="D20201231_IRPJMember" unitRef="Pure" decimals="2">0.25</ifrs-full:ApplicableTaxRate>
  <ifrs-full:ResearchAndDevelopmentExpense id="Tag5458" contextRef="D20191231_3" unitRef="BRL" decimals="-3">61589000</ifrs-full:ResearchAndDevelopmentExpense>
  <ugp:FinanceLeasesLiabilities id="Tag5459" contextRef="I20201231_LeaseLiabilitiesMember" unitRef="BRL" decimals="-3">46066000</ugp:FinanceLeasesLiabilities>
  <ugp:GeographicalAreas id="Tag5460" contextRef="D20201231_OxitenoMexicoMember">Mexico</ugp:GeographicalAreas>
  <ugp:ShortTermLeasesNotRecognizedAsALiability id="Tag5461" contextRef="I20201231_LeaseLiabilitiesMember" unitRef="BRL" decimals="-3">11657000</ugp:ShortTermLeasesNotRecognizedAsALiability>
  <ugp:LowvalueleasesNotRecognizedAsALiability id="Tag5462" contextRef="I20201231_LeaseLiabilitiesMember" unitRef="BRL" decimals="-3">33893000</ugp:LowvalueleasesNotRecognizedAsALiability>
  <ifrs-full:ExplanationOfDifferenceBetweenOperatingLeaseCommitmentsDisclosedApplyingIAS17AndLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16Explanatory id="Tag5463" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The table below summarizes the reconciliation of the operating lease commitments to leases payable:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table border="0" cellspacing="0" cellpadding="0" width="80%" style="height: 105px; width: 80%; border-collapse: collapse; margin: 0px 0px 0px 0.1px; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt; margin-left: 0.1px;"&gt;

&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td width="463" nowrap="nowrap" valign="bottom" style="width: 87.5761%; padding: 0px 0px 0px 15px; height: 15px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; Operating lease commitments as of December 31, 2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td width="67" nowrap="nowrap" valign="bottom" style="width: 10.9269%; padding: 0in 0px; height: 15px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; font-family: 'times new roman', times;"&gt; &lt;font&gt;1,540,994&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.37522%; padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td width="463" nowrap="nowrap" valign="bottom" style="width: 87.5761%; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px 0px 0px 15px; height: 15px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; Discounted using the incremental borrowing rate on January 1, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td width="67" nowrap="nowrap" valign="bottom" style="width: 10.9269%; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 15px; margin: 0px; text-indent: 0px;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; font-family: 'times new roman', times;"&gt; (&lt;font&gt;177,707&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.37522%; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td width="463" nowrap="nowrap" valign="bottom" style="width: 87.5761%; padding: 0px 0px 0px 15px; height: 15px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; Finance lease liabilities recognised as of December 31, 2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td width="67" nowrap="nowrap" valign="bottom" style="width: 10.9269%; padding: 0in 0px; height: 15px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; font-family: 'times new roman', times;"&gt; &lt;font&gt;46,066&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.37522%; padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td width="463" nowrap="nowrap" valign="bottom" style="width: 87.5761%; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px 0px 0px 15px; height: 15px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; (-) Recognition exemption for leases of low amount assets &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td width="67" nowrap="nowrap" valign="bottom" style="width: 10.9269%; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 15px; margin: 0px; text-indent: 0px;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; font-family: 'times new roman', times;"&gt; (&lt;font&gt;33,893&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.37522%; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td width="463" nowrap="nowrap" valign="bottom" style="width: 87.5761%; padding: 0px 0px 0px 15px; height: 15px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; (-) Recognition exemption for leases with less than &lt;font&gt;12&lt;/font&gt; months of lease term at transition &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td width="67" nowrap="nowrap" valign="bottom" style="width: 10.9269%; padding: 0in 0px; height: 15px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; font-family: 'times new roman', times;"&gt; (&lt;font&gt;11,657&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.37522%; padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td width="463" nowrap="nowrap" valign="bottom" style="width: 87.5761%; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0px 0px 0px 15px; height: 15px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; (-) Extension options reasonably certain to be exercised &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td width="67" nowrap="nowrap" valign="bottom" style="width: 10.9269%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; height: 15px; margin: 0px; text-indent: 0px;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font&gt;-&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.37522%; border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1pt solid windowtext; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 0in 0px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td width="463" nowrap="nowrap" valign="bottom" style="width: 87.5761%; padding: 0px 0px 0px 15px; height: 15px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p style="margin: 0px; text-indent: 0px; text-align: justify; font-size: 11pt; font-family: 'Times New Roman', serif; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; color: #000000; font-family: 'times new roman', times;"&gt; Leases payable recognised on January 1, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td width="67" nowrap="nowrap" valign="bottom" style="width: 10.9269%; padding: 0in 0px; height: 15px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;
&lt;p align="right" style="text-align: right; margin: 0px; font-size: 11pt; font-family: 'Times New Roman', serif; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;font lang="PT-BR" style="font-size: 10pt; font-family: 'times new roman', times;"&gt; &lt;font&gt;1,363,803&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.37522%; padding: 0in 0px; margin: 0px; text-indent: 0px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ifrs-full:ExplanationOfDifferenceBetweenOperatingLeaseCommitmentsDisclosedApplyingIAS17AndLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16Explanatory>
  <ugp:SummaryOfForeignSubsidiariesTableTextBlock id="Tag5464" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The foreign subsidiaries with functional currency different from the Company and which have administrative autonomy are listed below:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-right: auto; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.8333%;" width="100%"&gt;

&lt;tr style="height: 11.35pt;"&gt;
&lt;td style="width: 38.5321%; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; font-size: 10pt;"&gt; Subsidiary &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 32.2975%; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Functional currency &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.21971%; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 27.8672%; vertical-align: bottom; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; Location &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 7.7pt;"&gt;
&lt;td style="width: 38.5321%; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Oxiteno M&amp;#233;xico S.A. de C.V. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 32.2975%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Mexican Peso&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.21971%; vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 27.8672%; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Mexico&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 7.15pt;"&gt;
&lt;td style="width: 38.5321%; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;Oxiteno Servicios Corporativos S.A. de C.V. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 32.2975%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Mexican Peso&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.21971%; vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 27.8672%; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Mexico&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 7.35pt;"&gt;
&lt;td style="width: 38.5321%; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;Oxiteno Servicios Industriales S.A. de C.V. &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 32.2975%; vertical-align: top;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Mexican Peso&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.21971%; vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 27.8672%; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Mexico&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 5.45pt;"&gt;
&lt;td style="width: 38.5321%; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&amp;nbsp;&amp;nbsp;Oxiteno USA LLC &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 32.2975%; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;U.S. Dollar&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.21971%; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 27.8672%; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;United States&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10.75pt;"&gt;
&lt;td style="width: 38.5321%; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; Oxiteno Uruguay S.A. (i) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 32.2975%; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;U.S. Dollar&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 1.21971%; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="width: 27.8672%; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Uruguay&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;"&gt;

&lt;tr&gt;
&lt;td style="vertical-align: top; width: 4%;" valign="top"&gt;&lt;font style="font-size: 10pt;"&gt;(i)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 96%;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"&gt;The subsidiary Oxiteno Uruguay S.A. (&amp;#8220;Oxiteno Uruguay&amp;#8221;) determined its functional currency as the U.S. dollar (&amp;#8220;US$&amp;#8221;), as its inventory sales, purchases of raw material inputs, and financing activities are performed substantially in this currency.&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ugp:SummaryOfForeignSubsidiariesTableTextBlock>
  <ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory id="Tag5465" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;u. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Impairment of assets&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Company and its subsidiaries review &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;every report&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ing&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; period&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the existence of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;any &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;indication that an asset may be impaired&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;To &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;intangible assets with indefinite useful life&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the review is done annually&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. If there is an indication&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of impairment&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, the Company and its subsidiaries estimate the recoverable amount of the asset. Assets that &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;cannot be&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; evaluated individually are grouped in the smallest group of assets that generate cash &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;inflow&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; from continuous use and that are largely independent of cash flows of other assets (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;cash generating units &amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;CGU&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;). The recoverable amount of assets or CGUs corresponds to the greater of their fair value net of applicable direct selling costs and their value in use.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The fair value &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;less&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; costs &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;to sell&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;is determined by the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date, net of costs of removing the asset, and direct incremental costs to bring an asset into condition for its sale, legal costs&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and taxes.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;To assess the value in use, the projections of future cash flows, trends&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and outlooks, as well as the effects of obsolescence, demand, competition&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and other economic factors&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; were considered&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. Such cash flows are discounted to their present values &amp;#8203;&amp;#8203;using the discount rate before tax that reflects market conditions for the period of impairment testing and the specific risks of the asset or CGU being evaluated. In cases where the expected discounted future cash flows are less than their carrying amount, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;an &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;impairment loss is recognized for the amount by which the carrying value exceeds the fair value of these assets. Losses for impairment of assets are recognized in profit or loss. In case goodwill has been allocated to a CGU, the recognized losses are first allocated to reduce the corresponding goodwill. If the goodwill is not enough to absorb such losses, the surplus is allocated to the assets on a pro-rata basis. An impairment of goodwill cannot be reversed. For other assets, impairment losses &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;may be&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if the impairment had not been recognized.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;No impairment was recognized &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;on December &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;2020&lt;/font&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;On December 31, 2019, t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he Company &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;recognized an impairment loss for&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the subsidiary &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Imifarma&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Produtos&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Farmac&amp;#234;uticos&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; e &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Cosm&amp;#233;ticos&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; S.A. (&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Extrafarma&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8221;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (see Note &lt;font&gt;15&lt;/font&gt;.a)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory>
  <ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory id="Tag5466" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;d. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Trade receivables and reseller financing&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Trade receivables are recognized at the amount invoiced&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; to the counterparty that the Company subsidiaries are entitled&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(see Notes &lt;font&gt;5&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and &lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.d.&lt;font&gt;3&lt;/font&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;expected&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; losses take into account, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;at the initial recognition of the contract, the expect&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ed&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; losses for the next &lt;font&gt;12&lt;/font&gt; months &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;or&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(ii) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;for &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the life&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;time&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of the contract &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;when&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the deterioration or improvement of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;customers&amp;#8217; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;credit quality&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, considering the customers&amp;#8217; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;characteristics in each business segment&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; The amount&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;expected&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;credit losses&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;is deemed by management to be &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;sufficient&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; to cover any loss on realization of trade receivables.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Reseller financing is provided at subsidized rate for renovation and upgrading of service stations, purchase of products and development of the automotive fuels and lubricants distribution market&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (see Notes &lt;font&gt;5&lt;/font&gt;.b and &lt;font&gt;33&lt;/font&gt;.d.&lt;font&gt;3&lt;/font&gt;).&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; The terms of reseller financing range between &lt;font&gt;12&lt;/font&gt; and &lt;font&gt;60&lt;/font&gt; months, with an average term of &lt;font&gt;40&lt;/font&gt; months. The minimum and maximum &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;subsisted&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; interest rates are &lt;font&gt;0&lt;/font&gt;% per month and &lt;font&gt;1&lt;/font&gt;% per month respectively. These financing are remeasured at a market rate for working capital loans and the remeasurement adjus&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ment between the market rate and the rate subsidized is recognized as a reduction to the reseller&amp;#8217;s revenue at the beginning of the contract. Throughout the contract, the interest appropriated by the market rate is recognized to the financial result.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory>
  <ifrs-full:Assets id="Tag5467" contextRef="I20191231_IFRS16Member_FinancialEffectOfChangesInAccountingPolicyMember" unitRef="BRL" decimals="-3">1363803000</ifrs-full:Assets>
  <ifrs-full:GainsLossesOnHedgesOfNetInvestmentsInForeignOperationsBeforeTax id="Tag5468" contextRef="D20181231" unitRef="BRL" decimals="-3">4090000</ifrs-full:GainsLossesOnHedgesOfNetInvestmentsInForeignOperationsBeforeTax>
  <ugp:DiscountedUsingTheIncrementalBorrowingRate id="Tag5469" contextRef="I20201231_LeaseLiabilitiesMember" unitRef="BRL" decimals="-3">177707000</ugp:DiscountedUsingTheIncrementalBorrowingRate>
  <ifrs-full:DescriptionOfFunctionalCurrency id="Tag5470" contextRef="D20201231_OxitenoUruguayMember">U.S. Dollar</ifrs-full:DescriptionOfFunctionalCurrency>
  <ifrs-full:ApplicableTaxRate id="Tag5471" contextRef="D20201231_CSLLMember" unitRef="Pure" decimals="2">0.09</ifrs-full:ApplicableTaxRate>
  <ugp:ExtensionOptionsReasonablyCertainToBeExercised id="Tag5472" contextRef="I20201231_LeaseLiabilitiesMember" unitRef="BRL" xsi:nil="true" />
  <ugp:GeographicalAreas id="Tag5473" contextRef="D20201231_OxitenoUruguayMember">Uruguay</ugp:GeographicalAreas>
  <ifrs-full:WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16 id="Tag5474" contextRef="I20201231_TopOfRangeMember" unitRef="Pure" decimals="4">0.1104</ifrs-full:WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16>
  <ifrs-full:WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16 id="Tag5475" contextRef="I20201231_BottomOfRangeMember" unitRef="Pure" decimals="4">0.0481</ifrs-full:WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16>
  <ifrs-full:GainsLossesOnHedgesOfNetInvestmentsInForeignOperationsBeforeTax id="Tag5476" contextRef="D20191231_3" unitRef="BRL" decimals="-3">2444000</ifrs-full:GainsLossesOnHedgesOfNetInvestmentsInForeignOperationsBeforeTax>
  <ifrs-full:DescriptionOfFunctionalCurrency id="Tag5477" contextRef="D20201231_OxitenoServiciosIndustrialesMember">Mexican Peso</ifrs-full:DescriptionOfFunctionalCurrency>
  <ifrs-full:LeaseLiabilities id="Tag5478" contextRef="I20201231_LeaseLiabilitiesMember" unitRef="BRL" decimals="-3">1363803000</ifrs-full:LeaseLiabilities>
  <ifrs-full:ResearchAndDevelopmentExpense id="Tag5479" contextRef="D20201231_3" unitRef="BRL" decimals="-3">63746000</ifrs-full:ResearchAndDevelopmentExpense>
  <ugp:TermsOfResellerFinancing id="Tag5480" contextRef="D20201231_TopOfRangeMember">P60M</ugp:TermsOfResellerFinancing>
  <ifrs-full:IntangibleAssetsOtherThanGoodwill id="Tag5481" contextRef="I20191231_IFRS16Member_FinancialEffectOfChangesInAccountingPolicyMember" unitRef="BRL" decimals="-3">-39928000</ifrs-full:IntangibleAssetsOtherThanGoodwill>
  <ugp:NoncurrentPrepaidExpenses id="Tag5482" contextRef="I20191231_IFRS16Member_FinancialEffectOfChangesInAccountingPolicyMember" unitRef="BRL" decimals="-3">-288630000</ugp:NoncurrentPrepaidExpenses>
  <ugp:SummaryOfSensitivityAnalysisOfFloatingInterestRateRiskTableTextBlock id="Tag5483" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The tables below show the incremental expenses and income that would be recognized in finance income, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;due to the effect&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of floating interest rate changes in different scenarios.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 255px; width: 100%;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Risk &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; text-align: center;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario I &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-top: 0.75pt solid #000000 !important; text-align: center;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; text-align: center;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario II &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-top: 0.75pt solid #000000 !important; text-align: center;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; text-align: center;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario III &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; text-align: center;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Base &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; text-align: center;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; text-align: center;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;25&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; text-align: center;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; text-align: center;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;50&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; font-size: 10pt;"&gt; Exposure of interest rate risk &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 56%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest effect on cash equivalents and financial &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 13%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Increase in DI &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;13,175&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;32,937&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;65,875&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest effect on debt in DI &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Increase in DI &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;19,674&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;49,184&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;98,368&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest rate hedging instruments (liabilities in DI) effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Increase in DI &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,137&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;11,934&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;29,929&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Incremental expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;7,636&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;28,181&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;62,422&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest effect on debt in TJLP &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Increase in TJLP &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;301&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;752&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,503&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Incremental expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;301&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;752&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,503&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign exchange hedging instruments (assets in &lt;font&gt;LIBOR&lt;/font&gt;) effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Increase in &lt;font&gt;LIBOR&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;528&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,320&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,640&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest effect on debt in &lt;font&gt;LIBOR&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Increase in &lt;font&gt;LIBOR&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,410&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;3,525&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;7,050&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Incremental expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;882&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2,205&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,410&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest effect on debt in SELIC &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Increase in SELIC &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;41&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;102&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;203&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Incremental expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;41&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;102&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;203&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 317px; width: 99.9168%;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td colspan="5" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Risk &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; text-align: center;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario I &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-top: 0.75pt solid #000000 !important; text-align: center;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; text-align: center;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario II &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; border-top: 0.75pt solid #000000 !important; text-align: center;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-top: 0.75pt solid #000000 !important; text-align: center;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario III &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; text-align: center;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Base &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; text-align: center;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; text-align: center;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;25&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; text-align: center;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; text-align: center;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;50&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; font-size: 10pt;"&gt; Exposure of interest rate risk &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 56%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest effect on cash equivalents and financial &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 13%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Increase in DI &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;29,304&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;73,261&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 9%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;146,522&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign exchange hedging instruments (assets in DI) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Increase in DI &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;55&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;137&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;274&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest effect on debt in DI &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Increase in DI &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;44,469&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;111,173&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;222,345&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest rate hedging instruments (liabilities in DI) effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Increase in DI &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;39,175&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;85,571&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;162,897&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Incremental expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;54,285&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;123,346&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;238,446&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest effect on debt in TJLP &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Increase in TJLP &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,213&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;3,033&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;6,065&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Incremental expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,213&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;3,033&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;6,065&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign exchange hedging instruments (assets in &lt;font&gt;LIBOR&lt;/font&gt;) effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Increase in &lt;font&gt;LIBOR&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,722&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,305&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8,609&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest effect on debt in &lt;font&gt;LIBOR&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Increase in &lt;font&gt;LIBOR&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;3,551&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;8,876&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;17,753&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Incremental expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,829&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,571&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;9,144&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest effect on debt in SELIC &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Increase in SELIC &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;251&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;628&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,257&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Incremental expenses &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;251&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;628&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; border-top: 0.75pt solid #000000 !important; background-color: #cceeff; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,257&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ugp:SummaryOfSensitivityAnalysisOfFloatingInterestRateRiskTableTextBlock>
  <ifrs-full:IncomeArisingFromInsuranceContracts id="Tag5484" contextRef="D20201231_OxitenoMember" unitRef="BRL" decimals="-3">5935000</ifrs-full:IncomeArisingFromInsuranceContracts>
  <ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory id="Tag5485" contextRef="D20201231_3">&lt;div&gt;
&lt;h1 style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 12pt; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;5. Trade &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;r&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;eceivables &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;r&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;eseller &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;f&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;inancing&lt;/font&gt;&lt;/font&gt;&lt;/h1&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;a. Trade &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;r&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;eceivables&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;composition&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;rade receivables &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;is&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table style="height: 147px; border-collapse: collapse; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; width: 99.7433%; margin: 0px; text-indent: 0px;" width="99.7433%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 70.948%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 14.3688%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.777001%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.55757%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 12.0674%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 0.878594%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 70.948%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Domestic customers &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 14.3688%; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;3,443,641&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.777001%; background-color: rgb(204, 238, 255); height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 1.55757%; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; width: 12.0674%; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;3,867,163&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.878594%; background-color: rgb(204, 238, 255); height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 70.948%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Domestic customers &amp;#8211; related parties (see Note &lt;font&gt;8&lt;/font&gt;.a) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 14.3688%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;151&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.777001%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.55757%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 12.0674%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;739&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.878594%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 70.948%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign customers &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 14.3688%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;326,442&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.777001%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.55757%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 12.0674%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;223,308&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.878594%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 70.948%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Foreign customers &amp;#8211; related parties (see Note &lt;font&gt;8&lt;/font&gt;.a) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 14.3688%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;2,984&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.777001%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.55757%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 12.0674%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;3,176&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.878594%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 70.948%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (-) Expected losses on doubtful accounts &lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 14.3688%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;382,096&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.777001%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.55757%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 12.0674%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;404,886&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.878594%; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; width: 70.948%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); height: 18px; width: 14.3688%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;3,391,122&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.777001%; height: 18px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; width: 1.55757%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); height: 18px; width: 12.0674%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;3,689,500&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); width: 0.878594%; height: 18px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 70.948%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current &lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 14.3688%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;3,318,927&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.777001%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.55757%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 12.0674%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;3,635,834&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.878594%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 70.948%;"&gt;
&lt;p style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 10pt; text-indent: 0px;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Non-current &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 14.3688%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;72,195&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.777001%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.55757%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 12.0674%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;53,666&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.878594%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The breakdown of trade receivables, gross&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;expected&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; losses on&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; doubtful accounts&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, is as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 95px; width: 99.8338%;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="9" style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; border-bottom: 1pt solid #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Past due &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; less than &lt;br/&gt;&lt;font style="border-left: none; border-right: none;"&gt;30&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;31&lt;/font&gt;-&lt;font style="border-left: none; border-right: none;"&gt;60&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;61&lt;/font&gt;-&lt;font style="border-left: none; border-right: none;"&gt;90&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;91&lt;/font&gt;-&lt;font style="border-left: none; border-right: none;"&gt;180&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; more &lt;br/&gt;than &lt;font style="border-left: none; border-right: none;"&gt;180&lt;br/&gt;&lt;/font&gt;days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 39%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;3,773,218&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;2,963,163&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;124,606&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;27,970&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;21,389&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;47,169&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;588,921&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;4,094,386&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;3,199,315&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;159,350&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;27,320&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;12,245&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;61,489&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;634,667&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The breakdown of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;expected&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; losses on doubtful accounts, is as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.6878%;" width="100%"&gt;

&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="9" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Past due &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 25.5pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; less than &lt;br/&gt;&lt;font style="border-left: none; border-right: none;"&gt;30&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;31&lt;/font&gt;-&lt;font style="border-left: none; border-right: none;"&gt;60&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;61&lt;/font&gt;-&lt;font style="border-left: none; border-right: none;"&gt;90&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;91&lt;/font&gt;-&lt;font style="border-left: none; border-right: none;"&gt;180&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; more &lt;br/&gt;than &lt;font style="border-left: none; border-right: none;"&gt;180&lt;br/&gt;&lt;/font&gt;days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; width: 39%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;382,096&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;21,219&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;2,154&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,751&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;2,233&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;13,378&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;341,361&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;404,886&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;28,861&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,456&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,625&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;3,749&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;23,698&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;345,497&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Movements in the allowance for &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;expected&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; losses on doubtful accounts are as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; height: 139px; width: 100%; margin: 0px; text-indent: 0px;" width="100%"&gt;

&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 88%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 2%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 9.0404%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;385,080&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.959596%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 88%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Additions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 2%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.0404%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;189,192&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.959596%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 88%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Reversals &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 2%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 9.0404%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;119,640&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.959596%; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 88%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Write-offs &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 2%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 9.0404%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;49,746&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; width: 0.959596%; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; height: 17px; width: 88%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 2%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 9.0404%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;404,886&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.959596%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 88%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Additions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 2%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 9.0404%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;194,220&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 0.959596%; margin: 0px; text-indent: 0px; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px; width: 88%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Reversals &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px; width: 2%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px; width: 9.0404%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;203,994&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 0.959596%; margin: 0px; text-indent: 0px; height: 10px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 88%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Write-offs &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 2%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 9.0404%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;13,016&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; width: 0.959596%; margin: 0px; text-indent: 0px; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px; width: 88%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px; width: 2%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); height: 10px; width: 9.0404%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;382,096&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 0.959596%; margin: 0px; text-indent: 0px; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;For further information about the allowance for &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;expected&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; losses on doubtful accounts, see Note &lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.d.&lt;font&gt;3&lt;/font&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;b. Reseller financing&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;The composition of reseller financing is as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 96px; border-collapse: collapse; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; width: 76%; margin: 0px auto; text-indent: 0px;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 70.9611%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 13.4969%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 1.02249%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 1.84049%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 12.2188%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 1.02249%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 70.9611%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; Reseller financing &amp;#8211; Ipiranga &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 13.4969%; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;1,165,395&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 1.02249%; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.84049%; background-color: rgb(204, 238, 255); height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 12.2188%; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;956,942&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.02249%; background-color: rgb(204, 238, 255); height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 70.9611%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (-) Expected losses on doubtful accounts &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 13.4969%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;197,011&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 1.02249%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.84049%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 12.2188%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;156,006&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.02249%; height: 17px; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; width: 70.9611%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); height: 18px; background-color: rgb(204, 238, 255); width: 13.4969%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;968,384&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; background-color: rgb(204, 238, 255); width: 1.02249%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.84049%; height: 18px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); height: 18px; background-color: rgb(204, 238, 255); width: 12.2188%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;800,936&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); background-color: rgb(204, 238, 255); width: 1.02249%; height: 18px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; width: 70.9611%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 10px; width: 13.4969%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;549,129&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 10px; width: 1.02249%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.84049%; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 10px; width: 12.2188%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;436,188&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.02249%; height: 10px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 70.9611%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Non-current &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 13.4969%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;419,255&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.02249%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.84049%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 12.2188%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; break-inside: avoid; break-after: avoid; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;364,748&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.02249%; height: 17px; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The breakdown of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;reseller financing&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, gross of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;expected&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; losses on doubtful accounts, is as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 78px; width: 99.8338%;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="9" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Past due &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 34px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; less than &lt;br/&gt;&lt;font style="border-left: none; border-right: none;"&gt;30&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;31&lt;/font&gt;-&lt;font style="border-left: none; border-right: none;"&gt;60&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;61&lt;/font&gt;-&lt;font style="border-left: none; border-right: none;"&gt;90&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;91&lt;/font&gt;-&lt;font style="border-left: none; border-right: none;"&gt;180&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 34px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; more &lt;br/&gt;than &lt;font style="border-left: none; border-right: none;"&gt;180&lt;br/&gt;&lt;/font&gt;days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 39%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,165,395&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;787,904&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,230&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15,237&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;21,200&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;28,989&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; height: 10px; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;301,835&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;956,942&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;644,488&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;26,262&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,481&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;12,616&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;30,144&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;232,951&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The breakdown of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;expected&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; losses on doubtful accounts, is as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.834%;" width="100%"&gt;

&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td colspan="9" style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Past due &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 25.5pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; less than &lt;br/&gt;&lt;font style="border-left: none; border-right: none;"&gt;30&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;31&lt;/font&gt;-&lt;font style="border-left: none; border-right: none;"&gt;60&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;61&lt;/font&gt;-&lt;font style="border-left: none; border-right: none;"&gt;90&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font style="border-left: none; border-right: none;"&gt;91&lt;/font&gt;-&lt;font style="border-left: none; border-right: none;"&gt;180&lt;/font&gt; days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; more &lt;br/&gt;than &lt;font style="border-left: none; border-right: none;"&gt;180&lt;br/&gt;&lt;/font&gt;days &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 39%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;197,011&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;22,872&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;785&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,812&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,397&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;14,684&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 2%; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 7%; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;154,461&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;156,006&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;21,337&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,519&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,063&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,313&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;14,639&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;115,135&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Movements in the allowance for expected losses on doubtful accounts are as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 137px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin-left: auto; margin-right: auto;" width="68%"&gt;

&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 86%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.9143%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;139,699&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.14286%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 86%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Additions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 10.9143%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;30,601&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.14286%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 86%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Reversals &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.9143%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;14,294&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.14286%;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 86%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 10.9143%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;156,006&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; width: 1.14286%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 86%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Additions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.9143%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;74,745&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.14286%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 86%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Reversals &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 10.9143%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;29,791&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.14286%;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 86%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Write-offs &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.9143%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;3,949&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.14286%;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; width: 86%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); width: 10.9143%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &amp;nbsp;&lt;font&gt;197,011&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); width: 1.14286%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;For further information about the allowance for expected losses on doubtful accounts see Note &lt;font&gt;33&lt;/font&gt;.d.&lt;font&gt;3&lt;/font&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory>
  <ifrs-full:DisclosureOfReconciliationOfSummarisedFinancialInformationOfJointVentureAccountedForUsingEquityMethodToCarryingAmountOfInterestInJointVentureExplanatory id="Tag5486" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Balances and changes in joint ventures are as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin: 0px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.8344%; height: 340px; text-indent: 0px;" width="100%"&gt;

&lt;tr style="height: 31px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 31px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 31px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Uni&amp;#227;o &lt;br/&gt;Vopak &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 31px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 31px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 31px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; RPR &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 31px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 31px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 31px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; ConectCar &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 31px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 31px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 31px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Latitude Log&amp;#237;stica &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 31px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 31px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 31px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Navegantes Log&amp;#237;stica &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 31px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 31px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 31px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Nordeste Log&amp;#237;stica I &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 31px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 31px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 31px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Nordeste Log&amp;#237;stica II &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 31px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 31px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 31px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-size: 8pt; font-weight: bold;"&gt; Nordeste Log&amp;#237;stica III &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 31px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 31px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 31px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 31px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 29%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2017 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &lt;font&gt;6,096&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &lt;font&gt;54,739&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &lt;font&gt;61,226&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &lt;font&gt;122,061&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Capital increase &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &lt;font&gt;31,908&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &lt;font&gt;31,908&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; (&lt;font&gt;3,704&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; (&lt;font&gt;3,704&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Dividends&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; (&lt;font&gt;32,065&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; (&lt;font&gt;32,065&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Share of profit (loss) of joint ventures &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &lt;font&gt;1,350&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; &lt;font&gt;1,148&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; (&lt;font&gt;18,744&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt; (&lt;font&gt;16,246&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,446&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;20,118&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;74,390&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;101,954&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Capital increase &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;35,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,351&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;23,581&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,930&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,183&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,079&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;79,124&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Valuation adjustments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;7,771&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;7,771&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Dividends &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,474&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,295&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;5,769&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Share of profit (loss) of joint ventures &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,370&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,740&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;26,572&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;&amp;#8208;&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;14,462&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,342&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;18,792&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;82,818&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,351&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;23,581&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,930&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,183&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,079&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;153,076&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Capital increase &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;20,000&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;303&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,894&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,006&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;29,203&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Capital reduction (i)&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;363&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;363&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Valuation adjustments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,065&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,065&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Dividends &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;165&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;165&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Share of profit (loss) of joint ventures &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;392&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;21,788&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;21,638&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,594&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,409&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;401&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;626&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;45,812&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 19px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Transfer to provision for short-term liabilities &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,096&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 19px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,096&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 19px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,734&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;81,180&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,351&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;21,624&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;824&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,676&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,711&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;139,100&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfReconciliationOfSummarisedFinancialInformationOfJointVentureAccountedForUsingEquityMethodToCarryingAmountOfInterestInJointVentureExplanatory>
  <ifrs-full:DisclosureOfIntangibleAssetsExplanatory id="Tag5487" contextRef="D20201231_3">&lt;div&gt;
&lt;div&gt;
&lt;h1 style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 12pt; text-indent: 0px;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;15&lt;/font&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Intangible &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ssets&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/h1&gt;
&lt;p&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Balances and changes in intangible assets are &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as follows&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;div&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: 0.1pt; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 348px; width: 99.9171%;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Weighted average useful life (years) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Additions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Transfer (i) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Write-offs &lt;br/&gt;and disposals &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Effect of foreign currency exchange rate variation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cost: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px; width: 23%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Goodwill (a) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,525,088&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; width: 8%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,525,088&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Software (b) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,210,529&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;184,027&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;993&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;6,633&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,130&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,395,046&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Technology (c) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;32,617&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;32,617&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Commercial property rights &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,934&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;7,934&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Distribution rights &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;133,599&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;133,599&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Brands (d) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;14,458&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;136,962&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Trademark rights (d) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;39&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;114,792&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;114,792&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Others (e) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;44,900&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,040&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,758&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;50,698&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Decarbonization credits (f) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;125,345&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,058&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;124,287&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
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&lt;/td&gt;
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&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Software &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;32,616&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Commercial property rights &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;6,384&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,469&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Distribution rights &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;/td&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
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&lt;/td&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Trademark rights &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
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&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;835,625&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;182,681&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: middle; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,844&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,405&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,012,867&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Provision for losses and impairment: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Goodwill (a) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;593,280&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;593,280&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Commercial property rights &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;465&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;465&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 15px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;593,745&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;465&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 15px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;593,280&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 15px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net amount &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,762,593&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;310,412&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;182,681&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;65&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;128,545&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;20,941&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,782,655&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Refers to amounts transferred to PP&amp;amp;E&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and prepaid expenses&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-right: auto; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 327px; width: 99.8344%;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt;&lt;font&gt; Weighted &lt;/font&gt;&lt;br/&gt;&lt;font&gt;average useful &lt;/font&gt;&lt;br/&gt;&lt;font&gt;life (years&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Adoption &lt;br/&gt;IFRS &lt;font&gt;16&lt;/font&gt; &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Additions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Transfer (i) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Write-offs &lt;br/&gt;and &lt;br/&gt;disposals &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Effect of foreign currency exchange rate variation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Oxiteno &lt;br/&gt;Andina (*) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cost: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; width: 23%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Goodwill (a) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,525,088&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,525,088&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Software (b) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,062,486&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;145,004&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,553&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;784&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;133,599&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Brands (d) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;120,571&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,933&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;122,504&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Trademark rights (d) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;35&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;114,792&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;114,792&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Others (e) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;43,281&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,668&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;355&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px; background-color: #cceeff;"&gt;
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&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;835,625&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Provision for losses and impairment: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Goodwill (a) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;593,280&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;593,280&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Commercial property rights &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;465&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;/td&gt;
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&lt;/td&gt;
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&lt;/td&gt;
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&lt;/td&gt;
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&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;465&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 16px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;593,745&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 16px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;593,745&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net amount &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,369,355&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;39,928&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;441,748&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;120,492&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;6,442&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;920&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,788&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;20&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,762,593&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;i&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;) Refers to amounts transferred to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;PP&amp;amp;E&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and right-of-use assets.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(*) Refers to the asset write-offs of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Andina&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ee Note &lt;font&gt;3&lt;/font&gt;.b.&lt;font&gt;6&lt;/font&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;

&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-right: auto; margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; height: 278px; width: 99.9171%;" width="100%"&gt;

&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Weighted &lt;br/&gt;average &lt;br/&gt;useful life &lt;br/&gt;(years) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2017 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Additions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Amortization &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Transfer (i) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Write-offs &lt;br/&gt;and &lt;br/&gt;disposals &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Effect of foreign currency &lt;br/&gt;exchange rate variation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance acquisition &lt;br/&gt;TEAS (ii) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Balance on 12/31/2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 31%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Cost: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 6%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Goodwill (a) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,524,291&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;797&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,525,088&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Software (b) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;853,079&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;223,964&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,258&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,053&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;49&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,062,486&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Technology (c) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;32,617&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;32,617&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Commercial property rights (d) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;
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&lt;/tr&gt;
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&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Distribution rights &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;350&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;142,989&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Brands (e) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;113,543&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,028&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;120,571&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Trademark rights (e) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;39&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;114,792&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;114,792&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Others (f) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;40,514&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,822&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font&gt; - &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
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&lt;/td&gt;
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&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;23,931&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
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&lt;/td&gt;
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&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
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&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;838&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;49&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;736,501&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net amount &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: middle; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,238,042&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;237,593&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;99,334&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1,424&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;15,487&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,168&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;797&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;2,369,355&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; height: 18px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 2pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; widows: 0; orphans: 0; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(i)&lt;/font&gt;&lt;font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Refers&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; to amounts transferred to PP&amp;amp;E.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; widows: 0; orphans: 0; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;(ii)&lt;/font&gt;&lt;font style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; line-height: normal; font-family: 'Times New Roman';"&gt;&amp;nbsp; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;See Note &lt;font&gt;3&lt;/font&gt;.c.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-left: 14.2pt; margin-bottom: 0pt; text-indent: -14.2pt; text-align: justify; widows: 0; orphans: 0; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;div&gt;

&lt;/div&gt;

&lt;div&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The amortization expenses were recognized in the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;financial &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;statements&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as shown below:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="margin-left: auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 84%; margin-right: auto;" width="84%"&gt;

&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff; width: 66%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Inventories and cost of products and services sold &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;9,575&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;11,183&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; width: 2%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; width: 10%; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;15,044&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Selling and marketing &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;7,825&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;3,872&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;8,920&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 12.75pt; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; General and administrative &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;165,281&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;105,437&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #cceeff; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;75,370&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 13.5pt; -aw-height-rule: exactly;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;182,681&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;120,492&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; border-bottom: 2.8pt double #000000; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;99,334&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;br/&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;a. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Goodwill&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The balance &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of the goodwill &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;is tested annually for impairment&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;is represented by&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the following &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;acquisitions&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 295px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 99.7357%; margin-left: auto; margin-right: auto;" width="100%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Segment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Goodwill on the acquisition of: &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 67%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Extrafarma &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Extrafarma&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;661,553&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 10%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;661,553&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Extrafarma &amp;#8211; impairment &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Extrafarma&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;593,280&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;593,280&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Extrafarma &amp;#8211; net &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Extrafarma&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;68,273&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;68,273&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 22px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 22px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ipiranga&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 22px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Ipiranga&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 22px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;276,724&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 22px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 22px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;276,724&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Uni&amp;#227;o Terminais &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Ultracargo&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;211,089&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;211,089&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Texaco &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Ipiranga&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;177,759&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;177,759&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Iconic (CBLSA) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Ipiranga&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;69,807&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;69,807&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Oxiteno Uruguay &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Oxiteno&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;44,856&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;44,856&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Temmar &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Ultracargo&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;43,781&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;43,781&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; DNP &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Ipiranga&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;24,736&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;24,736&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Repsol &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Ultragaz&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;13,403&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;13,403&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; TEAS &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Ultracargo&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;797&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;797&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Others &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;Oxiteno&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;583&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;583&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;931,808&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; page-break-inside: avoid; page-break-after: avoid; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;931,808&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; page-break-inside: avoid; page-break-after: avoid; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/sup&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Including R$ &lt;font&gt;246,163&lt;/font&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;at&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ultrapar&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;On December 31, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the Company tested the balances of goodwill shown in the table above for impairment. The determination of value in use involves assumptions, judgments&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and estimates of cash flows, such as growth rates of revenues, costs and expenses, estimates of investments and working capital&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and discount rates. The assumptions about growth projections and future cash flows are based on the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Company&amp;#8217;s &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;business plan&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;its &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;operating &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;segments&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, as well as comparable market data, and represent management&amp;#8217;s best estimate of the economic conditions that will exist over the economic life of the various CGUs, to which goodwill is related. The main key-assumptions used by the Company to calculate the value in use are described below:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="/* margin-top: 2pt; *//* margin-bottom: 10pt; */text-align: justify; line-height: 115%; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; text-decoration: underline;"&gt;Period of evaluation&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;: t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he evaluation of the value in use is calculated for a period of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;five&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;years&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (exce&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;p&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;t &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Extrafarma&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; segment&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;)&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, after which &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the Company&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;calculate&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;d&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the perpetuity, considering the possibility of carrying the business on indefinitely.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;For &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Extrafarma&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; segment, a period of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;ten&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; years &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;was used &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;due to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;a &lt;font&gt;four&lt;/font&gt;-year&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;period &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;to maturity &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;new stores&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; were considered&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; text-decoration: underline;"&gt;Discount and real growth rates&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;:&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;o&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;n December 31, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;he discount and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;real &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;growth rates used to extrapolate the projections ranged from &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;8.5&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;% to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;11.0&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;% &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;from &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;0&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;% to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;% p.a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; respectively, depending on the CGU analyzed.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; text-decoration: underline;"&gt;Revenue from sales and services, costs and expenses, and gross margin&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;considers&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the budget prepared&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; for &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;202&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and the long-term strategic plan prepared&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; by management and approved by the Board of Directors.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The goodwill impairment &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;tests,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and net assets of the Company and its subsidiaries &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;did not &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;result in the recognition of impairment&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. In the year ended December 31, 2019 recorded an impairment provision&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in the amount of R$ &lt;font&gt;593,280&lt;/font&gt; for subsidiary &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Extrafarma&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; (see Note &lt;font&gt;2&lt;/font&gt;.u).&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The Company &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;assessed&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; a sensitivity analysis of discount and growth rate of perpetuity, due to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;their&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; significant impact on cash flows&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and value in use&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. An increase of &lt;font&gt;0.5&lt;/font&gt; percentage points in the discount rate or a decrease of &lt;font&gt;0.5&lt;/font&gt; percentage &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;points &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in the growth rate of the perpetuity of the cash flow of each business segment &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;would&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; not result in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;recognition of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;impairment&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;b. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Software&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;I&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ncludes user licenses and costs for the implementation of the various systems used by the Company and its subsidiaries: integrated management and control, financial management, foreign trade, industrial automation, operational and storage management, accounting information&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and other systems.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; Also include expenses related to software in progress &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in the amount of R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;35,718&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; on&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;2020&lt;/font&gt; and R$ &lt;font&gt;56,472&lt;/font&gt; on December 31, 2019.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;c. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Technology&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The subsidiaries &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oxiteno&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; S.A.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Oleoqu&amp;#237;mica&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;recognize as technology certain rights of use held by them. Such licenses include the production of ethylene oxide, ethylene glycols, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;ethanolamines&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, glycol ethers, ethoxylates, solvents, fatty acids from vegetable oils, fatty alcohols, and specialty chemicals, which are products that are supplied to various industries.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;d. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Brands and &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;rademark rights&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Brands &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;are represented by the acquisition cost of the &amp;#8216;am/pm&amp;#8217; brand in Brazil&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Extrafarma&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;brand&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;acquired in the business combination&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and Chevron&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and Texaco&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; trademark rights&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;e. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Other intangible&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;s&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;R&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;efer&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; mainly to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;loyalty program &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8220;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Clube &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Extrafarma&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8221;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;f. Decarboni&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;z&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;ation credits&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The decarbonization credits (&amp;#8220;CBIO&amp;#8221;) acquired are recorded at acquisition cost and are retired in the year to &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;fulfillment&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the individual target set by the National Agency of Petroleum, Natural Gas and Biofuels (&amp;#8220;ANP&amp;#8221;).&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfIntangibleAssetsExplanatory>
  <ugp:ChangesInProvisionForPostEmploymentBenefits id="Tag5488" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The change in the present value of the post-employment benefit obligation &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;occurred &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 188px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 76%; margin: 0px auto; text-indent: 0px;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 73.8022%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 12.7421%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 1.01937%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; width: 1.22324%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; width: 10.1427%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.78389%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 73.8022%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Opening balance &lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 12.7421%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;272,867&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.01937%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.22324%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.1427%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;249,815&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.78389%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 73.8022%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current service cost &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 12.7421%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;13,568&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01937%; margin: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.22324%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 10.1427%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;10,704&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.78389%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 73.8022%;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Interest cost &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 12.7421%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;18,779&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.01937%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.22324%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.1427%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;21,386&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.78389%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 73.8022%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Expense for the year &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 12.7421%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,211&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01937%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.22324%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; width: 10.1427%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;10,682&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.78389%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 73.8022%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Losses from changes in actuarial assumptions &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 12.7421%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;24,822&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.01937%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.22324%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.1427%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;44,489&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.78389%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; width: 73.8022%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Benefits paid directly by Company and its subsidiaries &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 12.7421%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;18,969&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 1.01937%; margin: 0px; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.22324%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; width: 10.1427%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;33,510&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.78389%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 73.8022%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Exchange rates from post employment benefits &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 12.7421%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;793&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 1.01937%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.22324%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); width: 10.1427%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,391&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.78389%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; width: 73.8022%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Ending balance &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); width: 12.7421%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;284,724&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; width: 1.01937%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.22324%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double rgb(0, 0, 0); width: 10.1427%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;272,867&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; width: 1.78389%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ugp:ChangesInProvisionForPostEmploymentBenefits>
  <ugp:DisclosureOfCumulativeTranslationAdjustmentsExplanatory id="Tag5489" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Balance and changes in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;cumulative translation adjustments&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of the Company &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;are as follows:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 96px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin: 0px auto; text-indent: 0px;" width="68%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2020&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2019&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;2018&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 17px; background-color: #cceeff; width: 62.5998%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Initial balance &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.9464%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;102,427&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; margin: 0px; text-indent: 0px; width: 1.48233%;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.02623%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.9464%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;65,857&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; background-color: #cceeff; padding: 0px; width: 0.969215%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; padding: 0px; width: 0.969215%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; background-color: #cceeff; padding: 0px; width: 9.5781%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;53,061&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; padding: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Currency translation adjustment of foreign subsidiaries &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;202,277&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;46,330&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;52,531&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Effect of foreign currency exchange rate variation on financial instruments &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;110,770&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;14,788&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 10px; background-color: #cceeff; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;60,204&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; padding: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: middle; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-left: 10pt; margin-bottom: 0pt; text-indent: 0.4pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; IRPJ and CSLL on foreign currency exchange rate variation on financial instruments&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;37,662&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;5,028&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; height: 17px; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;20,469&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: middle; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Final balance &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;231,596&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; background-color: #cceeff; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: #cceeff;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;102,427&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; height: 18px; background-color: #cceeff; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: top; background-color: #cceeff; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; background-color: #cceeff; padding: 0px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;65,857&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="vertical-align: bottom; background-color: #cceeff; padding: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ugp:DisclosureOfCumulativeTranslationAdjustmentsExplanatory>
  <ugp:SummaryOfPostEmploymentBenefits id="Tag5490" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The amounts related to such benefits were determined based on a valuation conducted by an independent actuary &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;and reviewed by management&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;as of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 116px; margin-left: auto; border-collapse: collapse; font-family: &amp;quot;times new roman&amp;quot;; font-size: 10pt; width: 76%; margin-right: auto;" width="76%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; 12/31/2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 74%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Health and dental care plan&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;200,318&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 2%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 12%;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;154,142&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Indemnification of FGTS &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;53,952&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;66,309&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: rgb(204, 238, 255);"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Seniority bonus&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;16,336&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;34,485&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Life insurance&lt;font style="font-size: 8pt;"&gt;&lt;sup&gt;&lt;font style="color: rgb(0, 0, 0); font-family: &amp;quot;Times New Roman&amp;quot;; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;(1)&lt;/font&gt;&lt;/sup&gt;&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;14,118&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 10px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;17,931&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Total &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;284,724&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 18px; background-color: #cceeff; border-bottom: 2.8pt double #000000;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;272,867&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;27,077&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;28,951&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Non-current &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;257,647&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 3pt; padding-left: 3pt; vertical-align: bottom; height: 17px; background-color: #cceeff;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;243,916&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;1&lt;/font&gt;) &lt;/font&gt;&lt;/sup&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Only &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;IPP&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, Tropical&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Iconic&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 9pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;sup&gt;&lt;font style="font-family: 'Times New Roman'; vertical-align: super;"&gt;(&lt;font&gt;2&lt;/font&gt;)&lt;/font&gt;&lt;/sup&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;In September 2020, there was a change in the bonus policy &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;to retirement &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;with reduced benefit.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/div&gt;</ugp:SummaryOfPostEmploymentBenefits>
  <ifrs-full:DisclosureOfOtherProvisionsExplanatory id="Tag5491" contextRef="D20201231_3">&lt;div&gt;
&lt;h1 style="margin: 0px; break-inside: avoid; break-after: avoid; font-size: 12pt; text-indent: 0px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font style="border-left: none; border-right: none;"&gt;21&lt;/font&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Provision for &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;a&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;sset &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;r&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;etirement &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;o&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;bligation &amp;#8211; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;f&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;uel &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;t&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;anks&lt;/font&gt;&lt;/font&gt;&lt;/h1&gt;
&lt;p style="margin: 0px; text-align: justify; font-size: 11pt; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;T&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;h&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;e&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; provision corresponds to the legal obligation to remove &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the subsidiary IPP&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&amp;#8217;s underground fuel tanks &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;located at by &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Ipiranga&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;-branded service stations after a certain use period (see Note &lt;font&gt;2&lt;/font&gt;.&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;n&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;).&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;Changes in the provision for asset retirement obligation are as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div style="border-right: none; border-left: none;"&gt;
&lt;div style="border-left: none; border-right: none;"&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 257px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 68%; margin: 0px auto; text-indent: 0px;" width="68%"&gt;

&lt;tr style="background-color: #cceeff; height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; width: 79%;"&gt;&lt;font&gt;&lt;font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Balance as of December 31, 2017&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); height: 17px; width: 20%;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;64,774&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px; width: 1%;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;Additions (new tanks)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;264&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;"&gt;&lt;font&gt;&lt;font style="font-size: 10pt;"&gt;Expenditure with tanks removed&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;(&lt;font&gt;12,752&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;Accretion expense&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; text-align: right; height: 17px;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font&gt;2,381&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2018 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;54,667&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Additions (new tanks) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;290&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Expenditure&lt;/font&gt; with tanks removed &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;5,456&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Accretion expense &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;1,741&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2019 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-top: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;51,242&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Additions (new tanks) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;163&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"&gt;Expenditure&lt;/font&gt; with tanks removed &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4,306&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Accretion expense &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid rgb(0, 0, 0); padding: 0px; vertical-align: bottom; height: 17px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;6,336&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Balance as of December 31, 2020 &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; border-bottom: 2.8pt double rgb(0, 0, 0); height: 18px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;53,435&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px;"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;4,267&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px 4px 0px 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Non-current &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;49,168&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfOtherProvisionsExplanatory>
  <ugp:SummaryOfSensitivityAnalysisOfAssetsAndLiabilitiesInForeignCurrencyTableTextBlock id="Tag5492" contextRef="D20201231_3">&lt;div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The table below shows&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, in &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;three&lt;/font&gt; scenarios,&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; the effect&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;s&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; of exchange rate changes&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;o&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;n&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the net &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;liability&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; position&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1,553,435&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; in foreign currency&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; as of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 131px; margin: 0px auto; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 92%; text-indent: 0px;" width="92%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 53.9696%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 11.9088%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Risk &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 9.20608%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario I &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.01352%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 1.94257%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 8.53041%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario II &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.43581%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.94257%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 8.9527%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario III &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.01352%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 53.9696%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 11.9088%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 9.20608%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Base &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.01352%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 1.94257%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 8.53041%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;25&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.43581%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.94257%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 8.9527%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;50&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.01352%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 53.9696%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1&lt;/font&gt;) Income statement effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td rowspan="2" style="padding-right: 0px; padding-left: 0px; height: 27px; vertical-align: middle; background-color: #cceeff; width: 11.9088%; margin: 0px; text-indent: 0px;" valign="middle"&gt;
&lt;p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Real devaluation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.20608%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;18,631&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.01352%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.94257%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.53041%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;46,577&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.43581%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.94257%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.9527%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;93,153&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.01352%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 10px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 53.9696%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2&lt;/font&gt;) Equity effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 9.20608%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;173,974&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.01352%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 1.94257%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.53041%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;434,935&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.43581%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.94257%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 10px; background-color: #cceeff; width: 8.9527%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;869,871&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.01352%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; width: 53.9696%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; text-indent: 0px; padding-left: 0px; padding-right: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(&lt;font&gt;1&lt;/font&gt;) + (&lt;font&gt;2&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; width: 11.9088%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 9.20608%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;155,343&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.01352%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; width: 1.94257%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 8.53041%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;388,358&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.43581%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.94257%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 8.9527%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;776,718&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.01352%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 53.9696%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;3&lt;/font&gt;) Income statement effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td rowspan="2" style="padding-right: 0px; padding-left: 0px; height: 34px; background-color: #cceeff; vertical-align: middle; width: 11.9088%; margin: 0px; text-indent: 0px;" valign="middle"&gt;
&lt;p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Real appreciation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.20608%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;18,631&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.01352%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.94257%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.53041%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;46,577&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.43581%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.94257%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.9527%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;93,153&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.01352%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 53.9696%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4&lt;/font&gt;) Equity effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.20608%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;173,974&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.01352%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.94257%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.53041%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;434,935&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.43581%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.94257%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.9527%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;869,871&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.01352%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; width: 53.9696%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(&lt;font&gt;3&lt;/font&gt;) + (&lt;font&gt;4&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; width: 11.9088%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 9.20608%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;155,343&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.01352%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; width: 1.94257%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 8.53041%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;388,358&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.43581%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.94257%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 8.9527%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;776,718&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.01352%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;The table below shows, in the &lt;font&gt;three&lt;/font&gt; scenarios, the effects of exchange rate changes on the net liability position &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of R$ &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1,488,971&lt;/font&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;in foreign currency as of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;December&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; 3&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;1&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;font&gt;20&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;19&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;:&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;
&lt;table cellspacing="0" cellpadding="0" style="height: 172px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 92%; margin: 0px auto; text-indent: 0px;" width="92%"&gt;

&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 54.0152%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 12.0034%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Risk &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 10.0592%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario I &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 1.01437%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.929839%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 9.97464%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario II &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 0.972105%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.972105%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 8.87246%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Scenario III &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.10218%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px;"&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 54.0152%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 12.0034%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 8pt;"&gt; &amp;nbsp; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 10.0592%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; Base &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 1.01437%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.929839%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 9.97464%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;25&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 0.972105%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.972105%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; width: 8.87246%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-size: 8pt;"&gt; &lt;font&gt;50&lt;/font&gt;% &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.10218%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 54.0152%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;1&lt;/font&gt;) Income statement effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td rowspan="2" style="padding-right: 0px; padding-left: 0px; height: 34px; background-color: #cceeff; vertical-align: middle; width: 12.0034%; margin: 0px; text-indent: 0px;" valign="middle"&gt;
&lt;p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Real devaluation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.0592%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;45,218&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.01437%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.929839%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.97464%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;113,045&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.972105%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.972105%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.87246%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;226,089&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.10218%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 54.0152%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;2&lt;/font&gt;) Equity effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.0592%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;194,115&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.01437%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.929839%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.97464%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;485,287&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.972105%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.972105%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.87246%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;970,575&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.10218%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; width: 54.0152%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(&lt;font&gt;1&lt;/font&gt;) + (&lt;font&gt;2&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; width: 12.0034%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; border-top: 0.75pt solid #000000 !important; width: 10.0592%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;148,897&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; width: 1.01437%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.929839%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; border-top: 0.75pt solid #000000 !important; width: 9.97464%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;372,242&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; width: 0.972105%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.972105%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; border-top: 0.75pt solid #000000 !important; width: 8.87246%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;744,486&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.10218%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 54.0152%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;3&lt;/font&gt;) Income statement effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td rowspan="2" style="padding-right: 0px; padding-left: 0px; height: 34px; background-color: #cceeff; vertical-align: middle; width: 12.0034%; margin: 0px; text-indent: 0px;" valign="middle"&gt;
&lt;p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Real appreciation &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.0592%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;45,218&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.01437%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.929839%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.97464%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;113,045&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.972105%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.972105%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.87246%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;226,089&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 1.10218%; margin: 0px; text-indent: 0px;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 17px; background-color: #cceeff;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 54.0152%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; (&lt;font&gt;4&lt;/font&gt;) Equity effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 10.0592%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;194,115&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 1.01437%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.929839%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 9.97464%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;485,287&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 0.972105%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: #cceeff; width: 0.972105%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="border-bottom: 0.75pt solid #000000; padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 17px; background-color: #cceeff; width: 8.87246%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;970,575&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.10218%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="height: 18px;"&gt;
&lt;td style="padding: 0px; vertical-align: bottom; height: 18px; width: 54.0152%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;(&lt;font&gt;3&lt;/font&gt;) + (&lt;font&gt;4&lt;/font&gt;) &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; width: 12.0034%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: center; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; Net effect &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; border-top: 0.75pt solid #000000 !important; width: 10.0592%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;148,897&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; width: 1.01437%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.929839%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; border-bottom: 2.8pt double #000000; height: 18px; border-top: 0.75pt solid #000000 !important; width: 9.97464%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;372,242&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; width: 0.972105%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 0.972105%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; height: 18px; border-bottom: 2.8pt double #000000; border-top: 0.75pt solid #000000 !important; width: 8.87246%; margin: 0px; text-indent: 0px;"&gt;
&lt;p style="margin: 0px; text-align: right; font-size: 10pt; padding-left: 0px; padding-right: 0px; text-indent: 0px;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt; &lt;font&gt;744,486&lt;/font&gt; &lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-right: 0px; padding-left: 0px; vertical-align: bottom; width: 1.10218%; margin: 0px; text-indent: 0px;"&gt;&lt;br/&gt;&lt;/td&gt;
&lt;/tr&gt;

&lt;/table&gt;
&lt;/div&gt;
&lt;/div&gt;</ugp:SummaryOfSensitivityAnalysisOfAssetsAndLiabilitiesInForeignCurrencyTableTextBlock>
  <ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory id="Tag5493" contextRef="D20201231_3">&lt;div&gt;
&lt;h1 style="margin-top: 12pt; margin-bottom: 0pt; page-break-inside: avoid; page-break-after: avoid; font-size: 12pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;3&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;font&gt;5&lt;/font&gt;&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Subsequent events&lt;/font&gt;&lt;/font&gt;&lt;/h1&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;a. Clarifications on the cyber incident&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
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&lt;div&gt;

&lt;/div&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;According&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;to&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; assessment&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;made&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;to&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;this&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; date&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Company&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; does &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;not&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;expect&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; material &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;effects&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;o&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;n&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; its &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;results&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;due&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;to&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;this&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;incident&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;. The &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Company&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;has&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; a &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;specific&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;insurance&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;policy&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;for cyber &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;incidents&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;which&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;has&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;already&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;been&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;duly&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;activated&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;b. &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Issuance of &lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;Extrafarma&lt;/font&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt; subscription bonus shares&amp;nbsp;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-family: 'Times New Roman'; font-size: 10pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;On February 24, 2021, &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;the Company&amp;#8217;s Board of Directors &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;confirmed the issuance of &lt;font&gt;70,939&lt;/font&gt; common shares within the authorized &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;capital &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;limit provided&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; by&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; art. &lt;font&gt;6&lt;/font&gt; of the Company's Bylaws, due to the partial exercise of the rights conferred by the subscription warrants (see note &lt;font&gt;25&lt;/font&gt;) issued by the Company when the merger of all &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;Extrafarma&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; shares by the Company, approved by the &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;e&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;xtraordinary &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;g&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;eneral &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;m&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;eeting of the Company held in January 31, 2014. The share capital &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;of the Company &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;will therefore be represented by &lt;font&gt;1,115,076,651&lt;/font&gt; common shares, all of which are &lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt;registered&lt;/font&gt;&lt;font style="font-family: 'Times New Roman';"&gt; and without par value.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt; text-align: justify;"&gt;&lt;font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic; font-size: 10pt;"&gt;c. Issuance of debentures&lt;/font&gt;&lt;br/&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font lang="PT-BR"&gt;On &lt;/font&gt;&lt;font lang="PT-BR"&gt;March 19, 2021, our subsidiary Tequimar Vila do Conde Log&amp;#237;stica Portu&amp;#225;ria S.A. completed its first issuance of&lt;/font&gt;&lt;font&gt;&amp;nbsp;R$&lt;/font&gt;&lt;/font&gt;&lt;font&gt;360&lt;/font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; million &lt;font lang="PT-BR"&gt;nonconvertible unsecured debentures &lt;/font&gt; due on &lt;font&gt;March 15, 2028&lt;/font&gt;&amp;nbsp;. &lt;font lang="PT-BR"&gt;The debentures bear semiannual interest &lt;/font&gt; of &lt;font&gt;IPCA plus 4.04%&lt;/font&gt;. &lt;font lang="PT-BR"&gt;The issuer hedged its exposition by swapping the&lt;/font&gt;&amp;nbsp;IPCA to &lt;font&gt;111.4% of DI&lt;/font&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-size: 11pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; &lt;font lang="PT-BR"&gt;On &lt;/font&gt;&lt;font lang="PT-BR"&gt;March 26, 2021, our subsidiary Terminal Qu&amp;#237;mico de Aratu S.A. &amp;#8211; Tequimar&amp;nbsp;completed its second issuance&lt;/font&gt;&amp;nbsp;of &lt;font&gt;R$&lt;/font&gt;&lt;/font&gt;&lt;font&gt;100&lt;/font&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt; million&amp;nbsp;&lt;font lang="PT-BR"&gt;nonconvertible unsecured &lt;/font&gt;&lt;font lang="PT-BR"&gt;debentures&lt;/font&gt; due on &lt;font&gt;March 15, 2028&lt;/font&gt;&amp;nbsp;.&lt;font lang="PT-BR" style="font-family: 'Times New Roman', serif;"&gt;&lt;font style="font-family: 'times new roman', times;"&gt;The debentures bear semiannual interest of&lt;/font&gt; &lt;/font&gt;&amp;nbsp;&lt;font&gt;IPCA plus 4.37%&lt;/font&gt;.&amp;nbsp;&lt;font lang="PT-BR"&gt;The issuer hedged its exposition by swapping the IPCA to &lt;/font&gt;&lt;font&gt;111.4% of DI&lt;/font&gt;.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt;margin-bottom: 0pt;text-align: justify;font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="
    margin: 0px;
"&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;font style="color: #000000; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"&gt;d.&lt;font&gt; Port concessions&lt;/font&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin-top: 0pt;margin-bottom: 0pt;text-align: justify;font-size: 10pt;"&gt;&lt;font style="font-size: 10pt;"&gt;&lt;font style="font-family: 'Times New Roman';"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;On April 9, 2021, Ultracargo, was awarded the concession of IQI13 area in the Itaqui port, state of Maranh&amp;#227;o, for storage and handling of liquid bulk products, specially fuels. The minimum installed capacity will &lt;font&gt;be &lt;/font&gt;&lt;font&gt;79&lt;/font&gt; thousand cubic meters. The area will be operated by Ultracargo for at least &lt;font&gt;20&lt;/font&gt;&lt;font&gt; years&lt;/font&gt;, according to the auction notice. The estimated investments regarding this port concession is approximately R$ &lt;font&gt;310&lt;/font&gt; million, to be disbursed throughout the next &lt;font&gt;six&lt;/font&gt; years.&lt;/font&gt;&lt;/p&gt;
&lt;p&gt;&lt;font style="font-family: 'times new roman', times; font-size: 10pt;"&gt;&lt;br/&gt;&lt;/font&gt;&lt;/p&gt;
&lt;div&gt;

&lt;/div&gt;
&lt;/div&gt;</ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory>
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    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote2" xlink:role="http://www.xbrl.org/2003/role/footnote">Only IPP, Tropical and Iconic.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value2" xlink:to="footnote2" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="2" />
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    <link:footnoteArc xlink:type="arc" xlink:from="value4" xlink:to="footnote4" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="4" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote5" xlink:role="http://www.xbrl.org/2003/role/footnote">Refers to reimbursement of expenses that preceded the port auctions and that were apportioned among the members of the consortium.</link:footnote>
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    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote6" xlink:role="http://www.xbrl.org/2003/role/footnote">Refers to amounts transferredbetween rubrics andtointangible assets.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value6" xlink:to="footnote6" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="6" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote7" xlink:role="http://www.xbrl.org/2003/role/footnote">Refers to amounts transferred to intangible assets, inventories and right-of-use assets.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value7" xlink:to="footnote7" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="7" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote8" xlink:role="http://www.xbrl.org/2003/role/footnote">Refers to the asset write-offs of Oxiteno Andina (see Note 3.b.6).</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value8" xlink:to="footnote8" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="8" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote9" xlink:role="http://www.xbrl.org/2003/role/footnote">Refers to amounts transferred to intangible assets, inventories and right-of-use assets as from 2019.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value9" xlink:to="footnote9" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="9" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote10" xlink:role="http://www.xbrl.org/2003/role/footnote">See Note .c.</link:footnote>
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    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote11" xlink:role="http://www.xbrl.org/2003/role/footnote">Non operating company in closing phase.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value11" xlink:to="footnote11" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="11" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote12" xlink:role="http://www.xbrl.org/2003/role/footnote">In October 2020, there was a change in the share capital of the company Uting&#xE1;s, which became controlled by Companhia Ultragaz S.A. (&#x201C;Ultragaz&#x201D;).</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value12" xlink:to="footnote12" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="12" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote13" xlink:role="http://www.xbrl.org/2003/role/footnote">In May 2020 there was a change in the participation of the capital of the subsidiary Millennium which became a direct subsidiary of the Company.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value13" xlink:to="footnote13" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="13" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote14" xlink:role="http://www.xbrl.org/2003/role/footnote">On April 30, 2019, the shareholders of Oxiteno Nordeste S.A. Ind&#xFA;stria e Com&#xE9;rcio (&#x201C;Oxiteno Nordeste&#x201D;) approved the redemption of all of its preferred shares class &#x201C;B&#x201D;, with subsequent cancellation. On December 2, 2019, in order to simplify the corporate structure, the subsidiary Oxiteno Nordeste was incorporated by its parent Oxiteno S.A. Ind&#xFA;stria e Com&#xE9;rcio (&#x201C;Oxiteno S.A.&#x201D;).</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value14" xlink:to="footnote14" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="14" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote15" xlink:role="http://www.xbrl.org/2003/role/footnote">On October 15, 2019, the subsidiary Oxiteno S.A. approved the asset write-offs of Oxiteno Andina C.A. (&#x201C;Oxiteno Andina&#x201D;).</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value15" xlink:to="footnote15" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="15" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote16" xlink:role="http://www.xbrl.org/2003/role/footnote">Fund constituted on January 2020, the UVC has the purpose to invest in promising companies that can leverage or complement the Company's business, besides to supporting the mapping and sharing of startups and new technologies.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value16" xlink:to="footnote16" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="16" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote17" xlink:role="http://www.xbrl.org/2003/role/footnote">Subsidiary created in July 2020, adding the Abastece A&#xED; app and Km de Vantagens programs to operate in the digital payments segment under the Abastece A&#xED; brand.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value17" xlink:to="footnote17" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="17" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote18" xlink:role="http://www.xbrl.org/2003/role/footnote">Subsidiary createdin January 2020to providevaluation, business management and financial advisory services to UVC - Fundo de investimento em participa&#xE7;&#xF5;es multiestrat&#xE9;gia investimento no exterior. In September 2020 the company&#x2019;s name was changed to &#x201C;UVC Investimentos Ltda&#x201D;.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value18" xlink:to="footnote18" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="18" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote19" xlink:role="http://www.xbrl.org/2003/role/footnote"> Refers substantially to ethanol, biodiesel and advance of fuels.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value19" xlink:to="footnote19" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="19" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote20" xlink:role="http://www.xbrl.org/2003/role/footnote">Refers to impairment for subsidiary Oxiteno Andina.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value20" xlink:to="footnote20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="20" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote21" xlink:role="http://www.xbrl.org/2003/role/footnote">Refers to the asset write-offs of Oxiteno Andina in 2019 (see Note 3.b.6).</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value21" xlink:to="footnote21" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="21" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote22" xlink:role="http://www.xbrl.org/2003/role/footnote"> Loans contracted have indefinite terms and do not contain remuneration clauses.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value22" xlink:to="footnote22" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="22" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote23" xlink:role="http://www.xbrl.org/2003/role/footnote"> The loans contracted have a term of 36 months and can be extended by mutual agreement between the parties being remunerated by the DI plus a premium of 3% p.a.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value23" xlink:to="footnote23" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="23" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote24" xlink:role="http://www.xbrl.org/2003/role/footnote"> Included in &#x201C;domestic trade receivables&#x201D;, &#x201C;domestic trade payables&#x201D; and &#x201C;domestic trade payables &#x2013; reverse factoring&#x201D;, respectively.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value24" xlink:to="footnote24" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="24" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote25" xlink:role="http://www.xbrl.org/2003/role/footnote">Refers to rental contracts of 15 drugstores owned by LA&#x2019;7 as of December 31, 2020 and 2019, a company of the former shareholders of Extrafarma that are current shareholders of Ultrapar.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value25" xlink:to="footnote25" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="25" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote26" xlink:role="http://www.xbrl.org/2003/role/footnote">Refers mainly to the income tax on the exchange variation of the derivate hedging instruments.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value26" xlink:to="footnote26" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="26" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote27" xlink:role="http://www.xbrl.org/2003/role/footnote">Consistof certain expenses that cannot be deducted for tax purposes under applicable tax legislation, such as expenses with fines, donations, gifts, losses of assets,negative effects of foreign subsidiariesand certain provisions.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value27" xlink:to="footnote27" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="27" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote28" xlink:role="http://www.xbrl.org/2003/role/footnote">Consistof certain gains and income that are not taxable under applicable tax legislation, such as the reimbursement of taxes and the reversal of certain provisions.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value28" xlink:to="footnote28" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="28" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote29" xlink:role="http://www.xbrl.org/2003/role/footnote">Brazilian tax law allows for an alternative method of taxation for companies that generated gross revenues of up to R$78million in their previous fiscal year. Certain subsidiaries of the Company adopted this alternative form of taxation, whereby income and social contribution taxes are calculated on a basis equal to32% of operating revenues, as opposed to being calculated based on the effective taxable income of these subsidiaries. Theadjustment to estimated income represents thedifference between the taxation under this alternative method and the income and social contribution taxes that would have been paidbased on the effective statutory rate applied to the taxable incomeof these subsidiaries.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value29" xlink:to="footnote29" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="29" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote30" xlink:role="http://www.xbrl.org/2003/role/footnote">Interest on equity is an option foreseen in Brazilian corporate law to distribute profits to shareholders, calculated based on the long-term interest rate (&#x201C;TJLP&#x201D;), which does not affect the income statement, but is deductible for purposes of IRPJ and CSLL, being taxable to the beneficiary and deductible to the entity that pays.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value30" xlink:to="footnote30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="30" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote31" xlink:role="http://www.xbrl.org/2003/role/footnote">See Note9.d.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value31" xlink:to="footnote31" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="31" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote32" xlink:role="http://www.xbrl.org/2003/role/footnote">Based on the legislation in force the enterprise belongs to the sectors identified as priorities for the development of the Northeast region of Brazil.CombinedwithTequimar'ssuccessful track record in meeting the requirements for maintaining and renewing the incentive, as well as in the factthatseveral investments have been made in the modernization of the production process of the unit that is the object of the benefit &#x2013;SuapeTerminal, therequest for theextension of the incentive for another10yearswill be filed in2021at SUDENE.Therenewalrequest is usually made in the yearafter the year in whichthe incentive expires and generates retroactive effectsas ofJanuary of the year in which the request is filed.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value32" xlink:to="footnote32" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="32" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote33" xlink:role="http://www.xbrl.org/2003/role/footnote">The request forrenewalof theOleoqu&#xED;micaincentive will be filed in2022,for the same reasonsdescribed in note1above.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value33" xlink:to="footnote33" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="33" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote34" xlink:role="http://www.xbrl.org/2003/role/footnote">The request to transfer the right to reduce the IRPJ toOxitenoS.A.wassubmitted to SUDENEand waits decision.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value34" xlink:to="footnote34" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="34" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote35" xlink:role="http://www.xbrl.org/2003/role/footnote">Presented as required by the Brazilian law.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value35" xlink:to="footnote35" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="35" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote36" xlink:role="http://www.xbrl.org/2003/role/footnote">Refers to contracts with service providers and suppliers,which establish trade agreementsforconvenience stores and gas stations.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value36" xlink:to="footnote36" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="36" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote37" xlink:role="http://www.xbrl.org/2003/role/footnote">Refers to contracts with suppliers of convenience stores,which establish, among other agreements, promotional campaigns.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value37" xlink:to="footnote37" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="37" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote38" xlink:role="http://www.xbrl.org/2003/role/footnote">Refers to sales of &#x201C;Km deVantagens&#x201D; to partners of the loyalty program. Revenue is recognized at the time that the partners transferthe points to theircustomers.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value38" xlink:to="footnote38" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="38" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote39" xlink:role="http://www.xbrl.org/2003/role/footnote">For more informationabout the fire accident inUltracargo, see Note22.b.2.4.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value39" xlink:to="footnote39" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="39" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote40" xlink:role="http://www.xbrl.org/2003/role/footnote">Refers to a contractual fine paid in2018byCia.Ultragazin favor ofPetrobrasdue to the non-closing of the acquisition ofLiquig&#xE1;sDistribuidoraS.A (&#x201C;Liquig&#xE1;s&#x201D;) transaction rejected by the CADE.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value40" xlink:to="footnote40" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="40" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote41" xlink:role="http://www.xbrl.org/2003/role/footnote">ReferssubstantiallytoOxitenoS.A.,Ipiranga,Oleoqu&#xED;mica, EMCA,Tequimar,Ultracargoand TropicalPIS and COFINScredits (see Note7.a.2), and2019substantially toExtrafarma,Ipirangaand Iconic credits.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value41" xlink:to="footnote41" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="41" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote42" xlink:role="http://www.xbrl.org/2003/role/footnote">For more information, see Note22.b.2.4.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value42" xlink:to="footnote42" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="42" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote43" xlink:role="http://www.xbrl.org/2003/role/footnote">Refers to theobligationadopted by the Brazilian NationalBiofuelsPolicy &#x2013; "RenovaBio"(implemented by Law No.13,576/2017, with additional regulations established by Decree No.9,888/2019and Ordinance No.419of November 20, 2019 issued by the Brazilian Ministry of Mines and Energy) to setdecarbonizationtargets for its sector.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value43" xlink:to="footnote43" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="43" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote44" xlink:role="http://www.xbrl.org/2003/role/footnote">ComposedoftheparentcompanyUltrapar(includinggoodwillofcertainacquisitions)andsubsidiariesSerma- Associa&#xE7;&#xE3;o dos Usu&#xE1;rios de Equipamentos de Processamento de Dados e Servi&#xE7;os Correlatos (&#x201C;Serma&#x201D;)andImavenIm&#xF3;veis Ltda.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value44" xlink:to="footnote44" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="44" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote45" xlink:role="http://www.xbrl.org/2003/role/footnote">New reporting practices were adopted that allocate holding expenses previously recognized by our five businesses segments as Ultrapar's expenses (on an unconsolidated basis). These holding expenses include those incurred by our main governance bodies (including our Board of Directors, Fiscal Council, advisory committees to the Board of Directors, holding CEO and CFO), in addition to areas that were considered and related to a holding-company framework such as investor relations and M&amp;A. The segregation of these expenses was adjusted retroactively to maintain comparability among the results of the Company in 2020, 2019 and 2018.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value45" xlink:to="footnote45" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="45" />
    <link:footnote xlink:type="resource" xml:lang="en-US" xlink:label="footnote46" xlink:role="http://www.xbrl.org/2003/role/footnote">Includes the share of profit (loss) in the jointventuresConectCarand RPR.</link:footnote>
    <link:footnoteArc xlink:type="arc" xlink:from="value46" xlink:to="footnote46" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="46" />
  </link:footnoteLink>
</xbrli:xbrl>
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<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>3
<FILENAME>ugp-20201231_def.xml
<DESCRIPTION>DEFINITION
<TEXT>
<XBRL>
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<!--Created by IRIS Business Services_Demo, Powered by IRIS Carbon-->
<link:linkbase xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xl="http://www.xbrl.org/2003/XLink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/domain-member" xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#domain-member" />
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  <link:roleRef roleURI="http://www.ultrapar.com/role/StatementsOfChangesInEquity" xlink:type="simple" xlink:href="ugp-20201231.xsd#StatementsOfChangesInEquity" />
  <link:roleRef roleURI="http://www.ultrapar.com/role/TaxestoRecoverSummaryofestimatedrecoveryofPISandCOFINScreditDetail" xlink:type="simple" xlink:href="ugp-20201231.xsd#TaxestoRecoverSummaryofestimatedrecoveryofPISandCOFINScreditDetail" />
  <link:roleRef roleURI="http://www.ultrapar.com/role/RighttoUseAssetsandLeasespayableSummaryofweightedaveragediscountratesfortheleasepayableDetail" xlink:type="simple" xlink:href="ugp-20201231.xsd#RighttoUseAssetsandLeasespayableSummaryofweightedaveragediscountratesfortheleasepayableDetail" />
  <link:roleRef roleURI="http://www.ultrapar.com/role/TaxesToRecoverAdditionalInformationDetail" xlink:type="simple" xlink:href="ugp-20201231.xsd#TaxesToRecoverAdditionalInformationDetail" />
  <link:roleRef roleURI="http://www.ultrapar.com/role/SubscriptionWarrantsIndemnificationAdditionalInformationDetail" xlink:type="simple" xlink:href="ugp-20201231.xsd#SubscriptionWarrantsIndemnificationAdditionalInformationDetail" />
  <link:roleRef roleURI="http://www.ultrapar.com/role/TradeReceivablesAndResellerFinancingAdditionalInformationDetail" xlink:type="simple" xlink:href="ugp-20201231.xsd#TradeReceivablesAndResellerFinancingAdditionalInformationDetail" />
  <link:roleRef roleURI="http://www.ultrapar.com/role/EarningspershareAdditionalInformationDetail" xlink:type="simple" xlink:href="ugp-20201231.xsd#EarningspershareAdditionalInformationDetail" />
  <link:roleRef roleURI="http://www.ultrapar.com/role/DeferredRevenueAdditionalInformationDetail" xlink:type="simple" xlink:href="ugp-20201231.xsd#DeferredRevenueAdditionalInformationDetail" />
  <link:roleRef roleURI="http://www.ultrapar.com/role/TradePayablesCustomerAndThirdPartiesIndemnificationAdditionalInformationDetail" xlink:type="simple" xlink:href="ugp-20201231.xsd#TradePayablesCustomerAndThirdPartiesIndemnificationAdditionalInformationDetail" />
  <link:roleRef roleURI="http://www.ultrapar.com/role/IntangibleAssetsBalancesOfGoodwillParentheticalDetail" xlink:type="simple" xlink:href="ugp-20201231.xsd#IntangibleAssetsBalancesOfGoodwillParentheticalDetail" />
  <link:roleRef roleURI="http://www.ultrapar.com/role/RightToUseAssetsAndLeasesPayableAdditionalInformationDetail" xlink:type="simple" xlink:href="ugp-20201231.xsd#RightToUseAssetsAndLeasesPayableAdditionalInformationDetail" />
  <link:roleRef roleURI="http://www.ultrapar.com/role/RightToUseAssetsAndLeasesPayableSummaryOfInformationAboutRightOfUseAssetsDetailParenthetical" xlink:type="simple" xlink:href="ugp-20201231.xsd#RightToUseAssetsAndLeasesPayableSummaryOfInformationAboutRightOfUseAssetsDetailParenthetical" />
  <link:roleRef roleURI="http://www.ultrapar.com/role/IncomeAndSocialContributionTaxesSummaryOfTaxIncentivesParentheticalDetail" xlink:type="simple" xlink:href="ugp-20201231.xsd#IncomeAndSocialContributionTaxesSummaryOfTaxIncentivesParentheticalDetail" />
  <link:roleRef roleURI="http://www.ultrapar.com/role/PrinciplesOfConsolidationAndInvestmentsInSubsidiariesTables" xlink:type="simple" xlink:href="ugp-20201231.xsd#PrinciplesOfConsolidationAndInvestmentsInSubsidiariesTables" />
  <link:roleRef roleURI="http://www.ultrapar.com/role/PrinciplesOfConsolidationAndInvestmentsInSubsidiariesAdditionalInformationDetail" xlink:type="simple" xlink:href="ugp-20201231.xsd#PrinciplesOfConsolidationAndInvestmentsInSubsidiariesAdditionalInformationDetail" />
  <link:roleRef roleURI="http://www.ultrapar.com/role/RelatedPartiesSummaryOfSubsidiariesAndOtherRelatedPartiesParentheticalDetail" xlink:type="simple" xlink:href="ugp-20201231.xsd#RelatedPartiesSummaryOfSubsidiariesAndOtherRelatedPartiesParentheticalDetail" />
  <link:roleRef roleURI="http://www.ultrapar.com/role/PresentationOfFinancialStatementsAndSummaryOfSignificantAccountingPoliciesTables" xlink:type="simple" xlink:href="ugp-20201231.xsd#PresentationOfFinancialStatementsAndSummaryOfSignificantAccountingPoliciesTables" />
  <link:roleRef roleURI="http://www.ultrapar.com/role/LoansfinancingdebenturesandhedgederivativefinancialinstrumentsTables" xlink:type="simple" xlink:href="ugp-20201231.xsd#LoansfinancingdebenturesandhedgederivativefinancialinstrumentsTables" />
  <link:roleRef roleURI="http://www.ultrapar.com/role/IncomeandSocialContributionTaxesSummaryoftaxlosscarryforwardsDetail" xlink:type="simple" xlink:href="ugp-20201231.xsd#IncomeandSocialContributionTaxesSummaryoftaxlosscarryforwardsDetail" />
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_GlobalPetroleumProductsTradingCorporationMember" xlink:label="ugp_GlobalPetroleumProductsTradingCorporationMember" xlink:title="ugp_GlobalPetroleumProductsTradingCorporationMember" />
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<DOCUMENT>
<TYPE>EX-101.CAL
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<FILENAME>ugp-20201231_cal.xml
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    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_ComprehensiveIncome" xlink:to="ifrs-full_AdjustmentsForFairValueGainsLosses" xlink:title="Calculation : ifrs-full_ComprehensiveIncome to ifrs-full_AdjustmentsForFairValueGainsLosses" order="7" weight="-1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AdjustmentsOfAvailableForSaleForFairValueGainsLosses" xlink:label="ugp_AdjustmentsOfAvailableForSaleForFairValueGainsLosses" xlink:title="ugp_AdjustmentsOfAvailableForSaleForFairValueGainsLosses" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_ComprehensiveIncome" xlink:to="ugp_AdjustmentsOfAvailableForSaleForFairValueGainsLosses" xlink:title="Calculation : ifrs-full_ComprehensiveIncome to ugp_AdjustmentsOfAvailableForSaleForFairValueGainsLosses" order="8" weight="-1" use="optional" />
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  <link:calculationLink xlink:type="extended" xlink:role="http://www.ultrapar.com/role/CashandCashEquivalentsandFinancialInvestmentsFinancialinvestmentsDetailCalc2">
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    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ugp_FinancialInvestments" xlink:to="ugp_FinancialInvestmentsCurrent" xlink:title="Calculation : ugp_FinancialInvestments to ugp_FinancialInvestmentsCurrent" order="0" weight="1" use="optional" />
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    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ugp_FinancialInvestments" xlink:to="ugp_FinancialInvestmentsNoncurrent" xlink:title="Calculation : ugp_FinancialInvestments to ugp_FinancialInvestmentsNoncurrent" order="1" weight="1" use="optional" />
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  <link:calculationLink xlink:type="extended" xlink:role="http://www.ultrapar.com/role/TradeReceivablesAndResellerFinancingTradeReceivablesDetail">
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TradeReceivables" xlink:label="ifrs-full_TradeReceivables" xlink:title="ifrs-full_TradeReceivables" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentTradeReceivables" xlink:label="ifrs-full_CurrentTradeReceivables" xlink:title="ifrs-full_CurrentTradeReceivables" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_TradeReceivables" xlink:to="ifrs-full_CurrentTradeReceivables" xlink:title="Calculation : ifrs-full_TradeReceivables to ifrs-full_CurrentTradeReceivables" order="0" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NoncurrentTradeReceivables" xlink:label="ifrs-full_NoncurrentTradeReceivables" xlink:title="ifrs-full_NoncurrentTradeReceivables" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_TradeReceivables" xlink:to="ifrs-full_NoncurrentTradeReceivables" xlink:title="Calculation : ifrs-full_TradeReceivables to ifrs-full_NoncurrentTradeReceivables" order="1" weight="1" use="optional" />
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  <link:calculationLink xlink:type="extended" xlink:role="http://www.ultrapar.com/role/TradeReceivablesAndResellerFinancingCompositionOfResellerFinancingDetail">
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ResellerFinancing" xlink:label="ugp_ResellerFinancing" xlink:title="ugp_ResellerFinancing" />
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    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ugp_ResellerFinancing" xlink:to="ugp_CurrentResellerFinancing" xlink:title="Calculation : ugp_ResellerFinancing to ugp_CurrentResellerFinancing" order="0" weight="1" use="optional" />
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  <link:calculationLink xlink:type="extended" xlink:role="http://www.ultrapar.com/role/TaxesToRecoverSummaryOfRecoverableTaxesDetail">
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_RecoverableTaxes" xlink:label="ugp_RecoverableTaxes" xlink:title="ugp_RecoverableTaxes" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentTaxAssetsCurrent" xlink:label="ifrs-full_CurrentTaxAssetsCurrent" xlink:title="ifrs-full_CurrentTaxAssetsCurrent" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ugp_RecoverableTaxes" xlink:to="ifrs-full_CurrentTaxAssetsCurrent" xlink:title="Calculation : ugp_RecoverableTaxes to ifrs-full_CurrentTaxAssetsCurrent" order="0" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentTaxAssetsNoncurrent" xlink:label="ifrs-full_CurrentTaxAssetsNoncurrent" xlink:title="ifrs-full_CurrentTaxAssetsNoncurrent" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ugp_RecoverableTaxes" xlink:to="ifrs-full_CurrentTaxAssetsNoncurrent" xlink:title="Calculation : ugp_RecoverableTaxes to ifrs-full_CurrentTaxAssetsNoncurrent" order="1" weight="1" use="optional" />
  </link:calculationLink>
  <link:calculationLink xlink:type="extended" xlink:role="http://www.ultrapar.com/role/TaxesToRecoverSummaryOfRecoverableIncomeTaxAndSocialContributionTaxesDetail">
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_RecoverableAndSocialContributionTaxes" xlink:label="ugp_RecoverableAndSocialContributionTaxes" xlink:title="ugp_RecoverableAndSocialContributionTaxes" />
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    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ugp_RecoverableAndSocialContributionTaxes" xlink:to="ugp_CurrentRecoverableIncomeAndSocialContributionTaxes" xlink:title="Calculation : ugp_RecoverableAndSocialContributionTaxes to ugp_CurrentRecoverableIncomeAndSocialContributionTaxes" order="0" weight="1" use="optional" />
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    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ugp_RecoverableAndSocialContributionTaxes" xlink:to="ugp_NonCurrentRecoverableIncomeAndSocialContributionTaxes" xlink:title="Calculation : ugp_RecoverableAndSocialContributionTaxes to ugp_NonCurrentRecoverableIncomeAndSocialContributionTaxes" order="1" weight="1" use="optional" />
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  <link:calculationLink xlink:type="extended" xlink:role="http://www.ultrapar.com/role/RelatedPartiesSummaryOfSharesGrantedDetail">
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SharebasedPaymentGrantsCostsIncludingTaxes" xlink:label="ugp_SharebasedPaymentGrantsCostsIncludingTaxes" xlink:title="ugp_SharebasedPaymentGrantsCostsIncludingTaxes" />
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    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ugp_SharebasedPaymentGrantsCostsIncludingTaxes" xlink:to="ugp_AccumulatedRecognizedGrantCosts" xlink:title="Calculation : ugp_SharebasedPaymentGrantsCostsIncludingTaxes to ugp_AccumulatedRecognizedGrantCosts" order="0" weight="1" use="optional" />
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    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ugp_SharebasedPaymentGrantsCostsIncludingTaxes" xlink:to="ugp_AccumulatedUnrecognizedGrantCosts" xlink:title="Calculation : ugp_SharebasedPaymentGrantsCostsIncludingTaxes to ugp_AccumulatedUnrecognizedGrantCosts" order="1" weight="1" use="optional" />
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  <link:calculationLink xlink:type="extended" xlink:role="http://www.ultrapar.com/role/RelatedPartiesRestrictedStockProgramDetail">
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_GrantCostsIncludingTaxes" xlink:label="ugp_GrantCostsIncludingTaxes" xlink:title="ugp_GrantCostsIncludingTaxes" />
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    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ugp_GrantCostsIncludingTaxes" xlink:to="ugp_AccumulatedRecognizedGrantCostsRelatedParties" xlink:title="Calculation : ugp_GrantCostsIncludingTaxes to ugp_AccumulatedRecognizedGrantCostsRelatedParties" order="0" weight="1" use="optional" />
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    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ugp_GrantCostsIncludingTaxes" xlink:to="ugp_AccumulatedUnrecognizedGrantCostsRelatedParties" xlink:title="Calculation : ugp_GrantCostsIncludingTaxes to ugp_AccumulatedUnrecognizedGrantCostsRelatedParties" order="1" weight="1" use="optional" />
  </link:calculationLink>
  <link:calculationLink xlink:type="extended" xlink:role="http://www.ultrapar.com/role/NetrevenuefromsaleandservicesNetrevenuefromsaleandservicesDetail">
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_RevenueFromSaleOfGoods" xlink:label="ifrs-full_RevenueFromSaleOfGoods" xlink:title="ifrs-full_RevenueFromSaleOfGoods" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_Revenue" xlink:to="ifrs-full_RevenueFromSaleOfGoods" xlink:title="Calculation : ifrs-full_Revenue to ifrs-full_RevenueFromSaleOfGoods" order="0" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_RevenueFromRenderingOfServices" xlink:label="ifrs-full_RevenueFromRenderingOfServices" xlink:title="ifrs-full_RevenueFromRenderingOfServices" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_Revenue" xlink:to="ifrs-full_RevenueFromRenderingOfServices" xlink:title="Calculation : ifrs-full_Revenue to ifrs-full_RevenueFromRenderingOfServices" order="1" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SalesTaxes" xlink:label="ugp_SalesTaxes" xlink:title="ugp_SalesTaxes" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_Revenue" xlink:to="ugp_SalesTaxes" xlink:title="Calculation : ifrs-full_Revenue to ugp_SalesTaxes" order="2" weight="-1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SalesDiscountsAndReturns" xlink:label="ugp_SalesDiscountsAndReturns" xlink:title="ugp_SalesDiscountsAndReturns" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_Revenue" xlink:to="ugp_SalesDiscountsAndReturns" xlink:title="Calculation : ifrs-full_Revenue to ugp_SalesDiscountsAndReturns" order="3" weight="-1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AmortisationAssetsRecognisedFromCostsIncurredToObtainOrFulfilContractsWithCustomers" xlink:label="ifrs-full_AmortisationAssetsRecognisedFromCostsIncurredToObtainOrFulfilContractsWithCustomers" xlink:title="ifrs-full_AmortisationAssetsRecognisedFromCostsIncurredToObtainOrFulfilContractsWithCustomers" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_Revenue" xlink:to="ifrs-full_AmortisationAssetsRecognisedFromCostsIncurredToObtainOrFulfilContractsWithCustomers" xlink:title="Calculation : ifrs-full_Revenue to ifrs-full_AmortisationAssetsRecognisedFromCostsIncurredToObtainOrFulfilContractsWithCustomers" order="4" weight="-1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_RevenueDeferred" xlink:label="ugp_RevenueDeferred" xlink:title="ugp_RevenueDeferred" />
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  </link:calculationLink>
  <link:calculationLink xlink:type="extended" xlink:role="http://www.ultrapar.com/role/ExpensesbynatureExpensesbynatureDetail">
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    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_ExpenseByNature" xlink:to="ifrs-full_RawMaterialsAndConsumablesUsed" xlink:title="Calculation : ifrs-full_ExpenseByNature to ifrs-full_RawMaterialsAndConsumablesUsed" order="0" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_KeyManagementPersonnelCompensationTerminationBenefits" xlink:label="ifrs-full_KeyManagementPersonnelCompensationTerminationBenefits" xlink:title="ifrs-full_KeyManagementPersonnelCompensationTerminationBenefits" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_ExpenseByNature" xlink:to="ifrs-full_KeyManagementPersonnelCompensationTerminationBenefits" xlink:title="Calculation : ifrs-full_ExpenseByNature to ifrs-full_KeyManagementPersonnelCompensationTerminationBenefits" order="1" weight="1" use="optional" />
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    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_ExpenseByNature" xlink:to="ugp_FreightAndStorageExpense" xlink:title="Calculation : ifrs-full_ExpenseByNature to ugp_FreightAndStorageExpense" order="2" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DepreciationExpense" xlink:label="ifrs-full_DepreciationExpense" xlink:title="ifrs-full_DepreciationExpense" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_ExpenseByNature" xlink:to="ifrs-full_DepreciationExpense" xlink:title="Calculation : ifrs-full_ExpenseByNature to ifrs-full_DepreciationExpense" order="3" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DepreciationRightofuseAssets" xlink:label="ifrs-full_DepreciationRightofuseAssets" xlink:title="ifrs-full_DepreciationRightofuseAssets" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_ExpenseByNature" xlink:to="ifrs-full_DepreciationRightofuseAssets" xlink:title="Calculation : ifrs-full_ExpenseByNature to ifrs-full_DepreciationRightofuseAssets" order="4" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AdvertisingAndMarketingExpense" xlink:label="ugp_AdvertisingAndMarketingExpense" xlink:title="ugp_AdvertisingAndMarketingExpense" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_ExpenseByNature" xlink:to="ugp_AdvertisingAndMarketingExpense" xlink:title="Calculation : ifrs-full_ExpenseByNature to ugp_AdvertisingAndMarketingExpense" order="5" weight="1" use="optional" />
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    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_ExpenseByNature" xlink:to="ifrs-full_ServicesExpense" xlink:title="Calculation : ifrs-full_ExpenseByNature to ifrs-full_ServicesExpense" order="6" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherExpenseByNature" xlink:label="ifrs-full_OtherExpenseByNature" xlink:title="ifrs-full_OtherExpenseByNature" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_ExpenseByNature" xlink:to="ifrs-full_OtherExpenseByNature" xlink:title="Calculation : ifrs-full_ExpenseByNature to ifrs-full_OtherExpenseByNature" order="7" weight="1" use="optional" />
  </link:calculationLink>
  <link:calculationLink xlink:type="extended" xlink:role="http://www.ultrapar.com/role/ExpensesbynatureExpensesbynatureDetail9Calc2">
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    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:to="ugp_InvestmentsInSubsidiariesOther" xlink:title="Calculation : ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates to ugp_InvestmentsInSubsidiariesOther" order="2" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_RightofuseAssets" xlink:label="ifrs-full_RightofuseAssets" xlink:title="ifrs-full_RightofuseAssets" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_NoncurrentAssets" xlink:to="ifrs-full_RightofuseAssets" xlink:title="Calculation : ifrs-full_NoncurrentAssets to ifrs-full_RightofuseAssets" order="13" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_PropertyPlantAndEquipment" xlink:label="ifrs-full_PropertyPlantAndEquipment" xlink:title="ifrs-full_PropertyPlantAndEquipment" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_NoncurrentAssets" xlink:to="ifrs-full_PropertyPlantAndEquipment" xlink:title="Calculation : ifrs-full_NoncurrentAssets to ifrs-full_PropertyPlantAndEquipment" order="14" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_IntangibleAssetsOtherThanGoodwill" xlink:label="ifrs-full_IntangibleAssetsOtherThanGoodwill" xlink:title="ifrs-full_IntangibleAssetsOtherThanGoodwill" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_NoncurrentAssets" xlink:to="ifrs-full_IntangibleAssetsOtherThanGoodwill" xlink:title="Calculation : ifrs-full_NoncurrentAssets to ifrs-full_IntangibleAssetsOtherThanGoodwill" order="15" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_EquityAndLiabilities" xlink:label="ifrs-full_EquityAndLiabilities" xlink:title="ifrs-full_EquityAndLiabilities" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentLiabilities" xlink:label="ifrs-full_CurrentLiabilities" xlink:title="ifrs-full_CurrentLiabilities" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_EquityAndLiabilities" xlink:to="ifrs-full_CurrentLiabilities" xlink:title="Calculation : ifrs-full_EquityAndLiabilities to ifrs-full_CurrentLiabilities" order="0" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LoansFinancingAndHedgingInstrumentsCurrent" xlink:label="ugp_LoansFinancingAndHedgingInstrumentsCurrent" xlink:title="ugp_LoansFinancingAndHedgingInstrumentsCurrent" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CurrentLiabilities" xlink:to="ugp_LoansFinancingAndHedgingInstrumentsCurrent" xlink:title="Calculation : ifrs-full_CurrentLiabilities to ugp_LoansFinancingAndHedgingInstrumentsCurrent" order="0" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued" xlink:label="ifrs-full_CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued" xlink:title="ifrs-full_CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CurrentLiabilities" xlink:to="ifrs-full_CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued" xlink:title="Calculation : ifrs-full_CurrentLiabilities to ifrs-full_CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued" order="1" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CurrentFinanceLeasesLiabilities" xlink:label="ugp_CurrentFinanceLeasesLiabilities" xlink:title="ugp_CurrentFinanceLeasesLiabilities" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CurrentLiabilities" xlink:to="ugp_CurrentFinanceLeasesLiabilities" xlink:title="Calculation : ifrs-full_CurrentLiabilities to ugp_CurrentFinanceLeasesLiabilities" order="2" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TradeAndOtherCurrentPayables" xlink:label="ifrs-full_TradeAndOtherCurrentPayables" xlink:title="ifrs-full_TradeAndOtherCurrentPayables" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CurrentLiabilities" xlink:to="ifrs-full_TradeAndOtherCurrentPayables" xlink:title="Calculation : ifrs-full_CurrentLiabilities to ifrs-full_TradeAndOtherCurrentPayables" order="3" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TradeCurrentPayablesReverseFactoring" xlink:label="ugp_TradeCurrentPayablesReverseFactoring" xlink:title="ugp_TradeCurrentPayablesReverseFactoring" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CurrentLiabilities" xlink:to="ugp_TradeCurrentPayablesReverseFactoring" xlink:title="Calculation : ifrs-full_CurrentLiabilities to ugp_TradeCurrentPayablesReverseFactoring" order="4" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SalariesAndRelatedCharges" xlink:label="ugp_SalariesAndRelatedCharges" xlink:title="ugp_SalariesAndRelatedCharges" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CurrentLiabilities" xlink:to="ugp_SalariesAndRelatedCharges" xlink:title="Calculation : ifrs-full_CurrentLiabilities to ugp_SalariesAndRelatedCharges" order="5" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentTaxLiabilities" xlink:label="ifrs-full_CurrentTaxLiabilities" xlink:title="ifrs-full_CurrentTaxLiabilities" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CurrentLiabilities" xlink:to="ifrs-full_CurrentTaxLiabilities" xlink:title="Calculation : ifrs-full_CurrentLiabilities to ifrs-full_CurrentTaxLiabilities" order="6" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentDividendPayables" xlink:label="ifrs-full_CurrentDividendPayables" xlink:title="ifrs-full_CurrentDividendPayables" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CurrentLiabilities" xlink:to="ifrs-full_CurrentDividendPayables" xlink:title="Calculation : ifrs-full_CurrentLiabilities to ifrs-full_CurrentDividendPayables" order="7" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_PayablesOnSocialSecurityAndTaxesOtherThanIncomeTax" xlink:label="ifrs-full_PayablesOnSocialSecurityAndTaxesOtherThanIncomeTax" xlink:title="ifrs-full_PayablesOnSocialSecurityAndTaxesOtherThanIncomeTax" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CurrentLiabilities" xlink:to="ifrs-full_PayablesOnSocialSecurityAndTaxesOtherThanIncomeTax" xlink:title="Calculation : ifrs-full_CurrentLiabilities to ifrs-full_PayablesOnSocialSecurityAndTaxesOtherThanIncomeTax" order="8" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentProvisionsForEmployeeBenefits" xlink:label="ifrs-full_CurrentProvisionsForEmployeeBenefits" xlink:title="ifrs-full_CurrentProvisionsForEmployeeBenefits" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CurrentLiabilities" xlink:to="ifrs-full_CurrentProvisionsForEmployeeBenefits" xlink:title="Calculation : ifrs-full_CurrentLiabilities to ifrs-full_CurrentProvisionsForEmployeeBenefits" order="9" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CurrentProvisionAssetRetirementObligation" xlink:label="ugp_CurrentProvisionAssetRetirementObligation" xlink:title="ugp_CurrentProvisionAssetRetirementObligation" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CurrentLiabilities" xlink:to="ugp_CurrentProvisionAssetRetirementObligation" xlink:title="Calculation : ifrs-full_CurrentLiabilities to ugp_CurrentProvisionAssetRetirementObligation" order="10" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentProvisions" xlink:label="ifrs-full_CurrentProvisions" xlink:title="ifrs-full_CurrentProvisions" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CurrentLiabilities" xlink:to="ifrs-full_CurrentProvisions" xlink:title="Calculation : ifrs-full_CurrentLiabilities to ifrs-full_CurrentProvisions" order="11" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CustomersAndThirdPartiesPayables" xlink:label="ugp_CustomersAndThirdPartiesPayables" xlink:title="ugp_CustomersAndThirdPartiesPayables" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CurrentLiabilities" xlink:to="ugp_CustomersAndThirdPartiesPayables" xlink:title="Calculation : ifrs-full_CurrentLiabilities to ugp_CustomersAndThirdPartiesPayables" order="12" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentLeaseLiabilities" xlink:label="ifrs-full_CurrentLeaseLiabilities" xlink:title="ifrs-full_CurrentLeaseLiabilities" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CurrentLiabilities" xlink:to="ifrs-full_CurrentLeaseLiabilities" xlink:title="Calculation : ifrs-full_CurrentLiabilities to ifrs-full_CurrentLeaseLiabilities" order="13" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherCurrentPayables" xlink:label="ifrs-full_OtherCurrentPayables" xlink:title="ifrs-full_OtherCurrentPayables" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CurrentLiabilities" xlink:to="ifrs-full_OtherCurrentPayables" xlink:title="Calculation : ifrs-full_CurrentLiabilities to ifrs-full_OtherCurrentPayables" order="14" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DeferredIncomeCurrent" xlink:label="ugp_DeferredIncomeCurrent" xlink:title="ugp_DeferredIncomeCurrent" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_CurrentLiabilities" xlink:to="ugp_DeferredIncomeCurrent" xlink:title="Calculation : ifrs-full_CurrentLiabilities to ugp_DeferredIncomeCurrent" order="15" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NoncurrentLiabilities" xlink:label="ifrs-full_NoncurrentLiabilities" xlink:title="ifrs-full_NoncurrentLiabilities" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_EquityAndLiabilities" xlink:to="ifrs-full_NoncurrentLiabilities" xlink:title="Calculation : ifrs-full_EquityAndLiabilities to ifrs-full_NoncurrentLiabilities" order="1" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LoansFinancingAndHedgingInstrumentsNonCurrent" xlink:label="ugp_LoansFinancingAndHedgingInstrumentsNonCurrent" xlink:title="ugp_LoansFinancingAndHedgingInstrumentsNonCurrent" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_NoncurrentLiabilities" xlink:to="ugp_LoansFinancingAndHedgingInstrumentsNonCurrent" xlink:title="Calculation : ifrs-full_NoncurrentLiabilities to ugp_LoansFinancingAndHedgingInstrumentsNonCurrent" order="0" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DebtSecurities" xlink:label="ifrs-full_DebtSecurities" xlink:title="ifrs-full_DebtSecurities" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_NoncurrentLiabilities" xlink:to="ifrs-full_DebtSecurities" xlink:title="Calculation : ifrs-full_NoncurrentLiabilities to ifrs-full_DebtSecurities" order="1" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_NoncurrentFinanceLeasesLiabilities" xlink:label="ugp_NoncurrentFinanceLeasesLiabilities" xlink:title="ugp_NoncurrentFinanceLeasesLiabilities" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_NoncurrentLiabilities" xlink:to="ugp_NoncurrentFinanceLeasesLiabilities" xlink:title="Calculation : ifrs-full_NoncurrentLiabilities to ugp_NoncurrentFinanceLeasesLiabilities" order="2" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NoncurrentPayablesToRelatedParties" xlink:label="ifrs-full_NoncurrentPayablesToRelatedParties" xlink:title="ifrs-full_NoncurrentPayablesToRelatedParties" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_NoncurrentLiabilities" xlink:to="ifrs-full_NoncurrentPayablesToRelatedParties" xlink:title="Calculation : ifrs-full_NoncurrentLiabilities to ifrs-full_NoncurrentPayablesToRelatedParties" order="3" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DeferredTaxLiabilities" xlink:label="ifrs-full_DeferredTaxLiabilities" xlink:title="ifrs-full_DeferredTaxLiabilities" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_NoncurrentLiabilities" xlink:to="ifrs-full_DeferredTaxLiabilities" xlink:title="Calculation : ifrs-full_NoncurrentLiabilities to ifrs-full_DeferredTaxLiabilities" order="4" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NoncurrentProvisionsForEmployeeBenefits" xlink:label="ifrs-full_NoncurrentProvisionsForEmployeeBenefits" xlink:title="ifrs-full_NoncurrentProvisionsForEmployeeBenefits" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_NoncurrentLiabilities" xlink:to="ifrs-full_NoncurrentProvisionsForEmployeeBenefits" xlink:title="Calculation : ifrs-full_NoncurrentLiabilities to ifrs-full_NoncurrentProvisionsForEmployeeBenefits" order="5" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ProvisionForAssetRetirementObligation" xlink:label="ugp_ProvisionForAssetRetirementObligation" xlink:title="ugp_ProvisionForAssetRetirementObligation" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_NoncurrentLiabilities" xlink:to="ugp_ProvisionForAssetRetirementObligation" xlink:title="Calculation : ifrs-full_NoncurrentLiabilities to ugp_ProvisionForAssetRetirementObligation" order="6" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LongtermLegalProceedingsProvision" xlink:label="ifrs-full_LongtermLegalProceedingsProvision" xlink:title="ifrs-full_LongtermLegalProceedingsProvision" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_NoncurrentLiabilities" xlink:to="ifrs-full_LongtermLegalProceedingsProvision" xlink:title="Calculation : ifrs-full_NoncurrentLiabilities to ifrs-full_LongtermLegalProceedingsProvision" order="7" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NoncurrentLeaseLiabilities" xlink:label="ifrs-full_NoncurrentLeaseLiabilities" xlink:title="ifrs-full_NoncurrentLeaseLiabilities" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_NoncurrentLiabilities" xlink:to="ifrs-full_NoncurrentLeaseLiabilities" xlink:title="Calculation : ifrs-full_NoncurrentLiabilities to ifrs-full_NoncurrentLeaseLiabilities" order="8" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DeferredIncomeNoncurrent" xlink:label="ugp_DeferredIncomeNoncurrent" xlink:title="ugp_DeferredIncomeNoncurrent" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_NoncurrentLiabilities" xlink:to="ugp_DeferredIncomeNoncurrent" xlink:title="Calculation : ifrs-full_NoncurrentLiabilities to ugp_DeferredIncomeNoncurrent" order="9" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SubscriptionWarrants" xlink:label="ugp_SubscriptionWarrants" xlink:title="ugp_SubscriptionWarrants" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_NoncurrentLiabilities" xlink:to="ugp_SubscriptionWarrants" xlink:title="Calculation : ifrs-full_NoncurrentLiabilities to ugp_SubscriptionWarrants" order="10" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_NonCurrentProvisionForShortTermLiabilitiesOfJointVenture" xlink:label="ugp_NonCurrentProvisionForShortTermLiabilitiesOfJointVenture" xlink:title="ugp_NonCurrentProvisionForShortTermLiabilitiesOfJointVenture" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_NoncurrentLiabilities" xlink:to="ugp_NonCurrentProvisionForShortTermLiabilitiesOfJointVenture" xlink:title="Calculation : ifrs-full_NoncurrentLiabilities to ugp_NonCurrentProvisionForShortTermLiabilitiesOfJointVenture" order="11" weight="1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherNoncurrentPayables" xlink:label="ifrs-full_OtherNoncurrentPayables" xlink:title="ifrs-full_OtherNoncurrentPayables" />
    <link:calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="ifrs-full_NoncurrentLiabilities" xlink:to="ifrs-full_OtherNoncurrentPayables" xlink:title="Calculation : ifrs-full_NoncurrentLiabilities to ifrs-full_OtherNoncurrentPayables" order="12" weight="1" use="optional" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_Equity" xlink:label="ifrs-full_Equity" xlink:title="ifrs-full_Equity" />
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</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>6
<FILENAME>ugp-20201231_lab.xml
<DESCRIPTION>LABEL
<TEXT>
<XBRL>
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<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CoverAbstract" xlink:to="label_CoverAbstract" xlink:title="Label : CoverAbstract to label_CoverAbstract" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_MillenniumMember" xlink:label="MillenniumMember" xlink:title="MillenniumMember" />
    <link:label xlink:type="resource" xlink:label="label_MillenniumMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MillenniumMember" xml:lang="en-US" id="label_MillenniumMember">This member stands for the information pertaining to Millennium.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MillenniumMember" xlink:to="label_MillenniumMember" xlink:title="Label : MillenniumMember to label_MillenniumMember" />
    <link:label xlink:type="resource" xlink:label="label_MillenniumMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MillenniumMember_1" xml:lang="en-US" id="label_MillenniumMember_1">Millennium [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MillenniumMember" xlink:to="label_MillenniumMember_1" xlink:title="Label : MillenniumMember to label_MillenniumMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_UVCInvestimentosMember" xlink:label="UVCInvestimentosMember" xlink:title="UVCInvestimentosMember" />
    <link:label xlink:type="resource" xlink:label="label_UVCInvestimentosMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_UVCInvestimentosMember" xml:lang="en-US" id="label_UVCInvestimentosMember">UVC Investimentos [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UVCInvestimentosMember" xlink:to="label_UVCInvestimentosMember" xlink:title="Label : UVCInvestimentosMember to label_UVCInvestimentosMember" />
    <link:label xlink:type="resource" xlink:label="label_UVCInvestimentosMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_UVCInvestimentosMember_1" xml:lang="en-US" id="label_UVCInvestimentosMember_1">This member stands for the information pertaining to UVC Investimentos.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UVCInvestimentosMember" xlink:to="label_UVCInvestimentosMember_1" xlink:title="Label : UVCInvestimentosMember to label_UVCInvestimentosMember_1" />
    <link:label xlink:type="resource" xlink:label="label_UVCInvestimentosMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UVCInvestimentosMember_2" xml:lang="en-US" id="label_UVCInvestimentosMember_2">U V C Investimentos [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UVCInvestimentosMember" xlink:to="label_UVCInvestimentosMember_2" xlink:title="Label : UVCInvestimentosMember to label_UVCInvestimentosMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TequimarVilaDoCondeMember" xlink:label="TequimarVilaDoCondeMember" xlink:title="TequimarVilaDoCondeMember" />
    <link:label xlink:type="resource" xlink:label="label_TequimarVilaDoCondeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TequimarVilaDoCondeMember" xml:lang="en-US" id="label_TequimarVilaDoCondeMember">Tequimar Vila do Conde [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TequimarVilaDoCondeMember" xlink:to="label_TequimarVilaDoCondeMember" xlink:title="Label : TequimarVilaDoCondeMember to label_TequimarVilaDoCondeMember" />
    <link:label xlink:type="resource" xlink:label="label_TequimarVilaDoCondeMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TequimarVilaDoCondeMember_1" xml:lang="en-US" id="label_TequimarVilaDoCondeMember_1">This member stands for the information pertaining to Tequimar Vila do Conde.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TequimarVilaDoCondeMember" xlink:to="label_TequimarVilaDoCondeMember_1" xlink:title="Label : TequimarVilaDoCondeMember to label_TequimarVilaDoCondeMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DeferredIncomeAndSocialContributionTaxesProvisionForDeferredRevenue" xlink:label="DeferredIncomeAndSocialContributionTaxesProvisionForDeferredRevenue" xlink:title="DeferredIncomeAndSocialContributionTaxesProvisionForDeferredRevenue" />
    <link:label xlink:type="resource" xlink:label="label_DeferredIncomeAndSocialContributionTaxesProvisionForDeferredRevenue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DeferredIncomeAndSocialContributionTaxesProvisionForDeferredRevenue" xml:lang="en-US" id="label_DeferredIncomeAndSocialContributionTaxesProvisionForDeferredRevenue">Provision for deferred revenue</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredIncomeAndSocialContributionTaxesProvisionForDeferredRevenue" xlink:to="label_DeferredIncomeAndSocialContributionTaxesProvisionForDeferredRevenue" xlink:title="Label : DeferredIncomeAndSocialContributionTaxesProvisionForDeferredRevenue to label_DeferredIncomeAndSocialContributionTaxesProvisionForDeferredRevenue" />
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CargoContractFiveMember" xlink:label="CargoContractFiveMember" xlink:title="CargoContractFiveMember" />
    <link:label xlink:type="resource" xlink:label="label_CargoContractFiveMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CargoContractFiveMember" xml:lang="en-US" id="label_CargoContractFiveMember">Cargo contract five [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CargoContractFiveMember" xlink:to="label_CargoContractFiveMember" xlink:title="Label : CargoContractFiveMember to label_CargoContractFiveMember" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_GrossMarginOfOxitenoIpirangaSwapPayable" xlink:label="GrossMarginOfOxitenoIpirangaSwapPayable" xlink:title="GrossMarginOfOxitenoIpirangaSwapPayable" />
    <link:label xlink:type="resource" xlink:label="label_GrossMarginOfOxitenoIpirangaSwapPayable" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_GrossMarginOfOxitenoIpirangaSwapPayable" xml:lang="en-US" id="label_GrossMarginOfOxitenoIpirangaSwapPayable">Gross margin of Oxiteno/Ipiranga</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrossMarginOfOxitenoIpirangaSwapPayable" xlink:to="label_GrossMarginOfOxitenoIpirangaSwapPayable" xlink:title="Label : GrossMarginOfOxitenoIpirangaSwapPayable to label_GrossMarginOfOxitenoIpirangaSwapPayable" />
    <link:label xlink:type="resource" xlink:label="label_GrossMarginOfOxitenoIpirangaSwapPayable_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GrossMarginOfOxitenoIpirangaSwapPayable_1" xml:lang="en-US" id="label_GrossMarginOfOxitenoIpirangaSwapPayable_1">Gross Margin of Oxiteno Ipiranga Swap Payable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrossMarginOfOxitenoIpirangaSwapPayable" xlink:to="label_GrossMarginOfOxitenoIpirangaSwapPayable_1" xlink:title="Label : GrossMarginOfOxitenoIpirangaSwapPayable to label_GrossMarginOfOxitenoIpirangaSwapPayable_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_GainLossRelatedToFairValueAdjustmentOfInventories" xlink:label="GainLossRelatedToFairValueAdjustmentOfInventories" xlink:title="GainLossRelatedToFairValueAdjustmentOfInventories" />
    <link:label xlink:type="resource" xlink:label="label_GainLossRelatedToFairValueAdjustmentOfInventories" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GainLossRelatedToFairValueAdjustmentOfInventories" xml:lang="en-US" id="label_GainLossRelatedToFairValueAdjustmentOfInventories">Fair value adjustment of inventories &#x2013; R$</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainLossRelatedToFairValueAdjustmentOfInventories" xlink:to="label_GainLossRelatedToFairValueAdjustmentOfInventories" xlink:title="Label : GainLossRelatedToFairValueAdjustmentOfInventories to label_GainLossRelatedToFairValueAdjustmentOfInventories" />
    <link:label xlink:type="resource" xlink:label="label_DerivativeNonmonetaryNotionalAmountVolumeOne_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DerivativeNonmonetaryNotionalAmountVolumeOne_1" xml:lang="en-US" id="label_DerivativeNonmonetaryNotionalAmountVolumeOne_1">Notional amount (m3)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DerivativeNonmonetaryNotionalAmountVolumeOne" xlink:to="label_DerivativeNonmonetaryNotionalAmountVolumeOne_1" xlink:title="Label : DerivativeNonmonetaryNotionalAmountVolumeOne to label_DerivativeNonmonetaryNotionalAmountVolumeOne_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ItaquiMember" xlink:label="ItaquiMember" xlink:title="ItaquiMember" />
    <link:label xlink:type="resource" xlink:label="label_ItaquiMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ItaquiMember" xml:lang="en-US" id="label_ItaquiMember">Itaqui.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ItaquiMember" xlink:to="label_ItaquiMember" xlink:title="Label : ItaquiMember to label_ItaquiMember" />
    <link:label xlink:type="resource" xlink:label="label_ItaquiMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ItaquiMember_1" xml:lang="en-US" id="label_ItaquiMember_1">Itaqui [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ItaquiMember" xlink:to="label_ItaquiMember_1" xlink:title="Label : ItaquiMember to label_ItaquiMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ItaquiMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ItaquiMember_2" xml:lang="en-US" id="label_ItaquiMember_2">Itaqui [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ItaquiMember" xlink:to="label_ItaquiMember_2" xlink:title="Label : ItaquiMember to label_ItaquiMember_2" />
    <link:label xlink:type="resource" xlink:label="label_CargoContractFiveMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CargoContractFiveMember_1" xml:lang="en-US" id="label_CargoContractFiveMember_1">Cargo contract five.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CargoContractFiveMember" xlink:to="label_CargoContractFiveMember_1" xlink:title="Label : CargoContractFiveMember to label_CargoContractFiveMember_1" />
    <link:label xlink:type="resource" xlink:label="label_CargoContractFiveMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CargoContractFiveMember_2" xml:lang="en-US" id="label_CargoContractFiveMember_2">Cargo contract five [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CargoContractFiveMember" xlink:to="label_CargoContractFiveMember_2" xlink:title="Label : CargoContractFiveMember to label_CargoContractFiveMember_2" />
    <link:label xlink:type="resource" xlink:label="label_DerivativeNonmonetaryNotionalAmountVolumeOne_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DerivativeNonmonetaryNotionalAmountVolumeOne_2" xml:lang="en-US" id="label_DerivativeNonmonetaryNotionalAmountVolumeOne_2">Derivative Nonmonetary Notional Amount Volume</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DerivativeNonmonetaryNotionalAmountVolumeOne" xlink:to="label_DerivativeNonmonetaryNotionalAmountVolumeOne_2" xlink:title="Label : DerivativeNonmonetaryNotionalAmountVolumeOne to label_DerivativeNonmonetaryNotionalAmountVolumeOne_2" />
    <link:label xlink:type="resource" xlink:label="label_GrossMarginOfOxitenoIpirangaSwapPayable_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_GrossMarginOfOxitenoIpirangaSwapPayable_2" xml:lang="en-US" id="label_GrossMarginOfOxitenoIpirangaSwapPayable_2">Gross margin of Oxiteno/Ipiranga.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrossMarginOfOxitenoIpirangaSwapPayable" xlink:to="label_GrossMarginOfOxitenoIpirangaSwapPayable_2" xlink:title="Label : GrossMarginOfOxitenoIpirangaSwapPayable to label_GrossMarginOfOxitenoIpirangaSwapPayable_2" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainLossRelatedToFairValueAdjustmentOfInventories" xlink:to="label_GainLossRelatedToFairValueAdjustmentOfInventories_1" xlink:title="Label : GainLossRelatedToFairValueAdjustmentOfInventories to label_GainLossRelatedToFairValueAdjustmentOfInventories_1" />
    <link:label xlink:type="resource" xlink:label="label_GainLossRelatedToFairValueAdjustmentOfInventories_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_GainLossRelatedToFairValueAdjustmentOfInventories_2" xml:lang="en-US" id="label_GainLossRelatedToFairValueAdjustmentOfInventories_2">Gain loss related to fair value adjustment of inventories.</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" xlink:label="NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" xlink:title="NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_BorrowingsInterestRateBasis" xlink:label="BorrowingsInterestRateBasis" xlink:title="BorrowingsInterestRateBasis" />
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    <link:label xlink:type="resource" xlink:label="label_BorrowingsInterestRateBasis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BorrowingsInterestRateBasis_1" xml:lang="en-US" id="label_BorrowingsInterestRateBasis_1">Borrowings, interest rate basis</link:label>
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DescriptionOfPaymentOfFaceValueOfBorrowings" xlink:label="DescriptionOfPaymentOfFaceValueOfBorrowings" xlink:title="DescriptionOfPaymentOfFaceValueOfBorrowings" />
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_UnsecuredNotesPayableNotConvertibleIntoSharesMember" xlink:label="UnsecuredNotesPayableNotConvertibleIntoSharesMember" xlink:title="UnsecuredNotesPayableNotConvertibleIntoSharesMember" />
    <link:label xlink:type="resource" xlink:label="label_UnsecuredNotesPayableNotConvertibleIntoSharesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_UnsecuredNotesPayableNotConvertibleIntoSharesMember" xml:lang="en-US" id="label_UnsecuredNotesPayableNotConvertibleIntoSharesMember">Unsecured notes payable not convertible into shares [member]</link:label>
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_BrazilianNationalDevelopmentBankLoansMember" xlink:label="BrazilianNationalDevelopmentBankLoansMember" xlink:title="BrazilianNationalDevelopmentBankLoansMember" />
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_UVCFundoDeInvestimentoEmParticipacoesMultiestrategiaInvestimenToNoExteriorMember" xlink:label="UVCFundoDeInvestimentoEmParticipacoesMultiestrategiaInvestimenToNoExteriorMember" xlink:title="UVCFundoDeInvestimentoEmParticipacoesMultiestrategiaInvestimenToNoExteriorMember" />
    <link:label xlink:type="resource" xlink:label="label_UVCFundoDeInvestimentoEmParticipacoesMultiestrategiaInvestimenToNoExteriorMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_UVCFundoDeInvestimentoEmParticipacoesMultiestrategiaInvestimenToNoExteriorMember" xml:lang="en-US" id="label_UVCFundoDeInvestimentoEmParticipacoesMultiestrategiaInvestimenToNoExteriorMember">UVC - Fundo de investimento em participa&#xE7;&#xF5;es multiestrat&#xE9;gia investimento no exterior [Member]</link:label>
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CentrodeConvenienciasMillenniumLtdaAndSubsidiariesMember" xlink:label="CentrodeConvenienciasMillenniumLtdaAndSubsidiariesMember" xlink:title="CentrodeConvenienciasMillenniumLtdaAndSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_CentrodeConvenienciasMillenniumLtdaAndSubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CentrodeConvenienciasMillenniumLtdaAndSubsidiariesMember" xml:lang="en-US" id="label_CentrodeConvenienciasMillenniumLtdaAndSubsidiariesMember">Centro de Conveni&#xEA;ncias Millennium Ltda. and subsidiaries [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CentrodeConvenienciasMillenniumLtdaAndSubsidiariesMember" xlink:to="label_CentrodeConvenienciasMillenniumLtdaAndSubsidiariesMember" xlink:title="Label : CentrodeConvenienciasMillenniumLtdaAndSubsidiariesMember to label_CentrodeConvenienciasMillenniumLtdaAndSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_CentrodeConvenienciasMillenniumLtdaAndSubsidiariesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CentrodeConvenienciasMillenniumLtdaAndSubsidiariesMember_1" xml:lang="en-US" id="label_CentrodeConvenienciasMillenniumLtdaAndSubsidiariesMember_1">Centro de Conveni&#xEA;ncias Millennium Ltda. and subsidiaries [Member]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_CentrodeConvenienciasMillenniumLtdaAndSubsidiariesMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CentrodeConvenienciasMillenniumLtdaAndSubsidiariesMember_2" xml:lang="en-US" id="label_CentrodeConvenienciasMillenniumLtdaAndSubsidiariesMember_2">Centro de Conveni&#xEA;ncias Millennium Ltda. and subsidiaries [Member]</link:label>
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_EaiClubeAutomobilistaSAMember" xlink:label="EaiClubeAutomobilistaSAMember" xlink:title="EaiClubeAutomobilistaSAMember" />
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DebentureFaceValue" xlink:label="DebentureFaceValue" xlink:title="DebentureFaceValue" />
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DescriptionOfBorrowingsReprice" xlink:label="DescriptionOfBorrowingsReprice" xlink:title="DescriptionOfBorrowingsReprice" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfBorrowingsReprice" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfBorrowingsReprice" xml:lang="en-US" id="label_DescriptionOfBorrowingsReprice">Description of Borrowings Reprice</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfBorrowingsReprice" xlink:to="label_DescriptionOfBorrowingsReprice" xlink:title="Label : DescriptionOfBorrowingsReprice to label_DescriptionOfBorrowingsReprice" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfBorrowingsReprice_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfBorrowingsReprice_1" xml:lang="en-US" id="label_DescriptionOfBorrowingsReprice_1">Reprice</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfBorrowingsReprice" xlink:to="label_DescriptionOfBorrowingsReprice_1" xlink:title="Label : DescriptionOfBorrowingsReprice to label_DescriptionOfBorrowingsReprice_1" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfPaymentOfFaceValueOfBorrowings_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DescriptionOfPaymentOfFaceValueOfBorrowings_1" xml:lang="en-US" id="label_DescriptionOfPaymentOfFaceValueOfBorrowings_1">The description of payment of the face value of borrowings.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfPaymentOfFaceValueOfBorrowings" xlink:to="label_DescriptionOfPaymentOfFaceValueOfBorrowings_1" xlink:title="Label : DescriptionOfPaymentOfFaceValueOfBorrowings to label_DescriptionOfPaymentOfFaceValueOfBorrowings_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DescriptionOfPaymentOfInterestOfBorrowings" xlink:label="DescriptionOfPaymentOfInterestOfBorrowings" xlink:title="DescriptionOfPaymentOfInterestOfBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfPaymentOfInterestOfBorrowings" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DescriptionOfPaymentOfInterestOfBorrowings" xml:lang="en-US" id="label_DescriptionOfPaymentOfInterestOfBorrowings">The description of payment of interest of borrowings.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfPaymentOfInterestOfBorrowings" xlink:to="label_DescriptionOfPaymentOfInterestOfBorrowings" xlink:title="Label : DescriptionOfPaymentOfInterestOfBorrowings to label_DescriptionOfPaymentOfInterestOfBorrowings" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfBorrowingsReprice_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DescriptionOfBorrowingsReprice_2" xml:lang="en-US" id="label_DescriptionOfBorrowingsReprice_2">The description of reprice of borrowings.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfBorrowingsReprice" xlink:to="label_DescriptionOfBorrowingsReprice_2" xlink:title="Label : DescriptionOfBorrowingsReprice to label_DescriptionOfBorrowingsReprice_2" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfPaymentOfInterestOfBorrowings_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfPaymentOfInterestOfBorrowings_1" xml:lang="en-US" id="label_DescriptionOfPaymentOfInterestOfBorrowings_1">Description of Payment of Interest of Borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfPaymentOfInterestOfBorrowings" xlink:to="label_DescriptionOfPaymentOfInterestOfBorrowings_1" xlink:title="Label : DescriptionOfPaymentOfInterestOfBorrowings to label_DescriptionOfPaymentOfInterestOfBorrowings_1" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfPaymentOfInterestOfBorrowings_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfPaymentOfInterestOfBorrowings_2" xml:lang="en-US" id="label_DescriptionOfPaymentOfInterestOfBorrowings_2">Payment of interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfPaymentOfInterestOfBorrowings" xlink:to="label_DescriptionOfPaymentOfInterestOfBorrowings_2" xlink:title="Label : DescriptionOfPaymentOfInterestOfBorrowings to label_DescriptionOfPaymentOfInterestOfBorrowings_2" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfPaymentOfFaceValueOfBorrowings_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfPaymentOfFaceValueOfBorrowings_2" xml:lang="en-US" id="label_DescriptionOfPaymentOfFaceValueOfBorrowings_2">Payment of the face value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfPaymentOfFaceValueOfBorrowings" xlink:to="label_DescriptionOfPaymentOfFaceValueOfBorrowings_2" xlink:title="Label : DescriptionOfPaymentOfFaceValueOfBorrowings to label_DescriptionOfPaymentOfFaceValueOfBorrowings_2" />
    <link:label xlink:type="resource" xlink:label="label_UVCFundoDeInvestimentoEmParticipacoesMultiestrategiaInvestimenToNoExteriorMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UVCFundoDeInvestimentoEmParticipacoesMultiestrategiaInvestimenToNoExteriorMember_1" xml:lang="en-US" id="label_UVCFundoDeInvestimentoEmParticipacoesMultiestrategiaInvestimenToNoExteriorMember_1">UVC - Fundo de investimento em participa&#xE7;&#xF5;es multiestrat&#xE9;gia investimento no exterior [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UVCFundoDeInvestimentoEmParticipacoesMultiestrategiaInvestimenToNoExteriorMember" xlink:to="label_UVCFundoDeInvestimentoEmParticipacoesMultiestrategiaInvestimenToNoExteriorMember_1" xlink:title="Label : UVCFundoDeInvestimentoEmParticipacoesMultiestrategiaInvestimenToNoExteriorMember to label_UVCFundoDeInvestimentoEmParticipacoesMultiestrategiaInvestimenToNoExteriorMember_1" />
    <link:label xlink:type="resource" xlink:label="label_UVCFundoDeInvestimentoEmParticipacoesMultiestrategiaInvestimenToNoExteriorMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_UVCFundoDeInvestimentoEmParticipacoesMultiestrategiaInvestimenToNoExteriorMember_2" xml:lang="en-US" id="label_UVCFundoDeInvestimentoEmParticipacoesMultiestrategiaInvestimenToNoExteriorMember_2">UVC - Fundo de investimento em participa&#xE7;&#xF5;es multiestrat&#xE9;gia investimento no exterior [Member]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_EaiClubeAutomobilistaSAMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EaiClubeAutomobilistaSAMember_1" xml:lang="en-US" id="label_EaiClubeAutomobilistaSAMember_1">Eai Clube Automobilista S.A. [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EaiClubeAutomobilistaSAMember" xlink:to="label_EaiClubeAutomobilistaSAMember_1" xlink:title="Label : EaiClubeAutomobilistaSAMember to label_EaiClubeAutomobilistaSAMember_1" />
    <link:label xlink:type="resource" xlink:label="label_EaiClubeAutomobilistaSAMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EaiClubeAutomobilistaSAMember_2" xml:lang="en-US" id="label_EaiClubeAutomobilistaSAMember_2">Ea&#xED; Clube Automobilista S.A. [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EaiClubeAutomobilistaSAMember" xlink:to="label_EaiClubeAutomobilistaSAMember_2" xlink:title="Label : EaiClubeAutomobilistaSAMember to label_EaiClubeAutomobilistaSAMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_UVCInvestimentosLtdaMember" xlink:label="UVCInvestimentosLtdaMember" xlink:title="UVCInvestimentosLtdaMember" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UVCInvestimentosLtdaMember" xlink:to="label_UVCInvestimentosLtdaMember" xlink:title="Label : UVCInvestimentosLtdaMember to label_UVCInvestimentosLtdaMember" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UVCInvestimentosLtdaMember" xlink:to="label_UVCInvestimentosLtdaMember_1" xlink:title="Label : UVCInvestimentosLtdaMember to label_UVCInvestimentosLtdaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_UVCInvestimentosLtdaMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_UVCInvestimentosLtdaMember_2" xml:lang="en-US" id="label_UVCInvestimentosLtdaMember_2">UVC Investimentos Ltda. [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UVCInvestimentosLtdaMember" xlink:to="label_UVCInvestimentosLtdaMember_2" xlink:title="Label : UVCInvestimentosLtdaMember to label_UVCInvestimentosLtdaMember_2" />
    <link:label xlink:type="resource" xlink:label="label_DocumentType_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DocumentType_1" xml:lang="en-US" id="label_DocumentType_1">Document Type</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentType" xlink:to="label_DocumentType_1" xlink:title="Label : DocumentType to label_DocumentType_1" />
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    <link:label xlink:type="resource" xlink:label="label_DocumentPeriodEndDate_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DocumentPeriodEndDate_1" xml:lang="en-US" id="label_DocumentPeriodEndDate_1">Document Period End Date</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentFiscalYearFocus" xlink:to="label_DocumentFiscalYearFocus" xlink:title="Label : DocumentFiscalYearFocus to label_DocumentFiscalYearFocus" />
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    <link:label xlink:type="resource" xlink:label="label_DocumentAnnualReport_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DocumentAnnualReport_1" xml:lang="en-US" id="label_DocumentAnnualReport_1">Document Annual Report</link:label>
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    <link:label xlink:type="resource" xlink:label="label_DocumentTransitionReport_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DocumentTransitionReport_1" xml:lang="en-US" id="label_DocumentTransitionReport_1">Document Transition Report</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentShellCompanyReport" xlink:label="DocumentShellCompanyReport" xlink:title="DocumentShellCompanyReport" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentShellCompanyReport" xlink:to="label_DocumentShellCompanyReport" xlink:title="Label : DocumentShellCompanyReport to label_DocumentShellCompanyReport" />
    <link:label xlink:type="resource" xlink:label="label_DocumentShellCompanyReport_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DocumentShellCompanyReport_1" xml:lang="en-US" id="label_DocumentShellCompanyReport_1">Document Shell Company Report</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentShellCompanyReport" xlink:to="label_DocumentShellCompanyReport_1" xlink:title="Label : DocumentShellCompanyReport to label_DocumentShellCompanyReport_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradingSymbol" xlink:to="label_TradingSymbol" xlink:title="Label : TradingSymbol to label_TradingSymbol" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityCentralIndexKey" xlink:to="label_EntityCentralIndexKey" xlink:title="Label : EntityCentralIndexKey to label_EntityCentralIndexKey" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityCentralIndexKey" xlink:to="label_EntityCentralIndexKey_1" xlink:title="Label : EntityCentralIndexKey to label_EntityCentralIndexKey_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentFiscalYearEndDate" xlink:to="label_CurrentFiscalYearEndDate" xlink:title="Label : CurrentFiscalYearEndDate to label_CurrentFiscalYearEndDate" />
    <link:label xlink:type="resource" xlink:label="label_CurrentFiscalYearEndDate_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentFiscalYearEndDate_1" xml:lang="en-US" id="label_CurrentFiscalYearEndDate_1">Current Fiscal Year End Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentFiscalYearEndDate" xlink:to="label_CurrentFiscalYearEndDate_1" xlink:title="Label : CurrentFiscalYearEndDate to label_CurrentFiscalYearEndDate_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="EntityWellKnownSeasonedIssuer" xlink:title="EntityWellKnownSeasonedIssuer" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityCurrentReportingStatus" xlink:to="label_EntityCurrentReportingStatus" xlink:title="Label : EntityCurrentReportingStatus to label_EntityCurrentReportingStatus" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityFilerCategory" xlink:to="label_EntityFilerCategory" xlink:title="Label : EntityFilerCategory to label_EntityFilerCategory" />
    <link:label xlink:type="resource" xlink:label="label_EntityFilerCategory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EntityFilerCategory_1" xml:lang="en-US" id="label_EntityFilerCategory_1">Entity Filer Category</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityFilerCategory" xlink:to="label_EntityFilerCategory_1" xlink:title="Label : EntityFilerCategory to label_EntityFilerCategory_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityShellCompany" xlink:to="label_EntityShellCompany" xlink:title="Label : EntityShellCompany to label_EntityShellCompany" />
    <link:label xlink:type="resource" xlink:label="label_EntityShellCompany_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EntityShellCompany_1" xml:lang="en-US" id="label_EntityShellCompany_1">Entity Shell Company</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityShellCompany" xlink:to="label_EntityShellCompany_1" xlink:title="Label : EntityShellCompany to label_EntityShellCompany_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityEmergingGrowthCompany" xlink:label="EntityEmergingGrowthCompany" xlink:title="EntityEmergingGrowthCompany" />
    <link:label xlink:type="resource" xlink:label="label_EntityEmergingGrowthCompany" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityEmergingGrowthCompany" xml:lang="en-US" id="label_EntityEmergingGrowthCompany">Entity Emerging Growth Company</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityEmergingGrowthCompany" xlink:to="label_EntityEmergingGrowthCompany" xlink:title="Label : EntityEmergingGrowthCompany to label_EntityEmergingGrowthCompany" />
    <link:label xlink:type="resource" xlink:label="label_EntityEmergingGrowthCompany_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EntityEmergingGrowthCompany_1" xml:lang="en-US" id="label_EntityEmergingGrowthCompany_1">Entity Emerging Growth Company</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityEmergingGrowthCompany" xlink:to="label_EntityEmergingGrowthCompany_1" xlink:title="Label : EntityEmergingGrowthCompany to label_EntityEmergingGrowthCompany_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="EntityCommonStockSharesOutstanding" xlink:title="EntityCommonStockSharesOutstanding" />
    <link:label xlink:type="resource" xlink:label="label_EntityCommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityCommonStockSharesOutstanding" xml:lang="en-US" id="label_EntityCommonStockSharesOutstanding">Entity Common Stock, Shares Outstanding</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityCommonStockSharesOutstanding" xlink:to="label_EntityCommonStockSharesOutstanding" xlink:title="Label : EntityCommonStockSharesOutstanding to label_EntityCommonStockSharesOutstanding" />
    <link:label xlink:type="resource" xlink:label="label_EntityCommonStockSharesOutstanding_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EntityCommonStockSharesOutstanding_1" xml:lang="en-US" id="label_EntityCommonStockSharesOutstanding_1">Entity Common Stock, Shares Outstanding</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityCommonStockSharesOutstanding" xlink:to="label_EntityCommonStockSharesOutstanding_1" xlink:title="Label : EntityCommonStockSharesOutstanding to label_EntityCommonStockSharesOutstanding_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_NonCurrentAssetsFinanceLiabilitiesAbstract" xlink:label="NonCurrentAssetsFinanceLiabilitiesAbstract" xlink:title="NonCurrentAssetsFinanceLiabilitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentAssetsFinanceLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NonCurrentAssetsFinanceLiabilitiesAbstract" xml:lang="en-US" id="label_NonCurrentAssetsFinanceLiabilitiesAbstract">Non Current Assets Finance Liabilities [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentAssetsFinanceLiabilitiesAbstract" xlink:to="label_NonCurrentAssetsFinanceLiabilitiesAbstract" xlink:title="Label : NonCurrentAssetsFinanceLiabilitiesAbstract to label_NonCurrentAssetsFinanceLiabilitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentAssetsFinanceLiabilitiesAbstract_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NonCurrentAssetsFinanceLiabilitiesAbstract_1" xml:lang="en-US" id="label_NonCurrentAssetsFinanceLiabilitiesAbstract_1">Non current assets finance liabilities abstract.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentAssetsFinanceLiabilitiesAbstract" xlink:to="label_NonCurrentAssetsFinanceLiabilitiesAbstract_1" xlink:title="Label : NonCurrentAssetsFinanceLiabilitiesAbstract to label_NonCurrentAssetsFinanceLiabilitiesAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentAssetsAbstract" xlink:label="CurrentAssetsAbstract" xlink:title="CurrentAssetsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CurrentAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentAssetsAbstract" xml:lang="en-US" id="label_CurrentAssetsAbstract">Current assets [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAssetsAbstract" xlink:to="label_CurrentAssetsAbstract" xlink:title="Label : CurrentAssetsAbstract to label_CurrentAssetsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CurrentAssetsAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentAssetsAbstract_1" xml:lang="en-US" id="label_CurrentAssetsAbstract_1">Current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAssetsAbstract" xlink:to="label_CurrentAssetsAbstract_1" xlink:title="Label : CurrentAssetsAbstract to label_CurrentAssetsAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CashAndCashEquivalents" xlink:label="CashAndCashEquivalents" xlink:title="CashAndCashEquivalents" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashAndCashEquivalents" xml:lang="en-US" id="label_CashAndCashEquivalents">Cash and cash equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalents" xlink:to="label_CashAndCashEquivalents" xlink:title="Label : CashAndCashEquivalents to label_CashAndCashEquivalents" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalents_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CashAndCashEquivalents_1" xml:lang="en-US" id="label_CashAndCashEquivalents_1">Cash and cash equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalents" xlink:to="label_CashAndCashEquivalents_1" xlink:title="Label : CashAndCashEquivalents to label_CashAndCashEquivalents_1" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalents_2" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_CashAndCashEquivalents_2" xml:lang="en-US" id="label_CashAndCashEquivalents_2">Cash and cash equivalents at the beginning of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalents" xlink:to="label_CashAndCashEquivalents_2" xlink:title="Label : CashAndCashEquivalents to label_CashAndCashEquivalents_2" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalents_3" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_CashAndCashEquivalents_3" xml:lang="en-US" id="label_CashAndCashEquivalents_3">Cash and cash equivalents at the end of the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalents" xlink:to="label_CashAndCashEquivalents_3" xlink:title="Label : CashAndCashEquivalents to label_CashAndCashEquivalents_3" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalents_4" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_CashAndCashEquivalents_4" xml:lang="en-US" id="label_CashAndCashEquivalents_4">Total cash and cash equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalents" xlink:to="label_CashAndCashEquivalents_4" xlink:title="Label : CashAndCashEquivalents to label_CashAndCashEquivalents_4" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentInvestments" xlink:label="CurrentInvestments" xlink:title="CurrentInvestments" />
    <link:label xlink:type="resource" xlink:label="label_CurrentInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentInvestments" xml:lang="en-US" id="label_CurrentInvestments">Current investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentInvestments" xlink:to="label_CurrentInvestments" xlink:title="Label : CurrentInvestments to label_CurrentInvestments" />
    <link:label xlink:type="resource" xlink:label="label_CurrentInvestments_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentInvestments_1" xml:lang="en-US" id="label_CurrentInvestments_1">Financial investments and hedging instruments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentInvestments" xlink:to="label_CurrentInvestments_1" xlink:title="Label : CurrentInvestments to label_CurrentInvestments_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentTradeReceivables" xlink:label="CurrentTradeReceivables" xlink:title="CurrentTradeReceivables" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentTradeReceivables" xml:lang="en-US" id="label_CurrentTradeReceivables">Current trade receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivables" xlink:to="label_CurrentTradeReceivables" xlink:title="Label : CurrentTradeReceivables to label_CurrentTradeReceivables" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivables_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CurrentTradeReceivables_1" xml:lang="en-US" id="label_CurrentTradeReceivables_1">Trade receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivables" xlink:to="label_CurrentTradeReceivables_1" xlink:title="Label : CurrentTradeReceivables to label_CurrentTradeReceivables_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTradeReceivables_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentTradeReceivables_2" xml:lang="en-US" id="label_CurrentTradeReceivables_2">Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivables" xlink:to="label_CurrentTradeReceivables_2" xlink:title="Label : CurrentTradeReceivables to label_CurrentTradeReceivables_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CurrentResellerFinancing" xlink:label="CurrentResellerFinancing" xlink:title="CurrentResellerFinancing" />
    <link:label xlink:type="resource" xlink:label="label_CurrentResellerFinancing" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentResellerFinancing" xml:lang="en-US" id="label_CurrentResellerFinancing">Current reseller financing</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentResellerFinancing" xlink:to="label_CurrentResellerFinancing" xlink:title="Label : CurrentResellerFinancing to label_CurrentResellerFinancing" />
    <link:label xlink:type="resource" xlink:label="label_CurrentResellerFinancing_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CurrentResellerFinancing_1" xml:lang="en-US" id="label_CurrentResellerFinancing_1">Reseller financing</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentResellerFinancing" xlink:to="label_CurrentResellerFinancing_1" xlink:title="Label : CurrentResellerFinancing to label_CurrentResellerFinancing_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentResellerFinancing_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentResellerFinancing_2" xml:lang="en-US" id="label_CurrentResellerFinancing_2">Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentResellerFinancing" xlink:to="label_CurrentResellerFinancing_2" xlink:title="Label : CurrentResellerFinancing to label_CurrentResellerFinancing_2" />
    <link:label xlink:type="resource" xlink:label="label_CurrentResellerFinancing_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentResellerFinancing_3" xml:lang="en-US" id="label_CurrentResellerFinancing_3">The amount of current reseller financing.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentResellerFinancing" xlink:to="label_CurrentResellerFinancing_3" xlink:title="Label : CurrentResellerFinancing to label_CurrentResellerFinancing_3" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_Inventories" xlink:label="Inventories" xlink:title="Inventories" />
    <link:label xlink:type="resource" xlink:label="label_Inventories" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Inventories" xml:lang="en-US" id="label_Inventories">Current inventories</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Inventories" xlink:to="label_Inventories" xlink:title="Label : Inventories to label_Inventories" />
    <link:label xlink:type="resource" xlink:label="label_Inventories_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Inventories_1" xml:lang="en-US" id="label_Inventories_1">Inventories</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Inventories" xlink:to="label_Inventories_1" xlink:title="Label : Inventories to label_Inventories_1" />
    <link:label xlink:type="resource" xlink:label="label_Inventories_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_Inventories_2" xml:lang="en-US" id="label_Inventories_2">Net balance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Inventories" xlink:to="label_Inventories_2" xlink:title="Label : Inventories to label_Inventories_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentTaxAssetsCurrent" xlink:label="CurrentTaxAssetsCurrent" xlink:title="CurrentTaxAssetsCurrent" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTaxAssetsCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentTaxAssetsCurrent" xml:lang="en-US" id="label_CurrentTaxAssetsCurrent">Current tax assets, current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTaxAssetsCurrent" xlink:to="label_CurrentTaxAssetsCurrent" xlink:title="Label : CurrentTaxAssetsCurrent to label_CurrentTaxAssetsCurrent" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTaxAssetsCurrent_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CurrentTaxAssetsCurrent_1" xml:lang="en-US" id="label_CurrentTaxAssetsCurrent_1">Recoverable taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTaxAssetsCurrent" xlink:to="label_CurrentTaxAssetsCurrent_1" xlink:title="Label : CurrentTaxAssetsCurrent to label_CurrentTaxAssetsCurrent_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTaxAssetsCurrent_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentTaxAssetsCurrent_2" xml:lang="en-US" id="label_CurrentTaxAssetsCurrent_2">Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTaxAssetsCurrent" xlink:to="label_CurrentTaxAssetsCurrent_2" xlink:title="Label : CurrentTaxAssetsCurrent to label_CurrentTaxAssetsCurrent_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentTaxAssets" xlink:label="CurrentTaxAssets" xlink:title="CurrentTaxAssets" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTaxAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentTaxAssets" xml:lang="en-US" id="label_CurrentTaxAssets">Current tax assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTaxAssets" xlink:to="label_CurrentTaxAssets" xlink:title="Label : CurrentTaxAssets to label_CurrentTaxAssets" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTaxAssets_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentTaxAssets_1" xml:lang="en-US" id="label_CurrentTaxAssets_1">Recoverable income and social contribution taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTaxAssets" xlink:to="label_CurrentTaxAssets_1" xlink:title="Label : CurrentTaxAssets to label_CurrentTaxAssets_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DividendsReceivableCurrent" xlink:label="DividendsReceivableCurrent" xlink:title="DividendsReceivableCurrent" />
    <link:label xlink:type="resource" xlink:label="label_DividendsReceivableCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendsReceivableCurrent" xml:lang="en-US" id="label_DividendsReceivableCurrent">Dividends receivable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsReceivableCurrent" xlink:to="label_DividendsReceivableCurrent" xlink:title="Label : DividendsReceivableCurrent to label_DividendsReceivableCurrent" />
    <link:label xlink:type="resource" xlink:label="label_DividendsReceivableCurrent_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DividendsReceivableCurrent_1" xml:lang="en-US" id="label_DividendsReceivableCurrent_1">Dividends receivable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsReceivableCurrent" xlink:to="label_DividendsReceivableCurrent_1" xlink:title="Label : DividendsReceivableCurrent to label_DividendsReceivableCurrent_1" />
    <link:label xlink:type="resource" xlink:label="label_DividendsReceivableCurrent_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DividendsReceivableCurrent_2" xml:lang="en-US" id="label_DividendsReceivableCurrent_2">The amount recognized when the shareholder's right to receive payment is established.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsReceivableCurrent" xlink:to="label_DividendsReceivableCurrent_2" xlink:title="Label : DividendsReceivableCurrent to label_DividendsReceivableCurrent_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TradeAndOtherCurrentReceivables" xlink:label="TradeAndOtherCurrentReceivables" xlink:title="TradeAndOtherCurrentReceivables" />
    <link:label xlink:type="resource" xlink:label="label_TradeAndOtherCurrentReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradeAndOtherCurrentReceivables" xml:lang="en-US" id="label_TradeAndOtherCurrentReceivables">Trade and other current receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeAndOtherCurrentReceivables" xlink:to="label_TradeAndOtherCurrentReceivables" xlink:title="Label : TradeAndOtherCurrentReceivables to label_TradeAndOtherCurrentReceivables" />
    <link:label xlink:type="resource" xlink:label="label_TradeAndOtherCurrentReceivables_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TradeAndOtherCurrentReceivables_1" xml:lang="en-US" id="label_TradeAndOtherCurrentReceivables_1">Other receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeAndOtherCurrentReceivables" xlink:to="label_TradeAndOtherCurrentReceivables_1" xlink:title="Label : TradeAndOtherCurrentReceivables to label_TradeAndOtherCurrentReceivables_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentPrepaidExpenses" xlink:label="CurrentPrepaidExpenses" xlink:title="CurrentPrepaidExpenses" />
    <link:label xlink:type="resource" xlink:label="label_CurrentPrepaidExpenses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentPrepaidExpenses" xml:lang="en-US" id="label_CurrentPrepaidExpenses">Current prepaid expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentPrepaidExpenses" xlink:to="label_CurrentPrepaidExpenses" xlink:title="Label : CurrentPrepaidExpenses to label_CurrentPrepaidExpenses" />
    <link:label xlink:type="resource" xlink:label="label_CurrentPrepaidExpenses_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CurrentPrepaidExpenses_1" xml:lang="en-US" id="label_CurrentPrepaidExpenses_1">Prepaid expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentPrepaidExpenses" xlink:to="label_CurrentPrepaidExpenses_1" xlink:title="Label : CurrentPrepaidExpenses to label_CurrentPrepaidExpenses_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentPrepaidExpenses_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentPrepaidExpenses_2" xml:lang="en-US" id="label_CurrentPrepaidExpenses_2">Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentPrepaidExpenses" xlink:to="label_CurrentPrepaidExpenses_2" xlink:title="Label : CurrentPrepaidExpenses to label_CurrentPrepaidExpenses_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CurrentContractualAssetsWithCustomersExclusiveRights" xlink:label="CurrentContractualAssetsWithCustomersExclusiveRights" xlink:title="CurrentContractualAssetsWithCustomersExclusiveRights" />
    <link:label xlink:type="resource" xlink:label="label_CurrentContractualAssetsWithCustomersExclusiveRights" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentContractualAssetsWithCustomersExclusiveRights" xml:lang="en-US" id="label_CurrentContractualAssetsWithCustomersExclusiveRights">Current contractual assets with customers - exclusive rights</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentContractualAssetsWithCustomersExclusiveRights" xlink:to="label_CurrentContractualAssetsWithCustomersExclusiveRights" xlink:title="Label : CurrentContractualAssetsWithCustomersExclusiveRights to label_CurrentContractualAssetsWithCustomersExclusiveRights" />
    <link:label xlink:type="resource" xlink:label="label_CurrentContractualAssetsWithCustomersExclusiveRights_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentContractualAssetsWithCustomersExclusiveRights_1" xml:lang="en-US" id="label_CurrentContractualAssetsWithCustomersExclusiveRights_1">Contractual assets with customers - exclusive rights</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentContractualAssetsWithCustomersExclusiveRights" xlink:to="label_CurrentContractualAssetsWithCustomersExclusiveRights_1" xlink:title="Label : CurrentContractualAssetsWithCustomersExclusiveRights to label_CurrentContractualAssetsWithCustomersExclusiveRights_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentContractualAssetsWithCustomersExclusiveRights_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentContractualAssetsWithCustomersExclusiveRights_2" xml:lang="en-US" id="label_CurrentContractualAssetsWithCustomersExclusiveRights_2">Current contractual assets with customers - exclusive rights.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentContractualAssetsWithCustomersExclusiveRights" xlink:to="label_CurrentContractualAssetsWithCustomersExclusiveRights_2" xlink:title="Label : CurrentContractualAssetsWithCustomersExclusiveRights to label_CurrentContractualAssetsWithCustomersExclusiveRights_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentAssets" xlink:label="CurrentAssets" xlink:title="CurrentAssets" />
    <link:label xlink:type="resource" xlink:label="label_CurrentAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentAssets" xml:lang="en-US" id="label_CurrentAssets">Current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAssets" xlink:to="label_CurrentAssets" xlink:title="Label : CurrentAssets to label_CurrentAssets" />
    <link:label xlink:type="resource" xlink:label="label_CurrentAssets_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_CurrentAssets_1" xml:lang="en-US" id="label_CurrentAssets_1">Total current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAssets" xlink:to="label_CurrentAssets_1" xlink:title="Label : CurrentAssets to label_CurrentAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentAssets_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentAssets_2" xml:lang="en-US" id="label_CurrentAssets_2">Current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAssets" xlink:to="label_CurrentAssets_2" xlink:title="Label : CurrentAssets to label_CurrentAssets_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NoncurrentAssetsAbstract" xlink:label="NoncurrentAssetsAbstract" xlink:title="NoncurrentAssetsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentAssetsAbstract" xml:lang="en-US" id="label_NoncurrentAssetsAbstract">Non-current assets [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentAssetsAbstract" xlink:to="label_NoncurrentAssetsAbstract" xlink:title="Label : NoncurrentAssetsAbstract to label_NoncurrentAssetsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentAssetsAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncurrentAssetsAbstract_1" xml:lang="en-US" id="label_NoncurrentAssetsAbstract_1">Non-current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentAssetsAbstract" xlink:to="label_NoncurrentAssetsAbstract_1" xlink:title="Label : NoncurrentAssetsAbstract to label_NoncurrentAssetsAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherNoncurrentFinancialAssets" xlink:label="OtherNoncurrentFinancialAssets" xlink:title="OtherNoncurrentFinancialAssets" />
    <link:label xlink:type="resource" xlink:label="label_OtherNoncurrentFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherNoncurrentFinancialAssets" xml:lang="en-US" id="label_OtherNoncurrentFinancialAssets">Other non-current financial assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNoncurrentFinancialAssets" xlink:to="label_OtherNoncurrentFinancialAssets" xlink:title="Label : OtherNoncurrentFinancialAssets to label_OtherNoncurrentFinancialAssets" />
    <link:label xlink:type="resource" xlink:label="label_OtherNoncurrentFinancialAssets_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherNoncurrentFinancialAssets_1" xml:lang="en-US" id="label_OtherNoncurrentFinancialAssets_1">Financial investments and hedging instruments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNoncurrentFinancialAssets" xlink:to="label_OtherNoncurrentFinancialAssets_1" xlink:title="Label : OtherNoncurrentFinancialAssets to label_OtherNoncurrentFinancialAssets_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NoncurrentTradeReceivables" xlink:label="NoncurrentTradeReceivables" xlink:title="NoncurrentTradeReceivables" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentTradeReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentTradeReceivables" xml:lang="en-US" id="label_NoncurrentTradeReceivables">Non-current trade receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentTradeReceivables" xlink:to="label_NoncurrentTradeReceivables" xlink:title="Label : NoncurrentTradeReceivables to label_NoncurrentTradeReceivables" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentTradeReceivables_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_NoncurrentTradeReceivables_1" xml:lang="en-US" id="label_NoncurrentTradeReceivables_1">Trade receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentTradeReceivables" xlink:to="label_NoncurrentTradeReceivables_1" xlink:title="Label : NoncurrentTradeReceivables to label_NoncurrentTradeReceivables_1" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentTradeReceivables_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncurrentTradeReceivables_2" xml:lang="en-US" id="label_NoncurrentTradeReceivables_2">Non-current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentTradeReceivables" xlink:to="label_NoncurrentTradeReceivables_2" xlink:title="Label : NoncurrentTradeReceivables to label_NoncurrentTradeReceivables_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_NonCurrentResellerFinancing" xlink:label="NonCurrentResellerFinancing" xlink:title="NonCurrentResellerFinancing" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentResellerFinancing" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NonCurrentResellerFinancing" xml:lang="en-US" id="label_NonCurrentResellerFinancing">Non-current reseller financing</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentResellerFinancing" xlink:to="label_NonCurrentResellerFinancing" xlink:title="Label : NonCurrentResellerFinancing to label_NonCurrentResellerFinancing" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentResellerFinancing_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_NonCurrentResellerFinancing_1" xml:lang="en-US" id="label_NonCurrentResellerFinancing_1">Reseller financing</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentResellerFinancing" xlink:to="label_NonCurrentResellerFinancing_1" xlink:title="Label : NonCurrentResellerFinancing to label_NonCurrentResellerFinancing_1" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentResellerFinancing_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NonCurrentResellerFinancing_2" xml:lang="en-US" id="label_NonCurrentResellerFinancing_2">Non-current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentResellerFinancing" xlink:to="label_NonCurrentResellerFinancing_2" xlink:title="Label : NonCurrentResellerFinancing to label_NonCurrentResellerFinancing_2" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentResellerFinancing_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NonCurrentResellerFinancing_3" xml:lang="en-US" id="label_NonCurrentResellerFinancing_3">The amount of non-current reseller financing.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentResellerFinancing" xlink:to="label_NonCurrentResellerFinancing_3" xlink:title="Label : NonCurrentResellerFinancing to label_NonCurrentResellerFinancing_3" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ReversalAllowanceAccountForCreditLossesOfFinancialAssets" xlink:label="ReversalAllowanceAccountForCreditLossesOfFinancialAssets" xlink:title="ReversalAllowanceAccountForCreditLossesOfFinancialAssets" />
    <link:label xlink:type="resource" xlink:label="label_ReversalAllowanceAccountForCreditLossesOfFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReversalAllowanceAccountForCreditLossesOfFinancialAssets" xml:lang="en-US" id="label_ReversalAllowanceAccountForCreditLossesOfFinancialAssets">Reversal, allowance account for credit losses of financial assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReversalAllowanceAccountForCreditLossesOfFinancialAssets" xlink:to="label_ReversalAllowanceAccountForCreditLossesOfFinancialAssets" xlink:title="Label : ReversalAllowanceAccountForCreditLossesOfFinancialAssets to label_ReversalAllowanceAccountForCreditLossesOfFinancialAssets" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TradeAndOtherReceivablesDueFromRelatedParties" xlink:label="TradeAndOtherReceivablesDueFromRelatedParties" xlink:title="TradeAndOtherReceivablesDueFromRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_TradeAndOtherReceivablesDueFromRelatedParties" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradeAndOtherReceivablesDueFromRelatedParties" xml:lang="en-US" id="label_TradeAndOtherReceivablesDueFromRelatedParties">Receivables due from related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeAndOtherReceivablesDueFromRelatedParties" xlink:to="label_TradeAndOtherReceivablesDueFromRelatedParties" xlink:title="Label : TradeAndOtherReceivablesDueFromRelatedParties to label_TradeAndOtherReceivablesDueFromRelatedParties" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DeferredTaxAssets" xlink:label="DeferredTaxAssets" xlink:title="DeferredTaxAssets" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredTaxAssets" xml:lang="en-US" id="label_DeferredTaxAssets">Deferred tax assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxAssets" xlink:to="label_DeferredTaxAssets" xlink:title="Label : DeferredTaxAssets to label_DeferredTaxAssets" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxAssets_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DeferredTaxAssets_1" xml:lang="en-US" id="label_DeferredTaxAssets_1">Deferred income and social contribution taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxAssets" xlink:to="label_DeferredTaxAssets_1" xlink:title="Label : DeferredTaxAssets to label_DeferredTaxAssets_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NoncurrentReceivablesFromTaxesOtherThanIncomeTax" xlink:label="NoncurrentReceivablesFromTaxesOtherThanIncomeTax" xlink:title="NoncurrentReceivablesFromTaxesOtherThanIncomeTax" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentReceivablesFromTaxesOtherThanIncomeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentReceivablesFromTaxesOtherThanIncomeTax" xml:lang="en-US" id="label_NoncurrentReceivablesFromTaxesOtherThanIncomeTax">Non-current receivables from taxes other than income tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentReceivablesFromTaxesOtherThanIncomeTax" xlink:to="label_NoncurrentReceivablesFromTaxesOtherThanIncomeTax" xlink:title="Label : NoncurrentReceivablesFromTaxesOtherThanIncomeTax to label_NoncurrentReceivablesFromTaxesOtherThanIncomeTax" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentReceivablesFromTaxesOtherThanIncomeTax_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncurrentReceivablesFromTaxesOtherThanIncomeTax_1" xml:lang="en-US" id="label_NoncurrentReceivablesFromTaxesOtherThanIncomeTax_1">Recoverable taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentReceivablesFromTaxesOtherThanIncomeTax" xlink:to="label_NoncurrentReceivablesFromTaxesOtherThanIncomeTax_1" xlink:title="Label : NoncurrentReceivablesFromTaxesOtherThanIncomeTax to label_NoncurrentReceivablesFromTaxesOtherThanIncomeTax_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_NonCurrentRecoverableIncomeAndSocialContributionTaxes" xlink:label="NonCurrentRecoverableIncomeAndSocialContributionTaxes" xlink:title="NonCurrentRecoverableIncomeAndSocialContributionTaxes" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentRecoverableIncomeAndSocialContributionTaxes" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NonCurrentRecoverableIncomeAndSocialContributionTaxes" xml:lang="en-US" id="label_NonCurrentRecoverableIncomeAndSocialContributionTaxes">Non-current recoverable income and social contribution taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentRecoverableIncomeAndSocialContributionTaxes" xlink:to="label_NonCurrentRecoverableIncomeAndSocialContributionTaxes" xlink:title="Label : NonCurrentRecoverableIncomeAndSocialContributionTaxes to label_NonCurrentRecoverableIncomeAndSocialContributionTaxes" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentRecoverableIncomeAndSocialContributionTaxes_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_NonCurrentRecoverableIncomeAndSocialContributionTaxes_1" xml:lang="en-US" id="label_NonCurrentRecoverableIncomeAndSocialContributionTaxes_1">Recoverable income and social contribution taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentRecoverableIncomeAndSocialContributionTaxes" xlink:to="label_NonCurrentRecoverableIncomeAndSocialContributionTaxes_1" xlink:title="Label : NonCurrentRecoverableIncomeAndSocialContributionTaxes to label_NonCurrentRecoverableIncomeAndSocialContributionTaxes_1" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentRecoverableIncomeAndSocialContributionTaxes_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NonCurrentRecoverableIncomeAndSocialContributionTaxes_2" xml:lang="en-US" id="label_NonCurrentRecoverableIncomeAndSocialContributionTaxes_2">Non-current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentRecoverableIncomeAndSocialContributionTaxes" xlink:to="label_NonCurrentRecoverableIncomeAndSocialContributionTaxes_2" xlink:title="Label : NonCurrentRecoverableIncomeAndSocialContributionTaxes to label_NonCurrentRecoverableIncomeAndSocialContributionTaxes_2" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentRecoverableIncomeAndSocialContributionTaxes_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NonCurrentRecoverableIncomeAndSocialContributionTaxes_3" xml:lang="en-US" id="label_NonCurrentRecoverableIncomeAndSocialContributionTaxes_3">Non-current recoverable income and social contribution taxes.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentRecoverableIncomeAndSocialContributionTaxes" xlink:to="label_NonCurrentRecoverableIncomeAndSocialContributionTaxes_3" xlink:title="Label : NonCurrentRecoverableIncomeAndSocialContributionTaxes to label_NonCurrentRecoverableIncomeAndSocialContributionTaxes_3" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LongtermDeposits" xlink:label="LongtermDeposits" xlink:title="LongtermDeposits" />
    <link:label xlink:type="resource" xlink:label="label_LongtermDeposits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LongtermDeposits" xml:lang="en-US" id="label_LongtermDeposits">Long-term deposits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongtermDeposits" xlink:to="label_LongtermDeposits" xlink:title="Label : LongtermDeposits to label_LongtermDeposits" />
    <link:label xlink:type="resource" xlink:label="label_LongtermDeposits_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LongtermDeposits_1" xml:lang="en-US" id="label_LongtermDeposits_1">Escrow deposits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongtermDeposits" xlink:to="label_LongtermDeposits_1" xlink:title="Label : LongtermDeposits to label_LongtermDeposits_1" />
    <link:label xlink:type="resource" xlink:label="label_LongtermDeposits_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_LongtermDeposits_2" xml:lang="en-US" id="label_LongtermDeposits_2">Total - non-current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongtermDeposits" xlink:to="label_LongtermDeposits_2" xlink:title="Label : LongtermDeposits to label_LongtermDeposits_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IndemnificationAssetBusinessCombination" xlink:label="IndemnificationAssetBusinessCombination" xlink:title="IndemnificationAssetBusinessCombination" />
    <link:label xlink:type="resource" xlink:label="label_IndemnificationAssetBusinessCombination" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IndemnificationAssetBusinessCombination" xml:lang="en-US" id="label_IndemnificationAssetBusinessCombination">Indemnification asset - business combination</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IndemnificationAssetBusinessCombination" xlink:to="label_IndemnificationAssetBusinessCombination" xlink:title="Label : IndemnificationAssetBusinessCombination to label_IndemnificationAssetBusinessCombination" />
    <link:label xlink:type="resource" xlink:label="label_IndemnificationAssetBusinessCombination_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IndemnificationAssetBusinessCombination_1" xml:lang="en-US" id="label_IndemnificationAssetBusinessCombination_1">Indemnification asset - business combination</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IndemnificationAssetBusinessCombination" xlink:to="label_IndemnificationAssetBusinessCombination_1" xlink:title="Label : IndemnificationAssetBusinessCombination to label_IndemnificationAssetBusinessCombination_1" />
    <link:label xlink:type="resource" xlink:label="label_IndemnificationAssetBusinessCombination_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IndemnificationAssetBusinessCombination_2" xml:lang="en-US" id="label_IndemnificationAssetBusinessCombination_2">Indemnification asset - business combination.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IndemnificationAssetBusinessCombination" xlink:to="label_IndemnificationAssetBusinessCombination_2" xlink:title="Label : IndemnificationAssetBusinessCombination to label_IndemnificationAssetBusinessCombination_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherNoncurrentReceivables" xlink:label="OtherNoncurrentReceivables" xlink:title="OtherNoncurrentReceivables" />
    <link:label xlink:type="resource" xlink:label="label_OtherNoncurrentReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherNoncurrentReceivables" xml:lang="en-US" id="label_OtherNoncurrentReceivables">Other non-current receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNoncurrentReceivables" xlink:to="label_OtherNoncurrentReceivables" xlink:title="Label : OtherNoncurrentReceivables to label_OtherNoncurrentReceivables" />
    <link:label xlink:type="resource" xlink:label="label_OtherNoncurrentReceivables_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherNoncurrentReceivables_1" xml:lang="en-US" id="label_OtherNoncurrentReceivables_1">Other receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNoncurrentReceivables" xlink:to="label_OtherNoncurrentReceivables_1" xlink:title="Label : OtherNoncurrentReceivables to label_OtherNoncurrentReceivables_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_NoncurrentPrepaidExpenses" xlink:label="NoncurrentPrepaidExpenses" xlink:title="NoncurrentPrepaidExpenses" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentPrepaidExpenses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentPrepaidExpenses" xml:lang="en-US" id="label_NoncurrentPrepaidExpenses">Non-current prepaid expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentPrepaidExpenses" xlink:to="label_NoncurrentPrepaidExpenses" xlink:title="Label : NoncurrentPrepaidExpenses to label_NoncurrentPrepaidExpenses" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentPrepaidExpenses_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_NoncurrentPrepaidExpenses_1" xml:lang="en-US" id="label_NoncurrentPrepaidExpenses_1">Prepaid expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentPrepaidExpenses" xlink:to="label_NoncurrentPrepaidExpenses_1" xlink:title="Label : NoncurrentPrepaidExpenses to label_NoncurrentPrepaidExpenses_1" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentPrepaidExpenses_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncurrentPrepaidExpenses_2" xml:lang="en-US" id="label_NoncurrentPrepaidExpenses_2">Non-current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentPrepaidExpenses" xlink:to="label_NoncurrentPrepaidExpenses_2" xlink:title="Label : NoncurrentPrepaidExpenses to label_NoncurrentPrepaidExpenses_2" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentPrepaidExpenses_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NoncurrentPrepaidExpenses_3" xml:lang="en-US" id="label_NoncurrentPrepaidExpenses_3">The amount recognised as a Non-current asset for expenditures made prior to the period when the economic benefit will be realised.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentPrepaidExpenses" xlink:to="label_NoncurrentPrepaidExpenses_3" xlink:title="Label : NoncurrentPrepaidExpenses to label_NoncurrentPrepaidExpenses_3" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_NonCurrentContractualAssetsWithCustomersExclusiveRights" xlink:label="NonCurrentContractualAssetsWithCustomersExclusiveRights" xlink:title="NonCurrentContractualAssetsWithCustomersExclusiveRights" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentContractualAssetsWithCustomersExclusiveRights" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NonCurrentContractualAssetsWithCustomersExclusiveRights" xml:lang="en-US" id="label_NonCurrentContractualAssetsWithCustomersExclusiveRights">Non-current contractual assets with customers - exclusive rights</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentContractualAssetsWithCustomersExclusiveRights" xlink:to="label_NonCurrentContractualAssetsWithCustomersExclusiveRights" xlink:title="Label : NonCurrentContractualAssetsWithCustomersExclusiveRights to label_NonCurrentContractualAssetsWithCustomersExclusiveRights" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentContractualAssetsWithCustomersExclusiveRights_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NonCurrentContractualAssetsWithCustomersExclusiveRights_1" xml:lang="en-US" id="label_NonCurrentContractualAssetsWithCustomersExclusiveRights_1">Contractual assets with customers - exclusive rights</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentContractualAssetsWithCustomersExclusiveRights" xlink:to="label_NonCurrentContractualAssetsWithCustomersExclusiveRights_1" xlink:title="Label : NonCurrentContractualAssetsWithCustomersExclusiveRights to label_NonCurrentContractualAssetsWithCustomersExclusiveRights_1" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentContractualAssetsWithCustomersExclusiveRights_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NonCurrentContractualAssetsWithCustomersExclusiveRights_2" xml:lang="en-US" id="label_NonCurrentContractualAssetsWithCustomersExclusiveRights_2">The amount of non-current contractual assets with customers - exclusive rights.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentContractualAssetsWithCustomersExclusiveRights" xlink:to="label_NonCurrentContractualAssetsWithCustomersExclusiveRights_2" xlink:title="Label : NonCurrentContractualAssetsWithCustomersExclusiveRights to label_NonCurrentContractualAssetsWithCustomersExclusiveRights_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LongTermAssets" xlink:label="LongTermAssets" xlink:title="LongTermAssets" />
    <link:label xlink:type="resource" xlink:label="label_LongTermAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LongTermAssets" xml:lang="en-US" id="label_LongTermAssets">Total long term assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongTermAssets" xlink:to="label_LongTermAssets" xlink:title="Label : LongTermAssets to label_LongTermAssets" />
    <link:label xlink:type="resource" xlink:label="label_LongTermAssets_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_LongTermAssets_1" xml:lang="en-US" id="label_LongTermAssets_1">Total long term assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongTermAssets" xlink:to="label_LongTermAssets_1" xlink:title="Label : LongTermAssets to label_LongTermAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_LongTermAssets_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LongTermAssets_2" xml:lang="en-US" id="label_LongTermAssets_2">Total amount of long term assets. An entity shall disclose the amount expected to be recovered or settled after more than twelve months for each asset and liability line item that combines amounts expected to be recovered or settled (IAS 1.61).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongTermAssets" xlink:to="label_LongTermAssets_2" xlink:title="Label : LongTermAssets to label_LongTermAssets_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_InvestmentAbstract" xlink:label="InvestmentAbstract" xlink:title="InvestmentAbstract" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InvestmentAbstract" xml:lang="en-US" id="label_InvestmentAbstract">Investment [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentAbstract" xlink:to="label_InvestmentAbstract" xlink:title="Label : InvestmentAbstract to label_InvestmentAbstract" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InvestmentAbstract_1" xml:lang="en-US" id="label_InvestmentAbstract_1">Investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentAbstract" xlink:to="label_InvestmentAbstract_1" xlink:title="Label : InvestmentAbstract to label_InvestmentAbstract_1" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentAbstract_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InvestmentAbstract_2" xml:lang="en-US" id="label_InvestmentAbstract_2">Investment [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentAbstract" xlink:to="label_InvestmentAbstract_2" xlink:title="Label : InvestmentAbstract to label_InvestmentAbstract_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_InvestmentsInJointVentures" xlink:label="InvestmentsInJointVentures" xlink:title="InvestmentsInJointVentures" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsInJointVentures" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_InvestmentsInJointVentures" xml:lang="en-US" id="label_InvestmentsInJointVentures">Joint ventures, ending</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInJointVentures" xlink:to="label_InvestmentsInJointVentures" xlink:title="Label : InvestmentsInJointVentures to label_InvestmentsInJointVentures" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsInJointVentures_1" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_InvestmentsInJointVentures_1" xml:lang="en-US" id="label_InvestmentsInJointVentures_1">Joint ventures, beginning</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInJointVentures" xlink:to="label_InvestmentsInJointVentures_1" xlink:title="Label : InvestmentsInJointVentures to label_InvestmentsInJointVentures_1" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsInJointVentures_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InvestmentsInJointVentures_2" xml:lang="en-US" id="label_InvestmentsInJointVentures_2">In joint ventures</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInJointVentures" xlink:to="label_InvestmentsInJointVentures_2" xlink:title="Label : InvestmentsInJointVentures to label_InvestmentsInJointVentures_2" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsInJointVentures_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InvestmentsInJointVentures_3" xml:lang="en-US" id="label_InvestmentsInJointVentures_3">Investments in joint ventures</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInJointVentures" xlink:to="label_InvestmentsInJointVentures_3" xlink:title="Label : InvestmentsInJointVentures to label_InvestmentsInJointVentures_3" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_InvestmentsInSubsidiariesInAssociates" xlink:label="InvestmentsInSubsidiariesInAssociates" xlink:title="InvestmentsInSubsidiariesInAssociates" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsInSubsidiariesInAssociates" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InvestmentsInSubsidiariesInAssociates" xml:lang="en-US" id="label_InvestmentsInSubsidiariesInAssociates">Investments in subsidiaries in associates</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInSubsidiariesInAssociates" xlink:to="label_InvestmentsInSubsidiariesInAssociates" xlink:title="Label : InvestmentsInSubsidiariesInAssociates to label_InvestmentsInSubsidiariesInAssociates" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsInSubsidiariesInAssociates_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InvestmentsInSubsidiariesInAssociates_1" xml:lang="en-US" id="label_InvestmentsInSubsidiariesInAssociates_1">In associates</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInSubsidiariesInAssociates" xlink:to="label_InvestmentsInSubsidiariesInAssociates_1" xlink:title="Label : InvestmentsInSubsidiariesInAssociates to label_InvestmentsInSubsidiariesInAssociates_1" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsInSubsidiariesInAssociates_2" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_InvestmentsInSubsidiariesInAssociates_2" xml:lang="en-US" id="label_InvestmentsInSubsidiariesInAssociates_2">Associates, beginning</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInSubsidiariesInAssociates" xlink:to="label_InvestmentsInSubsidiariesInAssociates_2" xlink:title="Label : InvestmentsInSubsidiariesInAssociates to label_InvestmentsInSubsidiariesInAssociates_2" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsInSubsidiariesInAssociates_3" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_InvestmentsInSubsidiariesInAssociates_3" xml:lang="en-US" id="label_InvestmentsInSubsidiariesInAssociates_3">Associates, ending</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInSubsidiariesInAssociates" xlink:to="label_InvestmentsInSubsidiariesInAssociates_3" xlink:title="Label : InvestmentsInSubsidiariesInAssociates to label_InvestmentsInSubsidiariesInAssociates_3" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsInSubsidiariesInAssociates_4" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InvestmentsInSubsidiariesInAssociates_4" xml:lang="en-US" id="label_InvestmentsInSubsidiariesInAssociates_4">An entity, including an unincorporated entity such as a partnership, over which the investor has significant influence and that is neither a subsidiary nor an interest in a joint venture.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInSubsidiariesInAssociates" xlink:to="label_InvestmentsInSubsidiariesInAssociates_4" xlink:title="Label : InvestmentsInSubsidiariesInAssociates to label_InvestmentsInSubsidiariesInAssociates_4" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_InvestmentsInSubsidiariesOther" xlink:label="InvestmentsInSubsidiariesOther" xlink:title="InvestmentsInSubsidiariesOther" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsInSubsidiariesOther" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InvestmentsInSubsidiariesOther" xml:lang="en-US" id="label_InvestmentsInSubsidiariesOther">Amount of investments classified as other.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInSubsidiariesOther" xlink:to="label_InvestmentsInSubsidiariesOther" xlink:title="Label : InvestmentsInSubsidiariesOther to label_InvestmentsInSubsidiariesOther" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsInSubsidiariesOther_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InvestmentsInSubsidiariesOther_1" xml:lang="en-US" id="label_InvestmentsInSubsidiariesOther_1">Others</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInSubsidiariesOther" xlink:to="label_InvestmentsInSubsidiariesOther_1" xlink:title="Label : InvestmentsInSubsidiariesOther to label_InvestmentsInSubsidiariesOther_1" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsInSubsidiariesOther_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InvestmentsInSubsidiariesOther_2" xml:lang="en-US" id="label_InvestmentsInSubsidiariesOther_2">Investments in Subsidiaries, Other</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInSubsidiariesOther" xlink:to="label_InvestmentsInSubsidiariesOther_2" xlink:title="Label : InvestmentsInSubsidiariesOther to label_InvestmentsInSubsidiariesOther_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:label="InvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:title="InvestmentsInSubsidiariesJointVenturesAndAssociates" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InvestmentsInSubsidiariesJointVenturesAndAssociates" xml:lang="en-US" id="label_InvestmentsInSubsidiariesJointVenturesAndAssociates">Investments in subsidiaries, joint ventures and associates</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:to="label_InvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:title="Label : InvestmentsInSubsidiariesJointVenturesAndAssociates to label_InvestmentsInSubsidiariesJointVenturesAndAssociates" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_1" xml:lang="en-US" id="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_1">Total investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:to="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_1" xlink:title="Label : InvestmentsInSubsidiariesJointVenturesAndAssociates to label_InvestmentsInSubsidiariesJointVenturesAndAssociates_1" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_2" xml:lang="en-US" id="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_2">Investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:to="label_InvestmentsInSubsidiariesJointVenturesAndAssociates_2" xlink:title="Label : InvestmentsInSubsidiariesJointVenturesAndAssociates to label_InvestmentsInSubsidiariesJointVenturesAndAssociates_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_RightofuseAssets" xlink:label="RightofuseAssets" xlink:title="RightofuseAssets" />
    <link:label xlink:type="resource" xlink:label="label_RightofuseAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RightofuseAssets" xml:lang="en-US" id="label_RightofuseAssets">Right-of-use assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RightofuseAssets" xlink:to="label_RightofuseAssets" xlink:title="Label : RightofuseAssets to label_RightofuseAssets" />
    <link:label xlink:type="resource" xlink:label="label_RightofuseAssets_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RightofuseAssets_1" xml:lang="en-US" id="label_RightofuseAssets_1">Right-of-use assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RightofuseAssets" xlink:to="label_RightofuseAssets_1" xlink:title="Label : RightofuseAssets to label_RightofuseAssets_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_PropertyPlantAndEquipment" xlink:label="PropertyPlantAndEquipment" xlink:title="PropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_PropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PropertyPlantAndEquipment" xml:lang="en-US" id="label_PropertyPlantAndEquipment">Property, plant and equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipment" xlink:to="label_PropertyPlantAndEquipment" xlink:title="Label : PropertyPlantAndEquipment to label_PropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_PropertyPlantAndEquipment_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PropertyPlantAndEquipment_1" xml:lang="en-US" id="label_PropertyPlantAndEquipment_1">Property, plant, and equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipment" xlink:to="label_PropertyPlantAndEquipment_1" xlink:title="Label : PropertyPlantAndEquipment to label_PropertyPlantAndEquipment_1" />
    <link:label xlink:type="resource" xlink:label="label_PropertyPlantAndEquipment_2" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_PropertyPlantAndEquipment_2" xml:lang="en-US" id="label_PropertyPlantAndEquipment_2">Property, plant, and equipment, beginning</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipment" xlink:to="label_PropertyPlantAndEquipment_2" xlink:title="Label : PropertyPlantAndEquipment to label_PropertyPlantAndEquipment_2" />
    <link:label xlink:type="resource" xlink:label="label_PropertyPlantAndEquipment_3" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_PropertyPlantAndEquipment_3" xml:lang="en-US" id="label_PropertyPlantAndEquipment_3">Property, plant, and equipment, ending</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipment" xlink:to="label_PropertyPlantAndEquipment_3" xlink:title="Label : PropertyPlantAndEquipment to label_PropertyPlantAndEquipment_3" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_IntangibleAssetsOtherThanGoodwill" xlink:label="IntangibleAssetsOtherThanGoodwill" xlink:title="IntangibleAssetsOtherThanGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsOtherThanGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IntangibleAssetsOtherThanGoodwill" xml:lang="en-US" id="label_IntangibleAssetsOtherThanGoodwill">Intangible assets other than goodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsOtherThanGoodwill" xlink:to="label_IntangibleAssetsOtherThanGoodwill" xlink:title="Label : IntangibleAssetsOtherThanGoodwill to label_IntangibleAssetsOtherThanGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsOtherThanGoodwill_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IntangibleAssetsOtherThanGoodwill_1" xml:lang="en-US" id="label_IntangibleAssetsOtherThanGoodwill_1">Intangible assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsOtherThanGoodwill" xlink:to="label_IntangibleAssetsOtherThanGoodwill_1" xlink:title="Label : IntangibleAssetsOtherThanGoodwill to label_IntangibleAssetsOtherThanGoodwill_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NoncurrentAssets" xlink:label="NoncurrentAssets" xlink:title="NoncurrentAssets" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncurrentAssets" xml:lang="en-US" id="label_NoncurrentAssets">Non-current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentAssets" xlink:to="label_NoncurrentAssets" xlink:title="Label : NoncurrentAssets to label_NoncurrentAssets" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentAssets_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_NoncurrentAssets_1" xml:lang="en-US" id="label_NoncurrentAssets_1">Total non-current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentAssets" xlink:to="label_NoncurrentAssets_1" xlink:title="Label : NoncurrentAssets to label_NoncurrentAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentAssets_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentAssets_2" xml:lang="en-US" id="label_NoncurrentAssets_2">Non-current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentAssets" xlink:to="label_NoncurrentAssets_2" xlink:title="Label : NoncurrentAssets to label_NoncurrentAssets_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_Assets" xlink:label="Assets" xlink:title="Assets" />
    <link:label xlink:type="resource" xlink:label="label_Assets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Assets" xml:lang="en-US" id="label_Assets">Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Assets" xlink:to="label_Assets" xlink:title="Label : Assets to label_Assets" />
    <link:label xlink:type="resource" xlink:label="label_Assets_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_Assets_1" xml:lang="en-US" id="label_Assets_1">Total assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Assets" xlink:to="label_Assets_1" xlink:title="Label : Assets to label_Assets_1" />
    <link:label xlink:type="resource" xlink:label="label_Assets_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_Assets_2" xml:lang="en-US" id="label_Assets_2">Total assets (excluding intersegment account balances):</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Assets" xlink:to="label_Assets_2" xlink:title="Label : Assets to label_Assets_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentLiabilitiesAbstract" xlink:label="CurrentLiabilitiesAbstract" xlink:title="CurrentLiabilitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CurrentLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentLiabilitiesAbstract" xml:lang="en-US" id="label_CurrentLiabilitiesAbstract">Current liabilities [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLiabilitiesAbstract" xlink:to="label_CurrentLiabilitiesAbstract" xlink:title="Label : CurrentLiabilitiesAbstract to label_CurrentLiabilitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CurrentLiabilitiesAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentLiabilitiesAbstract_1" xml:lang="en-US" id="label_CurrentLiabilitiesAbstract_1">Current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLiabilitiesAbstract" xlink:to="label_CurrentLiabilitiesAbstract_1" xlink:title="Label : CurrentLiabilitiesAbstract to label_CurrentLiabilitiesAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LoansFinancingAndHedgingInstrumentsCurrent" xlink:label="LoansFinancingAndHedgingInstrumentsCurrent" xlink:title="LoansFinancingAndHedgingInstrumentsCurrent" />
    <link:label xlink:type="resource" xlink:label="label_LoansFinancingAndHedgingInstrumentsCurrent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LoansFinancingAndHedgingInstrumentsCurrent" xml:lang="en-US" id="label_LoansFinancingAndHedgingInstrumentsCurrent">Reflects the total carrying amount as of the balance sheet date of loans having initial terms less than one year.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansFinancingAndHedgingInstrumentsCurrent" xlink:to="label_LoansFinancingAndHedgingInstrumentsCurrent" xlink:title="Label : LoansFinancingAndHedgingInstrumentsCurrent to label_LoansFinancingAndHedgingInstrumentsCurrent" />
    <link:label xlink:type="resource" xlink:label="label_LoansFinancingAndHedgingInstrumentsCurrent_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LoansFinancingAndHedgingInstrumentsCurrent_1" xml:lang="en-US" id="label_LoansFinancingAndHedgingInstrumentsCurrent_1">Loans, financing and hedge derivative financial instruments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansFinancingAndHedgingInstrumentsCurrent" xlink:to="label_LoansFinancingAndHedgingInstrumentsCurrent_1" xlink:title="Label : LoansFinancingAndHedgingInstrumentsCurrent to label_LoansFinancingAndHedgingInstrumentsCurrent_1" />
    <link:label xlink:type="resource" xlink:label="label_LoansFinancingAndHedgingInstrumentsCurrent_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LoansFinancingAndHedgingInstrumentsCurrent_2" xml:lang="en-US" id="label_LoansFinancingAndHedgingInstrumentsCurrent_2">Loans, financing and hedging instruments current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansFinancingAndHedgingInstrumentsCurrent" xlink:to="label_LoansFinancingAndHedgingInstrumentsCurrent_2" xlink:title="Label : LoansFinancingAndHedgingInstrumentsCurrent to label_LoansFinancingAndHedgingInstrumentsCurrent_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued" xlink:label="CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued" xlink:title="CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued" />
    <link:label xlink:type="resource" xlink:label="label_CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued" xml:lang="en-US" id="label_CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued">Current notes and debentures issued and current portion of non-current notes and debentures issued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued" xlink:to="label_CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued" xlink:title="Label : CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued to label_CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued" />
    <link:label xlink:type="resource" xlink:label="label_CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued_1" xml:lang="en-US" id="label_CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued_1">Debentures</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued" xlink:to="label_CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued_1" xlink:title="Label : CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued to label_CurrentNotesAndDebenturesIssuedAndCurrentPortionOfNoncurrentNotesAndDebenturesIssued_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CurrentFinanceLeasesLiabilities" xlink:label="CurrentFinanceLeasesLiabilities" xlink:title="CurrentFinanceLeasesLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_CurrentFinanceLeasesLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentFinanceLeasesLiabilities" xml:lang="en-US" id="label_CurrentFinanceLeasesLiabilities">Current Finance Leases Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentFinanceLeasesLiabilities" xlink:to="label_CurrentFinanceLeasesLiabilities" xlink:title="Label : CurrentFinanceLeasesLiabilities to label_CurrentFinanceLeasesLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_CurrentFinanceLeasesLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CurrentFinanceLeasesLiabilities_1" xml:lang="en-US" id="label_CurrentFinanceLeasesLiabilities_1">Finance leases</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentFinanceLeasesLiabilities" xlink:to="label_CurrentFinanceLeasesLiabilities_1" xlink:title="Label : CurrentFinanceLeasesLiabilities to label_CurrentFinanceLeasesLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentFinanceLeasesLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentFinanceLeasesLiabilities_2" xml:lang="en-US" id="label_CurrentFinanceLeasesLiabilities_2">Current finance leases liabilities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentFinanceLeasesLiabilities" xlink:to="label_CurrentFinanceLeasesLiabilities_2" xlink:title="Label : CurrentFinanceLeasesLiabilities to label_CurrentFinanceLeasesLiabilities_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TradeAndOtherCurrentPayables" xlink:label="TradeAndOtherCurrentPayables" xlink:title="TradeAndOtherCurrentPayables" />
    <link:label xlink:type="resource" xlink:label="label_TradeAndOtherCurrentPayables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradeAndOtherCurrentPayables" xml:lang="en-US" id="label_TradeAndOtherCurrentPayables">Trade and other current payables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeAndOtherCurrentPayables" xlink:to="label_TradeAndOtherCurrentPayables" xlink:title="Label : TradeAndOtherCurrentPayables to label_TradeAndOtherCurrentPayables" />
    <link:label xlink:type="resource" xlink:label="label_TradeAndOtherCurrentPayables_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_TradeAndOtherCurrentPayables_1" xml:lang="en-US" id="label_TradeAndOtherCurrentPayables_1">Trade payables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeAndOtherCurrentPayables" xlink:to="label_TradeAndOtherCurrentPayables_1" xlink:title="Label : TradeAndOtherCurrentPayables to label_TradeAndOtherCurrentPayables_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TradeCurrentPayablesReverseFactoring" xlink:label="TradeCurrentPayablesReverseFactoring" xlink:title="TradeCurrentPayablesReverseFactoring" />
    <link:label xlink:type="resource" xlink:label="label_TradeCurrentPayablesReverseFactoring" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TradeCurrentPayablesReverseFactoring" xml:lang="en-US" id="label_TradeCurrentPayablesReverseFactoring">Trade current payables- reverse factoring.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeCurrentPayablesReverseFactoring" xlink:to="label_TradeCurrentPayablesReverseFactoring" xlink:title="Label : TradeCurrentPayablesReverseFactoring to label_TradeCurrentPayablesReverseFactoring" />
    <link:label xlink:type="resource" xlink:label="label_TradeCurrentPayablesReverseFactoring_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_TradeCurrentPayablesReverseFactoring_1" xml:lang="en-US" id="label_TradeCurrentPayablesReverseFactoring_1">Trade payables - reverse factoring</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeCurrentPayablesReverseFactoring" xlink:to="label_TradeCurrentPayablesReverseFactoring_1" xlink:title="Label : TradeCurrentPayablesReverseFactoring to label_TradeCurrentPayablesReverseFactoring_1" />
    <link:label xlink:type="resource" xlink:label="label_TradeCurrentPayablesReverseFactoring_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradeCurrentPayablesReverseFactoring_2" xml:lang="en-US" id="label_TradeCurrentPayablesReverseFactoring_2">Trade current payables reverse factoring</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeCurrentPayablesReverseFactoring" xlink:to="label_TradeCurrentPayablesReverseFactoring_2" xlink:title="Label : TradeCurrentPayablesReverseFactoring to label_TradeCurrentPayablesReverseFactoring_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SalariesAndRelatedCharges" xlink:label="SalariesAndRelatedCharges" xlink:title="SalariesAndRelatedCharges" />
    <link:label xlink:type="resource" xlink:label="label_SalariesAndRelatedCharges" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SalariesAndRelatedCharges" xml:lang="en-US" id="label_SalariesAndRelatedCharges">Salaries and related charges</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SalariesAndRelatedCharges" xlink:to="label_SalariesAndRelatedCharges" xlink:title="Label : SalariesAndRelatedCharges to label_SalariesAndRelatedCharges" />
    <link:label xlink:type="resource" xlink:label="label_SalariesAndRelatedCharges_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SalariesAndRelatedCharges_1" xml:lang="en-US" id="label_SalariesAndRelatedCharges_1">Salaries and related charges</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SalariesAndRelatedCharges" xlink:to="label_SalariesAndRelatedCharges_1" xlink:title="Label : SalariesAndRelatedCharges to label_SalariesAndRelatedCharges_1" />
    <link:label xlink:type="resource" xlink:label="label_SalariesAndRelatedCharges_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SalariesAndRelatedCharges_2" xml:lang="en-US" id="label_SalariesAndRelatedCharges_2">Total of the carrying values as of the balance sheet date of obligations incurred through that date and payable for obligations related to services received from employees, such as accrued salaries and bonuses, payroll taxes and fringe benefits. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SalariesAndRelatedCharges" xlink:to="label_SalariesAndRelatedCharges_2" xlink:title="Label : SalariesAndRelatedCharges to label_SalariesAndRelatedCharges_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentTaxLiabilities" xlink:label="CurrentTaxLiabilities" xlink:title="CurrentTaxLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTaxLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentTaxLiabilities" xml:lang="en-US" id="label_CurrentTaxLiabilities">Current tax liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTaxLiabilities" xlink:to="label_CurrentTaxLiabilities" xlink:title="Label : CurrentTaxLiabilities to label_CurrentTaxLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTaxLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentTaxLiabilities_1" xml:lang="en-US" id="label_CurrentTaxLiabilities_1">Taxes payable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTaxLiabilities" xlink:to="label_CurrentTaxLiabilities_1" xlink:title="Label : CurrentTaxLiabilities to label_CurrentTaxLiabilities_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentDividendPayables" xlink:label="CurrentDividendPayables" xlink:title="CurrentDividendPayables" />
    <link:label xlink:type="resource" xlink:label="label_CurrentDividendPayables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentDividendPayables" xml:lang="en-US" id="label_CurrentDividendPayables">Current dividend payables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentDividendPayables" xlink:to="label_CurrentDividendPayables" xlink:title="Label : CurrentDividendPayables to label_CurrentDividendPayables" />
    <link:label xlink:type="resource" xlink:label="label_CurrentDividendPayables_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentDividendPayables_1" xml:lang="en-US" id="label_CurrentDividendPayables_1">Dividends payable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentDividendPayables" xlink:to="label_CurrentDividendPayables_1" xlink:title="Label : CurrentDividendPayables to label_CurrentDividendPayables_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_PayablesOnSocialSecurityAndTaxesOtherThanIncomeTax" xlink:label="PayablesOnSocialSecurityAndTaxesOtherThanIncomeTax" xlink:title="PayablesOnSocialSecurityAndTaxesOtherThanIncomeTax" />
    <link:label xlink:type="resource" xlink:label="label_PayablesOnSocialSecurityAndTaxesOtherThanIncomeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PayablesOnSocialSecurityAndTaxesOtherThanIncomeTax" xml:lang="en-US" id="label_PayablesOnSocialSecurityAndTaxesOtherThanIncomeTax">Payables on social security and taxes other than income tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PayablesOnSocialSecurityAndTaxesOtherThanIncomeTax" xlink:to="label_PayablesOnSocialSecurityAndTaxesOtherThanIncomeTax" xlink:title="Label : PayablesOnSocialSecurityAndTaxesOtherThanIncomeTax to label_PayablesOnSocialSecurityAndTaxesOtherThanIncomeTax" />
    <link:label xlink:type="resource" xlink:label="label_PayablesOnSocialSecurityAndTaxesOtherThanIncomeTax_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PayablesOnSocialSecurityAndTaxesOtherThanIncomeTax_1" xml:lang="en-US" id="label_PayablesOnSocialSecurityAndTaxesOtherThanIncomeTax_1">Income and social contribution taxes payable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PayablesOnSocialSecurityAndTaxesOtherThanIncomeTax" xlink:to="label_PayablesOnSocialSecurityAndTaxesOtherThanIncomeTax_1" xlink:title="Label : PayablesOnSocialSecurityAndTaxesOtherThanIncomeTax to label_PayablesOnSocialSecurityAndTaxesOtherThanIncomeTax_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentProvisionsForEmployeeBenefits" xlink:label="CurrentProvisionsForEmployeeBenefits" xlink:title="CurrentProvisionsForEmployeeBenefits" />
    <link:label xlink:type="resource" xlink:label="label_CurrentProvisionsForEmployeeBenefits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentProvisionsForEmployeeBenefits" xml:lang="en-US" id="label_CurrentProvisionsForEmployeeBenefits">Current provisions for employee benefits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentProvisionsForEmployeeBenefits" xlink:to="label_CurrentProvisionsForEmployeeBenefits" xlink:title="Label : CurrentProvisionsForEmployeeBenefits to label_CurrentProvisionsForEmployeeBenefits" />
    <link:label xlink:type="resource" xlink:label="label_CurrentProvisionsForEmployeeBenefits_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CurrentProvisionsForEmployeeBenefits_1" xml:lang="en-US" id="label_CurrentProvisionsForEmployeeBenefits_1">Post-employment benefits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentProvisionsForEmployeeBenefits" xlink:to="label_CurrentProvisionsForEmployeeBenefits_1" xlink:title="Label : CurrentProvisionsForEmployeeBenefits to label_CurrentProvisionsForEmployeeBenefits_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentProvisionsForEmployeeBenefits_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentProvisionsForEmployeeBenefits_2" xml:lang="en-US" id="label_CurrentProvisionsForEmployeeBenefits_2">Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentProvisionsForEmployeeBenefits" xlink:to="label_CurrentProvisionsForEmployeeBenefits_2" xlink:title="Label : CurrentProvisionsForEmployeeBenefits to label_CurrentProvisionsForEmployeeBenefits_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CurrentProvisionAssetRetirementObligation" xlink:label="CurrentProvisionAssetRetirementObligation" xlink:title="CurrentProvisionAssetRetirementObligation" />
    <link:label xlink:type="resource" xlink:label="label_CurrentProvisionAssetRetirementObligation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentProvisionAssetRetirementObligation" xml:lang="en-US" id="label_CurrentProvisionAssetRetirementObligation">Current provision asset retirement obligation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentProvisionAssetRetirementObligation" xlink:to="label_CurrentProvisionAssetRetirementObligation" xlink:title="Label : CurrentProvisionAssetRetirementObligation to label_CurrentProvisionAssetRetirementObligation" />
    <link:label xlink:type="resource" xlink:label="label_CurrentProvisionAssetRetirementObligation_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentProvisionAssetRetirementObligation_1" xml:lang="en-US" id="label_CurrentProvisionAssetRetirementObligation_1">Provision for asset retirement obligation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentProvisionAssetRetirementObligation" xlink:to="label_CurrentProvisionAssetRetirementObligation_1" xlink:title="Label : CurrentProvisionAssetRetirementObligation to label_CurrentProvisionAssetRetirementObligation_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentProvisionAssetRetirementObligation_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentProvisionAssetRetirementObligation_2" xml:lang="en-US" id="label_CurrentProvisionAssetRetirementObligation_2">Provision for legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development and/or the normal operation of such assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentProvisionAssetRetirementObligation" xlink:to="label_CurrentProvisionAssetRetirementObligation_2" xlink:title="Label : CurrentProvisionAssetRetirementObligation to label_CurrentProvisionAssetRetirementObligation_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentProvisions" xlink:label="CurrentProvisions" xlink:title="CurrentProvisions" />
    <link:label xlink:type="resource" xlink:label="label_CurrentProvisions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentProvisions" xml:lang="en-US" id="label_CurrentProvisions">Current provisions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentProvisions" xlink:to="label_CurrentProvisions" xlink:title="Label : CurrentProvisions to label_CurrentProvisions" />
    <link:label xlink:type="resource" xlink:label="label_CurrentProvisions_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentProvisions_1" xml:lang="en-US" id="label_CurrentProvisions_1">Provision for tax, civil, and labor risks</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentProvisions" xlink:to="label_CurrentProvisions_1" xlink:title="Label : CurrentProvisions to label_CurrentProvisions_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CustomersAndThirdPartiesPayables" xlink:label="CustomersAndThirdPartiesPayables" xlink:title="CustomersAndThirdPartiesPayables" />
    <link:label xlink:type="resource" xlink:label="label_CustomersAndThirdPartiesPayables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CustomersAndThirdPartiesPayables" xml:lang="en-US" id="label_CustomersAndThirdPartiesPayables">Payables - customers and third parties' indemnification</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomersAndThirdPartiesPayables" xlink:to="label_CustomersAndThirdPartiesPayables" xlink:title="Label : CustomersAndThirdPartiesPayables to label_CustomersAndThirdPartiesPayables" />
    <link:label xlink:type="resource" xlink:label="label_CustomersAndThirdPartiesPayables_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CustomersAndThirdPartiesPayables_1" xml:lang="en-US" id="label_CustomersAndThirdPartiesPayables_1">Trade payables - customers and third parties' indemnification</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomersAndThirdPartiesPayables" xlink:to="label_CustomersAndThirdPartiesPayables_1" xlink:title="Label : CustomersAndThirdPartiesPayables to label_CustomersAndThirdPartiesPayables_1" />
    <link:label xlink:type="resource" xlink:label="label_CustomersAndThirdPartiesPayables_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CustomersAndThirdPartiesPayables_2" xml:lang="en-US" id="label_CustomersAndThirdPartiesPayables_2">Indeminites to customers and third parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomersAndThirdPartiesPayables" xlink:to="label_CustomersAndThirdPartiesPayables_2" xlink:title="Label : CustomersAndThirdPartiesPayables to label_CustomersAndThirdPartiesPayables_2" />
    <link:label xlink:type="resource" xlink:label="label_CustomersAndThirdPartiesPayables_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CustomersAndThirdPartiesPayables_3" xml:lang="en-US" id="label_CustomersAndThirdPartiesPayables_3">The amount to be paid due to the Ultracargo incident.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CustomersAndThirdPartiesPayables" xlink:to="label_CustomersAndThirdPartiesPayables_3" xlink:title="Label : CustomersAndThirdPartiesPayables to label_CustomersAndThirdPartiesPayables_3" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentLeaseLiabilities" xlink:label="CurrentLeaseLiabilities" xlink:title="CurrentLeaseLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_CurrentLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentLeaseLiabilities" xml:lang="en-US" id="label_CurrentLeaseLiabilities">Current lease liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLeaseLiabilities" xlink:to="label_CurrentLeaseLiabilities" xlink:title="Label : CurrentLeaseLiabilities to label_CurrentLeaseLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_CurrentLeaseLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentLeaseLiabilities_1" xml:lang="en-US" id="label_CurrentLeaseLiabilities_1">Leases payable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLeaseLiabilities" xlink:to="label_CurrentLeaseLiabilities_1" xlink:title="Label : CurrentLeaseLiabilities to label_CurrentLeaseLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentLeaseLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CurrentLeaseLiabilities_2" xml:lang="en-US" id="label_CurrentLeaseLiabilities_2">Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLeaseLiabilities" xlink:to="label_CurrentLeaseLiabilities_2" xlink:title="Label : CurrentLeaseLiabilities to label_CurrentLeaseLiabilities_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherCurrentPayables" xlink:label="OtherCurrentPayables" xlink:title="OtherCurrentPayables" />
    <link:label xlink:type="resource" xlink:label="label_OtherCurrentPayables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherCurrentPayables" xml:lang="en-US" id="label_OtherCurrentPayables">Other current payables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCurrentPayables" xlink:to="label_OtherCurrentPayables" xlink:title="Label : OtherCurrentPayables to label_OtherCurrentPayables" />
    <link:label xlink:type="resource" xlink:label="label_OtherCurrentPayables_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherCurrentPayables_1" xml:lang="en-US" id="label_OtherCurrentPayables_1">Other payables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCurrentPayables" xlink:to="label_OtherCurrentPayables_1" xlink:title="Label : OtherCurrentPayables to label_OtherCurrentPayables_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DeferredIncomeCurrent" xlink:label="DeferredIncomeCurrent" xlink:title="DeferredIncomeCurrent" />
    <link:label xlink:type="resource" xlink:label="label_DeferredIncomeCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredIncomeCurrent" xml:lang="en-US" id="label_DeferredIncomeCurrent">Deferred income current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredIncomeCurrent" xlink:to="label_DeferredIncomeCurrent" xlink:title="Label : DeferredIncomeCurrent to label_DeferredIncomeCurrent" />
    <link:label xlink:type="resource" xlink:label="label_DeferredIncomeCurrent_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_DeferredIncomeCurrent_1" xml:lang="en-US" id="label_DeferredIncomeCurrent_1">Deferred revenue</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredIncomeCurrent" xlink:to="label_DeferredIncomeCurrent_1" xlink:title="Label : DeferredIncomeCurrent to label_DeferredIncomeCurrent_1" />
    <link:label xlink:type="resource" xlink:label="label_DeferredIncomeCurrent_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DeferredIncomeCurrent_2" xml:lang="en-US" id="label_DeferredIncomeCurrent_2">Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredIncomeCurrent" xlink:to="label_DeferredIncomeCurrent_2" xlink:title="Label : DeferredIncomeCurrent to label_DeferredIncomeCurrent_2" />
    <link:label xlink:type="resource" xlink:label="label_DeferredIncomeCurrent_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DeferredIncomeCurrent_3" xml:lang="en-US" id="label_DeferredIncomeCurrent_3">The amount of short-term liability representing income that has been received but is not yet earned. [Refer: Revenue]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredIncomeCurrent" xlink:to="label_DeferredIncomeCurrent_3" xlink:title="Label : DeferredIncomeCurrent to label_DeferredIncomeCurrent_3" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentLiabilities" xlink:label="CurrentLiabilities" xlink:title="CurrentLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_CurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentLiabilities" xml:lang="en-US" id="label_CurrentLiabilities">Current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLiabilities" xlink:to="label_CurrentLiabilities" xlink:title="Label : CurrentLiabilities to label_CurrentLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_CurrentLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_CurrentLiabilities_1" xml:lang="en-US" id="label_CurrentLiabilities_1">Total current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLiabilities" xlink:to="label_CurrentLiabilities_1" xlink:title="Label : CurrentLiabilities to label_CurrentLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentLiabilities_2" xml:lang="en-US" id="label_CurrentLiabilities_2">Current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLiabilities" xlink:to="label_CurrentLiabilities_2" xlink:title="Label : CurrentLiabilities to label_CurrentLiabilities_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NoncurrentLiabilitiesAbstract" xlink:label="NoncurrentLiabilitiesAbstract" xlink:title="NoncurrentLiabilitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentLiabilitiesAbstract" xml:lang="en-US" id="label_NoncurrentLiabilitiesAbstract">Non-current liabilities [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentLiabilitiesAbstract" xlink:to="label_NoncurrentLiabilitiesAbstract" xlink:title="Label : NoncurrentLiabilitiesAbstract to label_NoncurrentLiabilitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentLiabilitiesAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncurrentLiabilitiesAbstract_1" xml:lang="en-US" id="label_NoncurrentLiabilitiesAbstract_1">Non-current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentLiabilitiesAbstract" xlink:to="label_NoncurrentLiabilitiesAbstract_1" xlink:title="Label : NoncurrentLiabilitiesAbstract to label_NoncurrentLiabilitiesAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LoansFinancingAndHedgingInstrumentsNonCurrent" xlink:label="LoansFinancingAndHedgingInstrumentsNonCurrent" xlink:title="LoansFinancingAndHedgingInstrumentsNonCurrent" />
    <link:label xlink:type="resource" xlink:label="label_LoansFinancingAndHedgingInstrumentsNonCurrent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LoansFinancingAndHedgingInstrumentsNonCurrent" xml:lang="en-US" id="label_LoansFinancingAndHedgingInstrumentsNonCurrent">Reflects the total carrying amount as of the balance sheet date of loans having terms more than one year.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansFinancingAndHedgingInstrumentsNonCurrent" xlink:to="label_LoansFinancingAndHedgingInstrumentsNonCurrent" xlink:title="Label : LoansFinancingAndHedgingInstrumentsNonCurrent to label_LoansFinancingAndHedgingInstrumentsNonCurrent" />
    <link:label xlink:type="resource" xlink:label="label_LoansFinancingAndHedgingInstrumentsNonCurrent_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LoansFinancingAndHedgingInstrumentsNonCurrent_1" xml:lang="en-US" id="label_LoansFinancingAndHedgingInstrumentsNonCurrent_1">Loans, financing and hedge derivative financial instruments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansFinancingAndHedgingInstrumentsNonCurrent" xlink:to="label_LoansFinancingAndHedgingInstrumentsNonCurrent_1" xlink:title="Label : LoansFinancingAndHedgingInstrumentsNonCurrent to label_LoansFinancingAndHedgingInstrumentsNonCurrent_1" />
    <link:label xlink:type="resource" xlink:label="label_LoansFinancingAndHedgingInstrumentsNonCurrent_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LoansFinancingAndHedgingInstrumentsNonCurrent_2" xml:lang="en-US" id="label_LoansFinancingAndHedgingInstrumentsNonCurrent_2">Loans, financing and hedging instruments non current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansFinancingAndHedgingInstrumentsNonCurrent" xlink:to="label_LoansFinancingAndHedgingInstrumentsNonCurrent_2" xlink:title="Label : LoansFinancingAndHedgingInstrumentsNonCurrent to label_LoansFinancingAndHedgingInstrumentsNonCurrent_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DebtSecurities" xlink:label="DebtSecurities" xlink:title="DebtSecurities" />
    <link:label xlink:type="resource" xlink:label="label_DebtSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebtSecurities" xml:lang="en-US" id="label_DebtSecurities">Debt instruments issued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtSecurities" xlink:to="label_DebtSecurities" xlink:title="Label : DebtSecurities to label_DebtSecurities" />
    <link:label xlink:type="resource" xlink:label="label_DebtSecurities_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DebtSecurities_1" xml:lang="en-US" id="label_DebtSecurities_1">Debentures</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtSecurities" xlink:to="label_DebtSecurities_1" xlink:title="Label : DebtSecurities to label_DebtSecurities_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_NoncurrentFinanceLeasesLiabilities" xlink:label="NoncurrentFinanceLeasesLiabilities" xlink:title="NoncurrentFinanceLeasesLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentFinanceLeasesLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentFinanceLeasesLiabilities" xml:lang="en-US" id="label_NoncurrentFinanceLeasesLiabilities">Noncurrent Finance Leases Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentFinanceLeasesLiabilities" xlink:to="label_NoncurrentFinanceLeasesLiabilities" xlink:title="Label : NoncurrentFinanceLeasesLiabilities to label_NoncurrentFinanceLeasesLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentFinanceLeasesLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncurrentFinanceLeasesLiabilities_1" xml:lang="en-US" id="label_NoncurrentFinanceLeasesLiabilities_1">Finance leases</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentFinanceLeasesLiabilities" xlink:to="label_NoncurrentFinanceLeasesLiabilities_1" xlink:title="Label : NoncurrentFinanceLeasesLiabilities to label_NoncurrentFinanceLeasesLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentFinanceLeasesLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NoncurrentFinanceLeasesLiabilities_2" xml:lang="en-US" id="label_NoncurrentFinanceLeasesLiabilities_2">Non-current finance leases liabilities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentFinanceLeasesLiabilities" xlink:to="label_NoncurrentFinanceLeasesLiabilities_2" xlink:title="Label : NoncurrentFinanceLeasesLiabilities to label_NoncurrentFinanceLeasesLiabilities_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NoncurrentPayablesToRelatedParties" xlink:label="NoncurrentPayablesToRelatedParties" xlink:title="NoncurrentPayablesToRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentPayablesToRelatedParties" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentPayablesToRelatedParties" xml:lang="en-US" id="label_NoncurrentPayablesToRelatedParties">Non-current payables to related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentPayablesToRelatedParties" xlink:to="label_NoncurrentPayablesToRelatedParties" xlink:title="Label : NoncurrentPayablesToRelatedParties to label_NoncurrentPayablesToRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentPayablesToRelatedParties_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncurrentPayablesToRelatedParties_1" xml:lang="en-US" id="label_NoncurrentPayablesToRelatedParties_1">Related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentPayablesToRelatedParties" xlink:to="label_NoncurrentPayablesToRelatedParties_1" xlink:title="Label : NoncurrentPayablesToRelatedParties to label_NoncurrentPayablesToRelatedParties_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DeferredTaxLiabilities" xlink:label="DeferredTaxLiabilities" xlink:title="DeferredTaxLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredTaxLiabilities" xml:lang="en-US" id="label_DeferredTaxLiabilities">Deferred tax liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxLiabilities" xlink:to="label_DeferredTaxLiabilities" xlink:title="Label : DeferredTaxLiabilities to label_DeferredTaxLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DeferredTaxLiabilities_1" xml:lang="en-US" id="label_DeferredTaxLiabilities_1">Deferred income and social contribution taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxLiabilities" xlink:to="label_DeferredTaxLiabilities_1" xlink:title="Label : DeferredTaxLiabilities to label_DeferredTaxLiabilities_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NoncurrentProvisionsForEmployeeBenefits" xlink:label="NoncurrentProvisionsForEmployeeBenefits" xlink:title="NoncurrentProvisionsForEmployeeBenefits" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentProvisionsForEmployeeBenefits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentProvisionsForEmployeeBenefits" xml:lang="en-US" id="label_NoncurrentProvisionsForEmployeeBenefits">Non-current provisions for employee benefits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentProvisionsForEmployeeBenefits" xlink:to="label_NoncurrentProvisionsForEmployeeBenefits" xlink:title="Label : NoncurrentProvisionsForEmployeeBenefits to label_NoncurrentProvisionsForEmployeeBenefits" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentProvisionsForEmployeeBenefits_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_NoncurrentProvisionsForEmployeeBenefits_1" xml:lang="en-US" id="label_NoncurrentProvisionsForEmployeeBenefits_1">Post-employment benefits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentProvisionsForEmployeeBenefits" xlink:to="label_NoncurrentProvisionsForEmployeeBenefits_1" xlink:title="Label : NoncurrentProvisionsForEmployeeBenefits to label_NoncurrentProvisionsForEmployeeBenefits_1" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentProvisionsForEmployeeBenefits_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncurrentProvisionsForEmployeeBenefits_2" xml:lang="en-US" id="label_NoncurrentProvisionsForEmployeeBenefits_2">Non-current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentProvisionsForEmployeeBenefits" xlink:to="label_NoncurrentProvisionsForEmployeeBenefits_2" xlink:title="Label : NoncurrentProvisionsForEmployeeBenefits to label_NoncurrentProvisionsForEmployeeBenefits_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ProvisionForAssetRetirementObligation" xlink:label="ProvisionForAssetRetirementObligation" xlink:title="ProvisionForAssetRetirementObligation" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForAssetRetirementObligation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProvisionForAssetRetirementObligation" xml:lang="en-US" id="label_ProvisionForAssetRetirementObligation">Provision for asset retirement obligation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForAssetRetirementObligation" xlink:to="label_ProvisionForAssetRetirementObligation" xlink:title="Label : ProvisionForAssetRetirementObligation to label_ProvisionForAssetRetirementObligation" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForAssetRetirementObligation_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProvisionForAssetRetirementObligation_1" xml:lang="en-US" id="label_ProvisionForAssetRetirementObligation_1">Provision for asset retirement obligation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForAssetRetirementObligation" xlink:to="label_ProvisionForAssetRetirementObligation_1" xlink:title="Label : ProvisionForAssetRetirementObligation to label_ProvisionForAssetRetirementObligation_1" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForAssetRetirementObligation_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProvisionForAssetRetirementObligation_2" xml:lang="en-US" id="label_ProvisionForAssetRetirementObligation_2">Provision for legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development and/or the normal operation of such assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForAssetRetirementObligation" xlink:to="label_ProvisionForAssetRetirementObligation_2" xlink:title="Label : ProvisionForAssetRetirementObligation to label_ProvisionForAssetRetirementObligation_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LongtermLegalProceedingsProvision" xlink:label="LongtermLegalProceedingsProvision" xlink:title="LongtermLegalProceedingsProvision" />
    <link:label xlink:type="resource" xlink:label="label_LongtermLegalProceedingsProvision" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LongtermLegalProceedingsProvision" xml:lang="en-US" id="label_LongtermLegalProceedingsProvision">Non-current legal proceedings provision</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongtermLegalProceedingsProvision" xlink:to="label_LongtermLegalProceedingsProvision" xlink:title="Label : LongtermLegalProceedingsProvision to label_LongtermLegalProceedingsProvision" />
    <link:label xlink:type="resource" xlink:label="label_LongtermLegalProceedingsProvision_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LongtermLegalProceedingsProvision_1" xml:lang="en-US" id="label_LongtermLegalProceedingsProvision_1">Provision for tax, civil, and labor risks</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongtermLegalProceedingsProvision" xlink:to="label_LongtermLegalProceedingsProvision_1" xlink:title="Label : LongtermLegalProceedingsProvision to label_LongtermLegalProceedingsProvision_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DeferredIncomeNoncurrent" xlink:label="DeferredIncomeNoncurrent" xlink:title="DeferredIncomeNoncurrent" />
    <link:label xlink:type="resource" xlink:label="label_DeferredIncomeNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredIncomeNoncurrent" xml:lang="en-US" id="label_DeferredIncomeNoncurrent">Deferred income non current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredIncomeNoncurrent" xlink:to="label_DeferredIncomeNoncurrent" xlink:title="Label : DeferredIncomeNoncurrent to label_DeferredIncomeNoncurrent" />
    <link:label xlink:type="resource" xlink:label="label_DeferredIncomeNoncurrent_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DeferredIncomeNoncurrent_1" xml:lang="en-US" id="label_DeferredIncomeNoncurrent_1">Deferred revenue</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredIncomeNoncurrent" xlink:to="label_DeferredIncomeNoncurrent_1" xlink:title="Label : DeferredIncomeNoncurrent to label_DeferredIncomeNoncurrent_1" />
    <link:label xlink:type="resource" xlink:label="label_DeferredIncomeNoncurrent_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_DeferredIncomeNoncurrent_2" xml:lang="en-US" id="label_DeferredIncomeNoncurrent_2">Non-current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredIncomeNoncurrent" xlink:to="label_DeferredIncomeNoncurrent_2" xlink:title="Label : DeferredIncomeNoncurrent to label_DeferredIncomeNoncurrent_2" />
    <link:label xlink:type="resource" xlink:label="label_DeferredIncomeNoncurrent_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DeferredIncomeNoncurrent_3" xml:lang="en-US" id="label_DeferredIncomeNoncurrent_3">The amount of long-term liability representing income that has been received but is not yet earned. [Refer: Revenue]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredIncomeNoncurrent" xlink:to="label_DeferredIncomeNoncurrent_3" xlink:title="Label : DeferredIncomeNoncurrent to label_DeferredIncomeNoncurrent_3" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SubscriptionWarrants" xlink:label="SubscriptionWarrants" xlink:title="SubscriptionWarrants" />
    <link:label xlink:type="resource" xlink:label="label_SubscriptionWarrants" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SubscriptionWarrants" xml:lang="en-US" id="label_SubscriptionWarrants">Subscription warrants</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubscriptionWarrants" xlink:to="label_SubscriptionWarrants" xlink:title="Label : SubscriptionWarrants to label_SubscriptionWarrants" />
    <link:label xlink:type="resource" xlink:label="label_SubscriptionWarrants_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SubscriptionWarrants_1" xml:lang="en-US" id="label_SubscriptionWarrants_1">Subscription warrants - indemnification</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubscriptionWarrants" xlink:to="label_SubscriptionWarrants_1" xlink:title="Label : SubscriptionWarrants to label_SubscriptionWarrants_1" />
    <link:label xlink:type="resource" xlink:label="label_SubscriptionWarrants_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SubscriptionWarrants_2" xml:lang="en-US" id="label_SubscriptionWarrants_2">Because of the association between the Company and Extrafarma on January 31, 2014, 7 subscription warrants indemnification were issued. The subscription warrants indemnification may be exercised beginning 2020 by the former shareholders of Extrafarma</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubscriptionWarrants" xlink:to="label_SubscriptionWarrants_2" xlink:title="Label : SubscriptionWarrants to label_SubscriptionWarrants_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherNoncurrentPayables" xlink:label="OtherNoncurrentPayables" xlink:title="OtherNoncurrentPayables" />
    <link:label xlink:type="resource" xlink:label="label_OtherNoncurrentPayables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherNoncurrentPayables" xml:lang="en-US" id="label_OtherNoncurrentPayables">Other non-current payables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNoncurrentPayables" xlink:to="label_OtherNoncurrentPayables" xlink:title="Label : OtherNoncurrentPayables to label_OtherNoncurrentPayables" />
    <link:label xlink:type="resource" xlink:label="label_OtherNoncurrentPayables_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_OtherNoncurrentPayables_1" xml:lang="en-US" id="label_OtherNoncurrentPayables_1">Other payables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNoncurrentPayables" xlink:to="label_OtherNoncurrentPayables_1" xlink:title="Label : OtherNoncurrentPayables to label_OtherNoncurrentPayables_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NoncurrentLiabilities" xlink:label="NoncurrentLiabilities" xlink:title="NoncurrentLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncurrentLiabilities" xml:lang="en-US" id="label_NoncurrentLiabilities">Non-current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentLiabilities" xlink:to="label_NoncurrentLiabilities" xlink:title="Label : NoncurrentLiabilities to label_NoncurrentLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_NoncurrentLiabilities_1" xml:lang="en-US" id="label_NoncurrentLiabilities_1">Total non-current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentLiabilities" xlink:to="label_NoncurrentLiabilities_1" xlink:title="Label : NoncurrentLiabilities to label_NoncurrentLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentLiabilities_2" xml:lang="en-US" id="label_NoncurrentLiabilities_2">Non-current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentLiabilities" xlink:to="label_NoncurrentLiabilities_2" xlink:title="Label : NoncurrentLiabilities to label_NoncurrentLiabilities_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_EquityAbstract" xlink:label="EquityAbstract" xlink:title="EquityAbstract" />
    <link:label xlink:type="resource" xlink:label="label_EquityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EquityAbstract" xml:lang="en-US" id="label_EquityAbstract">Equity [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityAbstract" xlink:to="label_EquityAbstract" xlink:title="Label : EquityAbstract to label_EquityAbstract" />
    <link:label xlink:type="resource" xlink:label="label_EquityAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EquityAbstract_1" xml:lang="en-US" id="label_EquityAbstract_1">Equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityAbstract" xlink:to="label_EquityAbstract_1" xlink:title="Label : EquityAbstract to label_EquityAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_IssuedCapital" xlink:label="IssuedCapital" xlink:title="IssuedCapital" />
    <link:label xlink:type="resource" xlink:label="label_IssuedCapital" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IssuedCapital" xml:lang="en-US" id="label_IssuedCapital">Issued capital</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IssuedCapital" xlink:to="label_IssuedCapital" xlink:title="Label : IssuedCapital to label_IssuedCapital" />
    <link:label xlink:type="resource" xlink:label="label_IssuedCapital_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IssuedCapital_1" xml:lang="en-US" id="label_IssuedCapital_1">Share capital</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IssuedCapital" xlink:to="label_IssuedCapital_1" xlink:title="Label : IssuedCapital to label_IssuedCapital_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_EquityInstruments" xlink:label="EquityInstruments" xlink:title="EquityInstruments" />
    <link:label xlink:type="resource" xlink:label="label_EquityInstruments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EquityInstruments" xml:lang="en-US" id="label_EquityInstruments">Equity Instruments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityInstruments" xlink:to="label_EquityInstruments" xlink:title="Label : EquityInstruments to label_EquityInstruments" />
    <link:label xlink:type="resource" xlink:label="label_EquityInstruments_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EquityInstruments_1" xml:lang="en-US" id="label_EquityInstruments_1">Equity instrument granted</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityInstruments" xlink:to="label_EquityInstruments_1" xlink:title="Label : EquityInstruments to label_EquityInstruments_1" />
    <link:label xlink:type="resource" xlink:label="label_EquityInstruments_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EquityInstruments_2" xml:lang="en-US" id="label_EquityInstruments_2">Equity instrument granted.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityInstruments" xlink:to="label_EquityInstruments_2" xlink:title="Label : EquityInstruments to label_EquityInstruments_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CapitalReserve" xlink:label="CapitalReserve" xlink:title="CapitalReserve" />
    <link:label xlink:type="resource" xlink:label="label_CapitalReserve" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CapitalReserve" xml:lang="en-US" id="label_CapitalReserve">Capital reserve</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalReserve" xlink:to="label_CapitalReserve" xlink:title="Label : CapitalReserve to label_CapitalReserve" />
    <link:label xlink:type="resource" xlink:label="label_CapitalReserve_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CapitalReserve_1" xml:lang="en-US" id="label_CapitalReserve_1">Capital reserve</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalReserve" xlink:to="label_CapitalReserve_1" xlink:title="Label : CapitalReserve to label_CapitalReserve_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TreasuryShares" xlink:label="TreasuryShares" xlink:title="TreasuryShares" />
    <link:label xlink:type="resource" xlink:label="label_TreasuryShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TreasuryShares" xml:lang="en-US" id="label_TreasuryShares">Treasury shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TreasuryShares" xlink:to="label_TreasuryShares" xlink:title="Label : TreasuryShares to label_TreasuryShares" />
    <link:label xlink:type="resource" xlink:label="label_TreasuryShares_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_TreasuryShares_1" xml:lang="en-US" id="label_TreasuryShares_1">Treasury shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TreasuryShares" xlink:to="label_TreasuryShares_1" xlink:title="Label : TreasuryShares to label_TreasuryShares_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherReserves" xlink:label="OtherReserves" xlink:title="OtherReserves" />
    <link:label xlink:type="resource" xlink:label="label_OtherReserves" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherReserves" xml:lang="en-US" id="label_OtherReserves">Other reserves</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherReserves" xlink:to="label_OtherReserves" xlink:title="Label : OtherReserves to label_OtherReserves" />
    <link:label xlink:type="resource" xlink:label="label_OtherReserves_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherReserves_1" xml:lang="en-US" id="label_OtherReserves_1">Revaluation reserve on subsidiaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherReserves" xlink:to="label_OtherReserves_1" xlink:title="Label : OtherReserves to label_OtherReserves_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ReserveOfDiscretionaryParticipationFeatures" xlink:label="ReserveOfDiscretionaryParticipationFeatures" xlink:title="ReserveOfDiscretionaryParticipationFeatures" />
    <link:label xlink:type="resource" xlink:label="label_ReserveOfDiscretionaryParticipationFeatures" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReserveOfDiscretionaryParticipationFeatures" xml:lang="en-US" id="label_ReserveOfDiscretionaryParticipationFeatures">Reserve of discretionary participation features</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReserveOfDiscretionaryParticipationFeatures" xlink:to="label_ReserveOfDiscretionaryParticipationFeatures" xlink:title="Label : ReserveOfDiscretionaryParticipationFeatures to label_ReserveOfDiscretionaryParticipationFeatures" />
    <link:label xlink:type="resource" xlink:label="label_ReserveOfDiscretionaryParticipationFeatures_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ReserveOfDiscretionaryParticipationFeatures_1" xml:lang="en-US" id="label_ReserveOfDiscretionaryParticipationFeatures_1">Profit reserves</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReserveOfDiscretionaryParticipationFeatures" xlink:to="label_ReserveOfDiscretionaryParticipationFeatures_1" xlink:title="Label : ReserveOfDiscretionaryParticipationFeatures to label_ReserveOfDiscretionaryParticipationFeatures_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_EquityValuationAdjustments" xlink:label="EquityValuationAdjustments" xlink:title="EquityValuationAdjustments" />
    <link:label xlink:type="resource" xlink:label="label_EquityValuationAdjustments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EquityValuationAdjustments" xml:lang="en-US" id="label_EquityValuationAdjustments">Valuation adjustments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityValuationAdjustments" xlink:to="label_EquityValuationAdjustments" xlink:title="Label : EquityValuationAdjustments to label_EquityValuationAdjustments" />
    <link:label xlink:type="resource" xlink:label="label_EquityValuationAdjustments_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EquityValuationAdjustments_1" xml:lang="en-US" id="label_EquityValuationAdjustments_1">Valuation adjustments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityValuationAdjustments" xlink:to="label_EquityValuationAdjustments_1" xlink:title="Label : EquityValuationAdjustments to label_EquityValuationAdjustments_1" />
    <link:label xlink:type="resource" xlink:label="label_EquityValuationAdjustments_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EquityValuationAdjustments_2" xml:lang="en-US" id="label_EquityValuationAdjustments_2">Substantially refers to effective portion of gains and losses on hedging instruments (IAS 39) and actuarial gains and losses on defined benefit plans (IAS 19.93A)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityValuationAdjustments" xlink:to="label_EquityValuationAdjustments_2" xlink:title="Label : EquityValuationAdjustments to label_EquityValuationAdjustments_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CumulativeTranslationAdjustment" xlink:label="CumulativeTranslationAdjustment" xlink:title="CumulativeTranslationAdjustment" />
    <link:label xlink:type="resource" xlink:label="label_CumulativeTranslationAdjustment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CumulativeTranslationAdjustment" xml:lang="en-US" id="label_CumulativeTranslationAdjustment">Cumulative translation adjustment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CumulativeTranslationAdjustment" xlink:to="label_CumulativeTranslationAdjustment" xlink:title="Label : CumulativeTranslationAdjustment to label_CumulativeTranslationAdjustment" />
    <link:label xlink:type="resource" xlink:label="label_CumulativeTranslationAdjustment_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CumulativeTranslationAdjustment_1" xml:lang="en-US" id="label_CumulativeTranslationAdjustment_1">Cumulative translation adjustments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CumulativeTranslationAdjustment" xlink:to="label_CumulativeTranslationAdjustment_1" xlink:title="Label : CumulativeTranslationAdjustment to label_CumulativeTranslationAdjustment_1" />
    <link:label xlink:type="resource" xlink:label="label_CumulativeTranslationAdjustment_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CumulativeTranslationAdjustment_2" xml:lang="en-US" id="label_CumulativeTranslationAdjustment_2">Cumulative translation adjustment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CumulativeTranslationAdjustment" xlink:to="label_CumulativeTranslationAdjustment_2" xlink:title="Label : CumulativeTranslationAdjustment to label_CumulativeTranslationAdjustment_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AdditionalDividendsMinimumMandatoryDividends" xlink:label="AdditionalDividendsMinimumMandatoryDividends" xlink:title="AdditionalDividendsMinimumMandatoryDividends" />
    <link:label xlink:type="resource" xlink:label="label_AdditionalDividendsMinimumMandatoryDividends" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdditionalDividendsMinimumMandatoryDividends" xml:lang="en-US" id="label_AdditionalDividendsMinimumMandatoryDividends">Additional dividends to the minimum mandatory dividends</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalDividendsMinimumMandatoryDividends" xlink:to="label_AdditionalDividendsMinimumMandatoryDividends" xlink:title="Label : AdditionalDividendsMinimumMandatoryDividends to label_AdditionalDividendsMinimumMandatoryDividends" />
    <link:label xlink:type="resource" xlink:label="label_AdditionalDividendsMinimumMandatoryDividends_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdditionalDividendsMinimumMandatoryDividends_1" xml:lang="en-US" id="label_AdditionalDividendsMinimumMandatoryDividends_1">Additional dividends to the minimum mandatory dividends</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalDividendsMinimumMandatoryDividends" xlink:to="label_AdditionalDividendsMinimumMandatoryDividends_1" xlink:title="Label : AdditionalDividendsMinimumMandatoryDividends to label_AdditionalDividendsMinimumMandatoryDividends_1" />
    <link:label xlink:type="resource" xlink:label="label_AdditionalDividendsMinimumMandatoryDividends_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AdditionalDividendsMinimumMandatoryDividends_2" xml:lang="en-US" id="label_AdditionalDividendsMinimumMandatoryDividends_2">The Additional dividends to the minimum mandatory amount recognised as distributions to owners during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalDividendsMinimumMandatoryDividends" xlink:to="label_AdditionalDividendsMinimumMandatoryDividends_2" xlink:title="Label : AdditionalDividendsMinimumMandatoryDividends to label_AdditionalDividendsMinimumMandatoryDividends_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ShareholdersEquityAttributableToAbstract" xlink:label="ShareholdersEquityAttributableToAbstract" xlink:title="ShareholdersEquityAttributableToAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ShareholdersEquityAttributableToAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ShareholdersEquityAttributableToAbstract" xml:lang="en-US" id="label_ShareholdersEquityAttributableToAbstract">Shareholders Equity Attributable to [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareholdersEquityAttributableToAbstract" xlink:to="label_ShareholdersEquityAttributableToAbstract" xlink:title="Label : ShareholdersEquityAttributableToAbstract to label_ShareholdersEquityAttributableToAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ShareholdersEquityAttributableToAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ShareholdersEquityAttributableToAbstract_1" xml:lang="en-US" id="label_ShareholdersEquityAttributableToAbstract_1">Equity attributable to:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareholdersEquityAttributableToAbstract" xlink:to="label_ShareholdersEquityAttributableToAbstract_1" xlink:title="Label : ShareholdersEquityAttributableToAbstract to label_ShareholdersEquityAttributableToAbstract_1" />
    <link:label xlink:type="resource" xlink:label="label_ShareholdersEquityAttributableToAbstract_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ShareholdersEquityAttributableToAbstract_2" xml:lang="en-US" id="label_ShareholdersEquityAttributableToAbstract_2">Shareholders Equity Attributable to [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareholdersEquityAttributableToAbstract" xlink:to="label_ShareholdersEquityAttributableToAbstract_2" xlink:title="Label : ShareholdersEquityAttributableToAbstract to label_ShareholdersEquityAttributableToAbstract_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_EquityAttributableToOwnersOfParent" xlink:label="EquityAttributableToOwnersOfParent" xlink:title="EquityAttributableToOwnersOfParent" />
    <link:label xlink:type="resource" xlink:label="label_EquityAttributableToOwnersOfParent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EquityAttributableToOwnersOfParent" xml:lang="en-US" id="label_EquityAttributableToOwnersOfParent">Equity attributable to owners of parent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityAttributableToOwnersOfParent" xlink:to="label_EquityAttributableToOwnersOfParent" xlink:title="Label : EquityAttributableToOwnersOfParent to label_EquityAttributableToOwnersOfParent" />
    <link:label xlink:type="resource" xlink:label="label_EquityAttributableToOwnersOfParent_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_EquityAttributableToOwnersOfParent_1" xml:lang="en-US" id="label_EquityAttributableToOwnersOfParent_1">Shareholders of the Company</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityAttributableToOwnersOfParent" xlink:to="label_EquityAttributableToOwnersOfParent_1" xlink:title="Label : EquityAttributableToOwnersOfParent to label_EquityAttributableToOwnersOfParent_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NoncontrollingInterests" xlink:label="NoncontrollingInterests" xlink:title="NoncontrollingInterests" />
    <link:label xlink:type="resource" xlink:label="label_NoncontrollingInterests" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncontrollingInterests" xml:lang="en-US" id="label_NoncontrollingInterests">Non-controlling interests</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncontrollingInterests" xlink:to="label_NoncontrollingInterests" xlink:title="Label : NoncontrollingInterests to label_NoncontrollingInterests" />
    <link:label xlink:type="resource" xlink:label="label_NoncontrollingInterests_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncontrollingInterests_1" xml:lang="en-US" id="label_NoncontrollingInterests_1">Non-controlling interests in subsidiaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncontrollingInterests" xlink:to="label_NoncontrollingInterests_1" xlink:title="Label : NoncontrollingInterests to label_NoncontrollingInterests_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_Equity" xlink:label="Equity" xlink:title="Equity" />
    <link:label xlink:type="resource" xlink:label="label_Equity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Equity" xml:lang="en-US" id="label_Equity">Equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Equity" xlink:to="label_Equity" xlink:title="Label : Equity to label_Equity" />
    <link:label xlink:type="resource" xlink:label="label_Equity_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_Equity_1" xml:lang="en-US" id="label_Equity_1">Total equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Equity" xlink:to="label_Equity_1" xlink:title="Label : Equity to label_Equity_1" />
    <link:label xlink:type="resource" xlink:label="label_Equity_2" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_Equity_2" xml:lang="en-US" id="label_Equity_2">Beginning balance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Equity" xlink:to="label_Equity_2" xlink:title="Label : Equity to label_Equity_2" />
    <link:label xlink:type="resource" xlink:label="label_Equity_3" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_Equity_3" xml:lang="en-US" id="label_Equity_3">Ending balance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Equity" xlink:to="label_Equity_3" xlink:title="Label : Equity to label_Equity_3" />
    <link:label xlink:type="resource" xlink:label="label_Equity_4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Equity_4" xml:lang="en-US" id="label_Equity_4">Equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Equity" xlink:to="label_Equity_4" xlink:title="Label : Equity to label_Equity_4" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_EquityAndLiabilities" xlink:label="EquityAndLiabilities" xlink:title="EquityAndLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_EquityAndLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EquityAndLiabilities" xml:lang="en-US" id="label_EquityAndLiabilities">Equity and liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityAndLiabilities" xlink:to="label_EquityAndLiabilities" xlink:title="Label : EquityAndLiabilities to label_EquityAndLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_EquityAndLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_EquityAndLiabilities_1" xml:lang="en-US" id="label_EquityAndLiabilities_1">Total liabilities and equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityAndLiabilities" xlink:to="label_EquityAndLiabilities_1" xlink:title="Label : EquityAndLiabilities to label_EquityAndLiabilities_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_IncomeStatementAbstract" xlink:label="IncomeStatementAbstract" xlink:title="IncomeStatementAbstract" />
    <link:label xlink:type="resource" xlink:label="label_IncomeStatementAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeStatementAbstract" xml:lang="en-US" id="label_IncomeStatementAbstract">Profit or loss [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeStatementAbstract" xlink:to="label_IncomeStatementAbstract" xlink:title="Label : IncomeStatementAbstract to label_IncomeStatementAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_Revenue" xlink:label="Revenue" xlink:title="Revenue" />
    <link:label xlink:type="resource" xlink:label="label_Revenue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Revenue" xml:lang="en-US" id="label_Revenue">Revenue</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Revenue" xlink:to="label_Revenue" xlink:title="Label : Revenue to label_Revenue" />
    <link:label xlink:type="resource" xlink:label="label_Revenue_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Revenue_1" xml:lang="en-US" id="label_Revenue_1">Net revenue from sales and services</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Revenue" xlink:to="label_Revenue_1" xlink:title="Label : Revenue to label_Revenue_1" />
    <link:label xlink:type="resource" xlink:label="label_Revenue_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_Revenue_2" xml:lang="en-US" id="label_Revenue_2">Net revenue from sales and services</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Revenue" xlink:to="label_Revenue_2" xlink:title="Label : Revenue to label_Revenue_2" />
    <link:label xlink:type="resource" xlink:label="label_Revenue_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_Revenue_3" xml:lang="en-US" id="label_Revenue_3">Revenue</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Revenue" xlink:to="label_Revenue_3" xlink:title="Label : Revenue to label_Revenue_3" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CostOfSales" xlink:label="CostOfSales" xlink:title="CostOfSales" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSales" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CostOfSales" xml:lang="en-US" id="label_CostOfSales">Cost of sales</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSales" xlink:to="label_CostOfSales" xlink:title="Label : CostOfSales to label_CostOfSales" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSales_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_CostOfSales_1" xml:lang="en-US" id="label_CostOfSales_1">Cost of products and services sold</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSales" xlink:to="label_CostOfSales_1" xlink:title="Label : CostOfSales to label_CostOfSales_1" />
    <link:label xlink:type="resource" xlink:label="label_CostOfSales_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CostOfSales_2" xml:lang="en-US" id="label_CostOfSales_2">Cost of products and services sold</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfSales" xlink:to="label_CostOfSales_2" xlink:title="Label : CostOfSales to label_CostOfSales_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_GrossProfit" xlink:label="GrossProfit" xlink:title="GrossProfit" />
    <link:label xlink:type="resource" xlink:label="label_GrossProfit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GrossProfit" xml:lang="en-US" id="label_GrossProfit">Gross profit</link:label>
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    <link:label xlink:type="resource" xlink:label="label_GrossProfit_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_GrossProfit_1" xml:lang="en-US" id="label_GrossProfit_1">Gross profit</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrossProfit" xlink:to="label_GrossProfit_1" xlink:title="Label : GrossProfit to label_GrossProfit_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OperatingIncomeExpensesAbstract" xlink:label="OperatingIncomeExpensesAbstract" xlink:title="OperatingIncomeExpensesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_OperatingIncomeExpensesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OperatingIncomeExpensesAbstract" xml:lang="en-US" id="label_OperatingIncomeExpensesAbstract">Operating Income Expenses [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingIncomeExpensesAbstract" xlink:to="label_OperatingIncomeExpensesAbstract" xlink:title="Label : OperatingIncomeExpensesAbstract to label_OperatingIncomeExpensesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_OperatingIncomeExpensesAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OperatingIncomeExpensesAbstract_1" xml:lang="en-US" id="label_OperatingIncomeExpensesAbstract_1">Operating income (expenses)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingIncomeExpensesAbstract" xlink:to="label_OperatingIncomeExpensesAbstract_1" xlink:title="Label : OperatingIncomeExpensesAbstract to label_OperatingIncomeExpensesAbstract_1" />
    <link:label xlink:type="resource" xlink:label="label_OperatingIncomeExpensesAbstract_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OperatingIncomeExpensesAbstract_2" xml:lang="en-US" id="label_OperatingIncomeExpensesAbstract_2">Operating Income Expenses [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingIncomeExpensesAbstract" xlink:to="label_OperatingIncomeExpensesAbstract_2" xlink:title="Label : OperatingIncomeExpensesAbstract to label_OperatingIncomeExpensesAbstract_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_SellingGeneralAndAdministrativeExpense" xlink:label="SellingGeneralAndAdministrativeExpense" xlink:title="SellingGeneralAndAdministrativeExpense" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SellingGeneralAndAdministrativeExpense" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpense">Selling, general and administrative expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpense" xlink:to="label_SellingGeneralAndAdministrativeExpense" xlink:title="Label : SellingGeneralAndAdministrativeExpense to label_SellingGeneralAndAdministrativeExpense" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpense_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_SellingGeneralAndAdministrativeExpense_1" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpense_1">Selling and marketing</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpense" xlink:to="label_SellingGeneralAndAdministrativeExpense_1" xlink:title="Label : SellingGeneralAndAdministrativeExpense to label_SellingGeneralAndAdministrativeExpense_1" />
    <link:label xlink:type="resource" xlink:label="label_SellingGeneralAndAdministrativeExpense_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SellingGeneralAndAdministrativeExpense_2" xml:lang="en-US" id="label_SellingGeneralAndAdministrativeExpense_2">Selling and marketing</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingGeneralAndAdministrativeExpense" xlink:to="label_SellingGeneralAndAdministrativeExpense_2" xlink:title="Label : SellingGeneralAndAdministrativeExpense to label_SellingGeneralAndAdministrativeExpense_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ExpectedLossesOnDoubtfulAccounts" xlink:label="ExpectedLossesOnDoubtfulAccounts" xlink:title="ExpectedLossesOnDoubtfulAccounts" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpectedLossesOnDoubtfulAccounts" xlink:to="label_ExpectedLossesOnDoubtfulAccounts" xlink:title="Label : ExpectedLossesOnDoubtfulAccounts to label_ExpectedLossesOnDoubtfulAccounts" />
    <link:label xlink:type="resource" xlink:label="label_ExpectedLossesOnDoubtfulAccounts_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ExpectedLossesOnDoubtfulAccounts_1" xml:lang="en-US" id="label_ExpectedLossesOnDoubtfulAccounts_1">Expected losses on doubtful accounts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpectedLossesOnDoubtfulAccounts" xlink:to="label_ExpectedLossesOnDoubtfulAccounts_1" xlink:title="Label : ExpectedLossesOnDoubtfulAccounts to label_ExpectedLossesOnDoubtfulAccounts_1" />
    <link:label xlink:type="resource" xlink:label="label_ExpectedLossesOnDoubtfulAccounts_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ExpectedLossesOnDoubtfulAccounts_2" xml:lang="en-US" id="label_ExpectedLossesOnDoubtfulAccounts_2">Expected losses on doubtful accounts.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpectedLossesOnDoubtfulAccounts" xlink:to="label_ExpectedLossesOnDoubtfulAccounts_2" xlink:title="Label : ExpectedLossesOnDoubtfulAccounts to label_ExpectedLossesOnDoubtfulAccounts_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AdministrativeExpense" xlink:label="AdministrativeExpense" xlink:title="AdministrativeExpense" />
    <link:label xlink:type="resource" xlink:label="label_AdministrativeExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdministrativeExpense" xml:lang="en-US" id="label_AdministrativeExpense">Administrative expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdministrativeExpense" xlink:to="label_AdministrativeExpense" xlink:title="Label : AdministrativeExpense to label_AdministrativeExpense" />
    <link:label xlink:type="resource" xlink:label="label_AdministrativeExpense_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_AdministrativeExpense_1" xml:lang="en-US" id="label_AdministrativeExpense_1">General and administrative</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdministrativeExpense" xlink:to="label_AdministrativeExpense_1" xlink:title="Label : AdministrativeExpense to label_AdministrativeExpense_1" />
    <link:label xlink:type="resource" xlink:label="label_AdministrativeExpense_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdministrativeExpense_2" xml:lang="en-US" id="label_AdministrativeExpense_2">General and administrative</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdministrativeExpense" xlink:to="label_AdministrativeExpense_2" xlink:title="Label : AdministrativeExpense to label_AdministrativeExpense_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_GainsLossesOnDisposalsOfPropertyPlantAndEquipment" xlink:label="GainsLossesOnDisposalsOfPropertyPlantAndEquipment" xlink:title="GainsLossesOnDisposalsOfPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_GainsLossesOnDisposalsOfPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GainsLossesOnDisposalsOfPropertyPlantAndEquipment" xml:lang="en-US" id="label_GainsLossesOnDisposalsOfPropertyPlantAndEquipment">Gain (loss) on disposal of property, plant, and equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainsLossesOnDisposalsOfPropertyPlantAndEquipment" xlink:to="label_GainsLossesOnDisposalsOfPropertyPlantAndEquipment" xlink:title="Label : GainsLossesOnDisposalsOfPropertyPlantAndEquipment to label_GainsLossesOnDisposalsOfPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_GainsLossesOnDisposalsOfPropertyPlantAndEquipment_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_GainsLossesOnDisposalsOfPropertyPlantAndEquipment_1" xml:lang="en-US" id="label_GainsLossesOnDisposalsOfPropertyPlantAndEquipment_1">Gain (loss) on disposal of property, plant and equipment and intangibles</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainsLossesOnDisposalsOfPropertyPlantAndEquipment" xlink:to="label_GainsLossesOnDisposalsOfPropertyPlantAndEquipment_1" xlink:title="Label : GainsLossesOnDisposalsOfPropertyPlantAndEquipment to label_GainsLossesOnDisposalsOfPropertyPlantAndEquipment_1" />
    <link:label xlink:type="resource" xlink:label="label_GainsLossesOnDisposalsOfPropertyPlantAndEquipment_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GainsLossesOnDisposalsOfPropertyPlantAndEquipment_2" xml:lang="en-US" id="label_GainsLossesOnDisposalsOfPropertyPlantAndEquipment_2">Gains (losses) on disposals of property, plant and equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainsLossesOnDisposalsOfPropertyPlantAndEquipment" xlink:to="label_GainsLossesOnDisposalsOfPropertyPlantAndEquipment_2" xlink:title="Label : GainsLossesOnDisposalsOfPropertyPlantAndEquipment to label_GainsLossesOnDisposalsOfPropertyPlantAndEquipment_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ImpairmentLoss" xlink:label="ImpairmentLoss" xlink:title="ImpairmentLoss" />
    <link:label xlink:type="resource" xlink:label="label_ImpairmentLoss" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ImpairmentLoss" xml:lang="en-US" id="label_ImpairmentLoss">Impairment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentLoss" xlink:to="label_ImpairmentLoss" xlink:title="Label : ImpairmentLoss to label_ImpairmentLoss" />
    <link:label xlink:type="resource" xlink:label="label_ImpairmentLoss_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ImpairmentLoss_1" xml:lang="en-US" id="label_ImpairmentLoss_1">Impairment loss</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentLoss" xlink:to="label_ImpairmentLoss_1" xlink:title="Label : ImpairmentLoss to label_ImpairmentLoss_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherOperatingIncomeExpense" xlink:label="OtherOperatingIncomeExpense" xlink:title="OtherOperatingIncomeExpense" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingIncomeExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherOperatingIncomeExpense" xml:lang="en-US" id="label_OtherOperatingIncomeExpense">Costs, operating expenses and income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingIncomeExpense" xlink:to="label_OtherOperatingIncomeExpense" xlink:title="Label : OtherOperatingIncomeExpense to label_OtherOperatingIncomeExpense" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingIncomeExpense_1" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:title="label_OtherOperatingIncomeExpense_1" xml:lang="en-US" id="label_OtherOperatingIncomeExpense_1">Other operating income, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingIncomeExpense" xlink:to="label_OtherOperatingIncomeExpense_1" xlink:title="Label : OtherOperatingIncomeExpense to label_OtherOperatingIncomeExpense_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingIncomeExpense_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherOperatingIncomeExpense_2" xml:lang="en-US" id="label_OtherOperatingIncomeExpense_2">Other operating income (expense)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingIncomeExpense" xlink:to="label_OtherOperatingIncomeExpense_2" xlink:title="Label : OtherOperatingIncomeExpense to label_OtherOperatingIncomeExpense_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OperatingIncomeBeforeFinancialIncomeExpensesAndShareOfProfitLossOfJointVenturesAndAssociates" xlink:label="OperatingIncomeBeforeFinancialIncomeExpensesAndShareOfProfitLossOfJointVenturesAndAssociates" xlink:title="OperatingIncomeBeforeFinancialIncomeExpensesAndShareOfProfitLossOfJointVenturesAndAssociates" />
    <link:label xlink:type="resource" xlink:label="label_OperatingIncomeBeforeFinancialIncomeExpensesAndShareOfProfitLossOfJointVenturesAndAssociates" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OperatingIncomeBeforeFinancialIncomeExpensesAndShareOfProfitLossOfJointVenturesAndAssociates" xml:lang="en-US" id="label_OperatingIncomeBeforeFinancialIncomeExpensesAndShareOfProfitLossOfJointVenturesAndAssociates">Total of Operating income before financial income or expenses and share of profit or loss of joint ventures and associate.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingIncomeBeforeFinancialIncomeExpensesAndShareOfProfitLossOfJointVenturesAndAssociates" xlink:to="label_OperatingIncomeBeforeFinancialIncomeExpensesAndShareOfProfitLossOfJointVenturesAndAssociates" xlink:title="Label : OperatingIncomeBeforeFinancialIncomeExpensesAndShareOfProfitLossOfJointVenturesAndAssociates to label_OperatingIncomeBeforeFinancialIncomeExpensesAndShareOfProfitLossOfJointVenturesAndAssociates" />
    <link:label xlink:type="resource" xlink:label="label_OperatingIncomeBeforeFinancialIncomeExpensesAndShareOfProfitLossOfJointVenturesAndAssociates_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_OperatingIncomeBeforeFinancialIncomeExpensesAndShareOfProfitLossOfJointVenturesAndAssociates_1" xml:lang="en-US" id="label_OperatingIncomeBeforeFinancialIncomeExpensesAndShareOfProfitLossOfJointVenturesAndAssociates_1">Operating income before finance&#xA0;income (expenses) and share of profit (loss) of joint ventures and associates</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingIncomeBeforeFinancialIncomeExpensesAndShareOfProfitLossOfJointVenturesAndAssociates" xlink:to="label_OperatingIncomeBeforeFinancialIncomeExpensesAndShareOfProfitLossOfJointVenturesAndAssociates_1" xlink:title="Label : OperatingIncomeBeforeFinancialIncomeExpensesAndShareOfProfitLossOfJointVenturesAndAssociates to label_OperatingIncomeBeforeFinancialIncomeExpensesAndShareOfProfitLossOfJointVenturesAndAssociates_1" />
    <link:label xlink:type="resource" xlink:label="label_OperatingIncomeBeforeFinancialIncomeExpensesAndShareOfProfitLossOfJointVenturesAndAssociates_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OperatingIncomeBeforeFinancialIncomeExpensesAndShareOfProfitLossOfJointVenturesAndAssociates_2" xml:lang="en-US" id="label_OperatingIncomeBeforeFinancialIncomeExpensesAndShareOfProfitLossOfJointVenturesAndAssociates_2">Operating income before financial income (expenses) and share of profit (loss) of joint ventures and associates</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingIncomeBeforeFinancialIncomeExpensesAndShareOfProfitLossOfJointVenturesAndAssociates" xlink:to="label_OperatingIncomeBeforeFinancialIncomeExpensesAndShareOfProfitLossOfJointVenturesAndAssociates_2" xlink:title="Label : OperatingIncomeBeforeFinancialIncomeExpensesAndShareOfProfitLossOfJointVenturesAndAssociates to label_OperatingIncomeBeforeFinancialIncomeExpensesAndShareOfProfitLossOfJointVenturesAndAssociates_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:label="ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:title="ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" />
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    <link:label xlink:type="resource" xlink:label="label_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_1" xml:lang="en-US" id="label_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_1">Share of profit (loss) of joint ventures and associates</link:label>
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OperatingIncomeBeforeFinancialIncomeExpensesAndIncomeAndSocialContributionTaxes" xlink:label="OperatingIncomeBeforeFinancialIncomeExpensesAndIncomeAndSocialContributionTaxes" xlink:title="OperatingIncomeBeforeFinancialIncomeExpensesAndIncomeAndSocialContributionTaxes" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingIncomeBeforeFinancialIncomeExpensesAndIncomeAndSocialContributionTaxes" xlink:to="label_OperatingIncomeBeforeFinancialIncomeExpensesAndIncomeAndSocialContributionTaxes" xlink:title="Label : OperatingIncomeBeforeFinancialIncomeExpensesAndIncomeAndSocialContributionTaxes to label_OperatingIncomeBeforeFinancialIncomeExpensesAndIncomeAndSocialContributionTaxes" />
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    <link:label xlink:type="resource" xlink:label="label_OperatingIncomeBeforeFinancialIncomeExpensesAndIncomeAndSocialContributionTaxes_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_OperatingIncomeBeforeFinancialIncomeExpensesAndIncomeAndSocialContributionTaxes_2" xml:lang="en-US" id="label_OperatingIncomeBeforeFinancialIncomeExpensesAndIncomeAndSocialContributionTaxes_2">Operating income before finance income (expenses) and income and social contribution taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingIncomeBeforeFinancialIncomeExpensesAndIncomeAndSocialContributionTaxes" xlink:to="label_OperatingIncomeBeforeFinancialIncomeExpensesAndIncomeAndSocialContributionTaxes_2" xlink:title="Label : OperatingIncomeBeforeFinancialIncomeExpensesAndIncomeAndSocialContributionTaxes to label_OperatingIncomeBeforeFinancialIncomeExpensesAndIncomeAndSocialContributionTaxes_2" />
    <link:label xlink:type="resource" xlink:label="label_OperatingIncomeBeforeFinancialIncomeExpensesAndIncomeAndSocialContributionTaxes_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OperatingIncomeBeforeFinancialIncomeExpensesAndIncomeAndSocialContributionTaxes_3" xml:lang="en-US" id="label_OperatingIncomeBeforeFinancialIncomeExpensesAndIncomeAndSocialContributionTaxes_3">Operating income before financial income (expenses) and income and social contribution taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingIncomeBeforeFinancialIncomeExpensesAndIncomeAndSocialContributionTaxes" xlink:to="label_OperatingIncomeBeforeFinancialIncomeExpensesAndIncomeAndSocialContributionTaxes_3" xlink:title="Label : OperatingIncomeBeforeFinancialIncomeExpensesAndIncomeAndSocialContributionTaxes to label_OperatingIncomeBeforeFinancialIncomeExpensesAndIncomeAndSocialContributionTaxes_3" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_FinanceIncome" xlink:label="FinanceIncome" xlink:title="FinanceIncome" />
    <link:label xlink:type="resource" xlink:label="label_FinanceIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinanceIncome" xml:lang="en-US" id="label_FinanceIncome">Finance income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceIncome" xlink:to="label_FinanceIncome" xlink:title="Label : FinanceIncome to label_FinanceIncome" />
    <link:label xlink:type="resource" xlink:label="label_FinanceIncome_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinanceIncome_1" xml:lang="en-US" id="label_FinanceIncome_1">Finance income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceIncome" xlink:to="label_FinanceIncome_1" xlink:title="Label : FinanceIncome to label_FinanceIncome_1" />
    <link:label xlink:type="resource" xlink:label="label_FinanceIncome_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_FinanceIncome_2" xml:lang="en-US" id="label_FinanceIncome_2">Finance income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceIncome" xlink:to="label_FinanceIncome_2" xlink:title="Label : FinanceIncome to label_FinanceIncome_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_FinanceCosts" xlink:label="FinanceCosts" xlink:title="FinanceCosts" />
    <link:label xlink:type="resource" xlink:label="label_FinanceCosts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinanceCosts" xml:lang="en-US" id="label_FinanceCosts">Finance costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceCosts" xlink:to="label_FinanceCosts" xlink:title="Label : FinanceCosts to label_FinanceCosts" />
    <link:label xlink:type="resource" xlink:label="label_FinanceCosts_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_FinanceCosts_1" xml:lang="en-US" id="label_FinanceCosts_1">Finance expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceCosts" xlink:to="label_FinanceCosts_1" xlink:title="Label : FinanceCosts to label_FinanceCosts_1" />
    <link:label xlink:type="resource" xlink:label="label_FinanceCosts_2" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:title="label_FinanceCosts_2" xml:lang="en-US" id="label_FinanceCosts_2">Finance expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceCosts" xlink:to="label_FinanceCosts_2" xlink:title="Label : FinanceCosts to label_FinanceCosts_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_FinanceIncomeCost" xlink:label="FinanceIncomeCost" xlink:title="FinanceIncomeCost" />
    <link:label xlink:type="resource" xlink:label="label_FinanceIncomeCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinanceIncomeCost" xml:lang="en-US" id="label_FinanceIncomeCost">Finance income (cost)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceIncomeCost" xlink:to="label_FinanceIncomeCost" xlink:title="Label : FinanceIncomeCost to label_FinanceIncomeCost" />
    <link:label xlink:type="resource" xlink:label="label_FinanceIncomeCost_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_FinanceIncomeCost_1" xml:lang="en-US" id="label_FinanceIncomeCost_1">Financial result, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceIncomeCost" xlink:to="label_FinanceIncomeCost_1" xlink:title="Label : FinanceIncomeCost to label_FinanceIncomeCost_1" />
    <link:label xlink:type="resource" xlink:label="label_FinanceIncomeCost_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_FinanceIncomeCost_2" xml:lang="en-US" id="label_FinanceIncomeCost_2">Financial income (expense)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceIncomeCost" xlink:to="label_FinanceIncomeCost_2" xlink:title="Label : FinanceIncomeCost to label_FinanceIncomeCost_2" />
    <link:label xlink:type="resource" xlink:label="label_FinanceIncomeCost_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinanceIncomeCost_3" xml:lang="en-US" id="label_FinanceIncomeCost_3">Financial result, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceIncomeCost" xlink:to="label_FinanceIncomeCost_3" xlink:title="Label : FinanceIncomeCost to label_FinanceIncomeCost_3" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ProfitLossBeforeTax" xlink:label="ProfitLossBeforeTax" xlink:title="ProfitLossBeforeTax" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProfitLossBeforeTax" xml:lang="en-US" id="label_ProfitLossBeforeTax">Profit (loss) before tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossBeforeTax" xlink:to="label_ProfitLossBeforeTax" xlink:title="Label : ProfitLossBeforeTax to label_ProfitLossBeforeTax" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossBeforeTax_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_ProfitLossBeforeTax_1" xml:lang="en-US" id="label_ProfitLossBeforeTax_1">Income before income and social contribution taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossBeforeTax" xlink:to="label_ProfitLossBeforeTax_1" xlink:title="Label : ProfitLossBeforeTax to label_ProfitLossBeforeTax_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract" xlink:label="MajorComponentsOfTaxExpenseIncomeAbstract" xlink:title="MajorComponentsOfTaxExpenseIncomeAbstract" />
    <link:label xlink:type="resource" xlink:label="label_MajorComponentsOfTaxExpenseIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MajorComponentsOfTaxExpenseIncomeAbstract" xml:lang="en-US" id="label_MajorComponentsOfTaxExpenseIncomeAbstract">Major components of tax expense (income) [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MajorComponentsOfTaxExpenseIncomeAbstract" xlink:to="label_MajorComponentsOfTaxExpenseIncomeAbstract" xlink:title="Label : MajorComponentsOfTaxExpenseIncomeAbstract to label_MajorComponentsOfTaxExpenseIncomeAbstract" />
    <link:label xlink:type="resource" xlink:label="label_MajorComponentsOfTaxExpenseIncomeAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MajorComponentsOfTaxExpenseIncomeAbstract_1" xml:lang="en-US" id="label_MajorComponentsOfTaxExpenseIncomeAbstract_1">Income and social contribution taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MajorComponentsOfTaxExpenseIncomeAbstract" xlink:to="label_MajorComponentsOfTaxExpenseIncomeAbstract_1" xlink:title="Label : MajorComponentsOfTaxExpenseIncomeAbstract to label_MajorComponentsOfTaxExpenseIncomeAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentTaxExpenseIncome" xlink:label="CurrentTaxExpenseIncome" xlink:title="CurrentTaxExpenseIncome" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTaxExpenseIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentTaxExpenseIncome" xml:lang="en-US" id="label_CurrentTaxExpenseIncome">Current tax expense (income)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTaxExpenseIncome" xlink:to="label_CurrentTaxExpenseIncome" xlink:title="Label : CurrentTaxExpenseIncome to label_CurrentTaxExpenseIncome" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTaxExpenseIncome_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_CurrentTaxExpenseIncome_1" xml:lang="en-US" id="label_CurrentTaxExpenseIncome_1">Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTaxExpenseIncome" xlink:to="label_CurrentTaxExpenseIncome_1" xlink:title="Label : CurrentTaxExpenseIncome to label_CurrentTaxExpenseIncome_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DeferredTaxExpenseIncome" xlink:label="DeferredTaxExpenseIncome" xlink:title="DeferredTaxExpenseIncome" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxExpenseIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredTaxExpenseIncome" xml:lang="en-US" id="label_DeferredTaxExpenseIncome">Deferred tax expense (income)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxExpenseIncome" xlink:to="label_DeferredTaxExpenseIncome" xlink:title="Label : DeferredTaxExpenseIncome to label_DeferredTaxExpenseIncome" />
    <link:label xlink:type="resource" xlink:label="label_DeferredTaxExpenseIncome_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_DeferredTaxExpenseIncome_1" xml:lang="en-US" id="label_DeferredTaxExpenseIncome_1">Deferred</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxExpenseIncome" xlink:to="label_DeferredTaxExpenseIncome_1" xlink:title="Label : DeferredTaxExpenseIncome to label_DeferredTaxExpenseIncome_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IncomeAndSocialContributionTaxes" xlink:label="IncomeAndSocialContributionTaxes" xlink:title="IncomeAndSocialContributionTaxes" />
    <link:label xlink:type="resource" xlink:label="label_IncomeAndSocialContributionTaxes" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeAndSocialContributionTaxes" xml:lang="en-US" id="label_IncomeAndSocialContributionTaxes">Income and social contribution taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeAndSocialContributionTaxes" xlink:to="label_IncomeAndSocialContributionTaxes" xlink:title="Label : IncomeAndSocialContributionTaxes to label_IncomeAndSocialContributionTaxes" />
    <link:label xlink:type="resource" xlink:label="label_IncomeAndSocialContributionTaxes_1" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:title="label_IncomeAndSocialContributionTaxes_1" xml:lang="en-US" id="label_IncomeAndSocialContributionTaxes_1">Income and social contribution taxes, total</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeAndSocialContributionTaxes" xlink:to="label_IncomeAndSocialContributionTaxes_1" xlink:title="Label : IncomeAndSocialContributionTaxes to label_IncomeAndSocialContributionTaxes_1" />
    <link:label xlink:type="resource" xlink:label="label_IncomeAndSocialContributionTaxes_2" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_IncomeAndSocialContributionTaxes_2" xml:lang="en-US" id="label_IncomeAndSocialContributionTaxes_2">Income and social contribution taxes in the income statement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeAndSocialContributionTaxes" xlink:to="label_IncomeAndSocialContributionTaxes_2" xlink:title="Label : IncomeAndSocialContributionTaxes to label_IncomeAndSocialContributionTaxes_2" />
    <link:label xlink:type="resource" xlink:label="label_IncomeAndSocialContributionTaxes_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncomeAndSocialContributionTaxes_3" xml:lang="en-US" id="label_IncomeAndSocialContributionTaxes_3">Income tax refers to annual taxes levied by the federal government. By law, businesses and individuals must file federal and state income tax returns every year to determine whether they owe taxes.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeAndSocialContributionTaxes" xlink:to="label_IncomeAndSocialContributionTaxes_3" xlink:title="Label : IncomeAndSocialContributionTaxes to label_IncomeAndSocialContributionTaxes_3" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ProfitLoss" xlink:label="ProfitLoss" xlink:title="ProfitLoss" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProfitLoss" xml:lang="en-US" id="label_ProfitLoss">Profit (loss)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLoss" xlink:to="label_ProfitLoss" xlink:title="Label : ProfitLoss to label_ProfitLoss" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLoss_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_ProfitLoss_1" xml:lang="en-US" id="label_ProfitLoss_1">Net income for the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLoss" xlink:to="label_ProfitLoss_1" xlink:title="Label : ProfitLoss to label_ProfitLoss_1" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLoss_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ProfitLoss_2" xml:lang="en-US" id="label_ProfitLoss_2">Net income for the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLoss" xlink:to="label_ProfitLoss_2" xlink:title="Label : ProfitLoss to label_ProfitLoss_2" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLoss_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProfitLoss_3" xml:lang="en-US" id="label_ProfitLoss_3">Net income (loss)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLoss" xlink:to="label_ProfitLoss_3" xlink:title="Label : ProfitLoss to label_ProfitLoss_3" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ProfitLossAttributableToAbstract" xlink:label="ProfitLossAttributableToAbstract" xlink:title="ProfitLossAttributableToAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossAttributableToAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProfitLossAttributableToAbstract" xml:lang="en-US" id="label_ProfitLossAttributableToAbstract">Income attributable to:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossAttributableToAbstract" xlink:to="label_ProfitLossAttributableToAbstract" xlink:title="Label : ProfitLossAttributableToAbstract to label_ProfitLossAttributableToAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossAttributableToAbstract_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProfitLossAttributableToAbstract_1" xml:lang="en-US" id="label_ProfitLossAttributableToAbstract_1">Profit (loss), attributable to [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossAttributableToAbstract" xlink:to="label_ProfitLossAttributableToAbstract_1" xlink:title="Label : ProfitLossAttributableToAbstract to label_ProfitLossAttributableToAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ProfitLossAttributableToOwnersOfParent" xlink:label="ProfitLossAttributableToOwnersOfParent" xlink:title="ProfitLossAttributableToOwnersOfParent" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossAttributableToOwnersOfParent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProfitLossAttributableToOwnersOfParent" xml:lang="en-US" id="label_ProfitLossAttributableToOwnersOfParent">Profit (loss), attributable to owners of parent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossAttributableToOwnersOfParent" xlink:to="label_ProfitLossAttributableToOwnersOfParent" xlink:title="Label : ProfitLossAttributableToOwnersOfParent to label_ProfitLossAttributableToOwnersOfParent" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossAttributableToOwnersOfParent_1" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:title="label_ProfitLossAttributableToOwnersOfParent_1" xml:lang="en-US" id="label_ProfitLossAttributableToOwnersOfParent_1">Shareholders of the Company</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossAttributableToOwnersOfParent" xlink:to="label_ProfitLossAttributableToOwnersOfParent_1" xlink:title="Label : ProfitLossAttributableToOwnersOfParent to label_ProfitLossAttributableToOwnersOfParent_1" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossAttributableToOwnersOfParent_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProfitLossAttributableToOwnersOfParent_2" xml:lang="en-US" id="label_ProfitLossAttributableToOwnersOfParent_2">Net income for the period attributable to shareholders of Ultrapar</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossAttributableToOwnersOfParent" xlink:to="label_ProfitLossAttributableToOwnersOfParent_2" xlink:title="Label : ProfitLossAttributableToOwnersOfParent to label_ProfitLossAttributableToOwnersOfParent_2" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossAttributableToOwnersOfParent_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ProfitLossAttributableToOwnersOfParent_3" xml:lang="en-US" id="label_ProfitLossAttributableToOwnersOfParent_3">Net income for the year of the Company</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossAttributableToOwnersOfParent" xlink:to="label_ProfitLossAttributableToOwnersOfParent_3" xlink:title="Label : ProfitLossAttributableToOwnersOfParent to label_ProfitLossAttributableToOwnersOfParent_3" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossAttributableToOwnersOfParent" xlink:to="label_ProfitLossAttributableToOwnersOfParent_4" xlink:title="Label : ProfitLossAttributableToOwnersOfParent to label_ProfitLossAttributableToOwnersOfParent_4" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ProfitLossAttributableToNoncontrollingInterests" xlink:label="ProfitLossAttributableToNoncontrollingInterests" xlink:title="ProfitLossAttributableToNoncontrollingInterests" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossAttributableToNoncontrollingInterests" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProfitLossAttributableToNoncontrollingInterests" xml:lang="en-US" id="label_ProfitLossAttributableToNoncontrollingInterests">Profit (loss), attributable to non-controlling interests</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossAttributableToNoncontrollingInterests" xlink:to="label_ProfitLossAttributableToNoncontrollingInterests" xlink:title="Label : ProfitLossAttributableToNoncontrollingInterests to label_ProfitLossAttributableToNoncontrollingInterests" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossAttributableToNoncontrollingInterests_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProfitLossAttributableToNoncontrollingInterests_1" xml:lang="en-US" id="label_ProfitLossAttributableToNoncontrollingInterests_1">Non-controlling interests in subsidiaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossAttributableToNoncontrollingInterests" xlink:to="label_ProfitLossAttributableToNoncontrollingInterests_1" xlink:title="Label : ProfitLossAttributableToNoncontrollingInterests to label_ProfitLossAttributableToNoncontrollingInterests_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_EarningsPerShareAbstract" xlink:label="EarningsPerShareAbstract" xlink:title="EarningsPerShareAbstract" />
    <link:label xlink:type="resource" xlink:label="label_EarningsPerShareAbstract" xlink:role="http://www.xbrl.org/2003/role/definitionGuidance" xlink:title="label_EarningsPerShareAbstract" xml:lang="en-US" id="label_EarningsPerShareAbstract">Earnings per share [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EarningsPerShareAbstract" xlink:to="label_EarningsPerShareAbstract" xlink:title="Label : EarningsPerShareAbstract to label_EarningsPerShareAbstract" />
    <link:label xlink:type="resource" xlink:label="label_EarningsPerShareAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EarningsPerShareAbstract_1" xml:lang="en-US" id="label_EarningsPerShareAbstract_1">Earnings per share (based on weighted average number of shares outstanding) &#x2013; R$</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EarningsPerShareAbstract" xlink:to="label_EarningsPerShareAbstract_1" xlink:title="Label : EarningsPerShareAbstract to label_EarningsPerShareAbstract_1" />
    <link:label xlink:type="resource" xlink:label="label_EarningsPerShareAbstract_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EarningsPerShareAbstract_2" xml:lang="en-US" id="label_EarningsPerShareAbstract_2">Earnings per share [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EarningsPerShareAbstract" xlink:to="label_EarningsPerShareAbstract_2" xlink:title="Label : EarningsPerShareAbstract to label_EarningsPerShareAbstract_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_BasicEarningsLossPerShare" xlink:label="BasicEarningsLossPerShare" xlink:title="BasicEarningsLossPerShare" />
    <link:label xlink:type="resource" xlink:label="label_BasicEarningsLossPerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BasicEarningsLossPerShare" xml:lang="en-US" id="label_BasicEarningsLossPerShare">Basic earnings (loss) per share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BasicEarningsLossPerShare" xlink:to="label_BasicEarningsLossPerShare" xlink:title="Label : BasicEarningsLossPerShare to label_BasicEarningsLossPerShare" />
    <link:label xlink:type="resource" xlink:label="label_BasicEarningsLossPerShare_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BasicEarningsLossPerShare_1" xml:lang="en-US" id="label_BasicEarningsLossPerShare_1">Basic</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BasicEarningsLossPerShare" xlink:to="label_BasicEarningsLossPerShare_1" xlink:title="Label : BasicEarningsLossPerShare to label_BasicEarningsLossPerShare_1" />
    <link:label xlink:type="resource" xlink:label="label_BasicEarningsLossPerShare_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_BasicEarningsLossPerShare_2" xml:lang="en-US" id="label_BasicEarningsLossPerShare_2">Basic earnings per share -R$</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BasicEarningsLossPerShare" xlink:to="label_BasicEarningsLossPerShare_2" xlink:title="Label : BasicEarningsLossPerShare to label_BasicEarningsLossPerShare_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DilutedEarningsLossPerShare" xlink:label="DilutedEarningsLossPerShare" xlink:title="DilutedEarningsLossPerShare" />
    <link:label xlink:type="resource" xlink:label="label_DilutedEarningsLossPerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DilutedEarningsLossPerShare" xml:lang="en-US" id="label_DilutedEarningsLossPerShare">Diluted earnings (loss) per share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DilutedEarningsLossPerShare" xlink:to="label_DilutedEarningsLossPerShare" xlink:title="Label : DilutedEarningsLossPerShare to label_DilutedEarningsLossPerShare" />
    <link:label xlink:type="resource" xlink:label="label_DilutedEarningsLossPerShare_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DilutedEarningsLossPerShare_1" xml:lang="en-US" id="label_DilutedEarningsLossPerShare_1">Diluted</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DilutedEarningsLossPerShare" xlink:to="label_DilutedEarningsLossPerShare_1" xlink:title="Label : DilutedEarningsLossPerShare to label_DilutedEarningsLossPerShare_1" />
    <link:label xlink:type="resource" xlink:label="label_DilutedEarningsLossPerShare_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_DilutedEarningsLossPerShare_2" xml:lang="en-US" id="label_DilutedEarningsLossPerShare_2">Diluted earnings per share -R$</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DilutedEarningsLossPerShare" xlink:to="label_DilutedEarningsLossPerShare_2" xlink:title="Label : DilutedEarningsLossPerShare to label_DilutedEarningsLossPerShare_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_StatementOfComprehensiveIncomeAbstract" xlink:label="StatementOfComprehensiveIncomeAbstract" xlink:title="StatementOfComprehensiveIncomeAbstract" />
    <link:label xlink:type="resource" xlink:label="label_StatementOfComprehensiveIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatementOfComprehensiveIncomeAbstract" xml:lang="en-US" id="label_StatementOfComprehensiveIncomeAbstract">Statement of comprehensive income [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfComprehensiveIncomeAbstract" xlink:to="label_StatementOfComprehensiveIncomeAbstract" xlink:title="Label : StatementOfComprehensiveIncomeAbstract to label_StatementOfComprehensiveIncomeAbstract" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ItemsThatAreSubsequentlyReclassifiedToProfitOrLossAbstract" xlink:label="ItemsThatAreSubsequentlyReclassifiedToProfitOrLossAbstract" xlink:title="ItemsThatAreSubsequentlyReclassifiedToProfitOrLossAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ItemsThatAreSubsequentlyReclassifiedToProfitOrLossAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ItemsThatAreSubsequentlyReclassifiedToProfitOrLossAbstract" xml:lang="en-US" id="label_ItemsThatAreSubsequentlyReclassifiedToProfitOrLossAbstract">Items that are subsequently reclassified to profit or loss</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ItemsThatAreSubsequentlyReclassifiedToProfitOrLossAbstract" xlink:to="label_ItemsThatAreSubsequentlyReclassifiedToProfitOrLossAbstract" xlink:title="Label : ItemsThatAreSubsequentlyReclassifiedToProfitOrLossAbstract to label_ItemsThatAreSubsequentlyReclassifiedToProfitOrLossAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ItemsThatAreSubsequentlyReclassifiedToProfitOrLossAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ItemsThatAreSubsequentlyReclassifiedToProfitOrLossAbstract_1" xml:lang="en-US" id="label_ItemsThatAreSubsequentlyReclassifiedToProfitOrLossAbstract_1">Items that are subsequently reclassified to profit or loss:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ItemsThatAreSubsequentlyReclassifiedToProfitOrLossAbstract" xlink:to="label_ItemsThatAreSubsequentlyReclassifiedToProfitOrLossAbstract_1" xlink:title="Label : ItemsThatAreSubsequentlyReclassifiedToProfitOrLossAbstract to label_ItemsThatAreSubsequentlyReclassifiedToProfitOrLossAbstract_1" />
    <link:label xlink:type="resource" xlink:label="label_ItemsThatAreSubsequentlyReclassifiedToProfitOrLossAbstract_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ItemsThatAreSubsequentlyReclassifiedToProfitOrLossAbstract_2" xml:lang="en-US" id="label_ItemsThatAreSubsequentlyReclassifiedToProfitOrLossAbstract_2">Items that are subsequently reclassified to profit or loss abstract.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ItemsThatAreSubsequentlyReclassifiedToProfitOrLossAbstract" xlink:to="label_ItemsThatAreSubsequentlyReclassifiedToProfitOrLossAbstract_2" xlink:title="Label : ItemsThatAreSubsequentlyReclassifiedToProfitOrLossAbstract to label_ItemsThatAreSubsequentlyReclassifiedToProfitOrLossAbstract_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_FairValueAdjustmentSubsidiaries" xlink:label="FairValueAdjustmentSubsidiaries" xlink:title="FairValueAdjustmentSubsidiaries" />
    <link:label xlink:type="resource" xlink:label="label_FairValueAdjustmentSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FairValueAdjustmentSubsidiaries" xml:lang="en-US" id="label_FairValueAdjustmentSubsidiaries">Fair value adjustments of financial instruments of subsidiaries, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueAdjustmentSubsidiaries" xlink:to="label_FairValueAdjustmentSubsidiaries" xlink:title="Label : FairValueAdjustmentSubsidiaries to label_FairValueAdjustmentSubsidiaries" />
    <link:label xlink:type="resource" xlink:label="label_FairValueAdjustmentSubsidiaries_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_FairValueAdjustmentSubsidiaries_1" xml:lang="en-US" id="label_FairValueAdjustmentSubsidiaries_1">Fair value adjustments of financial instruments of subsidiaries, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueAdjustmentSubsidiaries" xlink:to="label_FairValueAdjustmentSubsidiaries_1" xlink:title="Label : FairValueAdjustmentSubsidiaries to label_FairValueAdjustmentSubsidiaries_1" />
    <link:label xlink:type="resource" xlink:label="label_FairValueAdjustmentSubsidiaries_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FairValueAdjustmentSubsidiaries_2" xml:lang="en-US" id="label_FairValueAdjustmentSubsidiaries_2">Fair value adjustments of financial instruments of subsidiaries, net.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueAdjustmentSubsidiaries" xlink:to="label_FairValueAdjustmentSubsidiaries_2" xlink:title="Label : FairValueAdjustmentSubsidiaries to label_FairValueAdjustmentSubsidiaries_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_FairValueAdjustmentJointVenture" xlink:label="FairValueAdjustmentJointVenture" xlink:title="FairValueAdjustmentJointVenture" />
    <link:label xlink:type="resource" xlink:label="label_FairValueAdjustmentJointVenture" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FairValueAdjustmentJointVenture" xml:lang="en-US" id="label_FairValueAdjustmentJointVenture">Fair value adjustments of financial instruments of joint ventures, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueAdjustmentJointVenture" xlink:to="label_FairValueAdjustmentJointVenture" xlink:title="Label : FairValueAdjustmentJointVenture to label_FairValueAdjustmentJointVenture" />
    <link:label xlink:type="resource" xlink:label="label_FairValueAdjustmentJointVenture_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_FairValueAdjustmentJointVenture_1" xml:lang="en-US" id="label_FairValueAdjustmentJointVenture_1">Fair value adjustments of financial instruments of joint ventures, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueAdjustmentJointVenture" xlink:to="label_FairValueAdjustmentJointVenture_1" xlink:title="Label : FairValueAdjustmentJointVenture to label_FairValueAdjustmentJointVenture_1" />
    <link:label xlink:type="resource" xlink:label="label_FairValueAdjustmentJointVenture_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FairValueAdjustmentJointVenture_2" xml:lang="en-US" id="label_FairValueAdjustmentJointVenture_2">Fair value adjustments of financial instruments of joint ventures, net.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueAdjustmentJointVenture" xlink:to="label_FairValueAdjustmentJointVenture_2" xlink:title="Label : FairValueAdjustmentJointVenture to label_FairValueAdjustmentJointVenture_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationNetOfTax" xlink:label="GainsLossesOnExchangeDifferencesOnTranslationNetOfTax" xlink:title="GainsLossesOnExchangeDifferencesOnTranslationNetOfTax" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainsLossesOnExchangeDifferencesOnTranslationNetOfTax" xlink:to="label_GainsLossesOnExchangeDifferencesOnTranslationNetOfTax" xlink:title="Label : GainsLossesOnExchangeDifferencesOnTranslationNetOfTax to label_GainsLossesOnExchangeDifferencesOnTranslationNetOfTax" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ItemsThatAreNotSubsequentlyReclassifiedToProfitOrLossAbstract" xlink:label="ItemsThatAreNotSubsequentlyReclassifiedToProfitOrLossAbstract" xlink:title="ItemsThatAreNotSubsequentlyReclassifiedToProfitOrLossAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ItemsThatAreNotSubsequentlyReclassifiedToProfitOrLossAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ItemsThatAreNotSubsequentlyReclassifiedToProfitOrLossAbstract" xml:lang="en-US" id="label_ItemsThatAreNotSubsequentlyReclassifiedToProfitOrLossAbstract">Items that are not subsequently reclassified to profit or loss:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ItemsThatAreNotSubsequentlyReclassifiedToProfitOrLossAbstract" xlink:to="label_ItemsThatAreNotSubsequentlyReclassifiedToProfitOrLossAbstract" xlink:title="Label : ItemsThatAreNotSubsequentlyReclassifiedToProfitOrLossAbstract to label_ItemsThatAreNotSubsequentlyReclassifiedToProfitOrLossAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ItemsThatAreNotSubsequentlyReclassifiedToProfitOrLossAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ItemsThatAreNotSubsequentlyReclassifiedToProfitOrLossAbstract_1" xml:lang="en-US" id="label_ItemsThatAreNotSubsequentlyReclassifiedToProfitOrLossAbstract_1">Items that are not subsequently reclassified to profit or loss:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ItemsThatAreNotSubsequentlyReclassifiedToProfitOrLossAbstract" xlink:to="label_ItemsThatAreNotSubsequentlyReclassifiedToProfitOrLossAbstract_1" xlink:title="Label : ItemsThatAreNotSubsequentlyReclassifiedToProfitOrLossAbstract to label_ItemsThatAreNotSubsequentlyReclassifiedToProfitOrLossAbstract_1" />
    <link:label xlink:type="resource" xlink:label="label_ItemsThatAreNotSubsequentlyReclassifiedToProfitOrLossAbstract_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ItemsThatAreNotSubsequentlyReclassifiedToProfitOrLossAbstract_2" xml:lang="en-US" id="label_ItemsThatAreNotSubsequentlyReclassifiedToProfitOrLossAbstract_2">Items that are not subsequently reclassified to profit or loss abstract.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ItemsThatAreNotSubsequentlyReclassifiedToProfitOrLossAbstract" xlink:to="label_ItemsThatAreNotSubsequentlyReclassifiedToProfitOrLossAbstract_2" xlink:title="Label : ItemsThatAreNotSubsequentlyReclassifiedToProfitOrLossAbstract to label_ItemsThatAreNotSubsequentlyReclassifiedToProfitOrLossAbstract_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OtherAdjustmentsForNoncashItems1" xlink:label="OtherAdjustmentsForNoncashItems1" xlink:title="OtherAdjustmentsForNoncashItems1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherAdjustmentsForNoncashItems1" xlink:to="label_OtherAdjustmentsForNoncashItems1" xlink:title="Label : OtherAdjustmentsForNoncashItems1 to label_OtherAdjustmentsForNoncashItems1" />
    <link:label xlink:type="resource" xlink:label="label_OtherAdjustmentsForNoncashItems1_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_OtherAdjustmentsForNoncashItems1_1" xml:lang="en-US" id="label_OtherAdjustmentsForNoncashItems1_1">Actuarial gain (losses) of post-employment benefits of joint ventures, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherAdjustmentsForNoncashItems1" xlink:to="label_OtherAdjustmentsForNoncashItems1_1" xlink:title="Label : OtherAdjustmentsForNoncashItems1 to label_OtherAdjustmentsForNoncashItems1_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherAdjustmentsForNoncashItems1" xlink:to="label_OtherAdjustmentsForNoncashItems1_2" xlink:title="Label : OtherAdjustmentsForNoncashItems1 to label_OtherAdjustmentsForNoncashItems1_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ComprehensiveIncome" xlink:label="ComprehensiveIncome" xlink:title="ComprehensiveIncome" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComprehensiveIncome" xlink:to="label_ComprehensiveIncome" xlink:title="Label : ComprehensiveIncome to label_ComprehensiveIncome" />
    <link:label xlink:type="resource" xlink:label="label_ComprehensiveIncome_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ComprehensiveIncome_1" xml:lang="en-US" id="label_ComprehensiveIncome_1">Total comprehensive income for the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComprehensiveIncome" xlink:to="label_ComprehensiveIncome_1" xlink:title="Label : ComprehensiveIncome to label_ComprehensiveIncome_1" />
    <link:label xlink:type="resource" xlink:label="label_ComprehensiveIncome_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_ComprehensiveIncome_2" xml:lang="en-US" id="label_ComprehensiveIncome_2">Total comprehensive income for the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComprehensiveIncome" xlink:to="label_ComprehensiveIncome_2" xlink:title="Label : ComprehensiveIncome to label_ComprehensiveIncome_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent" xlink:label="ComprehensiveIncomeAttributableToOwnersOfParent" xlink:title="ComprehensiveIncomeAttributableToOwnersOfParent" />
    <link:label xlink:type="resource" xlink:label="label_ComprehensiveIncomeAttributableToOwnersOfParent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ComprehensiveIncomeAttributableToOwnersOfParent" xml:lang="en-US" id="label_ComprehensiveIncomeAttributableToOwnersOfParent">Comprehensive income, attributable to owners of parent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComprehensiveIncomeAttributableToOwnersOfParent" xlink:to="label_ComprehensiveIncomeAttributableToOwnersOfParent" xlink:title="Label : ComprehensiveIncomeAttributableToOwnersOfParent to label_ComprehensiveIncomeAttributableToOwnersOfParent" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests" xlink:label="ComprehensiveIncomeAttributableToNoncontrollingInterests" xlink:title="ComprehensiveIncomeAttributableToNoncontrollingInterests" />
    <link:label xlink:type="resource" xlink:label="label_ComprehensiveIncomeAttributableToNoncontrollingInterests" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ComprehensiveIncomeAttributableToNoncontrollingInterests" xml:lang="en-US" id="label_ComprehensiveIncomeAttributableToNoncontrollingInterests">Total comprehensive income for the period attributable to non-controlling interest in subsidiaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComprehensiveIncomeAttributableToNoncontrollingInterests" xlink:to="label_ComprehensiveIncomeAttributableToNoncontrollingInterests" xlink:title="Label : ComprehensiveIncomeAttributableToNoncontrollingInterests to label_ComprehensiveIncomeAttributableToNoncontrollingInterests" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_StatementOfChangesInEquityAbstract" xlink:label="StatementOfChangesInEquityAbstract" xlink:title="StatementOfChangesInEquityAbstract" />
    <link:label xlink:type="resource" xlink:label="label_StatementOfChangesInEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatementOfChangesInEquityAbstract" xml:lang="en-US" id="label_StatementOfChangesInEquityAbstract">Statement of changes in equity [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfChangesInEquityAbstract" xlink:to="label_StatementOfChangesInEquityAbstract" xlink:title="Label : StatementOfChangesInEquityAbstract to label_StatementOfChangesInEquityAbstract" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_StatementTable" xlink:label="StatementTable" xlink:title="StatementTable" />
    <link:label xlink:type="resource" xlink:label="label_StatementTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatementTable" xml:lang="en-US" id="label_StatementTable">Statement [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementTable" xlink:to="label_StatementTable" xlink:title="Label : StatementTable to label_StatementTable" />
    <link:label xlink:type="resource" xlink:label="label_StatementTable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_StatementTable_1" xml:lang="en-US" id="label_StatementTable_1">Statement [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementTable" xlink:to="label_StatementTable_1" xlink:title="Label : StatementTable to label_StatementTable_1" />
    <link:label xlink:type="resource" xlink:label="label_StatementTable_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_StatementTable_2" xml:lang="en-US" id="label_StatementTable_2">Schedule reflecting a Statement of Income, Statement of Cash Flows, Statement of Financial Position, Statement of Shareholders Equity and Other Comprehensive Income, or other statement as needed.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementTable" xlink:to="label_StatementTable_2" xlink:title="Label : StatementTable to label_StatementTable_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ComponentsOfEquityAxis" xlink:label="ComponentsOfEquityAxis" xlink:title="ComponentsOfEquityAxis" />
    <link:label xlink:type="resource" xlink:label="label_ComponentsOfEquityAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ComponentsOfEquityAxis" xml:lang="en-US" id="label_ComponentsOfEquityAxis">Components of equity [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComponentsOfEquityAxis" xlink:to="label_ComponentsOfEquityAxis" xlink:title="Label : ComponentsOfEquityAxis to label_ComponentsOfEquityAxis" />
    <link:label xlink:type="resource" xlink:label="label_ComponentsOfEquityAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ComponentsOfEquityAxis_1" xml:lang="en-US" id="label_ComponentsOfEquityAxis_1">Components of equity [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComponentsOfEquityAxis" xlink:to="label_ComponentsOfEquityAxis_1" xlink:title="Label : ComponentsOfEquityAxis to label_ComponentsOfEquityAxis_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_EquityMember" xlink:label="EquityMember" xlink:title="EquityMember" />
    <link:label xlink:type="resource" xlink:label="label_EquityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EquityMember" xml:lang="en-US" id="label_EquityMember">Equity [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMember" xlink:to="label_EquityMember" xlink:title="Label : EquityMember to label_EquityMember" />
    <link:label xlink:type="resource" xlink:label="label_EquityMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EquityMember_1" xml:lang="en-US" id="label_EquityMember_1">Equity [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMember" xlink:to="label_EquityMember_1" xlink:title="Label : EquityMember to label_EquityMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_IssuedCapitalMember" xlink:label="IssuedCapitalMember" xlink:title="IssuedCapitalMember" />
    <link:label xlink:type="resource" xlink:label="label_IssuedCapitalMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IssuedCapitalMember" xml:lang="en-US" id="label_IssuedCapitalMember">Share capital</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IssuedCapitalMember" xlink:to="label_IssuedCapitalMember" xlink:title="Label : IssuedCapitalMember to label_IssuedCapitalMember" />
    <link:label xlink:type="resource" xlink:label="label_IssuedCapitalMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IssuedCapitalMember_1" xml:lang="en-US" id="label_IssuedCapitalMember_1">Issued capital [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IssuedCapitalMember" xlink:to="label_IssuedCapitalMember_1" xlink:title="Label : IssuedCapitalMember to label_IssuedCapitalMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_EquityInstrumentGrantedMember" xlink:label="EquityInstrumentGrantedMember" xlink:title="EquityInstrumentGrantedMember" />
    <link:label xlink:type="resource" xlink:label="label_EquityInstrumentGrantedMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EquityInstrumentGrantedMember" xml:lang="en-US" id="label_EquityInstrumentGrantedMember">Equity instrument granted.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityInstrumentGrantedMember" xlink:to="label_EquityInstrumentGrantedMember" xlink:title="Label : EquityInstrumentGrantedMember to label_EquityInstrumentGrantedMember" />
    <link:label xlink:type="resource" xlink:label="label_EquityInstrumentGrantedMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EquityInstrumentGrantedMember_1" xml:lang="en-US" id="label_EquityInstrumentGrantedMember_1">Equity instrument granted</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityInstrumentGrantedMember" xlink:to="label_EquityInstrumentGrantedMember_1" xlink:title="Label : EquityInstrumentGrantedMember to label_EquityInstrumentGrantedMember_1" />
    <link:label xlink:type="resource" xlink:label="label_EquityInstrumentGrantedMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EquityInstrumentGrantedMember_2" xml:lang="en-US" id="label_EquityInstrumentGrantedMember_2">Equity instrument granted [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityInstrumentGrantedMember" xlink:to="label_EquityInstrumentGrantedMember_2" xlink:title="Label : EquityInstrumentGrantedMember to label_EquityInstrumentGrantedMember_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CapitalReserveMember" xlink:label="CapitalReserveMember" xlink:title="CapitalReserveMember" />
    <link:label xlink:type="resource" xlink:label="label_CapitalReserveMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CapitalReserveMember" xml:lang="en-US" id="label_CapitalReserveMember">Capital reserve</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalReserveMember" xlink:to="label_CapitalReserveMember" xlink:title="Label : CapitalReserveMember to label_CapitalReserveMember" />
    <link:label xlink:type="resource" xlink:label="label_CapitalReserveMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CapitalReserveMember_1" xml:lang="en-US" id="label_CapitalReserveMember_1">Capital reserve [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalReserveMember" xlink:to="label_CapitalReserveMember_1" xlink:title="Label : CapitalReserveMember to label_CapitalReserveMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TreasurySharesMember" xlink:label="TreasurySharesMember" xlink:title="TreasurySharesMember" />
    <link:label xlink:type="resource" xlink:label="label_TreasurySharesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TreasurySharesMember" xml:lang="en-US" id="label_TreasurySharesMember">Treasury shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TreasurySharesMember" xlink:to="label_TreasurySharesMember" xlink:title="Label : TreasurySharesMember to label_TreasurySharesMember" />
    <link:label xlink:type="resource" xlink:label="label_TreasurySharesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TreasurySharesMember_1" xml:lang="en-US" id="label_TreasurySharesMember_1">Treasury shares [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TreasurySharesMember" xlink:to="label_TreasurySharesMember_1" xlink:title="Label : TreasurySharesMember to label_TreasurySharesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_RevaluationReserveMember" xlink:label="RevaluationReserveMember" xlink:title="RevaluationReserveMember" />
    <link:label xlink:type="resource" xlink:label="label_RevaluationReserveMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RevaluationReserveMember" xml:lang="en-US" id="label_RevaluationReserveMember">Revaluation reserve on subsidiaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevaluationReserveMember" xlink:to="label_RevaluationReserveMember" xlink:title="Label : RevaluationReserveMember to label_RevaluationReserveMember" />
    <link:label xlink:type="resource" xlink:label="label_RevaluationReserveMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RevaluationReserveMember_1" xml:lang="en-US" id="label_RevaluationReserveMember_1">Revaluation reserve on subsidiaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevaluationReserveMember" xlink:to="label_RevaluationReserveMember_1" xlink:title="Label : RevaluationReserveMember to label_RevaluationReserveMember_1" />
    <link:label xlink:type="resource" xlink:label="label_RevaluationReserveMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RevaluationReserveMember_2" xml:lang="en-US" id="label_RevaluationReserveMember_2">Revaluation reserve on subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevaluationReserveMember" xlink:to="label_RevaluationReserveMember_2" xlink:title="Label : RevaluationReserveMember to label_RevaluationReserveMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LegalReservesMember" xlink:label="LegalReservesMember" xlink:title="LegalReservesMember" />
    <link:label xlink:type="resource" xlink:label="label_LegalReservesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LegalReservesMember" xml:lang="en-US" id="label_LegalReservesMember">Legal Reserves.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LegalReservesMember" xlink:to="label_LegalReservesMember" xlink:title="Label : LegalReservesMember to label_LegalReservesMember" />
    <link:label xlink:type="resource" xlink:label="label_LegalReservesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LegalReservesMember_1" xml:lang="en-US" id="label_LegalReservesMember_1">Legal Reserves</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LegalReservesMember" xlink:to="label_LegalReservesMember_1" xlink:title="Label : LegalReservesMember to label_LegalReservesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_LegalReservesMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LegalReservesMember_2" xml:lang="en-US" id="label_LegalReservesMember_2">Legal Reserves [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LegalReservesMember" xlink:to="label_LegalReservesMember_2" xlink:title="Label : LegalReservesMember to label_LegalReservesMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_InvestmentsStatutoryReserveMember" xlink:label="InvestmentsStatutoryReserveMember" xlink:title="InvestmentsStatutoryReserveMember" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsStatutoryReserveMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InvestmentsStatutoryReserveMember" xml:lang="en-US" id="label_InvestmentsStatutoryReserveMember">Investments statutory reserve.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsStatutoryReserveMember" xlink:to="label_InvestmentsStatutoryReserveMember" xlink:title="Label : InvestmentsStatutoryReserveMember to label_InvestmentsStatutoryReserveMember" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsStatutoryReserveMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InvestmentsStatutoryReserveMember_1" xml:lang="en-US" id="label_InvestmentsStatutoryReserveMember_1">Investments statutory reserve</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsStatutoryReserveMember" xlink:to="label_InvestmentsStatutoryReserveMember_1" xlink:title="Label : InvestmentsStatutoryReserveMember to label_InvestmentsStatutoryReserveMember_1" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentsStatutoryReserveMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InvestmentsStatutoryReserveMember_2" xml:lang="en-US" id="label_InvestmentsStatutoryReserveMember_2">Investments statutory reserve [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsStatutoryReserveMember" xlink:to="label_InvestmentsStatutoryReserveMember_2" xlink:title="Label : InvestmentsStatutoryReserveMember to label_InvestmentsStatutoryReserveMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ValuationAdjustmentsMember" xlink:label="ValuationAdjustmentsMember" xlink:title="ValuationAdjustmentsMember" />
    <link:label xlink:type="resource" xlink:label="label_ValuationAdjustmentsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ValuationAdjustmentsMember" xml:lang="en-US" id="label_ValuationAdjustmentsMember">Valuation adjustments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ValuationAdjustmentsMember" xlink:to="label_ValuationAdjustmentsMember" xlink:title="Label : ValuationAdjustmentsMember to label_ValuationAdjustmentsMember" />
    <link:label xlink:type="resource" xlink:label="label_ValuationAdjustmentsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ValuationAdjustmentsMember_1" xml:lang="en-US" id="label_ValuationAdjustmentsMember_1">Valuation Adjustments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ValuationAdjustmentsMember" xlink:to="label_ValuationAdjustmentsMember_1" xlink:title="Label : ValuationAdjustmentsMember to label_ValuationAdjustmentsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ValuationAdjustmentsMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ValuationAdjustmentsMember_2" xml:lang="en-US" id="label_ValuationAdjustmentsMember_2">Valuation Adjustments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ValuationAdjustmentsMember" xlink:to="label_ValuationAdjustmentsMember_2" xlink:title="Label : ValuationAdjustmentsMember to label_ValuationAdjustmentsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CumulativeTranslationAdjustmentsMember" xlink:label="CumulativeTranslationAdjustmentsMember" xlink:title="CumulativeTranslationAdjustmentsMember" />
    <link:label xlink:type="resource" xlink:label="label_CumulativeTranslationAdjustmentsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CumulativeTranslationAdjustmentsMember" xml:lang="en-US" id="label_CumulativeTranslationAdjustmentsMember">Cumulative translation adjustments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CumulativeTranslationAdjustmentsMember" xlink:to="label_CumulativeTranslationAdjustmentsMember" xlink:title="Label : CumulativeTranslationAdjustmentsMember to label_CumulativeTranslationAdjustmentsMember" />
    <link:label xlink:type="resource" xlink:label="label_CumulativeTranslationAdjustmentsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CumulativeTranslationAdjustmentsMember_1" xml:lang="en-US" id="label_CumulativeTranslationAdjustmentsMember_1">Cumulative translation adjustments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CumulativeTranslationAdjustmentsMember" xlink:to="label_CumulativeTranslationAdjustmentsMember_1" xlink:title="Label : CumulativeTranslationAdjustmentsMember to label_CumulativeTranslationAdjustmentsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_CumulativeTranslationAdjustmentsMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CumulativeTranslationAdjustmentsMember_2" xml:lang="en-US" id="label_CumulativeTranslationAdjustmentsMember_2">Cumulative translation adjustments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CumulativeTranslationAdjustmentsMember" xlink:to="label_CumulativeTranslationAdjustmentsMember_2" xlink:title="Label : CumulativeTranslationAdjustmentsMember to label_CumulativeTranslationAdjustmentsMember_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_RetainedEarningsMember" xlink:label="RetainedEarningsMember" xlink:title="RetainedEarningsMember" />
    <link:label xlink:type="resource" xlink:label="label_RetainedEarningsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RetainedEarningsMember" xml:lang="en-US" id="label_RetainedEarningsMember">Retained earnings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RetainedEarningsMember" xlink:to="label_RetainedEarningsMember" xlink:title="Label : RetainedEarningsMember to label_RetainedEarningsMember" />
    <link:label xlink:type="resource" xlink:label="label_RetainedEarningsMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RetainedEarningsMember_1" xml:lang="en-US" id="label_RetainedEarningsMember_1">Retained earnings [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RetainedEarningsMember" xlink:to="label_RetainedEarningsMember_1" xlink:title="Label : RetainedEarningsMember to label_RetainedEarningsMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AdditionalDividendsMember" xlink:label="AdditionalDividendsMember" xlink:title="AdditionalDividendsMember" />
    <link:label xlink:type="resource" xlink:label="label_AdditionalDividendsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AdditionalDividendsMember" xml:lang="en-US" id="label_AdditionalDividendsMember">Additional dividends to the minimum mandatory dividend.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalDividendsMember" xlink:to="label_AdditionalDividendsMember" xlink:title="Label : AdditionalDividendsMember to label_AdditionalDividendsMember" />
    <link:label xlink:type="resource" xlink:label="label_AdditionalDividendsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdditionalDividendsMember_1" xml:lang="en-US" id="label_AdditionalDividendsMember_1">Additional dividends to the minimum mandatory dividends</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalDividendsMember" xlink:to="label_AdditionalDividendsMember_1" xlink:title="Label : AdditionalDividendsMember to label_AdditionalDividendsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_AdditionalDividendsMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdditionalDividendsMember_2" xml:lang="en-US" id="label_AdditionalDividendsMember_2">Additional dividends to the minimum mandatory dividends [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalDividendsMember" xlink:to="label_AdditionalDividendsMember_2" xlink:title="Label : AdditionalDividendsMember to label_AdditionalDividendsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_EquityAttributableToShareholdersMember" xlink:label="EquityAttributableToShareholdersMember" xlink:title="EquityAttributableToShareholdersMember" />
    <link:label xlink:type="resource" xlink:label="label_EquityAttributableToShareholdersMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EquityAttributableToShareholdersMember" xml:lang="en-US" id="label_EquityAttributableToShareholdersMember">Shareholders of the Company.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityAttributableToShareholdersMember" xlink:to="label_EquityAttributableToShareholdersMember" xlink:title="Label : EquityAttributableToShareholdersMember to label_EquityAttributableToShareholdersMember" />
    <link:label xlink:type="resource" xlink:label="label_EquityAttributableToShareholdersMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EquityAttributableToShareholdersMember_1" xml:lang="en-US" id="label_EquityAttributableToShareholdersMember_1">Shareholders of the Company</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityAttributableToShareholdersMember" xlink:to="label_EquityAttributableToShareholdersMember_1" xlink:title="Label : EquityAttributableToShareholdersMember to label_EquityAttributableToShareholdersMember_1" />
    <link:label xlink:type="resource" xlink:label="label_EquityAttributableToShareholdersMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EquityAttributableToShareholdersMember_2" xml:lang="en-US" id="label_EquityAttributableToShareholdersMember_2">Shareholders of the Company [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityAttributableToShareholdersMember" xlink:to="label_EquityAttributableToShareholdersMember_2" xlink:title="Label : EquityAttributableToShareholdersMember to label_EquityAttributableToShareholdersMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_EquityAttributableToNoncontrollingInterestsMember" xlink:label="EquityAttributableToNoncontrollingInterestsMember" xlink:title="EquityAttributableToNoncontrollingInterestsMember" />
    <link:label xlink:type="resource" xlink:label="label_EquityAttributableToNoncontrollingInterestsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EquityAttributableToNoncontrollingInterestsMember" xml:lang="en-US" id="label_EquityAttributableToNoncontrollingInterestsMember">Non-controlling interests in subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityAttributableToNoncontrollingInterestsMember" xlink:to="label_EquityAttributableToNoncontrollingInterestsMember" xlink:title="Label : EquityAttributableToNoncontrollingInterestsMember to label_EquityAttributableToNoncontrollingInterestsMember" />
    <link:label xlink:type="resource" xlink:label="label_EquityAttributableToNoncontrollingInterestsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EquityAttributableToNoncontrollingInterestsMember_1" xml:lang="en-US" id="label_EquityAttributableToNoncontrollingInterestsMember_1">Non-controlling interests in subsidiaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityAttributableToNoncontrollingInterestsMember" xlink:to="label_EquityAttributableToNoncontrollingInterestsMember_1" xlink:title="Label : EquityAttributableToNoncontrollingInterestsMember to label_EquityAttributableToNoncontrollingInterestsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_EquityAttributableToNoncontrollingInterestsMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EquityAttributableToNoncontrollingInterestsMember_2" xml:lang="en-US" id="label_EquityAttributableToNoncontrollingInterestsMember_2">Non-controlling interests in subsidiaries [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityAttributableToNoncontrollingInterestsMember" xlink:to="label_EquityAttributableToNoncontrollingInterestsMember_2" xlink:title="Label : EquityAttributableToNoncontrollingInterestsMember to label_EquityAttributableToNoncontrollingInterestsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_RetentionOfProfitsMember" xlink:label="RetentionOfProfitsMember" xlink:title="RetentionOfProfitsMember" />
    <link:label xlink:type="resource" xlink:label="label_RetentionOfProfitsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RetentionOfProfitsMember" xml:lang="en-US" id="label_RetentionOfProfitsMember">Retention of profits [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RetentionOfProfitsMember" xlink:to="label_RetentionOfProfitsMember" xlink:title="Label : RetentionOfProfitsMember to label_RetentionOfProfitsMember" />
    <link:label xlink:type="resource" xlink:label="label_RetentionOfProfitsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RetentionOfProfitsMember_1" xml:lang="en-US" id="label_RetentionOfProfitsMember_1">Retention of profits [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RetentionOfProfitsMember" xlink:to="label_RetentionOfProfitsMember_1" xlink:title="Label : RetentionOfProfitsMember to label_RetentionOfProfitsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_RetentionOfProfitsMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RetentionOfProfitsMember_2" xml:lang="en-US" id="label_RetentionOfProfitsMember_2">Retention of profit.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RetentionOfProfitsMember" xlink:to="label_RetentionOfProfitsMember_2" xlink:title="Label : RetentionOfProfitsMember to label_RetentionOfProfitsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_StatementLineItems" xlink:label="StatementLineItems" xlink:title="StatementLineItems" />
    <link:label xlink:type="resource" xlink:label="label_StatementLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatementLineItems" xml:lang="en-US" id="label_StatementLineItems">Statement [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementLineItems" xlink:to="label_StatementLineItems" xlink:title="Label : StatementLineItems to label_StatementLineItems" />
    <link:label xlink:type="resource" xlink:label="label_StatementLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_StatementLineItems_1" xml:lang="en-US" id="label_StatementLineItems_1">Statement [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementLineItems" xlink:to="label_StatementLineItems_1" xlink:title="Label : StatementLineItems to label_StatementLineItems_1" />
    <link:label xlink:type="resource" xlink:label="label_StatementLineItems_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_StatementLineItems_2" xml:lang="en-US" id="label_StatementLineItems_2">Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementLineItems" xlink:to="label_StatementLineItems_2" xlink:title="Label : StatementLineItems to label_StatementLineItems_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherComprehensiveIncomeAbstract" xlink:label="OtherComprehensiveIncomeAbstract" xlink:title="OtherComprehensiveIncomeAbstract" />
    <link:label xlink:type="resource" xlink:label="label_OtherComprehensiveIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherComprehensiveIncomeAbstract" xml:lang="en-US" id="label_OtherComprehensiveIncomeAbstract">Other comprehensive income [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeAbstract" xlink:to="label_OtherComprehensiveIncomeAbstract" xlink:title="Label : OtherComprehensiveIncomeAbstract to label_OtherComprehensiveIncomeAbstract" />
    <link:label xlink:type="resource" xlink:label="label_OtherComprehensiveIncomeAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherComprehensiveIncomeAbstract_1" xml:lang="en-US" id="label_OtherComprehensiveIncomeAbstract_1">Other comprehensive income:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeAbstract" xlink:to="label_OtherComprehensiveIncomeAbstract_1" xlink:title="Label : OtherComprehensiveIncomeAbstract to label_OtherComprehensiveIncomeAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AdjustmentsOfAvailableForSaleForFairValueGainsLosses" xlink:label="AdjustmentsOfAvailableForSaleForFairValueGainsLosses" xlink:title="AdjustmentsOfAvailableForSaleForFairValueGainsLosses" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsOfAvailableForSaleForFairValueGainsLosses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsOfAvailableForSaleForFairValueGainsLosses" xml:lang="en-US" id="label_AdjustmentsOfAvailableForSaleForFairValueGainsLosses">Fair value adjustments of available for sale, net of income taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsOfAvailableForSaleForFairValueGainsLosses" xlink:to="label_AdjustmentsOfAvailableForSaleForFairValueGainsLosses" xlink:title="Label : AdjustmentsOfAvailableForSaleForFairValueGainsLosses to label_AdjustmentsOfAvailableForSaleForFairValueGainsLosses" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsOfAvailableForSaleForFairValueGainsLosses_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_AdjustmentsOfAvailableForSaleForFairValueGainsLosses_1" xml:lang="en-US" id="label_AdjustmentsOfAvailableForSaleForFairValueGainsLosses_1">Fair value adjustments of available for sale, net of income taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsOfAvailableForSaleForFairValueGainsLosses" xlink:to="label_AdjustmentsOfAvailableForSaleForFairValueGainsLosses_1" xlink:title="Label : AdjustmentsOfAvailableForSaleForFairValueGainsLosses to label_AdjustmentsOfAvailableForSaleForFairValueGainsLosses_1" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsOfAvailableForSaleForFairValueGainsLosses_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AdjustmentsOfAvailableForSaleForFairValueGainsLosses_2" xml:lang="en-US" id="label_AdjustmentsOfAvailableForSaleForFairValueGainsLosses_2">Fair value adjustments of available for sale, net of income taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsOfAvailableForSaleForFairValueGainsLosses" xlink:to="label_AdjustmentsOfAvailableForSaleForFairValueGainsLosses_2" xlink:title="Label : AdjustmentsOfAvailableForSaleForFairValueGainsLosses to label_AdjustmentsOfAvailableForSaleForFairValueGainsLosses_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AdjustmentsForFairValueGainsLosses" xlink:label="AdjustmentsForFairValueGainsLosses" xlink:title="AdjustmentsForFairValueGainsLosses" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForFairValueGainsLosses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForFairValueGainsLosses" xml:lang="en-US" id="label_AdjustmentsForFairValueGainsLosses">Adjustments for fair value losses (gains)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForFairValueGainsLosses" xlink:to="label_AdjustmentsForFairValueGainsLosses" xlink:title="Label : AdjustmentsForFairValueGainsLosses to label_AdjustmentsForFairValueGainsLosses" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForFairValueGainsLosses_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_AdjustmentsForFairValueGainsLosses_1" xml:lang="en-US" id="label_AdjustmentsForFairValueGainsLosses_1">Fair value adjustments of financial assets, net of income taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForFairValueGainsLosses" xlink:to="label_AdjustmentsForFairValueGainsLosses_1" xlink:title="Label : AdjustmentsForFairValueGainsLosses to label_AdjustmentsForFairValueGainsLosses_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ActuarialLossesOfPostEmploymentBenefitsNet" xlink:label="ActuarialLossesOfPostEmploymentBenefitsNet" xlink:title="ActuarialLossesOfPostEmploymentBenefitsNet" />
    <link:label xlink:type="resource" xlink:label="label_ActuarialLossesOfPostEmploymentBenefitsNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ActuarialLossesOfPostEmploymentBenefitsNet" xml:lang="en-US" id="label_ActuarialLossesOfPostEmploymentBenefitsNet">Actuarial losses of post-employment benefits, net of income taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ActuarialLossesOfPostEmploymentBenefitsNet" xlink:to="label_ActuarialLossesOfPostEmploymentBenefitsNet" xlink:title="Label : ActuarialLossesOfPostEmploymentBenefitsNet to label_ActuarialLossesOfPostEmploymentBenefitsNet" />
    <link:label xlink:type="resource" xlink:label="label_ActuarialLossesOfPostEmploymentBenefitsNet_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ActuarialLossesOfPostEmploymentBenefitsNet_1" xml:lang="en-US" id="label_ActuarialLossesOfPostEmploymentBenefitsNet_1">Actuarial losses of post-employment benefits, net of income taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ActuarialLossesOfPostEmploymentBenefitsNet" xlink:to="label_ActuarialLossesOfPostEmploymentBenefitsNet_1" xlink:title="Label : ActuarialLossesOfPostEmploymentBenefitsNet to label_ActuarialLossesOfPostEmploymentBenefitsNet_1" />
    <link:label xlink:type="resource" xlink:label="label_ActuarialLossesOfPostEmploymentBenefitsNet_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ActuarialLossesOfPostEmploymentBenefitsNet_2" xml:lang="en-US" id="label_ActuarialLossesOfPostEmploymentBenefitsNet_2">Actuarial losses of post-employment benefits, net of income taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ActuarialLossesOfPostEmploymentBenefitsNet" xlink:to="label_ActuarialLossesOfPostEmploymentBenefitsNet_2" xlink:title="Label : ActuarialLossesOfPostEmploymentBenefitsNet to label_ActuarialLossesOfPostEmploymentBenefitsNet_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ActuarialGainsOfPostEmploymentBenefitsNet" xlink:label="ActuarialGainsOfPostEmploymentBenefitsNet" xlink:title="ActuarialGainsOfPostEmploymentBenefitsNet" />
    <link:label xlink:type="resource" xlink:label="label_ActuarialGainsOfPostEmploymentBenefitsNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ActuarialGainsOfPostEmploymentBenefitsNet" xml:lang="en-US" id="label_ActuarialGainsOfPostEmploymentBenefitsNet">Actuarial gains of post-employment benefits, net of income taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ActuarialGainsOfPostEmploymentBenefitsNet" xlink:to="label_ActuarialGainsOfPostEmploymentBenefitsNet" xlink:title="Label : ActuarialGainsOfPostEmploymentBenefitsNet to label_ActuarialGainsOfPostEmploymentBenefitsNet" />
    <link:label xlink:type="resource" xlink:label="label_ActuarialGainsOfPostEmploymentBenefitsNet_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ActuarialGainsOfPostEmploymentBenefitsNet_1" xml:lang="en-US" id="label_ActuarialGainsOfPostEmploymentBenefitsNet_1">Actuarial gain of post-employment benefits, net of income taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ActuarialGainsOfPostEmploymentBenefitsNet" xlink:to="label_ActuarialGainsOfPostEmploymentBenefitsNet_1" xlink:title="Label : ActuarialGainsOfPostEmploymentBenefitsNet to label_ActuarialGainsOfPostEmploymentBenefitsNet_1" />
    <link:label xlink:type="resource" xlink:label="label_ActuarialGainsOfPostEmploymentBenefitsNet_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ActuarialGainsOfPostEmploymentBenefitsNet_2" xml:lang="en-US" id="label_ActuarialGainsOfPostEmploymentBenefitsNet_2">Actuarial gains of post-employment benefits, net of income taxes.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ActuarialGainsOfPostEmploymentBenefitsNet" xlink:to="label_ActuarialGainsOfPostEmploymentBenefitsNet_2" xlink:title="Label : ActuarialGainsOfPostEmploymentBenefitsNet to label_ActuarialGainsOfPostEmploymentBenefitsNet_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherAdjustmentsToReconcileProfitLoss" xlink:label="OtherAdjustmentsToReconcileProfitLoss" xlink:title="OtherAdjustmentsToReconcileProfitLoss" />
    <link:label xlink:type="resource" xlink:label="label_OtherAdjustmentsToReconcileProfitLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherAdjustmentsToReconcileProfitLoss" xml:lang="en-US" id="label_OtherAdjustmentsToReconcileProfitLoss">Other adjustments to reconcile profit (loss)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherAdjustmentsToReconcileProfitLoss" xlink:to="label_OtherAdjustmentsToReconcileProfitLoss" xlink:title="Label : OtherAdjustmentsToReconcileProfitLoss to label_OtherAdjustmentsToReconcileProfitLoss" />
    <link:label xlink:type="resource" xlink:label="label_OtherAdjustmentsToReconcileProfitLoss_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_OtherAdjustmentsToReconcileProfitLoss_1" xml:lang="en-US" id="label_OtherAdjustmentsToReconcileProfitLoss_1">Currency translation of foreign subsidiaries, including the effect of net investments hedge</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherAdjustmentsToReconcileProfitLoss" xlink:to="label_OtherAdjustmentsToReconcileProfitLoss_1" xlink:title="Label : OtherAdjustmentsToReconcileProfitLoss to label_OtherAdjustmentsToReconcileProfitLoss_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ShareholderTransactionGainInReimbursementOfShares" xlink:label="ShareholderTransactionGainInReimbursementOfShares" xlink:title="ShareholderTransactionGainInReimbursementOfShares" />
    <link:label xlink:type="resource" xlink:label="label_ShareholderTransactionGainInReimbursementOfShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ShareholderTransactionGainInReimbursementOfShares" xml:lang="en-US" id="label_ShareholderTransactionGainInReimbursementOfShares">Shareholder Transaction Gain In Reimbursement Of Shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareholderTransactionGainInReimbursementOfShares" xlink:to="label_ShareholderTransactionGainInReimbursementOfShares" xlink:title="Label : ShareholderTransactionGainInReimbursementOfShares to label_ShareholderTransactionGainInReimbursementOfShares" />
    <link:label xlink:type="resource" xlink:label="label_ShareholderTransactionGainInReimbursementOfShares_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ShareholderTransactionGainInReimbursementOfShares_1" xml:lang="en-US" id="label_ShareholderTransactionGainInReimbursementOfShares_1">Shareholder transaction&#x2014;gain in reimbursement of shares pref. B from Oxiteno Nordeste</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareholderTransactionGainInReimbursementOfShares" xlink:to="label_ShareholderTransactionGainInReimbursementOfShares_1" xlink:title="Label : ShareholderTransactionGainInReimbursementOfShares to label_ShareholderTransactionGainInReimbursementOfShares_1" />
    <link:label xlink:type="resource" xlink:label="label_ShareholderTransactionGainInReimbursementOfShares_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ShareholderTransactionGainInReimbursementOfShares_2" xml:lang="en-US" id="label_ShareholderTransactionGainInReimbursementOfShares_2">Redemption of&#xA0;non-controlling&#xA0;shares.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareholderTransactionGainInReimbursementOfShares" xlink:to="label_ShareholderTransactionGainInReimbursementOfShares_2" xlink:title="Label : ShareholderTransactionGainInReimbursementOfShares to label_ShareholderTransactionGainInReimbursementOfShares_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_EquityInstrumentGranted" xlink:label="EquityInstrumentGranted" xlink:title="EquityInstrumentGranted" />
    <link:label xlink:type="resource" xlink:label="label_EquityInstrumentGranted" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EquityInstrumentGranted" xml:lang="en-US" id="label_EquityInstrumentGranted">Equity instrument granted</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityInstrumentGranted" xlink:to="label_EquityInstrumentGranted" xlink:title="Label : EquityInstrumentGranted to label_EquityInstrumentGranted" />
    <link:label xlink:type="resource" xlink:label="label_EquityInstrumentGranted_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EquityInstrumentGranted_1" xml:lang="en-US" id="label_EquityInstrumentGranted_1">Equity instrument granted</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityInstrumentGranted" xlink:to="label_EquityInstrumentGranted_1" xlink:title="Label : EquityInstrumentGranted to label_EquityInstrumentGranted_1" />
    <link:label xlink:type="resource" xlink:label="label_EquityInstrumentGranted_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EquityInstrumentGranted_2" xml:lang="en-US" id="label_EquityInstrumentGranted_2">The amount of equity instrument granted.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityInstrumentGranted" xlink:to="label_EquityInstrumentGranted_2" xlink:title="Label : EquityInstrumentGranted to label_EquityInstrumentGranted_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_IncreaseDecreaseInWorkingCapital" xlink:label="IncreaseDecreaseInWorkingCapital" xlink:title="IncreaseDecreaseInWorkingCapital" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInWorkingCapital" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseInWorkingCapital" xml:lang="en-US" id="label_IncreaseDecreaseInWorkingCapital">Increase (decrease) in working capital</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInWorkingCapital" xlink:to="label_IncreaseDecreaseInWorkingCapital" xlink:title="Label : IncreaseDecreaseInWorkingCapital to label_IncreaseDecreaseInWorkingCapital" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInWorkingCapital_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseInWorkingCapital_1" xml:lang="en-US" id="label_IncreaseDecreaseInWorkingCapital_1">Capital increase with reserves</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInWorkingCapital" xlink:to="label_IncreaseDecreaseInWorkingCapital_1" xlink:title="Label : IncreaseDecreaseInWorkingCapital to label_IncreaseDecreaseInWorkingCapital_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IncreaseDecreaseThroughStockPlans" xlink:label="IncreaseDecreaseThroughStockPlans" xlink:title="IncreaseDecreaseThroughStockPlans" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughStockPlans" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseThroughStockPlans" xml:lang="en-US" id="label_IncreaseDecreaseThroughStockPlans">Increase decrease through stock plans</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughStockPlans" xlink:to="label_IncreaseDecreaseThroughStockPlans" xlink:title="Label : IncreaseDecreaseThroughStockPlans to label_IncreaseDecreaseThroughStockPlans" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughStockPlans_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseThroughStockPlans_1" xml:lang="en-US" id="label_IncreaseDecreaseThroughStockPlans_1">Stock plan</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughStockPlans" xlink:to="label_IncreaseDecreaseThroughStockPlans_1" xlink:title="Label : IncreaseDecreaseThroughStockPlans to label_IncreaseDecreaseThroughStockPlans_1" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughStockPlans_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncreaseDecreaseThroughStockPlans_2" xml:lang="en-US" id="label_IncreaseDecreaseThroughStockPlans_2">Increase decrease through stock plans.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughStockPlans" xlink:to="label_IncreaseDecreaseThroughStockPlans_2" xlink:title="Label : IncreaseDecreaseThroughStockPlans to label_IncreaseDecreaseThroughStockPlans_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_RealizationOfRevaluationReserveOfSubsidiaries" xlink:label="RealizationOfRevaluationReserveOfSubsidiaries" xlink:title="RealizationOfRevaluationReserveOfSubsidiaries" />
    <link:label xlink:type="resource" xlink:label="label_RealizationOfRevaluationReserveOfSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RealizationOfRevaluationReserveOfSubsidiaries" xml:lang="en-US" id="label_RealizationOfRevaluationReserveOfSubsidiaries">Realization of revaluation reserve of subsidiaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealizationOfRevaluationReserveOfSubsidiaries" xlink:to="label_RealizationOfRevaluationReserveOfSubsidiaries" xlink:title="Label : RealizationOfRevaluationReserveOfSubsidiaries to label_RealizationOfRevaluationReserveOfSubsidiaries" />
    <link:label xlink:type="resource" xlink:label="label_RealizationOfRevaluationReserveOfSubsidiaries_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RealizationOfRevaluationReserveOfSubsidiaries_1" xml:lang="en-US" id="label_RealizationOfRevaluationReserveOfSubsidiaries_1">Realization of revaluation reserve of subsidiaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealizationOfRevaluationReserveOfSubsidiaries" xlink:to="label_RealizationOfRevaluationReserveOfSubsidiaries_1" xlink:title="Label : RealizationOfRevaluationReserveOfSubsidiaries to label_RealizationOfRevaluationReserveOfSubsidiaries_1" />
    <link:label xlink:type="resource" xlink:label="label_RealizationOfRevaluationReserveOfSubsidiaries_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RealizationOfRevaluationReserveOfSubsidiaries_2" xml:lang="en-US" id="label_RealizationOfRevaluationReserveOfSubsidiaries_2">The revaluation reserve reflects the revaluation of assets of subsidiaries and is based on depreciation, write-off, or disposal of the revalued assets of the subsidiaries, as well as the tax effects recognized by these subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealizationOfRevaluationReserveOfSubsidiaries" xlink:to="label_RealizationOfRevaluationReserveOfSubsidiaries_2" xlink:title="Label : RealizationOfRevaluationReserveOfSubsidiaries to label_RealizationOfRevaluationReserveOfSubsidiaries_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IncomeAndSocialContributionTaxesOnRealizationOfRevaluationReserveOfSubsidiaries" xlink:label="IncomeAndSocialContributionTaxesOnRealizationOfRevaluationReserveOfSubsidiaries" xlink:title="IncomeAndSocialContributionTaxesOnRealizationOfRevaluationReserveOfSubsidiaries" />
    <link:label xlink:type="resource" xlink:label="label_IncomeAndSocialContributionTaxesOnRealizationOfRevaluationReserveOfSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeAndSocialContributionTaxesOnRealizationOfRevaluationReserveOfSubsidiaries" xml:lang="en-US" id="label_IncomeAndSocialContributionTaxesOnRealizationOfRevaluationReserveOfSubsidiaries">Income and social contribution taxes on realization of revaluation reserve of subsidiaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeAndSocialContributionTaxesOnRealizationOfRevaluationReserveOfSubsidiaries" xlink:to="label_IncomeAndSocialContributionTaxesOnRealizationOfRevaluationReserveOfSubsidiaries" xlink:title="Label : IncomeAndSocialContributionTaxesOnRealizationOfRevaluationReserveOfSubsidiaries to label_IncomeAndSocialContributionTaxesOnRealizationOfRevaluationReserveOfSubsidiaries" />
    <link:label xlink:type="resource" xlink:label="label_IncomeAndSocialContributionTaxesOnRealizationOfRevaluationReserveOfSubsidiaries_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncomeAndSocialContributionTaxesOnRealizationOfRevaluationReserveOfSubsidiaries_1" xml:lang="en-US" id="label_IncomeAndSocialContributionTaxesOnRealizationOfRevaluationReserveOfSubsidiaries_1">Income and social contribution taxes on realization of revaluation reserve of subsidiaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeAndSocialContributionTaxesOnRealizationOfRevaluationReserveOfSubsidiaries" xlink:to="label_IncomeAndSocialContributionTaxesOnRealizationOfRevaluationReserveOfSubsidiaries_1" xlink:title="Label : IncomeAndSocialContributionTaxesOnRealizationOfRevaluationReserveOfSubsidiaries to label_IncomeAndSocialContributionTaxesOnRealizationOfRevaluationReserveOfSubsidiaries_1" />
    <link:label xlink:type="resource" xlink:label="label_IncomeAndSocialContributionTaxesOnRealizationOfRevaluationReserveOfSubsidiaries_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncomeAndSocialContributionTaxesOnRealizationOfRevaluationReserveOfSubsidiaries_2" xml:lang="en-US" id="label_IncomeAndSocialContributionTaxesOnRealizationOfRevaluationReserveOfSubsidiaries_2">Income and social contribution taxes on realization of revaluation reserve of subsidiaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeAndSocialContributionTaxesOnRealizationOfRevaluationReserveOfSubsidiaries" xlink:to="label_IncomeAndSocialContributionTaxesOnRealizationOfRevaluationReserveOfSubsidiaries_2" xlink:title="Label : IncomeAndSocialContributionTaxesOnRealizationOfRevaluationReserveOfSubsidiaries to label_IncomeAndSocialContributionTaxesOnRealizationOfRevaluationReserveOfSubsidiaries_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ExpiredDividends" xlink:label="ExpiredDividends" xlink:title="ExpiredDividends" />
    <link:label xlink:type="resource" xlink:label="label_ExpiredDividends" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExpiredDividends" xml:lang="en-US" id="label_ExpiredDividends">Expired dividends</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpiredDividends" xlink:to="label_ExpiredDividends" xlink:title="Label : ExpiredDividends to label_ExpiredDividends" />
    <link:label xlink:type="resource" xlink:label="label_ExpiredDividends_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ExpiredDividends_1" xml:lang="en-US" id="label_ExpiredDividends_1">Expired dividends</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpiredDividends" xlink:to="label_ExpiredDividends_1" xlink:title="Label : ExpiredDividends to label_ExpiredDividends_1" />
    <link:label xlink:type="resource" xlink:label="label_ExpiredDividends_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ExpiredDividends_2" xml:lang="en-US" id="label_ExpiredDividends_2">Expired dividends</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpiredDividends" xlink:to="label_ExpiredDividends_2" xlink:title="Label : ExpiredDividends to label_ExpiredDividends_2" />
    <link:label xlink:type="resource" xlink:label="label_ExpiredDividends_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ExpiredDividends_3" xml:lang="en-US" id="label_ExpiredDividends_3">The amount of expired dividends.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpiredDividends" xlink:to="label_ExpiredDividends_3" xlink:title="Label : ExpiredDividends to label_ExpiredDividends_3" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_IncreaseDecreaseThroughTransferToStatutoryReserve" xlink:label="IncreaseDecreaseThroughTransferToStatutoryReserve" xlink:title="IncreaseDecreaseThroughTransferToStatutoryReserve" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughTransferToStatutoryReserve" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseThroughTransferToStatutoryReserve" xml:lang="en-US" id="label_IncreaseDecreaseThroughTransferToStatutoryReserve">Increase (decrease) through transfer to statutory reserve, equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughTransferToStatutoryReserve" xlink:to="label_IncreaseDecreaseThroughTransferToStatutoryReserve" xlink:title="Label : IncreaseDecreaseThroughTransferToStatutoryReserve to label_IncreaseDecreaseThroughTransferToStatutoryReserve" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughTransferToStatutoryReserve_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseThroughTransferToStatutoryReserve_1" xml:lang="en-US" id="label_IncreaseDecreaseThroughTransferToStatutoryReserve_1">Transfer to investments reserve</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughTransferToStatutoryReserve" xlink:to="label_IncreaseDecreaseThroughTransferToStatutoryReserve_1" xlink:title="Label : IncreaseDecreaseThroughTransferToStatutoryReserve to label_IncreaseDecreaseThroughTransferToStatutoryReserve_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AddititionalDividendsNonControlingInterest" xlink:label="AddititionalDividendsNonControlingInterest" xlink:title="AddititionalDividendsNonControlingInterest" />
    <link:label xlink:type="resource" xlink:label="label_AddititionalDividendsNonControlingInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AddititionalDividendsNonControlingInterest" xml:lang="en-US" id="label_AddititionalDividendsNonControlingInterest">Additional dividends attributable to non-controlling interests</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AddititionalDividendsNonControlingInterest" xlink:to="label_AddititionalDividendsNonControlingInterest" xlink:title="Label : AddititionalDividendsNonControlingInterest to label_AddititionalDividendsNonControlingInterest" />
    <link:label xlink:type="resource" xlink:label="label_AddititionalDividendsNonControlingInterest_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_AddititionalDividendsNonControlingInterest_1" xml:lang="en-US" id="label_AddititionalDividendsNonControlingInterest_1">Additional dividends attributable to non-controlling interests</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AddititionalDividendsNonControlingInterest" xlink:to="label_AddititionalDividendsNonControlingInterest_1" xlink:title="Label : AddititionalDividendsNonControlingInterest to label_AddititionalDividendsNonControlingInterest_1" />
    <link:label xlink:type="resource" xlink:label="label_AddititionalDividendsNonControlingInterest_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AddititionalDividendsNonControlingInterest_2" xml:lang="en-US" id="label_AddititionalDividendsNonControlingInterest_2">Additional dividends attributable to non-controlling interests.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AddititionalDividendsNonControlingInterest" xlink:to="label_AddititionalDividendsNonControlingInterest_2" xlink:title="Label : AddititionalDividendsNonControlingInterest to label_AddititionalDividendsNonControlingInterest_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_RedemptionOfNonControllingShares" xlink:label="RedemptionOfNonControllingShares" xlink:title="RedemptionOfNonControllingShares" />
    <link:label xlink:type="resource" xlink:label="label_RedemptionOfNonControllingShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RedemptionOfNonControllingShares" xml:lang="en-US" id="label_RedemptionOfNonControllingShares">Redemption Of Non Controlling Shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RedemptionOfNonControllingShares" xlink:to="label_RedemptionOfNonControllingShares" xlink:title="Label : RedemptionOfNonControllingShares to label_RedemptionOfNonControllingShares" />
    <link:label xlink:type="resource" xlink:label="label_RedemptionOfNonControllingShares_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_RedemptionOfNonControllingShares_1" xml:lang="en-US" id="label_RedemptionOfNonControllingShares_1">Redemption of non-controlling shares of Oxiteno Nordeste</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RedemptionOfNonControllingShares" xlink:to="label_RedemptionOfNonControllingShares_1" xlink:title="Label : RedemptionOfNonControllingShares to label_RedemptionOfNonControllingShares_1" />
    <link:label xlink:type="resource" xlink:label="label_RedemptionOfNonControllingShares_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RedemptionOfNonControllingShares_2" xml:lang="en-US" id="label_RedemptionOfNonControllingShares_2">Redemption of&#xA0;non-controlling&#xA0;shares.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RedemptionOfNonControllingShares" xlink:to="label_RedemptionOfNonControllingShares_2" xlink:title="Label : RedemptionOfNonControllingShares to label_RedemptionOfNonControllingShares_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CapitalIncreaseFromSubsidiaryIconicNoncontrollingShareholders" xlink:label="CapitalIncreaseFromSubsidiaryIconicNoncontrollingShareholders" xlink:title="CapitalIncreaseFromSubsidiaryIconicNoncontrollingShareholders" />
    <link:label xlink:type="resource" xlink:label="label_CapitalIncreaseFromSubsidiaryIconicNoncontrollingShareholders" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CapitalIncreaseFromSubsidiaryIconicNoncontrollingShareholders" xml:lang="en-US" id="label_CapitalIncreaseFromSubsidiaryIconicNoncontrollingShareholders">Capital increase from subsidiary Iconic noncontrolling shareholders</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalIncreaseFromSubsidiaryIconicNoncontrollingShareholders" xlink:to="label_CapitalIncreaseFromSubsidiaryIconicNoncontrollingShareholders" xlink:title="Label : CapitalIncreaseFromSubsidiaryIconicNoncontrollingShareholders to label_CapitalIncreaseFromSubsidiaryIconicNoncontrollingShareholders" />
    <link:label xlink:type="resource" xlink:label="label_CapitalIncreaseFromSubsidiaryIconicNoncontrollingShareholders_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CapitalIncreaseFromSubsidiaryIconicNoncontrollingShareholders_1" xml:lang="en-US" id="label_CapitalIncreaseFromSubsidiaryIconicNoncontrollingShareholders_1">Capital increase from subsidiary Iconic non-controlling shareholders</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalIncreaseFromSubsidiaryIconicNoncontrollingShareholders" xlink:to="label_CapitalIncreaseFromSubsidiaryIconicNoncontrollingShareholders_1" xlink:title="Label : CapitalIncreaseFromSubsidiaryIconicNoncontrollingShareholders to label_CapitalIncreaseFromSubsidiaryIconicNoncontrollingShareholders_1" />
    <link:label xlink:type="resource" xlink:label="label_CapitalIncreaseFromSubsidiaryIconicNoncontrollingShareholders_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CapitalIncreaseFromSubsidiaryIconicNoncontrollingShareholders_2" xml:lang="en-US" id="label_CapitalIncreaseFromSubsidiaryIconicNoncontrollingShareholders_2">Capital increase from subsidiary Iconic non-controlling shareholders.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalIncreaseFromSubsidiaryIconicNoncontrollingShareholders" xlink:to="label_CapitalIncreaseFromSubsidiaryIconicNoncontrollingShareholders_2" xlink:title="Label : CapitalIncreaseFromSubsidiaryIconicNoncontrollingShareholders to label_CapitalIncreaseFromSubsidiaryIconicNoncontrollingShareholders_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_NoncontrollingInterestsAddedDueToBusinessCombination" xlink:label="NoncontrollingInterestsAddedDueToBusinessCombination" xlink:title="NoncontrollingInterestsAddedDueToBusinessCombination" />
    <link:label xlink:type="resource" xlink:label="label_NoncontrollingInterestsAddedDueToBusinessCombination" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncontrollingInterestsAddedDueToBusinessCombination" xml:lang="en-US" id="label_NoncontrollingInterestsAddedDueToBusinessCombination">Noncontrolling interests added due to business combination</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncontrollingInterestsAddedDueToBusinessCombination" xlink:to="label_NoncontrollingInterestsAddedDueToBusinessCombination" xlink:title="Label : NoncontrollingInterestsAddedDueToBusinessCombination to label_NoncontrollingInterestsAddedDueToBusinessCombination" />
    <link:label xlink:type="resource" xlink:label="label_NoncontrollingInterestsAddedDueToBusinessCombination_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncontrollingInterestsAddedDueToBusinessCombination_1" xml:lang="en-US" id="label_NoncontrollingInterestsAddedDueToBusinessCombination_1">Non-controlling interests added due to business combination</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncontrollingInterestsAddedDueToBusinessCombination" xlink:to="label_NoncontrollingInterestsAddedDueToBusinessCombination_1" xlink:title="Label : NoncontrollingInterestsAddedDueToBusinessCombination to label_NoncontrollingInterestsAddedDueToBusinessCombination_1" />
    <link:label xlink:type="resource" xlink:label="label_NoncontrollingInterestsAddedDueToBusinessCombination_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NoncontrollingInterestsAddedDueToBusinessCombination_2" xml:lang="en-US" id="label_NoncontrollingInterestsAddedDueToBusinessCombination_2">Noncontrolling interests added due to business combination.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncontrollingInterestsAddedDueToBusinessCombination" xlink:to="label_NoncontrollingInterestsAddedDueToBusinessCombination_2" xlink:title="Label : NoncontrollingInterestsAddedDueToBusinessCombination to label_NoncontrollingInterestsAddedDueToBusinessCombination_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_NoncontrollingInterestsChangesCBLSA" xlink:label="NoncontrollingInterestsChangesCBLSA" xlink:title="NoncontrollingInterestsChangesCBLSA" />
    <link:label xlink:type="resource" xlink:label="label_NoncontrollingInterestsChangesCBLSA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncontrollingInterestsChangesCBLSA" xml:lang="en-US" id="label_NoncontrollingInterestsChangesCBLSA">Noncontrolling interests changes - CBLSA</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncontrollingInterestsChangesCBLSA" xlink:to="label_NoncontrollingInterestsChangesCBLSA" xlink:title="Label : NoncontrollingInterestsChangesCBLSA to label_NoncontrollingInterestsChangesCBLSA" />
    <link:label xlink:type="resource" xlink:label="label_NoncontrollingInterestsChangesCBLSA_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncontrollingInterestsChangesCBLSA_1" xml:lang="en-US" id="label_NoncontrollingInterestsChangesCBLSA_1">Non-controlling interests changes - CBLSA</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncontrollingInterestsChangesCBLSA" xlink:to="label_NoncontrollingInterestsChangesCBLSA_1" xlink:title="Label : NoncontrollingInterestsChangesCBLSA to label_NoncontrollingInterestsChangesCBLSA_1" />
    <link:label xlink:type="resource" xlink:label="label_NoncontrollingInterestsChangesCBLSA_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NoncontrollingInterestsChangesCBLSA_2" xml:lang="en-US" id="label_NoncontrollingInterestsChangesCBLSA_2">Noncontrolling interests changes - CBLSA.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncontrollingInterestsChangesCBLSA" xlink:to="label_NoncontrollingInterestsChangesCBLSA_2" xlink:title="Label : NoncontrollingInterestsChangesCBLSA to label_NoncontrollingInterestsChangesCBLSA_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DividendsPaid" xlink:label="DividendsPaid" xlink:title="DividendsPaid" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPaid" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendsPaid" xml:lang="en-US" id="label_DividendsPaid">Dividends recognised as distributions to owners</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaid" xlink:to="label_DividendsPaid" xlink:title="Label : DividendsPaid to label_DividendsPaid" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPaid_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_DividendsPaid_1" xml:lang="en-US" id="label_DividendsPaid_1">Approval of additional dividends by the Shareholders' Meeting</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaid" xlink:to="label_DividendsPaid_1" xlink:title="Label : DividendsPaid to label_DividendsPaid_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AllocationOfNetIncomeAbstract" xlink:label="AllocationOfNetIncomeAbstract" xlink:title="AllocationOfNetIncomeAbstract" />
    <link:label xlink:type="resource" xlink:label="label_AllocationOfNetIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AllocationOfNetIncomeAbstract" xml:lang="en-US" id="label_AllocationOfNetIncomeAbstract">Allocation of net income [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllocationOfNetIncomeAbstract" xlink:to="label_AllocationOfNetIncomeAbstract" xlink:title="Label : AllocationOfNetIncomeAbstract to label_AllocationOfNetIncomeAbstract" />
    <link:label xlink:type="resource" xlink:label="label_AllocationOfNetIncomeAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AllocationOfNetIncomeAbstract_1" xml:lang="en-US" id="label_AllocationOfNetIncomeAbstract_1">Allocation of net income:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllocationOfNetIncomeAbstract" xlink:to="label_AllocationOfNetIncomeAbstract_1" xlink:title="Label : AllocationOfNetIncomeAbstract to label_AllocationOfNetIncomeAbstract_1" />
    <link:label xlink:type="resource" xlink:label="label_AllocationOfNetIncomeAbstract_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AllocationOfNetIncomeAbstract_2" xml:lang="en-US" id="label_AllocationOfNetIncomeAbstract_2">Allocation of net income [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllocationOfNetIncomeAbstract" xlink:to="label_AllocationOfNetIncomeAbstract_2" xlink:title="Label : AllocationOfNetIncomeAbstract to label_AllocationOfNetIncomeAbstract_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesEquity" xlink:label="IncreaseDecreaseThroughTransfersAndOtherChangesEquity" xlink:title="IncreaseDecreaseThroughTransfersAndOtherChangesEquity" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughTransfersAndOtherChangesEquity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseThroughTransfersAndOtherChangesEquity" xml:lang="en-US" id="label_IncreaseDecreaseThroughTransfersAndOtherChangesEquity">Increase (decrease) through other changes, equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughTransfersAndOtherChangesEquity" xlink:to="label_IncreaseDecreaseThroughTransfersAndOtherChangesEquity" xlink:title="Label : IncreaseDecreaseThroughTransfersAndOtherChangesEquity to label_IncreaseDecreaseThroughTransfersAndOtherChangesEquity" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughTransfersAndOtherChangesEquity_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseThroughTransfersAndOtherChangesEquity_1" xml:lang="en-US" id="label_IncreaseDecreaseThroughTransfersAndOtherChangesEquity_1">Legal reserve</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughTransfersAndOtherChangesEquity" xlink:to="label_IncreaseDecreaseThroughTransfersAndOtherChangesEquity_1" xlink:title="Label : IncreaseDecreaseThroughTransfersAndOtherChangesEquity to label_IncreaseDecreaseThroughTransfersAndOtherChangesEquity_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_InterimDividends3" xlink:label="InterimDividends3" xlink:title="InterimDividends3" />
    <link:label xlink:type="resource" xlink:label="label_InterimDividends3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InterimDividends3" xml:lang="en-US" id="label_InterimDividends3">Interim dividends (R$ 0.85 per share of the Company).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterimDividends3" xlink:to="label_InterimDividends3" xlink:title="Label : InterimDividends3 to label_InterimDividends3" />
    <link:label xlink:type="resource" xlink:label="label_InterimDividends3_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_InterimDividends3_1" xml:lang="en-US" id="label_InterimDividends3_1">Interim dividends (R$ 0.56 per share of the Company)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterimDividends3" xlink:to="label_InterimDividends3_1" xlink:title="Label : InterimDividends3 to label_InterimDividends3_1" />
    <link:label xlink:type="resource" xlink:label="label_InterimDividends3_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterimDividends3_2" xml:lang="en-US" id="label_InterimDividends3_2">Interim dividends (R$ 0.85 per share of the Company)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterimDividends3" xlink:to="label_InterimDividends3_2" xlink:title="Label : InterimDividends3 to label_InterimDividends3_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_InterimDividends2" xlink:label="InterimDividends2" xlink:title="InterimDividends2" />
    <link:label xlink:type="resource" xlink:label="label_InterimDividends2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InterimDividends2" xml:lang="en-US" id="label_InterimDividends2">Interim dividends (R$ 0.56 per share of the Company).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterimDividends2" xlink:to="label_InterimDividends2" xlink:title="Label : InterimDividends2 to label_InterimDividends2" />
    <link:label xlink:type="resource" xlink:label="label_InterimDividends2_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_InterimDividends2_1" xml:lang="en-US" id="label_InterimDividends2_1">Interim dividends (R$ 0.20 per share of the Company)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterimDividends2" xlink:to="label_InterimDividends2_1" xlink:title="Label : InterimDividends2 to label_InterimDividends2_1" />
    <link:label xlink:type="resource" xlink:label="label_InterimDividends2_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterimDividends2_2" xml:lang="en-US" id="label_InterimDividends2_2">Interim dividends (R$ 0.56 per share of the Company)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterimDividends2" xlink:to="label_InterimDividends2_2" xlink:title="Label : InterimDividends2 to label_InterimDividends2_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_InterimDividends" xlink:label="InterimDividends" xlink:title="InterimDividends" />
    <link:label xlink:type="resource" xlink:label="label_InterimDividends" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InterimDividends" xml:lang="en-US" id="label_InterimDividends">The amount of Dividends payable.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterimDividends" xlink:to="label_InterimDividends" xlink:title="Label : InterimDividends to label_InterimDividends" />
    <link:label xlink:type="resource" xlink:label="label_InterimDividends_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterimDividends_1" xml:lang="en-US" id="label_InterimDividends_1">Interim dividends</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterimDividends" xlink:to="label_InterimDividends_1" xlink:title="Label : InterimDividends to label_InterimDividends_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ProposedDividends3" xlink:label="ProposedDividends3" xlink:title="ProposedDividends3" />
    <link:label xlink:type="resource" xlink:label="label_ProposedDividends3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProposedDividends3" xml:lang="en-US" id="label_ProposedDividends3">Proposed dividends (R$ 0.90 per share of the Company)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProposedDividends3" xlink:to="label_ProposedDividends3" xlink:title="Label : ProposedDividends3 to label_ProposedDividends3" />
    <link:label xlink:type="resource" xlink:label="label_ProposedDividends3_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ProposedDividends3_1" xml:lang="en-US" id="label_ProposedDividends3_1">Proposed dividends (R$ 0.70 per share of the Company)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProposedDividends3" xlink:to="label_ProposedDividends3_1" xlink:title="Label : ProposedDividends3 to label_ProposedDividends3_1" />
    <link:label xlink:type="resource" xlink:label="label_ProposedDividends3_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProposedDividends3_2" xml:lang="en-US" id="label_ProposedDividends3_2">Proposed dividends (R$ 0.90 per share of the Company)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProposedDividends3" xlink:to="label_ProposedDividends3_2" xlink:title="Label : ProposedDividends3 to label_ProposedDividends3_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ProposedDividends2" xlink:label="ProposedDividends2" xlink:title="ProposedDividends2" />
    <link:label xlink:type="resource" xlink:label="label_ProposedDividends2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProposedDividends2" xml:lang="en-US" id="label_ProposedDividends2">Proposed dividends (R$ 0.70 per share of the Company)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProposedDividends2" xlink:to="label_ProposedDividends2" xlink:title="Label : ProposedDividends2 to label_ProposedDividends2" />
    <link:label xlink:type="resource" xlink:label="label_ProposedDividends2_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ProposedDividends2_1" xml:lang="en-US" id="label_ProposedDividends2_1">Proposed dividends (R$ 0.24 per share of the Company)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProposedDividends2" xlink:to="label_ProposedDividends2_1" xlink:title="Label : ProposedDividends2 to label_ProposedDividends2_1" />
    <link:label xlink:type="resource" xlink:label="label_ProposedDividends2_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProposedDividends2_2" xml:lang="en-US" id="label_ProposedDividends2_2">Proposed dividends (R$ 0.70 per share of the Company)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProposedDividends2" xlink:to="label_ProposedDividends2_2" xlink:title="Label : ProposedDividends2 to label_ProposedDividends2_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ProposedDividends" xlink:label="ProposedDividends" xlink:title="ProposedDividends" />
    <link:label xlink:type="resource" xlink:label="label_ProposedDividends" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProposedDividends" xml:lang="en-US" id="label_ProposedDividends">Proposed dividends.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProposedDividends" xlink:to="label_ProposedDividends" xlink:title="Label : ProposedDividends to label_ProposedDividends" />
    <link:label xlink:type="resource" xlink:label="label_ProposedDividends_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ProposedDividends_1" xml:lang="en-US" id="label_ProposedDividends_1">Proposed dividends (R$ 0.44 per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProposedDividends" xlink:to="label_ProposedDividends_1" xlink:title="Label : ProposedDividends to label_ProposedDividends_1" />
    <link:label xlink:type="resource" xlink:label="label_ProposedDividends_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProposedDividends_2" xml:lang="en-US" id="label_ProposedDividends_2">Proposed dividends (R$ 0.24 per share of the Company)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProposedDividends" xlink:to="label_ProposedDividends_2" xlink:title="Label : ProposedDividends to label_ProposedDividends_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IncreaseDecreaseInStatutoryReserveDeposits" xlink:label="IncreaseDecreaseInStatutoryReserveDeposits" xlink:title="IncreaseDecreaseInStatutoryReserveDeposits" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInStatutoryReserveDeposits" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncreaseDecreaseInStatutoryReserveDeposits" xml:lang="en-US" id="label_IncreaseDecreaseInStatutoryReserveDeposits">Increase decrease in statutory reserve deposits.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInStatutoryReserveDeposits" xlink:to="label_IncreaseDecreaseInStatutoryReserveDeposits" xlink:title="Label : IncreaseDecreaseInStatutoryReserveDeposits to label_IncreaseDecreaseInStatutoryReserveDeposits" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInStatutoryReserveDeposits_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseInStatutoryReserveDeposits_1" xml:lang="en-US" id="label_IncreaseDecreaseInStatutoryReserveDeposits_1">Transfer to statutory reserve</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInStatutoryReserveDeposits" xlink:to="label_IncreaseDecreaseInStatutoryReserveDeposits_1" xlink:title="Label : IncreaseDecreaseInStatutoryReserveDeposits to label_IncreaseDecreaseInStatutoryReserveDeposits_1" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInStatutoryReserveDeposits_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseInStatutoryReserveDeposits_2" xml:lang="en-US" id="label_IncreaseDecreaseInStatutoryReserveDeposits_2">Increase decrease in statutory reserve deposits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInStatutoryReserveDeposits" xlink:to="label_IncreaseDecreaseInStatutoryReserveDeposits_2" xlink:title="Label : IncreaseDecreaseInStatutoryReserveDeposits to label_IncreaseDecreaseInStatutoryReserveDeposits_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_InterimDividendsPerShare" xlink:label="InterimDividendsPerShare" xlink:title="InterimDividendsPerShare" />
    <link:label xlink:type="resource" xlink:label="label_InterimDividendsPerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterimDividendsPerShare" xml:lang="en-US" id="label_InterimDividendsPerShare">Interim dividends per share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterimDividendsPerShare" xlink:to="label_InterimDividendsPerShare" xlink:title="Label : InterimDividendsPerShare to label_InterimDividendsPerShare" />
    <link:label xlink:type="resource" xlink:label="label_InterimDividendsPerShare_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterimDividendsPerShare_1" xml:lang="en-US" id="label_InterimDividendsPerShare_1">Interim dividends, paid per share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterimDividendsPerShare" xlink:to="label_InterimDividendsPerShare_1" xlink:title="Label : InterimDividendsPerShare to label_InterimDividendsPerShare_1" />
    <link:label xlink:type="resource" xlink:label="label_InterimDividendsPerShare_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InterimDividendsPerShare_2" xml:lang="en-US" id="label_InterimDividendsPerShare_2">Interim dividends per share.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterimDividendsPerShare" xlink:to="label_InterimDividendsPerShare_2" xlink:title="Label : InterimDividendsPerShare to label_InterimDividendsPerShare_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ProposedDividendsPerShare" xlink:label="ProposedDividendsPerShare" xlink:title="ProposedDividendsPerShare" />
    <link:label xlink:type="resource" xlink:label="label_ProposedDividendsPerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProposedDividendsPerShare" xml:lang="en-US" id="label_ProposedDividendsPerShare">Proposed dividends per share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProposedDividendsPerShare" xlink:to="label_ProposedDividendsPerShare" xlink:title="Label : ProposedDividendsPerShare to label_ProposedDividendsPerShare" />
    <link:label xlink:type="resource" xlink:label="label_ProposedDividendsPerShare_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProposedDividendsPerShare_1" xml:lang="en-US" id="label_ProposedDividendsPerShare_1">Proposed dividends, per share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProposedDividendsPerShare" xlink:to="label_ProposedDividendsPerShare_1" xlink:title="Label : ProposedDividendsPerShare to label_ProposedDividendsPerShare_1" />
    <link:label xlink:type="resource" xlink:label="label_ProposedDividendsPerShare_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProposedDividendsPerShare_2" xml:lang="en-US" id="label_ProposedDividendsPerShare_2">Proposed dividends per share.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProposedDividendsPerShare" xlink:to="label_ProposedDividendsPerShare_2" xlink:title="Label : ProposedDividendsPerShare to label_ProposedDividendsPerShare_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_StatementOfCashFlowsAbstract" xlink:label="StatementOfCashFlowsAbstract" xlink:title="StatementOfCashFlowsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_StatementOfCashFlowsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatementOfCashFlowsAbstract" xml:lang="en-US" id="label_StatementOfCashFlowsAbstract">Statement of cash flows [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfCashFlowsAbstract" xlink:to="label_StatementOfCashFlowsAbstract" xlink:title="Label : StatementOfCashFlowsAbstract to label_StatementOfCashFlowsAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:label="CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:title="CashFlowsFromUsedInOperatingActivitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashFlowsFromUsedInOperatingActivitiesAbstract" xml:lang="en-US" id="label_CashFlowsFromUsedInOperatingActivitiesAbstract">Cash flows from (used in) operating activities [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:to="label_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:title="Label : CashFlowsFromUsedInOperatingActivitiesAbstract to label_CashFlowsFromUsedInOperatingActivitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CashFlowsFromUsedInOperatingActivitiesAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CashFlowsFromUsedInOperatingActivitiesAbstract_1" xml:lang="en-US" id="label_CashFlowsFromUsedInOperatingActivitiesAbstract_1">Cash flows from operating activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:to="label_CashFlowsFromUsedInOperatingActivitiesAbstract_1" xlink:title="Label : CashFlowsFromUsedInOperatingActivitiesAbstract to label_CashFlowsFromUsedInOperatingActivitiesAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:label="AdjustmentsForReconcileProfitLossAbstract" xlink:title="AdjustmentsForReconcileProfitLossAbstract" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForReconcileProfitLossAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForReconcileProfitLossAbstract" xml:lang="en-US" id="label_AdjustmentsForReconcileProfitLossAbstract">Adjustments to reconcile profit (loss) [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForReconcileProfitLossAbstract" xlink:to="label_AdjustmentsForReconcileProfitLossAbstract" xlink:title="Label : AdjustmentsForReconcileProfitLossAbstract to label_AdjustmentsForReconcileProfitLossAbstract" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForReconcileProfitLossAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdjustmentsForReconcileProfitLossAbstract_1" xml:lang="en-US" id="label_AdjustmentsForReconcileProfitLossAbstract_1">Adjustments to reconcile net income to cash provided by operating activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForReconcileProfitLossAbstract" xlink:to="label_AdjustmentsForReconcileProfitLossAbstract_1" xlink:title="Label : AdjustmentsForReconcileProfitLossAbstract to label_AdjustmentsForReconcileProfitLossAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ShareOfProfitLossOfContinuingOperationsOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:label="ShareOfProfitLossOfContinuingOperationsOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:title="ShareOfProfitLossOfContinuingOperationsOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" />
    <link:label xlink:type="resource" xlink:label="label_ShareOfProfitLossOfContinuingOperationsOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ShareOfProfitLossOfContinuingOperationsOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xml:lang="en-US" id="label_ShareOfProfitLossOfContinuingOperationsOfAssociatesAndJointVenturesAccountedForUsingEquityMethod">Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareOfProfitLossOfContinuingOperationsOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:to="label_ShareOfProfitLossOfContinuingOperationsOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:title="Label : ShareOfProfitLossOfContinuingOperationsOfAssociatesAndJointVenturesAccountedForUsingEquityMethod to label_ShareOfProfitLossOfContinuingOperationsOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" />
    <link:label xlink:type="resource" xlink:label="label_ShareOfProfitLossOfContinuingOperationsOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ShareOfProfitLossOfContinuingOperationsOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_1" xml:lang="en-US" id="label_ShareOfProfitLossOfContinuingOperationsOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_1">Share of loss (profit) of joint ventures and associates</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareOfProfitLossOfContinuingOperationsOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:to="label_ShareOfProfitLossOfContinuingOperationsOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_1" xlink:title="Label : ShareOfProfitLossOfContinuingOperationsOfAssociatesAndJointVenturesAccountedForUsingEquityMethod to label_ShareOfProfitLossOfContinuingOperationsOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AmortisationAssetsRecognisedFromCostsIncurredToObtainOrFulfilContractsWithCustomers" xlink:label="AmortisationAssetsRecognisedFromCostsIncurredToObtainOrFulfilContractsWithCustomers" xlink:title="AmortisationAssetsRecognisedFromCostsIncurredToObtainOrFulfilContractsWithCustomers" />
    <link:label xlink:type="resource" xlink:label="label_AmortisationAssetsRecognisedFromCostsIncurredToObtainOrFulfilContractsWithCustomers" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_AmortisationAssetsRecognisedFromCostsIncurredToObtainOrFulfilContractsWithCustomers" xml:lang="en-US" id="label_AmortisationAssetsRecognisedFromCostsIncurredToObtainOrFulfilContractsWithCustomers">Amortization of contractual assets with customers (see Note 11)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmortisationAssetsRecognisedFromCostsIncurredToObtainOrFulfilContractsWithCustomers" xlink:to="label_AmortisationAssetsRecognisedFromCostsIncurredToObtainOrFulfilContractsWithCustomers" xlink:title="Label : AmortisationAssetsRecognisedFromCostsIncurredToObtainOrFulfilContractsWithCustomers to label_AmortisationAssetsRecognisedFromCostsIncurredToObtainOrFulfilContractsWithCustomers" />
    <link:label xlink:type="resource" xlink:label="label_AmortisationAssetsRecognisedFromCostsIncurredToObtainOrFulfilContractsWithCustomers_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AmortisationAssetsRecognisedFromCostsIncurredToObtainOrFulfilContractsWithCustomers_1" xml:lang="en-US" id="label_AmortisationAssetsRecognisedFromCostsIncurredToObtainOrFulfilContractsWithCustomers_1">Amortization of contractual assets with customers &#x2013; exclusive rights</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmortisationAssetsRecognisedFromCostsIncurredToObtainOrFulfilContractsWithCustomers" xlink:to="label_AmortisationAssetsRecognisedFromCostsIncurredToObtainOrFulfilContractsWithCustomers_1" xlink:title="Label : AmortisationAssetsRecognisedFromCostsIncurredToObtainOrFulfilContractsWithCustomers to label_AmortisationAssetsRecognisedFromCostsIncurredToObtainOrFulfilContractsWithCustomers_1" />
    <link:label xlink:type="resource" xlink:label="label_AmortisationAssetsRecognisedFromCostsIncurredToObtainOrFulfilContractsWithCustomers_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AmortisationAssetsRecognisedFromCostsIncurredToObtainOrFulfilContractsWithCustomers_2" xml:lang="en-US" id="label_AmortisationAssetsRecognisedFromCostsIncurredToObtainOrFulfilContractsWithCustomers_2">Amortisation, assets recognised from costs incurred to obtain or fulfil contracts with customers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmortisationAssetsRecognisedFromCostsIncurredToObtainOrFulfilContractsWithCustomers" xlink:to="label_AmortisationAssetsRecognisedFromCostsIncurredToObtainOrFulfilContractsWithCustomers_2" xlink:title="Label : AmortisationAssetsRecognisedFromCostsIncurredToObtainOrFulfilContractsWithCustomers to label_AmortisationAssetsRecognisedFromCostsIncurredToObtainOrFulfilContractsWithCustomers_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AmortizationOfRightToUseAssets" xlink:label="AmortizationOfRightToUseAssets" xlink:title="AmortizationOfRightToUseAssets" />
    <link:label xlink:type="resource" xlink:label="label_AmortizationOfRightToUseAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AmortizationOfRightToUseAssets" xml:lang="en-US" id="label_AmortizationOfRightToUseAssets">Amortization Of Right To Use Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmortizationOfRightToUseAssets" xlink:to="label_AmortizationOfRightToUseAssets" xlink:title="Label : AmortizationOfRightToUseAssets to label_AmortizationOfRightToUseAssets" />
    <link:label xlink:type="resource" xlink:label="label_AmortizationOfRightToUseAssets_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AmortizationOfRightToUseAssets_1" xml:lang="en-US" id="label_AmortizationOfRightToUseAssets_1">Amortization of right to -of-use assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmortizationOfRightToUseAssets" xlink:to="label_AmortizationOfRightToUseAssets_1" xlink:title="Label : AmortizationOfRightToUseAssets to label_AmortizationOfRightToUseAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_AmortizationOfRightToUseAssets_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AmortizationOfRightToUseAssets_2" xml:lang="en-US" id="label_AmortizationOfRightToUseAssets_2">The amortization of right-to-use-assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmortizationOfRightToUseAssets" xlink:to="label_AmortizationOfRightToUseAssets_2" xlink:title="Label : AmortizationOfRightToUseAssets to label_AmortizationOfRightToUseAssets_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DepreciationExpense" xlink:label="DepreciationExpense" xlink:title="DepreciationExpense" />
    <link:label xlink:type="resource" xlink:label="label_DepreciationExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DepreciationExpense" xml:lang="en-US" id="label_DepreciationExpense">Depreciation expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationExpense" xlink:to="label_DepreciationExpense" xlink:title="Label : DepreciationExpense to label_DepreciationExpense" />
    <link:label xlink:type="resource" xlink:label="label_DepreciationExpense_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DepreciationExpense_1" xml:lang="en-US" id="label_DepreciationExpense_1">Depreciation and amortization</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationExpense" xlink:to="label_DepreciationExpense_1" xlink:title="Label : DepreciationExpense to label_DepreciationExpense_1" />
    <link:label xlink:type="resource" xlink:label="label_DepreciationExpense_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_DepreciationExpense_2" xml:lang="en-US" id="label_DepreciationExpense_2">Depreciation expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationExpense" xlink:to="label_DepreciationExpense_2" xlink:title="Label : DepreciationExpense to label_DepreciationExpense_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CreditsOnDepreciation" xlink:label="CreditsOnDepreciation" xlink:title="CreditsOnDepreciation" />
    <link:label xlink:type="resource" xlink:label="label_CreditsOnDepreciation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CreditsOnDepreciation" xml:lang="en-US" id="label_CreditsOnDepreciation">PIS and COFINS credits on depreciation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CreditsOnDepreciation" xlink:to="label_CreditsOnDepreciation" xlink:title="Label : CreditsOnDepreciation to label_CreditsOnDepreciation" />
    <link:label xlink:type="resource" xlink:label="label_CreditsOnDepreciation_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_CreditsOnDepreciation_1" xml:lang="en-US" id="label_CreditsOnDepreciation_1">PIS and COFINS credits on depreciation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CreditsOnDepreciation" xlink:to="label_CreditsOnDepreciation_1" xlink:title="Label : CreditsOnDepreciation to label_CreditsOnDepreciation_1" />
    <link:label xlink:type="resource" xlink:label="label_CreditsOnDepreciation_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CreditsOnDepreciation_2" xml:lang="en-US" id="label_CreditsOnDepreciation_2">Under the indirect method, the net cash flow from operating activities is determined by adjusting profit or loss for the effects of: (b) non-cash items such as depreciation, provisions, deferred taxes, unrealised foreign currency gains and losses, and undistributed profits of associates.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CreditsOnDepreciation" xlink:to="label_CreditsOnDepreciation_2" xlink:title="Label : CreditsOnDepreciation to label_CreditsOnDepreciation_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains" xlink:label="AdjustmentsForUnrealisedForeignExchangeLossesGains" xlink:title="AdjustmentsForUnrealisedForeignExchangeLossesGains" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForUnrealisedForeignExchangeLossesGains" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForUnrealisedForeignExchangeLossesGains" xml:lang="en-US" id="label_AdjustmentsForUnrealisedForeignExchangeLossesGains">Adjustments for unrealised foreign exchange losses (gains)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForUnrealisedForeignExchangeLossesGains" xlink:to="label_AdjustmentsForUnrealisedForeignExchangeLossesGains" xlink:title="Label : AdjustmentsForUnrealisedForeignExchangeLossesGains to label_AdjustmentsForUnrealisedForeignExchangeLossesGains" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForUnrealisedForeignExchangeLossesGains_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdjustmentsForUnrealisedForeignExchangeLossesGains_1" xml:lang="en-US" id="label_AdjustmentsForUnrealisedForeignExchangeLossesGains_1">Interest and foreign exchange rate variations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForUnrealisedForeignExchangeLossesGains" xlink:to="label_AdjustmentsForUnrealisedForeignExchangeLossesGains_1" xlink:title="Label : AdjustmentsForUnrealisedForeignExchangeLossesGains to label_AdjustmentsForUnrealisedForeignExchangeLossesGains_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AdjustmentsForDeferredTaxExpense" xlink:label="AdjustmentsForDeferredTaxExpense" xlink:title="AdjustmentsForDeferredTaxExpense" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForDeferredTaxExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForDeferredTaxExpense" xml:lang="en-US" id="label_AdjustmentsForDeferredTaxExpense">Adjustments for deferred tax expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForDeferredTaxExpense" xlink:to="label_AdjustmentsForDeferredTaxExpense" xlink:title="Label : AdjustmentsForDeferredTaxExpense to label_AdjustmentsForDeferredTaxExpense" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForDeferredTaxExpense_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdjustmentsForDeferredTaxExpense_1" xml:lang="en-US" id="label_AdjustmentsForDeferredTaxExpense_1">Deferred income and social contribution taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForDeferredTaxExpense" xlink:to="label_AdjustmentsForDeferredTaxExpense_1" xlink:title="Label : AdjustmentsForDeferredTaxExpense to label_AdjustmentsForDeferredTaxExpense_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets" xlink:label="AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets" xlink:title="AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets" xml:lang="en-US" id="label_AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets">Adjustments for losses (gains) on disposal of non-current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets" xlink:to="label_AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets" xlink:title="Label : AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets to label_AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xlink:label="AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xlink:title="AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xlink:to="label_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xlink:title="Label : AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss to label_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ExpectedLossesOnDoubtfulAccount" xlink:label="ExpectedLossesOnDoubtfulAccount" xlink:title="ExpectedLossesOnDoubtfulAccount" />
    <link:label xlink:type="resource" xlink:label="label_ExpectedLossesOnDoubtfulAccount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExpectedLossesOnDoubtfulAccount" xml:lang="en-US" id="label_ExpectedLossesOnDoubtfulAccount">Expected losses on doubtful account</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpectedLossesOnDoubtfulAccount" xlink:to="label_ExpectedLossesOnDoubtfulAccount" xlink:title="Label : ExpectedLossesOnDoubtfulAccount to label_ExpectedLossesOnDoubtfulAccount" />
    <link:label xlink:type="resource" xlink:label="label_ExpectedLossesOnDoubtfulAccount_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ExpectedLossesOnDoubtfulAccount_1" xml:lang="en-US" id="label_ExpectedLossesOnDoubtfulAccount_1">Expected losses on doubtful accounts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpectedLossesOnDoubtfulAccount" xlink:to="label_ExpectedLossesOnDoubtfulAccount_1" xlink:title="Label : ExpectedLossesOnDoubtfulAccount to label_ExpectedLossesOnDoubtfulAccount_1" />
    <link:label xlink:type="resource" xlink:label="label_ExpectedLossesOnDoubtfulAccount_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ExpectedLossesOnDoubtfulAccount_2" xml:lang="en-US" id="label_ExpectedLossesOnDoubtfulAccount_2">Expected losses on doubtful accounts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpectedLossesOnDoubtfulAccount" xlink:to="label_ExpectedLossesOnDoubtfulAccount_2" xlink:title="Label : ExpectedLossesOnDoubtfulAccount to label_ExpectedLossesOnDoubtfulAccount_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AdjustmentsForProvisionForLossesInInventories" xlink:label="AdjustmentsForProvisionForLossesInInventories" xlink:title="AdjustmentsForProvisionForLossesInInventories" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForProvisionForLossesInInventories" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForProvisionForLossesInInventories" xml:lang="en-US" id="label_AdjustmentsForProvisionForLossesInInventories">Adjustments for Provision for losses in inventories</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForProvisionForLossesInInventories" xlink:to="label_AdjustmentsForProvisionForLossesInInventories" xlink:title="Label : AdjustmentsForProvisionForLossesInInventories to label_AdjustmentsForProvisionForLossesInInventories" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForProvisionForLossesInInventories_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdjustmentsForProvisionForLossesInInventories_1" xml:lang="en-US" id="label_AdjustmentsForProvisionForLossesInInventories_1">Provision for losses in inventories</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForProvisionForLossesInInventories" xlink:to="label_AdjustmentsForProvisionForLossesInInventories_1" xlink:title="Label : AdjustmentsForProvisionForLossesInInventories to label_AdjustmentsForProvisionForLossesInInventories_1" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForProvisionForLossesInInventories_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AdjustmentsForProvisionForLossesInInventories_2" xml:lang="en-US" id="label_AdjustmentsForProvisionForLossesInInventories_2">Adjustments for Provision for losses in inventories.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForProvisionForLossesInInventories" xlink:to="label_AdjustmentsForProvisionForLossesInInventories_2" xlink:title="Label : AdjustmentsForProvisionForLossesInInventories to label_AdjustmentsForProvisionForLossesInInventories_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AdjustmentsForProvisionForPostemploymentBenefits" xlink:label="AdjustmentsForProvisionForPostemploymentBenefits" xlink:title="AdjustmentsForProvisionForPostemploymentBenefits" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForProvisionForPostemploymentBenefits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForProvisionForPostemploymentBenefits" xml:lang="en-US" id="label_AdjustmentsForProvisionForPostemploymentBenefits">Adjustments for provision for post-employment benefits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForProvisionForPostemploymentBenefits" xlink:to="label_AdjustmentsForProvisionForPostemploymentBenefits" xlink:title="Label : AdjustmentsForProvisionForPostemploymentBenefits to label_AdjustmentsForProvisionForPostemploymentBenefits" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForProvisionForPostemploymentBenefits_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdjustmentsForProvisionForPostemploymentBenefits_1" xml:lang="en-US" id="label_AdjustmentsForProvisionForPostemploymentBenefits_1">Provision for post-employment benefits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForProvisionForPostemploymentBenefits" xlink:to="label_AdjustmentsForProvisionForPostemploymentBenefits_1" xlink:title="Label : AdjustmentsForProvisionForPostemploymentBenefits to label_AdjustmentsForProvisionForPostemploymentBenefits_1" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForProvisionForPostemploymentBenefits_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AdjustmentsForProvisionForPostemploymentBenefits_2" xml:lang="en-US" id="label_AdjustmentsForProvisionForPostemploymentBenefits_2">Adjustments for provision for post-employment benefits.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForProvisionForPostemploymentBenefits" xlink:to="label_AdjustmentsForProvisionForPostemploymentBenefits_2" xlink:title="Label : AdjustmentsForProvisionForPostemploymentBenefits to label_AdjustmentsForProvisionForPostemploymentBenefits_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AdjustmentsForSharebasedPayments" xlink:label="AdjustmentsForSharebasedPayments" xlink:title="AdjustmentsForSharebasedPayments" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForSharebasedPayments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForSharebasedPayments" xml:lang="en-US" id="label_AdjustmentsForSharebasedPayments">Adjustments for share-based payments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForSharebasedPayments" xlink:to="label_AdjustmentsForSharebasedPayments" xlink:title="Label : AdjustmentsForSharebasedPayments to label_AdjustmentsForSharebasedPayments" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForSharebasedPayments_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdjustmentsForSharebasedPayments_1" xml:lang="en-US" id="label_AdjustmentsForSharebasedPayments_1">Equity instrument granted</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForSharebasedPayments" xlink:to="label_AdjustmentsForSharebasedPayments_1" xlink:title="Label : AdjustmentsForSharebasedPayments to label_AdjustmentsForSharebasedPayments_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AdjustmentsForIncreaseInOtherProvisionsArisingFromPassageOfTime" xlink:label="AdjustmentsForIncreaseInOtherProvisionsArisingFromPassageOfTime" xlink:title="AdjustmentsForIncreaseInOtherProvisionsArisingFromPassageOfTime" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForIncreaseInOtherProvisionsArisingFromPassageOfTime" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForIncreaseInOtherProvisionsArisingFromPassageOfTime" xml:lang="en-US" id="label_AdjustmentsForIncreaseInOtherProvisionsArisingFromPassageOfTime">Adjustments for increase in other provisions arising from passage of time</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForIncreaseInOtherProvisionsArisingFromPassageOfTime" xlink:to="label_AdjustmentsForIncreaseInOtherProvisionsArisingFromPassageOfTime" xlink:title="Label : AdjustmentsForIncreaseInOtherProvisionsArisingFromPassageOfTime to label_AdjustmentsForIncreaseInOtherProvisionsArisingFromPassageOfTime" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForIncreaseInOtherProvisionsArisingFromPassageOfTime_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdjustmentsForIncreaseInOtherProvisionsArisingFromPassageOfTime_1" xml:lang="en-US" id="label_AdjustmentsForIncreaseInOtherProvisionsArisingFromPassageOfTime_1">Other provisions and adjustments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForIncreaseInOtherProvisionsArisingFromPassageOfTime" xlink:to="label_AdjustmentsForIncreaseInOtherProvisionsArisingFromPassageOfTime_1" xlink:title="Label : AdjustmentsForIncreaseInOtherProvisionsArisingFromPassageOfTime to label_AdjustmentsForIncreaseInOtherProvisionsArisingFromPassageOfTime_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IncreaseDecreaseInCurrentAssetsAbstract" xlink:label="IncreaseDecreaseInCurrentAssetsAbstract" xlink:title="IncreaseDecreaseInCurrentAssetsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInCurrentAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseInCurrentAssetsAbstract" xml:lang="en-US" id="label_IncreaseDecreaseInCurrentAssetsAbstract">Increase Decrease in Current Assets [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInCurrentAssetsAbstract" xlink:to="label_IncreaseDecreaseInCurrentAssetsAbstract" xlink:title="Label : IncreaseDecreaseInCurrentAssetsAbstract to label_IncreaseDecreaseInCurrentAssetsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInCurrentAssetsAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseInCurrentAssetsAbstract_1" xml:lang="en-US" id="label_IncreaseDecreaseInCurrentAssetsAbstract_1">(Increase) decrease in current assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInCurrentAssetsAbstract" xlink:to="label_IncreaseDecreaseInCurrentAssetsAbstract_1" xlink:title="Label : IncreaseDecreaseInCurrentAssetsAbstract to label_IncreaseDecreaseInCurrentAssetsAbstract_1" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInCurrentAssetsAbstract_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncreaseDecreaseInCurrentAssetsAbstract_2" xml:lang="en-US" id="label_IncreaseDecreaseInCurrentAssetsAbstract_2">Increase Decrease in Current Assets [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInCurrentAssetsAbstract" xlink:to="label_IncreaseDecreaseInCurrentAssetsAbstract_2" xlink:title="Label : IncreaseDecreaseInCurrentAssetsAbstract to label_IncreaseDecreaseInCurrentAssetsAbstract_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" xlink:label="AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" xlink:title="AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" xml:lang="en-US" id="label_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable">Adjustments for decrease (increase) in trade accounts receivable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" xlink:to="label_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" xlink:title="Label : AdjustmentsForDecreaseIncreaseInTradeAccountReceivable to label_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable_1" xml:lang="en-US" id="label_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable_1">Trade receivables and reseller financing</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" xlink:to="label_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable_1" xlink:title="Label : AdjustmentsForDecreaseIncreaseInTradeAccountReceivable to label_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" xlink:label="AdjustmentsForDecreaseIncreaseInInventories" xlink:title="AdjustmentsForDecreaseIncreaseInInventories" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForDecreaseIncreaseInInventories" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForDecreaseIncreaseInInventories" xml:lang="en-US" id="label_AdjustmentsForDecreaseIncreaseInInventories">Adjustments for decrease (increase) in inventories</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForDecreaseIncreaseInInventories" xlink:to="label_AdjustmentsForDecreaseIncreaseInInventories" xlink:title="Label : AdjustmentsForDecreaseIncreaseInInventories to label_AdjustmentsForDecreaseIncreaseInInventories" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForDecreaseIncreaseInInventories_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdjustmentsForDecreaseIncreaseInInventories_1" xml:lang="en-US" id="label_AdjustmentsForDecreaseIncreaseInInventories_1">Inventories</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForDecreaseIncreaseInInventories" xlink:to="label_AdjustmentsForDecreaseIncreaseInInventories_1" xlink:title="Label : AdjustmentsForDecreaseIncreaseInInventories to label_AdjustmentsForDecreaseIncreaseInInventories_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AdjustmentsForRecoverableTaxes" xlink:label="AdjustmentsForRecoverableTaxes" xlink:title="AdjustmentsForRecoverableTaxes" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForRecoverableTaxes" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForRecoverableTaxes" xml:lang="en-US" id="label_AdjustmentsForRecoverableTaxes">Recoverable taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForRecoverableTaxes" xlink:to="label_AdjustmentsForRecoverableTaxes" xlink:title="Label : AdjustmentsForRecoverableTaxes to label_AdjustmentsForRecoverableTaxes" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForRecoverableTaxes_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdjustmentsForRecoverableTaxes_1" xml:lang="en-US" id="label_AdjustmentsForRecoverableTaxes_1">Recoverable taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForRecoverableTaxes" xlink:to="label_AdjustmentsForRecoverableTaxes_1" xlink:title="Label : AdjustmentsForRecoverableTaxes to label_AdjustmentsForRecoverableTaxes_1" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForRecoverableTaxes_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AdjustmentsForRecoverableTaxes_2" xml:lang="en-US" id="label_AdjustmentsForRecoverableTaxes_2">The excess of amount paid for current tax in respect of current and prior periods over the amount due for those period. Current tax is the amount of income taxes payable (recoverable) in respect of the taxable profit (tax loss) for a period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForRecoverableTaxes" xlink:to="label_AdjustmentsForRecoverableTaxes_2" xlink:title="Label : AdjustmentsForRecoverableTaxes to label_AdjustmentsForRecoverableTaxes_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DividendsReceivedClassifiedAsOperatingActivities" xlink:label="DividendsReceivedClassifiedAsOperatingActivities" xlink:title="DividendsReceivedClassifiedAsOperatingActivities" />
    <link:label xlink:type="resource" xlink:label="label_DividendsReceivedClassifiedAsOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DividendsReceivedClassifiedAsOperatingActivities" xml:lang="en-US" id="label_DividendsReceivedClassifiedAsOperatingActivities">Dividends received from joint ventures</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsReceivedClassifiedAsOperatingActivities" xlink:to="label_DividendsReceivedClassifiedAsOperatingActivities" xlink:title="Label : DividendsReceivedClassifiedAsOperatingActivities to label_DividendsReceivedClassifiedAsOperatingActivities" />
    <link:label xlink:type="resource" xlink:label="label_DividendsReceivedClassifiedAsOperatingActivities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendsReceivedClassifiedAsOperatingActivities_1" xml:lang="en-US" id="label_DividendsReceivedClassifiedAsOperatingActivities_1">Dividends received, classified as operating activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsReceivedClassifiedAsOperatingActivities" xlink:to="label_DividendsReceivedClassifiedAsOperatingActivities_1" xlink:title="Label : DividendsReceivedClassifiedAsOperatingActivities to label_DividendsReceivedClassifiedAsOperatingActivities_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables" xlink:label="AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables" xlink:title="AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables" xml:lang="en-US" id="label_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables">Adjustments for decrease (increase) in other operating receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables" xlink:to="label_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables" xlink:title="Label : AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables to label_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AdjustmentsForPrepaidExpenses" xlink:label="AdjustmentsForPrepaidExpenses" xlink:title="AdjustmentsForPrepaidExpenses" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForPrepaidExpenses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForPrepaidExpenses" xml:lang="en-US" id="label_AdjustmentsForPrepaidExpenses">Prepaid Expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForPrepaidExpenses" xlink:to="label_AdjustmentsForPrepaidExpenses" xlink:title="Label : AdjustmentsForPrepaidExpenses to label_AdjustmentsForPrepaidExpenses" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForPrepaidExpenses_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdjustmentsForPrepaidExpenses_1" xml:lang="en-US" id="label_AdjustmentsForPrepaidExpenses_1">Prepaid expenses</link:label>
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    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForPrepaidExpenses_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AdjustmentsForPrepaidExpenses_2" xml:lang="en-US" id="label_AdjustmentsForPrepaidExpenses_2">The amount recognised as a current asset for expenditure made prior to the period when the economic benefit will be realised.</link:label>
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AdjustmentsForIncreaseDecreaseInSalariesAndRelatedCharges" xlink:label="AdjustmentsForIncreaseDecreaseInSalariesAndRelatedCharges" xlink:title="AdjustmentsForIncreaseDecreaseInSalariesAndRelatedCharges" />
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AdjustmentsForIncreaseDecreaseInProvisionForTaxCivilAndLaborRisksCurrent" xlink:label="AdjustmentsForIncreaseDecreaseInProvisionForTaxCivilAndLaborRisksCurrent" xlink:title="AdjustmentsForIncreaseDecreaseInProvisionForTaxCivilAndLaborRisksCurrent" />
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AdjustmentsForIncreaseDecreaseInInsuranceAndOtherPayables" xlink:label="AdjustmentsForIncreaseDecreaseInInsuranceAndOtherPayables" xlink:title="AdjustmentsForIncreaseDecreaseInInsuranceAndOtherPayables" />
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IncreaseDecreaseInNonCurrentAssetsAbstract" xlink:label="IncreaseDecreaseInNonCurrentAssetsAbstract" xlink:title="IncreaseDecreaseInNonCurrentAssetsAbstract" />
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AdjustmentsForIncreaseDecreaseRecoverableTaxesNonCurrent" xlink:label="AdjustmentsForIncreaseDecreaseRecoverableTaxesNonCurrent" xlink:title="AdjustmentsForIncreaseDecreaseRecoverableTaxesNonCurrent" />
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AdjustmentsForIncreaseDecreaseInEscrowDepositsNonCurrent" xlink:label="AdjustmentsForIncreaseDecreaseInEscrowDepositsNonCurrent" xlink:title="AdjustmentsForIncreaseDecreaseInEscrowDepositsNonCurrent" />
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AdjustmentsForIncreaseDecreasePrepaidExpensesNoncurrent" xlink:label="AdjustmentsForIncreaseDecreasePrepaidExpensesNoncurrent" xlink:title="AdjustmentsForIncreaseDecreasePrepaidExpensesNoncurrent" />
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IncreaseDecreaseInNonCurrentLiabilitiesAbstract" xlink:label="IncreaseDecreaseInNonCurrentLiabilitiesAbstract" xlink:title="IncreaseDecreaseInNonCurrentLiabilitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInNonCurrentLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseInNonCurrentLiabilitiesAbstract" xml:lang="en-US" id="label_IncreaseDecreaseInNonCurrentLiabilitiesAbstract">Increase Decrease in Non Current Liabilities Abstract</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInNonCurrentLiabilitiesAbstract" xlink:to="label_IncreaseDecreaseInNonCurrentLiabilitiesAbstract" xlink:title="Label : IncreaseDecreaseInNonCurrentLiabilitiesAbstract to label_IncreaseDecreaseInNonCurrentLiabilitiesAbstract" />
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AdjustmentsForIncreaseDecreaseInPostEmploymentBenefitsNonCurrent" xlink:label="AdjustmentsForIncreaseDecreaseInPostEmploymentBenefitsNonCurrent" xlink:title="AdjustmentsForIncreaseDecreaseInPostEmploymentBenefitsNonCurrent" />
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AdjustmentsForIncreaseDecreaseInProvisionForTaxCivilAndLaborRisksNoncurrent" xlink:label="AdjustmentsForIncreaseDecreaseInProvisionForTaxCivilAndLaborRisksNoncurrent" xlink:title="AdjustmentsForIncreaseDecreaseInProvisionForTaxCivilAndLaborRisksNoncurrent" />
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AdjustmentsForIncreaseDecreaseInDeferredRevenueNoncurrent" xlink:label="AdjustmentsForIncreaseDecreaseInDeferredRevenueNoncurrent" xlink:title="AdjustmentsForIncreaseDecreaseInDeferredRevenueNoncurrent" />
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CapitalReductionInAssociatesClassifiedAsInvestingActivities" xlink:label="CapitalReductionInAssociatesClassifiedAsInvestingActivities" xlink:title="CapitalReductionInAssociatesClassifiedAsInvestingActivities" />
    <link:label xlink:type="resource" xlink:label="label_CapitalReductionInAssociatesClassifiedAsInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CapitalReductionInAssociatesClassifiedAsInvestingActivities" xml:lang="en-US" id="label_CapitalReductionInAssociatesClassifiedAsInvestingActivities">Capital reduction in associates, classified as investing activities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalReductionInAssociatesClassifiedAsInvestingActivities" xlink:to="label_CapitalReductionInAssociatesClassifiedAsInvestingActivities" xlink:title="Label : CapitalReductionInAssociatesClassifiedAsInvestingActivities to label_CapitalReductionInAssociatesClassifiedAsInvestingActivities" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalReductionInAssociatesClassifiedAsInvestingActivities" xlink:to="label_CapitalReductionInAssociatesClassifiedAsInvestingActivities_1" xlink:title="Label : CapitalReductionInAssociatesClassifiedAsInvestingActivities to label_CapitalReductionInAssociatesClassifiedAsInvestingActivities_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalReductionInAssociatesClassifiedAsInvestingActivities" xlink:to="label_CapitalReductionInAssociatesClassifiedAsInvestingActivities_2" xlink:title="Label : CapitalReductionInAssociatesClassifiedAsInvestingActivities to label_CapitalReductionInAssociatesClassifiedAsInvestingActivities_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_InitialDirectCostsOfRightToUseAssets" xlink:label="InitialDirectCostsOfRightToUseAssets" xlink:title="InitialDirectCostsOfRightToUseAssets" />
    <link:label xlink:type="resource" xlink:label="label_InitialDirectCostsOfRightToUseAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InitialDirectCostsOfRightToUseAssets" xml:lang="en-US" id="label_InitialDirectCostsOfRightToUseAssets">Initial Direct Costs Of Right To Use Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InitialDirectCostsOfRightToUseAssets" xlink:to="label_InitialDirectCostsOfRightToUseAssets" xlink:title="Label : InitialDirectCostsOfRightToUseAssets to label_InitialDirectCostsOfRightToUseAssets" />
    <link:label xlink:type="resource" xlink:label="label_InitialDirectCostsOfRightToUseAssets_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_InitialDirectCostsOfRightToUseAssets_1" xml:lang="en-US" id="label_InitialDirectCostsOfRightToUseAssets_1">Initial direct costs of right-of-use assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InitialDirectCostsOfRightToUseAssets" xlink:to="label_InitialDirectCostsOfRightToUseAssets_1" xlink:title="Label : InitialDirectCostsOfRightToUseAssets to label_InitialDirectCostsOfRightToUseAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_InitialDirectCostsOfRightToUseAssets_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InitialDirectCostsOfRightToUseAssets_2" xml:lang="en-US" id="label_InitialDirectCostsOfRightToUseAssets_2">Initial direct costs of right to use assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InitialDirectCostsOfRightToUseAssets" xlink:to="label_InitialDirectCostsOfRightToUseAssets_2" xlink:title="Label : InitialDirectCostsOfRightToUseAssets to label_InitialDirectCostsOfRightToUseAssets_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:label="ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:title="ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" />
    <link:label xlink:type="resource" xlink:label="label_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xml:lang="en-US" id="label_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities">Proceeds from disposal of property, plant, and equipment and intangibles</link:label>
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    <link:label xlink:type="resource" xlink:label="label_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_1" xml:lang="en-US" id="label_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_1">Proceeds from sales of property, plant and equipment, classified as investing activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:to="label_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_1" xlink:title="Label : ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities to label_ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:label="CashFlowsFromUsedInInvestingActivities" xlink:title="CashFlowsFromUsedInInvestingActivities" />
    <link:label xlink:type="resource" xlink:label="label_CashFlowsFromUsedInInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashFlowsFromUsedInInvestingActivities" xml:lang="en-US" id="label_CashFlowsFromUsedInInvestingActivities">Cash flows from (used in) investing activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowsFromUsedInInvestingActivities" xlink:to="label_CashFlowsFromUsedInInvestingActivities" xlink:title="Label : CashFlowsFromUsedInInvestingActivities to label_CashFlowsFromUsedInInvestingActivities" />
    <link:label xlink:type="resource" xlink:label="label_CashFlowsFromUsedInInvestingActivities_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_CashFlowsFromUsedInInvestingActivities_1" xml:lang="en-US" id="label_CashFlowsFromUsedInInvestingActivities_1">Net cash used in investing activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowsFromUsedInInvestingActivities" xlink:to="label_CashFlowsFromUsedInInvestingActivities_1" xlink:title="Label : CashFlowsFromUsedInInvestingActivities to label_CashFlowsFromUsedInInvestingActivities_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:label="CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:title="CashFlowsFromUsedInFinancingActivitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashFlowsFromUsedInFinancingActivitiesAbstract" xml:lang="en-US" id="label_CashFlowsFromUsedInFinancingActivitiesAbstract">Cash flows from (used in) financing activities [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:to="label_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:title="Label : CashFlowsFromUsedInFinancingActivitiesAbstract to label_CashFlowsFromUsedInFinancingActivitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CashFlowsFromUsedInFinancingActivitiesAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CashFlowsFromUsedInFinancingActivitiesAbstract_1" xml:lang="en-US" id="label_CashFlowsFromUsedInFinancingActivitiesAbstract_1">Cash flows from financing activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:to="label_CashFlowsFromUsedInFinancingActivitiesAbstract_1" xlink:title="Label : CashFlowsFromUsedInFinancingActivitiesAbstract to label_CashFlowsFromUsedInFinancingActivitiesAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities" xlink:label="ProceedsFromBorrowingsClassifiedAsFinancingActivities" xlink:title="ProceedsFromBorrowingsClassifiedAsFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="label_ProceedsFromBorrowingsClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProceedsFromBorrowingsClassifiedAsFinancingActivities" xml:lang="en-US" id="label_ProceedsFromBorrowingsClassifiedAsFinancingActivities">Proceeds from borrowings, classified as financing activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromBorrowingsClassifiedAsFinancingActivities" xlink:to="label_ProceedsFromBorrowingsClassifiedAsFinancingActivities" xlink:title="Label : ProceedsFromBorrowingsClassifiedAsFinancingActivities to label_ProceedsFromBorrowingsClassifiedAsFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="label_ProceedsFromBorrowingsClassifiedAsFinancingActivities_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProceedsFromBorrowingsClassifiedAsFinancingActivities_1" xml:lang="en-US" id="label_ProceedsFromBorrowingsClassifiedAsFinancingActivities_1">Proceeds</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromBorrowingsClassifiedAsFinancingActivities" xlink:to="label_ProceedsFromBorrowingsClassifiedAsFinancingActivities_1" xlink:title="Label : ProceedsFromBorrowingsClassifiedAsFinancingActivities to label_ProceedsFromBorrowingsClassifiedAsFinancingActivities_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:label="RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:title="RepaymentsOfBorrowingsClassifiedAsFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="label_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xml:lang="en-US" id="label_RepaymentsOfBorrowingsClassifiedAsFinancingActivities">Repayments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:to="label_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:title="Label : RepaymentsOfBorrowingsClassifiedAsFinancingActivities to label_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="label_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_1" xml:lang="en-US" id="label_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_1">Repayments of borrowings, classified as financing activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:to="label_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_1" xlink:title="Label : RepaymentsOfBorrowingsClassifiedAsFinancingActivities to label_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_InterestPaidClassifiedAsFinancingActivities" xlink:label="InterestPaidClassifiedAsFinancingActivities" xlink:title="InterestPaidClassifiedAsFinancingActivities" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestPaidClassifiedAsFinancingActivities" xlink:to="label_InterestPaidClassifiedAsFinancingActivities" xlink:title="Label : InterestPaidClassifiedAsFinancingActivities to label_InterestPaidClassifiedAsFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="label_InterestPaidClassifiedAsFinancingActivities_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_InterestPaidClassifiedAsFinancingActivities_1" xml:lang="en-US" id="label_InterestPaidClassifiedAsFinancingActivities_1">Interest paid</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestPaidClassifiedAsFinancingActivities" xlink:to="label_InterestPaidClassifiedAsFinancingActivities_1" xlink:title="Label : InterestPaidClassifiedAsFinancingActivities to label_InterestPaidClassifiedAsFinancingActivities_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:label="PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:title="PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="label_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xml:lang="en-US" id="label_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities">Payments of lease liabilities, classified as financing activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:to="label_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:title="Label : PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities to label_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="label_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities_1" xml:lang="en-US" id="label_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities_1">Payments of lease</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:to="label_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities_1" xlink:title="Label : PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities to label_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xlink:label="DividendsPaidClassifiedAsFinancingActivities" xlink:title="DividendsPaidClassifiedAsFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPaidClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendsPaidClassifiedAsFinancingActivities" xml:lang="en-US" id="label_DividendsPaidClassifiedAsFinancingActivities">Dividends paid, classified as financing activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaidClassifiedAsFinancingActivities" xlink:to="label_DividendsPaidClassifiedAsFinancingActivities" xlink:title="Label : DividendsPaidClassifiedAsFinancingActivities to label_DividendsPaidClassifiedAsFinancingActivities" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPaidClassifiedAsFinancingActivities_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_DividendsPaidClassifiedAsFinancingActivities_1" xml:lang="en-US" id="label_DividendsPaidClassifiedAsFinancingActivities_1">Dividends paid</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaidClassifiedAsFinancingActivities" xlink:to="label_DividendsPaidClassifiedAsFinancingActivities_1" xlink:title="Label : DividendsPaidClassifiedAsFinancingActivities to label_DividendsPaidClassifiedAsFinancingActivities_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CapitalIncreaseFromNonControllingShareholders" xlink:label="CapitalIncreaseFromNonControllingShareholders" xlink:title="CapitalIncreaseFromNonControllingShareholders" />
    <link:label xlink:type="resource" xlink:label="label_CapitalIncreaseFromNonControllingShareholders" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CapitalIncreaseFromNonControllingShareholders" xml:lang="en-US" id="label_CapitalIncreaseFromNonControllingShareholders">Capital increase from non controlling shareholders.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalIncreaseFromNonControllingShareholders" xlink:to="label_CapitalIncreaseFromNonControllingShareholders" xlink:title="Label : CapitalIncreaseFromNonControllingShareholders to label_CapitalIncreaseFromNonControllingShareholders" />
    <link:label xlink:type="resource" xlink:label="label_CapitalIncreaseFromNonControllingShareholders_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CapitalIncreaseFromNonControllingShareholders_1" xml:lang="en-US" id="label_CapitalIncreaseFromNonControllingShareholders_1">Capital increase from Iconic non-controlling shareholders</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalIncreaseFromNonControllingShareholders" xlink:to="label_CapitalIncreaseFromNonControllingShareholders_1" xlink:title="Label : CapitalIncreaseFromNonControllingShareholders to label_CapitalIncreaseFromNonControllingShareholders_1" />
    <link:label xlink:type="resource" xlink:label="label_CapitalIncreaseFromNonControllingShareholders_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CapitalIncreaseFromNonControllingShareholders_2" xml:lang="en-US" id="label_CapitalIncreaseFromNonControllingShareholders_2">Capital Increase From Non Controlling Shareholders</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalIncreaseFromNonControllingShareholders" xlink:to="label_CapitalIncreaseFromNonControllingShareholders_2" xlink:title="Label : CapitalIncreaseFromNonControllingShareholders to label_CapitalIncreaseFromNonControllingShareholders_2" />
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TransactionsWithoutCashEffectAbstract" xlink:label="TransactionsWithoutCashEffectAbstract" xlink:title="TransactionsWithoutCashEffectAbstract" />
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AdditionOnRightToUseAssetsAndLeasesPayable" xlink:label="AdditionOnRightToUseAssetsAndLeasesPayable" xlink:title="AdditionOnRightToUseAssetsAndLeasesPayable" />
    <link:label xlink:type="resource" xlink:label="label_AdditionOnRightToUseAssetsAndLeasesPayable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdditionOnRightToUseAssetsAndLeasesPayable" xml:lang="en-US" id="label_AdditionOnRightToUseAssetsAndLeasesPayable">Addition On Right To Use Assets And Leases Payable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionOnRightToUseAssetsAndLeasesPayable" xlink:to="label_AdditionOnRightToUseAssetsAndLeasesPayable" xlink:title="Label : AdditionOnRightToUseAssetsAndLeasesPayable to label_AdditionOnRightToUseAssetsAndLeasesPayable" />
    <link:label xlink:type="resource" xlink:label="label_AdditionOnRightToUseAssetsAndLeasesPayable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdditionOnRightToUseAssetsAndLeasesPayable_1" xml:lang="en-US" id="label_AdditionOnRightToUseAssetsAndLeasesPayable_1">Addition on right-of-use assets and leases payable</link:label>
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    <link:label xlink:type="resource" xlink:label="label_AdditionOnRightToUseAssetsAndLeasesPayable_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AdditionOnRightToUseAssetsAndLeasesPayable_2" xml:lang="en-US" id="label_AdditionOnRightToUseAssetsAndLeasesPayable_2">The addition in cash on right to use assets and leases payable.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionOnRightToUseAssetsAndLeasesPayable" xlink:to="label_AdditionOnRightToUseAssetsAndLeasesPayable_2" xlink:title="Label : AdditionOnRightToUseAssetsAndLeasesPayable to label_AdditionOnRightToUseAssetsAndLeasesPayable_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TextBlockAbstract" xlink:label="TextBlockAbstract" xlink:title="TextBlockAbstract" />
    <link:label xlink:type="resource" xlink:label="label_TextBlockAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TextBlockAbstract" xml:lang="en-US" id="label_TextBlockAbstract">Text block [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TextBlockAbstract" xlink:to="label_TextBlockAbstract" xlink:title="Label : TextBlockAbstract to label_TextBlockAbstract" />
    <link:label xlink:type="resource" xlink:label="label_TextBlockAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TextBlockAbstract_1" xml:lang="en-US" id="label_TextBlockAbstract_1">Text block [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TextBlockAbstract" xlink:to="label_TextBlockAbstract_1" xlink:title="Label : TextBlockAbstract to label_TextBlockAbstract_1" />
    <link:label xlink:type="resource" xlink:label="label_TextBlockAbstract_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TextBlockAbstract_2" xml:lang="en-US" id="label_TextBlockAbstract_2">Text block [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TextBlockAbstract" xlink:to="label_TextBlockAbstract_2" xlink:title="Label : TextBlockAbstract to label_TextBlockAbstract_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfOperationsExplanatory" xlink:label="DisclosureOfOperationsExplanatory" xlink:title="DisclosureOfOperationsExplanatory" />
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    <link:label xlink:type="resource" xlink:label="label_DisclosureOfOperationsExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfOperationsExplanatory_1" xml:lang="en-US" id="label_DisclosureOfOperationsExplanatory_1">Operations</link:label>
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    <link:label xlink:type="resource" xlink:label="label_DisclosureOfOperationsExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfOperationsExplanatory_2" xml:lang="en-US" id="label_DisclosureOfOperationsExplanatory_2">An entity normally presents notes in the following order, to assist users to understand the financial statements and to compare them with financial statements of other entities: Examples of systematic ordering or grouping of the notes include: (a) giving prominence to the areas of its activities that the entity considers to be most relevant to an understanding of its financial performance and financial position, such as grouping together information about particular operating activities;understanding of its financial performance and financial position, such as grouping together information about particular operating activities;</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" xlink:label="DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" xlink:title="DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" xml:lang="en-US" id="label_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory">Disclosure of significant accounting policies [text block]</link:label>
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfPrinciplesOfConsolidationExplanatory" xlink:label="DisclosureOfPrinciplesOfConsolidationExplanatory" xlink:title="DisclosureOfPrinciplesOfConsolidationExplanatory" />
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    <link:label xlink:type="resource" xlink:label="label_DisclosureOfPrinciplesOfConsolidationExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfPrinciplesOfConsolidationExplanatory_1" xml:lang="en-US" id="label_DisclosureOfPrinciplesOfConsolidationExplanatory_1">Principles of Consolidation and Investments in Subsidiaries</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfCashAndCashEquivalentsExplanatory" xlink:label="DisclosureOfCashAndCashEquivalentsExplanatory" xlink:title="DisclosureOfCashAndCashEquivalentsExplanatory" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfInventoriesExplanatory" xlink:label="DisclosureOfInventoriesExplanatory" xlink:title="DisclosureOfInventoriesExplanatory" />
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfTaxesToRecoverExplanatory" xlink:label="DisclosureOfTaxesToRecoverExplanatory" xlink:title="DisclosureOfTaxesToRecoverExplanatory" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfLeasesExplanatory" xlink:label="DisclosureOfLeasesExplanatory" xlink:title="DisclosureOfLeasesExplanatory" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfIntangibleAssetsExplanatory" xlink:label="DisclosureOfIntangibleAssetsExplanatory" xlink:title="DisclosureOfIntangibleAssetsExplanatory" />
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfSalariesAndRelatedChargesExplanatory" xlink:label="DisclosureOfSalariesAndRelatedChargesExplanatory" xlink:title="DisclosureOfSalariesAndRelatedChargesExplanatory" />
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfInvestmentsInSubsidiariesTableTextBlock" xlink:label="SummaryOfInvestmentsInSubsidiariesTableTextBlock" xlink:title="SummaryOfInvestmentsInSubsidiariesTableTextBlock" />
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfCashAndCashEquivalentsTextBlock" xlink:label="SummaryOfCashAndCashEquivalentsTextBlock" xlink:title="SummaryOfCashAndCashEquivalentsTextBlock" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeReceivablesMember" xlink:to="label_TradeReceivablesMember" xlink:title="Label : TradeReceivablesMember to label_TradeReceivablesMember" />
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfBalancesOfGoodwillTableTextBlock" xlink:label="SummaryOfBalancesOfGoodwillTableTextBlock" xlink:title="SummaryOfBalancesOfGoodwillTableTextBlock" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfBalancesOfGoodwillTableTextBlock" xlink:to="label_SummaryOfBalancesOfGoodwillTableTextBlock_2" xlink:title="Label : SummaryOfBalancesOfGoodwillTableTextBlock to label_SummaryOfBalancesOfGoodwillTableTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_SignificantInvestmentsInSubsidiariesAxis" xlink:label="SignificantInvestmentsInSubsidiariesAxis" xlink:title="SignificantInvestmentsInSubsidiariesAxis" />
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    <link:label xlink:type="resource" xlink:label="label_SignificantInvestmentsInSubsidiariesAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SignificantInvestmentsInSubsidiariesAxis_1" xml:lang="en-US" id="label_SignificantInvestmentsInSubsidiariesAxis_1">Subsidiaries [axis]</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_EntitysTotalForSubsidiariesMember" xlink:label="EntitysTotalForSubsidiariesMember" xlink:title="EntitysTotalForSubsidiariesMember" />
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    <link:label xlink:type="resource" xlink:label="label_EntitysTotalForSubsidiariesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EntitysTotalForSubsidiariesMember_1" xml:lang="en-US" id="label_EntitysTotalForSubsidiariesMember_1">Entity's total for subsidiaries [member]</link:label>
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfCompostionOfLoansTableTextBlock" xlink:label="SummaryOfCompostionOfLoansTableTextBlock" xlink:title="SummaryOfCompostionOfLoansTableTextBlock" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfCompostionOfLoansTableTextBlock" xlink:to="label_SummaryOfCompostionOfLoansTableTextBlock_1" xlink:title="Label : SummaryOfCompostionOfLoansTableTextBlock to label_SummaryOfCompostionOfLoansTableTextBlock_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfCompostionOfLoansTableTextBlock" xlink:to="label_SummaryOfCompostionOfLoansTableTextBlock_2" xlink:title="Label : SummaryOfCompostionOfLoansTableTextBlock to label_SummaryOfCompostionOfLoansTableTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfChangesInLoansDebenturesAndFinanceLeasesTableTextBlock" xlink:label="SummaryOfChangesInLoansDebenturesAndFinanceLeasesTableTextBlock" xlink:title="SummaryOfChangesInLoansDebenturesAndFinanceLeasesTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfChangesInLoansDebenturesAndFinanceLeasesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SummaryOfChangesInLoansDebenturesAndFinanceLeasesTableTextBlock" xml:lang="en-US" id="label_SummaryOfChangesInLoansDebenturesAndFinanceLeasesTableTextBlock">Summary of changes in loans debentures and finance leases [text block]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_SummaryOfChangesInLoansDebenturesAndFinanceLeasesTableTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfChangesInLoansDebenturesAndFinanceLeasesTableTextBlock_1" xml:lang="en-US" id="label_SummaryOfChangesInLoansDebenturesAndFinanceLeasesTableTextBlock_1">Summary of Changes in Loans, Debentures and Finance Leases</link:label>
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    <link:label xlink:type="resource" xlink:label="label_SummaryOfChangesInLoansDebenturesAndFinanceLeasesTableTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfChangesInLoansDebenturesAndFinanceLeasesTableTextBlock_2" xml:lang="en-US" id="label_SummaryOfChangesInLoansDebenturesAndFinanceLeasesTableTextBlock_2">Summary of changes in loans debentures and finance leases.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfChangesInLoansDebenturesAndFinanceLeasesTableTextBlock" xlink:to="label_SummaryOfChangesInLoansDebenturesAndFinanceLeasesTableTextBlock_2" xlink:title="Label : SummaryOfChangesInLoansDebenturesAndFinanceLeasesTableTextBlock to label_SummaryOfChangesInLoansDebenturesAndFinanceLeasesTableTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfPrincipalMaturityScheduleTableTextBlock" xlink:label="SummaryOfPrincipalMaturityScheduleTableTextBlock" xlink:title="SummaryOfPrincipalMaturityScheduleTableTextBlock" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfPrincipalMaturityScheduleTableTextBlock" xlink:to="label_SummaryOfPrincipalMaturityScheduleTableTextBlock_1" xlink:title="Label : SummaryOfPrincipalMaturityScheduleTableTextBlock to label_SummaryOfPrincipalMaturityScheduleTableTextBlock_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfPrincipalMaturityScheduleTableTextBlock" xlink:to="label_SummaryOfPrincipalMaturityScheduleTableTextBlock_2" xlink:title="Label : SummaryOfPrincipalMaturityScheduleTableTextBlock to label_SummaryOfPrincipalMaturityScheduleTableTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfForeignLoanMaturityTableTextBlock" xlink:label="SummaryOfForeignLoanMaturityTableTextBlock" xlink:title="SummaryOfForeignLoanMaturityTableTextBlock" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfForeignLoanMaturityTableTextBlock" xlink:to="label_SummaryOfForeignLoanMaturityTableTextBlock_1" xlink:title="Label : SummaryOfForeignLoanMaturityTableTextBlock to label_SummaryOfForeignLoanMaturityTableTextBlock_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfForeignLoanMaturityTableTextBlock" xlink:to="label_SummaryOfForeignLoanMaturityTableTextBlock_2" xlink:title="Label : SummaryOfForeignLoanMaturityTableTextBlock to label_SummaryOfForeignLoanMaturityTableTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfLoanMaturityExplanatory" xlink:label="SummaryOfLoanMaturityExplanatory" xlink:title="SummaryOfLoanMaturityExplanatory" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfLoanMaturityExplanatory" xlink:to="label_SummaryOfLoanMaturityExplanatory" xlink:title="Label : SummaryOfLoanMaturityExplanatory to label_SummaryOfLoanMaturityExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfLoanMaturityExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfLoanMaturityExplanatory_1" xml:lang="en-US" id="label_SummaryOfLoanMaturityExplanatory_1">Summary of Subsidiary's Loan Maturity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfLoanMaturityExplanatory" xlink:to="label_SummaryOfLoanMaturityExplanatory_1" xlink:title="Label : SummaryOfLoanMaturityExplanatory to label_SummaryOfLoanMaturityExplanatory_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfLoanMaturityExplanatory" xlink:to="label_SummaryOfLoanMaturityExplanatory_2" xlink:title="Label : SummaryOfLoanMaturityExplanatory to label_SummaryOfLoanMaturityExplanatory_2" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfLoanAndDebentureMaturityTableTextBlock" xlink:to="label_SummaryOfLoanAndDebentureMaturityTableTextBlock_1" xlink:title="Label : SummaryOfLoanAndDebentureMaturityTableTextBlock to label_SummaryOfLoanAndDebentureMaturityTableTextBlock_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfLoanAndDebentureMaturityTableTextBlock" xlink:to="label_SummaryOfLoanAndDebentureMaturityTableTextBlock_2" xlink:title="Label : SummaryOfLoanAndDebentureMaturityTableTextBlock to label_SummaryOfLoanAndDebentureMaturityTableTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfDebenturesTableTextBlock" xlink:label="SummaryOfDebenturesTableTextBlock" xlink:title="SummaryOfDebenturesTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfDebenturesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SummaryOfDebenturesTableTextBlock" xml:lang="en-US" id="label_SummaryOfDebenturesTableTextBlock">Summary of debentures [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfDebenturesTableTextBlock" xlink:to="label_SummaryOfDebenturesTableTextBlock" xlink:title="Label : SummaryOfDebenturesTableTextBlock to label_SummaryOfDebenturesTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfDebenturesTableTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfDebenturesTableTextBlock_1" xml:lang="en-US" id="label_SummaryOfDebenturesTableTextBlock_1">Summary of Debentures</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfDebenturesTableTextBlock" xlink:to="label_SummaryOfDebenturesTableTextBlock_1" xlink:title="Label : SummaryOfDebenturesTableTextBlock to label_SummaryOfDebenturesTableTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfDebenturesTableTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfDebenturesTableTextBlock_2" xml:lang="en-US" id="label_SummaryOfDebenturesTableTextBlock_2">Summary of debentures.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfDebenturesTableTextBlock" xlink:to="label_SummaryOfDebenturesTableTextBlock_2" xlink:title="Label : SummaryOfDebenturesTableTextBlock to label_SummaryOfDebenturesTableTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfLoanAndDebentureMaturityDistributionTableTextBlock" xlink:label="SummaryOfLoanAndDebentureMaturityDistributionTableTextBlock" xlink:title="SummaryOfLoanAndDebentureMaturityDistributionTableTextBlock" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfLoanAndDebentureMaturityDistributionTableTextBlock" xlink:to="label_SummaryOfLoanAndDebentureMaturityDistributionTableTextBlock" xlink:title="Label : SummaryOfLoanAndDebentureMaturityDistributionTableTextBlock to label_SummaryOfLoanAndDebentureMaturityDistributionTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfLoanAndDebentureMaturityDistributionTableTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfLoanAndDebentureMaturityDistributionTableTextBlock_1" xml:lang="en-US" id="label_SummaryOfLoanAndDebentureMaturityDistributionTableTextBlock_1">Summary of debentures maturity dates distribution</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfLoanAndDebentureMaturityDistributionTableTextBlock" xlink:to="label_SummaryOfLoanAndDebentureMaturityDistributionTableTextBlock_1" xlink:title="Label : SummaryOfLoanAndDebentureMaturityDistributionTableTextBlock to label_SummaryOfLoanAndDebentureMaturityDistributionTableTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfLoanAndDebentureMaturityDistributionTableTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfLoanAndDebentureMaturityDistributionTableTextBlock_2" xml:lang="en-US" id="label_SummaryOfLoanAndDebentureMaturityDistributionTableTextBlock_2">Summary of loan and debenture maturity Distribution Table [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfLoanAndDebentureMaturityDistributionTableTextBlock" xlink:to="label_SummaryOfLoanAndDebentureMaturityDistributionTableTextBlock_2" xlink:title="Label : SummaryOfLoanAndDebentureMaturityDistributionTableTextBlock to label_SummaryOfLoanAndDebentureMaturityDistributionTableTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfTransactionCostsTextBlock" xlink:label="SummaryOfTransactionCostsTextBlock" xlink:title="SummaryOfTransactionCostsTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfTransactionCostsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SummaryOfTransactionCostsTextBlock" xml:lang="en-US" id="label_SummaryOfTransactionCostsTextBlock">Summary of transaction costs [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfTransactionCostsTextBlock" xlink:to="label_SummaryOfTransactionCostsTextBlock" xlink:title="Label : SummaryOfTransactionCostsTextBlock to label_SummaryOfTransactionCostsTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfTransactionCostsTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfTransactionCostsTextBlock_1" xml:lang="en-US" id="label_SummaryOfTransactionCostsTextBlock_1">Summary of Transaction Costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfTransactionCostsTextBlock" xlink:to="label_SummaryOfTransactionCostsTextBlock_1" xlink:title="Label : SummaryOfTransactionCostsTextBlock to label_SummaryOfTransactionCostsTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfTransactionCostsTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfTransactionCostsTextBlock_2" xml:lang="en-US" id="label_SummaryOfTransactionCostsTextBlock_2">Summary of transaction costs.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfTransactionCostsTextBlock" xlink:to="label_SummaryOfTransactionCostsTextBlock_2" xlink:title="Label : SummaryOfTransactionCostsTextBlock to label_SummaryOfTransactionCostsTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfAppropriatedProfitOrLossInFutureTableTextBlock" xlink:label="SummaryOfAppropriatedProfitOrLossInFutureTableTextBlock" xlink:title="SummaryOfAppropriatedProfitOrLossInFutureTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfAppropriatedProfitOrLossInFutureTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SummaryOfAppropriatedProfitOrLossInFutureTableTextBlock" xml:lang="en-US" id="label_SummaryOfAppropriatedProfitOrLossInFutureTableTextBlock">Summary of appropriated profit or loss in future [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfAppropriatedProfitOrLossInFutureTableTextBlock" xlink:to="label_SummaryOfAppropriatedProfitOrLossInFutureTableTextBlock" xlink:title="Label : SummaryOfAppropriatedProfitOrLossInFutureTableTextBlock to label_SummaryOfAppropriatedProfitOrLossInFutureTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfAppropriatedProfitOrLossInFutureTableTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfAppropriatedProfitOrLossInFutureTableTextBlock_1" xml:lang="en-US" id="label_SummaryOfAppropriatedProfitOrLossInFutureTableTextBlock_1">Summary of Appropriated Profit or Loss in The Future</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfAppropriatedProfitOrLossInFutureTableTextBlock" xlink:to="label_SummaryOfAppropriatedProfitOrLossInFutureTableTextBlock_1" xlink:title="Label : SummaryOfAppropriatedProfitOrLossInFutureTableTextBlock to label_SummaryOfAppropriatedProfitOrLossInFutureTableTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfAppropriatedProfitOrLossInFutureTableTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfAppropriatedProfitOrLossInFutureTableTextBlock_2" xml:lang="en-US" id="label_SummaryOfAppropriatedProfitOrLossInFutureTableTextBlock_2">Summary of appropriated profit or loss in future.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfAppropriatedProfitOrLossInFutureTableTextBlock" xlink:to="label_SummaryOfAppropriatedProfitOrLossInFutureTableTextBlock_2" xlink:title="Label : SummaryOfAppropriatedProfitOrLossInFutureTableTextBlock to label_SummaryOfAppropriatedProfitOrLossInFutureTableTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfCollateralExplanatory" xlink:label="DisclosureOfCollateralExplanatory" xlink:title="DisclosureOfCollateralExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCollateralExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfCollateralExplanatory" xml:lang="en-US" id="label_DisclosureOfCollateralExplanatory">Disclosure of collateral [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCollateralExplanatory" xlink:to="label_DisclosureOfCollateralExplanatory" xlink:title="Label : DisclosureOfCollateralExplanatory to label_DisclosureOfCollateralExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCollateralExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_DisclosureOfCollateralExplanatory_1" xml:lang="en-US" id="label_DisclosureOfCollateralExplanatory_1">Summary Of Collateral To Financial Institutions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCollateralExplanatory" xlink:to="label_DisclosureOfCollateralExplanatory_1" xlink:title="Label : DisclosureOfCollateralExplanatory to label_DisclosureOfCollateralExplanatory_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfTradePayablesTableTextBlock" xlink:label="SummaryOfTradePayablesTableTextBlock" xlink:title="SummaryOfTradePayablesTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfTradePayablesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SummaryOfTradePayablesTableTextBlock" xml:lang="en-US" id="label_SummaryOfTradePayablesTableTextBlock">Summary of trade payables [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfTradePayablesTableTextBlock" xlink:to="label_SummaryOfTradePayablesTableTextBlock" xlink:title="Label : SummaryOfTradePayablesTableTextBlock to label_SummaryOfTradePayablesTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfTradePayablesTableTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfTradePayablesTableTextBlock_1" xml:lang="en-US" id="label_SummaryOfTradePayablesTableTextBlock_1">Summary of Trade Payables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfTradePayablesTableTextBlock" xlink:to="label_SummaryOfTradePayablesTableTextBlock_1" xlink:title="Label : SummaryOfTradePayablesTableTextBlock to label_SummaryOfTradePayablesTableTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfTradePayablesTableTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfTradePayablesTableTextBlock_2" xml:lang="en-US" id="label_SummaryOfTradePayablesTableTextBlock_2">Summary of trade payables.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfTradePayablesTableTextBlock" xlink:to="label_SummaryOfTradePayablesTableTextBlock_2" xlink:title="Label : SummaryOfTradePayablesTableTextBlock to label_SummaryOfTradePayablesTableTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfSalariesAndRelatedChargesTableTextBlock" xlink:label="SummaryOfSalariesAndRelatedChargesTableTextBlock" xlink:title="SummaryOfSalariesAndRelatedChargesTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfSalariesAndRelatedChargesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SummaryOfSalariesAndRelatedChargesTableTextBlock" xml:lang="en-US" id="label_SummaryOfSalariesAndRelatedChargesTableTextBlock">Summary of salaries and related charges [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfSalariesAndRelatedChargesTableTextBlock" xlink:to="label_SummaryOfSalariesAndRelatedChargesTableTextBlock" xlink:title="Label : SummaryOfSalariesAndRelatedChargesTableTextBlock to label_SummaryOfSalariesAndRelatedChargesTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfSalariesAndRelatedChargesTableTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfSalariesAndRelatedChargesTableTextBlock_1" xml:lang="en-US" id="label_SummaryOfSalariesAndRelatedChargesTableTextBlock_1">Summary of Salaries and Related Charges</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfSalariesAndRelatedChargesTableTextBlock" xlink:to="label_SummaryOfSalariesAndRelatedChargesTableTextBlock_1" xlink:title="Label : SummaryOfSalariesAndRelatedChargesTableTextBlock to label_SummaryOfSalariesAndRelatedChargesTableTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfSalariesAndRelatedChargesTableTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfSalariesAndRelatedChargesTableTextBlock_2" xml:lang="en-US" id="label_SummaryOfSalariesAndRelatedChargesTableTextBlock_2">Summary of salaries and related charges.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfSalariesAndRelatedChargesTableTextBlock" xlink:to="label_SummaryOfSalariesAndRelatedChargesTableTextBlock_2" xlink:title="Label : SummaryOfSalariesAndRelatedChargesTableTextBlock to label_SummaryOfSalariesAndRelatedChargesTableTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfTaxesPayableTableTextBlock" xlink:label="SummaryOfTaxesPayableTableTextBlock" xlink:title="SummaryOfTaxesPayableTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfTaxesPayableTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SummaryOfTaxesPayableTableTextBlock" xml:lang="en-US" id="label_SummaryOfTaxesPayableTableTextBlock">Summary of taxes payable table [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfTaxesPayableTableTextBlock" xlink:to="label_SummaryOfTaxesPayableTableTextBlock" xlink:title="Label : SummaryOfTaxesPayableTableTextBlock to label_SummaryOfTaxesPayableTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfTaxesPayableTableTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfTaxesPayableTableTextBlock_1" xml:lang="en-US" id="label_SummaryOfTaxesPayableTableTextBlock_1">Summary of Taxes Payable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfTaxesPayableTableTextBlock" xlink:to="label_SummaryOfTaxesPayableTableTextBlock_1" xlink:title="Label : SummaryOfTaxesPayableTableTextBlock to label_SummaryOfTaxesPayableTableTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfTaxesPayableTableTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfTaxesPayableTableTextBlock_2" xml:lang="en-US" id="label_SummaryOfTaxesPayableTableTextBlock_2">Disclosure of additional information regarding taxes other than on income.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfTaxesPayableTableTextBlock" xlink:to="label_SummaryOfTaxesPayableTableTextBlock_2" xlink:title="Label : SummaryOfTaxesPayableTableTextBlock to label_SummaryOfTaxesPayableTableTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfPostEmploymentBenefits" xlink:label="SummaryOfPostEmploymentBenefits" xlink:title="SummaryOfPostEmploymentBenefits" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfPostEmploymentBenefits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SummaryOfPostEmploymentBenefits" xml:lang="en-US" id="label_SummaryOfPostEmploymentBenefits">Summary of post employment benefits [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfPostEmploymentBenefits" xlink:to="label_SummaryOfPostEmploymentBenefits" xlink:title="Label : SummaryOfPostEmploymentBenefits to label_SummaryOfPostEmploymentBenefits" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfPostEmploymentBenefits_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfPostEmploymentBenefits_1" xml:lang="en-US" id="label_SummaryOfPostEmploymentBenefits_1">Post-employment benefits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfPostEmploymentBenefits" xlink:to="label_SummaryOfPostEmploymentBenefits_1" xlink:title="Label : SummaryOfPostEmploymentBenefits to label_SummaryOfPostEmploymentBenefits_1" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfPostEmploymentBenefits_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfPostEmploymentBenefits_2" xml:lang="en-US" id="label_SummaryOfPostEmploymentBenefits_2">An entity classifying expenses by function shall disclose additional information on the nature of expenses, including employee benefits expense.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfPostEmploymentBenefits" xlink:to="label_SummaryOfPostEmploymentBenefits_2" xlink:title="Label : SummaryOfPostEmploymentBenefits to label_SummaryOfPostEmploymentBenefits_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ChangesInProvisionForPostEmploymentBenefits" xlink:label="ChangesInProvisionForPostEmploymentBenefits" xlink:title="ChangesInProvisionForPostEmploymentBenefits" />
    <link:label xlink:type="resource" xlink:label="label_ChangesInProvisionForPostEmploymentBenefits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ChangesInProvisionForPostEmploymentBenefits" xml:lang="en-US" id="label_ChangesInProvisionForPostEmploymentBenefits">Changes in provision for post employment benefits [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangesInProvisionForPostEmploymentBenefits" xlink:to="label_ChangesInProvisionForPostEmploymentBenefits" xlink:title="Label : ChangesInProvisionForPostEmploymentBenefits to label_ChangesInProvisionForPostEmploymentBenefits" />
    <link:label xlink:type="resource" xlink:label="label_ChangesInProvisionForPostEmploymentBenefits_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ChangesInProvisionForPostEmploymentBenefits_1" xml:lang="en-US" id="label_ChangesInProvisionForPostEmploymentBenefits_1">Changes in provision for post-employment benefits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangesInProvisionForPostEmploymentBenefits" xlink:to="label_ChangesInProvisionForPostEmploymentBenefits_1" xlink:title="Label : ChangesInProvisionForPostEmploymentBenefits to label_ChangesInProvisionForPostEmploymentBenefits_1" />
    <link:label xlink:type="resource" xlink:label="label_ChangesInProvisionForPostEmploymentBenefits_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ChangesInProvisionForPostEmploymentBenefits_2" xml:lang="en-US" id="label_ChangesInProvisionForPostEmploymentBenefits_2">An entity classifying expenses by function shall disclose additional information on the nature of expenses, including employee benefits expense.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangesInProvisionForPostEmploymentBenefits" xlink:to="label_ChangesInProvisionForPostEmploymentBenefits_2" xlink:title="Label : ChangesInProvisionForPostEmploymentBenefits to label_ChangesInProvisionForPostEmploymentBenefits_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfEmploymentBenefitExpenseTableTextBlock" xlink:label="SummaryOfEmploymentBenefitExpenseTableTextBlock" xlink:title="SummaryOfEmploymentBenefitExpenseTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfEmploymentBenefitExpenseTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SummaryOfEmploymentBenefitExpenseTableTextBlock" xml:lang="en-US" id="label_SummaryOfEmploymentBenefitExpenseTableTextBlock">Summary of employment benefit expense [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfEmploymentBenefitExpenseTableTextBlock" xlink:to="label_SummaryOfEmploymentBenefitExpenseTableTextBlock" xlink:title="Label : SummaryOfEmploymentBenefitExpenseTableTextBlock to label_SummaryOfEmploymentBenefitExpenseTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfEmploymentBenefitExpenseTableTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfEmploymentBenefitExpenseTableTextBlock_1" xml:lang="en-US" id="label_SummaryOfEmploymentBenefitExpenseTableTextBlock_1">Post-employment benefit expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfEmploymentBenefitExpenseTableTextBlock" xlink:to="label_SummaryOfEmploymentBenefitExpenseTableTextBlock_1" xlink:title="Label : SummaryOfEmploymentBenefitExpenseTableTextBlock to label_SummaryOfEmploymentBenefitExpenseTableTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfEmploymentBenefitExpenseTableTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfEmploymentBenefitExpenseTableTextBlock_2" xml:lang="en-US" id="label_SummaryOfEmploymentBenefitExpenseTableTextBlock_2">An entity classifying expenses by function shall disclose additional information on the nature of expenses, including employee benefits expense.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfEmploymentBenefitExpenseTableTextBlock" xlink:to="label_SummaryOfEmploymentBenefitExpenseTableTextBlock_2" xlink:title="Label : SummaryOfEmploymentBenefitExpenseTableTextBlock to label_SummaryOfEmploymentBenefitExpenseTableTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfSignificantActuarialAssumptionsAdoptedTableTextBlock" xlink:label="SummaryOfSignificantActuarialAssumptionsAdoptedTableTextBlock" xlink:title="SummaryOfSignificantActuarialAssumptionsAdoptedTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfSignificantActuarialAssumptionsAdoptedTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SummaryOfSignificantActuarialAssumptionsAdoptedTableTextBlock" xml:lang="en-US" id="label_SummaryOfSignificantActuarialAssumptionsAdoptedTableTextBlock">Summary of significant tactuarial assumptions adopted [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfSignificantActuarialAssumptionsAdoptedTableTextBlock" xlink:to="label_SummaryOfSignificantActuarialAssumptionsAdoptedTableTextBlock" xlink:title="Label : SummaryOfSignificantActuarialAssumptionsAdoptedTableTextBlock to label_SummaryOfSignificantActuarialAssumptionsAdoptedTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfSignificantActuarialAssumptionsAdoptedTableTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfSignificantActuarialAssumptionsAdoptedTableTextBlock_1" xml:lang="en-US" id="label_SummaryOfSignificantActuarialAssumptionsAdoptedTableTextBlock_1">Significant actuarial assumptions adopted</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfSignificantActuarialAssumptionsAdoptedTableTextBlock" xlink:to="label_SummaryOfSignificantActuarialAssumptionsAdoptedTableTextBlock_1" xlink:title="Label : SummaryOfSignificantActuarialAssumptionsAdoptedTableTextBlock to label_SummaryOfSignificantActuarialAssumptionsAdoptedTableTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfSignificantActuarialAssumptionsAdoptedTableTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfSignificantActuarialAssumptionsAdoptedTableTextBlock_2" xml:lang="en-US" id="label_SummaryOfSignificantActuarialAssumptionsAdoptedTableTextBlock_2">An entity classifying expenses by function shall disclose additional information on the nature of expenses, including employee benefits expense.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfSignificantActuarialAssumptionsAdoptedTableTextBlock" xlink:to="label_SummaryOfSignificantActuarialAssumptionsAdoptedTableTextBlock_2" xlink:title="Label : SummaryOfSignificantActuarialAssumptionsAdoptedTableTextBlock to label_SummaryOfSignificantActuarialAssumptionsAdoptedTableTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfSensitivityAnalysisTableTextBlock" xlink:label="SummaryOfSensitivityAnalysisTableTextBlock" xlink:title="SummaryOfSensitivityAnalysisTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfSensitivityAnalysisTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SummaryOfSensitivityAnalysisTableTextBlock" xml:lang="en-US" id="label_SummaryOfSensitivityAnalysisTableTextBlock">Summary of sensitivity analysis [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfSensitivityAnalysisTableTextBlock" xlink:to="label_SummaryOfSensitivityAnalysisTableTextBlock" xlink:title="Label : SummaryOfSensitivityAnalysisTableTextBlock to label_SummaryOfSensitivityAnalysisTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfSensitivityAnalysisTableTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfSensitivityAnalysisTableTextBlock_1" xml:lang="en-US" id="label_SummaryOfSensitivityAnalysisTableTextBlock_1">Sensitivity analysis</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfSensitivityAnalysisTableTextBlock" xlink:to="label_SummaryOfSensitivityAnalysisTableTextBlock_1" xlink:title="Label : SummaryOfSensitivityAnalysisTableTextBlock to label_SummaryOfSensitivityAnalysisTableTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfSensitivityAnalysisTableTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfSensitivityAnalysisTableTextBlock_2" xml:lang="en-US" id="label_SummaryOfSensitivityAnalysisTableTextBlock_2">An entity classifying expenses by function shall disclose additional information on the nature of expenses, including employee benefits expense.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfSensitivityAnalysisTableTextBlock" xlink:to="label_SummaryOfSensitivityAnalysisTableTextBlock_2" xlink:title="Label : SummaryOfSensitivityAnalysisTableTextBlock to label_SummaryOfSensitivityAnalysisTableTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfChangesInAssetRetirementObligationTableTextBlock" xlink:label="SummaryOfChangesInAssetRetirementObligationTableTextBlock" xlink:title="SummaryOfChangesInAssetRetirementObligationTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfChangesInAssetRetirementObligationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SummaryOfChangesInAssetRetirementObligationTableTextBlock" xml:lang="en-US" id="label_SummaryOfChangesInAssetRetirementObligationTableTextBlock">Summary of changes in asset retirement obligation [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfChangesInAssetRetirementObligationTableTextBlock" xlink:to="label_SummaryOfChangesInAssetRetirementObligationTableTextBlock" xlink:title="Label : SummaryOfChangesInAssetRetirementObligationTableTextBlock to label_SummaryOfChangesInAssetRetirementObligationTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfChangesInAssetRetirementObligationTableTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfChangesInAssetRetirementObligationTableTextBlock_1" xml:lang="en-US" id="label_SummaryOfChangesInAssetRetirementObligationTableTextBlock_1">Changes in the provision for asset retirement obligation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfChangesInAssetRetirementObligationTableTextBlock" xlink:to="label_SummaryOfChangesInAssetRetirementObligationTableTextBlock_1" xlink:title="Label : SummaryOfChangesInAssetRetirementObligationTableTextBlock to label_SummaryOfChangesInAssetRetirementObligationTableTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfChangesInAssetRetirementObligationTableTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfChangesInAssetRetirementObligationTableTextBlock_2" xml:lang="en-US" id="label_SummaryOfChangesInAssetRetirementObligationTableTextBlock_2">An entity shall disclose information about the assumptions it makes about the future, and other major sources of estimation uncertainty at the end of the reporting period, that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfChangesInAssetRetirementObligationTableTextBlock" xlink:to="label_SummaryOfChangesInAssetRetirementObligationTableTextBlock_2" xlink:title="Label : SummaryOfChangesInAssetRetirementObligationTableTextBlock to label_SummaryOfChangesInAssetRetirementObligationTableTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfBreakdownOfProvisionsByNatureTableTextBlock" xlink:label="SummaryOfBreakdownOfProvisionsByNatureTableTextBlock" xlink:title="SummaryOfBreakdownOfProvisionsByNatureTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfBreakdownOfProvisionsByNatureTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SummaryOfBreakdownOfProvisionsByNatureTableTextBlock" xml:lang="en-US" id="label_SummaryOfBreakdownOfProvisionsByNatureTableTextBlock">Summary of breakdown of provisions by nature [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfBreakdownOfProvisionsByNatureTableTextBlock" xlink:to="label_SummaryOfBreakdownOfProvisionsByNatureTableTextBlock" xlink:title="Label : SummaryOfBreakdownOfProvisionsByNatureTableTextBlock to label_SummaryOfBreakdownOfProvisionsByNatureTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfBreakdownOfProvisionsByNatureTableTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfBreakdownOfProvisionsByNatureTableTextBlock_1" xml:lang="en-US" id="label_SummaryOfBreakdownOfProvisionsByNatureTableTextBlock_1">Breakdown of provisions by nature</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfBreakdownOfProvisionsByNatureTableTextBlock" xlink:to="label_SummaryOfBreakdownOfProvisionsByNatureTableTextBlock_1" xlink:title="Label : SummaryOfBreakdownOfProvisionsByNatureTableTextBlock to label_SummaryOfBreakdownOfProvisionsByNatureTableTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfBreakdownOfProvisionsByNatureTableTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfBreakdownOfProvisionsByNatureTableTextBlock_2" xml:lang="en-US" id="label_SummaryOfBreakdownOfProvisionsByNatureTableTextBlock_2">For each class of provision, an entity shall disclose: (a) the carrying amount at the beginning and end of the period; (b) additional provisions made in the period, including increases to existing provisions; (c) amounts used (ie incurred and charged against the provision) during the period; (d) unused amounts reversed during the period; and (e) the increase during the period in the discounted amount arising from the passage of time and the effect of any change in the discount rate.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfBreakdownOfProvisionsByNatureTableTextBlock" xlink:to="label_SummaryOfBreakdownOfProvisionsByNatureTableTextBlock_2" xlink:title="Label : SummaryOfBreakdownOfProvisionsByNatureTableTextBlock to label_SummaryOfBreakdownOfProvisionsByNatureTableTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfBalancesOfEscrowDepositsTableTextBlock" xlink:label="SummaryOfBalancesOfEscrowDepositsTableTextBlock" xlink:title="SummaryOfBalancesOfEscrowDepositsTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfBalancesOfEscrowDepositsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SummaryOfBalancesOfEscrowDepositsTableTextBlock" xml:lang="en-US" id="label_SummaryOfBalancesOfEscrowDepositsTableTextBlock">Summary of balances of escrow deposits [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfBalancesOfEscrowDepositsTableTextBlock" xlink:to="label_SummaryOfBalancesOfEscrowDepositsTableTextBlock" xlink:title="Label : SummaryOfBalancesOfEscrowDepositsTableTextBlock to label_SummaryOfBalancesOfEscrowDepositsTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfBalancesOfEscrowDepositsTableTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfBalancesOfEscrowDepositsTableTextBlock_1" xml:lang="en-US" id="label_SummaryOfBalancesOfEscrowDepositsTableTextBlock_1">Balances of escrow deposits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfBalancesOfEscrowDepositsTableTextBlock" xlink:to="label_SummaryOfBalancesOfEscrowDepositsTableTextBlock_1" xlink:title="Label : SummaryOfBalancesOfEscrowDepositsTableTextBlock to label_SummaryOfBalancesOfEscrowDepositsTableTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfBalancesOfEscrowDepositsTableTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfBalancesOfEscrowDepositsTableTextBlock_2" xml:lang="en-US" id="label_SummaryOfBalancesOfEscrowDepositsTableTextBlock_2">The amount of long-term deposits held by the entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfBalancesOfEscrowDepositsTableTextBlock" xlink:to="label_SummaryOfBalancesOfEscrowDepositsTableTextBlock_2" xlink:title="Label : SummaryOfBalancesOfEscrowDepositsTableTextBlock to label_SummaryOfBalancesOfEscrowDepositsTableTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfDeferredRevenueInSubsidiariesTableTextBlock" xlink:label="SummaryOfDeferredRevenueInSubsidiariesTableTextBlock" xlink:title="SummaryOfDeferredRevenueInSubsidiariesTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfDeferredRevenueInSubsidiariesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SummaryOfDeferredRevenueInSubsidiariesTableTextBlock" xml:lang="en-US" id="label_SummaryOfDeferredRevenueInSubsidiariesTableTextBlock">Summary of deferred revenue in subsidiaries [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfDeferredRevenueInSubsidiariesTableTextBlock" xlink:to="label_SummaryOfDeferredRevenueInSubsidiariesTableTextBlock" xlink:title="Label : SummaryOfDeferredRevenueInSubsidiariesTableTextBlock to label_SummaryOfDeferredRevenueInSubsidiariesTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfDeferredRevenueInSubsidiariesTableTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfDeferredRevenueInSubsidiariesTableTextBlock_1" xml:lang="en-US" id="label_SummaryOfDeferredRevenueInSubsidiariesTableTextBlock_1">Deferred revenue in subsidiaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfDeferredRevenueInSubsidiariesTableTextBlock" xlink:to="label_SummaryOfDeferredRevenueInSubsidiariesTableTextBlock_1" xlink:title="Label : SummaryOfDeferredRevenueInSubsidiariesTableTextBlock to label_SummaryOfDeferredRevenueInSubsidiariesTableTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfDeferredRevenueInSubsidiariesTableTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfDeferredRevenueInSubsidiariesTableTextBlock_2" xml:lang="en-US" id="label_SummaryOfDeferredRevenueInSubsidiariesTableTextBlock_2">The entity grants customers award credit as incentive provided to buy certain goods or services. The entity allocates some of the consideration received or receivable from the sales transaction to the award credits, deferring the recognition of revenue.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfDeferredRevenueInSubsidiariesTableTextBlock" xlink:to="label_SummaryOfDeferredRevenueInSubsidiariesTableTextBlock_2" xlink:title="Label : SummaryOfDeferredRevenueInSubsidiariesTableTextBlock to label_SummaryOfDeferredRevenueInSubsidiariesTableTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfBalanceOfOtherComprehensiveIncomeTableTextBlock" xlink:label="SummaryOfBalanceOfOtherComprehensiveIncomeTableTextBlock" xlink:title="SummaryOfBalanceOfOtherComprehensiveIncomeTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfBalanceOfOtherComprehensiveIncomeTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SummaryOfBalanceOfOtherComprehensiveIncomeTableTextBlock" xml:lang="en-US" id="label_SummaryOfBalanceOfOtherComprehensiveIncomeTableTextBlock">Summary of balance of other comprehensive income [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfBalanceOfOtherComprehensiveIncomeTableTextBlock" xlink:to="label_SummaryOfBalanceOfOtherComprehensiveIncomeTableTextBlock" xlink:title="Label : SummaryOfBalanceOfOtherComprehensiveIncomeTableTextBlock to label_SummaryOfBalanceOfOtherComprehensiveIncomeTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfBalanceOfOtherComprehensiveIncomeTableTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfBalanceOfOtherComprehensiveIncomeTableTextBlock_1" xml:lang="en-US" id="label_SummaryOfBalanceOfOtherComprehensiveIncomeTableTextBlock_1">Balance of other comprehensive income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfBalanceOfOtherComprehensiveIncomeTableTextBlock" xlink:to="label_SummaryOfBalanceOfOtherComprehensiveIncomeTableTextBlock_1" xlink:title="Label : SummaryOfBalanceOfOtherComprehensiveIncomeTableTextBlock to label_SummaryOfBalanceOfOtherComprehensiveIncomeTableTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfBalanceOfOtherComprehensiveIncomeTableTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfBalanceOfOtherComprehensiveIncomeTableTextBlock_2" xml:lang="en-US" id="label_SummaryOfBalanceOfOtherComprehensiveIncomeTableTextBlock_2">The statement of changes in equity includes the total comprehensive income for the period, showing separately the total amounts attributable to owners of the parent and to non-controlling interests;</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfBalanceOfOtherComprehensiveIncomeTableTextBlock" xlink:to="label_SummaryOfBalanceOfOtherComprehensiveIncomeTableTextBlock_2" xlink:title="Label : SummaryOfBalanceOfOtherComprehensiveIncomeTableTextBlock to label_SummaryOfBalanceOfOtherComprehensiveIncomeTableTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfCumulativeTranslationAdjustmentsExplanatory" xlink:label="DisclosureOfCumulativeTranslationAdjustmentsExplanatory" xlink:title="DisclosureOfCumulativeTranslationAdjustmentsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCumulativeTranslationAdjustmentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfCumulativeTranslationAdjustmentsExplanatory" xml:lang="en-US" id="label_DisclosureOfCumulativeTranslationAdjustmentsExplanatory">Disclosure of Cumulative Translation Adjustments Explanatory</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCumulativeTranslationAdjustmentsExplanatory" xlink:to="label_DisclosureOfCumulativeTranslationAdjustmentsExplanatory" xlink:title="Label : DisclosureOfCumulativeTranslationAdjustmentsExplanatory to label_DisclosureOfCumulativeTranslationAdjustmentsExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCumulativeTranslationAdjustmentsExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfCumulativeTranslationAdjustmentsExplanatory_1" xml:lang="en-US" id="label_DisclosureOfCumulativeTranslationAdjustmentsExplanatory_1">Balance and changes in cumulative translation adjustments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCumulativeTranslationAdjustmentsExplanatory" xlink:to="label_DisclosureOfCumulativeTranslationAdjustmentsExplanatory_1" xlink:title="Label : DisclosureOfCumulativeTranslationAdjustmentsExplanatory to label_DisclosureOfCumulativeTranslationAdjustmentsExplanatory_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCumulativeTranslationAdjustmentsExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfCumulativeTranslationAdjustmentsExplanatory_2" xml:lang="en-US" id="label_DisclosureOfCumulativeTranslationAdjustmentsExplanatory_2">Disclosure of cumulative translation adjustments explanatory.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCumulativeTranslationAdjustmentsExplanatory" xlink:to="label_DisclosureOfCumulativeTranslationAdjustmentsExplanatory_2" xlink:title="Label : DisclosureOfCumulativeTranslationAdjustmentsExplanatory to label_DisclosureOfCumulativeTranslationAdjustmentsExplanatory_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfBalancesAndChangesInConsolidatedDividendsPayableExplanatory" xlink:label="DisclosureOfBalancesAndChangesInConsolidatedDividendsPayableExplanatory" xlink:title="DisclosureOfBalancesAndChangesInConsolidatedDividendsPayableExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfBalancesAndChangesInConsolidatedDividendsPayableExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfBalancesAndChangesInConsolidatedDividendsPayableExplanatory" xml:lang="en-US" id="label_DisclosureOfBalancesAndChangesInConsolidatedDividendsPayableExplanatory">Disclosure of Balances and Changes in Consolidated Dividends Payable explanatory</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfBalancesAndChangesInConsolidatedDividendsPayableExplanatory" xlink:to="label_DisclosureOfBalancesAndChangesInConsolidatedDividendsPayableExplanatory" xlink:title="Label : DisclosureOfBalancesAndChangesInConsolidatedDividendsPayableExplanatory to label_DisclosureOfBalancesAndChangesInConsolidatedDividendsPayableExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfBalancesAndChangesInConsolidatedDividendsPayableExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfBalancesAndChangesInConsolidatedDividendsPayableExplanatory_1" xml:lang="en-US" id="label_DisclosureOfBalancesAndChangesInConsolidatedDividendsPayableExplanatory_1">Summary of Balances and Changes in Consolidated Dividends Payable</link:label>
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfDividendsAndAllocationOfNetIncomeTableTextBlock" xlink:label="SummaryOfDividendsAndAllocationOfNetIncomeTableTextBlock" xlink:title="SummaryOfDividendsAndAllocationOfNetIncomeTableTextBlock" />
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    <link:label xlink:type="resource" xlink:label="label_SummaryOfDividendsAndAllocationOfNetIncomeTableTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfDividendsAndAllocationOfNetIncomeTableTextBlock_1" xml:lang="en-US" id="label_SummaryOfDividendsAndAllocationOfNetIncomeTableTextBlock_1">Dividends and Allocation of Net Income</link:label>
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    <link:label xlink:type="resource" xlink:label="label_SummaryOfDividendsAndAllocationOfNetIncomeTableTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfDividendsAndAllocationOfNetIncomeTableTextBlock_2" xml:lang="en-US" id="label_SummaryOfDividendsAndAllocationOfNetIncomeTableTextBlock_2">The amounts of dividends recognised as distributions to owners during the period, and the allocation of net income.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfDividendsAndAllocationOfNetIncomeTableTextBlock" xlink:to="label_SummaryOfDividendsAndAllocationOfNetIncomeTableTextBlock_2" xlink:title="Label : SummaryOfDividendsAndAllocationOfNetIncomeTableTextBlock to label_SummaryOfDividendsAndAllocationOfNetIncomeTableTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfRevenueFromSalesAndServicesTableTextBlock" xlink:label="SummaryOfRevenueFromSalesAndServicesTableTextBlock" xlink:title="SummaryOfRevenueFromSalesAndServicesTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfRevenueFromSalesAndServicesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SummaryOfRevenueFromSalesAndServicesTableTextBlock" xml:lang="en-US" id="label_SummaryOfRevenueFromSalesAndServicesTableTextBlock">Summary of revenue from sales and services [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfRevenueFromSalesAndServicesTableTextBlock" xlink:to="label_SummaryOfRevenueFromSalesAndServicesTableTextBlock" xlink:title="Label : SummaryOfRevenueFromSalesAndServicesTableTextBlock to label_SummaryOfRevenueFromSalesAndServicesTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfRevenueFromSalesAndServicesTableTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfRevenueFromSalesAndServicesTableTextBlock_1" xml:lang="en-US" id="label_SummaryOfRevenueFromSalesAndServicesTableTextBlock_1">Net Revenue from sales and services</link:label>
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    <link:label xlink:type="resource" xlink:label="label_SummaryOfRevenueFromSalesAndServicesTableTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfRevenueFromSalesAndServicesTableTextBlock_2" xml:lang="en-US" id="label_SummaryOfRevenueFromSalesAndServicesTableTextBlock_2">The accounting policies adopted for the recognition of revenue, including the methods adopted to determine the stage of completion of transactions involving the rendering of services and the amount of each significant category of revenue recognised during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfRevenueFromSalesAndServicesTableTextBlock" xlink:to="label_SummaryOfRevenueFromSalesAndServicesTableTextBlock_2" xlink:title="Label : SummaryOfRevenueFromSalesAndServicesTableTextBlock to label_SummaryOfRevenueFromSalesAndServicesTableTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfExpensesByNatureTableTextBlock" xlink:label="SummaryOfExpensesByNatureTableTextBlock" xlink:title="SummaryOfExpensesByNatureTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfExpensesByNatureTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SummaryOfExpensesByNatureTableTextBlock" xml:lang="en-US" id="label_SummaryOfExpensesByNatureTableTextBlock">Summary of expenses by nature [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfExpensesByNatureTableTextBlock" xlink:to="label_SummaryOfExpensesByNatureTableTextBlock" xlink:title="Label : SummaryOfExpensesByNatureTableTextBlock to label_SummaryOfExpensesByNatureTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfExpensesByNatureTableTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfExpensesByNatureTableTextBlock_1" xml:lang="en-US" id="label_SummaryOfExpensesByNatureTableTextBlock_1">Expenses by nature</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfExpensesByNatureTableTextBlock" xlink:to="label_SummaryOfExpensesByNatureTableTextBlock_1" xlink:title="Label : SummaryOfExpensesByNatureTableTextBlock to label_SummaryOfExpensesByNatureTableTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfExpensesByNatureTableTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfExpensesByNatureTableTextBlock_2" xml:lang="en-US" id="label_SummaryOfExpensesByNatureTableTextBlock_2">Expenses by function shall disclose additional information on the nature of expenses, including depreciation and amortisation expense and employee benefits expense.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfExpensesByNatureTableTextBlock" xlink:to="label_SummaryOfExpensesByNatureTableTextBlock_2" xlink:title="Label : SummaryOfExpensesByNatureTableTextBlock to label_SummaryOfExpensesByNatureTableTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfOtherOperatingIncomeTableTextBlock" xlink:label="SummaryOfOtherOperatingIncomeTableTextBlock" xlink:title="SummaryOfOtherOperatingIncomeTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfOtherOperatingIncomeTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SummaryOfOtherOperatingIncomeTableTextBlock" xml:lang="en-US" id="label_SummaryOfOtherOperatingIncomeTableTextBlock">Summary of other operating income [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfOtherOperatingIncomeTableTextBlock" xlink:to="label_SummaryOfOtherOperatingIncomeTableTextBlock" xlink:title="Label : SummaryOfOtherOperatingIncomeTableTextBlock to label_SummaryOfOtherOperatingIncomeTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfOtherOperatingIncomeTableTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfOtherOperatingIncomeTableTextBlock_1" xml:lang="en-US" id="label_SummaryOfOtherOperatingIncomeTableTextBlock_1">Other operating income net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfOtherOperatingIncomeTableTextBlock" xlink:to="label_SummaryOfOtherOperatingIncomeTableTextBlock_1" xlink:title="Label : SummaryOfOtherOperatingIncomeTableTextBlock to label_SummaryOfOtherOperatingIncomeTableTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfOtherOperatingIncomeTableTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfOtherOperatingIncomeTableTextBlock_2" xml:lang="en-US" id="label_SummaryOfOtherOperatingIncomeTableTextBlock_2">Operating income other than Entity's disclosure operating income.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfOtherOperatingIncomeTableTextBlock" xlink:to="label_SummaryOfOtherOperatingIncomeTableTextBlock_2" xlink:title="Label : SummaryOfOtherOperatingIncomeTableTextBlock to label_SummaryOfOtherOperatingIncomeTableTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfFinancialIncomeExpenseTableTextBlock" xlink:label="SummaryOfFinancialIncomeExpenseTableTextBlock" xlink:title="SummaryOfFinancialIncomeExpenseTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfFinancialIncomeExpenseTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SummaryOfFinancialIncomeExpenseTableTextBlock" xml:lang="en-US" id="label_SummaryOfFinancialIncomeExpenseTableTextBlock">Summary of financial income expense [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfFinancialIncomeExpenseTableTextBlock" xlink:to="label_SummaryOfFinancialIncomeExpenseTableTextBlock" xlink:title="Label : SummaryOfFinancialIncomeExpenseTableTextBlock to label_SummaryOfFinancialIncomeExpenseTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfFinancialIncomeExpenseTableTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfFinancialIncomeExpenseTableTextBlock_1" xml:lang="en-US" id="label_SummaryOfFinancialIncomeExpenseTableTextBlock_1">Finance income (Expense)</link:label>
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    <link:label xlink:type="resource" xlink:label="label_SummaryOfFinancialIncomeExpenseTableTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfFinancialIncomeExpenseTableTextBlock_2" xml:lang="en-US" id="label_SummaryOfFinancialIncomeExpenseTableTextBlock_2">The amount of income associated with interest and other financing activities of the entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfFinancialIncomeExpenseTableTextBlock" xlink:to="label_SummaryOfFinancialIncomeExpenseTableTextBlock_2" xlink:title="Label : SummaryOfFinancialIncomeExpenseTableTextBlock to label_SummaryOfFinancialIncomeExpenseTableTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_EarningsPerShareExplanatory" xlink:label="EarningsPerShareExplanatory" xlink:title="EarningsPerShareExplanatory" />
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    <link:label xlink:type="resource" xlink:label="label_EarningsPerShareExplanatory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EarningsPerShareExplanatory_1" xml:lang="en-US" id="label_EarningsPerShareExplanatory_1">Basic and diluted earnings per share</link:label>
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfWeightedAverageSharesOutstandingTableTextBlock" xlink:label="SummaryOfWeightedAverageSharesOutstandingTableTextBlock" xlink:title="SummaryOfWeightedAverageSharesOutstandingTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfWeightedAverageSharesOutstandingTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SummaryOfWeightedAverageSharesOutstandingTableTextBlock" xml:lang="en-US" id="label_SummaryOfWeightedAverageSharesOutstandingTableTextBlock">Summary Of Weighted Average Shares Outstanding [Table Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfWeightedAverageSharesOutstandingTableTextBlock" xlink:to="label_SummaryOfWeightedAverageSharesOutstandingTableTextBlock" xlink:title="Label : SummaryOfWeightedAverageSharesOutstandingTableTextBlock to label_SummaryOfWeightedAverageSharesOutstandingTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfWeightedAverageSharesOutstandingTableTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfWeightedAverageSharesOutstandingTableTextBlock_1" xml:lang="en-US" id="label_SummaryOfWeightedAverageSharesOutstandingTableTextBlock_1">Weighted Average Shares Outstanding</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfWeightedAverageSharesOutstandingTableTextBlock" xlink:to="label_SummaryOfWeightedAverageSharesOutstandingTableTextBlock_1" xlink:title="Label : SummaryOfWeightedAverageSharesOutstandingTableTextBlock to label_SummaryOfWeightedAverageSharesOutstandingTableTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfWeightedAverageSharesOutstandingTableTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfWeightedAverageSharesOutstandingTableTextBlock_2" xml:lang="en-US" id="label_SummaryOfWeightedAverageSharesOutstandingTableTextBlock_2">The number of ordinary shares shall be the weighted average number of ordinary shares outstanding during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfWeightedAverageSharesOutstandingTableTextBlock" xlink:to="label_SummaryOfWeightedAverageSharesOutstandingTableTextBlock_2" xlink:title="Label : SummaryOfWeightedAverageSharesOutstandingTableTextBlock to label_SummaryOfWeightedAverageSharesOutstandingTableTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfFinancialInformationOfSegmentsExplanatory" xlink:label="DisclosureOfFinancialInformationOfSegmentsExplanatory" xlink:title="DisclosureOfFinancialInformationOfSegmentsExplanatory" />
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfAssetReclassificationExplanatory" xlink:label="DisclosureOfAssetReclassificationExplanatory" xlink:title="DisclosureOfAssetReclassificationExplanatory" />
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    <link:label xlink:type="resource" xlink:label="label_DisclosureOfAssetReclassificationExplanatory_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfAssetReclassificationExplanatory_2" xml:lang="en-US" id="label_DisclosureOfAssetReclassificationExplanatory_2">An entity shall disclose information to enable users of its financial statements to evaluate the nature and financial effects of the business activities in which it engages and the economic environments in which it operates.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfAssetReclassificationExplanatory" xlink:to="label_DisclosureOfAssetReclassificationExplanatory_2" xlink:title="Label : DisclosureOfAssetReclassificationExplanatory to label_DisclosureOfAssetReclassificationExplanatory_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfFixedAndIntangibleAssetsAbroadExplanatory" xlink:label="DisclosureOfFixedAndIntangibleAssetsAbroadExplanatory" xlink:title="DisclosureOfFixedAndIntangibleAssetsAbroadExplanatory" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfFixedAndIntangibleAssetsAbroadExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfFixedAndIntangibleAssetsAbroadExplanatory" xml:lang="en-US" id="label_DisclosureOfFixedAndIntangibleAssetsAbroadExplanatory">Summary of fixed and intangible assets abroad [text block]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_TranslationAdjustments_2" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_TranslationAdjustments_2" xml:lang="en-US" id="label_TranslationAdjustments_2">Beginning Balance</link:label>
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    <link:label xlink:type="resource" xlink:label="label_TranslationAdjustments_4" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TranslationAdjustments_4" xml:lang="en-US" id="label_TranslationAdjustments_4">The gains (losses) recognised in other comprehensive income resulting from varying exchange rates.</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_GainsLossesOnHedgesOfNetInvestmentsInForeignOperationsBeforeTax" xlink:label="GainsLossesOnHedgesOfNetInvestmentsInForeignOperationsBeforeTax" xlink:title="GainsLossesOnHedgesOfNetInvestmentsInForeignOperationsBeforeTax" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16" xlink:label="WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16" xlink:title="WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16" />
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfForeignSubsidiariesAbstract" xlink:label="DisclosureOfForeignSubsidiariesAbstract" xlink:title="DisclosureOfForeignSubsidiariesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfForeignSubsidiariesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfForeignSubsidiariesAbstract" xml:lang="en-US" id="label_DisclosureOfForeignSubsidiariesAbstract">Disclosure of foreign subsidiaries [abstract]</link:label>
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfForeignSubsidiariesTable" xlink:label="DisclosureOfForeignSubsidiariesTable" xlink:title="DisclosureOfForeignSubsidiariesTable" />
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    <link:label xlink:type="resource" xlink:label="label_DisclosureOfForeignSubsidiariesTable_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfForeignSubsidiariesTable_2" xml:lang="en-US" id="label_DisclosureOfForeignSubsidiariesTable_2">Disclosure of foreign subsidiaries.</link:label>
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OxitenoMexicoMember" xlink:label="OxitenoMexicoMember" xlink:title="OxitenoMexicoMember" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoMexicoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OxitenoMexicoMember" xml:lang="en-US" id="label_OxitenoMexicoMember">Oxiteno mexico [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoMexicoMember" xlink:to="label_OxitenoMexicoMember" xlink:title="Label : OxitenoMexicoMember to label_OxitenoMexicoMember" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoMexicoMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OxitenoMexicoMember_1" xml:lang="en-US" id="label_OxitenoMexicoMember_1">Oxiteno Mexico S.A. de C.V. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoMexicoMember" xlink:to="label_OxitenoMexicoMember_1" xlink:title="Label : OxitenoMexicoMember to label_OxitenoMexicoMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoMexicoMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OxitenoMexicoMember_2" xml:lang="en-US" id="label_OxitenoMexicoMember_2">Oxiteno mexico S.A. de C.V.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoMexicoMember" xlink:to="label_OxitenoMexicoMember_2" xlink:title="Label : OxitenoMexicoMember to label_OxitenoMexicoMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OxitenoServiciosCorporativosMember" xlink:label="OxitenoServiciosCorporativosMember" xlink:title="OxitenoServiciosCorporativosMember" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoServiciosCorporativosMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OxitenoServiciosCorporativosMember" xml:lang="en-US" id="label_OxitenoServiciosCorporativosMember">Oxiteno servicios corporativos [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoServiciosCorporativosMember" xlink:to="label_OxitenoServiciosCorporativosMember" xlink:title="Label : OxitenoServiciosCorporativosMember to label_OxitenoServiciosCorporativosMember" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoServiciosCorporativosMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OxitenoServiciosCorporativosMember_1" xml:lang="en-US" id="label_OxitenoServiciosCorporativosMember_1">Oxiteno servicios corporativos S.A. de C.V.[member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoServiciosCorporativosMember" xlink:to="label_OxitenoServiciosCorporativosMember_1" xlink:title="Label : OxitenoServiciosCorporativosMember to label_OxitenoServiciosCorporativosMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoServiciosCorporativosMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OxitenoServiciosCorporativosMember_2" xml:lang="en-US" id="label_OxitenoServiciosCorporativosMember_2">Oxiteno servicios corporativos S.A. de C.V.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoServiciosCorporativosMember" xlink:to="label_OxitenoServiciosCorporativosMember_2" xlink:title="Label : OxitenoServiciosCorporativosMember to label_OxitenoServiciosCorporativosMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OxitenoServiciosIndustrialesMember" xlink:label="OxitenoServiciosIndustrialesMember" xlink:title="OxitenoServiciosIndustrialesMember" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoServiciosIndustrialesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OxitenoServiciosIndustrialesMember" xml:lang="en-US" id="label_OxitenoServiciosIndustrialesMember">Oxiteno servicios industriales [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoServiciosIndustrialesMember" xlink:to="label_OxitenoServiciosIndustrialesMember" xlink:title="Label : OxitenoServiciosIndustrialesMember to label_OxitenoServiciosIndustrialesMember" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoServiciosIndustrialesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OxitenoServiciosIndustrialesMember_1" xml:lang="en-US" id="label_OxitenoServiciosIndustrialesMember_1">Oxiteno servicios industriales S.A. de C.V.[member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoServiciosIndustrialesMember" xlink:to="label_OxitenoServiciosIndustrialesMember_1" xlink:title="Label : OxitenoServiciosIndustrialesMember to label_OxitenoServiciosIndustrialesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoServiciosIndustrialesMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OxitenoServiciosIndustrialesMember_2" xml:lang="en-US" id="label_OxitenoServiciosIndustrialesMember_2">Oxiteno servicios industriales de C.V..</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoServiciosIndustrialesMember" xlink:to="label_OxitenoServiciosIndustrialesMember_2" xlink:title="Label : OxitenoServiciosIndustrialesMember to label_OxitenoServiciosIndustrialesMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OxitenoUSAMember" xlink:label="OxitenoUSAMember" xlink:title="OxitenoUSAMember" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoUSAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OxitenoUSAMember" xml:lang="en-US" id="label_OxitenoUSAMember">Oxiteno USA [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoUSAMember" xlink:to="label_OxitenoUSAMember" xlink:title="Label : OxitenoUSAMember to label_OxitenoUSAMember" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoUSAMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OxitenoUSAMember_1" xml:lang="en-US" id="label_OxitenoUSAMember_1">Oxiteno USA LLC [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoUSAMember" xlink:to="label_OxitenoUSAMember_1" xlink:title="Label : OxitenoUSAMember to label_OxitenoUSAMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoUSAMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OxitenoUSAMember_2" xml:lang="en-US" id="label_OxitenoUSAMember_2">Oxiteno USA LLC.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoUSAMember" xlink:to="label_OxitenoUSAMember_2" xlink:title="Label : OxitenoUSAMember to label_OxitenoUSAMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OxitenoUruguayMember" xlink:label="OxitenoUruguayMember" xlink:title="OxitenoUruguayMember" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoUruguayMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OxitenoUruguayMember" xml:lang="en-US" id="label_OxitenoUruguayMember">Oxiteno uruguay [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoUruguayMember" xlink:to="label_OxitenoUruguayMember" xlink:title="Label : OxitenoUruguayMember to label_OxitenoUruguayMember" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoUruguayMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OxitenoUruguayMember_1" xml:lang="en-US" id="label_OxitenoUruguayMember_1">Oxiteno Uruguay [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoUruguayMember" xlink:to="label_OxitenoUruguayMember_1" xlink:title="Label : OxitenoUruguayMember to label_OxitenoUruguayMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoUruguayMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OxitenoUruguayMember_2" xml:lang="en-US" id="label_OxitenoUruguayMember_2">Oxiteno Uruguay S.A.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoUruguayMember" xlink:to="label_OxitenoUruguayMember_2" xlink:title="Label : OxitenoUruguayMember to label_OxitenoUruguayMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfForeignSubsidiariesLineItems" xlink:label="DisclosureOfForeignSubsidiariesLineItems" xlink:title="DisclosureOfForeignSubsidiariesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfForeignSubsidiariesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfForeignSubsidiariesLineItems" xml:lang="en-US" id="label_DisclosureOfForeignSubsidiariesLineItems">Disclosure of foreign subsidiaries [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfForeignSubsidiariesLineItems" xlink:to="label_DisclosureOfForeignSubsidiariesLineItems" xlink:title="Label : DisclosureOfForeignSubsidiariesLineItems to label_DisclosureOfForeignSubsidiariesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfForeignSubsidiariesLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfForeignSubsidiariesLineItems_1" xml:lang="en-US" id="label_DisclosureOfForeignSubsidiariesLineItems_1">Disclosure of foreign subsidiaries [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfForeignSubsidiariesLineItems" xlink:to="label_DisclosureOfForeignSubsidiariesLineItems_1" xlink:title="Label : DisclosureOfForeignSubsidiariesLineItems to label_DisclosureOfForeignSubsidiariesLineItems_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfForeignSubsidiariesLineItems_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfForeignSubsidiariesLineItems_2" xml:lang="en-US" id="label_DisclosureOfForeignSubsidiariesLineItems_2">Disclosure of foreign subsidiaries line items.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfForeignSubsidiariesLineItems" xlink:to="label_DisclosureOfForeignSubsidiariesLineItems_2" xlink:title="Label : DisclosureOfForeignSubsidiariesLineItems to label_DisclosureOfForeignSubsidiariesLineItems_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DescriptionOfFunctionalCurrency" xlink:label="DescriptionOfFunctionalCurrency" xlink:title="DescriptionOfFunctionalCurrency" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfFunctionalCurrency" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfFunctionalCurrency" xml:lang="en-US" id="label_DescriptionOfFunctionalCurrency">Description of functional currency</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfFunctionalCurrency" xlink:to="label_DescriptionOfFunctionalCurrency" xlink:title="Label : DescriptionOfFunctionalCurrency to label_DescriptionOfFunctionalCurrency" />
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    <link:label xlink:type="resource" xlink:label="label_GeographicalAreas_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GeographicalAreas_1" xml:lang="en-US" id="label_GeographicalAreas_1">Location</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_FinancialEffectOfChangesInAccountingPolicyMember" xlink:label="FinancialEffectOfChangesInAccountingPolicyMember" xlink:title="FinancialEffectOfChangesInAccountingPolicyMember" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfChangesInAccountingEstimatesLineItems" xlink:label="DisclosureOfChangesInAccountingEstimatesLineItems" xlink:title="DisclosureOfChangesInAccountingEstimatesLineItems" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfChangesInAccountingEstimatesLineItems" xlink:to="label_DisclosureOfChangesInAccountingEstimatesLineItems" xlink:title="Label : DisclosureOfChangesInAccountingEstimatesLineItems to label_DisclosureOfChangesInAccountingEstimatesLineItems" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfChangesInAccountingEstimatesLineItems" xlink:to="label_DisclosureOfChangesInAccountingEstimatesLineItems_1" xlink:title="Label : DisclosureOfChangesInAccountingEstimatesLineItems to label_DisclosureOfChangesInAccountingEstimatesLineItems_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LeaseContractsPayableCurrent" xlink:label="LeaseContractsPayableCurrent" xlink:title="LeaseContractsPayableCurrent" />
    <link:label xlink:type="resource" xlink:label="label_LeaseContractsPayableCurrent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LeaseContractsPayableCurrent" xml:lang="en-US" id="label_LeaseContractsPayableCurrent">Lease contracts payable current.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseContractsPayableCurrent" xlink:to="label_LeaseContractsPayableCurrent" xlink:title="Label : LeaseContractsPayableCurrent to label_LeaseContractsPayableCurrent" />
    <link:label xlink:type="resource" xlink:label="label_LeaseContractsPayableCurrent_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LeaseContractsPayableCurrent_1" xml:lang="en-US" id="label_LeaseContractsPayableCurrent_1">Leases payable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseContractsPayableCurrent" xlink:to="label_LeaseContractsPayableCurrent_1" xlink:title="Label : LeaseContractsPayableCurrent to label_LeaseContractsPayableCurrent_1" />
    <link:label xlink:type="resource" xlink:label="label_LeaseContractsPayableCurrent_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LeaseContractsPayableCurrent_2" xml:lang="en-US" id="label_LeaseContractsPayableCurrent_2">Lease contracts payable current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseContractsPayableCurrent" xlink:to="label_LeaseContractsPayableCurrent_2" xlink:title="Label : LeaseContractsPayableCurrent to label_LeaseContractsPayableCurrent_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LeaseContractsPayableNonCurrent" xlink:label="LeaseContractsPayableNonCurrent" xlink:title="LeaseContractsPayableNonCurrent" />
    <link:label xlink:type="resource" xlink:label="label_LeaseContractsPayableNonCurrent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LeaseContractsPayableNonCurrent" xml:lang="en-US" id="label_LeaseContractsPayableNonCurrent">Lease contracts payable non current.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseContractsPayableNonCurrent" xlink:to="label_LeaseContractsPayableNonCurrent" xlink:title="Label : LeaseContractsPayableNonCurrent to label_LeaseContractsPayableNonCurrent" />
    <link:label xlink:type="resource" xlink:label="label_LeaseContractsPayableNonCurrent_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LeaseContractsPayableNonCurrent_1" xml:lang="en-US" id="label_LeaseContractsPayableNonCurrent_1">Leases payable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseContractsPayableNonCurrent" xlink:to="label_LeaseContractsPayableNonCurrent_1" xlink:title="Label : LeaseContractsPayableNonCurrent to label_LeaseContractsPayableNonCurrent_1" />
    <link:label xlink:type="resource" xlink:label="label_LeaseContractsPayableNonCurrent_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LeaseContractsPayableNonCurrent_2" xml:lang="en-US" id="label_LeaseContractsPayableNonCurrent_2">Lease contracts payable non current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseContractsPayableNonCurrent" xlink:to="label_LeaseContractsPayableNonCurrent_2" xlink:title="Label : LeaseContractsPayableNonCurrent to label_LeaseContractsPayableNonCurrent_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_Liabilities" xlink:label="Liabilities" xlink:title="Liabilities" />
    <link:label xlink:type="resource" xlink:label="label_Liabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Liabilities" xml:lang="en-US" id="label_Liabilities">Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Liabilities" xlink:to="label_Liabilities" xlink:title="Label : Liabilities to label_Liabilities" />
    <link:label xlink:type="resource" xlink:label="label_Liabilities_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_Liabilities_1" xml:lang="en-US" id="label_Liabilities_1">Total liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Liabilities" xlink:to="label_Liabilities_1" xlink:title="Label : Liabilities to label_Liabilities_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfDifferenceBetweenTheLeaseObligationDisclosedUnderIasSeventeenToIfrsSixteenAbstract" xlink:label="DisclosureOfDifferenceBetweenTheLeaseObligationDisclosedUnderIasSeventeenToIfrsSixteenAbstract" xlink:title="DisclosureOfDifferenceBetweenTheLeaseObligationDisclosedUnderIasSeventeenToIfrsSixteenAbstract" />
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OperatingLeaseCommitments" xlink:label="OperatingLeaseCommitments" xlink:title="OperatingLeaseCommitments" />
    <link:label xlink:type="resource" xlink:label="label_OperatingLeaseCommitments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OperatingLeaseCommitments" xml:lang="en-US" id="label_OperatingLeaseCommitments">Operating Lease Commitments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingLeaseCommitments" xlink:to="label_OperatingLeaseCommitments" xlink:title="Label : OperatingLeaseCommitments to label_OperatingLeaseCommitments" />
    <link:label xlink:type="resource" xlink:label="label_OperatingLeaseCommitments_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OperatingLeaseCommitments_1" xml:lang="en-US" id="label_OperatingLeaseCommitments_1">Operating lease commitments as of December 31, 2018</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingLeaseCommitments" xlink:to="label_OperatingLeaseCommitments_1" xlink:title="Label : OperatingLeaseCommitments to label_OperatingLeaseCommitments_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingLeaseCommitments" xlink:to="label_OperatingLeaseCommitments_2" xlink:title="Label : OperatingLeaseCommitments to label_OperatingLeaseCommitments_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DiscountedUsingTheIncrementalBorrowingRate" xlink:label="DiscountedUsingTheIncrementalBorrowingRate" xlink:title="DiscountedUsingTheIncrementalBorrowingRate" />
    <link:label xlink:type="resource" xlink:label="label_DiscountedUsingTheIncrementalBorrowingRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DiscountedUsingTheIncrementalBorrowingRate" xml:lang="en-US" id="label_DiscountedUsingTheIncrementalBorrowingRate">Discounted Using The Incremental Borrowing Rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DiscountedUsingTheIncrementalBorrowingRate" xlink:to="label_DiscountedUsingTheIncrementalBorrowingRate" xlink:title="Label : DiscountedUsingTheIncrementalBorrowingRate to label_DiscountedUsingTheIncrementalBorrowingRate" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DiscountedUsingTheIncrementalBorrowingRate" xlink:to="label_DiscountedUsingTheIncrementalBorrowingRate_1" xlink:title="Label : DiscountedUsingTheIncrementalBorrowingRate to label_DiscountedUsingTheIncrementalBorrowingRate_1" />
    <link:label xlink:type="resource" xlink:label="label_DiscountedUsingTheIncrementalBorrowingRate_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DiscountedUsingTheIncrementalBorrowingRate_2" xml:lang="en-US" id="label_DiscountedUsingTheIncrementalBorrowingRate_2">Discounted Using The Incremental Borrowing Rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DiscountedUsingTheIncrementalBorrowingRate" xlink:to="label_DiscountedUsingTheIncrementalBorrowingRate_2" xlink:title="Label : DiscountedUsingTheIncrementalBorrowingRate to label_DiscountedUsingTheIncrementalBorrowingRate_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_FinanceLeasesLiabilities" xlink:label="FinanceLeasesLiabilities" xlink:title="FinanceLeasesLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_FinanceLeasesLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinanceLeasesLiabilities" xml:lang="en-US" id="label_FinanceLeasesLiabilities">Finance Leases Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceLeasesLiabilities" xlink:to="label_FinanceLeasesLiabilities" xlink:title="Label : FinanceLeasesLiabilities to label_FinanceLeasesLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_FinanceLeasesLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinanceLeasesLiabilities_1" xml:lang="en-US" id="label_FinanceLeasesLiabilities_1">Finance lease liabilities recognized as of December 31, 2018</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceLeasesLiabilities" xlink:to="label_FinanceLeasesLiabilities_1" xlink:title="Label : FinanceLeasesLiabilities to label_FinanceLeasesLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_FinanceLeasesLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FinanceLeasesLiabilities_2" xml:lang="en-US" id="label_FinanceLeasesLiabilities_2">Finance Leases Liabilities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceLeasesLiabilities" xlink:to="label_FinanceLeasesLiabilities_2" xlink:title="Label : FinanceLeasesLiabilities to label_FinanceLeasesLiabilities_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LowvalueleasesNotRecognizedAsALiability" xlink:label="LowvalueleasesNotRecognizedAsALiability" xlink:title="LowvalueleasesNotRecognizedAsALiability" />
    <link:label xlink:type="resource" xlink:label="label_LowvalueleasesNotRecognizedAsALiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LowvalueleasesNotRecognizedAsALiability" xml:lang="en-US" id="label_LowvalueleasesNotRecognizedAsALiability">Lowvalueleases not recognized as a liability</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LowvalueleasesNotRecognizedAsALiability" xlink:to="label_LowvalueleasesNotRecognizedAsALiability" xlink:title="Label : LowvalueleasesNotRecognizedAsALiability to label_LowvalueleasesNotRecognizedAsALiability" />
    <link:label xlink:type="resource" xlink:label="label_LowvalueleasesNotRecognizedAsALiability_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_LowvalueleasesNotRecognizedAsALiability_1" xml:lang="en-US" id="label_LowvalueleasesNotRecognizedAsALiability_1">(-) Recognition exemption for leases of low amount assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LowvalueleasesNotRecognizedAsALiability" xlink:to="label_LowvalueleasesNotRecognizedAsALiability_1" xlink:title="Label : LowvalueleasesNotRecognizedAsALiability to label_LowvalueleasesNotRecognizedAsALiability_1" />
    <link:label xlink:type="resource" xlink:label="label_LowvalueleasesNotRecognizedAsALiability_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LowvalueleasesNotRecognizedAsALiability_2" xml:lang="en-US" id="label_LowvalueleasesNotRecognizedAsALiability_2">Low-value&#xA0;leases not recognized as a liability</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LowvalueleasesNotRecognizedAsALiability" xlink:to="label_LowvalueleasesNotRecognizedAsALiability_2" xlink:title="Label : LowvalueleasesNotRecognizedAsALiability to label_LowvalueleasesNotRecognizedAsALiability_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ShortTermLeasesNotRecognizedAsALiability" xlink:label="ShortTermLeasesNotRecognizedAsALiability" xlink:title="ShortTermLeasesNotRecognizedAsALiability" />
    <link:label xlink:type="resource" xlink:label="label_ShortTermLeasesNotRecognizedAsALiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ShortTermLeasesNotRecognizedAsALiability" xml:lang="en-US" id="label_ShortTermLeasesNotRecognizedAsALiability">Short Term Leases Not Recognized As A Liability</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShortTermLeasesNotRecognizedAsALiability" xlink:to="label_ShortTermLeasesNotRecognizedAsALiability" xlink:title="Label : ShortTermLeasesNotRecognizedAsALiability to label_ShortTermLeasesNotRecognizedAsALiability" />
    <link:label xlink:type="resource" xlink:label="label_ShortTermLeasesNotRecognizedAsALiability_1" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_ShortTermLeasesNotRecognizedAsALiability_1" xml:lang="en-US" id="label_ShortTermLeasesNotRecognizedAsALiability_1">(-) Recognition exemption for leases with less than 12 months of lease term at transition</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShortTermLeasesNotRecognizedAsALiability" xlink:to="label_ShortTermLeasesNotRecognizedAsALiability_1" xlink:title="Label : ShortTermLeasesNotRecognizedAsALiability to label_ShortTermLeasesNotRecognizedAsALiability_1" />
    <link:label xlink:type="resource" xlink:label="label_ShortTermLeasesNotRecognizedAsALiability_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ShortTermLeasesNotRecognizedAsALiability_2" xml:lang="en-US" id="label_ShortTermLeasesNotRecognizedAsALiability_2">Short Term Leases Not Recognized As A Liability</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShortTermLeasesNotRecognizedAsALiability" xlink:to="label_ShortTermLeasesNotRecognizedAsALiability_2" xlink:title="Label : ShortTermLeasesNotRecognizedAsALiability to label_ShortTermLeasesNotRecognizedAsALiability_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ExtensionOptionsReasonablyCertainToBeExercised" xlink:label="ExtensionOptionsReasonablyCertainToBeExercised" xlink:title="ExtensionOptionsReasonablyCertainToBeExercised" />
    <link:label xlink:type="resource" xlink:label="label_ExtensionOptionsReasonablyCertainToBeExercised" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExtensionOptionsReasonablyCertainToBeExercised" xml:lang="en-US" id="label_ExtensionOptionsReasonablyCertainToBeExercised">Extension Options Reasonably Certain To Be Exercised</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExtensionOptionsReasonablyCertainToBeExercised" xlink:to="label_ExtensionOptionsReasonablyCertainToBeExercised" xlink:title="Label : ExtensionOptionsReasonablyCertainToBeExercised to label_ExtensionOptionsReasonablyCertainToBeExercised" />
    <link:label xlink:type="resource" xlink:label="label_ExtensionOptionsReasonablyCertainToBeExercised_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ExtensionOptionsReasonablyCertainToBeExercised_1" xml:lang="en-US" id="label_ExtensionOptionsReasonablyCertainToBeExercised_1">(-) Extension options reasonably certain to be exercised</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExtensionOptionsReasonablyCertainToBeExercised" xlink:to="label_ExtensionOptionsReasonablyCertainToBeExercised_1" xlink:title="Label : ExtensionOptionsReasonablyCertainToBeExercised to label_ExtensionOptionsReasonablyCertainToBeExercised_1" />
    <link:label xlink:type="resource" xlink:label="label_ExtensionOptionsReasonablyCertainToBeExercised_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ExtensionOptionsReasonablyCertainToBeExercised_2" xml:lang="en-US" id="label_ExtensionOptionsReasonablyCertainToBeExercised_2">Extension Options Reasonably Certain To Be Exercised</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExtensionOptionsReasonablyCertainToBeExercised" xlink:to="label_ExtensionOptionsReasonablyCertainToBeExercised_2" xlink:title="Label : ExtensionOptionsReasonablyCertainToBeExercised to label_ExtensionOptionsReasonablyCertainToBeExercised_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LeaseLiabilities" xlink:label="LeaseLiabilities" xlink:title="LeaseLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LeaseLiabilities" xml:lang="en-US" id="label_LeaseLiabilities">Lease liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilities" xlink:to="label_LeaseLiabilities" xlink:title="Label : LeaseLiabilities to label_LeaseLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LeaseLiabilities_1" xml:lang="en-US" id="label_LeaseLiabilities_1">Leases payable recognized on January 1, 2019</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilities" xlink:to="label_LeaseLiabilities_1" xlink:title="Label : LeaseLiabilities to label_LeaseLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_LeaseLiabilities_2" xml:lang="en-US" id="label_LeaseLiabilities_2">Beginning balance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilities" xlink:to="label_LeaseLiabilities_2" xlink:title="Label : LeaseLiabilities to label_LeaseLiabilities_2" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilities_3" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_LeaseLiabilities_3" xml:lang="en-US" id="label_LeaseLiabilities_3">Ending balance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilities" xlink:to="label_LeaseLiabilities_3" xlink:title="Label : LeaseLiabilities to label_LeaseLiabilities_3" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilities_4" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_LeaseLiabilities_4" xml:lang="en-US" id="label_LeaseLiabilities_4">Leases payable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilities" xlink:to="label_LeaseLiabilities_4" xlink:title="Label : LeaseLiabilities to label_LeaseLiabilities_4" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfNumberAndWeightedAverageExercisePriceOfOutstandingShareOptionsAbstract" xlink:label="DisclosureOfNumberAndWeightedAverageExercisePriceOfOutstandingShareOptionsAbstract" xlink:title="DisclosureOfNumberAndWeightedAverageExercisePriceOfOutstandingShareOptionsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfNumberAndWeightedAverageExercisePriceOfOutstandingShareOptionsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfNumberAndWeightedAverageExercisePriceOfOutstandingShareOptionsAbstract" xml:lang="en-US" id="label_DisclosureOfNumberAndWeightedAverageExercisePriceOfOutstandingShareOptionsAbstract">Disclosure Of Number And Weighted Average Exercise Price Of Outstanding Share Options [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfNumberAndWeightedAverageExercisePriceOfOutstandingShareOptionsAbstract" xlink:to="label_DisclosureOfNumberAndWeightedAverageExercisePriceOfOutstandingShareOptionsAbstract" xlink:title="Label : DisclosureOfNumberAndWeightedAverageExercisePriceOfOutstandingShareOptionsAbstract to label_DisclosureOfNumberAndWeightedAverageExercisePriceOfOutstandingShareOptionsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfNumberAndWeightedAverageExercisePriceOfOutstandingShareOptionsAbstract_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfNumberAndWeightedAverageExercisePriceOfOutstandingShareOptionsAbstract_1" xml:lang="en-US" id="label_DisclosureOfNumberAndWeightedAverageExercisePriceOfOutstandingShareOptionsAbstract_1">Disclosure of number and weighted average exercise price of outstanding share options [abstract].</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfNumberAndWeightedAverageExercisePriceOfOutstandingShareOptionsAbstract" xlink:to="label_DisclosureOfNumberAndWeightedAverageExercisePriceOfOutstandingShareOptionsAbstract_1" xlink:title="Label : DisclosureOfNumberAndWeightedAverageExercisePriceOfOutstandingShareOptionsAbstract to label_DisclosureOfNumberAndWeightedAverageExercisePriceOfOutstandingShareOptionsAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfSubsidiariesTable" xlink:label="SummaryOfSubsidiariesTable" xlink:title="SummaryOfSubsidiariesTable" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfSubsidiariesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SummaryOfSubsidiariesTable" xml:lang="en-US" id="label_SummaryOfSubsidiariesTable">Summary of subsidiaries [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfSubsidiariesTable" xlink:to="label_SummaryOfSubsidiariesTable" xlink:title="Label : SummaryOfSubsidiariesTable to label_SummaryOfSubsidiariesTable" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfSubsidiariesTable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfSubsidiariesTable_1" xml:lang="en-US" id="label_SummaryOfSubsidiariesTable_1">Summary of subsidiaries [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfSubsidiariesTable" xlink:to="label_SummaryOfSubsidiariesTable_1" xlink:title="Label : SummaryOfSubsidiariesTable to label_SummaryOfSubsidiariesTable_1" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfSubsidiariesTable_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfSubsidiariesTable_2" xml:lang="en-US" id="label_SummaryOfSubsidiariesTable_2">Summary of subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfSubsidiariesTable" xlink:to="label_SummaryOfSubsidiariesTable_2" xlink:title="Label : SummaryOfSubsidiariesTable to label_SummaryOfSubsidiariesTable_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IpirangaProdutosdePetroleoSAMember" xlink:label="IpirangaProdutosdePetroleoSAMember" xlink:title="IpirangaProdutosdePetroleoSAMember" />
    <link:label xlink:type="resource" xlink:label="label_IpirangaProdutosdePetroleoSAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IpirangaProdutosdePetroleoSAMember" xml:lang="en-US" id="label_IpirangaProdutosdePetroleoSAMember">Ipiranga Produtos de Petroleo SA [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IpirangaProdutosdePetroleoSAMember" xlink:to="label_IpirangaProdutosdePetroleoSAMember" xlink:title="Label : IpirangaProdutosdePetroleoSAMember to label_IpirangaProdutosdePetroleoSAMember" />
    <link:label xlink:type="resource" xlink:label="label_IpirangaProdutosdePetroleoSAMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IpirangaProdutosdePetroleoSAMember_1" xml:lang="en-US" id="label_IpirangaProdutosdePetroleoSAMember_1">IPP [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IpirangaProdutosdePetroleoSAMember" xlink:to="label_IpirangaProdutosdePetroleoSAMember_1" xlink:title="Label : IpirangaProdutosdePetroleoSAMember to label_IpirangaProdutosdePetroleoSAMember_1" />
    <link:label xlink:type="resource" xlink:label="label_IpirangaProdutosdePetroleoSAMember_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_IpirangaProdutosdePetroleoSAMember_2" xml:lang="en-US" id="label_IpirangaProdutosdePetroleoSAMember_2">IPP [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IpirangaProdutosdePetroleoSAMember" xlink:to="label_IpirangaProdutosdePetroleoSAMember_2" xlink:title="Label : IpirangaProdutosdePetroleoSAMember to label_IpirangaProdutosdePetroleoSAMember_2" />
    <link:label xlink:type="resource" xlink:label="label_IpirangaProdutosdePetroleoSAMember_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IpirangaProdutosdePetroleoSAMember_3" xml:lang="en-US" id="label_IpirangaProdutosdePetroleoSAMember_3">Ipiranga Produtos de Petroleo S.A. [member].</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IpirangaProdutosdePetroleoSAMember" xlink:to="label_IpirangaProdutosdePetroleoSAMember_3" xlink:title="Label : IpirangaProdutosdePetroleoSAMember to label_IpirangaProdutosdePetroleoSAMember_3" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AmPmComestveisLtdaMember" xlink:label="AmPmComestveisLtdaMember" xlink:title="AmPmComestveisLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_AmPmComestveisLtdaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AmPmComestveisLtdaMember" xml:lang="en-US" id="label_AmPmComestveisLtdaMember">am/pm Comestveis Ltda [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmPmComestveisLtdaMember" xlink:to="label_AmPmComestveisLtdaMember" xlink:title="Label : AmPmComestveisLtdaMember to label_AmPmComestveisLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_AmPmComestveisLtdaMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AmPmComestveisLtdaMember_1" xml:lang="en-US" id="label_AmPmComestveisLtdaMember_1">am/pm Comestveis Ltda [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmPmComestveisLtdaMember" xlink:to="label_AmPmComestveisLtdaMember_1" xlink:title="Label : AmPmComestveisLtdaMember to label_AmPmComestveisLtdaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_AmPmComestveisLtdaMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AmPmComestveisLtdaMember_2" xml:lang="en-US" id="label_AmPmComestveisLtdaMember_2">am/pm Comestveis Ltda.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmPmComestveisLtdaMember" xlink:to="label_AmPmComestveisLtdaMember_2" xlink:title="Label : AmPmComestveisLtdaMember to label_AmPmComestveisLtdaMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CentroDeConveninciasMillenniumLtdaMember" xlink:label="CentroDeConveninciasMillenniumLtdaMember" xlink:title="CentroDeConveninciasMillenniumLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_CentroDeConveninciasMillenniumLtdaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CentroDeConveninciasMillenniumLtdaMember" xml:lang="en-US" id="label_CentroDeConveninciasMillenniumLtdaMember">Centro de Convenincias Millennium Ltda [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CentroDeConveninciasMillenniumLtdaMember" xlink:to="label_CentroDeConveninciasMillenniumLtdaMember" xlink:title="Label : CentroDeConveninciasMillenniumLtdaMember to label_CentroDeConveninciasMillenniumLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_CentroDeConveninciasMillenniumLtdaMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CentroDeConveninciasMillenniumLtdaMember_1" xml:lang="en-US" id="label_CentroDeConveninciasMillenniumLtdaMember_1">Centro de Convenincias Millennium Ltda [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CentroDeConveninciasMillenniumLtdaMember" xlink:to="label_CentroDeConveninciasMillenniumLtdaMember_1" xlink:title="Label : CentroDeConveninciasMillenniumLtdaMember to label_CentroDeConveninciasMillenniumLtdaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_CentroDeConveninciasMillenniumLtdaMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CentroDeConveninciasMillenniumLtdaMember_2" xml:lang="en-US" id="label_CentroDeConveninciasMillenniumLtdaMember_2">Centro de Convenincias Millennium Ltda.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CentroDeConveninciasMillenniumLtdaMember" xlink:to="label_CentroDeConveninciasMillenniumLtdaMember_2" xlink:title="Label : CentroDeConveninciasMillenniumLtdaMember to label_CentroDeConveninciasMillenniumLtdaMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IcorbanCorrespondenteBancarioLtdaMember" xlink:label="IcorbanCorrespondenteBancarioLtdaMember" xlink:title="IcorbanCorrespondenteBancarioLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_IcorbanCorrespondenteBancarioLtdaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IcorbanCorrespondenteBancarioLtdaMember" xml:lang="en-US" id="label_IcorbanCorrespondenteBancarioLtdaMember">Icorban Correspondente Bancrio Ltda [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IcorbanCorrespondenteBancarioLtdaMember" xlink:to="label_IcorbanCorrespondenteBancarioLtdaMember" xlink:title="Label : IcorbanCorrespondenteBancarioLtdaMember to label_IcorbanCorrespondenteBancarioLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_IcorbanCorrespondenteBancarioLtdaMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IcorbanCorrespondenteBancarioLtdaMember_1" xml:lang="en-US" id="label_IcorbanCorrespondenteBancarioLtdaMember_1">Icorban Correspondente Bancrio Ltda [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IcorbanCorrespondenteBancarioLtdaMember" xlink:to="label_IcorbanCorrespondenteBancarioLtdaMember_1" xlink:title="Label : IcorbanCorrespondenteBancarioLtdaMember to label_IcorbanCorrespondenteBancarioLtdaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_IcorbanCorrespondenteBancarioLtdaMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IcorbanCorrespondenteBancarioLtdaMember_2" xml:lang="en-US" id="label_IcorbanCorrespondenteBancarioLtdaMember_2">Icorban-Correspondente Bancrio Ltda.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IcorbanCorrespondenteBancarioLtdaMember" xlink:to="label_IcorbanCorrespondenteBancarioLtdaMember_2" xlink:title="Label : IcorbanCorrespondenteBancarioLtdaMember to label_IcorbanCorrespondenteBancarioLtdaMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IpirangaTradingLimitedMember" xlink:label="IpirangaTradingLimitedMember" xlink:title="IpirangaTradingLimitedMember" />
    <link:label xlink:type="resource" xlink:label="label_IpirangaTradingLimitedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IpirangaTradingLimitedMember" xml:lang="en-US" id="label_IpirangaTradingLimitedMember">Ipiranga Trading Limited [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IpirangaTradingLimitedMember" xlink:to="label_IpirangaTradingLimitedMember" xlink:title="Label : IpirangaTradingLimitedMember to label_IpirangaTradingLimitedMember" />
    <link:label xlink:type="resource" xlink:label="label_IpirangaTradingLimitedMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IpirangaTradingLimitedMember_1" xml:lang="en-US" id="label_IpirangaTradingLimitedMember_1">Ipiranga Trading Limited [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IpirangaTradingLimitedMember" xlink:to="label_IpirangaTradingLimitedMember_1" xlink:title="Label : IpirangaTradingLimitedMember to label_IpirangaTradingLimitedMember_1" />
    <link:label xlink:type="resource" xlink:label="label_IpirangaTradingLimitedMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IpirangaTradingLimitedMember_2" xml:lang="en-US" id="label_IpirangaTradingLimitedMember_2">Ipiranga Trading Limited.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IpirangaTradingLimitedMember" xlink:to="label_IpirangaTradingLimitedMember_2" xlink:title="Label : IpirangaTradingLimitedMember to label_IpirangaTradingLimitedMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TropicalTransportesIpirangaLtdaMember" xlink:label="TropicalTransportesIpirangaLtdaMember" xlink:title="TropicalTransportesIpirangaLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_TropicalTransportesIpirangaLtdaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TropicalTransportesIpirangaLtdaMember" xml:lang="en-US" id="label_TropicalTransportesIpirangaLtdaMember">Tropical Transportes Ipiranga Ltda [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TropicalTransportesIpirangaLtdaMember" xlink:to="label_TropicalTransportesIpirangaLtdaMember" xlink:title="Label : TropicalTransportesIpirangaLtdaMember to label_TropicalTransportesIpirangaLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_TropicalTransportesIpirangaLtdaMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TropicalTransportesIpirangaLtdaMember_1" xml:lang="en-US" id="label_TropicalTransportesIpirangaLtdaMember_1">Tropical Transportes Ipiranga Ltda [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TropicalTransportesIpirangaLtdaMember" xlink:to="label_TropicalTransportesIpirangaLtdaMember_1" xlink:title="Label : TropicalTransportesIpirangaLtdaMember to label_TropicalTransportesIpirangaLtdaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_TropicalTransportesIpirangaLtdaMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TropicalTransportesIpirangaLtdaMember_2" xml:lang="en-US" id="label_TropicalTransportesIpirangaLtdaMember_2">Tropical Transportes Ipiranga Ltda.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TropicalTransportesIpirangaLtdaMember" xlink:to="label_TropicalTransportesIpirangaLtdaMember_2" xlink:title="Label : TropicalTransportesIpirangaLtdaMember to label_TropicalTransportesIpirangaLtdaMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IpirangaImobiliriaLtdaMember" xlink:label="IpirangaImobiliriaLtdaMember" xlink:title="IpirangaImobiliriaLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_IpirangaImobiliriaLtdaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IpirangaImobiliriaLtdaMember" xml:lang="en-US" id="label_IpirangaImobiliriaLtdaMember">Ipiranga Imobiliria Ltda [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IpirangaImobiliriaLtdaMember" xlink:to="label_IpirangaImobiliriaLtdaMember" xlink:title="Label : IpirangaImobiliriaLtdaMember to label_IpirangaImobiliriaLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_IpirangaImobiliriaLtdaMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IpirangaImobiliriaLtdaMember_1" xml:lang="en-US" id="label_IpirangaImobiliriaLtdaMember_1">Ipiranga Imobiliria Ltda [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IpirangaImobiliriaLtdaMember" xlink:to="label_IpirangaImobiliriaLtdaMember_1" xlink:title="Label : IpirangaImobiliriaLtdaMember to label_IpirangaImobiliriaLtdaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_IpirangaImobiliriaLtdaMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IpirangaImobiliriaLtdaMember_2" xml:lang="en-US" id="label_IpirangaImobiliriaLtdaMember_2">Ipiranga Imobiliria Ltda.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IpirangaImobiliriaLtdaMember" xlink:to="label_IpirangaImobiliriaLtdaMember_2" xlink:title="Label : IpirangaImobiliriaLtdaMember to label_IpirangaImobiliriaLtdaMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IpirangaLogsticaLtdaMember" xlink:label="IpirangaLogsticaLtdaMember" xlink:title="IpirangaLogsticaLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_IpirangaLogsticaLtdaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IpirangaLogsticaLtdaMember" xml:lang="en-US" id="label_IpirangaLogsticaLtdaMember">Ipiranga Logstica Ltda [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IpirangaLogsticaLtdaMember" xlink:to="label_IpirangaLogsticaLtdaMember" xlink:title="Label : IpirangaLogsticaLtdaMember to label_IpirangaLogsticaLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_IpirangaLogsticaLtdaMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IpirangaLogsticaLtdaMember_1" xml:lang="en-US" id="label_IpirangaLogsticaLtdaMember_1">Ipiranga Logstica Ltda [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IpirangaLogsticaLtdaMember" xlink:to="label_IpirangaLogsticaLtdaMember_1" xlink:title="Label : IpirangaLogsticaLtdaMember to label_IpirangaLogsticaLtdaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_IpirangaLogsticaLtdaMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IpirangaLogsticaLtdaMember_2" xml:lang="en-US" id="label_IpirangaLogsticaLtdaMember_2">Ipiranga Logstica Ltda.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IpirangaLogsticaLtdaMember" xlink:to="label_IpirangaLogsticaLtdaMember_2" xlink:title="Label : IpirangaLogsticaLtdaMember to label_IpirangaLogsticaLtdaMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OilTradingImportadoraExportadoraLtdaMember" xlink:label="OilTradingImportadoraExportadoraLtdaMember" xlink:title="OilTradingImportadoraExportadoraLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_OilTradingImportadoraExportadoraLtdaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OilTradingImportadoraExportadoraLtdaMember" xml:lang="en-US" id="label_OilTradingImportadoraExportadoraLtdaMember">Oil Trading Importadora e Exportadora Ltda [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OilTradingImportadoraExportadoraLtdaMember" xlink:to="label_OilTradingImportadoraExportadoraLtdaMember" xlink:title="Label : OilTradingImportadoraExportadoraLtdaMember to label_OilTradingImportadoraExportadoraLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_OilTradingImportadoraExportadoraLtdaMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OilTradingImportadoraExportadoraLtdaMember_1" xml:lang="en-US" id="label_OilTradingImportadoraExportadoraLtdaMember_1">Oil Trading Importadora e Exportadora Ltda [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OilTradingImportadoraExportadoraLtdaMember" xlink:to="label_OilTradingImportadoraExportadoraLtdaMember_1" xlink:title="Label : OilTradingImportadoraExportadoraLtdaMember to label_OilTradingImportadoraExportadoraLtdaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OilTradingImportadoraExportadoraLtdaMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OilTradingImportadoraExportadoraLtdaMember_2" xml:lang="en-US" id="label_OilTradingImportadoraExportadoraLtdaMember_2">Oil Trading Importadora e Exportadora Ltda.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OilTradingImportadoraExportadoraLtdaMember" xlink:to="label_OilTradingImportadoraExportadoraLtdaMember_2" xlink:title="Label : OilTradingImportadoraExportadoraLtdaMember to label_OilTradingImportadoraExportadoraLtdaMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IconicLubrificantesSAMember" xlink:label="IconicLubrificantesSAMember" xlink:title="IconicLubrificantesSAMember" />
    <link:label xlink:type="resource" xlink:label="label_IconicLubrificantesSAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IconicLubrificantesSAMember" xml:lang="en-US" id="label_IconicLubrificantesSAMember">Iconic Lubrificantes S.A [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IconicLubrificantesSAMember" xlink:to="label_IconicLubrificantesSAMember" xlink:title="Label : IconicLubrificantesSAMember to label_IconicLubrificantesSAMember" />
    <link:label xlink:type="resource" xlink:label="label_IconicLubrificantesSAMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IconicLubrificantesSAMember_1" xml:lang="en-US" id="label_IconicLubrificantesSAMember_1">Iconic Lubrificantes S.A [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IconicLubrificantesSAMember" xlink:to="label_IconicLubrificantesSAMember_1" xlink:title="Label : IconicLubrificantesSAMember to label_IconicLubrificantesSAMember_1" />
    <link:label xlink:type="resource" xlink:label="label_IconicLubrificantesSAMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IconicLubrificantesSAMember_2" xml:lang="en-US" id="label_IconicLubrificantesSAMember_2">Iconic Lubrificantes S.A.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IconicLubrificantesSAMember" xlink:to="label_IconicLubrificantesSAMember_2" xlink:title="Label : IconicLubrificantesSAMember to label_IconicLubrificantesSAMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IntegraFrotasLtdaMember" xlink:label="IntegraFrotasLtdaMember" xlink:title="IntegraFrotasLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_IntegraFrotasLtdaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IntegraFrotasLtdaMember" xml:lang="en-US" id="label_IntegraFrotasLtdaMember">Integra Frotas Ltda [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntegraFrotasLtdaMember" xlink:to="label_IntegraFrotasLtdaMember" xlink:title="Label : IntegraFrotasLtdaMember to label_IntegraFrotasLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_IntegraFrotasLtdaMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IntegraFrotasLtdaMember_1" xml:lang="en-US" id="label_IntegraFrotasLtdaMember_1">Integra Frotas Ltda [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntegraFrotasLtdaMember" xlink:to="label_IntegraFrotasLtdaMember_1" xlink:title="Label : IntegraFrotasLtdaMember to label_IntegraFrotasLtdaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_IntegraFrotasLtdaMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IntegraFrotasLtdaMember_2" xml:lang="en-US" id="label_IntegraFrotasLtdaMember_2">Integra Frotas Ltda.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntegraFrotasLtdaMember" xlink:to="label_IntegraFrotasLtdaMember_2" xlink:title="Label : IntegraFrotasLtdaMember to label_IntegraFrotasLtdaMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CompanhiaUltragazMember" xlink:label="CompanhiaUltragazMember" xlink:title="CompanhiaUltragazMember" />
    <link:label xlink:type="resource" xlink:label="label_CompanhiaUltragazMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CompanhiaUltragazMember" xml:lang="en-US" id="label_CompanhiaUltragazMember">Companhia Ultragaz S A [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CompanhiaUltragazMember" xlink:to="label_CompanhiaUltragazMember" xlink:title="Label : CompanhiaUltragazMember to label_CompanhiaUltragazMember" />
    <link:label xlink:type="resource" xlink:label="label_CompanhiaUltragazMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CompanhiaUltragazMember_1" xml:lang="en-US" id="label_CompanhiaUltragazMember_1">Companhia Ultragaz S A [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CompanhiaUltragazMember" xlink:to="label_CompanhiaUltragazMember_1" xlink:title="Label : CompanhiaUltragazMember to label_CompanhiaUltragazMember_1" />
    <link:label xlink:type="resource" xlink:label="label_CompanhiaUltragazMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CompanhiaUltragazMember_2" xml:lang="en-US" id="label_CompanhiaUltragazMember_2">Companhia Ultragaz S.A.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CompanhiaUltragazMember" xlink:to="label_CompanhiaUltragazMember_2" xlink:title="Label : CompanhiaUltragazMember to label_CompanhiaUltragazMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_UltragazComercialLtdaMember" xlink:label="UltragazComercialLtdaMember" xlink:title="UltragazComercialLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_UltragazComercialLtdaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UltragazComercialLtdaMember" xml:lang="en-US" id="label_UltragazComercialLtdaMember">Ultragaz Comercial Ltda [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UltragazComercialLtdaMember" xlink:to="label_UltragazComercialLtdaMember" xlink:title="Label : UltragazComercialLtdaMember to label_UltragazComercialLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_UltragazComercialLtdaMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_UltragazComercialLtdaMember_1" xml:lang="en-US" id="label_UltragazComercialLtdaMember_1">Ultragaz Comercial Ltda [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UltragazComercialLtdaMember" xlink:to="label_UltragazComercialLtdaMember_1" xlink:title="Label : UltragazComercialLtdaMember to label_UltragazComercialLtdaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_UltragazComercialLtdaMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_UltragazComercialLtdaMember_2" xml:lang="en-US" id="label_UltragazComercialLtdaMember_2">Ultragaz Comercial Ltda.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UltragazComercialLtdaMember" xlink:to="label_UltragazComercialLtdaMember_2" xlink:title="Label : UltragazComercialLtdaMember to label_UltragazComercialLtdaMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_NovaParanaDistribuidoraDeGasLtdaMember" xlink:label="NovaParanaDistribuidoraDeGasLtdaMember" xlink:title="NovaParanaDistribuidoraDeGasLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_NovaParanaDistribuidoraDeGasLtdaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NovaParanaDistribuidoraDeGasLtdaMember" xml:lang="en-US" id="label_NovaParanaDistribuidoraDeGasLtdaMember">Nova Parana Distribuidora de Gas Ltda [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NovaParanaDistribuidoraDeGasLtdaMember" xlink:to="label_NovaParanaDistribuidoraDeGasLtdaMember" xlink:title="Label : NovaParanaDistribuidoraDeGasLtdaMember to label_NovaParanaDistribuidoraDeGasLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_NovaParanaDistribuidoraDeGasLtdaMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NovaParanaDistribuidoraDeGasLtdaMember_1" xml:lang="en-US" id="label_NovaParanaDistribuidoraDeGasLtdaMember_1">Nova Paran&#xE1; Distribuidora de G&#xE1;s Ltda. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NovaParanaDistribuidoraDeGasLtdaMember" xlink:to="label_NovaParanaDistribuidoraDeGasLtdaMember_1" xlink:title="Label : NovaParanaDistribuidoraDeGasLtdaMember to label_NovaParanaDistribuidoraDeGasLtdaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_NovaParanaDistribuidoraDeGasLtdaMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NovaParanaDistribuidoraDeGasLtdaMember_2" xml:lang="en-US" id="label_NovaParanaDistribuidoraDeGasLtdaMember_2">Nova Paran&#xE1; Distribuidora de G&#xE1;s Ltda. Member.</link:label>
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    <link:label xlink:type="resource" xlink:label="label_BahianaDistribuidoraDeGasLtdaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BahianaDistribuidoraDeGasLtdaMember" xml:lang="en-US" id="label_BahianaDistribuidoraDeGasLtdaMember">Bahiana Distribuidora De Gas Ltda [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BahianaDistribuidoraDeGasLtdaMember" xlink:to="label_BahianaDistribuidoraDeGasLtdaMember" xlink:title="Label : BahianaDistribuidoraDeGasLtdaMember to label_BahianaDistribuidoraDeGasLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_BahianaDistribuidoraDeGasLtdaMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BahianaDistribuidoraDeGasLtdaMember_1" xml:lang="en-US" id="label_BahianaDistribuidoraDeGasLtdaMember_1">Bahiana Distribuidora De Gas Ltda [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BahianaDistribuidoraDeGasLtdaMember" xlink:to="label_BahianaDistribuidoraDeGasLtdaMember_1" xlink:title="Label : BahianaDistribuidoraDeGasLtdaMember to label_BahianaDistribuidoraDeGasLtdaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_BahianaDistribuidoraDeGasLtdaMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BahianaDistribuidoraDeGasLtdaMember_2" xml:lang="en-US" id="label_BahianaDistribuidoraDeGasLtdaMember_2">Bahiana distribuidora de gas Ltda.</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UtingasArmazenadoraMember" xlink:to="label_UtingasArmazenadoraMember" xlink:title="Label : UtingasArmazenadoraMember to label_UtingasArmazenadoraMember" />
    <link:label xlink:type="resource" xlink:label="label_UtingasArmazenadoraMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_UtingasArmazenadoraMember_1" xml:lang="en-US" id="label_UtingasArmazenadoraMember_1">Utingas Armazenadora S.A. [member]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_UtingasArmazenadoraMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_UtingasArmazenadoraMember_2" xml:lang="en-US" id="label_UtingasArmazenadoraMember_2">Utingas Armazenadora S.A.</link:label>
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LPGInternationalIncMember" xlink:label="LPGInternationalIncMember" xlink:title="LPGInternationalIncMember" />
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    <link:label xlink:type="resource" xlink:label="label_LPGInternationalIncMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LPGInternationalIncMember_1" xml:lang="en-US" id="label_LPGInternationalIncMember_1">LPG International Inc. [member]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_LPGInternationalIncMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LPGInternationalIncMember_2" xml:lang="en-US" id="label_LPGInternationalIncMember_2">L p g international inc [member]</link:label>
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ImavenImoveisLtdaMember" xlink:label="ImavenImoveisLtdaMember" xlink:title="ImavenImoveisLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_ImavenImoveisLtdaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ImavenImoveisLtdaMember" xml:lang="en-US" id="label_ImavenImoveisLtdaMember">Imaven Imoveis Ltda [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImavenImoveisLtdaMember" xlink:to="label_ImavenImoveisLtdaMember" xlink:title="Label : ImavenImoveisLtdaMember to label_ImavenImoveisLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_ImavenImoveisLtdaMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ImavenImoveisLtdaMember_1" xml:lang="en-US" id="label_ImavenImoveisLtdaMember_1">Imaven Imoveis Ltda [member]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_ImavenImoveisLtdaMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ImavenImoveisLtdaMember_2" xml:lang="en-US" id="label_ImavenImoveisLtdaMember_2">Imaven Imoveis Ltda.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImavenImoveisLtdaMember" xlink:to="label_ImavenImoveisLtdaMember_2" xlink:title="Label : ImavenImoveisLtdaMember to label_ImavenImoveisLtdaMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ImifarmaProdutosFarmaceuticosCosmeticosMember" xlink:label="ImifarmaProdutosFarmaceuticosCosmeticosMember" xlink:title="ImifarmaProdutosFarmaceuticosCosmeticosMember" />
    <link:label xlink:type="resource" xlink:label="label_ImifarmaProdutosFarmaceuticosCosmeticosMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ImifarmaProdutosFarmaceuticosCosmeticosMember" xml:lang="en-US" id="label_ImifarmaProdutosFarmaceuticosCosmeticosMember">Imifarma Produtos Farmaceuticos e Cosmeticos S A [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImifarmaProdutosFarmaceuticosCosmeticosMember" xlink:to="label_ImifarmaProdutosFarmaceuticosCosmeticosMember" xlink:title="Label : ImifarmaProdutosFarmaceuticosCosmeticosMember to label_ImifarmaProdutosFarmaceuticosCosmeticosMember" />
    <link:label xlink:type="resource" xlink:label="label_ImifarmaProdutosFarmaceuticosCosmeticosMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ImifarmaProdutosFarmaceuticosCosmeticosMember_1" xml:lang="en-US" id="label_ImifarmaProdutosFarmaceuticosCosmeticosMember_1">Imifarma Produtos Farmaceuticos e Cosmeticos S A [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImifarmaProdutosFarmaceuticosCosmeticosMember" xlink:to="label_ImifarmaProdutosFarmaceuticosCosmeticosMember_1" xlink:title="Label : ImifarmaProdutosFarmaceuticosCosmeticosMember to label_ImifarmaProdutosFarmaceuticosCosmeticosMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ImifarmaProdutosFarmaceuticosCosmeticosMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ImifarmaProdutosFarmaceuticosCosmeticosMember_2" xml:lang="en-US" id="label_ImifarmaProdutosFarmaceuticosCosmeticosMember_2">Imifarma Produtos Farmaceuticos e Cosmeticos S A.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImifarmaProdutosFarmaceuticosCosmeticosMember" xlink:to="label_ImifarmaProdutosFarmaceuticosCosmeticosMember_2" xlink:title="Label : ImifarmaProdutosFarmaceuticosCosmeticosMember to label_ImifarmaProdutosFarmaceuticosCosmeticosMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OxitenoIndustriaComercioMember" xlink:label="OxitenoIndustriaComercioMember" xlink:title="OxitenoIndustriaComercioMember" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoIndustriaComercioMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OxitenoIndustriaComercioMember" xml:lang="en-US" id="label_OxitenoIndustriaComercioMember">Oxiteno S A Industria e Comercio [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoIndustriaComercioMember" xlink:to="label_OxitenoIndustriaComercioMember" xlink:title="Label : OxitenoIndustriaComercioMember to label_OxitenoIndustriaComercioMember" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoIndustriaComercioMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OxitenoIndustriaComercioMember_1" xml:lang="en-US" id="label_OxitenoIndustriaComercioMember_1">Oxiteno S. A. Industria e Comercio [member]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_OxitenoIndustriaComercioMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OxitenoIndustriaComercioMember_2" xml:lang="en-US" id="label_OxitenoIndustriaComercioMember_2">Oxiteno S A Industria e Comercio.</link:label>
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    <link:label xlink:type="resource" xlink:label="label_OxitenoNordesteSAIndustriaeComercioMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OxitenoNordesteSAIndustriaeComercioMember" xml:lang="en-US" id="label_OxitenoNordesteSAIndustriaeComercioMember">Oxiteno nordeste S.A. ind&#xFA;stria e com&#xE9;rcio.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoNordesteSAIndustriaeComercioMember" xlink:to="label_OxitenoNordesteSAIndustriaeComercioMember" xlink:title="Label : OxitenoNordesteSAIndustriaeComercioMember to label_OxitenoNordesteSAIndustriaeComercioMember" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoNordesteSAIndustriaeComercioMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OxitenoNordesteSAIndustriaeComercioMember_1" xml:lang="en-US" id="label_OxitenoNordesteSAIndustriaeComercioMember_1">Oxiteno Nordeste S.A. Ind&#xFA;stria e Com&#xE9;rcio [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoNordesteSAIndustriaeComercioMember" xlink:to="label_OxitenoNordesteSAIndustriaeComercioMember_1" xlink:title="Label : OxitenoNordesteSAIndustriaeComercioMember to label_OxitenoNordesteSAIndustriaeComercioMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoNordesteSAIndustriaeComercioMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OxitenoNordesteSAIndustriaeComercioMember_2" xml:lang="en-US" id="label_OxitenoNordesteSAIndustriaeComercioMember_2">Oxiteno Nordeste SAIndustriae Com&#xE9;rcio [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoNordesteSAIndustriaeComercioMember" xlink:to="label_OxitenoNordesteSAIndustriaeComercioMember_2" xlink:title="Label : OxitenoNordesteSAIndustriaeComercioMember to label_OxitenoNordesteSAIndustriaeComercioMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OxitenoArgentinaSociedadDeResponsabilidadLtdaMember" xlink:label="OxitenoArgentinaSociedadDeResponsabilidadLtdaMember" xlink:title="OxitenoArgentinaSociedadDeResponsabilidadLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoArgentinaSociedadDeResponsabilidadLtdaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OxitenoArgentinaSociedadDeResponsabilidadLtdaMember" xml:lang="en-US" id="label_OxitenoArgentinaSociedadDeResponsabilidadLtdaMember">Oxiteno Argentina Sociedad de Responsabilidad Ltda [member]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_OxitenoArgentinaSociedadDeResponsabilidadLtdaMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OxitenoArgentinaSociedadDeResponsabilidadLtdaMember_1" xml:lang="en-US" id="label_OxitenoArgentinaSociedadDeResponsabilidadLtdaMember_1">Oxiteno Argentina Sociedad de Responsabilidad Ltda [member]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_OxitenoArgentinaSociedadDeResponsabilidadLtdaMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OxitenoArgentinaSociedadDeResponsabilidadLtdaMember_2" xml:lang="en-US" id="label_OxitenoArgentinaSociedadDeResponsabilidadLtdaMember_2">Oxiteno Argentina Sociedad de Responsabilidad Ltda.</link:label>
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OleoqumicaIndustriaeComrcioDeProdutosQumicosLtdaMember" xlink:label="OleoqumicaIndustriaeComrcioDeProdutosQumicosLtdaMember" xlink:title="OleoqumicaIndustriaeComrcioDeProdutosQumicosLtdaMember" />
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OxitenoUruguaySAMember" xlink:label="OxitenoUruguaySAMember" xlink:title="OxitenoUruguaySAMember" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoUruguaySAMember" xlink:to="label_OxitenoUruguaySAMember" xlink:title="Label : OxitenoUruguaySAMember to label_OxitenoUruguaySAMember" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoUruguaySAMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OxitenoUruguaySAMember_1" xml:lang="en-US" id="label_OxitenoUruguaySAMember_1">Oxiteno Uruguay SA [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoUruguaySAMember" xlink:to="label_OxitenoUruguaySAMember_1" xlink:title="Label : OxitenoUruguaySAMember to label_OxitenoUruguaySAMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoUruguaySAMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OxitenoUruguaySAMember_2" xml:lang="en-US" id="label_OxitenoUruguaySAMember_2">Oxiteno Uruguay S.A.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoUruguaySAMember" xlink:to="label_OxitenoUruguaySAMember_2" xlink:title="Label : OxitenoUruguaySAMember to label_OxitenoUruguaySAMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OxitenoMexicoSADeCVMember" xlink:label="OxitenoMexicoSADeCVMember" xlink:title="OxitenoMexicoSADeCVMember" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoMexicoSADeCVMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OxitenoMexicoSADeCVMember" xml:lang="en-US" id="label_OxitenoMexicoSADeCVMember">Oxiteno M&#xE9;xico SA de CV [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoMexicoSADeCVMember" xlink:to="label_OxitenoMexicoSADeCVMember" xlink:title="Label : OxitenoMexicoSADeCVMember to label_OxitenoMexicoSADeCVMember" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoMexicoSADeCVMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OxitenoMexicoSADeCVMember_1" xml:lang="en-US" id="label_OxitenoMexicoSADeCVMember_1">Oxiteno M&#xE9;xico SA de CV [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoMexicoSADeCVMember" xlink:to="label_OxitenoMexicoSADeCVMember_1" xlink:title="Label : OxitenoMexicoSADeCVMember to label_OxitenoMexicoSADeCVMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoMexicoSADeCVMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OxitenoMexicoSADeCVMember_2" xml:lang="en-US" id="label_OxitenoMexicoSADeCVMember_2">Oxiteno M&#xE9;xico S.A. de C.V.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoMexicoSADeCVMember" xlink:to="label_OxitenoMexicoSADeCVMember_2" xlink:title="Label : OxitenoMexicoSADeCVMember to label_OxitenoMexicoSADeCVMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OxitenoServiciosCorporativosSADeCVMember" xlink:label="OxitenoServiciosCorporativosSADeCVMember" xlink:title="OxitenoServiciosCorporativosSADeCVMember" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoServiciosCorporativosSADeCVMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OxitenoServiciosCorporativosSADeCVMember" xml:lang="en-US" id="label_OxitenoServiciosCorporativosSADeCVMember">Oxiteno Servicios Corporativos SA de CV [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoServiciosCorporativosSADeCVMember" xlink:to="label_OxitenoServiciosCorporativosSADeCVMember" xlink:title="Label : OxitenoServiciosCorporativosSADeCVMember to label_OxitenoServiciosCorporativosSADeCVMember" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoServiciosCorporativosSADeCVMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OxitenoServiciosCorporativosSADeCVMember_1" xml:lang="en-US" id="label_OxitenoServiciosCorporativosSADeCVMember_1">Oxiteno Servicios Corporativos SA de CV [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoServiciosCorporativosSADeCVMember" xlink:to="label_OxitenoServiciosCorporativosSADeCVMember_1" xlink:title="Label : OxitenoServiciosCorporativosSADeCVMember to label_OxitenoServiciosCorporativosSADeCVMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoServiciosCorporativosSADeCVMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OxitenoServiciosCorporativosSADeCVMember_2" xml:lang="en-US" id="label_OxitenoServiciosCorporativosSADeCVMember_2">Oxiteno Servicios Corporativos S.A. de C.V.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoServiciosCorporativosSADeCVMember" xlink:to="label_OxitenoServiciosCorporativosSADeCVMember_2" xlink:title="Label : OxitenoServiciosCorporativosSADeCVMember to label_OxitenoServiciosCorporativosSADeCVMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OxitenoServiciosIndustrialsDeCVMember" xlink:label="OxitenoServiciosIndustrialsDeCVMember" xlink:title="OxitenoServiciosIndustrialsDeCVMember" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoServiciosIndustrialsDeCVMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OxitenoServiciosIndustrialsDeCVMember" xml:lang="en-US" id="label_OxitenoServiciosIndustrialsDeCVMember">Oxiteno Servicios Industriales de CV [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoServiciosIndustrialsDeCVMember" xlink:to="label_OxitenoServiciosIndustrialsDeCVMember" xlink:title="Label : OxitenoServiciosIndustrialsDeCVMember to label_OxitenoServiciosIndustrialsDeCVMember" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoServiciosIndustrialsDeCVMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OxitenoServiciosIndustrialsDeCVMember_1" xml:lang="en-US" id="label_OxitenoServiciosIndustrialsDeCVMember_1">Oxiteno Servicios Industriales de CV [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoServiciosIndustrialsDeCVMember" xlink:to="label_OxitenoServiciosIndustrialsDeCVMember_1" xlink:title="Label : OxitenoServiciosIndustrialsDeCVMember to label_OxitenoServiciosIndustrialsDeCVMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoServiciosIndustrialsDeCVMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OxitenoServiciosIndustrialsDeCVMember_2" xml:lang="en-US" id="label_OxitenoServiciosIndustrialsDeCVMember_2">Oxiteno Servicios Industriales de C.V.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoServiciosIndustrialsDeCVMember" xlink:to="label_OxitenoServiciosIndustrialsDeCVMember_2" xlink:title="Label : OxitenoServiciosIndustrialsDeCVMember to label_OxitenoServiciosIndustrialsDeCVMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OxitenoUSALLCMember" xlink:label="OxitenoUSALLCMember" xlink:title="OxitenoUSALLCMember" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoUSALLCMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OxitenoUSALLCMember" xml:lang="en-US" id="label_OxitenoUSALLCMember">Oxiteno USA LLC [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoUSALLCMember" xlink:to="label_OxitenoUSALLCMember" xlink:title="Label : OxitenoUSALLCMember to label_OxitenoUSALLCMember" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoUSALLCMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OxitenoUSALLCMember_1" xml:lang="en-US" id="label_OxitenoUSALLCMember_1">Oxiteno USA LLC [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoUSALLCMember" xlink:to="label_OxitenoUSALLCMember_1" xlink:title="Label : OxitenoUSALLCMember to label_OxitenoUSALLCMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoUSALLCMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OxitenoUSALLCMember_2" xml:lang="en-US" id="label_OxitenoUSALLCMember_2">Oxiteno USA LLC.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoUSALLCMember" xlink:to="label_OxitenoUSALLCMember_2" xlink:title="Label : OxitenoUSALLCMember to label_OxitenoUSALLCMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_GlobalPetroleumProductsTradingCorporationMember" xlink:label="GlobalPetroleumProductsTradingCorporationMember" xlink:title="GlobalPetroleumProductsTradingCorporationMember" />
    <link:label xlink:type="resource" xlink:label="label_GlobalPetroleumProductsTradingCorporationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GlobalPetroleumProductsTradingCorporationMember" xml:lang="en-US" id="label_GlobalPetroleumProductsTradingCorporationMember">Global petroleum products trading corporation [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GlobalPetroleumProductsTradingCorporationMember" xlink:to="label_GlobalPetroleumProductsTradingCorporationMember" xlink:title="Label : GlobalPetroleumProductsTradingCorporationMember to label_GlobalPetroleumProductsTradingCorporationMember" />
    <link:label xlink:type="resource" xlink:label="label_GlobalPetroleumProductsTradingCorporationMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GlobalPetroleumProductsTradingCorporationMember_1" xml:lang="en-US" id="label_GlobalPetroleumProductsTradingCorporationMember_1">Global petroleum products trading corporation [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GlobalPetroleumProductsTradingCorporationMember" xlink:to="label_GlobalPetroleumProductsTradingCorporationMember_1" xlink:title="Label : GlobalPetroleumProductsTradingCorporationMember to label_GlobalPetroleumProductsTradingCorporationMember_1" />
    <link:label xlink:type="resource" xlink:label="label_GlobalPetroleumProductsTradingCorporationMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_GlobalPetroleumProductsTradingCorporationMember_2" xml:lang="en-US" id="label_GlobalPetroleumProductsTradingCorporationMember_2">Global petroleum products trading corporation.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GlobalPetroleumProductsTradingCorporationMember" xlink:to="label_GlobalPetroleumProductsTradingCorporationMember_2" xlink:title="Label : GlobalPetroleumProductsTradingCorporationMember to label_GlobalPetroleumProductsTradingCorporationMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OxitenoAndinaCAMember" xlink:label="OxitenoAndinaCAMember" xlink:title="OxitenoAndinaCAMember" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoAndinaCAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OxitenoAndinaCAMember" xml:lang="en-US" id="label_OxitenoAndinaCAMember">Oxiteno Andina, C.A.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoAndinaCAMember" xlink:to="label_OxitenoAndinaCAMember" xlink:title="Label : OxitenoAndinaCAMember to label_OxitenoAndinaCAMember" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoAndinaCAMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OxitenoAndinaCAMember_1" xml:lang="en-US" id="label_OxitenoAndinaCAMember_1">Oxiteno Andina, C.A. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoAndinaCAMember" xlink:to="label_OxitenoAndinaCAMember_1" xlink:title="Label : OxitenoAndinaCAMember to label_OxitenoAndinaCAMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoAndinaCAMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OxitenoAndinaCAMember_2" xml:lang="en-US" id="label_OxitenoAndinaCAMember_2">Oxiteno Andina, CA [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoAndinaCAMember" xlink:to="label_OxitenoAndinaCAMember_2" xlink:title="Label : OxitenoAndinaCAMember to label_OxitenoAndinaCAMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OxitenoEuropeSprlMember" xlink:label="OxitenoEuropeSprlMember" xlink:title="OxitenoEuropeSprlMember" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoEuropeSprlMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OxitenoEuropeSprlMember" xml:lang="en-US" id="label_OxitenoEuropeSprlMember">Oxiteno Europe SPRL [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoEuropeSprlMember" xlink:to="label_OxitenoEuropeSprlMember" xlink:title="Label : OxitenoEuropeSprlMember to label_OxitenoEuropeSprlMember" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoEuropeSprlMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OxitenoEuropeSprlMember_1" xml:lang="en-US" id="label_OxitenoEuropeSprlMember_1">Oxiteno Europe SPRL [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoEuropeSprlMember" xlink:to="label_OxitenoEuropeSprlMember_1" xlink:title="Label : OxitenoEuropeSprlMember to label_OxitenoEuropeSprlMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoEuropeSprlMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OxitenoEuropeSprlMember_2" xml:lang="en-US" id="label_OxitenoEuropeSprlMember_2">Oxiteno Europe SPRL.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoEuropeSprlMember" xlink:to="label_OxitenoEuropeSprlMember_2" xlink:title="Label : OxitenoEuropeSprlMember to label_OxitenoEuropeSprlMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OxitenoColombiaSASMember" xlink:label="OxitenoColombiaSASMember" xlink:title="OxitenoColombiaSASMember" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoColombiaSASMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OxitenoColombiaSASMember" xml:lang="en-US" id="label_OxitenoColombiaSASMember">Oxiteno Colombia S A S [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoColombiaSASMember" xlink:to="label_OxitenoColombiaSASMember" xlink:title="Label : OxitenoColombiaSASMember to label_OxitenoColombiaSASMember" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoColombiaSASMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OxitenoColombiaSASMember_1" xml:lang="en-US" id="label_OxitenoColombiaSASMember_1">Oxiteno Colombia S A S [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoColombiaSASMember" xlink:to="label_OxitenoColombiaSASMember_1" xlink:title="Label : OxitenoColombiaSASMember to label_OxitenoColombiaSASMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoColombiaSASMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OxitenoColombiaSASMember_2" xml:lang="en-US" id="label_OxitenoColombiaSASMember_2">Oxiteno Colombia S A S.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoColombiaSASMember" xlink:to="label_OxitenoColombiaSASMember_2" xlink:title="Label : OxitenoColombiaSASMember to label_OxitenoColombiaSASMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OxitenoShanghaiLtdMember" xlink:label="OxitenoShanghaiLtdMember" xlink:title="OxitenoShanghaiLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoShanghaiLtdMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OxitenoShanghaiLtdMember" xml:lang="en-US" id="label_OxitenoShanghaiLtdMember">Oxiteno Shanghai LTD [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoShanghaiLtdMember" xlink:to="label_OxitenoShanghaiLtdMember" xlink:title="Label : OxitenoShanghaiLtdMember to label_OxitenoShanghaiLtdMember" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoShanghaiLtdMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OxitenoShanghaiLtdMember_1" xml:lang="en-US" id="label_OxitenoShanghaiLtdMember_1">Oxiteno Shanghai LTD [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoShanghaiLtdMember" xlink:to="label_OxitenoShanghaiLtdMember_1" xlink:title="Label : OxitenoShanghaiLtdMember to label_OxitenoShanghaiLtdMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoShanghaiLtdMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OxitenoShanghaiLtdMember_2" xml:lang="en-US" id="label_OxitenoShanghaiLtdMember_2">Oxiteno Shanghai LTD.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoShanghaiLtdMember" xlink:to="label_OxitenoShanghaiLtdMember_2" xlink:title="Label : OxitenoShanghaiLtdMember to label_OxitenoShanghaiLtdMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_EmpresaCariocaDeProdutosQuimicosSAMember" xlink:label="EmpresaCariocaDeProdutosQuimicosSAMember" xlink:title="EmpresaCariocaDeProdutosQuimicosSAMember" />
    <link:label xlink:type="resource" xlink:label="label_EmpresaCariocaDeProdutosQuimicosSAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EmpresaCariocaDeProdutosQuimicosSAMember" xml:lang="en-US" id="label_EmpresaCariocaDeProdutosQuimicosSAMember">Empresa Carioca de Produtos Quimicos S A [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmpresaCariocaDeProdutosQuimicosSAMember" xlink:to="label_EmpresaCariocaDeProdutosQuimicosSAMember" xlink:title="Label : EmpresaCariocaDeProdutosQuimicosSAMember to label_EmpresaCariocaDeProdutosQuimicosSAMember" />
    <link:label xlink:type="resource" xlink:label="label_EmpresaCariocaDeProdutosQuimicosSAMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EmpresaCariocaDeProdutosQuimicosSAMember_1" xml:lang="en-US" id="label_EmpresaCariocaDeProdutosQuimicosSAMember_1">Empresa Carioca de Produtos Quimicos S A [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmpresaCariocaDeProdutosQuimicosSAMember" xlink:to="label_EmpresaCariocaDeProdutosQuimicosSAMember_1" xlink:title="Label : EmpresaCariocaDeProdutosQuimicosSAMember to label_EmpresaCariocaDeProdutosQuimicosSAMember_1" />
    <link:label xlink:type="resource" xlink:label="label_EmpresaCariocaDeProdutosQuimicosSAMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EmpresaCariocaDeProdutosQuimicosSAMember_2" xml:lang="en-US" id="label_EmpresaCariocaDeProdutosQuimicosSAMember_2">Empresa Carioca de Produtos Quimicos S A.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmpresaCariocaDeProdutosQuimicosSAMember" xlink:to="label_EmpresaCariocaDeProdutosQuimicosSAMember_2" xlink:title="Label : EmpresaCariocaDeProdutosQuimicosSAMember to label_EmpresaCariocaDeProdutosQuimicosSAMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_UltracargoOperacoesLogisticasParticipacoesLtdaMember" xlink:label="UltracargoOperacoesLogisticasParticipacoesLtdaMember" xlink:title="UltracargoOperacoesLogisticasParticipacoesLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_UltracargoOperacoesLogisticasParticipacoesLtdaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UltracargoOperacoesLogisticasParticipacoesLtdaMember" xml:lang="en-US" id="label_UltracargoOperacoesLogisticasParticipacoesLtdaMember">Ultracargo Operacoes Logisticas e Participacoes Ltda [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UltracargoOperacoesLogisticasParticipacoesLtdaMember" xlink:to="label_UltracargoOperacoesLogisticasParticipacoesLtdaMember" xlink:title="Label : UltracargoOperacoesLogisticasParticipacoesLtdaMember to label_UltracargoOperacoesLogisticasParticipacoesLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_UltracargoOperacoesLogisticasParticipacoesLtdaMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_UltracargoOperacoesLogisticasParticipacoesLtdaMember_1" xml:lang="en-US" id="label_UltracargoOperacoesLogisticasParticipacoesLtdaMember_1">Ultracargo Operacoes Logisticas e Participacoes Ltda [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UltracargoOperacoesLogisticasParticipacoesLtdaMember" xlink:to="label_UltracargoOperacoesLogisticasParticipacoesLtdaMember_1" xlink:title="Label : UltracargoOperacoesLogisticasParticipacoesLtdaMember to label_UltracargoOperacoesLogisticasParticipacoesLtdaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_UltracargoOperacoesLogisticasParticipacoesLtdaMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_UltracargoOperacoesLogisticasParticipacoesLtdaMember_2" xml:lang="en-US" id="label_UltracargoOperacoesLogisticasParticipacoesLtdaMember_2">Ultracargo Operacoes Logisticas e Participacoes Ltda.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UltracargoOperacoesLogisticasParticipacoesLtdaMember" xlink:to="label_UltracargoOperacoesLogisticasParticipacoesLtdaMember_2" xlink:title="Label : UltracargoOperacoesLogisticasParticipacoesLtdaMember to label_UltracargoOperacoesLogisticasParticipacoesLtdaMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TerminalQuimicoDeAratuSATequimarMember" xlink:label="TerminalQuimicoDeAratuSATequimarMember" xlink:title="TerminalQuimicoDeAratuSATequimarMember" />
    <link:label xlink:type="resource" xlink:label="label_TerminalQuimicoDeAratuSATequimarMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TerminalQuimicoDeAratuSATequimarMember" xml:lang="en-US" id="label_TerminalQuimicoDeAratuSATequimarMember">Terminal Quimico De Aratu SATequimar [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TerminalQuimicoDeAratuSATequimarMember" xlink:to="label_TerminalQuimicoDeAratuSATequimarMember" xlink:title="Label : TerminalQuimicoDeAratuSATequimarMember to label_TerminalQuimicoDeAratuSATequimarMember" />
    <link:label xlink:type="resource" xlink:label="label_TerminalQuimicoDeAratuSATequimarMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TerminalQuimicoDeAratuSATequimarMember_1" xml:lang="en-US" id="label_TerminalQuimicoDeAratuSATequimarMember_1">Terminal Quimico De Aratu SATequimar [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TerminalQuimicoDeAratuSATequimarMember" xlink:to="label_TerminalQuimicoDeAratuSATequimarMember_1" xlink:title="Label : TerminalQuimicoDeAratuSATequimarMember to label_TerminalQuimicoDeAratuSATequimarMember_1" />
    <link:label xlink:type="resource" xlink:label="label_TerminalQuimicoDeAratuSATequimarMember_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_TerminalQuimicoDeAratuSATequimarMember_2" xml:lang="en-US" id="label_TerminalQuimicoDeAratuSATequimarMember_2">Tequimar [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TerminalQuimicoDeAratuSATequimarMember" xlink:to="label_TerminalQuimicoDeAratuSATequimarMember_2" xlink:title="Label : TerminalQuimicoDeAratuSATequimarMember to label_TerminalQuimicoDeAratuSATequimarMember_2" />
    <link:label xlink:type="resource" xlink:label="label_TerminalQuimicoDeAratuSATequimarMember_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TerminalQuimicoDeAratuSATequimarMember_3" xml:lang="en-US" id="label_TerminalQuimicoDeAratuSATequimarMember_3">Terminal quimico de aratu S.A.tequimar.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TerminalQuimicoDeAratuSATequimarMember" xlink:to="label_TerminalQuimicoDeAratuSATequimarMember_3" xlink:title="Label : TerminalQuimicoDeAratuSATequimarMember to label_TerminalQuimicoDeAratuSATequimarMember_3" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TEASTerminalExportadorDeAlcoolDeSantosLtdaMember" xlink:label="TEASTerminalExportadorDeAlcoolDeSantosLtdaMember" xlink:title="TEASTerminalExportadorDeAlcoolDeSantosLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_TEASTerminalExportadorDeAlcoolDeSantosLtdaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TEASTerminalExportadorDeAlcoolDeSantosLtdaMember" xml:lang="en-US" id="label_TEASTerminalExportadorDeAlcoolDeSantosLtdaMember">TEAS Terminal Exportador de Alcool de Santos Ltda. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TEASTerminalExportadorDeAlcoolDeSantosLtdaMember" xlink:to="label_TEASTerminalExportadorDeAlcoolDeSantosLtdaMember" xlink:title="Label : TEASTerminalExportadorDeAlcoolDeSantosLtdaMember to label_TEASTerminalExportadorDeAlcoolDeSantosLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_TEASTerminalExportadorDeAlcoolDeSantosLtdaMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TEASTerminalExportadorDeAlcoolDeSantosLtdaMember_1" xml:lang="en-US" id="label_TEASTerminalExportadorDeAlcoolDeSantosLtdaMember_1">TEAS Terminal Exportador de Alcool de Santos Ltda. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TEASTerminalExportadorDeAlcoolDeSantosLtdaMember" xlink:to="label_TEASTerminalExportadorDeAlcoolDeSantosLtdaMember_1" xlink:title="Label : TEASTerminalExportadorDeAlcoolDeSantosLtdaMember to label_TEASTerminalExportadorDeAlcoolDeSantosLtdaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_TEASTerminalExportadorDeAlcoolDeSantosLtdaMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TEASTerminalExportadorDeAlcoolDeSantosLtdaMember_2" xml:lang="en-US" id="label_TEASTerminalExportadorDeAlcoolDeSantosLtdaMember_2">TEAS Terminal Exportador de lcool de Santos Ltda.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TEASTerminalExportadorDeAlcoolDeSantosLtdaMember" xlink:to="label_TEASTerminalExportadorDeAlcoolDeSantosLtdaMember_2" xlink:title="Label : TEASTerminalExportadorDeAlcoolDeSantosLtdaMember to label_TEASTerminalExportadorDeAlcoolDeSantosLtdaMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TequimarVilaDoCondeLogsticaPorturiaSaMember" xlink:label="TequimarVilaDoCondeLogsticaPorturiaSaMember" xlink:title="TequimarVilaDoCondeLogsticaPorturiaSaMember" />
    <link:label xlink:type="resource" xlink:label="label_TequimarVilaDoCondeLogsticaPorturiaSaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TequimarVilaDoCondeLogsticaPorturiaSaMember" xml:lang="en-US" id="label_TequimarVilaDoCondeLogsticaPorturiaSaMember">Tequimar Vila do Conde Logstica Porturia SA [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TequimarVilaDoCondeLogsticaPorturiaSaMember" xlink:to="label_TequimarVilaDoCondeLogsticaPorturiaSaMember" xlink:title="Label : TequimarVilaDoCondeLogsticaPorturiaSaMember to label_TequimarVilaDoCondeLogsticaPorturiaSaMember" />
    <link:label xlink:type="resource" xlink:label="label_TequimarVilaDoCondeLogsticaPorturiaSaMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TequimarVilaDoCondeLogsticaPorturiaSaMember_1" xml:lang="en-US" id="label_TequimarVilaDoCondeLogsticaPorturiaSaMember_1">Tequimar Vila do Conde Logstica Porturia SA [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TequimarVilaDoCondeLogsticaPorturiaSaMember" xlink:to="label_TequimarVilaDoCondeLogsticaPorturiaSaMember_1" xlink:title="Label : TequimarVilaDoCondeLogsticaPorturiaSaMember to label_TequimarVilaDoCondeLogsticaPorturiaSaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_TequimarVilaDoCondeLogsticaPorturiaSaMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TequimarVilaDoCondeLogsticaPorturiaSaMember_2" xml:lang="en-US" id="label_TequimarVilaDoCondeLogsticaPorturiaSaMember_2">Tequimar Vila do Conde Log&#xED;stica Portu&#xE1;ria S.A. Member.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TequimarVilaDoCondeLogsticaPorturiaSaMember" xlink:to="label_TequimarVilaDoCondeLogsticaPorturiaSaMember_2" xlink:title="Label : TequimarVilaDoCondeLogsticaPorturiaSaMember to label_TequimarVilaDoCondeLogsticaPorturiaSaMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_UltraparInternationalSAMember" xlink:label="UltraparInternationalSAMember" xlink:title="UltraparInternationalSAMember" />
    <link:label xlink:type="resource" xlink:label="label_UltraparInternationalSAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_UltraparInternationalSAMember" xml:lang="en-US" id="label_UltraparInternationalSAMember">Ultrapar international s a. [Member].</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UltraparInternationalSAMember" xlink:to="label_UltraparInternationalSAMember" xlink:title="Label : UltraparInternationalSAMember to label_UltraparInternationalSAMember" />
    <link:label xlink:type="resource" xlink:label="label_UltraparInternationalSAMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_UltraparInternationalSAMember_1" xml:lang="en-US" id="label_UltraparInternationalSAMember_1">Ultrapar International S.A. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UltraparInternationalSAMember" xlink:to="label_UltraparInternationalSAMember_1" xlink:title="Label : UltraparInternationalSAMember to label_UltraparInternationalSAMember_1" />
    <link:label xlink:type="resource" xlink:label="label_UltraparInternationalSAMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UltraparInternationalSAMember_2" xml:lang="en-US" id="label_UltraparInternationalSAMember_2">Ultrapar International SA [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UltraparInternationalSAMember" xlink:to="label_UltraparInternationalSAMember_2" xlink:title="Label : UltraparInternationalSAMember to label_UltraparInternationalSAMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SermaAssDosUsuariosEquipProcDeDadosMember" xlink:label="SermaAssDosUsuariosEquipProcDeDadosMember" xlink:title="SermaAssDosUsuariosEquipProcDeDadosMember" />
    <link:label xlink:type="resource" xlink:label="label_SermaAssDosUsuariosEquipProcDeDadosMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SermaAssDosUsuariosEquipProcDeDadosMember" xml:lang="en-US" id="label_SermaAssDosUsuariosEquipProcDeDadosMember">SERMA Ass dos usuarios equip proc de dados [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SermaAssDosUsuariosEquipProcDeDadosMember" xlink:to="label_SermaAssDosUsuariosEquipProcDeDadosMember" xlink:title="Label : SermaAssDosUsuariosEquipProcDeDadosMember to label_SermaAssDosUsuariosEquipProcDeDadosMember" />
    <link:label xlink:type="resource" xlink:label="label_SermaAssDosUsuariosEquipProcDeDadosMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SermaAssDosUsuariosEquipProcDeDadosMember_1" xml:lang="en-US" id="label_SermaAssDosUsuariosEquipProcDeDadosMember_1">SERMA - Ass. dos usu&#xE1;rios equip. proc. de dados [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SermaAssDosUsuariosEquipProcDeDadosMember" xlink:to="label_SermaAssDosUsuariosEquipProcDeDadosMember_1" xlink:title="Label : SermaAssDosUsuariosEquipProcDeDadosMember to label_SermaAssDosUsuariosEquipProcDeDadosMember_1" />
    <link:label xlink:type="resource" xlink:label="label_SermaAssDosUsuariosEquipProcDeDadosMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SermaAssDosUsuariosEquipProcDeDadosMember_2" xml:lang="en-US" id="label_SermaAssDosUsuariosEquipProcDeDadosMember_2">SERMA Ass dos usuarios equip proc de dados [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SermaAssDosUsuariosEquipProcDeDadosMember" xlink:to="label_SermaAssDosUsuariosEquipProcDeDadosMember_2" xlink:title="Label : SermaAssDosUsuariosEquipProcDeDadosMember to label_SermaAssDosUsuariosEquipProcDeDadosMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfSubsidiariesLineItems" xlink:label="SummaryOfSubsidiariesLineItems" xlink:title="SummaryOfSubsidiariesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfSubsidiariesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SummaryOfSubsidiariesLineItems" xml:lang="en-US" id="label_SummaryOfSubsidiariesLineItems">Summary of subsidiaries [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfSubsidiariesLineItems" xlink:to="label_SummaryOfSubsidiariesLineItems" xlink:title="Label : SummaryOfSubsidiariesLineItems to label_SummaryOfSubsidiariesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfSubsidiariesLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfSubsidiariesLineItems_1" xml:lang="en-US" id="label_SummaryOfSubsidiariesLineItems_1">Summary of subsidiaries [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfSubsidiariesLineItems" xlink:to="label_SummaryOfSubsidiariesLineItems_1" xlink:title="Label : SummaryOfSubsidiariesLineItems to label_SummaryOfSubsidiariesLineItems_1" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfSubsidiariesLineItems_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfSubsidiariesLineItems_2" xml:lang="en-US" id="label_SummaryOfSubsidiariesLineItems_2">Summary of subsidiary.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfSubsidiariesLineItems" xlink:to="label_SummaryOfSubsidiariesLineItems_2" xlink:title="Label : SummaryOfSubsidiariesLineItems to label_SummaryOfSubsidiariesLineItems_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NameOfSubsidiary" xlink:label="NameOfSubsidiary" xlink:title="NameOfSubsidiary" />
    <link:label xlink:type="resource" xlink:label="label_NameOfSubsidiary" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NameOfSubsidiary" xml:lang="en-US" id="label_NameOfSubsidiary">Name of subsidiary</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NameOfSubsidiary" xlink:to="label_NameOfSubsidiary" xlink:title="Label : NameOfSubsidiary to label_NameOfSubsidiary" />
    <link:label xlink:type="resource" xlink:label="label_NameOfSubsidiary_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NameOfSubsidiary_1" xml:lang="en-US" id="label_NameOfSubsidiary_1">Subsidiary</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NameOfSubsidiary" xlink:to="label_NameOfSubsidiary_1" xlink:title="Label : NameOfSubsidiary to label_NameOfSubsidiary_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_Location" xlink:label="Location" xlink:title="Location" />
    <link:label xlink:type="resource" xlink:label="label_Location" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Location" xml:lang="en-US" id="label_Location">Location</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Location" xlink:to="label_Location" xlink:title="Label : Location to label_Location" />
    <link:label xlink:type="resource" xlink:label="label_Location_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Location_1" xml:lang="en-US" id="label_Location_1">Location</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Location" xlink:to="label_Location_1" xlink:title="Label : Location to label_Location_1" />
    <link:label xlink:type="resource" xlink:label="label_Location_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Location_2" xml:lang="en-US" id="label_Location_2">The description of the geographic location in which the subsidiary operates.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Location" xlink:to="label_Location_2" xlink:title="Label : Location to label_Location_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_BusinessSegment" xlink:label="BusinessSegment" xlink:title="BusinessSegment" />
    <link:label xlink:type="resource" xlink:label="label_BusinessSegment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BusinessSegment" xml:lang="en-US" id="label_BusinessSegment">Business segment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessSegment" xlink:to="label_BusinessSegment" xlink:title="Label : BusinessSegment to label_BusinessSegment" />
    <link:label xlink:type="resource" xlink:label="label_BusinessSegment_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BusinessSegment_1" xml:lang="en-US" id="label_BusinessSegment_1">Segment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessSegment" xlink:to="label_BusinessSegment_1" xlink:title="Label : BusinessSegment to label_BusinessSegment_1" />
    <link:label xlink:type="resource" xlink:label="label_BusinessSegment_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BusinessSegment_2" xml:lang="en-US" id="label_BusinessSegment_2">The name of the segment in wich the subsidiarie is included according to the Entity's consolidation policies.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessSegment" xlink:to="label_BusinessSegment_2" xlink:title="Label : BusinessSegment to label_BusinessSegment_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DirectControlInterestPercentage" xlink:label="DirectControlInterestPercentage" xlink:title="DirectControlInterestPercentage" />
    <link:label xlink:type="resource" xlink:label="label_DirectControlInterestPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DirectControlInterestPercentage" xml:lang="en-US" id="label_DirectControlInterestPercentage">Direct control interest percentage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DirectControlInterestPercentage" xlink:to="label_DirectControlInterestPercentage" xlink:title="Label : DirectControlInterestPercentage to label_DirectControlInterestPercentage" />
    <link:label xlink:type="resource" xlink:label="label_DirectControlInterestPercentage_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DirectControlInterestPercentage_1" xml:lang="en-US" id="label_DirectControlInterestPercentage_1">Direct control</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DirectControlInterestPercentage" xlink:to="label_DirectControlInterestPercentage_1" xlink:title="Label : DirectControlInterestPercentage to label_DirectControlInterestPercentage_1" />
    <link:label xlink:type="resource" xlink:label="label_DirectControlInterestPercentage_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DirectControlInterestPercentage_2" xml:lang="en-US" id="label_DirectControlInterestPercentage_2">Percentage of the Entity's direct control over the subsidiary.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DirectControlInterestPercentage" xlink:to="label_DirectControlInterestPercentage_2" xlink:title="Label : DirectControlInterestPercentage to label_DirectControlInterestPercentage_2" />
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    <link:label xlink:type="resource" xlink:label="label_IndirectControlInterestPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IndirectControlInterestPercentage" xml:lang="en-US" id="label_IndirectControlInterestPercentage">Indirect control interest percentage</link:label>
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    <link:label xlink:type="resource" xlink:label="label_IndirectControlInterestPercentage_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IndirectControlInterestPercentage_1" xml:lang="en-US" id="label_IndirectControlInterestPercentage_1">Indirect control</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IndirectControlInterestPercentage" xlink:to="label_IndirectControlInterestPercentage_1" xlink:title="Label : IndirectControlInterestPercentage to label_IndirectControlInterestPercentage_1" />
    <link:label xlink:type="resource" xlink:label="label_IndirectControlInterestPercentage_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IndirectControlInterestPercentage_2" xml:lang="en-US" id="label_IndirectControlInterestPercentage_2">Percentage of the Entity's indirect control over the subsidiary.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IndirectControlInterestPercentage" xlink:to="label_IndirectControlInterestPercentage_2" xlink:title="Label : IndirectControlInterestPercentage to label_IndirectControlInterestPercentage_2" />
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    <link:label xlink:type="resource" xlink:label="label_DisclosureOfBusinessCombinationsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfBusinessCombinationsAbstract" xml:lang="en-US" id="label_DisclosureOfBusinessCombinationsAbstract">Disclosure of detailed information about business combination [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfBusinessCombinationsAbstract" xlink:to="label_DisclosureOfBusinessCombinationsAbstract" xlink:title="Label : DisclosureOfBusinessCombinationsAbstract to label_DisclosureOfBusinessCombinationsAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfBusinessCombinationsTable" xlink:label="DisclosureOfBusinessCombinationsTable" xlink:title="DisclosureOfBusinessCombinationsTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfBusinessCombinationsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfBusinessCombinationsTable" xml:lang="en-US" id="label_DisclosureOfBusinessCombinationsTable">Disclosure of detailed information about business combination [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfBusinessCombinationsTable" xlink:to="label_DisclosureOfBusinessCombinationsTable" xlink:title="Label : DisclosureOfBusinessCombinationsTable to label_DisclosureOfBusinessCombinationsTable" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfBusinessCombinationsTable" xlink:to="label_DisclosureOfBusinessCombinationsTable_1" xlink:title="Label : DisclosureOfBusinessCombinationsTable to label_DisclosureOfBusinessCombinationsTable_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfBusinessCombinationsLineItems" xlink:to="label_DisclosureOfBusinessCombinationsLineItems" xlink:title="Label : DisclosureOfBusinessCombinationsLineItems to label_DisclosureOfBusinessCombinationsLineItems" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfBusinessCombinationsLineItems" xlink:to="label_DisclosureOfBusinessCombinationsLineItems_1" xlink:title="Label : DisclosureOfBusinessCombinationsLineItems to label_DisclosureOfBusinessCombinationsLineItems_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_PercentageOfVotingEquityInterestsAcquired" xlink:label="PercentageOfVotingEquityInterestsAcquired" xlink:title="PercentageOfVotingEquityInterestsAcquired" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfVotingEquityInterestsAcquired" xlink:to="label_PercentageOfVotingEquityInterestsAcquired_1" xlink:title="Label : PercentageOfVotingEquityInterestsAcquired to label_PercentageOfVotingEquityInterestsAcquired_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CashAndCashEquivalentsAndFinancialInvestmentsDetailsNarrativeAbstract" xlink:label="CashAndCashEquivalentsAndFinancialInvestmentsDetailsNarrativeAbstract" xlink:title="CashAndCashEquivalentsAndFinancialInvestmentsDetailsNarrativeAbstract" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsAndFinancialInvestmentsDetailsNarrativeAbstract" xlink:to="label_CashAndCashEquivalentsAndFinancialInvestmentsDetailsNarrativeAbstract" xlink:title="Label : CashAndCashEquivalentsAndFinancialInvestmentsDetailsNarrativeAbstract to label_CashAndCashEquivalentsAndFinancialInvestmentsDetailsNarrativeAbstract" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsAndFinancialInvestmentsDetailsNarrativeAbstract" xlink:to="label_CashAndCashEquivalentsAndFinancialInvestmentsDetailsNarrativeAbstract_1" xlink:title="Label : CashAndCashEquivalentsAndFinancialInvestmentsDetailsNarrativeAbstract to label_CashAndCashEquivalentsAndFinancialInvestmentsDetailsNarrativeAbstract_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashCashEquivalentsAndFinancialInvestments" xlink:to="label_CashCashEquivalentsAndFinancialInvestments" xlink:title="Label : CashCashEquivalentsAndFinancialInvestments to label_CashCashEquivalentsAndFinancialInvestments" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashCashEquivalentsAndFinancialInvestments" xlink:to="label_CashCashEquivalentsAndFinancialInvestments_2" xlink:title="Label : CashCashEquivalentsAndFinancialInvestments to label_CashCashEquivalentsAndFinancialInvestments_2" />
    <link:label xlink:type="resource" xlink:label="label_CashCashEquivalentsAndFinancialInvestments_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CashCashEquivalentsAndFinancialInvestments_3" xml:lang="en-US" id="label_CashCashEquivalentsAndFinancialInvestments_3">The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashCashEquivalentsAndFinancialInvestments" xlink:to="label_CashCashEquivalentsAndFinancialInvestments_3" xlink:title="Label : CashCashEquivalentsAndFinancialInvestments to label_CashCashEquivalentsAndFinancialInvestments_3" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CashAndCashEquivalentsAndFinancialInvestmentsDetailsAbstract" xlink:label="CashAndCashEquivalentsAndFinancialInvestmentsDetailsAbstract" xlink:title="CashAndCashEquivalentsAndFinancialInvestmentsDetailsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalentsAndFinancialInvestmentsDetailsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashAndCashEquivalentsAndFinancialInvestmentsDetailsAbstract" xml:lang="en-US" id="label_CashAndCashEquivalentsAndFinancialInvestmentsDetailsAbstract">Cash and cash equivalents and financial investments details [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsAndFinancialInvestmentsDetailsAbstract" xlink:to="label_CashAndCashEquivalentsAndFinancialInvestmentsDetailsAbstract" xlink:title="Label : CashAndCashEquivalentsAndFinancialInvestmentsDetailsAbstract to label_CashAndCashEquivalentsAndFinancialInvestmentsDetailsAbstract" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsAndFinancialInvestmentsDetailsAbstract" xlink:to="label_CashAndCashEquivalentsAndFinancialInvestmentsDetailsAbstract_1" xlink:title="Label : CashAndCashEquivalentsAndFinancialInvestmentsDetailsAbstract to label_CashAndCashEquivalentsAndFinancialInvestmentsDetailsAbstract_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndBankDepositsInLocalCurrency" xlink:to="label_CashAndBankDepositsInLocalCurrency" xlink:title="Label : CashAndBankDepositsInLocalCurrency to label_CashAndBankDepositsInLocalCurrency" />
    <link:label xlink:type="resource" xlink:label="label_CashAndBankDepositsInLocalCurrency_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_CashAndBankDepositsInLocalCurrency_1" xml:lang="en-US" id="label_CashAndBankDepositsInLocalCurrency_1">Cash and bank deposits In local currency</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndBankDepositsInLocalCurrency" xlink:to="label_CashAndBankDepositsInLocalCurrency_1" xlink:title="Label : CashAndBankDepositsInLocalCurrency to label_CashAndBankDepositsInLocalCurrency_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndBankDepositsInLocalCurrency" xlink:to="label_CashAndBankDepositsInLocalCurrency_2" xlink:title="Label : CashAndBankDepositsInLocalCurrency to label_CashAndBankDepositsInLocalCurrency_2" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndBankDepositsInForeignCurrency" xlink:to="label_CashAndBankDepositsInForeignCurrency" xlink:title="Label : CashAndBankDepositsInForeignCurrency to label_CashAndBankDepositsInForeignCurrency" />
    <link:label xlink:type="resource" xlink:label="label_CashAndBankDepositsInForeignCurrency_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_CashAndBankDepositsInForeignCurrency_1" xml:lang="en-US" id="label_CashAndBankDepositsInForeignCurrency_1">In foreign currency</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndBankDepositsInForeignCurrency" xlink:to="label_CashAndBankDepositsInForeignCurrency_1" xlink:title="Label : CashAndBankDepositsInForeignCurrency to label_CashAndBankDepositsInForeignCurrency_1" />
    <link:label xlink:type="resource" xlink:label="label_CashAndBankDepositsInForeignCurrency_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CashAndBankDepositsInForeignCurrency_2" xml:lang="en-US" id="label_CashAndBankDepositsInForeignCurrency_2">The amount of cash on hand and bank deposits in foreign currency.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndBankDepositsInForeignCurrency" xlink:to="label_CashAndBankDepositsInForeignCurrency_2" xlink:title="Label : CashAndBankDepositsInForeignCurrency to label_CashAndBankDepositsInForeignCurrency_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_FinancialInvestmentsConsideredCashEquivalentsInLocalCurrency" xlink:label="FinancialInvestmentsConsideredCashEquivalentsInLocalCurrency" xlink:title="FinancialInvestmentsConsideredCashEquivalentsInLocalCurrency" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialInvestmentsConsideredCashEquivalentsInLocalCurrency" xlink:to="label_FinancialInvestmentsConsideredCashEquivalentsInLocalCurrency" xlink:title="Label : FinancialInvestmentsConsideredCashEquivalentsInLocalCurrency to label_FinancialInvestmentsConsideredCashEquivalentsInLocalCurrency" />
    <link:label xlink:type="resource" xlink:label="label_FinancialInvestmentsConsideredCashEquivalentsInLocalCurrency_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_FinancialInvestmentsConsideredCashEquivalentsInLocalCurrency_1" xml:lang="en-US" id="label_FinancialInvestmentsConsideredCashEquivalentsInLocalCurrency_1">Fixed-income securities</link:label>
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    <link:label xlink:type="resource" xlink:label="label_FinancialInvestmentsConsideredCashEquivalentsInLocalCurrency_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FinancialInvestmentsConsideredCashEquivalentsInLocalCurrency_2" xml:lang="en-US" id="label_FinancialInvestmentsConsideredCashEquivalentsInLocalCurrency_2">Investment in local currency that provides a return in the form of fixed periodic payments and the eventual return of principal at maturity.</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialInvestmentsConsideredCashEquivalentsInForeignCurrency" xlink:to="label_FinancialInvestmentsConsideredCashEquivalentsInForeignCurrency" xlink:title="Label : FinancialInvestmentsConsideredCashEquivalentsInForeignCurrency to label_FinancialInvestmentsConsideredCashEquivalentsInForeignCurrency" />
    <link:label xlink:type="resource" xlink:label="label_FinancialInvestmentsConsideredCashEquivalentsInForeignCurrency_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_FinancialInvestmentsConsideredCashEquivalentsInForeignCurrency_1" xml:lang="en-US" id="label_FinancialInvestmentsConsideredCashEquivalentsInForeignCurrency_1">Fixed-income securities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialInvestmentsConsideredCashEquivalentsInForeignCurrency" xlink:to="label_FinancialInvestmentsConsideredCashEquivalentsInForeignCurrency_1" xlink:title="Label : FinancialInvestmentsConsideredCashEquivalentsInForeignCurrency to label_FinancialInvestmentsConsideredCashEquivalentsInForeignCurrency_1" />
    <link:label xlink:type="resource" xlink:label="label_FinancialInvestmentsConsideredCashEquivalentsInForeignCurrency_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FinancialInvestmentsConsideredCashEquivalentsInForeignCurrency_2" xml:lang="en-US" id="label_FinancialInvestmentsConsideredCashEquivalentsInForeignCurrency_2">Investment that provides a return in the form of fixed periodic payments and the eventual return of principal at maturity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialInvestmentsConsideredCashEquivalentsInForeignCurrency" xlink:to="label_FinancialInvestmentsConsideredCashEquivalentsInForeignCurrency_2" xlink:title="Label : FinancialInvestmentsConsideredCashEquivalentsInForeignCurrency to label_FinancialInvestmentsConsideredCashEquivalentsInForeignCurrency_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CashAndCashEquivalentsAndFinancialInvestmentsDetails1Abstract" xlink:label="CashAndCashEquivalentsAndFinancialInvestmentsDetails1Abstract" xlink:title="CashAndCashEquivalentsAndFinancialInvestmentsDetails1Abstract" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalentsAndFinancialInvestmentsDetails1Abstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashAndCashEquivalentsAndFinancialInvestmentsDetails1Abstract" xml:lang="en-US" id="label_CashAndCashEquivalentsAndFinancialInvestmentsDetails1Abstract">Cash and cash equivalents and financial investments details1 [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsAndFinancialInvestmentsDetails1Abstract" xlink:to="label_CashAndCashEquivalentsAndFinancialInvestmentsDetails1Abstract" xlink:title="Label : CashAndCashEquivalentsAndFinancialInvestmentsDetails1Abstract to label_CashAndCashEquivalentsAndFinancialInvestmentsDetails1Abstract" />
    <link:label xlink:type="resource" xlink:label="label_CashAndCashEquivalentsAndFinancialInvestmentsDetails1Abstract_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CashAndCashEquivalentsAndFinancialInvestmentsDetails1Abstract_1" xml:lang="en-US" id="label_CashAndCashEquivalentsAndFinancialInvestmentsDetails1Abstract_1">Cash and cash equivalents and financial investments details1.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalentsAndFinancialInvestmentsDetails1Abstract" xlink:to="label_CashAndCashEquivalentsAndFinancialInvestmentsDetails1Abstract_1" xlink:title="Label : CashAndCashEquivalentsAndFinancialInvestmentsDetails1Abstract to label_CashAndCashEquivalentsAndFinancialInvestmentsDetails1Abstract_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_FinancialInvestmentsInLocalCurrency" xlink:label="FinancialInvestmentsInLocalCurrency" xlink:title="FinancialInvestmentsInLocalCurrency" />
    <link:label xlink:type="resource" xlink:label="label_FinancialInvestmentsInLocalCurrency" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialInvestmentsInLocalCurrency" xml:lang="en-US" id="label_FinancialInvestmentsInLocalCurrency">Financial investments in local currency</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialInvestmentsInLocalCurrency" xlink:to="label_FinancialInvestmentsInLocalCurrency" xlink:title="Label : FinancialInvestmentsInLocalCurrency to label_FinancialInvestmentsInLocalCurrency" />
    <link:label xlink:type="resource" xlink:label="label_FinancialInvestmentsInLocalCurrency_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_FinancialInvestmentsInLocalCurrency_1" xml:lang="en-US" id="label_FinancialInvestmentsInLocalCurrency_1">Financial investments in local currency, fixed-income securities and funds</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialInvestmentsInLocalCurrency" xlink:to="label_FinancialInvestmentsInLocalCurrency_1" xlink:title="Label : FinancialInvestmentsInLocalCurrency to label_FinancialInvestmentsInLocalCurrency_1" />
    <link:label xlink:type="resource" xlink:label="label_FinancialInvestmentsInLocalCurrency_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FinancialInvestmentsInLocalCurrency_2" xml:lang="en-US" id="label_FinancialInvestmentsInLocalCurrency_2">Investment in local currency that provides a return in the form of fixed periodic payments and the eventual return of principal at maturity. Funds gathers capital from a number of investors to create a pool of money that is then re-invested into assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialInvestmentsInLocalCurrency" xlink:to="label_FinancialInvestmentsInLocalCurrency_2" xlink:title="Label : FinancialInvestmentsInLocalCurrency to label_FinancialInvestmentsInLocalCurrency_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_FinancialInvestmentsInForeignCurrency" xlink:label="FinancialInvestmentsInForeignCurrency" xlink:title="FinancialInvestmentsInForeignCurrency" />
    <link:label xlink:type="resource" xlink:label="label_FinancialInvestmentsInForeignCurrency" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialInvestmentsInForeignCurrency" xml:lang="en-US" id="label_FinancialInvestmentsInForeignCurrency">Financial investments in foreign currency</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialInvestmentsInForeignCurrency" xlink:to="label_FinancialInvestmentsInForeignCurrency" xlink:title="Label : FinancialInvestmentsInForeignCurrency to label_FinancialInvestmentsInForeignCurrency" />
    <link:label xlink:type="resource" xlink:label="label_FinancialInvestmentsInForeignCurrency_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_FinancialInvestmentsInForeignCurrency_1" xml:lang="en-US" id="label_FinancialInvestmentsInForeignCurrency_1">Financial investments in foreign currency, fixed-income securities and funds</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialInvestmentsInForeignCurrency" xlink:to="label_FinancialInvestmentsInForeignCurrency_1" xlink:title="Label : FinancialInvestmentsInForeignCurrency to label_FinancialInvestmentsInForeignCurrency_1" />
    <link:label xlink:type="resource" xlink:label="label_FinancialInvestmentsInForeignCurrency_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FinancialInvestmentsInForeignCurrency_2" xml:lang="en-US" id="label_FinancialInvestmentsInForeignCurrency_2">Investment that provides a return in the form of fixed periodic payments and the eventual return of principal at maturity. Funds gathers capital from a number of investors to create a pool of money that is then re-invested into assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialInvestmentsInForeignCurrency" xlink:to="label_FinancialInvestmentsInForeignCurrency_2" xlink:title="Label : FinancialInvestmentsInForeignCurrency to label_FinancialInvestmentsInForeignCurrency_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CurencyAndInterestRateHedgingInstruments" xlink:label="CurencyAndInterestRateHedgingInstruments" xlink:title="CurencyAndInterestRateHedgingInstruments" />
    <link:label xlink:type="resource" xlink:label="label_CurencyAndInterestRateHedgingInstruments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurencyAndInterestRateHedgingInstruments" xml:lang="en-US" id="label_CurencyAndInterestRateHedgingInstruments">Curency and interest rate hedging instruments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurencyAndInterestRateHedgingInstruments" xlink:to="label_CurencyAndInterestRateHedgingInstruments" xlink:title="Label : CurencyAndInterestRateHedgingInstruments to label_CurencyAndInterestRateHedgingInstruments" />
    <link:label xlink:type="resource" xlink:label="label_CurencyAndInterestRateHedgingInstruments_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_CurencyAndInterestRateHedgingInstruments_1" xml:lang="en-US" id="label_CurencyAndInterestRateHedgingInstruments_1">Currency and interest rate hedging instruments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurencyAndInterestRateHedgingInstruments" xlink:to="label_CurencyAndInterestRateHedgingInstruments_1" xlink:title="Label : CurencyAndInterestRateHedgingInstruments to label_CurencyAndInterestRateHedgingInstruments_1" />
    <link:label xlink:type="resource" xlink:label="label_CurencyAndInterestRateHedgingInstruments_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurencyAndInterestRateHedgingInstruments_2" xml:lang="en-US" id="label_CurencyAndInterestRateHedgingInstruments_2">Can be a recognised asset or liability, an unrecognised firm commitment, a highly probable forecast transaction or a net investment in a foreign operation.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurencyAndInterestRateHedgingInstruments" xlink:to="label_CurencyAndInterestRateHedgingInstruments_2" xlink:title="Label : CurencyAndInterestRateHedgingInstruments to label_CurencyAndInterestRateHedgingInstruments_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_FinancialInvestments" xlink:label="FinancialInvestments" xlink:title="FinancialInvestments" />
    <link:label xlink:type="resource" xlink:label="label_FinancialInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialInvestments" xml:lang="en-US" id="label_FinancialInvestments">Financial investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialInvestments" xlink:to="label_FinancialInvestments" xlink:title="Label : FinancialInvestments to label_FinancialInvestments" />
    <link:label xlink:type="resource" xlink:label="label_FinancialInvestments_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_FinancialInvestments_1" xml:lang="en-US" id="label_FinancialInvestments_1">Total financial investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialInvestments" xlink:to="label_FinancialInvestments_1" xlink:title="Label : FinancialInvestments to label_FinancialInvestments_1" />
    <link:label xlink:type="resource" xlink:label="label_FinancialInvestments_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FinancialInvestments_2" xml:lang="en-US" id="label_FinancialInvestments_2">A financial asset is any asset that is: (a) cash; (b) an equity instrument of another entity; (c) a contractual right: (i) to receive cash or another financial asset from another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially favorable to the entity; or (d) a contract that will or may be settled in the entity's own equity instruments and is: (i) a non-derivative for which the entity is or may be obliged to receive a variable number of the entity's own equity instruments; or (ii) a derivative that will or may be settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity's own equity instruments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialInvestments" xlink:to="label_FinancialInvestments_2" xlink:title="Label : FinancialInvestments to label_FinancialInvestments_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_FinancialInvestmentsCurrent" xlink:label="FinancialInvestmentsCurrent" xlink:title="FinancialInvestmentsCurrent" />
    <link:label xlink:type="resource" xlink:label="label_FinancialInvestmentsCurrent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FinancialInvestmentsCurrent" xml:lang="en-US" id="label_FinancialInvestmentsCurrent">The amount of current financial investments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialInvestmentsCurrent" xlink:to="label_FinancialInvestmentsCurrent" xlink:title="Label : FinancialInvestmentsCurrent to label_FinancialInvestmentsCurrent" />
    <link:label xlink:type="resource" xlink:label="label_FinancialInvestmentsCurrent_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinancialInvestmentsCurrent_1" xml:lang="en-US" id="label_FinancialInvestmentsCurrent_1">Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialInvestmentsCurrent" xlink:to="label_FinancialInvestmentsCurrent_1" xlink:title="Label : FinancialInvestmentsCurrent to label_FinancialInvestmentsCurrent_1" />
    <link:label xlink:type="resource" xlink:label="label_FinancialInvestmentsCurrent_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialInvestmentsCurrent_2" xml:lang="en-US" id="label_FinancialInvestmentsCurrent_2">Financial investments current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialInvestmentsCurrent" xlink:to="label_FinancialInvestmentsCurrent_2" xlink:title="Label : FinancialInvestmentsCurrent to label_FinancialInvestmentsCurrent_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_FinancialInvestmentsNoncurrent" xlink:label="FinancialInvestmentsNoncurrent" xlink:title="FinancialInvestmentsNoncurrent" />
    <link:label xlink:type="resource" xlink:label="label_FinancialInvestmentsNoncurrent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FinancialInvestmentsNoncurrent" xml:lang="en-US" id="label_FinancialInvestmentsNoncurrent">The amount of non-current financial investments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialInvestmentsNoncurrent" xlink:to="label_FinancialInvestmentsNoncurrent" xlink:title="Label : FinancialInvestmentsNoncurrent to label_FinancialInvestmentsNoncurrent" />
    <link:label xlink:type="resource" xlink:label="label_FinancialInvestmentsNoncurrent_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinancialInvestmentsNoncurrent_1" xml:lang="en-US" id="label_FinancialInvestmentsNoncurrent_1">Non-current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialInvestmentsNoncurrent" xlink:to="label_FinancialInvestmentsNoncurrent_1" xlink:title="Label : FinancialInvestmentsNoncurrent to label_FinancialInvestmentsNoncurrent_1" />
    <link:label xlink:type="resource" xlink:label="label_FinancialInvestmentsNoncurrent_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialInvestmentsNoncurrent_2" xml:lang="en-US" id="label_FinancialInvestmentsNoncurrent_2">Financial investments noncurrent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialInvestmentsNoncurrent" xlink:to="label_FinancialInvestmentsNoncurrent_2" xlink:title="Label : FinancialInvestmentsNoncurrent to label_FinancialInvestmentsNoncurrent_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_SubclassificationsOfAssetsLiabilitiesAndEquitiesAbstract" xlink:label="SubclassificationsOfAssetsLiabilitiesAndEquitiesAbstract" xlink:title="SubclassificationsOfAssetsLiabilitiesAndEquitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_SubclassificationsOfAssetsLiabilitiesAndEquitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SubclassificationsOfAssetsLiabilitiesAndEquitiesAbstract" xml:lang="en-US" id="label_SubclassificationsOfAssetsLiabilitiesAndEquitiesAbstract">Subclassifications of assets, liabilities and equities [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubclassificationsOfAssetsLiabilitiesAndEquitiesAbstract" xlink:to="label_SubclassificationsOfAssetsLiabilitiesAndEquitiesAbstract" xlink:title="Label : SubclassificationsOfAssetsLiabilitiesAndEquitiesAbstract to label_SubclassificationsOfAssetsLiabilitiesAndEquitiesAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfFinancialInstrumentsTable" xlink:label="DisclosureOfFinancialInstrumentsTable" xlink:title="DisclosureOfFinancialInstrumentsTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfFinancialInstrumentsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfFinancialInstrumentsTable" xml:lang="en-US" id="label_DisclosureOfFinancialInstrumentsTable">Disclosure of detailed information about financial instruments [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFinancialInstrumentsTable" xlink:to="label_DisclosureOfFinancialInstrumentsTable" xlink:title="Label : DisclosureOfFinancialInstrumentsTable to label_DisclosureOfFinancialInstrumentsTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfFinancialInstrumentsTable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfFinancialInstrumentsTable_1" xml:lang="en-US" id="label_DisclosureOfFinancialInstrumentsTable_1">Disclosure of detailed information about financial instruments [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFinancialInstrumentsTable" xlink:to="label_DisclosureOfFinancialInstrumentsTable_1" xlink:title="Label : DisclosureOfFinancialInstrumentsTable to label_DisclosureOfFinancialInstrumentsTable_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TradeReceivablesAxis" xlink:label="TradeReceivablesAxis" xlink:title="TradeReceivablesAxis" />
    <link:label xlink:type="resource" xlink:label="label_TradeReceivablesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradeReceivablesAxis" xml:lang="en-US" id="label_TradeReceivablesAxis">Trade Receivables [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeReceivablesAxis" xlink:to="label_TradeReceivablesAxis" xlink:title="Label : TradeReceivablesAxis to label_TradeReceivablesAxis" />
    <link:label xlink:type="resource" xlink:label="label_TradeReceivablesAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TradeReceivablesAxis_1" xml:lang="en-US" id="label_TradeReceivablesAxis_1">Trade Receivables [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeReceivablesAxis" xlink:to="label_TradeReceivablesAxis_1" xlink:title="Label : TradeReceivablesAxis to label_TradeReceivablesAxis_1" />
    <link:label xlink:type="resource" xlink:label="label_TradeReceivablesAxis_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TradeReceivablesAxis_2" xml:lang="en-US" id="label_TradeReceivablesAxis_2">Trade receivables.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeReceivablesAxis" xlink:to="label_TradeReceivablesAxis_2" xlink:title="Label : TradeReceivablesAxis to label_TradeReceivablesAxis_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TradeReceivablesDomain" xlink:label="TradeReceivablesDomain" xlink:title="TradeReceivablesDomain" />
    <link:label xlink:type="resource" xlink:label="label_TradeReceivablesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradeReceivablesDomain" xml:lang="en-US" id="label_TradeReceivablesDomain">Trade Receivables [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeReceivablesDomain" xlink:to="label_TradeReceivablesDomain" xlink:title="Label : TradeReceivablesDomain to label_TradeReceivablesDomain" />
    <link:label xlink:type="resource" xlink:label="label_TradeReceivablesDomain_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TradeReceivablesDomain_1" xml:lang="en-US" id="label_TradeReceivablesDomain_1">Trade Receivables [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeReceivablesDomain" xlink:to="label_TradeReceivablesDomain_1" xlink:title="Label : TradeReceivablesDomain to label_TradeReceivablesDomain_1" />
    <link:label xlink:type="resource" xlink:label="label_TradeReceivablesDomain_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TradeReceivablesDomain_2" xml:lang="en-US" id="label_TradeReceivablesDomain_2">Trade receivables domain.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeReceivablesDomain" xlink:to="label_TradeReceivablesDomain_2" xlink:title="Label : TradeReceivablesDomain to label_TradeReceivablesDomain_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DomesticCustomersMember" xlink:label="DomesticCustomersMember" xlink:title="DomesticCustomersMember" />
    <link:label xlink:type="resource" xlink:label="label_DomesticCustomersMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DomesticCustomersMember" xml:lang="en-US" id="label_DomesticCustomersMember">Domestic customers [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DomesticCustomersMember" xlink:to="label_DomesticCustomersMember" xlink:title="Label : DomesticCustomersMember to label_DomesticCustomersMember" />
    <link:label xlink:type="resource" xlink:label="label_DomesticCustomersMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DomesticCustomersMember_1" xml:lang="en-US" id="label_DomesticCustomersMember_1">Domestic customers [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DomesticCustomersMember" xlink:to="label_DomesticCustomersMember_1" xlink:title="Label : DomesticCustomersMember to label_DomesticCustomersMember_1" />
    <link:label xlink:type="resource" xlink:label="label_DomesticCustomersMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DomesticCustomersMember_2" xml:lang="en-US" id="label_DomesticCustomersMember_2">Domestic customers [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DomesticCustomersMember" xlink:to="label_DomesticCustomersMember_2" xlink:title="Label : DomesticCustomersMember to label_DomesticCustomersMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ForeignCustomersMember" xlink:label="ForeignCustomersMember" xlink:title="ForeignCustomersMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignCustomersMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignCustomersMember" xml:lang="en-US" id="label_ForeignCustomersMember">foreign customers [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignCustomersMember" xlink:to="label_ForeignCustomersMember" xlink:title="Label : ForeignCustomersMember to label_ForeignCustomersMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignCustomersMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ForeignCustomersMember_1" xml:lang="en-US" id="label_ForeignCustomersMember_1">foreign customers [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignCustomersMember" xlink:to="label_ForeignCustomersMember_1" xlink:title="Label : ForeignCustomersMember to label_ForeignCustomersMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ForeignCustomersMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignCustomersMember_2" xml:lang="en-US" id="label_ForeignCustomersMember_2">Foreign customers.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignCustomersMember" xlink:to="label_ForeignCustomersMember_2" xlink:title="Label : ForeignCustomersMember to label_ForeignCustomersMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ExpectedLossesOnDoubtfulAccountsMember" xlink:label="ExpectedLossesOnDoubtfulAccountsMember" xlink:title="ExpectedLossesOnDoubtfulAccountsMember" />
    <link:label xlink:type="resource" xlink:label="label_ExpectedLossesOnDoubtfulAccountsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExpectedLossesOnDoubtfulAccountsMember" xml:lang="en-US" id="label_ExpectedLossesOnDoubtfulAccountsMember">Expected Losses On Doubtful Accounts [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpectedLossesOnDoubtfulAccountsMember" xlink:to="label_ExpectedLossesOnDoubtfulAccountsMember" xlink:title="Label : ExpectedLossesOnDoubtfulAccountsMember to label_ExpectedLossesOnDoubtfulAccountsMember" />
    <link:label xlink:type="resource" xlink:label="label_ExpectedLossesOnDoubtfulAccountsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ExpectedLossesOnDoubtfulAccountsMember_1" xml:lang="en-US" id="label_ExpectedLossesOnDoubtfulAccountsMember_1">Expected losses on doubtful accounts [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpectedLossesOnDoubtfulAccountsMember" xlink:to="label_ExpectedLossesOnDoubtfulAccountsMember_1" xlink:title="Label : ExpectedLossesOnDoubtfulAccountsMember to label_ExpectedLossesOnDoubtfulAccountsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ExpectedLossesOnDoubtfulAccountsMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ExpectedLossesOnDoubtfulAccountsMember_2" xml:lang="en-US" id="label_ExpectedLossesOnDoubtfulAccountsMember_2">Expected losses on doubtful accounts.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpectedLossesOnDoubtfulAccountsMember" xlink:to="label_ExpectedLossesOnDoubtfulAccountsMember_2" xlink:title="Label : ExpectedLossesOnDoubtfulAccountsMember to label_ExpectedLossesOnDoubtfulAccountsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfTradeReceivablesLineItems" xlink:label="SummaryOfTradeReceivablesLineItems" xlink:title="SummaryOfTradeReceivablesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfTradeReceivablesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SummaryOfTradeReceivablesLineItems" xml:lang="en-US" id="label_SummaryOfTradeReceivablesLineItems">Summary of trade receivables [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfTradeReceivablesLineItems" xlink:to="label_SummaryOfTradeReceivablesLineItems" xlink:title="Label : SummaryOfTradeReceivablesLineItems to label_SummaryOfTradeReceivablesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfTradeReceivablesLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfTradeReceivablesLineItems_1" xml:lang="en-US" id="label_SummaryOfTradeReceivablesLineItems_1">Summary of trade receivables [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfTradeReceivablesLineItems" xlink:to="label_SummaryOfTradeReceivablesLineItems_1" xlink:title="Label : SummaryOfTradeReceivablesLineItems to label_SummaryOfTradeReceivablesLineItems_1" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfTradeReceivablesLineItems_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfTradeReceivablesLineItems_2" xml:lang="en-US" id="label_SummaryOfTradeReceivablesLineItems_2">Summary of trade receivables.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfTradeReceivablesLineItems" xlink:to="label_SummaryOfTradeReceivablesLineItems_2" xlink:title="Label : SummaryOfTradeReceivablesLineItems to label_SummaryOfTradeReceivablesLineItems_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TradeReceivables" xlink:label="TradeReceivables" xlink:title="TradeReceivables" />
    <link:label xlink:type="resource" xlink:label="label_TradeReceivables" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TradeReceivables" xml:lang="en-US" id="label_TradeReceivables">Trade receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeReceivables" xlink:to="label_TradeReceivables" xlink:title="Label : TradeReceivables to label_TradeReceivables" />
    <link:label xlink:type="resource" xlink:label="label_TradeReceivables_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradeReceivables_1" xml:lang="en-US" id="label_TradeReceivables_1">Trade receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeReceivables" xlink:to="label_TradeReceivables_1" xlink:title="Label : TradeReceivables to label_TradeReceivables_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_RangeAxis" xlink:label="RangeAxis" xlink:title="RangeAxis" />
    <link:label xlink:type="resource" xlink:label="label_RangeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RangeAxis" xml:lang="en-US" id="label_RangeAxis">Range [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RangeAxis" xlink:to="label_RangeAxis" xlink:title="Label : RangeAxis to label_RangeAxis" />
    <link:label xlink:type="resource" xlink:label="label_RangeAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RangeAxis_1" xml:lang="en-US" id="label_RangeAxis_1">Range [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RangeAxis" xlink:to="label_RangeAxis_1" xlink:title="Label : RangeAxis to label_RangeAxis_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_RangesMember" xlink:label="RangesMember" xlink:title="RangesMember" />
    <link:label xlink:type="resource" xlink:label="label_RangesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RangesMember" xml:lang="en-US" id="label_RangesMember">Ranges [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RangesMember" xlink:to="label_RangesMember" xlink:title="Label : RangesMember to label_RangesMember" />
    <link:label xlink:type="resource" xlink:label="label_RangesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RangesMember_1" xml:lang="en-US" id="label_RangesMember_1">Ranges [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RangesMember" xlink:to="label_RangesMember_1" xlink:title="Label : RangesMember to label_RangesMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentMember" xlink:label="CurrentMember" xlink:title="CurrentMember" />
    <link:label xlink:type="resource" xlink:label="label_CurrentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentMember" xml:lang="en-US" id="label_CurrentMember">Current [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentMember" xlink:to="label_CurrentMember" xlink:title="Label : CurrentMember to label_CurrentMember" />
    <link:label xlink:type="resource" xlink:label="label_CurrentMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentMember_1" xml:lang="en-US" id="label_CurrentMember_1">Current [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentMember" xlink:to="label_CurrentMember_1" xlink:title="Label : CurrentMember to label_CurrentMember_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentMember_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CurrentMember_2" xml:lang="en-US" id="label_CurrentMember_2">Current [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentMember" xlink:to="label_CurrentMember_2" xlink:title="Label : CurrentMember to label_CurrentMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LessThanThirtyDaysMember" xlink:label="LessThanThirtyDaysMember" xlink:title="LessThanThirtyDaysMember" />
    <link:label xlink:type="resource" xlink:label="label_LessThanThirtyDaysMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LessThanThirtyDaysMember" xml:lang="en-US" id="label_LessThanThirtyDaysMember">Less than Thirty days [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LessThanThirtyDaysMember" xlink:to="label_LessThanThirtyDaysMember" xlink:title="Label : LessThanThirtyDaysMember to label_LessThanThirtyDaysMember" />
    <link:label xlink:type="resource" xlink:label="label_LessThanThirtyDaysMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LessThanThirtyDaysMember_1" xml:lang="en-US" id="label_LessThanThirtyDaysMember_1">Less than 30 days [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LessThanThirtyDaysMember" xlink:to="label_LessThanThirtyDaysMember_1" xlink:title="Label : LessThanThirtyDaysMember to label_LessThanThirtyDaysMember_1" />
    <link:label xlink:type="resource" xlink:label="label_LessThanThirtyDaysMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LessThanThirtyDaysMember_2" xml:lang="en-US" id="label_LessThanThirtyDaysMember_2">Less than 30 days.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LessThanThirtyDaysMember" xlink:to="label_LessThanThirtyDaysMember_2" xlink:title="Label : LessThanThirtyDaysMember to label_LessThanThirtyDaysMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_FromThirtyOneDaysToSixtyDaysMember" xlink:label="FromThirtyOneDaysToSixtyDaysMember" xlink:title="FromThirtyOneDaysToSixtyDaysMember" />
    <link:label xlink:type="resource" xlink:label="label_FromThirtyOneDaysToSixtyDaysMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FromThirtyOneDaysToSixtyDaysMember" xml:lang="en-US" id="label_FromThirtyOneDaysToSixtyDaysMember">From thirty one days to sixty days [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FromThirtyOneDaysToSixtyDaysMember" xlink:to="label_FromThirtyOneDaysToSixtyDaysMember" xlink:title="Label : FromThirtyOneDaysToSixtyDaysMember to label_FromThirtyOneDaysToSixtyDaysMember" />
    <link:label xlink:type="resource" xlink:label="label_FromThirtyOneDaysToSixtyDaysMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FromThirtyOneDaysToSixtyDaysMember_1" xml:lang="en-US" id="label_FromThirtyOneDaysToSixtyDaysMember_1">From thirty 31 to 60 days [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FromThirtyOneDaysToSixtyDaysMember" xlink:to="label_FromThirtyOneDaysToSixtyDaysMember_1" xlink:title="Label : FromThirtyOneDaysToSixtyDaysMember to label_FromThirtyOneDaysToSixtyDaysMember_1" />
    <link:label xlink:type="resource" xlink:label="label_FromThirtyOneDaysToSixtyDaysMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FromThirtyOneDaysToSixtyDaysMember_2" xml:lang="en-US" id="label_FromThirtyOneDaysToSixtyDaysMember_2">From thirty one days to sixty days.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FromThirtyOneDaysToSixtyDaysMember" xlink:to="label_FromThirtyOneDaysToSixtyDaysMember_2" xlink:title="Label : FromThirtyOneDaysToSixtyDaysMember to label_FromThirtyOneDaysToSixtyDaysMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_FromSixtyOneDaysToNinetyDaysMember" xlink:label="FromSixtyOneDaysToNinetyDaysMember" xlink:title="FromSixtyOneDaysToNinetyDaysMember" />
    <link:label xlink:type="resource" xlink:label="label_FromSixtyOneDaysToNinetyDaysMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FromSixtyOneDaysToNinetyDaysMember" xml:lang="en-US" id="label_FromSixtyOneDaysToNinetyDaysMember">From sixty one days to Ninety days [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FromSixtyOneDaysToNinetyDaysMember" xlink:to="label_FromSixtyOneDaysToNinetyDaysMember" xlink:title="Label : FromSixtyOneDaysToNinetyDaysMember to label_FromSixtyOneDaysToNinetyDaysMember" />
    <link:label xlink:type="resource" xlink:label="label_FromSixtyOneDaysToNinetyDaysMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FromSixtyOneDaysToNinetyDaysMember_1" xml:lang="en-US" id="label_FromSixtyOneDaysToNinetyDaysMember_1">From sixty one days to Ninety days [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FromSixtyOneDaysToNinetyDaysMember" xlink:to="label_FromSixtyOneDaysToNinetyDaysMember_1" xlink:title="Label : FromSixtyOneDaysToNinetyDaysMember to label_FromSixtyOneDaysToNinetyDaysMember_1" />
    <link:label xlink:type="resource" xlink:label="label_FromSixtyOneDaysToNinetyDaysMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FromSixtyOneDaysToNinetyDaysMember_2" xml:lang="en-US" id="label_FromSixtyOneDaysToNinetyDaysMember_2">From 61 days to 90 days.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FromSixtyOneDaysToNinetyDaysMember" xlink:to="label_FromSixtyOneDaysToNinetyDaysMember_2" xlink:title="Label : FromSixtyOneDaysToNinetyDaysMember to label_FromSixtyOneDaysToNinetyDaysMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_From91To180DaysMember" xlink:label="From91To180DaysMember" xlink:title="From91To180DaysMember" />
    <link:label xlink:type="resource" xlink:label="label_From91To180DaysMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_From91To180DaysMember" xml:lang="en-US" id="label_From91To180DaysMember">From 91 to180 days [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="From91To180DaysMember" xlink:to="label_From91To180DaysMember" xlink:title="Label : From91To180DaysMember to label_From91To180DaysMember" />
    <link:label xlink:type="resource" xlink:label="label_From91To180DaysMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_From91To180DaysMember_1" xml:lang="en-US" id="label_From91To180DaysMember_1">From 91 to180 days [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="From91To180DaysMember" xlink:to="label_From91To180DaysMember_1" xlink:title="Label : From91To180DaysMember to label_From91To180DaysMember_1" />
    <link:label xlink:type="resource" xlink:label="label_From91To180DaysMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_From91To180DaysMember_2" xml:lang="en-US" id="label_From91To180DaysMember_2">From 91 to180 days.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="From91To180DaysMember" xlink:to="label_From91To180DaysMember_2" xlink:title="Label : From91To180DaysMember to label_From91To180DaysMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_MoreThanOneEightyDaysMember" xlink:label="MoreThanOneEightyDaysMember" xlink:title="MoreThanOneEightyDaysMember" />
    <link:label xlink:type="resource" xlink:label="label_MoreThanOneEightyDaysMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MoreThanOneEightyDaysMember" xml:lang="en-US" id="label_MoreThanOneEightyDaysMember">More Than One Eighty Days [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MoreThanOneEightyDaysMember" xlink:to="label_MoreThanOneEightyDaysMember" xlink:title="Label : MoreThanOneEightyDaysMember to label_MoreThanOneEightyDaysMember" />
    <link:label xlink:type="resource" xlink:label="label_MoreThanOneEightyDaysMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MoreThanOneEightyDaysMember_1" xml:lang="en-US" id="label_MoreThanOneEightyDaysMember_1">More than 180 Days [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MoreThanOneEightyDaysMember" xlink:to="label_MoreThanOneEightyDaysMember_1" xlink:title="Label : MoreThanOneEightyDaysMember to label_MoreThanOneEightyDaysMember_1" />
    <link:label xlink:type="resource" xlink:label="label_MoreThanOneEightyDaysMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MoreThanOneEightyDaysMember_2" xml:lang="en-US" id="label_MoreThanOneEightyDaysMember_2">More than 180 days.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MoreThanOneEightyDaysMember" xlink:to="label_MoreThanOneEightyDaysMember_2" xlink:title="Label : MoreThanOneEightyDaysMember to label_MoreThanOneEightyDaysMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TradeReceivablesGross" xlink:label="TradeReceivablesGross" xlink:title="TradeReceivablesGross" />
    <link:label xlink:type="resource" xlink:label="label_TradeReceivablesGross" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradeReceivablesGross" xml:lang="en-US" id="label_TradeReceivablesGross">Trade Receivables Gross</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeReceivablesGross" xlink:to="label_TradeReceivablesGross" xlink:title="Label : TradeReceivablesGross to label_TradeReceivablesGross" />
    <link:label xlink:type="resource" xlink:label="label_TradeReceivablesGross_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TradeReceivablesGross_1" xml:lang="en-US" id="label_TradeReceivablesGross_1">Trade receivables, gross of expected losses on doubtful accounts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeReceivablesGross" xlink:to="label_TradeReceivablesGross_1" xlink:title="Label : TradeReceivablesGross to label_TradeReceivablesGross_1" />
    <link:label xlink:type="resource" xlink:label="label_TradeReceivablesGross_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TradeReceivablesGross_2" xml:lang="en-US" id="label_TradeReceivablesGross_2">The amount of trade receivables, gross of allowance for doubtful accounts.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeReceivablesGross" xlink:to="label_TradeReceivablesGross_2" xlink:title="Label : TradeReceivablesGross to label_TradeReceivablesGross_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_MaturityAxis" xlink:label="MaturityAxis" xlink:title="MaturityAxis" />
    <link:label xlink:type="resource" xlink:label="label_MaturityAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaturityAxis" xml:lang="en-US" id="label_MaturityAxis">Maturity [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturityAxis" xlink:to="label_MaturityAxis" xlink:title="Label : MaturityAxis to label_MaturityAxis" />
    <link:label xlink:type="resource" xlink:label="label_MaturityAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MaturityAxis_1" xml:lang="en-US" id="label_MaturityAxis_1">Maturity [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturityAxis" xlink:to="label_MaturityAxis_1" xlink:title="Label : MaturityAxis to label_MaturityAxis_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AggregatedTimeBandsMember" xlink:label="AggregatedTimeBandsMember" xlink:title="AggregatedTimeBandsMember" />
    <link:label xlink:type="resource" xlink:label="label_AggregatedTimeBandsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AggregatedTimeBandsMember" xml:lang="en-US" id="label_AggregatedTimeBandsMember">Aggregated time bands [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AggregatedTimeBandsMember" xlink:to="label_AggregatedTimeBandsMember" xlink:title="Label : AggregatedTimeBandsMember to label_AggregatedTimeBandsMember" />
    <link:label xlink:type="resource" xlink:label="label_AggregatedTimeBandsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AggregatedTimeBandsMember_1" xml:lang="en-US" id="label_AggregatedTimeBandsMember_1">Aggregated time bands [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AggregatedTimeBandsMember" xlink:to="label_AggregatedTimeBandsMember_1" xlink:title="Label : AggregatedTimeBandsMember to label_AggregatedTimeBandsMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TradeAndOtherReceivablesAbstract" xlink:label="TradeAndOtherReceivablesAbstract" xlink:title="TradeAndOtherReceivablesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_TradeAndOtherReceivablesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradeAndOtherReceivablesAbstract" xml:lang="en-US" id="label_TradeAndOtherReceivablesAbstract">Trade and other receivables [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeAndOtherReceivablesAbstract" xlink:to="label_TradeAndOtherReceivablesAbstract" xlink:title="Label : TradeAndOtherReceivablesAbstract to label_TradeAndOtherReceivablesAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfFinancialAssetsTable" xlink:label="DisclosureOfFinancialAssetsTable" xlink:title="DisclosureOfFinancialAssetsTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfFinancialAssetsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfFinancialAssetsTable" xml:lang="en-US" id="label_DisclosureOfFinancialAssetsTable">Disclosure of financial assets [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFinancialAssetsTable" xlink:to="label_DisclosureOfFinancialAssetsTable" xlink:title="Label : DisclosureOfFinancialAssetsTable to label_DisclosureOfFinancialAssetsTable" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfFinancialAssetsLineItems" xlink:label="DisclosureOfFinancialAssetsLineItems" xlink:title="DisclosureOfFinancialAssetsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfFinancialAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfFinancialAssetsLineItems" xml:lang="en-US" id="label_DisclosureOfFinancialAssetsLineItems">Disclosure of financial assets [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFinancialAssetsLineItems" xlink:to="label_DisclosureOfFinancialAssetsLineItems" xlink:title="Label : DisclosureOfFinancialAssetsLineItems to label_DisclosureOfFinancialAssetsLineItems" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AllowanceAccountForCreditLossesOfFinancialAssets" xlink:label="AllowanceAccountForCreditLossesOfFinancialAssets" xlink:title="AllowanceAccountForCreditLossesOfFinancialAssets" />
    <link:label xlink:type="resource" xlink:label="label_AllowanceAccountForCreditLossesOfFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AllowanceAccountForCreditLossesOfFinancialAssets" xml:lang="en-US" id="label_AllowanceAccountForCreditLossesOfFinancialAssets">Allowance account for credit losses of financial assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllowanceAccountForCreditLossesOfFinancialAssets" xlink:to="label_AllowanceAccountForCreditLossesOfFinancialAssets" xlink:title="Label : AllowanceAccountForCreditLossesOfFinancialAssets to label_AllowanceAccountForCreditLossesOfFinancialAssets" />
    <link:label xlink:type="resource" xlink:label="label_AllowanceAccountForCreditLossesOfFinancialAssets_1" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_AllowanceAccountForCreditLossesOfFinancialAssets_1" xml:lang="en-US" id="label_AllowanceAccountForCreditLossesOfFinancialAssets_1">Beginning balance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllowanceAccountForCreditLossesOfFinancialAssets" xlink:to="label_AllowanceAccountForCreditLossesOfFinancialAssets_1" xlink:title="Label : AllowanceAccountForCreditLossesOfFinancialAssets to label_AllowanceAccountForCreditLossesOfFinancialAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_AllowanceAccountForCreditLossesOfFinancialAssets_2" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_AllowanceAccountForCreditLossesOfFinancialAssets_2" xml:lang="en-US" id="label_AllowanceAccountForCreditLossesOfFinancialAssets_2">Ending balance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllowanceAccountForCreditLossesOfFinancialAssets" xlink:to="label_AllowanceAccountForCreditLossesOfFinancialAssets_2" xlink:title="Label : AllowanceAccountForCreditLossesOfFinancialAssets to label_AllowanceAccountForCreditLossesOfFinancialAssets_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets" xlink:label="AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets" xlink:title="AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets" />
    <link:label xlink:type="resource" xlink:label="label_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets" xml:lang="en-US" id="label_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets">Additional allowance recognised in profit or loss, allowance account for credit losses of financial assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets" xlink:to="label_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets" xlink:title="Label : AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets to label_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets" />
    <link:label xlink:type="resource" xlink:label="label_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets_1" xml:lang="en-US" id="label_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets_1">Additions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets" xlink:to="label_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets_1" xlink:title="Label : AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets to label_AdditionalAllowanceRecognisedInProfitOrLossAllowanceAccountForCreditLossesOfFinancialAssets_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ImpairmentLossOnFinancialAssets" xlink:label="ImpairmentLossOnFinancialAssets" xlink:title="ImpairmentLossOnFinancialAssets" />
    <link:label xlink:type="resource" xlink:label="label_ImpairmentLossOnFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ImpairmentLossOnFinancialAssets" xml:lang="en-US" id="label_ImpairmentLossOnFinancialAssets">Impairment loss on financial assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentLossOnFinancialAssets" xlink:to="label_ImpairmentLossOnFinancialAssets" xlink:title="Label : ImpairmentLossOnFinancialAssets to label_ImpairmentLossOnFinancialAssets" />
    <link:label xlink:type="resource" xlink:label="label_ImpairmentLossOnFinancialAssets_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ImpairmentLossOnFinancialAssets_1" xml:lang="en-US" id="label_ImpairmentLossOnFinancialAssets_1">Write-offs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentLossOnFinancialAssets" xlink:to="label_ImpairmentLossOnFinancialAssets_1" xlink:title="Label : ImpairmentLossOnFinancialAssets to label_ImpairmentLossOnFinancialAssets_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ResellerFinancing" xlink:label="ResellerFinancing" xlink:title="ResellerFinancing" />
    <link:label xlink:type="resource" xlink:label="label_ResellerFinancing" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ResellerFinancing" xml:lang="en-US" id="label_ResellerFinancing">Reseller financing current and noncurrent.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ResellerFinancing" xlink:to="label_ResellerFinancing" xlink:title="Label : ResellerFinancing to label_ResellerFinancing" />
    <link:label xlink:type="resource" xlink:label="label_ResellerFinancing_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ResellerFinancing_1" xml:lang="en-US" id="label_ResellerFinancing_1">Reseller financing</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ResellerFinancing" xlink:to="label_ResellerFinancing_1" xlink:title="Label : ResellerFinancing to label_ResellerFinancing_1" />
    <link:label xlink:type="resource" xlink:label="label_ResellerFinancing_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ResellerFinancing_2" xml:lang="en-US" id="label_ResellerFinancing_2">Reseller financing</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ResellerFinancing" xlink:to="label_ResellerFinancing_2" xlink:title="Label : ResellerFinancing to label_ResellerFinancing_2" />
    <link:label xlink:type="resource" xlink:label="label_ResellerFinancing_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ResellerFinancing_3" xml:lang="en-US" id="label_ResellerFinancing_3">Reseller financing</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ResellerFinancing" xlink:to="label_ResellerFinancing_3" xlink:title="Label : ResellerFinancing to label_ResellerFinancing_3" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_BottomOfRangeMember" xlink:label="BottomOfRangeMember" xlink:title="BottomOfRangeMember" />
    <link:label xlink:type="resource" xlink:label="label_BottomOfRangeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BottomOfRangeMember" xml:lang="en-US" id="label_BottomOfRangeMember">Bottom of range [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BottomOfRangeMember" xlink:to="label_BottomOfRangeMember" xlink:title="Label : BottomOfRangeMember to label_BottomOfRangeMember" />
    <link:label xlink:type="resource" xlink:label="label_BottomOfRangeMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BottomOfRangeMember_1" xml:lang="en-US" id="label_BottomOfRangeMember_1">Bottom of range [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BottomOfRangeMember" xlink:to="label_BottomOfRangeMember_1" xlink:title="Label : BottomOfRangeMember to label_BottomOfRangeMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TopOfRangeMember" xlink:label="TopOfRangeMember" xlink:title="TopOfRangeMember" />
    <link:label xlink:type="resource" xlink:label="label_TopOfRangeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TopOfRangeMember" xml:lang="en-US" id="label_TopOfRangeMember">Top of range [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TopOfRangeMember" xlink:to="label_TopOfRangeMember" xlink:title="Label : TopOfRangeMember to label_TopOfRangeMember" />
    <link:label xlink:type="resource" xlink:label="label_TopOfRangeMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TopOfRangeMember_1" xml:lang="en-US" id="label_TopOfRangeMember_1">Top of range [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TopOfRangeMember" xlink:to="label_TopOfRangeMember_1" xlink:title="Label : TopOfRangeMember to label_TopOfRangeMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AverageMember" xlink:label="AverageMember" xlink:title="AverageMember" />
    <link:label xlink:type="resource" xlink:label="label_AverageMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AverageMember" xml:lang="en-US" id="label_AverageMember">Average [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AverageMember" xlink:to="label_AverageMember" xlink:title="Label : AverageMember to label_AverageMember" />
    <link:label xlink:type="resource" xlink:label="label_AverageMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AverageMember_1" xml:lang="en-US" id="label_AverageMember_1">Average [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AverageMember" xlink:to="label_AverageMember_1" xlink:title="Label : AverageMember to label_AverageMember_1" />
    <link:label xlink:type="resource" xlink:label="label_AverageMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AverageMember_2" xml:lang="en-US" id="label_AverageMember_2">Average.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AverageMember" xlink:to="label_AverageMember_2" xlink:title="Label : AverageMember to label_AverageMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TermsOfResellerFinancing" xlink:label="TermsOfResellerFinancing" xlink:title="TermsOfResellerFinancing" />
    <link:label xlink:type="resource" xlink:label="label_TermsOfResellerFinancing" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TermsOfResellerFinancing" xml:lang="en-US" id="label_TermsOfResellerFinancing">Terms of reseller financing</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TermsOfResellerFinancing" xlink:to="label_TermsOfResellerFinancing" xlink:title="Label : TermsOfResellerFinancing to label_TermsOfResellerFinancing" />
    <link:label xlink:type="resource" xlink:label="label_TermsOfResellerFinancing_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TermsOfResellerFinancing_1" xml:lang="en-US" id="label_TermsOfResellerFinancing_1">Terms of reseller financing</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TermsOfResellerFinancing" xlink:to="label_TermsOfResellerFinancing_1" xlink:title="Label : TermsOfResellerFinancing to label_TermsOfResellerFinancing_1" />
    <link:label xlink:type="resource" xlink:label="label_TermsOfResellerFinancing_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TermsOfResellerFinancing_2" xml:lang="en-US" id="label_TermsOfResellerFinancing_2">Terms of reseller financing.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TermsOfResellerFinancing" xlink:to="label_TermsOfResellerFinancing_2" xlink:title="Label : TermsOfResellerFinancing to label_TermsOfResellerFinancing_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ResellerFinancingRatePerMonth" xlink:label="ResellerFinancingRatePerMonth" xlink:title="ResellerFinancingRatePerMonth" />
    <link:label xlink:type="resource" xlink:label="label_ResellerFinancingRatePerMonth" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ResellerFinancingRatePerMonth" xml:lang="en-US" id="label_ResellerFinancingRatePerMonth">Reseller financing rate per month</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ResellerFinancingRatePerMonth" xlink:to="label_ResellerFinancingRatePerMonth" xlink:title="Label : ResellerFinancingRatePerMonth to label_ResellerFinancingRatePerMonth" />
    <link:label xlink:type="resource" xlink:label="label_ResellerFinancingRatePerMonth_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ResellerFinancingRatePerMonth_1" xml:lang="en-US" id="label_ResellerFinancingRatePerMonth_1">Reseller financing rate per month</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ResellerFinancingRatePerMonth" xlink:to="label_ResellerFinancingRatePerMonth_1" xlink:title="Label : ResellerFinancingRatePerMonth to label_ResellerFinancingRatePerMonth_1" />
    <link:label xlink:type="resource" xlink:label="label_ResellerFinancingRatePerMonth_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ResellerFinancingRatePerMonth_2" xml:lang="en-US" id="label_ResellerFinancingRatePerMonth_2">Reseller financing rate per month.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ResellerFinancingRatePerMonth" xlink:to="label_ResellerFinancingRatePerMonth_2" xlink:title="Label : ResellerFinancingRatePerMonth to label_ResellerFinancingRatePerMonth_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ResellerFinancingGross" xlink:label="ResellerFinancingGross" xlink:title="ResellerFinancingGross" />
    <link:label xlink:type="resource" xlink:label="label_ResellerFinancingGross" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ResellerFinancingGross" xml:lang="en-US" id="label_ResellerFinancingGross">Reseller Financing Gross</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ResellerFinancingGross" xlink:to="label_ResellerFinancingGross" xlink:title="Label : ResellerFinancingGross to label_ResellerFinancingGross" />
    <link:label xlink:type="resource" xlink:label="label_ResellerFinancingGross_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ResellerFinancingGross_1" xml:lang="en-US" id="label_ResellerFinancingGross_1">Reseller financing, gross of expected losses on doubtful accounts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ResellerFinancingGross" xlink:to="label_ResellerFinancingGross_1" xlink:title="Label : ResellerFinancingGross to label_ResellerFinancingGross_1" />
    <link:label xlink:type="resource" xlink:label="label_ResellerFinancingGross_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ResellerFinancingGross_2" xml:lang="en-US" id="label_ResellerFinancingGross_2">Reseller Financing Gross</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ResellerFinancingGross" xlink:to="label_ResellerFinancingGross_2" xlink:title="Label : ResellerFinancingGross to label_ResellerFinancingGross_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ClassesOfInventoriesAbstract" xlink:label="ClassesOfInventoriesAbstract" xlink:title="ClassesOfInventoriesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfInventoriesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfInventoriesAbstract" xml:lang="en-US" id="label_ClassesOfInventoriesAbstract">Classes of current inventories [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfInventoriesAbstract" xlink:to="label_ClassesOfInventoriesAbstract" xlink:title="Label : ClassesOfInventoriesAbstract to label_ClassesOfInventoriesAbstract" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ClassesOfInventoriesTable" xlink:label="ClassesOfInventoriesTable" xlink:title="ClassesOfInventoriesTable" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfInventoriesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfInventoriesTable" xml:lang="en-US" id="label_ClassesOfInventoriesTable">Classes of inventories [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfInventoriesTable" xlink:to="label_ClassesOfInventoriesTable" xlink:title="Label : ClassesOfInventoriesTable to label_ClassesOfInventoriesTable" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfInventoriesTable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ClassesOfInventoriesTable_1" xml:lang="en-US" id="label_ClassesOfInventoriesTable_1">Classes of inventories [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfInventoriesTable" xlink:to="label_ClassesOfInventoriesTable_1" xlink:title="Label : ClassesOfInventoriesTable to label_ClassesOfInventoriesTable_1" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfInventoriesTable_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ClassesOfInventoriesTable_2" xml:lang="en-US" id="label_ClassesOfInventoriesTable_2">Classes of inventories.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfInventoriesTable" xlink:to="label_ClassesOfInventoriesTable_2" xlink:title="Label : ClassesOfInventoriesTable to label_ClassesOfInventoriesTable_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_InventoriesAxis" xlink:label="InventoriesAxis" xlink:title="InventoriesAxis" />
    <link:label xlink:type="resource" xlink:label="label_InventoriesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InventoriesAxis" xml:lang="en-US" id="label_InventoriesAxis">Inventories [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoriesAxis" xlink:to="label_InventoriesAxis" xlink:title="Label : InventoriesAxis to label_InventoriesAxis" />
    <link:label xlink:type="resource" xlink:label="label_InventoriesAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InventoriesAxis_1" xml:lang="en-US" id="label_InventoriesAxis_1">Inventories [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoriesAxis" xlink:to="label_InventoriesAxis_1" xlink:title="Label : InventoriesAxis to label_InventoriesAxis_1" />
    <link:label xlink:type="resource" xlink:label="label_InventoriesAxis_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InventoriesAxis_2" xml:lang="en-US" id="label_InventoriesAxis_2">Inventories [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoriesAxis" xlink:to="label_InventoriesAxis_2" xlink:title="Label : InventoriesAxis to label_InventoriesAxis_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_InventoriesDomain" xlink:label="InventoriesDomain" xlink:title="InventoriesDomain" />
    <link:label xlink:type="resource" xlink:label="label_InventoriesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InventoriesDomain" xml:lang="en-US" id="label_InventoriesDomain">Inventories [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoriesDomain" xlink:to="label_InventoriesDomain" xlink:title="Label : InventoriesDomain to label_InventoriesDomain" />
    <link:label xlink:type="resource" xlink:label="label_InventoriesDomain_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InventoriesDomain_1" xml:lang="en-US" id="label_InventoriesDomain_1">Inventories [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoriesDomain" xlink:to="label_InventoriesDomain_1" xlink:title="Label : InventoriesDomain to label_InventoriesDomain_1" />
    <link:label xlink:type="resource" xlink:label="label_InventoriesDomain_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InventoriesDomain_2" xml:lang="en-US" id="label_InventoriesDomain_2">Inventories [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoriesDomain" xlink:to="label_InventoriesDomain_2" xlink:title="Label : InventoriesDomain to label_InventoriesDomain_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_FuelsMember" xlink:label="FuelsMember" xlink:title="FuelsMember" />
    <link:label xlink:type="resource" xlink:label="label_FuelsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FuelsMember" xml:lang="en-US" id="label_FuelsMember">Fuels [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FuelsMember" xlink:to="label_FuelsMember" xlink:title="Label : FuelsMember to label_FuelsMember" />
    <link:label xlink:type="resource" xlink:label="label_FuelsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FuelsMember_1" xml:lang="en-US" id="label_FuelsMember_1">Fuels [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FuelsMember" xlink:to="label_FuelsMember_1" xlink:title="Label : FuelsMember to label_FuelsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_FuelsMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FuelsMember_2" xml:lang="en-US" id="label_FuelsMember_2">Fuels.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FuelsMember" xlink:to="label_FuelsMember_2" xlink:title="Label : FuelsMember to label_FuelsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_FinishedGoodsMember" xlink:label="FinishedGoodsMember" xlink:title="FinishedGoodsMember" />
    <link:label xlink:type="resource" xlink:label="label_FinishedGoodsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinishedGoodsMember" xml:lang="en-US" id="label_FinishedGoodsMember">Finished goods [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinishedGoodsMember" xlink:to="label_FinishedGoodsMember" xlink:title="Label : FinishedGoodsMember to label_FinishedGoodsMember" />
    <link:label xlink:type="resource" xlink:label="label_FinishedGoodsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinishedGoodsMember_1" xml:lang="en-US" id="label_FinishedGoodsMember_1">Finished goods [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinishedGoodsMember" xlink:to="label_FinishedGoodsMember_1" xlink:title="Label : FinishedGoodsMember to label_FinishedGoodsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_FinishedGoodsMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FinishedGoodsMember_2" xml:lang="en-US" id="label_FinishedGoodsMember_2">Finished goods.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinishedGoodsMember" xlink:to="label_FinishedGoodsMember_2" xlink:title="Label : FinishedGoodsMember to label_FinishedGoodsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_WorkInProcessMember" xlink:label="WorkInProcessMember" xlink:title="WorkInProcessMember" />
    <link:label xlink:type="resource" xlink:label="label_WorkInProcessMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_WorkInProcessMember" xml:lang="en-US" id="label_WorkInProcessMember">Work in process [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WorkInProcessMember" xlink:to="label_WorkInProcessMember" xlink:title="Label : WorkInProcessMember to label_WorkInProcessMember" />
    <link:label xlink:type="resource" xlink:label="label_WorkInProcessMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_WorkInProcessMember_1" xml:lang="en-US" id="label_WorkInProcessMember_1">Work in process [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WorkInProcessMember" xlink:to="label_WorkInProcessMember_1" xlink:title="Label : WorkInProcessMember to label_WorkInProcessMember_1" />
    <link:label xlink:type="resource" xlink:label="label_WorkInProcessMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_WorkInProcessMember_2" xml:lang="en-US" id="label_WorkInProcessMember_2">Work in process.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WorkInProcessMember" xlink:to="label_WorkInProcessMember_2" xlink:title="Label : WorkInProcessMember to label_WorkInProcessMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_RawMaterialsMember" xlink:label="RawMaterialsMember" xlink:title="RawMaterialsMember" />
    <link:label xlink:type="resource" xlink:label="label_RawMaterialsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RawMaterialsMember" xml:lang="en-US" id="label_RawMaterialsMember">Raw Materials [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RawMaterialsMember" xlink:to="label_RawMaterialsMember" xlink:title="Label : RawMaterialsMember to label_RawMaterialsMember" />
    <link:label xlink:type="resource" xlink:label="label_RawMaterialsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RawMaterialsMember_1" xml:lang="en-US" id="label_RawMaterialsMember_1">Raw Materials [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RawMaterialsMember" xlink:to="label_RawMaterialsMember_1" xlink:title="Label : RawMaterialsMember to label_RawMaterialsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_RawMaterialsMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RawMaterialsMember_2" xml:lang="en-US" id="label_RawMaterialsMember_2">Raw materials.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RawMaterialsMember" xlink:to="label_RawMaterialsMember_2" xlink:title="Label : RawMaterialsMember to label_RawMaterialsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LiquifiedPetroleumGasMember" xlink:label="LiquifiedPetroleumGasMember" xlink:title="LiquifiedPetroleumGasMember" />
    <link:label xlink:type="resource" xlink:label="label_LiquifiedPetroleumGasMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LiquifiedPetroleumGasMember" xml:lang="en-US" id="label_LiquifiedPetroleumGasMember">Liquified petroleum gas [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiquifiedPetroleumGasMember" xlink:to="label_LiquifiedPetroleumGasMember" xlink:title="Label : LiquifiedPetroleumGasMember to label_LiquifiedPetroleumGasMember" />
    <link:label xlink:type="resource" xlink:label="label_LiquifiedPetroleumGasMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LiquifiedPetroleumGasMember_1" xml:lang="en-US" id="label_LiquifiedPetroleumGasMember_1">Liquified petroleum gas [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiquifiedPetroleumGasMember" xlink:to="label_LiquifiedPetroleumGasMember_1" xlink:title="Label : LiquifiedPetroleumGasMember to label_LiquifiedPetroleumGasMember_1" />
    <link:label xlink:type="resource" xlink:label="label_LiquifiedPetroleumGasMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LiquifiedPetroleumGasMember_2" xml:lang="en-US" id="label_LiquifiedPetroleumGasMember_2">Liquified petroleum gas.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiquifiedPetroleumGasMember" xlink:to="label_LiquifiedPetroleumGasMember_2" xlink:title="Label : LiquifiedPetroleumGasMember to label_LiquifiedPetroleumGasMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ConsumableMaterialsMember" xlink:label="ConsumableMaterialsMember" xlink:title="ConsumableMaterialsMember" />
    <link:label xlink:type="resource" xlink:label="label_ConsumableMaterialsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ConsumableMaterialsMember" xml:lang="en-US" id="label_ConsumableMaterialsMember">Consumable materials [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConsumableMaterialsMember" xlink:to="label_ConsumableMaterialsMember" xlink:title="Label : ConsumableMaterialsMember to label_ConsumableMaterialsMember" />
    <link:label xlink:type="resource" xlink:label="label_ConsumableMaterialsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ConsumableMaterialsMember_1" xml:lang="en-US" id="label_ConsumableMaterialsMember_1">Consumable materials [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConsumableMaterialsMember" xlink:to="label_ConsumableMaterialsMember_1" xlink:title="Label : ConsumableMaterialsMember to label_ConsumableMaterialsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ConsumableMaterialsMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ConsumableMaterialsMember_2" xml:lang="en-US" id="label_ConsumableMaterialsMember_2">Consumable materials.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConsumableMaterialsMember" xlink:to="label_ConsumableMaterialsMember_2" xlink:title="Label : ConsumableMaterialsMember to label_ConsumableMaterialsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_PharmaceuticalHygieneBeautyProductsMember" xlink:label="PharmaceuticalHygieneBeautyProductsMember" xlink:title="PharmaceuticalHygieneBeautyProductsMember" />
    <link:label xlink:type="resource" xlink:label="label_PharmaceuticalHygieneBeautyProductsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PharmaceuticalHygieneBeautyProductsMember" xml:lang="en-US" id="label_PharmaceuticalHygieneBeautyProductsMember">Pharmaceutical hygiene beauty products member</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PharmaceuticalHygieneBeautyProductsMember" xlink:to="label_PharmaceuticalHygieneBeautyProductsMember" xlink:title="Label : PharmaceuticalHygieneBeautyProductsMember to label_PharmaceuticalHygieneBeautyProductsMember" />
    <link:label xlink:type="resource" xlink:label="label_PharmaceuticalHygieneBeautyProductsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PharmaceuticalHygieneBeautyProductsMember_1" xml:lang="en-US" id="label_PharmaceuticalHygieneBeautyProductsMember_1">Pharmaceutical hygiene beauty products member</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PharmaceuticalHygieneBeautyProductsMember" xlink:to="label_PharmaceuticalHygieneBeautyProductsMember_1" xlink:title="Label : PharmaceuticalHygieneBeautyProductsMember to label_PharmaceuticalHygieneBeautyProductsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_PharmaceuticalHygieneBeautyProductsMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PharmaceuticalHygieneBeautyProductsMember_2" xml:lang="en-US" id="label_PharmaceuticalHygieneBeautyProductsMember_2">Pharmaceutical hygiene beauty products member.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PharmaceuticalHygieneBeautyProductsMember" xlink:to="label_PharmaceuticalHygieneBeautyProductsMember_2" xlink:title="Label : PharmaceuticalHygieneBeautyProductsMember to label_PharmaceuticalHygieneBeautyProductsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AdvancesToSuppliersMember" xlink:label="AdvancesToSuppliersMember" xlink:title="AdvancesToSuppliersMember" />
    <link:label xlink:type="resource" xlink:label="label_AdvancesToSuppliersMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdvancesToSuppliersMember" xml:lang="en-US" id="label_AdvancesToSuppliersMember">Advances to suppliers [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdvancesToSuppliersMember" xlink:to="label_AdvancesToSuppliersMember" xlink:title="Label : AdvancesToSuppliersMember to label_AdvancesToSuppliersMember" />
    <link:label xlink:type="resource" xlink:label="label_AdvancesToSuppliersMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdvancesToSuppliersMember_1" xml:lang="en-US" id="label_AdvancesToSuppliersMember_1">Advances to suppliers [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdvancesToSuppliersMember" xlink:to="label_AdvancesToSuppliersMember_1" xlink:title="Label : AdvancesToSuppliersMember to label_AdvancesToSuppliersMember_1" />
    <link:label xlink:type="resource" xlink:label="label_AdvancesToSuppliersMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AdvancesToSuppliersMember_2" xml:lang="en-US" id="label_AdvancesToSuppliersMember_2">Advances to suppliers.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdvancesToSuppliersMember" xlink:to="label_AdvancesToSuppliersMember_2" xlink:title="Label : AdvancesToSuppliersMember to label_AdvancesToSuppliersMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_PropertiesForResaleMember" xlink:label="PropertiesForResaleMember" xlink:title="PropertiesForResaleMember" />
    <link:label xlink:type="resource" xlink:label="label_PropertiesForResaleMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PropertiesForResaleMember" xml:lang="en-US" id="label_PropertiesForResaleMember">Properties for resale [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertiesForResaleMember" xlink:to="label_PropertiesForResaleMember" xlink:title="Label : PropertiesForResaleMember to label_PropertiesForResaleMember" />
    <link:label xlink:type="resource" xlink:label="label_PropertiesForResaleMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PropertiesForResaleMember_1" xml:lang="en-US" id="label_PropertiesForResaleMember_1">Properties for resale [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertiesForResaleMember" xlink:to="label_PropertiesForResaleMember_1" xlink:title="Label : PropertiesForResaleMember to label_PropertiesForResaleMember_1" />
    <link:label xlink:type="resource" xlink:label="label_PropertiesForResaleMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PropertiesForResaleMember_2" xml:lang="en-US" id="label_PropertiesForResaleMember_2">Properties for resale.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertiesForResaleMember" xlink:to="label_PropertiesForResaleMember_2" xlink:title="Label : PropertiesForResaleMember to label_PropertiesForResaleMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfInventoriesLineItems" xlink:label="SummaryOfInventoriesLineItems" xlink:title="SummaryOfInventoriesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfInventoriesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SummaryOfInventoriesLineItems" xml:lang="en-US" id="label_SummaryOfInventoriesLineItems">Summary of inventories [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfInventoriesLineItems" xlink:to="label_SummaryOfInventoriesLineItems" xlink:title="Label : SummaryOfInventoriesLineItems to label_SummaryOfInventoriesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfInventoriesLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfInventoriesLineItems_1" xml:lang="en-US" id="label_SummaryOfInventoriesLineItems_1">Summary of inventories [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfInventoriesLineItems" xlink:to="label_SummaryOfInventoriesLineItems_1" xlink:title="Label : SummaryOfInventoriesLineItems to label_SummaryOfInventoriesLineItems_1" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfInventoriesLineItems_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfInventoriesLineItems_2" xml:lang="en-US" id="label_SummaryOfInventoriesLineItems_2">Summary of inventories.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfInventoriesLineItems" xlink:to="label_SummaryOfInventoriesLineItems_2" xlink:title="Label : SummaryOfInventoriesLineItems to label_SummaryOfInventoriesLineItems_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_InventoriesCost" xlink:label="InventoriesCost" xlink:title="InventoriesCost" />
    <link:label xlink:type="resource" xlink:label="label_InventoriesCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InventoriesCost" xml:lang="en-US" id="label_InventoriesCost">Inventories cost</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoriesCost" xlink:to="label_InventoriesCost" xlink:title="Label : InventoriesCost to label_InventoriesCost" />
    <link:label xlink:type="resource" xlink:label="label_InventoriesCost_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InventoriesCost_1" xml:lang="en-US" id="label_InventoriesCost_1">Cost</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoriesCost" xlink:to="label_InventoriesCost_1" xlink:title="Label : InventoriesCost to label_InventoriesCost_1" />
    <link:label xlink:type="resource" xlink:label="label_InventoriesCost_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InventoriesCost_2" xml:lang="en-US" id="label_InventoriesCost_2">The cost of inventories shall comprise all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoriesCost" xlink:to="label_InventoriesCost_2" xlink:title="Label : InventoriesCost to label_InventoriesCost_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ProvisionForLossesInventories" xlink:label="ProvisionForLossesInventories" xlink:title="ProvisionForLossesInventories" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForLossesInventories" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProvisionForLossesInventories" xml:lang="en-US" id="label_ProvisionForLossesInventories">Provision for losses inventories</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForLossesInventories" xlink:to="label_ProvisionForLossesInventories" xlink:title="Label : ProvisionForLossesInventories to label_ProvisionForLossesInventories" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForLossesInventories_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ProvisionForLossesInventories_1" xml:lang="en-US" id="label_ProvisionForLossesInventories_1">Provision for losses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForLossesInventories" xlink:to="label_ProvisionForLossesInventories_1" xlink:title="Label : ProvisionForLossesInventories to label_ProvisionForLossesInventories_1" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForLossesInventories_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProvisionForLossesInventories_2" xml:lang="en-US" id="label_ProvisionForLossesInventories_2">Provision for losses inventories.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForLossesInventories" xlink:to="label_ProvisionForLossesInventories_2" xlink:title="Label : ProvisionForLossesInventories to label_ProvisionForLossesInventories_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_InventoriesDetails1Abstract" xlink:label="InventoriesDetails1Abstract" xlink:title="InventoriesDetails1Abstract" />
    <link:label xlink:type="resource" xlink:label="label_InventoriesDetails1Abstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InventoriesDetails1Abstract" xml:lang="en-US" id="label_InventoriesDetails1Abstract">Inventories details 1 [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoriesDetails1Abstract" xlink:to="label_InventoriesDetails1Abstract" xlink:title="Label : InventoriesDetails1Abstract to label_InventoriesDetails1Abstract" />
    <link:label xlink:type="resource" xlink:label="label_InventoriesDetails1Abstract_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InventoriesDetails1Abstract_1" xml:lang="en-US" id="label_InventoriesDetails1Abstract_1">Inventories details 1.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoriesDetails1Abstract" xlink:to="label_InventoriesDetails1Abstract_1" xlink:title="Label : InventoriesDetails1Abstract to label_InventoriesDetails1Abstract_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_InventoriesProvisionForLosses" xlink:label="InventoriesProvisionForLosses" xlink:title="InventoriesProvisionForLosses" />
    <link:label xlink:type="resource" xlink:label="label_InventoriesProvisionForLosses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InventoriesProvisionForLosses" xml:lang="en-US" id="label_InventoriesProvisionForLosses">Inventories provision for losses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoriesProvisionForLosses" xlink:to="label_InventoriesProvisionForLosses" xlink:title="Label : InventoriesProvisionForLosses to label_InventoriesProvisionForLosses" />
    <link:label xlink:type="resource" xlink:label="label_InventoriesProvisionForLosses_1" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_InventoriesProvisionForLosses_1" xml:lang="en-US" id="label_InventoriesProvisionForLosses_1">Provisions for losses, beginning</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoriesProvisionForLosses" xlink:to="label_InventoriesProvisionForLosses_1" xlink:title="Label : InventoriesProvisionForLosses to label_InventoriesProvisionForLosses_1" />
    <link:label xlink:type="resource" xlink:label="label_InventoriesProvisionForLosses_2" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_InventoriesProvisionForLosses_2" xml:lang="en-US" id="label_InventoriesProvisionForLosses_2">Provisions for losses, ending</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoriesProvisionForLosses" xlink:to="label_InventoriesProvisionForLosses_2" xlink:title="Label : InventoriesProvisionForLosses to label_InventoriesProvisionForLosses_2" />
    <link:label xlink:type="resource" xlink:label="label_InventoriesProvisionForLosses_3" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_InventoriesProvisionForLosses_3" xml:lang="en-US" id="label_InventoriesProvisionForLosses_3">Provision for losses related to inventories</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoriesProvisionForLosses" xlink:to="label_InventoriesProvisionForLosses_3" xlink:title="Label : InventoriesProvisionForLosses to label_InventoriesProvisionForLosses_3" />
    <link:label xlink:type="resource" xlink:label="label_InventoriesProvisionForLosses_4" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InventoriesProvisionForLosses_4" xml:lang="en-US" id="label_InventoriesProvisionForLosses_4">Provision for loss on the value of inventories.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoriesProvisionForLosses" xlink:to="label_InventoriesProvisionForLosses_4" xlink:title="Label : InventoriesProvisionForLosses to label_InventoriesProvisionForLosses_4" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AdditionsToNetRealizableValueAdjustment" xlink:label="AdditionsToNetRealizableValueAdjustment" xlink:title="AdditionsToNetRealizableValueAdjustment" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsToNetRealizableValueAdjustment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdditionsToNetRealizableValueAdjustment" xml:lang="en-US" id="label_AdditionsToNetRealizableValueAdjustment">Additions to net realizable value adjustment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsToNetRealizableValueAdjustment" xlink:to="label_AdditionsToNetRealizableValueAdjustment" xlink:title="Label : AdditionsToNetRealizableValueAdjustment to label_AdditionsToNetRealizableValueAdjustment" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsToNetRealizableValueAdjustment_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdditionsToNetRealizableValueAdjustment_1" xml:lang="en-US" id="label_AdditionsToNetRealizableValueAdjustment_1">Additions to net realizable value adjustment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsToNetRealizableValueAdjustment" xlink:to="label_AdditionsToNetRealizableValueAdjustment_1" xlink:title="Label : AdditionsToNetRealizableValueAdjustment to label_AdditionsToNetRealizableValueAdjustment_1" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsToNetRealizableValueAdjustment_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AdditionsToNetRealizableValueAdjustment_2" xml:lang="en-US" id="label_AdditionsToNetRealizableValueAdjustment_2">Additions (reversals) to net realizable value adjustment regarding provision for loss on the value of inventories.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsToNetRealizableValueAdjustment" xlink:to="label_AdditionsToNetRealizableValueAdjustment_2" xlink:title="Label : AdditionsToNetRealizableValueAdjustment to label_AdditionsToNetRealizableValueAdjustment_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AdditionsToObsolescenceAndOtherLosses" xlink:label="AdditionsToObsolescenceAndOtherLosses" xlink:title="AdditionsToObsolescenceAndOtherLosses" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsToObsolescenceAndOtherLosses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdditionsToObsolescenceAndOtherLosses" xml:lang="en-US" id="label_AdditionsToObsolescenceAndOtherLosses">Additions to obsolescence and other losses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsToObsolescenceAndOtherLosses" xlink:to="label_AdditionsToObsolescenceAndOtherLosses" xlink:title="Label : AdditionsToObsolescenceAndOtherLosses to label_AdditionsToObsolescenceAndOtherLosses" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsToObsolescenceAndOtherLosses_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdditionsToObsolescenceAndOtherLosses_1" xml:lang="en-US" id="label_AdditionsToObsolescenceAndOtherLosses_1">Additions of obsolescence and other losses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsToObsolescenceAndOtherLosses" xlink:to="label_AdditionsToObsolescenceAndOtherLosses_1" xlink:title="Label : AdditionsToObsolescenceAndOtherLosses to label_AdditionsToObsolescenceAndOtherLosses_1" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsToObsolescenceAndOtherLosses_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AdditionsToObsolescenceAndOtherLosses_2" xml:lang="en-US" id="label_AdditionsToObsolescenceAndOtherLosses_2">Additions to obsolescence and other losses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsToObsolescenceAndOtherLosses" xlink:to="label_AdditionsToObsolescenceAndOtherLosses_2" xlink:title="Label : AdditionsToObsolescenceAndOtherLosses to label_AdditionsToObsolescenceAndOtherLosses_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ReversalsOfObsolescenceAndOtherLosses" xlink:label="ReversalsOfObsolescenceAndOtherLosses" xlink:title="ReversalsOfObsolescenceAndOtherLosses" />
    <link:label xlink:type="resource" xlink:label="label_ReversalsOfObsolescenceAndOtherLosses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReversalsOfObsolescenceAndOtherLosses" xml:lang="en-US" id="label_ReversalsOfObsolescenceAndOtherLosses">Reversals of obsolescence and other losses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReversalsOfObsolescenceAndOtherLosses" xlink:to="label_ReversalsOfObsolescenceAndOtherLosses" xlink:title="Label : ReversalsOfObsolescenceAndOtherLosses to label_ReversalsOfObsolescenceAndOtherLosses" />
    <link:label xlink:type="resource" xlink:label="label_ReversalsOfObsolescenceAndOtherLosses_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ReversalsOfObsolescenceAndOtherLosses_1" xml:lang="en-US" id="label_ReversalsOfObsolescenceAndOtherLosses_1">Reversals of obsolescence and other losses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReversalsOfObsolescenceAndOtherLosses" xlink:to="label_ReversalsOfObsolescenceAndOtherLosses_1" xlink:title="Label : ReversalsOfObsolescenceAndOtherLosses to label_ReversalsOfObsolescenceAndOtherLosses_1" />
    <link:label xlink:type="resource" xlink:label="label_ReversalsOfObsolescenceAndOtherLosses_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ReversalsOfObsolescenceAndOtherLosses_2" xml:lang="en-US" id="label_ReversalsOfObsolescenceAndOtherLosses_2">Reversals of obsolescence and other losses regarding provision for loss on the value of inventories.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReversalsOfObsolescenceAndOtherLosses" xlink:to="label_ReversalsOfObsolescenceAndOtherLosses_2" xlink:title="Label : ReversalsOfObsolescenceAndOtherLosses to label_ReversalsOfObsolescenceAndOtherLosses_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossLoansAndAdvances" xlink:label="ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossLoansAndAdvances" xlink:title="ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossLoansAndAdvances" />
    <link:label xlink:type="resource" xlink:label="label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossLoansAndAdvances" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossLoansAndAdvances" xml:lang="en-US" id="label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossLoansAndAdvances">Impairment loss (reversal of impairment loss) recognised in profit or loss, loans and advances</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossLoansAndAdvances" xlink:to="label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossLoansAndAdvances" xlink:title="Label : ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossLoansAndAdvances to label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossLoansAndAdvances" />
    <link:label xlink:type="resource" xlink:label="label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossLoansAndAdvances_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossLoansAndAdvances_1" xml:lang="en-US" id="label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossLoansAndAdvances_1">Oxiteno Andina</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossLoansAndAdvances" xlink:to="label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossLoansAndAdvances_1" xlink:title="Label : ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossLoansAndAdvances to label_ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossLoansAndAdvances_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_NetRealizableValueAdjustment" xlink:label="NetRealizableValueAdjustment" xlink:title="NetRealizableValueAdjustment" />
    <link:label xlink:type="resource" xlink:label="label_NetRealizableValueAdjustment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetRealizableValueAdjustment" xml:lang="en-US" id="label_NetRealizableValueAdjustment">Net realizable value adjustment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetRealizableValueAdjustment" xlink:to="label_NetRealizableValueAdjustment" xlink:title="Label : NetRealizableValueAdjustment to label_NetRealizableValueAdjustment" />
    <link:label xlink:type="resource" xlink:label="label_NetRealizableValueAdjustment_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NetRealizableValueAdjustment_1" xml:lang="en-US" id="label_NetRealizableValueAdjustment_1">Net realizable value adjustment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetRealizableValueAdjustment" xlink:to="label_NetRealizableValueAdjustment_1" xlink:title="Label : NetRealizableValueAdjustment to label_NetRealizableValueAdjustment_1" />
    <link:label xlink:type="resource" xlink:label="label_NetRealizableValueAdjustment_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NetRealizableValueAdjustment_2" xml:lang="en-US" id="label_NetRealizableValueAdjustment_2">Net realizable value adjustment on the value of inventories.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetRealizableValueAdjustment" xlink:to="label_NetRealizableValueAdjustment_2" xlink:title="Label : NetRealizableValueAdjustment to label_NetRealizableValueAdjustment_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ObsolescenceAndOtherLosses" xlink:label="ObsolescenceAndOtherLosses" xlink:title="ObsolescenceAndOtherLosses" />
    <link:label xlink:type="resource" xlink:label="label_ObsolescenceAndOtherLosses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ObsolescenceAndOtherLosses" xml:lang="en-US" id="label_ObsolescenceAndOtherLosses">Obsolescence and other losses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ObsolescenceAndOtherLosses" xlink:to="label_ObsolescenceAndOtherLosses" xlink:title="Label : ObsolescenceAndOtherLosses to label_ObsolescenceAndOtherLosses" />
    <link:label xlink:type="resource" xlink:label="label_ObsolescenceAndOtherLosses_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ObsolescenceAndOtherLosses_1" xml:lang="en-US" id="label_ObsolescenceAndOtherLosses_1">Obsolescence and other losses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ObsolescenceAndOtherLosses" xlink:to="label_ObsolescenceAndOtherLosses_1" xlink:title="Label : ObsolescenceAndOtherLosses to label_ObsolescenceAndOtherLosses_1" />
    <link:label xlink:type="resource" xlink:label="label_ObsolescenceAndOtherLosses_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ObsolescenceAndOtherLosses_2" xml:lang="en-US" id="label_ObsolescenceAndOtherLosses_2">Obsolescence and other losses on the value of inventories.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ObsolescenceAndOtherLosses" xlink:to="label_ObsolescenceAndOtherLosses_2" xlink:title="Label : ObsolescenceAndOtherLosses to label_ObsolescenceAndOtherLosses_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfRecoverableTaxesAbstract" xlink:label="SummaryOfRecoverableTaxesAbstract" xlink:title="SummaryOfRecoverableTaxesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfRecoverableTaxesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SummaryOfRecoverableTaxesAbstract" xml:lang="en-US" id="label_SummaryOfRecoverableTaxesAbstract">Summary of recoverable taxes [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfRecoverableTaxesAbstract" xlink:to="label_SummaryOfRecoverableTaxesAbstract" xlink:title="Label : SummaryOfRecoverableTaxesAbstract to label_SummaryOfRecoverableTaxesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfRecoverableTaxesAbstract_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfRecoverableTaxesAbstract_1" xml:lang="en-US" id="label_SummaryOfRecoverableTaxesAbstract_1">Summary of recoverable taxes [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfRecoverableTaxesAbstract" xlink:to="label_SummaryOfRecoverableTaxesAbstract_1" xlink:title="Label : SummaryOfRecoverableTaxesAbstract to label_SummaryOfRecoverableTaxesAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfRecoverableTaxesTable" xlink:label="SummaryOfRecoverableTaxesTable" xlink:title="SummaryOfRecoverableTaxesTable" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfRecoverableTaxesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SummaryOfRecoverableTaxesTable" xml:lang="en-US" id="label_SummaryOfRecoverableTaxesTable">Summary of recoverable taxes [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfRecoverableTaxesTable" xlink:to="label_SummaryOfRecoverableTaxesTable" xlink:title="Label : SummaryOfRecoverableTaxesTable to label_SummaryOfRecoverableTaxesTable" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfRecoverableTaxesTable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfRecoverableTaxesTable_1" xml:lang="en-US" id="label_SummaryOfRecoverableTaxesTable_1">Summary of recoverable taxes [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfRecoverableTaxesTable" xlink:to="label_SummaryOfRecoverableTaxesTable_1" xlink:title="Label : SummaryOfRecoverableTaxesTable to label_SummaryOfRecoverableTaxesTable_1" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfRecoverableTaxesTable_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfRecoverableTaxesTable_2" xml:lang="en-US" id="label_SummaryOfRecoverableTaxesTable_2">Summary of recoverable taxes [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfRecoverableTaxesTable" xlink:to="label_SummaryOfRecoverableTaxesTable_2" xlink:title="Label : SummaryOfRecoverableTaxesTable to label_SummaryOfRecoverableTaxesTable_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TaxesAxis" xlink:label="TaxesAxis" xlink:title="TaxesAxis" />
    <link:label xlink:type="resource" xlink:label="label_TaxesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TaxesAxis" xml:lang="en-US" id="label_TaxesAxis">Taxes [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxesAxis" xlink:to="label_TaxesAxis" xlink:title="Label : TaxesAxis to label_TaxesAxis" />
    <link:label xlink:type="resource" xlink:label="label_TaxesAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TaxesAxis_1" xml:lang="en-US" id="label_TaxesAxis_1">Taxes [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxesAxis" xlink:to="label_TaxesAxis_1" xlink:title="Label : TaxesAxis to label_TaxesAxis_1" />
    <link:label xlink:type="resource" xlink:label="label_TaxesAxis_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TaxesAxis_2" xml:lang="en-US" id="label_TaxesAxis_2">Taxes [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxesAxis" xlink:to="label_TaxesAxis_2" xlink:title="Label : TaxesAxis to label_TaxesAxis_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TaxesDomain" xlink:label="TaxesDomain" xlink:title="TaxesDomain" />
    <link:label xlink:type="resource" xlink:label="label_TaxesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TaxesDomain" xml:lang="en-US" id="label_TaxesDomain">Taxes [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxesDomain" xlink:to="label_TaxesDomain" xlink:title="Label : TaxesDomain to label_TaxesDomain" />
    <link:label xlink:type="resource" xlink:label="label_TaxesDomain_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TaxesDomain_1" xml:lang="en-US" id="label_TaxesDomain_1">Taxes [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxesDomain" xlink:to="label_TaxesDomain_1" xlink:title="Label : TaxesDomain to label_TaxesDomain_1" />
    <link:label xlink:type="resource" xlink:label="label_TaxesDomain_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TaxesDomain_2" xml:lang="en-US" id="label_TaxesDomain_2">Taxes [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxesDomain" xlink:to="label_TaxesDomain_2" xlink:title="Label : TaxesDomain to label_TaxesDomain_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ICMSMember" xlink:label="ICMSMember" xlink:title="ICMSMember" />
    <link:label xlink:type="resource" xlink:label="label_ICMSMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ICMSMember" xml:lang="en-US" id="label_ICMSMember">Icms [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ICMSMember" xlink:to="label_ICMSMember" xlink:title="Label : ICMSMember to label_ICMSMember" />
    <link:label xlink:type="resource" xlink:label="label_ICMSMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ICMSMember_1" xml:lang="en-US" id="label_ICMSMember_1">ICMS [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ICMSMember" xlink:to="label_ICMSMember_1" xlink:title="Label : ICMSMember to label_ICMSMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ICMSMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ICMSMember_2" xml:lang="en-US" id="label_ICMSMember_2">Icms.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ICMSMember" xlink:to="label_ICMSMember_2" xlink:title="Label : ICMSMember to label_ICMSMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ProvisionForIcmsLossesMember" xlink:label="ProvisionForIcmsLossesMember" xlink:title="ProvisionForIcmsLossesMember" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForIcmsLossesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProvisionForIcmsLossesMember" xml:lang="en-US" id="label_ProvisionForIcmsLossesMember">Provision for icms losses [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForIcmsLossesMember" xlink:to="label_ProvisionForIcmsLossesMember" xlink:title="Label : ProvisionForIcmsLossesMember to label_ProvisionForIcmsLossesMember" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForIcmsLossesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProvisionForIcmsLossesMember_1" xml:lang="en-US" id="label_ProvisionForIcmsLossesMember_1">Provision for icms losses [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForIcmsLossesMember" xlink:to="label_ProvisionForIcmsLossesMember_1" xlink:title="Label : ProvisionForIcmsLossesMember to label_ProvisionForIcmsLossesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForIcmsLossesMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProvisionForIcmsLossesMember_2" xml:lang="en-US" id="label_ProvisionForIcmsLossesMember_2">Provision for icms losses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForIcmsLossesMember" xlink:to="label_ProvisionForIcmsLossesMember_2" xlink:title="Label : ProvisionForIcmsLossesMember to label_ProvisionForIcmsLossesMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_PisAndCofinsMember" xlink:label="PisAndCofinsMember" xlink:title="PisAndCofinsMember" />
    <link:label xlink:type="resource" xlink:label="label_PisAndCofinsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PisAndCofinsMember" xml:lang="en-US" id="label_PisAndCofinsMember">PIS and COFINS [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PisAndCofinsMember" xlink:to="label_PisAndCofinsMember" xlink:title="Label : PisAndCofinsMember to label_PisAndCofinsMember" />
    <link:label xlink:type="resource" xlink:label="label_PisAndCofinsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PisAndCofinsMember_1" xml:lang="en-US" id="label_PisAndCofinsMember_1">PIS and COFINS [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PisAndCofinsMember" xlink:to="label_PisAndCofinsMember_1" xlink:title="Label : PisAndCofinsMember to label_PisAndCofinsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_PisAndCofinsMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PisAndCofinsMember_2" xml:lang="en-US" id="label_PisAndCofinsMember_2">PIS and COFINS.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PisAndCofinsMember" xlink:to="label_PisAndCofinsMember_2" xlink:title="Label : PisAndCofinsMember to label_PisAndCofinsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ValueAddedTaxMember" xlink:label="ValueAddedTaxMember" xlink:title="ValueAddedTaxMember" />
    <link:label xlink:type="resource" xlink:label="label_ValueAddedTaxMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ValueAddedTaxMember" xml:lang="en-US" id="label_ValueAddedTaxMember">Value Added Tax [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ValueAddedTaxMember" xlink:to="label_ValueAddedTaxMember" xlink:title="Label : ValueAddedTaxMember to label_ValueAddedTaxMember" />
    <link:label xlink:type="resource" xlink:label="label_ValueAddedTaxMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ValueAddedTaxMember_1" xml:lang="en-US" id="label_ValueAddedTaxMember_1">Value Added Tax [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ValueAddedTaxMember" xlink:to="label_ValueAddedTaxMember_1" xlink:title="Label : ValueAddedTaxMember to label_ValueAddedTaxMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ValueAddedTaxMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ValueAddedTaxMember_2" xml:lang="en-US" id="label_ValueAddedTaxMember_2">Value added tax.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ValueAddedTaxMember" xlink:to="label_ValueAddedTaxMember_2" xlink:title="Label : ValueAddedTaxMember to label_ValueAddedTaxMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OtherTaxesPayableMember" xlink:label="OtherTaxesPayableMember" xlink:title="OtherTaxesPayableMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherTaxesPayableMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherTaxesPayableMember" xml:lang="en-US" id="label_OtherTaxesPayableMember">Other taxes payable [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherTaxesPayableMember" xlink:to="label_OtherTaxesPayableMember" xlink:title="Label : OtherTaxesPayableMember to label_OtherTaxesPayableMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherTaxesPayableMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherTaxesPayableMember_1" xml:lang="en-US" id="label_OtherTaxesPayableMember_1">Others [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherTaxesPayableMember" xlink:to="label_OtherTaxesPayableMember_1" xlink:title="Label : OtherTaxesPayableMember to label_OtherTaxesPayableMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherTaxesPayableMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherTaxesPayableMember_2" xml:lang="en-US" id="label_OtherTaxesPayableMember_2">Other taxes payable.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherTaxesPayableMember" xlink:to="label_OtherTaxesPayableMember_2" xlink:title="Label : OtherTaxesPayableMember to label_OtherTaxesPayableMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfRecoverableTaxesLineItems" xlink:label="SummaryOfRecoverableTaxesLineItems" xlink:title="SummaryOfRecoverableTaxesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfRecoverableTaxesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SummaryOfRecoverableTaxesLineItems" xml:lang="en-US" id="label_SummaryOfRecoverableTaxesLineItems">Summary of recoverable taxes [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfRecoverableTaxesLineItems" xlink:to="label_SummaryOfRecoverableTaxesLineItems" xlink:title="Label : SummaryOfRecoverableTaxesLineItems to label_SummaryOfRecoverableTaxesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfRecoverableTaxesLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfRecoverableTaxesLineItems_1" xml:lang="en-US" id="label_SummaryOfRecoverableTaxesLineItems_1">Summary of recoverable taxes [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfRecoverableTaxesLineItems" xlink:to="label_SummaryOfRecoverableTaxesLineItems_1" xlink:title="Label : SummaryOfRecoverableTaxesLineItems to label_SummaryOfRecoverableTaxesLineItems_1" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfRecoverableTaxesLineItems_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfRecoverableTaxesLineItems_2" xml:lang="en-US" id="label_SummaryOfRecoverableTaxesLineItems_2">Summary of recoverable taxes.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfRecoverableTaxesLineItems" xlink:to="label_SummaryOfRecoverableTaxesLineItems_2" xlink:title="Label : SummaryOfRecoverableTaxesLineItems to label_SummaryOfRecoverableTaxesLineItems_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_RecoverableTaxes" xlink:label="RecoverableTaxes" xlink:title="RecoverableTaxes" />
    <link:label xlink:type="resource" xlink:label="label_RecoverableTaxes" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RecoverableTaxes" xml:lang="en-US" id="label_RecoverableTaxes">Recoverable taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RecoverableTaxes" xlink:to="label_RecoverableTaxes" xlink:title="Label : RecoverableTaxes to label_RecoverableTaxes" />
    <link:label xlink:type="resource" xlink:label="label_RecoverableTaxes_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RecoverableTaxes_1" xml:lang="en-US" id="label_RecoverableTaxes_1">Recoverable Taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RecoverableTaxes" xlink:to="label_RecoverableTaxes_1" xlink:title="Label : RecoverableTaxes to label_RecoverableTaxes_1" />
    <link:label xlink:type="resource" xlink:label="label_RecoverableTaxes_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RecoverableTaxes_2" xml:lang="en-US" id="label_RecoverableTaxes_2">The excess of amount paid for current tax in respect of current and prior periods over the amount due for those periods. Current tax is the amount of income taxes payable (recoverable) in respect of the taxable profit (tax loss) for a period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RecoverableTaxes" xlink:to="label_RecoverableTaxes_2" xlink:title="Label : RecoverableTaxes to label_RecoverableTaxes_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentTaxAssetsNoncurrent" xlink:label="CurrentTaxAssetsNoncurrent" xlink:title="CurrentTaxAssetsNoncurrent" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTaxAssetsNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentTaxAssetsNoncurrent" xml:lang="en-US" id="label_CurrentTaxAssetsNoncurrent">Current tax assets, non-current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTaxAssetsNoncurrent" xlink:to="label_CurrentTaxAssetsNoncurrent" xlink:title="Label : CurrentTaxAssetsNoncurrent to label_CurrentTaxAssetsNoncurrent" />
    <link:label xlink:type="resource" xlink:label="label_CurrentTaxAssetsNoncurrent_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentTaxAssetsNoncurrent_1" xml:lang="en-US" id="label_CurrentTaxAssetsNoncurrent_1">Non-current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTaxAssetsNoncurrent" xlink:to="label_CurrentTaxAssetsNoncurrent_1" xlink:title="Label : CurrentTaxAssetsNoncurrent to label_CurrentTaxAssetsNoncurrent_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfEstimatedRecoveryOfIcmsAssetsAbstract" xlink:label="DisclosureOfEstimatedRecoveryOfIcmsAssetsAbstract" xlink:title="DisclosureOfEstimatedRecoveryOfIcmsAssetsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfEstimatedRecoveryOfIcmsAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfEstimatedRecoveryOfIcmsAssetsAbstract" xml:lang="en-US" id="label_DisclosureOfEstimatedRecoveryOfIcmsAssetsAbstract">Disclosure Of Estimated Recovery Of ICMS Assets [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfEstimatedRecoveryOfIcmsAssetsAbstract" xlink:to="label_DisclosureOfEstimatedRecoveryOfIcmsAssetsAbstract" xlink:title="Label : DisclosureOfEstimatedRecoveryOfIcmsAssetsAbstract to label_DisclosureOfEstimatedRecoveryOfIcmsAssetsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfEstimatedRecoveryOfIcmsAssetsAbstract_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfEstimatedRecoveryOfIcmsAssetsAbstract_1" xml:lang="en-US" id="label_DisclosureOfEstimatedRecoveryOfIcmsAssetsAbstract_1">Disclosure Of Estimated Recovery Of ICMS Assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfEstimatedRecoveryOfIcmsAssetsAbstract" xlink:to="label_DisclosureOfEstimatedRecoveryOfIcmsAssetsAbstract_1" xlink:title="Label : DisclosureOfEstimatedRecoveryOfIcmsAssetsAbstract to label_DisclosureOfEstimatedRecoveryOfIcmsAssetsAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfEstimatedRecoveryOfIcmsAssetsTable" xlink:label="DisclosureOfEstimatedRecoveryOfIcmsAssetsTable" xlink:title="DisclosureOfEstimatedRecoveryOfIcmsAssetsTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfEstimatedRecoveryOfIcmsAssetsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfEstimatedRecoveryOfIcmsAssetsTable" xml:lang="en-US" id="label_DisclosureOfEstimatedRecoveryOfIcmsAssetsTable">Disclosure Of Estimated Recovery Of ICMS Assets [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfEstimatedRecoveryOfIcmsAssetsTable" xlink:to="label_DisclosureOfEstimatedRecoveryOfIcmsAssetsTable" xlink:title="Label : DisclosureOfEstimatedRecoveryOfIcmsAssetsTable to label_DisclosureOfEstimatedRecoveryOfIcmsAssetsTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfEstimatedRecoveryOfIcmsAssetsTable_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfEstimatedRecoveryOfIcmsAssetsTable_1" xml:lang="en-US" id="label_DisclosureOfEstimatedRecoveryOfIcmsAssetsTable_1">Disclosure Of Estimated Recovery Of ICMS Assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfEstimatedRecoveryOfIcmsAssetsTable" xlink:to="label_DisclosureOfEstimatedRecoveryOfIcmsAssetsTable_1" xlink:title="Label : DisclosureOfEstimatedRecoveryOfIcmsAssetsTable to label_DisclosureOfEstimatedRecoveryOfIcmsAssetsTable_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NotLaterThanOneYearMember" xlink:label="NotLaterThanOneYearMember" xlink:title="NotLaterThanOneYearMember" />
    <link:label xlink:type="resource" xlink:label="label_NotLaterThanOneYearMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NotLaterThanOneYearMember" xml:lang="en-US" id="label_NotLaterThanOneYearMember">Not later than one year [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotLaterThanOneYearMember" xlink:to="label_NotLaterThanOneYearMember" xlink:title="Label : NotLaterThanOneYearMember to label_NotLaterThanOneYearMember" />
    <link:label xlink:type="resource" xlink:label="label_NotLaterThanOneYearMember_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_NotLaterThanOneYearMember_1" xml:lang="en-US" id="label_NotLaterThanOneYearMember_1">Up to 1 Year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotLaterThanOneYearMember" xlink:to="label_NotLaterThanOneYearMember_1" xlink:title="Label : NotLaterThanOneYearMember to label_NotLaterThanOneYearMember_1" />
    <link:label xlink:type="resource" xlink:label="label_NotLaterThanOneYearMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NotLaterThanOneYearMember_2" xml:lang="en-US" id="label_NotLaterThanOneYearMember_2">Up to 1 year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotLaterThanOneYearMember" xlink:to="label_NotLaterThanOneYearMember_2" xlink:title="Label : NotLaterThanOneYearMember to label_NotLaterThanOneYearMember_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:label="LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:title="LaterThanOneYearAndNotLaterThanTwoYearsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanOneYearAndNotLaterThanTwoYearsMember" xml:lang="en-US" id="label_LaterThanOneYearAndNotLaterThanTwoYearsMember">Later than one year and not later than two years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:to="label_LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:title="Label : LaterThanOneYearAndNotLaterThanTwoYearsMember to label_LaterThanOneYearAndNotLaterThanTwoYearsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanOneYearAndNotLaterThanTwoYearsMember_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_LaterThanOneYearAndNotLaterThanTwoYearsMember_1" xml:lang="en-US" id="label_LaterThanOneYearAndNotLaterThanTwoYearsMember_1">From 1 to 2 Years</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:to="label_LaterThanOneYearAndNotLaterThanTwoYearsMember_1" xlink:title="Label : LaterThanOneYearAndNotLaterThanTwoYearsMember to label_LaterThanOneYearAndNotLaterThanTwoYearsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanOneYearAndNotLaterThanTwoYearsMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LaterThanOneYearAndNotLaterThanTwoYearsMember_2" xml:lang="en-US" id="label_LaterThanOneYearAndNotLaterThanTwoYearsMember_2">From 1 to 2 years</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:to="label_LaterThanOneYearAndNotLaterThanTwoYearsMember_2" xlink:title="Label : LaterThanOneYearAndNotLaterThanTwoYearsMember to label_LaterThanOneYearAndNotLaterThanTwoYearsMember_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:label="LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:title="LaterThanTwoYearsAndNotLaterThanThreeYearsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xml:lang="en-US" id="label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember">Later than two years and not later than three years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:to="label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:title="Label : LaterThanTwoYearsAndNotLaterThanThreeYearsMember to label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember_1" xml:lang="en-US" id="label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember_1">From 2 to 3 Years</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:to="label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember_1" xlink:title="Label : LaterThanTwoYearsAndNotLaterThanThreeYearsMember to label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember_2" xml:lang="en-US" id="label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember_2">From 2 to 3 years</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:to="label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember_2" xlink:title="Label : LaterThanTwoYearsAndNotLaterThanThreeYearsMember to label_LaterThanTwoYearsAndNotLaterThanThreeYearsMember_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LaterThanThreeYearsAndNotLaterThanFiveYearsMember" xlink:label="LaterThanThreeYearsAndNotLaterThanFiveYearsMember" xlink:title="LaterThanThreeYearsAndNotLaterThanFiveYearsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanThreeYearsAndNotLaterThanFiveYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanThreeYearsAndNotLaterThanFiveYearsMember" xml:lang="en-US" id="label_LaterThanThreeYearsAndNotLaterThanFiveYearsMember">Later than three years and not later than five years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanThreeYearsAndNotLaterThanFiveYearsMember" xlink:to="label_LaterThanThreeYearsAndNotLaterThanFiveYearsMember" xlink:title="Label : LaterThanThreeYearsAndNotLaterThanFiveYearsMember to label_LaterThanThreeYearsAndNotLaterThanFiveYearsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanThreeYearsAndNotLaterThanFiveYearsMember_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_LaterThanThreeYearsAndNotLaterThanFiveYearsMember_1" xml:lang="en-US" id="label_LaterThanThreeYearsAndNotLaterThanFiveYearsMember_1">From 3 to 5 Years</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanThreeYearsAndNotLaterThanFiveYearsMember" xlink:to="label_LaterThanThreeYearsAndNotLaterThanFiveYearsMember_1" xlink:title="Label : LaterThanThreeYearsAndNotLaterThanFiveYearsMember to label_LaterThanThreeYearsAndNotLaterThanFiveYearsMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LaterThanFiveYearsAndNotLaterThanSevenYearsMember" xlink:label="LaterThanFiveYearsAndNotLaterThanSevenYearsMember" xlink:title="LaterThanFiveYearsAndNotLaterThanSevenYearsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanFiveYearsAndNotLaterThanSevenYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanFiveYearsAndNotLaterThanSevenYearsMember" xml:lang="en-US" id="label_LaterThanFiveYearsAndNotLaterThanSevenYearsMember">Later than five years and not later than seven years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanFiveYearsAndNotLaterThanSevenYearsMember" xlink:to="label_LaterThanFiveYearsAndNotLaterThanSevenYearsMember" xlink:title="Label : LaterThanFiveYearsAndNotLaterThanSevenYearsMember to label_LaterThanFiveYearsAndNotLaterThanSevenYearsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanFiveYearsAndNotLaterThanSevenYearsMember_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_LaterThanFiveYearsAndNotLaterThanSevenYearsMember_1" xml:lang="en-US" id="label_LaterThanFiveYearsAndNotLaterThanSevenYearsMember_1">From 5 to 7 Years</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanFiveYearsAndNotLaterThanSevenYearsMember" xlink:to="label_LaterThanFiveYearsAndNotLaterThanSevenYearsMember_1" xlink:title="Label : LaterThanFiveYearsAndNotLaterThanSevenYearsMember to label_LaterThanFiveYearsAndNotLaterThanSevenYearsMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LaterThanSevenYearsAndNotLaterThanTenYearsMember" xlink:label="LaterThanSevenYearsAndNotLaterThanTenYearsMember" xlink:title="LaterThanSevenYearsAndNotLaterThanTenYearsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanSevenYearsAndNotLaterThanTenYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanSevenYearsAndNotLaterThanTenYearsMember" xml:lang="en-US" id="label_LaterThanSevenYearsAndNotLaterThanTenYearsMember">Later than seven years and not later than ten years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanSevenYearsAndNotLaterThanTenYearsMember" xlink:to="label_LaterThanSevenYearsAndNotLaterThanTenYearsMember" xlink:title="Label : LaterThanSevenYearsAndNotLaterThanTenYearsMember to label_LaterThanSevenYearsAndNotLaterThanTenYearsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanSevenYearsAndNotLaterThanTenYearsMember_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_LaterThanSevenYearsAndNotLaterThanTenYearsMember_1" xml:lang="en-US" id="label_LaterThanSevenYearsAndNotLaterThanTenYearsMember_1">From 7 to 10 Years</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanSevenYearsAndNotLaterThanTenYearsMember" xlink:to="label_LaterThanSevenYearsAndNotLaterThanTenYearsMember_1" xlink:title="Label : LaterThanSevenYearsAndNotLaterThanTenYearsMember to label_LaterThanSevenYearsAndNotLaterThanTenYearsMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfEstimatedRecoveryOfIcmsAssetsLineItems" xlink:label="DisclosureOfEstimatedRecoveryOfIcmsAssetsLineItems" xlink:title="DisclosureOfEstimatedRecoveryOfIcmsAssetsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfEstimatedRecoveryOfIcmsAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfEstimatedRecoveryOfIcmsAssetsLineItems" xml:lang="en-US" id="label_DisclosureOfEstimatedRecoveryOfIcmsAssetsLineItems">Disclosure Of Estimated Recovery Of ICMS Assets [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfEstimatedRecoveryOfIcmsAssetsLineItems" xlink:to="label_DisclosureOfEstimatedRecoveryOfIcmsAssetsLineItems" xlink:title="Label : DisclosureOfEstimatedRecoveryOfIcmsAssetsLineItems to label_DisclosureOfEstimatedRecoveryOfIcmsAssetsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfEstimatedRecoveryOfIcmsAssetsLineItems_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfEstimatedRecoveryOfIcmsAssetsLineItems_1" xml:lang="en-US" id="label_DisclosureOfEstimatedRecoveryOfIcmsAssetsLineItems_1">Disclosure Of Estimated Recovery Of ICMS Assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfEstimatedRecoveryOfIcmsAssetsLineItems" xlink:to="label_DisclosureOfEstimatedRecoveryOfIcmsAssetsLineItems_1" xlink:title="Label : DisclosureOfEstimatedRecoveryOfIcmsAssetsLineItems to label_DisclosureOfEstimatedRecoveryOfIcmsAssetsLineItems_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_EstimatedRecoveryOfIcmsAssets" xlink:label="EstimatedRecoveryOfIcmsAssets" xlink:title="EstimatedRecoveryOfIcmsAssets" />
    <link:label xlink:type="resource" xlink:label="label_EstimatedRecoveryOfIcmsAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EstimatedRecoveryOfIcmsAssets" xml:lang="en-US" id="label_EstimatedRecoveryOfIcmsAssets">Estimated Recovery Of ICMS Assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedRecoveryOfIcmsAssets" xlink:to="label_EstimatedRecoveryOfIcmsAssets" xlink:title="Label : EstimatedRecoveryOfIcmsAssets to label_EstimatedRecoveryOfIcmsAssets" />
    <link:label xlink:type="resource" xlink:label="label_EstimatedRecoveryOfIcmsAssets_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EstimatedRecoveryOfIcmsAssets_1" xml:lang="en-US" id="label_EstimatedRecoveryOfIcmsAssets_1">Estimated recovery of ICMS assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedRecoveryOfIcmsAssets" xlink:to="label_EstimatedRecoveryOfIcmsAssets_1" xlink:title="Label : EstimatedRecoveryOfIcmsAssets to label_EstimatedRecoveryOfIcmsAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_EstimatedRecoveryOfIcmsAssets_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EstimatedRecoveryOfIcmsAssets_2" xml:lang="en-US" id="label_EstimatedRecoveryOfIcmsAssets_2">Estimated Recovery Of Icms Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedRecoveryOfIcmsAssets" xlink:to="label_EstimatedRecoveryOfIcmsAssets_2" xlink:title="Label : EstimatedRecoveryOfIcmsAssets to label_EstimatedRecoveryOfIcmsAssets_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesAbstract" xlink:label="DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesAbstract" xlink:title="DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesAbstract" xml:lang="en-US" id="label_DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesAbstract">Disclosure Of Recoverable Income Tax And Social Contribution Taxes [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesAbstract" xlink:to="label_DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesAbstract" xlink:title="Label : DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesAbstract to label_DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesAbstract_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesAbstract_1" xml:lang="en-US" id="label_DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesAbstract_1">Disclosure of recoverable Income Tax And Social Contribution Taxes [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesAbstract" xlink:to="label_DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesAbstract_1" xlink:title="Label : DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesAbstract to label_DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesTable" xlink:label="DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesTable" xlink:title="DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesTable" xml:lang="en-US" id="label_DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesTable">Disclosure of Recoverable Income Tax and Social Contribution Taxes [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesTable" xlink:to="label_DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesTable" xlink:title="Label : DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesTable to label_DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesTable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesTable_1" xml:lang="en-US" id="label_DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesTable_1">Disclosure of Recoverable Income Tax and Social Contribution Taxes [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesTable" xlink:to="label_DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesTable_1" xlink:title="Label : DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesTable to label_DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesTable_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesTable_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesTable_2" xml:lang="en-US" id="label_DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesTable_2">Disclosure of Recoverable Income Tax and Social Contribution Taxes [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesTable" xlink:to="label_DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesTable_2" xlink:title="Label : DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesTable to label_DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesTable_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IrpjandcsllMember" xlink:label="IrpjandcsllMember" xlink:title="IrpjandcsllMember" />
    <link:label xlink:type="resource" xlink:label="label_IrpjandcsllMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IrpjandcsllMember" xml:lang="en-US" id="label_IrpjandcsllMember">IRPJ and CSLL [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IrpjandcsllMember" xlink:to="label_IrpjandcsllMember" xlink:title="Label : IrpjandcsllMember to label_IrpjandcsllMember" />
    <link:label xlink:type="resource" xlink:label="label_IrpjandcsllMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IrpjandcsllMember_1" xml:lang="en-US" id="label_IrpjandcsllMember_1">IRPJ and CSLL [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IrpjandcsllMember" xlink:to="label_IrpjandcsllMember_1" xlink:title="Label : IrpjandcsllMember to label_IrpjandcsllMember_1" />
    <link:label xlink:type="resource" xlink:label="label_IrpjandcsllMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IrpjandcsllMember_2" xml:lang="en-US" id="label_IrpjandcsllMember_2">IRPJ and CSLL.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IrpjandcsllMember" xlink:to="label_IrpjandcsllMember_2" xlink:title="Label : IrpjandcsllMember to label_IrpjandcsllMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesLineItems" xlink:label="DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesLineItems" xlink:title="DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesLineItems" xml:lang="en-US" id="label_DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesLineItems">Disclosure Of Recoverable Income Tax and Social Contribution Taxes [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesLineItems" xlink:to="label_DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesLineItems" xlink:title="Label : DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesLineItems to label_DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesLineItems_1" xml:lang="en-US" id="label_DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesLineItems_1">Disclosure Of Recoverable Income Tax and Social Contribution Taxes [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesLineItems" xlink:to="label_DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesLineItems_1" xlink:title="Label : DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesLineItems to label_DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesLineItems_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesLineItems_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesLineItems_2" xml:lang="en-US" id="label_DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesLineItems_2">Disclosure Of Recoverable Income Tax and Social Contribution Taxes [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesLineItems" xlink:to="label_DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesLineItems_2" xlink:title="Label : DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesLineItems to label_DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesLineItems_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_RecoverableAndSocialContributionTaxes" xlink:label="RecoverableAndSocialContributionTaxes" xlink:title="RecoverableAndSocialContributionTaxes" />
    <link:label xlink:type="resource" xlink:label="label_RecoverableAndSocialContributionTaxes" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RecoverableAndSocialContributionTaxes" xml:lang="en-US" id="label_RecoverableAndSocialContributionTaxes">Recoverable and social contribution taxes.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RecoverableAndSocialContributionTaxes" xlink:to="label_RecoverableAndSocialContributionTaxes" xlink:title="Label : RecoverableAndSocialContributionTaxes to label_RecoverableAndSocialContributionTaxes" />
    <link:label xlink:type="resource" xlink:label="label_RecoverableAndSocialContributionTaxes_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RecoverableAndSocialContributionTaxes_1" xml:lang="en-US" id="label_RecoverableAndSocialContributionTaxes_1">Recoverable and social contribution taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RecoverableAndSocialContributionTaxes" xlink:to="label_RecoverableAndSocialContributionTaxes_1" xlink:title="Label : RecoverableAndSocialContributionTaxes to label_RecoverableAndSocialContributionTaxes_1" />
    <link:label xlink:type="resource" xlink:label="label_RecoverableAndSocialContributionTaxes_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RecoverableAndSocialContributionTaxes_2" xml:lang="en-US" id="label_RecoverableAndSocialContributionTaxes_2">Recoverable And Social Contribution Taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RecoverableAndSocialContributionTaxes" xlink:to="label_RecoverableAndSocialContributionTaxes_2" xlink:title="Label : RecoverableAndSocialContributionTaxes to label_RecoverableAndSocialContributionTaxes_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CurrentRecoverableIncomeAndSocialContributionTaxes" xlink:label="CurrentRecoverableIncomeAndSocialContributionTaxes" xlink:title="CurrentRecoverableIncomeAndSocialContributionTaxes" />
    <link:label xlink:type="resource" xlink:label="label_CurrentRecoverableIncomeAndSocialContributionTaxes" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentRecoverableIncomeAndSocialContributionTaxes" xml:lang="en-US" id="label_CurrentRecoverableIncomeAndSocialContributionTaxes">Current recoverable income and social contribution taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentRecoverableIncomeAndSocialContributionTaxes" xlink:to="label_CurrentRecoverableIncomeAndSocialContributionTaxes" xlink:title="Label : CurrentRecoverableIncomeAndSocialContributionTaxes to label_CurrentRecoverableIncomeAndSocialContributionTaxes" />
    <link:label xlink:type="resource" xlink:label="label_CurrentRecoverableIncomeAndSocialContributionTaxes_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentRecoverableIncomeAndSocialContributionTaxes_1" xml:lang="en-US" id="label_CurrentRecoverableIncomeAndSocialContributionTaxes_1">Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentRecoverableIncomeAndSocialContributionTaxes" xlink:to="label_CurrentRecoverableIncomeAndSocialContributionTaxes_1" xlink:title="Label : CurrentRecoverableIncomeAndSocialContributionTaxes to label_CurrentRecoverableIncomeAndSocialContributionTaxes_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentRecoverableIncomeAndSocialContributionTaxes_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentRecoverableIncomeAndSocialContributionTaxes_2" xml:lang="en-US" id="label_CurrentRecoverableIncomeAndSocialContributionTaxes_2">The amount of current recoverable income and social contribution taxes.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentRecoverableIncomeAndSocialContributionTaxes" xlink:to="label_CurrentRecoverableIncomeAndSocialContributionTaxes_2" xlink:title="Label : CurrentRecoverableIncomeAndSocialContributionTaxes to label_CurrentRecoverableIncomeAndSocialContributionTaxes_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OxitenoSAAndOxitenoNordesteMember" xlink:label="OxitenoSAAndOxitenoNordesteMember" xlink:title="OxitenoSAAndOxitenoNordesteMember" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoSAAndOxitenoNordesteMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OxitenoSAAndOxitenoNordesteMember" xml:lang="en-US" id="label_OxitenoSAAndOxitenoNordesteMember">Oxiteno S.A. and Oxiteno Nordeste [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoSAAndOxitenoNordesteMember" xlink:to="label_OxitenoSAAndOxitenoNordesteMember" xlink:title="Label : OxitenoSAAndOxitenoNordesteMember to label_OxitenoSAAndOxitenoNordesteMember" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoSAAndOxitenoNordesteMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OxitenoSAAndOxitenoNordesteMember_1" xml:lang="en-US" id="label_OxitenoSAAndOxitenoNordesteMember_1">Oxiteno S.A. and Oxiteno Nordeste [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoSAAndOxitenoNordesteMember" xlink:to="label_OxitenoSAAndOxitenoNordesteMember_1" xlink:title="Label : OxitenoSAAndOxitenoNordesteMember to label_OxitenoSAAndOxitenoNordesteMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoSAAndOxitenoNordesteMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OxitenoSAAndOxitenoNordesteMember_2" xml:lang="en-US" id="label_OxitenoSAAndOxitenoNordesteMember_2">Oxiteno S.A. and Oxiteno Nordeste.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoSAAndOxitenoNordesteMember" xlink:to="label_OxitenoSAAndOxitenoNordesteMember_2" xlink:title="Label : OxitenoSAAndOxitenoNordesteMember to label_OxitenoSAAndOxitenoNordesteMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OtherSubsidiariesMember" xlink:label="OtherSubsidiariesMember" xlink:title="OtherSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherSubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherSubsidiariesMember" xml:lang="en-US" id="label_OtherSubsidiariesMember">Other Subsidiaries [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherSubsidiariesMember" xlink:to="label_OtherSubsidiariesMember" xlink:title="Label : OtherSubsidiariesMember to label_OtherSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherSubsidiariesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherSubsidiariesMember_1" xml:lang="en-US" id="label_OtherSubsidiariesMember_1">Other Subsidiaries [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherSubsidiariesMember" xlink:to="label_OtherSubsidiariesMember_1" xlink:title="Label : OtherSubsidiariesMember to label_OtherSubsidiariesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherSubsidiariesMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherSubsidiariesMember_2" xml:lang="en-US" id="label_OtherSubsidiariesMember_2">Other Subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherSubsidiariesMember" xlink:to="label_OtherSubsidiariesMember_2" xlink:title="Label : OtherSubsidiariesMember to label_OtherSubsidiariesMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_RealizationOfTaxCreditPeriod" xlink:label="RealizationOfTaxCreditPeriod" xlink:title="RealizationOfTaxCreditPeriod" />
    <link:label xlink:type="resource" xlink:label="label_RealizationOfTaxCreditPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RealizationOfTaxCreditPeriod" xml:lang="en-US" id="label_RealizationOfTaxCreditPeriod">Realization of tax credit period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealizationOfTaxCreditPeriod" xlink:to="label_RealizationOfTaxCreditPeriod" xlink:title="Label : RealizationOfTaxCreditPeriod to label_RealizationOfTaxCreditPeriod" />
    <link:label xlink:type="resource" xlink:label="label_RealizationOfTaxCreditPeriod_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RealizationOfTaxCreditPeriod_1" xml:lang="en-US" id="label_RealizationOfTaxCreditPeriod_1">Realization of tax credit period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealizationOfTaxCreditPeriod" xlink:to="label_RealizationOfTaxCreditPeriod_1" xlink:title="Label : RealizationOfTaxCreditPeriod to label_RealizationOfTaxCreditPeriod_1" />
    <link:label xlink:type="resource" xlink:label="label_RealizationOfTaxCreditPeriod_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RealizationOfTaxCreditPeriod_2" xml:lang="en-US" id="label_RealizationOfTaxCreditPeriod_2">Realization of tax credit period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealizationOfTaxCreditPeriod" xlink:to="label_RealizationOfTaxCreditPeriod_2" xlink:title="Label : RealizationOfTaxCreditPeriod to label_RealizationOfTaxCreditPeriod_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_RelatedPartiesAbstract" xlink:label="RelatedPartiesAbstract" xlink:title="RelatedPartiesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_RelatedPartiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RelatedPartiesAbstract" xml:lang="en-US" id="label_RelatedPartiesAbstract">Related parties [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartiesAbstract" xlink:to="label_RelatedPartiesAbstract" xlink:title="Label : RelatedPartiesAbstract to label_RelatedPartiesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_RelatedPartiesAbstract_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RelatedPartiesAbstract_1" xml:lang="en-US" id="label_RelatedPartiesAbstract_1">Related parties abstract.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartiesAbstract" xlink:to="label_RelatedPartiesAbstract_1" xlink:title="Label : RelatedPartiesAbstract to label_RelatedPartiesAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfRelatedPartiesTable" xlink:label="SummaryOfRelatedPartiesTable" xlink:title="SummaryOfRelatedPartiesTable" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfRelatedPartiesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SummaryOfRelatedPartiesTable" xml:lang="en-US" id="label_SummaryOfRelatedPartiesTable">Summary of related parties [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfRelatedPartiesTable" xlink:to="label_SummaryOfRelatedPartiesTable" xlink:title="Label : SummaryOfRelatedPartiesTable to label_SummaryOfRelatedPartiesTable" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfRelatedPartiesTable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfRelatedPartiesTable_1" xml:lang="en-US" id="label_SummaryOfRelatedPartiesTable_1">Summary of related parties [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfRelatedPartiesTable" xlink:to="label_SummaryOfRelatedPartiesTable_1" xlink:title="Label : SummaryOfRelatedPartiesTable to label_SummaryOfRelatedPartiesTable_1" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfRelatedPartiesTable_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfRelatedPartiesTable_2" xml:lang="en-US" id="label_SummaryOfRelatedPartiesTable_2">Summary of related parties [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfRelatedPartiesTable" xlink:to="label_SummaryOfRelatedPartiesTable_2" xlink:title="Label : SummaryOfRelatedPartiesTable to label_SummaryOfRelatedPartiesTable_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_SignificantInvestmentsInAssociatesAxis" xlink:label="SignificantInvestmentsInAssociatesAxis" xlink:title="SignificantInvestmentsInAssociatesAxis" />
    <link:label xlink:type="resource" xlink:label="label_SignificantInvestmentsInAssociatesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SignificantInvestmentsInAssociatesAxis" xml:lang="en-US" id="label_SignificantInvestmentsInAssociatesAxis">Associates [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SignificantInvestmentsInAssociatesAxis" xlink:to="label_SignificantInvestmentsInAssociatesAxis" xlink:title="Label : SignificantInvestmentsInAssociatesAxis to label_SignificantInvestmentsInAssociatesAxis" />
    <link:label xlink:type="resource" xlink:label="label_SignificantInvestmentsInAssociatesAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SignificantInvestmentsInAssociatesAxis_1" xml:lang="en-US" id="label_SignificantInvestmentsInAssociatesAxis_1">Associates [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SignificantInvestmentsInAssociatesAxis" xlink:to="label_SignificantInvestmentsInAssociatesAxis_1" xlink:title="Label : SignificantInvestmentsInAssociatesAxis to label_SignificantInvestmentsInAssociatesAxis_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_EntitysTotalForAssociatesMember" xlink:label="EntitysTotalForAssociatesMember" xlink:title="EntitysTotalForAssociatesMember" />
    <link:label xlink:type="resource" xlink:label="label_EntitysTotalForAssociatesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntitysTotalForAssociatesMember" xml:lang="en-US" id="label_EntitysTotalForAssociatesMember">Entity's total for associates [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntitysTotalForAssociatesMember" xlink:to="label_EntitysTotalForAssociatesMember" xlink:title="Label : EntitysTotalForAssociatesMember to label_EntitysTotalForAssociatesMember" />
    <link:label xlink:type="resource" xlink:label="label_EntitysTotalForAssociatesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EntitysTotalForAssociatesMember_1" xml:lang="en-US" id="label_EntitysTotalForAssociatesMember_1">Entity's total for associates [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntitysTotalForAssociatesMember" xlink:to="label_EntitysTotalForAssociatesMember_1" xlink:title="Label : EntitysTotalForAssociatesMember to label_EntitysTotalForAssociatesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_QuimicaDaBahiaIndustriaEcomercioMember" xlink:label="QuimicaDaBahiaIndustriaEcomercioMember" xlink:title="QuimicaDaBahiaIndustriaEcomercioMember" />
    <link:label xlink:type="resource" xlink:label="label_QuimicaDaBahiaIndustriaEcomercioMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_QuimicaDaBahiaIndustriaEcomercioMember" xml:lang="en-US" id="label_QuimicaDaBahiaIndustriaEcomercioMember">Quimica da bahia industria ecomercio [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="QuimicaDaBahiaIndustriaEcomercioMember" xlink:to="label_QuimicaDaBahiaIndustriaEcomercioMember" xlink:title="Label : QuimicaDaBahiaIndustriaEcomercioMember to label_QuimicaDaBahiaIndustriaEcomercioMember" />
    <link:label xlink:type="resource" xlink:label="label_QuimicaDaBahiaIndustriaEcomercioMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_QuimicaDaBahiaIndustriaEcomercioMember_1" xml:lang="en-US" id="label_QuimicaDaBahiaIndustriaEcomercioMember_1">Quimica da bahia Industria e Comercio [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="QuimicaDaBahiaIndustriaEcomercioMember" xlink:to="label_QuimicaDaBahiaIndustriaEcomercioMember_1" xlink:title="Label : QuimicaDaBahiaIndustriaEcomercioMember to label_QuimicaDaBahiaIndustriaEcomercioMember_1" />
    <link:label xlink:type="resource" xlink:label="label_QuimicaDaBahiaIndustriaEcomercioMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_QuimicaDaBahiaIndustriaEcomercioMember_2" xml:lang="en-US" id="label_QuimicaDaBahiaIndustriaEcomercioMember_2">Quimica da bahia industria ecomercio.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="QuimicaDaBahiaIndustriaEcomercioMember" xlink:to="label_QuimicaDaBahiaIndustriaEcomercioMember_2" xlink:title="Label : QuimicaDaBahiaIndustriaEcomercioMember to label_QuimicaDaBahiaIndustriaEcomercioMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_RelatiedPartiesOtherMember" xlink:label="RelatiedPartiesOtherMember" xlink:title="RelatiedPartiesOtherMember" />
    <link:label xlink:type="resource" xlink:label="label_RelatiedPartiesOtherMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RelatiedPartiesOtherMember" xml:lang="en-US" id="label_RelatiedPartiesOtherMember">Relatied Parties Other [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatiedPartiesOtherMember" xlink:to="label_RelatiedPartiesOtherMember" xlink:title="Label : RelatiedPartiesOtherMember to label_RelatiedPartiesOtherMember" />
    <link:label xlink:type="resource" xlink:label="label_RelatiedPartiesOtherMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RelatiedPartiesOtherMember_1" xml:lang="en-US" id="label_RelatiedPartiesOtherMember_1">Others [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatiedPartiesOtherMember" xlink:to="label_RelatiedPartiesOtherMember_1" xlink:title="Label : RelatiedPartiesOtherMember to label_RelatiedPartiesOtherMember_1" />
    <link:label xlink:type="resource" xlink:label="label_RelatiedPartiesOtherMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RelatiedPartiesOtherMember_2" xml:lang="en-US" id="label_RelatiedPartiesOtherMember_2">Relatied parties other.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatiedPartiesOtherMember" xlink:to="label_RelatiedPartiesOtherMember_2" xlink:title="Label : RelatiedPartiesOtherMember to label_RelatiedPartiesOtherMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OxicapIndustriaDeGasesMember" xlink:label="OxicapIndustriaDeGasesMember" xlink:title="OxicapIndustriaDeGasesMember" />
    <link:label xlink:type="resource" xlink:label="label_OxicapIndustriaDeGasesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OxicapIndustriaDeGasesMember" xml:lang="en-US" id="label_OxicapIndustriaDeGasesMember">Oxicap industria de gases [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxicapIndustriaDeGasesMember" xlink:to="label_OxicapIndustriaDeGasesMember" xlink:title="Label : OxicapIndustriaDeGasesMember to label_OxicapIndustriaDeGasesMember" />
    <link:label xlink:type="resource" xlink:label="label_OxicapIndustriaDeGasesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OxicapIndustriaDeGasesMember_1" xml:lang="en-US" id="label_OxicapIndustriaDeGasesMember_1">Oxicap Industria de Gases [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxicapIndustriaDeGasesMember" xlink:to="label_OxicapIndustriaDeGasesMember_1" xlink:title="Label : OxicapIndustriaDeGasesMember to label_OxicapIndustriaDeGasesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OxicapIndustriaDeGasesMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OxicapIndustriaDeGasesMember_2" xml:lang="en-US" id="label_OxicapIndustriaDeGasesMember_2">Oxicap industria de gases.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxicapIndustriaDeGasesMember" xlink:to="label_OxicapIndustriaDeGasesMember_2" xlink:title="Label : OxicapIndustriaDeGasesMember to label_OxicapIndustriaDeGasesMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_RefinariaDePetroleoRigrandenseMember" xlink:label="RefinariaDePetroleoRigrandenseMember" xlink:title="RefinariaDePetroleoRigrandenseMember" />
    <link:label xlink:type="resource" xlink:label="label_RefinariaDePetroleoRigrandenseMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RefinariaDePetroleoRigrandenseMember" xml:lang="en-US" id="label_RefinariaDePetroleoRigrandenseMember">Refinaria De Petroleo Rigrandense [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RefinariaDePetroleoRigrandenseMember" xlink:to="label_RefinariaDePetroleoRigrandenseMember" xlink:title="Label : RefinariaDePetroleoRigrandenseMember to label_RefinariaDePetroleoRigrandenseMember" />
    <link:label xlink:type="resource" xlink:label="label_RefinariaDePetroleoRigrandenseMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RefinariaDePetroleoRigrandenseMember_1" xml:lang="en-US" id="label_RefinariaDePetroleoRigrandenseMember_1">Refinaria De Petroleo Rigrandense [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RefinariaDePetroleoRigrandenseMember" xlink:to="label_RefinariaDePetroleoRigrandenseMember_1" xlink:title="Label : RefinariaDePetroleoRigrandenseMember to label_RefinariaDePetroleoRigrandenseMember_1" />
    <link:label xlink:type="resource" xlink:label="label_RefinariaDePetroleoRigrandenseMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RefinariaDePetroleoRigrandenseMember_2" xml:lang="en-US" id="label_RefinariaDePetroleoRigrandenseMember_2">Refinaria de petroleo rigrandense.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RefinariaDePetroleoRigrandenseMember" xlink:to="label_RefinariaDePetroleoRigrandenseMember_2" xlink:title="Label : RefinariaDePetroleoRigrandenseMember to label_RefinariaDePetroleoRigrandenseMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ConectCarSolucoesDeMobilidadeEletronicaMember" xlink:label="ConectCarSolucoesDeMobilidadeEletronicaMember" xlink:title="ConectCarSolucoesDeMobilidadeEletronicaMember" />
    <link:label xlink:type="resource" xlink:label="label_ConectCarSolucoesDeMobilidadeEletronicaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ConectCarSolucoesDeMobilidadeEletronicaMember" xml:lang="en-US" id="label_ConectCarSolucoesDeMobilidadeEletronicaMember">Conect car solucoes de mobilidade eletronica [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConectCarSolucoesDeMobilidadeEletronicaMember" xlink:to="label_ConectCarSolucoesDeMobilidadeEletronicaMember" xlink:title="Label : ConectCarSolucoesDeMobilidadeEletronicaMember to label_ConectCarSolucoesDeMobilidadeEletronicaMember" />
    <link:label xlink:type="resource" xlink:label="label_ConectCarSolucoesDeMobilidadeEletronicaMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ConectCarSolucoesDeMobilidadeEletronicaMember_1" xml:lang="en-US" id="label_ConectCarSolucoesDeMobilidadeEletronicaMember_1">ConectCar Solucoes de Mobilidade Eletronica [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConectCarSolucoesDeMobilidadeEletronicaMember" xlink:to="label_ConectCarSolucoesDeMobilidadeEletronicaMember_1" xlink:title="Label : ConectCarSolucoesDeMobilidadeEletronicaMember to label_ConectCarSolucoesDeMobilidadeEletronicaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ConectCarSolucoesDeMobilidadeEletronicaMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ConectCarSolucoesDeMobilidadeEletronicaMember_2" xml:lang="en-US" id="label_ConectCarSolucoesDeMobilidadeEletronicaMember_2">Conect car solucoes de mobilidade eletronica.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConectCarSolucoesDeMobilidadeEletronicaMember" xlink:to="label_ConectCarSolucoesDeMobilidadeEletronicaMember_2" xlink:title="Label : ConectCarSolucoesDeMobilidadeEletronicaMember to label_ConectCarSolucoesDeMobilidadeEletronicaMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LA7ParticipaesEEmpreendImobLtdaMember" xlink:label="LA7ParticipaesEEmpreendImobLtdaMember" xlink:title="LA7ParticipaesEEmpreendImobLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_LA7ParticipaesEEmpreendImobLtdaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LA7ParticipaesEEmpreendImobLtdaMember" xml:lang="en-US" id="label_LA7ParticipaesEEmpreendImobLtdaMember">LA'7 Participaes e Empreend. Imob. Ltda. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LA7ParticipaesEEmpreendImobLtdaMember" xlink:to="label_LA7ParticipaesEEmpreendImobLtdaMember" xlink:title="Label : LA7ParticipaesEEmpreendImobLtdaMember to label_LA7ParticipaesEEmpreendImobLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_LA7ParticipaesEEmpreendImobLtdaMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LA7ParticipaesEEmpreendImobLtdaMember_1" xml:lang="en-US" id="label_LA7ParticipaesEEmpreendImobLtdaMember_1">LA'7 Participaes e Empreend. Imob. Ltda. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LA7ParticipaesEEmpreendImobLtdaMember" xlink:to="label_LA7ParticipaesEEmpreendImobLtdaMember_1" xlink:title="Label : LA7ParticipaesEEmpreendImobLtdaMember to label_LA7ParticipaesEEmpreendImobLtdaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_LA7ParticipaesEEmpreendImobLtdaMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LA7ParticipaesEEmpreendImobLtdaMember_2" xml:lang="en-US" id="label_LA7ParticipaesEEmpreendImobLtdaMember_2">LA'7 Participaes e Empreend. Imob. Ltda.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LA7ParticipaesEEmpreendImobLtdaMember" xlink:to="label_LA7ParticipaesEEmpreendImobLtdaMember_2" xlink:title="Label : LA7ParticipaesEEmpreendImobLtdaMember to label_LA7ParticipaesEEmpreendImobLtdaMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ChevronLatinAmericaMarketingLlcMember" xlink:label="ChevronLatinAmericaMarketingLlcMember" xlink:title="ChevronLatinAmericaMarketingLlcMember" />
    <link:label xlink:type="resource" xlink:label="label_ChevronLatinAmericaMarketingLlcMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ChevronLatinAmericaMarketingLlcMember" xml:lang="en-US" id="label_ChevronLatinAmericaMarketingLlcMember">Chevron Latin America Marketing LLC [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChevronLatinAmericaMarketingLlcMember" xlink:to="label_ChevronLatinAmericaMarketingLlcMember" xlink:title="Label : ChevronLatinAmericaMarketingLlcMember to label_ChevronLatinAmericaMarketingLlcMember" />
    <link:label xlink:type="resource" xlink:label="label_ChevronLatinAmericaMarketingLlcMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ChevronLatinAmericaMarketingLlcMember_1" xml:lang="en-US" id="label_ChevronLatinAmericaMarketingLlcMember_1">Chevron Latin America Marketing LLC [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChevronLatinAmericaMarketingLlcMember" xlink:to="label_ChevronLatinAmericaMarketingLlcMember_1" xlink:title="Label : ChevronLatinAmericaMarketingLlcMember to label_ChevronLatinAmericaMarketingLlcMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ChevronLatinAmericaMarketingLlcMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ChevronLatinAmericaMarketingLlcMember_2" xml:lang="en-US" id="label_ChevronLatinAmericaMarketingLlcMember_2">Chevron Latin America Marketing LLC Member.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChevronLatinAmericaMarketingLlcMember" xlink:to="label_ChevronLatinAmericaMarketingLlcMember_2" xlink:title="Label : ChevronLatinAmericaMarketingLlcMember to label_ChevronLatinAmericaMarketingLlcMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfRelatedPartiesLineItems" xlink:label="SummaryOfRelatedPartiesLineItems" xlink:title="SummaryOfRelatedPartiesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfRelatedPartiesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SummaryOfRelatedPartiesLineItems" xml:lang="en-US" id="label_SummaryOfRelatedPartiesLineItems">Summary of related parties [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfRelatedPartiesLineItems" xlink:to="label_SummaryOfRelatedPartiesLineItems" xlink:title="Label : SummaryOfRelatedPartiesLineItems to label_SummaryOfRelatedPartiesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfRelatedPartiesLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfRelatedPartiesLineItems_1" xml:lang="en-US" id="label_SummaryOfRelatedPartiesLineItems_1">Summary of related parties [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfRelatedPartiesLineItems" xlink:to="label_SummaryOfRelatedPartiesLineItems_1" xlink:title="Label : SummaryOfRelatedPartiesLineItems to label_SummaryOfRelatedPartiesLineItems_1" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfRelatedPartiesLineItems_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfRelatedPartiesLineItems_2" xml:lang="en-US" id="label_SummaryOfRelatedPartiesLineItems_2">Summary of related parties.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfRelatedPartiesLineItems" xlink:to="label_SummaryOfRelatedPartiesLineItems_2" xlink:title="Label : SummaryOfRelatedPartiesLineItems to label_SummaryOfRelatedPartiesLineItems_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LoansAssets" xlink:label="LoansAssets" xlink:title="LoansAssets" />
    <link:label xlink:type="resource" xlink:label="label_LoansAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LoansAssets" xml:lang="en-US" id="label_LoansAssets">Loans assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansAssets" xlink:to="label_LoansAssets" xlink:title="Label : LoansAssets to label_LoansAssets" />
    <link:label xlink:type="resource" xlink:label="label_LoansAssets_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LoansAssets_1" xml:lang="en-US" id="label_LoansAssets_1">Loans assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansAssets" xlink:to="label_LoansAssets_1" xlink:title="Label : LoansAssets to label_LoansAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_LoansAssets_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LoansAssets_2" xml:lang="en-US" id="label_LoansAssets_2">The amount of Loan assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansAssets" xlink:to="label_LoansAssets_2" xlink:title="Label : LoansAssets to label_LoansAssets_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LoansLiabilities" xlink:label="LoansLiabilities" xlink:title="LoansLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_LoansLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LoansLiabilities" xml:lang="en-US" id="label_LoansLiabilities">Loans liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansLiabilities" xlink:to="label_LoansLiabilities" xlink:title="Label : LoansLiabilities to label_LoansLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_LoansLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LoansLiabilities_1" xml:lang="en-US" id="label_LoansLiabilities_1">Loans liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansLiabilities" xlink:to="label_LoansLiabilities_1" xlink:title="Label : LoansLiabilities to label_LoansLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_LoansLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LoansLiabilities_2" xml:lang="en-US" id="label_LoansLiabilities_2">The amount of Loan liabilities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansLiabilities" xlink:to="label_LoansLiabilities_2" xlink:title="Label : LoansLiabilities to label_LoansLiabilities_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CommercialTransactionsReceivables" xlink:label="CommercialTransactionsReceivables" xlink:title="CommercialTransactionsReceivables" />
    <link:label xlink:type="resource" xlink:label="label_CommercialTransactionsReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CommercialTransactionsReceivables" xml:lang="en-US" id="label_CommercialTransactionsReceivables">Commercial transactions receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialTransactionsReceivables" xlink:to="label_CommercialTransactionsReceivables" xlink:title="Label : CommercialTransactionsReceivables to label_CommercialTransactionsReceivables" />
    <link:label xlink:type="resource" xlink:label="label_CommercialTransactionsReceivables_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CommercialTransactionsReceivables_1" xml:lang="en-US" id="label_CommercialTransactionsReceivables_1">Receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialTransactionsReceivables" xlink:to="label_CommercialTransactionsReceivables_1" xlink:title="Label : CommercialTransactionsReceivables to label_CommercialTransactionsReceivables_1" />
    <link:label xlink:type="resource" xlink:label="label_CommercialTransactionsReceivables_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CommercialTransactionsReceivables_2" xml:lang="en-US" id="label_CommercialTransactionsReceivables_2">The amount of Commercial transactions receivables.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialTransactionsReceivables" xlink:to="label_CommercialTransactionsReceivables_2" xlink:title="Label : CommercialTransactionsReceivables to label_CommercialTransactionsReceivables_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CommercialTransactionsPayables" xlink:label="CommercialTransactionsPayables" xlink:title="CommercialTransactionsPayables" />
    <link:label xlink:type="resource" xlink:label="label_CommercialTransactionsPayables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CommercialTransactionsPayables" xml:lang="en-US" id="label_CommercialTransactionsPayables">Commercial transactions payables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialTransactionsPayables" xlink:to="label_CommercialTransactionsPayables" xlink:title="Label : CommercialTransactionsPayables to label_CommercialTransactionsPayables" />
    <link:label xlink:type="resource" xlink:label="label_CommercialTransactionsPayables_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CommercialTransactionsPayables_1" xml:lang="en-US" id="label_CommercialTransactionsPayables_1">Payables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialTransactionsPayables" xlink:to="label_CommercialTransactionsPayables_1" xlink:title="Label : CommercialTransactionsPayables to label_CommercialTransactionsPayables_1" />
    <link:label xlink:type="resource" xlink:label="label_CommercialTransactionsPayables_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CommercialTransactionsPayables_2" xml:lang="en-US" id="label_CommercialTransactionsPayables_2">The amount of Commercial transactions payables.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialTransactionsPayables" xlink:to="label_CommercialTransactionsPayables_2" xlink:title="Label : CommercialTransactionsPayables to label_CommercialTransactionsPayables_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CommercialTransactionsSalesAndServices" xlink:label="CommercialTransactionsSalesAndServices" xlink:title="CommercialTransactionsSalesAndServices" />
    <link:label xlink:type="resource" xlink:label="label_CommercialTransactionsSalesAndServices" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CommercialTransactionsSalesAndServices" xml:lang="en-US" id="label_CommercialTransactionsSalesAndServices">Commercial transactions sales and services</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialTransactionsSalesAndServices" xlink:to="label_CommercialTransactionsSalesAndServices" xlink:title="Label : CommercialTransactionsSalesAndServices to label_CommercialTransactionsSalesAndServices" />
    <link:label xlink:type="resource" xlink:label="label_CommercialTransactionsSalesAndServices_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CommercialTransactionsSalesAndServices_1" xml:lang="en-US" id="label_CommercialTransactionsSalesAndServices_1">Commercial transactions, sales and services</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialTransactionsSalesAndServices" xlink:to="label_CommercialTransactionsSalesAndServices_1" xlink:title="Label : CommercialTransactionsSalesAndServices to label_CommercialTransactionsSalesAndServices_1" />
    <link:label xlink:type="resource" xlink:label="label_CommercialTransactionsSalesAndServices_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CommercialTransactionsSalesAndServices_2" xml:lang="en-US" id="label_CommercialTransactionsSalesAndServices_2">The amount of Commercial transactions, sales and services.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialTransactionsSalesAndServices" xlink:to="label_CommercialTransactionsSalesAndServices_2" xlink:title="Label : CommercialTransactionsSalesAndServices to label_CommercialTransactionsSalesAndServices_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CommercialTransactionsPurchases" xlink:label="CommercialTransactionsPurchases" xlink:title="CommercialTransactionsPurchases" />
    <link:label xlink:type="resource" xlink:label="label_CommercialTransactionsPurchases" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CommercialTransactionsPurchases" xml:lang="en-US" id="label_CommercialTransactionsPurchases">Commercial Transactions Purchases</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialTransactionsPurchases" xlink:to="label_CommercialTransactionsPurchases" xlink:title="Label : CommercialTransactionsPurchases to label_CommercialTransactionsPurchases" />
    <link:label xlink:type="resource" xlink:label="label_CommercialTransactionsPurchases_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CommercialTransactionsPurchases_1" xml:lang="en-US" id="label_CommercialTransactionsPurchases_1">Commercial transactions purchases</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialTransactionsPurchases" xlink:to="label_CommercialTransactionsPurchases_1" xlink:title="Label : CommercialTransactionsPurchases to label_CommercialTransactionsPurchases_1" />
    <link:label xlink:type="resource" xlink:label="label_CommercialTransactionsPurchases_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CommercialTransactionsPurchases_2" xml:lang="en-US" id="label_CommercialTransactionsPurchases_2">The amount of Commercial transactions purchases regarding related parties.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialTransactionsPurchases" xlink:to="label_CommercialTransactionsPurchases_2" xlink:title="Label : CommercialTransactionsPurchases to label_CommercialTransactionsPurchases_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CommercialTransactionsExpenses" xlink:label="CommercialTransactionsExpenses" xlink:title="CommercialTransactionsExpenses" />
    <link:label xlink:type="resource" xlink:label="label_CommercialTransactionsExpenses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CommercialTransactionsExpenses" xml:lang="en-US" id="label_CommercialTransactionsExpenses">Commercial Transactions Expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialTransactionsExpenses" xlink:to="label_CommercialTransactionsExpenses" xlink:title="Label : CommercialTransactionsExpenses to label_CommercialTransactionsExpenses" />
    <link:label xlink:type="resource" xlink:label="label_CommercialTransactionsExpenses_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CommercialTransactionsExpenses_1" xml:lang="en-US" id="label_CommercialTransactionsExpenses_1">Expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialTransactionsExpenses" xlink:to="label_CommercialTransactionsExpenses_1" xlink:title="Label : CommercialTransactionsExpenses to label_CommercialTransactionsExpenses_1" />
    <link:label xlink:type="resource" xlink:label="label_CommercialTransactionsExpenses_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CommercialTransactionsExpenses_2" xml:lang="en-US" id="label_CommercialTransactionsExpenses_2">Commercial transactions expenses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialTransactionsExpenses" xlink:to="label_CommercialTransactionsExpenses_2" xlink:title="Label : CommercialTransactionsExpenses to label_CommercialTransactionsExpenses_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_NumberOfDrugstoresUnderRentalContracts" xlink:label="NumberOfDrugstoresUnderRentalContracts" xlink:title="NumberOfDrugstoresUnderRentalContracts" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfDrugstoresUnderRentalContracts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfDrugstoresUnderRentalContracts" xml:lang="en-US" id="label_NumberOfDrugstoresUnderRentalContracts">Number of drugstores under rental contracts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfDrugstoresUnderRentalContracts" xlink:to="label_NumberOfDrugstoresUnderRentalContracts" xlink:title="Label : NumberOfDrugstoresUnderRentalContracts to label_NumberOfDrugstoresUnderRentalContracts" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfDrugstoresUnderRentalContracts_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfDrugstoresUnderRentalContracts_1" xml:lang="en-US" id="label_NumberOfDrugstoresUnderRentalContracts_1">Number of drugstores under rental contracts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfDrugstoresUnderRentalContracts" xlink:to="label_NumberOfDrugstoresUnderRentalContracts_1" xlink:title="Label : NumberOfDrugstoresUnderRentalContracts to label_NumberOfDrugstoresUnderRentalContracts_1" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfDrugstoresUnderRentalContracts_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfDrugstoresUnderRentalContracts_2" xml:lang="en-US" id="label_NumberOfDrugstoresUnderRentalContracts_2">Number of drugstores under rental contracts.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfDrugstoresUnderRentalContracts" xlink:to="label_NumberOfDrugstoresUnderRentalContracts_2" xlink:title="Label : NumberOfDrugstoresUnderRentalContracts to label_NumberOfDrugstoresUnderRentalContracts_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ExecutiveCompensationAxis" xlink:label="ExecutiveCompensationAxis" xlink:title="ExecutiveCompensationAxis" />
    <link:label xlink:type="resource" xlink:label="label_ExecutiveCompensationAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExecutiveCompensationAxis" xml:lang="en-US" id="label_ExecutiveCompensationAxis">Executive compensation [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExecutiveCompensationAxis" xlink:to="label_ExecutiveCompensationAxis" xlink:title="Label : ExecutiveCompensationAxis to label_ExecutiveCompensationAxis" />
    <link:label xlink:type="resource" xlink:label="label_ExecutiveCompensationAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ExecutiveCompensationAxis_1" xml:lang="en-US" id="label_ExecutiveCompensationAxis_1">Executive compensation [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExecutiveCompensationAxis" xlink:to="label_ExecutiveCompensationAxis_1" xlink:title="Label : ExecutiveCompensationAxis to label_ExecutiveCompensationAxis_1" />
    <link:label xlink:type="resource" xlink:label="label_ExecutiveCompensationAxis_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ExecutiveCompensationAxis_2" xml:lang="en-US" id="label_ExecutiveCompensationAxis_2">Executive compensation [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExecutiveCompensationAxis" xlink:to="label_ExecutiveCompensationAxis_2" xlink:title="Label : ExecutiveCompensationAxis to label_ExecutiveCompensationAxis_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ExecutiveCompensationDomain" xlink:label="ExecutiveCompensationDomain" xlink:title="ExecutiveCompensationDomain" />
    <link:label xlink:type="resource" xlink:label="label_ExecutiveCompensationDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExecutiveCompensationDomain" xml:lang="en-US" id="label_ExecutiveCompensationDomain">Executive compensation [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExecutiveCompensationDomain" xlink:to="label_ExecutiveCompensationDomain" xlink:title="Label : ExecutiveCompensationDomain to label_ExecutiveCompensationDomain" />
    <link:label xlink:type="resource" xlink:label="label_ExecutiveCompensationDomain_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ExecutiveCompensationDomain_1" xml:lang="en-US" id="label_ExecutiveCompensationDomain_1">Executive compensation [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExecutiveCompensationDomain" xlink:to="label_ExecutiveCompensationDomain_1" xlink:title="Label : ExecutiveCompensationDomain to label_ExecutiveCompensationDomain_1" />
    <link:label xlink:type="resource" xlink:label="label_ExecutiveCompensationDomain_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ExecutiveCompensationDomain_2" xml:lang="en-US" id="label_ExecutiveCompensationDomain_2">Executive compensation [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExecutiveCompensationDomain" xlink:to="label_ExecutiveCompensationDomain_2" xlink:title="Label : ExecutiveCompensationDomain to label_ExecutiveCompensationDomain_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ShortTermCompensationMember" xlink:label="ShortTermCompensationMember" xlink:title="ShortTermCompensationMember" />
    <link:label xlink:type="resource" xlink:label="label_ShortTermCompensationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ShortTermCompensationMember" xml:lang="en-US" id="label_ShortTermCompensationMember">Short term compensation [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShortTermCompensationMember" xlink:to="label_ShortTermCompensationMember" xlink:title="Label : ShortTermCompensationMember to label_ShortTermCompensationMember" />
    <link:label xlink:type="resource" xlink:label="label_ShortTermCompensationMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ShortTermCompensationMember_1" xml:lang="en-US" id="label_ShortTermCompensationMember_1">Short-term compensation [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShortTermCompensationMember" xlink:to="label_ShortTermCompensationMember_1" xlink:title="Label : ShortTermCompensationMember to label_ShortTermCompensationMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ShortTermCompensationMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ShortTermCompensationMember_2" xml:lang="en-US" id="label_ShortTermCompensationMember_2">Short term compensation.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShortTermCompensationMember" xlink:to="label_ShortTermCompensationMember_2" xlink:title="Label : ShortTermCompensationMember to label_ShortTermCompensationMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_StockCompensationMember" xlink:label="StockCompensationMember" xlink:title="StockCompensationMember" />
    <link:label xlink:type="resource" xlink:label="label_StockCompensationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StockCompensationMember" xml:lang="en-US" id="label_StockCompensationMember">Stock compensation [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockCompensationMember" xlink:to="label_StockCompensationMember" xlink:title="Label : StockCompensationMember to label_StockCompensationMember" />
    <link:label xlink:type="resource" xlink:label="label_StockCompensationMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_StockCompensationMember_1" xml:lang="en-US" id="label_StockCompensationMember_1">Stock compensation [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockCompensationMember" xlink:to="label_StockCompensationMember_1" xlink:title="Label : StockCompensationMember to label_StockCompensationMember_1" />
    <link:label xlink:type="resource" xlink:label="label_StockCompensationMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_StockCompensationMember_2" xml:lang="en-US" id="label_StockCompensationMember_2">Stock compensation.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StockCompensationMember" xlink:to="label_StockCompensationMember_2" xlink:title="Label : StockCompensationMember to label_StockCompensationMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_PostEmploymentBenefitsMember" xlink:label="PostEmploymentBenefitsMember" xlink:title="PostEmploymentBenefitsMember" />
    <link:label xlink:type="resource" xlink:label="label_PostEmploymentBenefitsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PostEmploymentBenefitsMember" xml:lang="en-US" id="label_PostEmploymentBenefitsMember">Post employment benefits [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PostEmploymentBenefitsMember" xlink:to="label_PostEmploymentBenefitsMember" xlink:title="Label : PostEmploymentBenefitsMember to label_PostEmploymentBenefitsMember" />
    <link:label xlink:type="resource" xlink:label="label_PostEmploymentBenefitsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PostEmploymentBenefitsMember_1" xml:lang="en-US" id="label_PostEmploymentBenefitsMember_1">Post employment benefits [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PostEmploymentBenefitsMember" xlink:to="label_PostEmploymentBenefitsMember_1" xlink:title="Label : PostEmploymentBenefitsMember to label_PostEmploymentBenefitsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_PostEmploymentBenefitsMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PostEmploymentBenefitsMember_2" xml:lang="en-US" id="label_PostEmploymentBenefitsMember_2">Post employment benefits.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PostEmploymentBenefitsMember" xlink:to="label_PostEmploymentBenefitsMember_2" xlink:title="Label : PostEmploymentBenefitsMember to label_PostEmploymentBenefitsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LongTermCompensationMember" xlink:label="LongTermCompensationMember" xlink:title="LongTermCompensationMember" />
    <link:label xlink:type="resource" xlink:label="label_LongTermCompensationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LongTermCompensationMember" xml:lang="en-US" id="label_LongTermCompensationMember">Long term compensation [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongTermCompensationMember" xlink:to="label_LongTermCompensationMember" xlink:title="Label : LongTermCompensationMember to label_LongTermCompensationMember" />
    <link:label xlink:type="resource" xlink:label="label_LongTermCompensationMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LongTermCompensationMember_1" xml:lang="en-US" id="label_LongTermCompensationMember_1">Long-term compensation [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongTermCompensationMember" xlink:to="label_LongTermCompensationMember_1" xlink:title="Label : LongTermCompensationMember to label_LongTermCompensationMember_1" />
    <link:label xlink:type="resource" xlink:label="label_LongTermCompensationMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LongTermCompensationMember_2" xml:lang="en-US" id="label_LongTermCompensationMember_2">Long term compensation.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongTermCompensationMember" xlink:to="label_LongTermCompensationMember_2" xlink:title="Label : LongTermCompensationMember to label_LongTermCompensationMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TerminationBenefitMember" xlink:label="TerminationBenefitMember" xlink:title="TerminationBenefitMember" />
    <link:label xlink:type="resource" xlink:label="label_TerminationBenefitMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TerminationBenefitMember" xml:lang="en-US" id="label_TerminationBenefitMember">Termination benefit [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TerminationBenefitMember" xlink:to="label_TerminationBenefitMember" xlink:title="Label : TerminationBenefitMember to label_TerminationBenefitMember" />
    <link:label xlink:type="resource" xlink:label="label_TerminationBenefitMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TerminationBenefitMember_1" xml:lang="en-US" id="label_TerminationBenefitMember_1">Termination benefit [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TerminationBenefitMember" xlink:to="label_TerminationBenefitMember_1" xlink:title="Label : TerminationBenefitMember to label_TerminationBenefitMember_1" />
    <link:label xlink:type="resource" xlink:label="label_TerminationBenefitMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TerminationBenefitMember_2" xml:lang="en-US" id="label_TerminationBenefitMember_2">Termination benefit.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TerminationBenefitMember" xlink:to="label_TerminationBenefitMember_2" xlink:title="Label : TerminationBenefitMember to label_TerminationBenefitMember_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_KeyManagementPersonnelCompensation" xlink:label="KeyManagementPersonnelCompensation" xlink:title="KeyManagementPersonnelCompensation" />
    <link:label xlink:type="resource" xlink:label="label_KeyManagementPersonnelCompensation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_KeyManagementPersonnelCompensation" xml:lang="en-US" id="label_KeyManagementPersonnelCompensation">Key management personnel compensation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="KeyManagementPersonnelCompensation" xlink:to="label_KeyManagementPersonnelCompensation" xlink:title="Label : KeyManagementPersonnelCompensation to label_KeyManagementPersonnelCompensation" />
    <link:label xlink:type="resource" xlink:label="label_KeyManagementPersonnelCompensation_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_KeyManagementPersonnelCompensation_1" xml:lang="en-US" id="label_KeyManagementPersonnelCompensation_1">Compensation expense of key executives</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="KeyManagementPersonnelCompensation" xlink:to="label_KeyManagementPersonnelCompensation_1" xlink:title="Label : KeyManagementPersonnelCompensation to label_KeyManagementPersonnelCompensation_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_RelatedPartiesDetailsNarrativeAbstract" xlink:label="RelatedPartiesDetailsNarrativeAbstract" xlink:title="RelatedPartiesDetailsNarrativeAbstract" />
    <link:label xlink:type="resource" xlink:label="label_RelatedPartiesDetailsNarrativeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RelatedPartiesDetailsNarrativeAbstract" xml:lang="en-US" id="label_RelatedPartiesDetailsNarrativeAbstract">Related parties details narrative [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartiesDetailsNarrativeAbstract" xlink:to="label_RelatedPartiesDetailsNarrativeAbstract" xlink:title="Label : RelatedPartiesDetailsNarrativeAbstract to label_RelatedPartiesDetailsNarrativeAbstract" />
    <link:label xlink:type="resource" xlink:label="label_RelatedPartiesDetailsNarrativeAbstract_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RelatedPartiesDetailsNarrativeAbstract_1" xml:lang="en-US" id="label_RelatedPartiesDetailsNarrativeAbstract_1">Related parties details narrative.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartiesDetailsNarrativeAbstract" xlink:to="label_RelatedPartiesDetailsNarrativeAbstract_1" xlink:title="Label : RelatedPartiesDetailsNarrativeAbstract to label_RelatedPartiesDetailsNarrativeAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfRelatedPartyTable" xlink:label="DisclosureOfRelatedPartyTable" xlink:title="DisclosureOfRelatedPartyTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfRelatedPartyTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfRelatedPartyTable" xml:lang="en-US" id="label_DisclosureOfRelatedPartyTable">Disclosure of related party [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfRelatedPartyTable" xlink:to="label_DisclosureOfRelatedPartyTable" xlink:title="Label : DisclosureOfRelatedPartyTable to label_DisclosureOfRelatedPartyTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfRelatedPartyTable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfRelatedPartyTable_1" xml:lang="en-US" id="label_DisclosureOfRelatedPartyTable_1">Disclosure of related party [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfRelatedPartyTable" xlink:to="label_DisclosureOfRelatedPartyTable_1" xlink:title="Label : DisclosureOfRelatedPartyTable to label_DisclosureOfRelatedPartyTable_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfRelatedPartyTable_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfRelatedPartyTable_2" xml:lang="en-US" id="label_DisclosureOfRelatedPartyTable_2">Schedule disclosing information related to related party.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfRelatedPartyTable" xlink:to="label_DisclosureOfRelatedPartyTable_2" xlink:title="Label : DisclosureOfRelatedPartyTable to label_DisclosureOfRelatedPartyTable_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TypesOfSharebasedPaymentArrangementsAxis" xlink:label="TypesOfSharebasedPaymentArrangementsAxis" xlink:title="TypesOfSharebasedPaymentArrangementsAxis" />
    <link:label xlink:type="resource" xlink:label="label_TypesOfSharebasedPaymentArrangementsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TypesOfSharebasedPaymentArrangementsAxis" xml:lang="en-US" id="label_TypesOfSharebasedPaymentArrangementsAxis">Types of share-based payment arrangements [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypesOfSharebasedPaymentArrangementsAxis" xlink:to="label_TypesOfSharebasedPaymentArrangementsAxis" xlink:title="Label : TypesOfSharebasedPaymentArrangementsAxis to label_TypesOfSharebasedPaymentArrangementsAxis" />
    <link:label xlink:type="resource" xlink:label="label_TypesOfSharebasedPaymentArrangementsAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TypesOfSharebasedPaymentArrangementsAxis_1" xml:lang="en-US" id="label_TypesOfSharebasedPaymentArrangementsAxis_1">Types of share-based payment arrangements [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypesOfSharebasedPaymentArrangementsAxis" xlink:to="label_TypesOfSharebasedPaymentArrangementsAxis_1" xlink:title="Label : TypesOfSharebasedPaymentArrangementsAxis to label_TypesOfSharebasedPaymentArrangementsAxis_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_SharebasedPaymentArrangementsMember" xlink:label="SharebasedPaymentArrangementsMember" xlink:title="SharebasedPaymentArrangementsMember" />
    <link:label xlink:type="resource" xlink:label="label_SharebasedPaymentArrangementsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SharebasedPaymentArrangementsMember" xml:lang="en-US" id="label_SharebasedPaymentArrangementsMember">Share-based payment arrangements [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharebasedPaymentArrangementsMember" xlink:to="label_SharebasedPaymentArrangementsMember" xlink:title="Label : SharebasedPaymentArrangementsMember to label_SharebasedPaymentArrangementsMember" />
    <link:label xlink:type="resource" xlink:label="label_SharebasedPaymentArrangementsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SharebasedPaymentArrangementsMember_1" xml:lang="en-US" id="label_SharebasedPaymentArrangementsMember_1">Share-based payment arrangements [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharebasedPaymentArrangementsMember" xlink:to="label_SharebasedPaymentArrangementsMember_1" xlink:title="Label : SharebasedPaymentArrangementsMember to label_SharebasedPaymentArrangementsMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DeferredStockUnitPlanMember" xlink:label="DeferredStockUnitPlanMember" xlink:title="DeferredStockUnitPlanMember" />
    <link:label xlink:type="resource" xlink:label="label_DeferredStockUnitPlanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredStockUnitPlanMember" xml:lang="en-US" id="label_DeferredStockUnitPlanMember">Deferred stock unit plan [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredStockUnitPlanMember" xlink:to="label_DeferredStockUnitPlanMember" xlink:title="Label : DeferredStockUnitPlanMember to label_DeferredStockUnitPlanMember" />
    <link:label xlink:type="resource" xlink:label="label_DeferredStockUnitPlanMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DeferredStockUnitPlanMember_1" xml:lang="en-US" id="label_DeferredStockUnitPlanMember_1">Deferred stock plan [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredStockUnitPlanMember" xlink:to="label_DeferredStockUnitPlanMember_1" xlink:title="Label : DeferredStockUnitPlanMember to label_DeferredStockUnitPlanMember_1" />
    <link:label xlink:type="resource" xlink:label="label_DeferredStockUnitPlanMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DeferredStockUnitPlanMember_2" xml:lang="en-US" id="label_DeferredStockUnitPlanMember_2">Deferred stock unit plan.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredStockUnitPlanMember" xlink:to="label_DeferredStockUnitPlanMember_2" xlink:title="Label : DeferredStockUnitPlanMember to label_DeferredStockUnitPlanMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfRelatedPartyLineItems" xlink:label="DisclosureOfRelatedPartyLineItems" xlink:title="DisclosureOfRelatedPartyLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfRelatedPartyLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfRelatedPartyLineItems" xml:lang="en-US" id="label_DisclosureOfRelatedPartyLineItems">Disclosure of related party [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfRelatedPartyLineItems" xlink:to="label_DisclosureOfRelatedPartyLineItems" xlink:title="Label : DisclosureOfRelatedPartyLineItems to label_DisclosureOfRelatedPartyLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfRelatedPartyLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfRelatedPartyLineItems_1" xml:lang="en-US" id="label_DisclosureOfRelatedPartyLineItems_1">Disclosure of related party [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfRelatedPartyLineItems" xlink:to="label_DisclosureOfRelatedPartyLineItems_1" xlink:title="Label : DisclosureOfRelatedPartyLineItems to label_DisclosureOfRelatedPartyLineItems_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfRelatedPartyLineItems_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfRelatedPartyLineItems_2" xml:lang="en-US" id="label_DisclosureOfRelatedPartyLineItems_2">Line items represent concepts included in a table. Disclosure of related party.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfRelatedPartyLineItems" xlink:to="label_DisclosureOfRelatedPartyLineItems_2" xlink:title="Label : DisclosureOfRelatedPartyLineItems to label_DisclosureOfRelatedPartyLineItems_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DeferredShareUnitsVestingPeriod" xlink:label="DeferredShareUnitsVestingPeriod" xlink:title="DeferredShareUnitsVestingPeriod" />
    <link:label xlink:type="resource" xlink:label="label_DeferredShareUnitsVestingPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredShareUnitsVestingPeriod" xml:lang="en-US" id="label_DeferredShareUnitsVestingPeriod">Deferred Share Units Vesting Period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredShareUnitsVestingPeriod" xlink:to="label_DeferredShareUnitsVestingPeriod" xlink:title="Label : DeferredShareUnitsVestingPeriod to label_DeferredShareUnitsVestingPeriod" />
    <link:label xlink:type="resource" xlink:label="label_DeferredShareUnitsVestingPeriod_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DeferredShareUnitsVestingPeriod_1" xml:lang="en-US" id="label_DeferredShareUnitsVestingPeriod_1">Deferred stock plan amortization period from grant date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredShareUnitsVestingPeriod" xlink:to="label_DeferredShareUnitsVestingPeriod_1" xlink:title="Label : DeferredShareUnitsVestingPeriod to label_DeferredShareUnitsVestingPeriod_1" />
    <link:label xlink:type="resource" xlink:label="label_DeferredShareUnitsVestingPeriod_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DeferredShareUnitsVestingPeriod_2" xml:lang="en-US" id="label_DeferredShareUnitsVestingPeriod_2">Deferred Share Units Vesting Period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredShareUnitsVestingPeriod" xlink:to="label_DeferredShareUnitsVestingPeriod_2" xlink:title="Label : DeferredShareUnitsVestingPeriod to label_DeferredShareUnitsVestingPeriod_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AmortizationRecognizedAsGeneralAndAdministrativeExpense" xlink:label="AmortizationRecognizedAsGeneralAndAdministrativeExpense" xlink:title="AmortizationRecognizedAsGeneralAndAdministrativeExpense" />
    <link:label xlink:type="resource" xlink:label="label_AmortizationRecognizedAsGeneralAndAdministrativeExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AmortizationRecognizedAsGeneralAndAdministrativeExpense" xml:lang="en-US" id="label_AmortizationRecognizedAsGeneralAndAdministrativeExpense">Amortization recognized as general and administrative expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmortizationRecognizedAsGeneralAndAdministrativeExpense" xlink:to="label_AmortizationRecognizedAsGeneralAndAdministrativeExpense" xlink:title="Label : AmortizationRecognizedAsGeneralAndAdministrativeExpense to label_AmortizationRecognizedAsGeneralAndAdministrativeExpense" />
    <link:label xlink:type="resource" xlink:label="label_AmortizationRecognizedAsGeneralAndAdministrativeExpense_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AmortizationRecognizedAsGeneralAndAdministrativeExpense_1" xml:lang="en-US" id="label_AmortizationRecognizedAsGeneralAndAdministrativeExpense_1">Amortization recognized as general and administrative</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmortizationRecognizedAsGeneralAndAdministrativeExpense" xlink:to="label_AmortizationRecognizedAsGeneralAndAdministrativeExpense_1" xlink:title="Label : AmortizationRecognizedAsGeneralAndAdministrativeExpense to label_AmortizationRecognizedAsGeneralAndAdministrativeExpense_1" />
    <link:label xlink:type="resource" xlink:label="label_AmortizationRecognizedAsGeneralAndAdministrativeExpense_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AmortizationRecognizedAsGeneralAndAdministrativeExpense_2" xml:lang="en-US" id="label_AmortizationRecognizedAsGeneralAndAdministrativeExpense_2">Related parties amortization recognized as general and administrative.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmortizationRecognizedAsGeneralAndAdministrativeExpense" xlink:to="label_AmortizationRecognizedAsGeneralAndAdministrativeExpense_2" xlink:title="Label : AmortizationRecognizedAsGeneralAndAdministrativeExpense to label_AmortizationRecognizedAsGeneralAndAdministrativeExpense_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_PeriodOfTransfterOfOwnershipShares" xlink:label="PeriodOfTransfterOfOwnershipShares" xlink:title="PeriodOfTransfterOfOwnershipShares" />
    <link:label xlink:type="resource" xlink:label="label_PeriodOfTransfterOfOwnershipShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PeriodOfTransfterOfOwnershipShares" xml:lang="en-US" id="label_PeriodOfTransfterOfOwnershipShares">Period of transfter of ownership shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodOfTransfterOfOwnershipShares" xlink:to="label_PeriodOfTransfterOfOwnershipShares" xlink:title="Label : PeriodOfTransfterOfOwnershipShares to label_PeriodOfTransfterOfOwnershipShares" />
    <link:label xlink:type="resource" xlink:label="label_PeriodOfTransfterOfOwnershipShares_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PeriodOfTransfterOfOwnershipShares_1" xml:lang="en-US" id="label_PeriodOfTransfterOfOwnershipShares_1">Period of transfter of ownership shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodOfTransfterOfOwnershipShares" xlink:to="label_PeriodOfTransfterOfOwnershipShares_1" xlink:title="Label : PeriodOfTransfterOfOwnershipShares to label_PeriodOfTransfterOfOwnershipShares_1" />
    <link:label xlink:type="resource" xlink:label="label_PeriodOfTransfterOfOwnershipShares_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PeriodOfTransfterOfOwnershipShares_2" xml:lang="en-US" id="label_PeriodOfTransfterOfOwnershipShares_2">Period of transfter of ownership shares.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodOfTransfterOfOwnershipShares" xlink:to="label_PeriodOfTransfterOfOwnershipShares_2" xlink:title="Label : PeriodOfTransfterOfOwnershipShares to label_PeriodOfTransfterOfOwnershipShares_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_SharesReservedForIssueUnderOptionsAndContractsForSaleOfShares" xlink:label="SharesReservedForIssueUnderOptionsAndContractsForSaleOfShares" xlink:title="SharesReservedForIssueUnderOptionsAndContractsForSaleOfShares" />
    <link:label xlink:type="resource" xlink:label="label_SharesReservedForIssueUnderOptionsAndContractsForSaleOfShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SharesReservedForIssueUnderOptionsAndContractsForSaleOfShares" xml:lang="en-US" id="label_SharesReservedForIssueUnderOptionsAndContractsForSaleOfShares">Number of shares reserved for issue under options and contracts for sale of shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesReservedForIssueUnderOptionsAndContractsForSaleOfShares" xlink:to="label_SharesReservedForIssueUnderOptionsAndContractsForSaleOfShares" xlink:title="Label : SharesReservedForIssueUnderOptionsAndContractsForSaleOfShares to label_SharesReservedForIssueUnderOptionsAndContractsForSaleOfShares" />
    <link:label xlink:type="resource" xlink:label="label_SharesReservedForIssueUnderOptionsAndContractsForSaleOfShares_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SharesReservedForIssueUnderOptionsAndContractsForSaleOfShares_1" xml:lang="en-US" id="label_SharesReservedForIssueUnderOptionsAndContractsForSaleOfShares_1">total common shares approved as incentive ownership plan</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesReservedForIssueUnderOptionsAndContractsForSaleOfShares" xlink:to="label_SharesReservedForIssueUnderOptionsAndContractsForSaleOfShares_1" xlink:title="Label : SharesReservedForIssueUnderOptionsAndContractsForSaleOfShares to label_SharesReservedForIssueUnderOptionsAndContractsForSaleOfShares_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ParticipationPercentageOfShareCapital" xlink:label="ParticipationPercentageOfShareCapital" xlink:title="ParticipationPercentageOfShareCapital" />
    <link:label xlink:type="resource" xlink:label="label_ParticipationPercentageOfShareCapital" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ParticipationPercentageOfShareCapital" xml:lang="en-US" id="label_ParticipationPercentageOfShareCapital">Participation Percentage Of Share Capital</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ParticipationPercentageOfShareCapital" xlink:to="label_ParticipationPercentageOfShareCapital" xlink:title="Label : ParticipationPercentageOfShareCapital to label_ParticipationPercentageOfShareCapital" />
    <link:label xlink:type="resource" xlink:label="label_ParticipationPercentageOfShareCapital_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ParticipationPercentageOfShareCapital_1" xml:lang="en-US" id="label_ParticipationPercentageOfShareCapital_1">Percentage of Common shares may deliver to participants to company's share capital</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ParticipationPercentageOfShareCapital" xlink:to="label_ParticipationPercentageOfShareCapital_1" xlink:title="Label : ParticipationPercentageOfShareCapital to label_ParticipationPercentageOfShareCapital_1" />
    <link:label xlink:type="resource" xlink:label="label_ParticipationPercentageOfShareCapital_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ParticipationPercentageOfShareCapital_2" xml:lang="en-US" id="label_ParticipationPercentageOfShareCapital_2">Participation Percentage Of Share Capital</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ParticipationPercentageOfShareCapital" xlink:to="label_ParticipationPercentageOfShareCapital_2" xlink:title="Label : ParticipationPercentageOfShareCapital to label_ParticipationPercentageOfShareCapital_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_GeneralAndAdministrativeExpense" xlink:label="GeneralAndAdministrativeExpense" xlink:title="GeneralAndAdministrativeExpense" />
    <link:label xlink:type="resource" xlink:label="label_GeneralAndAdministrativeExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GeneralAndAdministrativeExpense" xml:lang="en-US" id="label_GeneralAndAdministrativeExpense">General and administrative expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GeneralAndAdministrativeExpense" xlink:to="label_GeneralAndAdministrativeExpense" xlink:title="Label : GeneralAndAdministrativeExpense to label_GeneralAndAdministrativeExpense" />
    <link:label xlink:type="resource" xlink:label="label_GeneralAndAdministrativeExpense_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GeneralAndAdministrativeExpense_1" xml:lang="en-US" id="label_GeneralAndAdministrativeExpense_1">General and administrative expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GeneralAndAdministrativeExpense" xlink:to="label_GeneralAndAdministrativeExpense_1" xlink:title="Label : GeneralAndAdministrativeExpense to label_GeneralAndAdministrativeExpense_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SharebasedPaymentArrangements1Member" xlink:label="SharebasedPaymentArrangements1Member" xlink:title="SharebasedPaymentArrangements1Member" />
    <link:label xlink:type="resource" xlink:label="label_SharebasedPaymentArrangements1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SharebasedPaymentArrangements1Member" xml:lang="en-US" id="label_SharebasedPaymentArrangements1Member">Sharebased payment arrangements 1 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharebasedPaymentArrangements1Member" xlink:to="label_SharebasedPaymentArrangements1Member" xlink:title="Label : SharebasedPaymentArrangements1Member to label_SharebasedPaymentArrangements1Member" />
    <link:label xlink:type="resource" xlink:label="label_SharebasedPaymentArrangements1Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SharebasedPaymentArrangements1Member_1" xml:lang="en-US" id="label_SharebasedPaymentArrangements1Member_1">Sharebased payment arrangements 1 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharebasedPaymentArrangements1Member" xlink:to="label_SharebasedPaymentArrangements1Member_1" xlink:title="Label : SharebasedPaymentArrangements1Member to label_SharebasedPaymentArrangements1Member_1" />
    <link:label xlink:type="resource" xlink:label="label_SharebasedPaymentArrangements1Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SharebasedPaymentArrangements1Member_2" xml:lang="en-US" id="label_SharebasedPaymentArrangements1Member_2">Sharebased payment arrangements 1.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharebasedPaymentArrangements1Member" xlink:to="label_SharebasedPaymentArrangements1Member_2" xlink:title="Label : SharebasedPaymentArrangements1Member to label_SharebasedPaymentArrangements1Member_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SharebasedPaymentArrangements2Member" xlink:label="SharebasedPaymentArrangements2Member" xlink:title="SharebasedPaymentArrangements2Member" />
    <link:label xlink:type="resource" xlink:label="label_SharebasedPaymentArrangements2Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SharebasedPaymentArrangements2Member" xml:lang="en-US" id="label_SharebasedPaymentArrangements2Member">Sharebased payment arrangements 2 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharebasedPaymentArrangements2Member" xlink:to="label_SharebasedPaymentArrangements2Member" xlink:title="Label : SharebasedPaymentArrangements2Member to label_SharebasedPaymentArrangements2Member" />
    <link:label xlink:type="resource" xlink:label="label_SharebasedPaymentArrangements2Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SharebasedPaymentArrangements2Member_1" xml:lang="en-US" id="label_SharebasedPaymentArrangements2Member_1">Sharebased payment arrangements 2 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharebasedPaymentArrangements2Member" xlink:to="label_SharebasedPaymentArrangements2Member_1" xlink:title="Label : SharebasedPaymentArrangements2Member to label_SharebasedPaymentArrangements2Member_1" />
    <link:label xlink:type="resource" xlink:label="label_SharebasedPaymentArrangements2Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SharebasedPaymentArrangements2Member_2" xml:lang="en-US" id="label_SharebasedPaymentArrangements2Member_2">Sharebased payment arrangements 2.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharebasedPaymentArrangements2Member" xlink:to="label_SharebasedPaymentArrangements2Member_2" xlink:title="Label : SharebasedPaymentArrangements2Member to label_SharebasedPaymentArrangements2Member_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SharebasedPaymentArrangements3Member" xlink:label="SharebasedPaymentArrangements3Member" xlink:title="SharebasedPaymentArrangements3Member" />
    <link:label xlink:type="resource" xlink:label="label_SharebasedPaymentArrangements3Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SharebasedPaymentArrangements3Member" xml:lang="en-US" id="label_SharebasedPaymentArrangements3Member">Sharebased payment arrangements 3 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharebasedPaymentArrangements3Member" xlink:to="label_SharebasedPaymentArrangements3Member" xlink:title="Label : SharebasedPaymentArrangements3Member to label_SharebasedPaymentArrangements3Member" />
    <link:label xlink:type="resource" xlink:label="label_SharebasedPaymentArrangements3Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SharebasedPaymentArrangements3Member_1" xml:lang="en-US" id="label_SharebasedPaymentArrangements3Member_1">Sharebased payment arrangements 3 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharebasedPaymentArrangements3Member" xlink:to="label_SharebasedPaymentArrangements3Member_1" xlink:title="Label : SharebasedPaymentArrangements3Member to label_SharebasedPaymentArrangements3Member_1" />
    <link:label xlink:type="resource" xlink:label="label_SharebasedPaymentArrangements3Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SharebasedPaymentArrangements3Member_2" xml:lang="en-US" id="label_SharebasedPaymentArrangements3Member_2">Sharebased payment arrangements 3.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharebasedPaymentArrangements3Member" xlink:to="label_SharebasedPaymentArrangements3Member_2" xlink:title="Label : SharebasedPaymentArrangements3Member to label_SharebasedPaymentArrangements3Member_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SharebasedPaymentArrangements4Member" xlink:label="SharebasedPaymentArrangements4Member" xlink:title="SharebasedPaymentArrangements4Member" />
    <link:label xlink:type="resource" xlink:label="label_SharebasedPaymentArrangements4Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SharebasedPaymentArrangements4Member" xml:lang="en-US" id="label_SharebasedPaymentArrangements4Member">Sharebased payment arrangements 4 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharebasedPaymentArrangements4Member" xlink:to="label_SharebasedPaymentArrangements4Member" xlink:title="Label : SharebasedPaymentArrangements4Member to label_SharebasedPaymentArrangements4Member" />
    <link:label xlink:type="resource" xlink:label="label_SharebasedPaymentArrangements4Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SharebasedPaymentArrangements4Member_1" xml:lang="en-US" id="label_SharebasedPaymentArrangements4Member_1">Sharebased payment arrangements 4 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharebasedPaymentArrangements4Member" xlink:to="label_SharebasedPaymentArrangements4Member_1" xlink:title="Label : SharebasedPaymentArrangements4Member to label_SharebasedPaymentArrangements4Member_1" />
    <link:label xlink:type="resource" xlink:label="label_SharebasedPaymentArrangements4Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SharebasedPaymentArrangements4Member_2" xml:lang="en-US" id="label_SharebasedPaymentArrangements4Member_2">Sharebased payment arrangements 4.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharebasedPaymentArrangements4Member" xlink:to="label_SharebasedPaymentArrangements4Member_2" xlink:title="Label : SharebasedPaymentArrangements4Member to label_SharebasedPaymentArrangements4Member_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SharebasedPaymentArrangements5Member" xlink:label="SharebasedPaymentArrangements5Member" xlink:title="SharebasedPaymentArrangements5Member" />
    <link:label xlink:type="resource" xlink:label="label_SharebasedPaymentArrangements5Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SharebasedPaymentArrangements5Member" xml:lang="en-US" id="label_SharebasedPaymentArrangements5Member">Sharebased payment arrangements 5 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharebasedPaymentArrangements5Member" xlink:to="label_SharebasedPaymentArrangements5Member" xlink:title="Label : SharebasedPaymentArrangements5Member to label_SharebasedPaymentArrangements5Member" />
    <link:label xlink:type="resource" xlink:label="label_SharebasedPaymentArrangements5Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SharebasedPaymentArrangements5Member_1" xml:lang="en-US" id="label_SharebasedPaymentArrangements5Member_1">Sharebased payment arrangements 5 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharebasedPaymentArrangements5Member" xlink:to="label_SharebasedPaymentArrangements5Member_1" xlink:title="Label : SharebasedPaymentArrangements5Member to label_SharebasedPaymentArrangements5Member_1" />
    <link:label xlink:type="resource" xlink:label="label_SharebasedPaymentArrangements5Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SharebasedPaymentArrangements5Member_2" xml:lang="en-US" id="label_SharebasedPaymentArrangements5Member_2">Sharebased payment arrangements 5.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharebasedPaymentArrangements5Member" xlink:to="label_SharebasedPaymentArrangements5Member_2" xlink:title="Label : SharebasedPaymentArrangements5Member to label_SharebasedPaymentArrangements5Member_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DateOfGrantOfSharebasedPaymentArrangement" xlink:label="DateOfGrantOfSharebasedPaymentArrangement" xlink:title="DateOfGrantOfSharebasedPaymentArrangement" />
    <link:label xlink:type="resource" xlink:label="label_DateOfGrantOfSharebasedPaymentArrangement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DateOfGrantOfSharebasedPaymentArrangement" xml:lang="en-US" id="label_DateOfGrantOfSharebasedPaymentArrangement">Date of grant of share-based payment arrangement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DateOfGrantOfSharebasedPaymentArrangement" xlink:to="label_DateOfGrantOfSharebasedPaymentArrangement" xlink:title="Label : DateOfGrantOfSharebasedPaymentArrangement to label_DateOfGrantOfSharebasedPaymentArrangement" />
    <link:label xlink:type="resource" xlink:label="label_DateOfGrantOfSharebasedPaymentArrangement_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DateOfGrantOfSharebasedPaymentArrangement_1" xml:lang="en-US" id="label_DateOfGrantOfSharebasedPaymentArrangement_1">Grant date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DateOfGrantOfSharebasedPaymentArrangement" xlink:to="label_DateOfGrantOfSharebasedPaymentArrangement_1" xlink:title="Label : DateOfGrantOfSharebasedPaymentArrangement to label_DateOfGrantOfSharebasedPaymentArrangement_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" xlink:label="NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" xlink:title="NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" xml:lang="en-US" id="label_NumberOfShareOptionsGrantedInSharebasedPaymentArrangement">Number of share options granted in share-based payment arrangement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" xlink:to="label_NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" xlink:title="Label : NumberOfShareOptionsGrantedInSharebasedPaymentArrangement to label_NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfShareOptionsGrantedInSharebasedPaymentArrangement_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfShareOptionsGrantedInSharebasedPaymentArrangement_1" xml:lang="en-US" id="label_NumberOfShareOptionsGrantedInSharebasedPaymentArrangement_1">Balance of number of shares granted</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" xlink:to="label_NumberOfShareOptionsGrantedInSharebasedPaymentArrangement_1" xlink:title="Label : NumberOfShareOptionsGrantedInSharebasedPaymentArrangement to label_NumberOfShareOptionsGrantedInSharebasedPaymentArrangement_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement" xlink:label="DescriptionOfVestingRequirementsForSharebasedPaymentArrangement" xlink:title="DescriptionOfVestingRequirementsForSharebasedPaymentArrangement" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement" xml:lang="en-US" id="label_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement">Description of vesting requirements for share-based payment arrangement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfVestingRequirementsForSharebasedPaymentArrangement" xlink:to="label_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement" xlink:title="Label : DescriptionOfVestingRequirementsForSharebasedPaymentArrangement to label_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement_1" xml:lang="en-US" id="label_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement_1">Vesting period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfVestingRequirementsForSharebasedPaymentArrangement" xlink:to="label_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement_1" xlink:title="Label : DescriptionOfVestingRequirementsForSharebasedPaymentArrangement to label_DescriptionOfVestingRequirementsForSharebasedPaymentArrangement_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPayment" xlink:label="WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPayment" xlink:title="WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPayment" />
    <link:label xlink:type="resource" xlink:label="label_WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPayment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPayment" xml:lang="en-US" id="label_WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPayment">Weighted average exercise price of share options granted in sharebased payment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPayment" xlink:to="label_WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPayment" xlink:title="Label : WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPayment to label_WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPayment" />
    <link:label xlink:type="resource" xlink:label="label_WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPayment_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPayment_1" xml:lang="en-US" id="label_WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPayment_1">Market price of shares on the grant date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPayment" xlink:to="label_WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPayment_1" xlink:title="Label : WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPayment to label_WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPayment_1" />
    <link:label xlink:type="resource" xlink:label="label_WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPayment_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPayment_2" xml:lang="en-US" id="label_WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPayment_2">Weighted average exercise price of share options granted in sharebased payment.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPayment" xlink:to="label_WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPayment_2" xlink:title="Label : WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPayment to label_WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPayment_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SharebasedPaymentGrantsCostsIncludingTaxes" xlink:label="SharebasedPaymentGrantsCostsIncludingTaxes" xlink:title="SharebasedPaymentGrantsCostsIncludingTaxes" />
    <link:label xlink:type="resource" xlink:label="label_SharebasedPaymentGrantsCostsIncludingTaxes" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SharebasedPaymentGrantsCostsIncludingTaxes" xml:lang="en-US" id="label_SharebasedPaymentGrantsCostsIncludingTaxes">Sharebased payment grants costs including taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharebasedPaymentGrantsCostsIncludingTaxes" xlink:to="label_SharebasedPaymentGrantsCostsIncludingTaxes" xlink:title="Label : SharebasedPaymentGrantsCostsIncludingTaxes to label_SharebasedPaymentGrantsCostsIncludingTaxes" />
    <link:label xlink:type="resource" xlink:label="label_SharebasedPaymentGrantsCostsIncludingTaxes_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_SharebasedPaymentGrantsCostsIncludingTaxes_1" xml:lang="en-US" id="label_SharebasedPaymentGrantsCostsIncludingTaxes_1">Total grant costs, including taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharebasedPaymentGrantsCostsIncludingTaxes" xlink:to="label_SharebasedPaymentGrantsCostsIncludingTaxes_1" xlink:title="Label : SharebasedPaymentGrantsCostsIncludingTaxes to label_SharebasedPaymentGrantsCostsIncludingTaxes_1" />
    <link:label xlink:type="resource" xlink:label="label_SharebasedPaymentGrantsCostsIncludingTaxes_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SharebasedPaymentGrantsCostsIncludingTaxes_2" xml:lang="en-US" id="label_SharebasedPaymentGrantsCostsIncludingTaxes_2">Share-based payment arrangement total grants costs, including taxes.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharebasedPaymentGrantsCostsIncludingTaxes" xlink:to="label_SharebasedPaymentGrantsCostsIncludingTaxes_2" xlink:title="Label : SharebasedPaymentGrantsCostsIncludingTaxes to label_SharebasedPaymentGrantsCostsIncludingTaxes_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AccumulatedRecognizedGrantCosts" xlink:label="AccumulatedRecognizedGrantCosts" xlink:title="AccumulatedRecognizedGrantCosts" />
    <link:label xlink:type="resource" xlink:label="label_AccumulatedRecognizedGrantCosts" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_AccumulatedRecognizedGrantCosts" xml:lang="en-US" id="label_AccumulatedRecognizedGrantCosts">Accumulated recognized grant costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedRecognizedGrantCosts" xlink:to="label_AccumulatedRecognizedGrantCosts" xlink:title="Label : AccumulatedRecognizedGrantCosts to label_AccumulatedRecognizedGrantCosts" />
    <link:label xlink:type="resource" xlink:label="label_AccumulatedRecognizedGrantCosts_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AccumulatedRecognizedGrantCosts_1" xml:lang="en-US" id="label_AccumulatedRecognizedGrantCosts_1">Share-based payment arrangement accumulated recognized grant costs.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedRecognizedGrantCosts" xlink:to="label_AccumulatedRecognizedGrantCosts_1" xlink:title="Label : AccumulatedRecognizedGrantCosts to label_AccumulatedRecognizedGrantCosts_1" />
    <link:label xlink:type="resource" xlink:label="label_AccumulatedRecognizedGrantCosts_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AccumulatedRecognizedGrantCosts_2" xml:lang="en-US" id="label_AccumulatedRecognizedGrantCosts_2">Accumulated recognized grant costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedRecognizedGrantCosts" xlink:to="label_AccumulatedRecognizedGrantCosts_2" xlink:title="Label : AccumulatedRecognizedGrantCosts to label_AccumulatedRecognizedGrantCosts_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AccumulatedUnrecognizedGrantCosts" xlink:label="AccumulatedUnrecognizedGrantCosts" xlink:title="AccumulatedUnrecognizedGrantCosts" />
    <link:label xlink:type="resource" xlink:label="label_AccumulatedUnrecognizedGrantCosts" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AccumulatedUnrecognizedGrantCosts" xml:lang="en-US" id="label_AccumulatedUnrecognizedGrantCosts">Share-based payment arrangement accumulated unrecognized grant costs.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedUnrecognizedGrantCosts" xlink:to="label_AccumulatedUnrecognizedGrantCosts" xlink:title="Label : AccumulatedUnrecognizedGrantCosts to label_AccumulatedUnrecognizedGrantCosts" />
    <link:label xlink:type="resource" xlink:label="label_AccumulatedUnrecognizedGrantCosts_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AccumulatedUnrecognizedGrantCosts_1" xml:lang="en-US" id="label_AccumulatedUnrecognizedGrantCosts_1">Accumulated unrecognized grant costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedUnrecognizedGrantCosts" xlink:to="label_AccumulatedUnrecognizedGrantCosts_1" xlink:title="Label : AccumulatedUnrecognizedGrantCosts to label_AccumulatedUnrecognizedGrantCosts_1" />
    <link:label xlink:type="resource" xlink:label="label_AccumulatedUnrecognizedGrantCosts_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AccumulatedUnrecognizedGrantCosts_2" xml:lang="en-US" id="label_AccumulatedUnrecognizedGrantCosts_2">Accumulated Unrecognized Grant Costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedUnrecognizedGrantCosts" xlink:to="label_AccumulatedUnrecognizedGrantCosts_2" xlink:title="Label : AccumulatedUnrecognizedGrantCosts to label_AccumulatedUnrecognizedGrantCosts_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_RelatedPartiesDetails3Abstract" xlink:label="RelatedPartiesDetails3Abstract" xlink:title="RelatedPartiesDetails3Abstract" />
    <link:label xlink:type="resource" xlink:label="label_RelatedPartiesDetails3Abstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RelatedPartiesDetails3Abstract" xml:lang="en-US" id="label_RelatedPartiesDetails3Abstract">Related parties details 3 [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartiesDetails3Abstract" xlink:to="label_RelatedPartiesDetails3Abstract" xlink:title="Label : RelatedPartiesDetails3Abstract to label_RelatedPartiesDetails3Abstract" />
    <link:label xlink:type="resource" xlink:label="label_RelatedPartiesDetails3Abstract_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RelatedPartiesDetails3Abstract_1" xml:lang="en-US" id="label_RelatedPartiesDetails3Abstract_1">Related parties details 3.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RelatedPartiesDetails3Abstract" xlink:to="label_RelatedPartiesDetails3Abstract_1" xlink:title="Label : RelatedPartiesDetails3Abstract to label_RelatedPartiesDetails3Abstract_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ShareOptionsGrantedInSharebasedPaymentArrangement" xlink:label="ShareOptionsGrantedInSharebasedPaymentArrangement" xlink:title="ShareOptionsGrantedInSharebasedPaymentArrangement" />
    <link:label xlink:type="resource" xlink:label="label_ShareOptionsGrantedInSharebasedPaymentArrangement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ShareOptionsGrantedInSharebasedPaymentArrangement" xml:lang="en-US" id="label_ShareOptionsGrantedInSharebasedPaymentArrangement">Share options granted in sharebased payment arrangement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareOptionsGrantedInSharebasedPaymentArrangement" xlink:to="label_ShareOptionsGrantedInSharebasedPaymentArrangement" xlink:title="Label : ShareOptionsGrantedInSharebasedPaymentArrangement to label_ShareOptionsGrantedInSharebasedPaymentArrangement" />
    <link:label xlink:type="resource" xlink:label="label_ShareOptionsGrantedInSharebasedPaymentArrangement_1" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_ShareOptionsGrantedInSharebasedPaymentArrangement_1" xml:lang="en-US" id="label_ShareOptionsGrantedInSharebasedPaymentArrangement_1">Share granted, beginning</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareOptionsGrantedInSharebasedPaymentArrangement" xlink:to="label_ShareOptionsGrantedInSharebasedPaymentArrangement_1" xlink:title="Label : ShareOptionsGrantedInSharebasedPaymentArrangement to label_ShareOptionsGrantedInSharebasedPaymentArrangement_1" />
    <link:label xlink:type="resource" xlink:label="label_ShareOptionsGrantedInSharebasedPaymentArrangement_2" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_ShareOptionsGrantedInSharebasedPaymentArrangement_2" xml:lang="en-US" id="label_ShareOptionsGrantedInSharebasedPaymentArrangement_2">Share granted, ending</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareOptionsGrantedInSharebasedPaymentArrangement" xlink:to="label_ShareOptionsGrantedInSharebasedPaymentArrangement_2" xlink:title="Label : ShareOptionsGrantedInSharebasedPaymentArrangement to label_ShareOptionsGrantedInSharebasedPaymentArrangement_2" />
    <link:label xlink:type="resource" xlink:label="label_ShareOptionsGrantedInSharebasedPaymentArrangement_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ShareOptionsGrantedInSharebasedPaymentArrangement_3" xml:lang="en-US" id="label_ShareOptionsGrantedInSharebasedPaymentArrangement_3">Share options granted in sharebased payment arrangement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareOptionsGrantedInSharebasedPaymentArrangement" xlink:to="label_ShareOptionsGrantedInSharebasedPaymentArrangement_3" xlink:title="Label : ShareOptionsGrantedInSharebasedPaymentArrangement to label_ShareOptionsGrantedInSharebasedPaymentArrangement_3" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment" xlink:label="CancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment" xlink:title="CancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment" />
    <link:label xlink:type="resource" xlink:label="label_CancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment" xml:lang="en-US" id="label_CancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment">Cancellation of granted shares due to termination of executive employment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment" xlink:to="label_CancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment" xlink:title="Label : CancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment to label_CancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment" />
    <link:label xlink:type="resource" xlink:label="label_CancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment_1" xml:lang="en-US" id="label_CancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment_1">Cancellation of granted shares due to termination of executive employment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment" xlink:to="label_CancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment_1" xlink:title="Label : CancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment to label_CancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment_1" />
    <link:label xlink:type="resource" xlink:label="label_CancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment_2" xml:lang="en-US" id="label_CancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment_2">Cancellation of granted shares due to termination of executive employment.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment" xlink:to="label_CancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment_2" xlink:title="Label : CancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment to label_CancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SharesVestedTransferredDuringPeriodSharebasedPaymentArrangement" xlink:label="SharesVestedTransferredDuringPeriodSharebasedPaymentArrangement" xlink:title="SharesVestedTransferredDuringPeriodSharebasedPaymentArrangement" />
    <link:label xlink:type="resource" xlink:label="label_SharesVestedTransferredDuringPeriodSharebasedPaymentArrangement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SharesVestedTransferredDuringPeriodSharebasedPaymentArrangement" xml:lang="en-US" id="label_SharesVestedTransferredDuringPeriodSharebasedPaymentArrangement">Shares vested transferred during period share based payment arrangement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesVestedTransferredDuringPeriodSharebasedPaymentArrangement" xlink:to="label_SharesVestedTransferredDuringPeriodSharebasedPaymentArrangement" xlink:title="Label : SharesVestedTransferredDuringPeriodSharebasedPaymentArrangement to label_SharesVestedTransferredDuringPeriodSharebasedPaymentArrangement" />
    <link:label xlink:type="resource" xlink:label="label_SharesVestedTransferredDuringPeriodSharebasedPaymentArrangement_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SharesVestedTransferredDuringPeriodSharebasedPaymentArrangement_1" xml:lang="en-US" id="label_SharesVestedTransferredDuringPeriodSharebasedPaymentArrangement_1">Shares vested and transferred</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesVestedTransferredDuringPeriodSharebasedPaymentArrangement" xlink:to="label_SharesVestedTransferredDuringPeriodSharebasedPaymentArrangement_1" xlink:title="Label : SharesVestedTransferredDuringPeriodSharebasedPaymentArrangement to label_SharesVestedTransferredDuringPeriodSharebasedPaymentArrangement_1" />
    <link:label xlink:type="resource" xlink:label="label_SharesVestedTransferredDuringPeriodSharebasedPaymentArrangement_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SharesVestedTransferredDuringPeriodSharebasedPaymentArrangement_2" xml:lang="en-US" id="label_SharesVestedTransferredDuringPeriodSharebasedPaymentArrangement_2">The number of shares vested and transferred in a share-based payment arrangement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesVestedTransferredDuringPeriodSharebasedPaymentArrangement" xlink:to="label_SharesVestedTransferredDuringPeriodSharebasedPaymentArrangement_2" xlink:title="Label : SharesVestedTransferredDuringPeriodSharebasedPaymentArrangement to label_SharesVestedTransferredDuringPeriodSharebasedPaymentArrangement_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_RestrictedProgramOneMember" xlink:label="RestrictedProgramOneMember" xlink:title="RestrictedProgramOneMember" />
    <link:label xlink:type="resource" xlink:label="label_RestrictedProgramOneMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RestrictedProgramOneMember" xml:lang="en-US" id="label_RestrictedProgramOneMember">Restricted program one [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestrictedProgramOneMember" xlink:to="label_RestrictedProgramOneMember" xlink:title="Label : RestrictedProgramOneMember to label_RestrictedProgramOneMember" />
    <link:label xlink:type="resource" xlink:label="label_RestrictedProgramOneMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RestrictedProgramOneMember_1" xml:lang="en-US" id="label_RestrictedProgramOneMember_1">Restricted program [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestrictedProgramOneMember" xlink:to="label_RestrictedProgramOneMember_1" xlink:title="Label : RestrictedProgramOneMember to label_RestrictedProgramOneMember_1" />
    <link:label xlink:type="resource" xlink:label="label_RestrictedProgramOneMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RestrictedProgramOneMember_2" xml:lang="en-US" id="label_RestrictedProgramOneMember_2">Restricted program one.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestrictedProgramOneMember" xlink:to="label_RestrictedProgramOneMember_2" xlink:title="Label : RestrictedProgramOneMember to label_RestrictedProgramOneMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_RestrictedAndPerformanceProgramOneMember" xlink:label="RestrictedAndPerformanceProgramOneMember" xlink:title="RestrictedAndPerformanceProgramOneMember" />
    <link:label xlink:type="resource" xlink:label="label_RestrictedAndPerformanceProgramOneMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RestrictedAndPerformanceProgramOneMember" xml:lang="en-US" id="label_RestrictedAndPerformanceProgramOneMember">Restricted And Performance Program One [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestrictedAndPerformanceProgramOneMember" xlink:to="label_RestrictedAndPerformanceProgramOneMember" xlink:title="Label : RestrictedAndPerformanceProgramOneMember to label_RestrictedAndPerformanceProgramOneMember" />
    <link:label xlink:type="resource" xlink:label="label_RestrictedAndPerformanceProgramOneMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RestrictedAndPerformanceProgramOneMember_1" xml:lang="en-US" id="label_RestrictedAndPerformanceProgramOneMember_1">Restricted And Performance Program [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestrictedAndPerformanceProgramOneMember" xlink:to="label_RestrictedAndPerformanceProgramOneMember_1" xlink:title="Label : RestrictedAndPerformanceProgramOneMember to label_RestrictedAndPerformanceProgramOneMember_1" />
    <link:label xlink:type="resource" xlink:label="label_RestrictedAndPerformanceProgramOneMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RestrictedAndPerformanceProgramOneMember_2" xml:lang="en-US" id="label_RestrictedAndPerformanceProgramOneMember_2">Restricted and performance program one.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestrictedAndPerformanceProgramOneMember" xlink:to="label_RestrictedAndPerformanceProgramOneMember_2" xlink:title="Label : RestrictedAndPerformanceProgramOneMember to label_RestrictedAndPerformanceProgramOneMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_RestrictedAndPerformanceProgramTwoMember" xlink:label="RestrictedAndPerformanceProgramTwoMember" xlink:title="RestrictedAndPerformanceProgramTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_RestrictedAndPerformanceProgramTwoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RestrictedAndPerformanceProgramTwoMember" xml:lang="en-US" id="label_RestrictedAndPerformanceProgramTwoMember">Restricted And Performance Program Two [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestrictedAndPerformanceProgramTwoMember" xlink:to="label_RestrictedAndPerformanceProgramTwoMember" xlink:title="Label : RestrictedAndPerformanceProgramTwoMember to label_RestrictedAndPerformanceProgramTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_RestrictedAndPerformanceProgramTwoMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RestrictedAndPerformanceProgramTwoMember_1" xml:lang="en-US" id="label_RestrictedAndPerformanceProgramTwoMember_1">Restricted And Performance Program [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestrictedAndPerformanceProgramTwoMember" xlink:to="label_RestrictedAndPerformanceProgramTwoMember_1" xlink:title="Label : RestrictedAndPerformanceProgramTwoMember to label_RestrictedAndPerformanceProgramTwoMember_1" />
    <link:label xlink:type="resource" xlink:label="label_RestrictedAndPerformanceProgramTwoMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RestrictedAndPerformanceProgramTwoMember_2" xml:lang="en-US" id="label_RestrictedAndPerformanceProgramTwoMember_2">Restricted and performance program two.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestrictedAndPerformanceProgramTwoMember" xlink:to="label_RestrictedAndPerformanceProgramTwoMember_2" xlink:title="Label : RestrictedAndPerformanceProgramTwoMember to label_RestrictedAndPerformanceProgramTwoMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_RestrictedProgramTwoMember" xlink:label="RestrictedProgramTwoMember" xlink:title="RestrictedProgramTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_RestrictedProgramTwoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RestrictedProgramTwoMember" xml:lang="en-US" id="label_RestrictedProgramTwoMember">Restricted program two [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestrictedProgramTwoMember" xlink:to="label_RestrictedProgramTwoMember" xlink:title="Label : RestrictedProgramTwoMember to label_RestrictedProgramTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_RestrictedProgramTwoMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RestrictedProgramTwoMember_1" xml:lang="en-US" id="label_RestrictedProgramTwoMember_1">Restricted program [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestrictedProgramTwoMember" xlink:to="label_RestrictedProgramTwoMember_1" xlink:title="Label : RestrictedProgramTwoMember to label_RestrictedProgramTwoMember_1" />
    <link:label xlink:type="resource" xlink:label="label_RestrictedProgramTwoMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RestrictedProgramTwoMember_2" xml:lang="en-US" id="label_RestrictedProgramTwoMember_2">Restricted program two.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestrictedProgramTwoMember" xlink:to="label_RestrictedProgramTwoMember_2" xlink:title="Label : RestrictedProgramTwoMember to label_RestrictedProgramTwoMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_RestrictedProgramThreeMember" xlink:label="RestrictedProgramThreeMember" xlink:title="RestrictedProgramThreeMember" />
    <link:label xlink:type="resource" xlink:label="label_RestrictedProgramThreeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RestrictedProgramThreeMember" xml:lang="en-US" id="label_RestrictedProgramThreeMember">Restricted program three [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestrictedProgramThreeMember" xlink:to="label_RestrictedProgramThreeMember" xlink:title="Label : RestrictedProgramThreeMember to label_RestrictedProgramThreeMember" />
    <link:label xlink:type="resource" xlink:label="label_RestrictedProgramThreeMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RestrictedProgramThreeMember_1" xml:lang="en-US" id="label_RestrictedProgramThreeMember_1">Restricted program [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestrictedProgramThreeMember" xlink:to="label_RestrictedProgramThreeMember_1" xlink:title="Label : RestrictedProgramThreeMember to label_RestrictedProgramThreeMember_1" />
    <link:label xlink:type="resource" xlink:label="label_RestrictedProgramThreeMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RestrictedProgramThreeMember_2" xml:lang="en-US" id="label_RestrictedProgramThreeMember_2">Restricted program three.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestrictedProgramThreeMember" xlink:to="label_RestrictedProgramThreeMember_2" xlink:title="Label : RestrictedProgramThreeMember to label_RestrictedProgramThreeMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_RestrictedAndPerformanceProgramThreeMember" xlink:label="RestrictedAndPerformanceProgramThreeMember" xlink:title="RestrictedAndPerformanceProgramThreeMember" />
    <link:label xlink:type="resource" xlink:label="label_RestrictedAndPerformanceProgramThreeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RestrictedAndPerformanceProgramThreeMember" xml:lang="en-US" id="label_RestrictedAndPerformanceProgramThreeMember">Restricted And Performance Program Three [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestrictedAndPerformanceProgramThreeMember" xlink:to="label_RestrictedAndPerformanceProgramThreeMember" xlink:title="Label : RestrictedAndPerformanceProgramThreeMember to label_RestrictedAndPerformanceProgramThreeMember" />
    <link:label xlink:type="resource" xlink:label="label_RestrictedAndPerformanceProgramThreeMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RestrictedAndPerformanceProgramThreeMember_1" xml:lang="en-US" id="label_RestrictedAndPerformanceProgramThreeMember_1">Restricted And Performance Program [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestrictedAndPerformanceProgramThreeMember" xlink:to="label_RestrictedAndPerformanceProgramThreeMember_1" xlink:title="Label : RestrictedAndPerformanceProgramThreeMember to label_RestrictedAndPerformanceProgramThreeMember_1" />
    <link:label xlink:type="resource" xlink:label="label_RestrictedAndPerformanceProgramThreeMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RestrictedAndPerformanceProgramThreeMember_2" xml:lang="en-US" id="label_RestrictedAndPerformanceProgramThreeMember_2">Restricted And Performance Program Three Member.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestrictedAndPerformanceProgramThreeMember" xlink:to="label_RestrictedAndPerformanceProgramThreeMember_2" xlink:title="Label : RestrictedAndPerformanceProgramThreeMember to label_RestrictedAndPerformanceProgramThreeMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_RestrictedProgramFourMember" xlink:label="RestrictedProgramFourMember" xlink:title="RestrictedProgramFourMember" />
    <link:label xlink:type="resource" xlink:label="label_RestrictedProgramFourMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RestrictedProgramFourMember" xml:lang="en-US" id="label_RestrictedProgramFourMember">Restricted Program Four [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestrictedProgramFourMember" xlink:to="label_RestrictedProgramFourMember" xlink:title="Label : RestrictedProgramFourMember to label_RestrictedProgramFourMember" />
    <link:label xlink:type="resource" xlink:label="label_RestrictedProgramFourMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RestrictedProgramFourMember_1" xml:lang="en-US" id="label_RestrictedProgramFourMember_1">Restricted program [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestrictedProgramFourMember" xlink:to="label_RestrictedProgramFourMember_1" xlink:title="Label : RestrictedProgramFourMember to label_RestrictedProgramFourMember_1" />
    <link:label xlink:type="resource" xlink:label="label_RestrictedProgramFourMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RestrictedProgramFourMember_2" xml:lang="en-US" id="label_RestrictedProgramFourMember_2">Restricted Program Four Member.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestrictedProgramFourMember" xlink:to="label_RestrictedProgramFourMember_2" xlink:title="Label : RestrictedProgramFourMember to label_RestrictedProgramFourMember_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted" xlink:label="NumberOfInstrumentsOtherEquityInstrumentsGranted" xlink:title="NumberOfInstrumentsOtherEquityInstrumentsGranted" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfInstrumentsOtherEquityInstrumentsGranted" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfInstrumentsOtherEquityInstrumentsGranted" xml:lang="en-US" id="label_NumberOfInstrumentsOtherEquityInstrumentsGranted">Number of other equity instruments granted in share-based payment arrangement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfInstrumentsOtherEquityInstrumentsGranted" xlink:to="label_NumberOfInstrumentsOtherEquityInstrumentsGranted" xlink:title="Label : NumberOfInstrumentsOtherEquityInstrumentsGranted to label_NumberOfInstrumentsOtherEquityInstrumentsGranted" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfInstrumentsOtherEquityInstrumentsGranted_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfInstrumentsOtherEquityInstrumentsGranted_1" xml:lang="en-US" id="label_NumberOfInstrumentsOtherEquityInstrumentsGranted_1">Balance of number of shares granted</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfInstrumentsOtherEquityInstrumentsGranted" xlink:to="label_NumberOfInstrumentsOtherEquityInstrumentsGranted_1" xlink:title="Label : NumberOfInstrumentsOtherEquityInstrumentsGranted to label_NumberOfInstrumentsOtherEquityInstrumentsGranted_1" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfInstrumentsOtherEquityInstrumentsGranted_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_NumberOfInstrumentsOtherEquityInstrumentsGranted_2" xml:lang="en-US" id="label_NumberOfInstrumentsOtherEquityInstrumentsGranted_2">Shares granted</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfInstrumentsOtherEquityInstrumentsGranted" xlink:to="label_NumberOfInstrumentsOtherEquityInstrumentsGranted_2" xlink:title="Label : NumberOfInstrumentsOtherEquityInstrumentsGranted to label_NumberOfInstrumentsOtherEquityInstrumentsGranted_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_InvestmentOptionsExercisePrice" xlink:label="InvestmentOptionsExercisePrice" xlink:title="InvestmentOptionsExercisePrice" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentOptionsExercisePrice" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InvestmentOptionsExercisePrice" xml:lang="en-US" id="label_InvestmentOptionsExercisePrice">Investment options exercise price</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentOptionsExercisePrice" xlink:to="label_InvestmentOptionsExercisePrice" xlink:title="Label : InvestmentOptionsExercisePrice to label_InvestmentOptionsExercisePrice" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentOptionsExercisePrice_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_InvestmentOptionsExercisePrice_1" xml:lang="en-US" id="label_InvestmentOptionsExercisePrice_1">Market price of shares on the grant date (in R$ per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentOptionsExercisePrice" xlink:to="label_InvestmentOptionsExercisePrice_1" xlink:title="Label : InvestmentOptionsExercisePrice to label_InvestmentOptionsExercisePrice_1" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentOptionsExercisePrice_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InvestmentOptionsExercisePrice_2" xml:lang="en-US" id="label_InvestmentOptionsExercisePrice_2">Investment options exercise price.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentOptionsExercisePrice" xlink:to="label_InvestmentOptionsExercisePrice_2" xlink:title="Label : InvestmentOptionsExercisePrice to label_InvestmentOptionsExercisePrice_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_GrantCostsIncludingTaxes" xlink:label="GrantCostsIncludingTaxes" xlink:title="GrantCostsIncludingTaxes" />
    <link:label xlink:type="resource" xlink:label="label_GrantCostsIncludingTaxes" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_GrantCostsIncludingTaxes" xml:lang="en-US" id="label_GrantCostsIncludingTaxes">Total grant costs, including taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrantCostsIncludingTaxes" xlink:to="label_GrantCostsIncludingTaxes" xlink:title="Label : GrantCostsIncludingTaxes to label_GrantCostsIncludingTaxes" />
    <link:label xlink:type="resource" xlink:label="label_GrantCostsIncludingTaxes_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GrantCostsIncludingTaxes_1" xml:lang="en-US" id="label_GrantCostsIncludingTaxes_1">Grant costs including taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrantCostsIncludingTaxes" xlink:to="label_GrantCostsIncludingTaxes_1" xlink:title="Label : GrantCostsIncludingTaxes to label_GrantCostsIncludingTaxes_1" />
    <link:label xlink:type="resource" xlink:label="label_GrantCostsIncludingTaxes_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_GrantCostsIncludingTaxes_2" xml:lang="en-US" id="label_GrantCostsIncludingTaxes_2">An entity shall disclose information that enables users of the financial statements to understand the nature and extent of share based payment arrangements that existed during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrantCostsIncludingTaxes" xlink:to="label_GrantCostsIncludingTaxes_2" xlink:title="Label : GrantCostsIncludingTaxes to label_GrantCostsIncludingTaxes_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AccumulatedRecognizedGrantCostsRelatedParties" xlink:label="AccumulatedRecognizedGrantCostsRelatedParties" xlink:title="AccumulatedRecognizedGrantCostsRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_AccumulatedRecognizedGrantCostsRelatedParties" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_AccumulatedRecognizedGrantCostsRelatedParties" xml:lang="en-US" id="label_AccumulatedRecognizedGrantCostsRelatedParties">Accumulated recognized grant costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedRecognizedGrantCostsRelatedParties" xlink:to="label_AccumulatedRecognizedGrantCostsRelatedParties" xlink:title="Label : AccumulatedRecognizedGrantCostsRelatedParties to label_AccumulatedRecognizedGrantCostsRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_AccumulatedRecognizedGrantCostsRelatedParties_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AccumulatedRecognizedGrantCostsRelatedParties_1" xml:lang="en-US" id="label_AccumulatedRecognizedGrantCostsRelatedParties_1">Accumulated recognized grant costs related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedRecognizedGrantCostsRelatedParties" xlink:to="label_AccumulatedRecognizedGrantCostsRelatedParties_1" xlink:title="Label : AccumulatedRecognizedGrantCostsRelatedParties to label_AccumulatedRecognizedGrantCostsRelatedParties_1" />
    <link:label xlink:type="resource" xlink:label="label_AccumulatedRecognizedGrantCostsRelatedParties_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AccumulatedRecognizedGrantCostsRelatedParties_2" xml:lang="en-US" id="label_AccumulatedRecognizedGrantCostsRelatedParties_2">An entity shall disclose information that enables users of the financial statements to understand the nature and extent of share based payment arrangements that existed during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedRecognizedGrantCostsRelatedParties" xlink:to="label_AccumulatedRecognizedGrantCostsRelatedParties_2" xlink:title="Label : AccumulatedRecognizedGrantCostsRelatedParties to label_AccumulatedRecognizedGrantCostsRelatedParties_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AccumulatedUnrecognizedGrantCostsRelatedParties" xlink:label="AccumulatedUnrecognizedGrantCostsRelatedParties" xlink:title="AccumulatedUnrecognizedGrantCostsRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_AccumulatedUnrecognizedGrantCostsRelatedParties" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AccumulatedUnrecognizedGrantCostsRelatedParties" xml:lang="en-US" id="label_AccumulatedUnrecognizedGrantCostsRelatedParties">Accumulated unrecognized grant costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedUnrecognizedGrantCostsRelatedParties" xlink:to="label_AccumulatedUnrecognizedGrantCostsRelatedParties" xlink:title="Label : AccumulatedUnrecognizedGrantCostsRelatedParties to label_AccumulatedUnrecognizedGrantCostsRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_AccumulatedUnrecognizedGrantCostsRelatedParties_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AccumulatedUnrecognizedGrantCostsRelatedParties_1" xml:lang="en-US" id="label_AccumulatedUnrecognizedGrantCostsRelatedParties_1">Accumulated unrecognized grant costs related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedUnrecognizedGrantCostsRelatedParties" xlink:to="label_AccumulatedUnrecognizedGrantCostsRelatedParties_1" xlink:title="Label : AccumulatedUnrecognizedGrantCostsRelatedParties to label_AccumulatedUnrecognizedGrantCostsRelatedParties_1" />
    <link:label xlink:type="resource" xlink:label="label_AccumulatedUnrecognizedGrantCostsRelatedParties_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AccumulatedUnrecognizedGrantCostsRelatedParties_2" xml:lang="en-US" id="label_AccumulatedUnrecognizedGrantCostsRelatedParties_2">An entity shall disclose information that enables users of the financial statements to understand the nature and extent of share based payment arrangements that existed during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedUnrecognizedGrantCostsRelatedParties" xlink:to="label_AccumulatedUnrecognizedGrantCostsRelatedParties_2" xlink:title="Label : AccumulatedUnrecognizedGrantCostsRelatedParties to label_AccumulatedUnrecognizedGrantCostsRelatedParties_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_GrantDateOneMember" xlink:label="GrantDateOneMember" xlink:title="GrantDateOneMember" />
    <link:label xlink:type="resource" xlink:label="label_GrantDateOneMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GrantDateOneMember" xml:lang="en-US" id="label_GrantDateOneMember">Grant Date One [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrantDateOneMember" xlink:to="label_GrantDateOneMember" xlink:title="Label : GrantDateOneMember to label_GrantDateOneMember" />
    <link:label xlink:type="resource" xlink:label="label_GrantDateOneMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GrantDateOneMember_1" xml:lang="en-US" id="label_GrantDateOneMember_1">April 3, 2019 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrantDateOneMember" xlink:to="label_GrantDateOneMember_1" xlink:title="Label : GrantDateOneMember to label_GrantDateOneMember_1" />
    <link:label xlink:type="resource" xlink:label="label_GrantDateOneMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_GrantDateOneMember_2" xml:lang="en-US" id="label_GrantDateOneMember_2">Grant Date One.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrantDateOneMember" xlink:to="label_GrantDateOneMember_2" xlink:title="Label : GrantDateOneMember to label_GrantDateOneMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_GrantDateTwoMember" xlink:label="GrantDateTwoMember" xlink:title="GrantDateTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_GrantDateTwoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GrantDateTwoMember" xml:lang="en-US" id="label_GrantDateTwoMember">Grant Date Two [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrantDateTwoMember" xlink:to="label_GrantDateTwoMember" xlink:title="Label : GrantDateTwoMember to label_GrantDateTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_GrantDateTwoMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GrantDateTwoMember_1" xml:lang="en-US" id="label_GrantDateTwoMember_1">September 2, 2019 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrantDateTwoMember" xlink:to="label_GrantDateTwoMember_1" xlink:title="Label : GrantDateTwoMember to label_GrantDateTwoMember_1" />
    <link:label xlink:type="resource" xlink:label="label_GrantDateTwoMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_GrantDateTwoMember_2" xml:lang="en-US" id="label_GrantDateTwoMember_2">Grant Date Two.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrantDateTwoMember" xlink:to="label_GrantDateTwoMember_2" xlink:title="Label : GrantDateTwoMember to label_GrantDateTwoMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_GrantDateThreeMember" xlink:label="GrantDateThreeMember" xlink:title="GrantDateThreeMember" />
    <link:label xlink:type="resource" xlink:label="label_GrantDateThreeMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_GrantDateThreeMember" xml:lang="en-US" id="label_GrantDateThreeMember">Grant Date Three.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrantDateThreeMember" xlink:to="label_GrantDateThreeMember" xlink:title="Label : GrantDateThreeMember to label_GrantDateThreeMember" />
    <link:label xlink:type="resource" xlink:label="label_GrantDateThreeMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GrantDateThreeMember_1" xml:lang="en-US" id="label_GrantDateThreeMember_1">April 1, 2020 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrantDateThreeMember" xlink:to="label_GrantDateThreeMember_1" xlink:title="Label : GrantDateThreeMember to label_GrantDateThreeMember_1" />
    <link:label xlink:type="resource" xlink:label="label_GrantDateThreeMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GrantDateThreeMember_2" xml:lang="en-US" id="label_GrantDateThreeMember_2">Grant Date Three [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrantDateThreeMember" xlink:to="label_GrantDateThreeMember_2" xlink:title="Label : GrantDateThreeMember to label_GrantDateThreeMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_GrantDateFourMember" xlink:label="GrantDateFourMember" xlink:title="GrantDateFourMember" />
    <link:label xlink:type="resource" xlink:label="label_GrantDateFourMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_GrantDateFourMember" xml:lang="en-US" id="label_GrantDateFourMember">Grant date four [member].</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrantDateFourMember" xlink:to="label_GrantDateFourMember" xlink:title="Label : GrantDateFourMember to label_GrantDateFourMember" />
    <link:label xlink:type="resource" xlink:label="label_GrantDateFourMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GrantDateFourMember_1" xml:lang="en-US" id="label_GrantDateFourMember_1">September 16, 2020 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrantDateFourMember" xlink:to="label_GrantDateFourMember_1" xlink:title="Label : GrantDateFourMember to label_GrantDateFourMember_1" />
    <link:label xlink:type="resource" xlink:label="label_GrantDateFourMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GrantDateFourMember_2" xml:lang="en-US" id="label_GrantDateFourMember_2">Grant Date Four [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrantDateFourMember" xlink:to="label_GrantDateFourMember_2" xlink:title="Label : GrantDateFourMember to label_GrantDateFourMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_GrantDateFiveMember" xlink:label="GrantDateFiveMember" xlink:title="GrantDateFiveMember" />
    <link:label xlink:type="resource" xlink:label="label_GrantDateFiveMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GrantDateFiveMember" xml:lang="en-US" id="label_GrantDateFiveMember">Grant Date Five [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrantDateFiveMember" xlink:to="label_GrantDateFiveMember" xlink:title="Label : GrantDateFiveMember to label_GrantDateFiveMember" />
    <link:label xlink:type="resource" xlink:label="label_GrantDateFiveMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GrantDateFiveMember_1" xml:lang="en-US" id="label_GrantDateFiveMember_1">September 2, 2019 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrantDateFiveMember" xlink:to="label_GrantDateFiveMember_1" xlink:title="Label : GrantDateFiveMember to label_GrantDateFiveMember_1" />
    <link:label xlink:type="resource" xlink:label="label_GrantDateFiveMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_GrantDateFiveMember_2" xml:lang="en-US" id="label_GrantDateFiveMember_2">Grant date five [member].</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrantDateFiveMember" xlink:to="label_GrantDateFiveMember_2" xlink:title="Label : GrantDateFiveMember to label_GrantDateFiveMember_2" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_1" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_1" xml:lang="en-US" id="label_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_1">Beginning Balance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" xlink:to="label_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_1" xlink:title="Label : NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement to label_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IncomeBeforeTaxesAndShareOfProfitLossOfJointVenturesAndAssociates" xlink:label="IncomeBeforeTaxesAndShareOfProfitLossOfJointVenturesAndAssociates" xlink:title="IncomeBeforeTaxesAndShareOfProfitLossOfJointVenturesAndAssociates" />
    <link:label xlink:type="resource" xlink:label="label_IncomeBeforeTaxesAndShareOfProfitLossOfJointVenturesAndAssociates" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeBeforeTaxesAndShareOfProfitLossOfJointVenturesAndAssociates" xml:lang="en-US" id="label_IncomeBeforeTaxesAndShareOfProfitLossOfJointVenturesAndAssociates">Income before taxes and share of profit loss of joint ventures and associates</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeBeforeTaxesAndShareOfProfitLossOfJointVenturesAndAssociates" xlink:to="label_IncomeBeforeTaxesAndShareOfProfitLossOfJointVenturesAndAssociates" xlink:title="Label : IncomeBeforeTaxesAndShareOfProfitLossOfJointVenturesAndAssociates to label_IncomeBeforeTaxesAndShareOfProfitLossOfJointVenturesAndAssociates" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_2" xml:lang="en-US" id="label_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_2">Number of other equity instruments outstanding in share-based payment arrangement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" xlink:to="label_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_2" xlink:title="Label : NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement to label_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_NumberOfInstrumentsOtherEquityInstrumentsCancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment" xlink:label="NumberOfInstrumentsOtherEquityInstrumentsCancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment" xlink:title="NumberOfInstrumentsOtherEquityInstrumentsCancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfInstrumentsOtherEquityInstrumentsCancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfInstrumentsOtherEquityInstrumentsCancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment" xml:lang="en-US" id="label_NumberOfInstrumentsOtherEquityInstrumentsCancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment">Number Of Instruments Other Equity Instruments Cancellation of granted shares due to termination of executive employment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfInstrumentsOtherEquityInstrumentsCancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment" xlink:to="label_NumberOfInstrumentsOtherEquityInstrumentsCancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment" xlink:title="Label : NumberOfInstrumentsOtherEquityInstrumentsCancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment to label_NumberOfInstrumentsOtherEquityInstrumentsCancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfInstrumentsOtherEquityInstrumentsCancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfInstrumentsOtherEquityInstrumentsCancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment_1" xml:lang="en-US" id="label_NumberOfInstrumentsOtherEquityInstrumentsCancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment_1">Cancellation of granted shares due to termination of executive employment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfInstrumentsOtherEquityInstrumentsCancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment" xlink:to="label_NumberOfInstrumentsOtherEquityInstrumentsCancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment_1" xlink:title="Label : NumberOfInstrumentsOtherEquityInstrumentsCancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment to label_NumberOfInstrumentsOtherEquityInstrumentsCancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment_1" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfInstrumentsOtherEquityInstrumentsCancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfInstrumentsOtherEquityInstrumentsCancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment_2" xml:lang="en-US" id="label_NumberOfInstrumentsOtherEquityInstrumentsCancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment_2">Number of instruments other equity instruments cancellation of granted shares due to termination of executive employment.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfInstrumentsOtherEquityInstrumentsCancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment" xlink:to="label_NumberOfInstrumentsOtherEquityInstrumentsCancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment_2" xlink:title="Label : NumberOfInstrumentsOtherEquityInstrumentsCancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment to label_NumberOfInstrumentsOtherEquityInstrumentsCancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DeferredIncomeAndSocialContributionTaxesAssetAbstract" xlink:label="DeferredIncomeAndSocialContributionTaxesAssetAbstract" xlink:title="DeferredIncomeAndSocialContributionTaxesAssetAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DeferredIncomeAndSocialContributionTaxesAssetAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredIncomeAndSocialContributionTaxesAssetAbstract" xml:lang="en-US" id="label_DeferredIncomeAndSocialContributionTaxesAssetAbstract">Deferred income and social contribution taxes asset [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredIncomeAndSocialContributionTaxesAssetAbstract" xlink:to="label_DeferredIncomeAndSocialContributionTaxesAssetAbstract" xlink:title="Label : DeferredIncomeAndSocialContributionTaxesAssetAbstract to label_DeferredIncomeAndSocialContributionTaxesAssetAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DeferredIncomeAndSocialContributionTaxesAssetAbstract_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DeferredIncomeAndSocialContributionTaxesAssetAbstract_1" xml:lang="en-US" id="label_DeferredIncomeAndSocialContributionTaxesAssetAbstract_1">Deferred income and social contribution taxes asset.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredIncomeAndSocialContributionTaxesAssetAbstract" xlink:to="label_DeferredIncomeAndSocialContributionTaxesAssetAbstract_1" xlink:title="Label : DeferredIncomeAndSocialContributionTaxesAssetAbstract to label_DeferredIncomeAndSocialContributionTaxesAssetAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DeferredIncomeAndSocialContributionTaxesProvisionForImpairmentOfAssets" xlink:label="DeferredIncomeAndSocialContributionTaxesProvisionForImpairmentOfAssets" xlink:title="DeferredIncomeAndSocialContributionTaxesProvisionForImpairmentOfAssets" />
    <link:label xlink:type="resource" xlink:label="label_DeferredIncomeAndSocialContributionTaxesProvisionForImpairmentOfAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredIncomeAndSocialContributionTaxesProvisionForImpairmentOfAssets" xml:lang="en-US" id="label_DeferredIncomeAndSocialContributionTaxesProvisionForImpairmentOfAssets">Deferred income and social contribution taxes provision for impairment of assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredIncomeAndSocialContributionTaxesProvisionForImpairmentOfAssets" xlink:to="label_DeferredIncomeAndSocialContributionTaxesProvisionForImpairmentOfAssets" xlink:title="Label : DeferredIncomeAndSocialContributionTaxesProvisionForImpairmentOfAssets to label_DeferredIncomeAndSocialContributionTaxesProvisionForImpairmentOfAssets" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UpTo1YearMember" xlink:to="label_UpTo1YearMember_1" xlink:title="Label : UpTo1YearMember to label_UpTo1YearMember_1" />
    <link:label xlink:type="resource" xlink:label="label_UpTo1YearMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_UpTo1YearMember_2" xml:lang="en-US" id="label_UpTo1YearMember_2">Up to 1 year.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UpTo1YearMember" xlink:to="label_UpTo1YearMember_2" xlink:title="Label : UpTo1YearMember to label_UpTo1YearMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_From1To2YearsMember" xlink:label="From1To2YearsMember" xlink:title="From1To2YearsMember" />
    <link:label xlink:type="resource" xlink:label="label_From1To2YearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_From1To2YearsMember" xml:lang="en-US" id="label_From1To2YearsMember">From 1 to 2 years[member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="From1To2YearsMember" xlink:to="label_From1To2YearsMember" xlink:title="Label : From1To2YearsMember to label_From1To2YearsMember" />
    <link:label xlink:type="resource" xlink:label="label_From1To2YearsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_From1To2YearsMember_1" xml:lang="en-US" id="label_From1To2YearsMember_1">From 1 to 2 years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="From1To2YearsMember" xlink:to="label_From1To2YearsMember_1" xlink:title="Label : From1To2YearsMember to label_From1To2YearsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_From1To2YearsMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_From1To2YearsMember_2" xml:lang="en-US" id="label_From1To2YearsMember_2">From 1 to 2 years .</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="From1To2YearsMember" xlink:to="label_From1To2YearsMember_2" xlink:title="Label : From1To2YearsMember to label_From1To2YearsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_From2To3YearsMember" xlink:label="From2To3YearsMember" xlink:title="From2To3YearsMember" />
    <link:label xlink:type="resource" xlink:label="label_From2To3YearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_From2To3YearsMember" xml:lang="en-US" id="label_From2To3YearsMember">From 2 to 3 years[member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="From2To3YearsMember" xlink:to="label_From2To3YearsMember" xlink:title="Label : From2To3YearsMember to label_From2To3YearsMember" />
    <link:label xlink:type="resource" xlink:label="label_From2To3YearsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_From2To3YearsMember_1" xml:lang="en-US" id="label_From2To3YearsMember_1">From 2 to 3 years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="From2To3YearsMember" xlink:to="label_From2To3YearsMember_1" xlink:title="Label : From2To3YearsMember to label_From2To3YearsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_From2To3YearsMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_From2To3YearsMember_2" xml:lang="en-US" id="label_From2To3YearsMember_2">From 2 to 3 years .</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="From2To3YearsMember" xlink:to="label_From2To3YearsMember_2" xlink:title="Label : From2To3YearsMember to label_From2To3YearsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_From3To5YearsMember" xlink:label="From3To5YearsMember" xlink:title="From3To5YearsMember" />
    <link:label xlink:type="resource" xlink:label="label_From3To5YearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_From3To5YearsMember" xml:lang="en-US" id="label_From3To5YearsMember">From 3 to 5 years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="From3To5YearsMember" xlink:to="label_From3To5YearsMember" xlink:title="Label : From3To5YearsMember to label_From3To5YearsMember" />
    <link:label xlink:type="resource" xlink:label="label_From3To5YearsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_From3To5YearsMember_1" xml:lang="en-US" id="label_From3To5YearsMember_1">From 3 to 5 years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="From3To5YearsMember" xlink:to="label_From3To5YearsMember_1" xlink:title="Label : From3To5YearsMember to label_From3To5YearsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_From3To5YearsMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_From3To5YearsMember_2" xml:lang="en-US" id="label_From3To5YearsMember_2">From 3 to 5 years.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="From3To5YearsMember" xlink:to="label_From3To5YearsMember_2" xlink:title="Label : From3To5YearsMember to label_From3To5YearsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_From5To7YearsMember" xlink:label="From5To7YearsMember" xlink:title="From5To7YearsMember" />
    <link:label xlink:type="resource" xlink:label="label_From5To7YearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_From5To7YearsMember" xml:lang="en-US" id="label_From5To7YearsMember">From 5 to 7 years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="From5To7YearsMember" xlink:to="label_From5To7YearsMember" xlink:title="Label : From5To7YearsMember to label_From5To7YearsMember" />
    <link:label xlink:type="resource" xlink:label="label_From5To7YearsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_From5To7YearsMember_1" xml:lang="en-US" id="label_From5To7YearsMember_1">From 5 to 7 years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="From5To7YearsMember" xlink:to="label_From5To7YearsMember_1" xlink:title="Label : From5To7YearsMember to label_From5To7YearsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_From5To7YearsMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_From5To7YearsMember_2" xml:lang="en-US" id="label_From5To7YearsMember_2">From 5 to 7 years.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="From5To7YearsMember" xlink:to="label_From5To7YearsMember_2" xlink:title="Label : From5To7YearsMember to label_From5To7YearsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_From7To10YearsMember" xlink:label="From7To10YearsMember" xlink:title="From7To10YearsMember" />
    <link:label xlink:type="resource" xlink:label="label_From7To10YearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_From7To10YearsMember" xml:lang="en-US" id="label_From7To10YearsMember">From 7 to 10 Years[member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="From7To10YearsMember" xlink:to="label_From7To10YearsMember" xlink:title="Label : From7To10YearsMember to label_From7To10YearsMember" />
    <link:label xlink:type="resource" xlink:label="label_From7To10YearsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_From7To10YearsMember_1" xml:lang="en-US" id="label_From7To10YearsMember_1">From 7 to 10 Years[member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="From7To10YearsMember" xlink:to="label_From7To10YearsMember_1" xlink:title="Label : From7To10YearsMember to label_From7To10YearsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_From7To10YearsMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_From7To10YearsMember_2" xml:lang="en-US" id="label_From7To10YearsMember_2">From 7 to 10 Years .</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="From7To10YearsMember" xlink:to="label_From7To10YearsMember_2" xlink:title="Label : From7To10YearsMember to label_From7To10YearsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfIncomeAndSocialContributionTaxesLineItems" xlink:label="SummaryOfIncomeAndSocialContributionTaxesLineItems" xlink:title="SummaryOfIncomeAndSocialContributionTaxesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfIncomeAndSocialContributionTaxesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SummaryOfIncomeAndSocialContributionTaxesLineItems" xml:lang="en-US" id="label_SummaryOfIncomeAndSocialContributionTaxesLineItems">Summary of income and social contribution taxes [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfIncomeAndSocialContributionTaxesLineItems" xlink:to="label_SummaryOfIncomeAndSocialContributionTaxesLineItems" xlink:title="Label : SummaryOfIncomeAndSocialContributionTaxesLineItems to label_SummaryOfIncomeAndSocialContributionTaxesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfIncomeAndSocialContributionTaxesLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfIncomeAndSocialContributionTaxesLineItems_1" xml:lang="en-US" id="label_SummaryOfIncomeAndSocialContributionTaxesLineItems_1">Summary of income and social contribution taxes [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfIncomeAndSocialContributionTaxesLineItems" xlink:to="label_SummaryOfIncomeAndSocialContributionTaxesLineItems_1" xlink:title="Label : SummaryOfIncomeAndSocialContributionTaxesLineItems to label_SummaryOfIncomeAndSocialContributionTaxesLineItems_1" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfIncomeAndSocialContributionTaxesLineItems_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfIncomeAndSocialContributionTaxesLineItems_2" xml:lang="en-US" id="label_SummaryOfIncomeAndSocialContributionTaxesLineItems_2">Summary of income and social contribution taxes.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfIncomeAndSocialContributionTaxesLineItems" xlink:to="label_SummaryOfIncomeAndSocialContributionTaxesLineItems_2" xlink:title="Label : SummaryOfIncomeAndSocialContributionTaxesLineItems to label_SummaryOfIncomeAndSocialContributionTaxesLineItems_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IncomeAndSocialContributionTaxesDetails4Abstract" xlink:label="IncomeAndSocialContributionTaxesDetails4Abstract" xlink:title="IncomeAndSocialContributionTaxesDetails4Abstract" />
    <link:label xlink:type="resource" xlink:label="label_IncomeAndSocialContributionTaxesDetails4Abstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeAndSocialContributionTaxesDetails4Abstract" xml:lang="en-US" id="label_IncomeAndSocialContributionTaxesDetails4Abstract">Income and social contribution taxes details 4 [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeAndSocialContributionTaxesDetails4Abstract" xlink:to="label_IncomeAndSocialContributionTaxesDetails4Abstract" xlink:title="Label : IncomeAndSocialContributionTaxesDetails4Abstract to label_IncomeAndSocialContributionTaxesDetails4Abstract" />
    <link:label xlink:type="resource" xlink:label="label_IncomeAndSocialContributionTaxesDetails4Abstract_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncomeAndSocialContributionTaxesDetails4Abstract_1" xml:lang="en-US" id="label_IncomeAndSocialContributionTaxesDetails4Abstract_1">Income and social contribution taxes details 4.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeAndSocialContributionTaxesDetails4Abstract" xlink:to="label_IncomeAndSocialContributionTaxesDetails4Abstract_1" xlink:title="Label : IncomeAndSocialContributionTaxesDetails4Abstract to label_IncomeAndSocialContributionTaxesDetails4Abstract_1" />
    <link:label xlink:type="resource" xlink:label="label_AmortizationOfRightToUseAssets_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_AmortizationOfRightToUseAssets_3" xml:lang="en-US" id="label_AmortizationOfRightToUseAssets_3">Amortization of right-of-use assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmortizationOfRightToUseAssets" xlink:to="label_AmortizationOfRightToUseAssets_3" xlink:title="Label : AmortizationOfRightToUseAssets to label_AmortizationOfRightToUseAssets_3" />
    <link:label xlink:type="resource" xlink:label="label_IncomeBeforeTaxesAndShareOfProfitLossOfJointVenturesAndAssociates_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncomeBeforeTaxesAndShareOfProfitLossOfJointVenturesAndAssociates_1" xml:lang="en-US" id="label_IncomeBeforeTaxesAndShareOfProfitLossOfJointVenturesAndAssociates_1">Income (loss) before taxes and share of profit (loss) of joint ventures, and associates</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeBeforeTaxesAndShareOfProfitLossOfJointVenturesAndAssociates" xlink:to="label_IncomeBeforeTaxesAndShareOfProfitLossOfJointVenturesAndAssociates_1" xlink:title="Label : IncomeBeforeTaxesAndShareOfProfitLossOfJointVenturesAndAssociates to label_IncomeBeforeTaxesAndShareOfProfitLossOfJointVenturesAndAssociates_1" />
    <link:label xlink:type="resource" xlink:label="label_IncomeBeforeTaxesAndShareOfProfitLossOfJointVenturesAndAssociates_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncomeBeforeTaxesAndShareOfProfitLossOfJointVenturesAndAssociates_2" xml:lang="en-US" id="label_IncomeBeforeTaxesAndShareOfProfitLossOfJointVenturesAndAssociates_2">Amount of Income before taxes and share of profit (loss) of joint ventures, and associates.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeBeforeTaxesAndShareOfProfitLossOfJointVenturesAndAssociates" xlink:to="label_IncomeBeforeTaxesAndShareOfProfitLossOfJointVenturesAndAssociates_2" xlink:title="Label : IncomeBeforeTaxesAndShareOfProfitLossOfJointVenturesAndAssociates to label_IncomeBeforeTaxesAndShareOfProfitLossOfJointVenturesAndAssociates_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ApplicableTaxRate" xlink:label="ApplicableTaxRate" xlink:title="ApplicableTaxRate" />
    <link:label xlink:type="resource" xlink:label="label_ApplicableTaxRate" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ApplicableTaxRate" xml:lang="en-US" id="label_ApplicableTaxRate">Statutory tax rates in Brazil</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ApplicableTaxRate" xlink:to="label_ApplicableTaxRate" xlink:title="Label : ApplicableTaxRate to label_ApplicableTaxRate" />
    <link:label xlink:type="resource" xlink:label="label_ApplicableTaxRate_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ApplicableTaxRate_1" xml:lang="en-US" id="label_ApplicableTaxRate_1">Applicable tax rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ApplicableTaxRate" xlink:to="label_ApplicableTaxRate_1" xlink:title="Label : ApplicableTaxRate to label_ApplicableTaxRate_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IncomeAndSocialContributionTaxesAtStatutoryTaxRates" xlink:label="IncomeAndSocialContributionTaxesAtStatutoryTaxRates" xlink:title="IncomeAndSocialContributionTaxesAtStatutoryTaxRates" />
    <link:label xlink:type="resource" xlink:label="label_IncomeAndSocialContributionTaxesAtStatutoryTaxRates" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeAndSocialContributionTaxesAtStatutoryTaxRates" xml:lang="en-US" id="label_IncomeAndSocialContributionTaxesAtStatutoryTaxRates">Income and social contribution taxes at statutory tax rates</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeAndSocialContributionTaxesAtStatutoryTaxRates" xlink:to="label_IncomeAndSocialContributionTaxesAtStatutoryTaxRates" xlink:title="Label : IncomeAndSocialContributionTaxesAtStatutoryTaxRates to label_IncomeAndSocialContributionTaxesAtStatutoryTaxRates" />
    <link:label xlink:type="resource" xlink:label="label_IncomeAndSocialContributionTaxesAtStatutoryTaxRates_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_IncomeAndSocialContributionTaxesAtStatutoryTaxRates_1" xml:lang="en-US" id="label_IncomeAndSocialContributionTaxesAtStatutoryTaxRates_1">Income and social contribution taxes at the statutory tax rates</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeAndSocialContributionTaxesAtStatutoryTaxRates" xlink:to="label_IncomeAndSocialContributionTaxesAtStatutoryTaxRates_1" xlink:title="Label : IncomeAndSocialContributionTaxesAtStatutoryTaxRates to label_IncomeAndSocialContributionTaxesAtStatutoryTaxRates_1" />
    <link:label xlink:type="resource" xlink:label="label_IncomeAndSocialContributionTaxesAtStatutoryTaxRates_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncomeAndSocialContributionTaxesAtStatutoryTaxRates_2" xml:lang="en-US" id="label_IncomeAndSocialContributionTaxesAtStatutoryTaxRates_2">Amount of income and social contribution taxes at statutory tax rates.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeAndSocialContributionTaxesAtStatutoryTaxRates" xlink:to="label_IncomeAndSocialContributionTaxesAtStatutoryTaxRates_2" xlink:title="Label : IncomeAndSocialContributionTaxesAtStatutoryTaxRates to label_IncomeAndSocialContributionTaxesAtStatutoryTaxRates_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AdjustmentsToStatutoryIncomeAndSocialContributionTaxesAbstract" xlink:label="AdjustmentsToStatutoryIncomeAndSocialContributionTaxesAbstract" xlink:title="AdjustmentsToStatutoryIncomeAndSocialContributionTaxesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsToStatutoryIncomeAndSocialContributionTaxesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsToStatutoryIncomeAndSocialContributionTaxesAbstract" xml:lang="en-US" id="label_AdjustmentsToStatutoryIncomeAndSocialContributionTaxesAbstract">Adjustments to statutory income and social contribution taxes [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsToStatutoryIncomeAndSocialContributionTaxesAbstract" xlink:to="label_AdjustmentsToStatutoryIncomeAndSocialContributionTaxesAbstract" xlink:title="Label : AdjustmentsToStatutoryIncomeAndSocialContributionTaxesAbstract to label_AdjustmentsToStatutoryIncomeAndSocialContributionTaxesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsToStatutoryIncomeAndSocialContributionTaxesAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdjustmentsToStatutoryIncomeAndSocialContributionTaxesAbstract_1" xml:lang="en-US" id="label_AdjustmentsToStatutoryIncomeAndSocialContributionTaxesAbstract_1">Adjustments to the statutory income and social contribution taxes:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsToStatutoryIncomeAndSocialContributionTaxesAbstract" xlink:to="label_AdjustmentsToStatutoryIncomeAndSocialContributionTaxesAbstract_1" xlink:title="Label : AdjustmentsToStatutoryIncomeAndSocialContributionTaxesAbstract to label_AdjustmentsToStatutoryIncomeAndSocialContributionTaxesAbstract_1" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsToStatutoryIncomeAndSocialContributionTaxesAbstract_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AdjustmentsToStatutoryIncomeAndSocialContributionTaxesAbstract_2" xml:lang="en-US" id="label_AdjustmentsToStatutoryIncomeAndSocialContributionTaxesAbstract_2">Adjustments to statutory income and social contribution taxes.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsToStatutoryIncomeAndSocialContributionTaxesAbstract" xlink:to="label_AdjustmentsToStatutoryIncomeAndSocialContributionTaxesAbstract_2" xlink:title="Label : AdjustmentsToStatutoryIncomeAndSocialContributionTaxesAbstract to label_AdjustmentsToStatutoryIncomeAndSocialContributionTaxesAbstract_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TaxExpenseOtherThanIncomeTaxExpense" xlink:label="TaxExpenseOtherThanIncomeTaxExpense" xlink:title="TaxExpenseOtherThanIncomeTaxExpense" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NontaxableRevenues" xlink:to="label_NontaxableRevenues" xlink:title="Label : NontaxableRevenues to label_NontaxableRevenues" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentToEstimatedIncome" xlink:to="label_AdjustmentToEstimatedIncome_2" xlink:title="Label : AdjustmentToEstimatedIncome to label_AdjustmentToEstimatedIncome_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_InterestOnEquity" xlink:label="InterestOnEquity" xlink:title="InterestOnEquity" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestOnEquity" xlink:to="label_InterestOnEquity" xlink:title="Label : InterestOnEquity to label_InterestOnEquity" />
    <link:label xlink:type="resource" xlink:label="label_InterestOnEquity_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterestOnEquity_1" xml:lang="en-US" id="label_InterestOnEquity_1">Interest on equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestOnEquity" xlink:to="label_InterestOnEquity_1" xlink:title="Label : InterestOnEquity to label_InterestOnEquity_1" />
    <link:label xlink:type="resource" xlink:label="label_InterestOnEquity_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestOnEquity_2" xml:lang="en-US" id="label_InterestOnEquity_2">Interest on equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestOnEquity" xlink:to="label_InterestOnEquity_2" xlink:title="Label : InterestOnEquity to label_InterestOnEquity_2" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnrecordedDeferredIncomeAndSocialContributionTaxesCarryforwardsDeferred" xlink:to="label_UnrecordedDeferredIncomeAndSocialContributionTaxesCarryforwardsDeferred" xlink:title="Label : UnrecordedDeferredIncomeAndSocialContributionTaxesCarryforwardsDeferred to label_UnrecordedDeferredIncomeAndSocialContributionTaxesCarryforwardsDeferred" />
    <link:label xlink:type="resource" xlink:label="label_TequimarVilaDoCondeMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TequimarVilaDoCondeMember_2" xml:lang="en-US" id="label_TequimarVilaDoCondeMember_2">Tequimar Vila Do Conde [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TequimarVilaDoCondeMember" xlink:to="label_TequimarVilaDoCondeMember_2" xlink:title="Label : TequimarVilaDoCondeMember to label_TequimarVilaDoCondeMember_2" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnrecordedDeferredIncomeAndSocialContributionTaxesCarryforwardsDeferred" xlink:to="label_UnrecordedDeferredIncomeAndSocialContributionTaxesCarryforwardsDeferred_1" xlink:title="Label : UnrecordedDeferredIncomeAndSocialContributionTaxesCarryforwardsDeferred to label_UnrecordedDeferredIncomeAndSocialContributionTaxesCarryforwardsDeferred_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AdjustmentsForIncomeTaxExpense" xlink:label="AdjustmentsForIncomeTaxExpense" xlink:title="AdjustmentsForIncomeTaxExpense" />
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    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForIncomeTaxExpense_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_AdjustmentsForIncomeTaxExpense_1" xml:lang="en-US" id="label_AdjustmentsForIncomeTaxExpense_1">Other adjustments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForIncomeTaxExpense" xlink:to="label_AdjustmentsForIncomeTaxExpense_1" xlink:title="Label : AdjustmentsForIncomeTaxExpense to label_AdjustmentsForIncomeTaxExpense_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IncomeAndSocialContributionTaxesBeforeTaxIncentives" xlink:label="IncomeAndSocialContributionTaxesBeforeTaxIncentives" xlink:title="IncomeAndSocialContributionTaxesBeforeTaxIncentives" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeAndSocialContributionTaxesBeforeTaxIncentives" xlink:to="label_IncomeAndSocialContributionTaxesBeforeTaxIncentives" xlink:title="Label : IncomeAndSocialContributionTaxesBeforeTaxIncentives to label_IncomeAndSocialContributionTaxesBeforeTaxIncentives" />
    <link:label xlink:type="resource" xlink:label="label_IncomeAndSocialContributionTaxesBeforeTaxIncentives_1" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:title="label_IncomeAndSocialContributionTaxesBeforeTaxIncentives_1" xml:lang="en-US" id="label_IncomeAndSocialContributionTaxesBeforeTaxIncentives_1">Income and social contribution taxes before tax incentives</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeAndSocialContributionTaxesBeforeTaxIncentives" xlink:to="label_IncomeAndSocialContributionTaxesBeforeTaxIncentives_1" xlink:title="Label : IncomeAndSocialContributionTaxesBeforeTaxIncentives to label_IncomeAndSocialContributionTaxesBeforeTaxIncentives_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeAndSocialContributionTaxesBeforeTaxIncentives" xlink:to="label_IncomeAndSocialContributionTaxesBeforeTaxIncentives_2" xlink:title="Label : IncomeAndSocialContributionTaxesBeforeTaxIncentives to label_IncomeAndSocialContributionTaxesBeforeTaxIncentives_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TaxIncentives" xlink:label="TaxIncentives" xlink:title="TaxIncentives" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxIncentives" xlink:to="label_TaxIncentives" xlink:title="Label : TaxIncentives to label_TaxIncentives" />
    <link:label xlink:type="resource" xlink:label="label_TaxIncentives_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_TaxIncentives_1" xml:lang="en-US" id="label_TaxIncentives_1">Tax incentives&#x2014;SUDENE</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxIncentives" xlink:to="label_TaxIncentives_1" xlink:title="Label : TaxIncentives to label_TaxIncentives_1" />
    <link:label xlink:type="resource" xlink:label="label_TaxIncentives_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TaxIncentives_2" xml:lang="en-US" id="label_TaxIncentives_2">Superintendency of Northeast Development - fiscal incentives focused on the development of the northeastern region of Brazil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxIncentives" xlink:to="label_TaxIncentives_2" xlink:title="Label : TaxIncentives to label_TaxIncentives_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_EffectiveIRPJAndCSLLRates" xlink:label="EffectiveIRPJAndCSLLRates" xlink:title="EffectiveIRPJAndCSLLRates" />
    <link:label xlink:type="resource" xlink:label="label_EffectiveIRPJAndCSLLRates" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EffectiveIRPJAndCSLLRates" xml:lang="en-US" id="label_EffectiveIRPJAndCSLLRates">The effective income tax and social contribution rates.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectiveIRPJAndCSLLRates" xlink:to="label_EffectiveIRPJAndCSLLRates" xlink:title="Label : EffectiveIRPJAndCSLLRates to label_EffectiveIRPJAndCSLLRates" />
    <link:label xlink:type="resource" xlink:label="label_EffectiveIRPJAndCSLLRates_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EffectiveIRPJAndCSLLRates_1" xml:lang="en-US" id="label_EffectiveIRPJAndCSLLRates_1">Effective IRPJ and CSLL rates &#x2013; %</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntitysTotalForIndividualAssetsOrCashgeneratingUnitsMember" xlink:to="label_EntitysTotalForIndividualAssetsOrCashgeneratingUnitsMember_1" xlink:title="Label : EntitysTotalForIndividualAssetsOrCashgeneratingUnitsMember to label_EntitysTotalForIndividualAssetsOrCashgeneratingUnitsMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_MataripeBaseMember" xlink:label="MataripeBaseMember" xlink:title="MataripeBaseMember" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MataripeBaseMember" xlink:to="label_MataripeBaseMember" xlink:title="Label : MataripeBaseMember to label_MataripeBaseMember" />
    <link:label xlink:type="resource" xlink:label="label_MataripeBaseMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MataripeBaseMember_1" xml:lang="en-US" id="label_MataripeBaseMember_1">Mataripe Base [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MataripeBaseMember" xlink:to="label_MataripeBaseMember_1" xlink:title="Label : MataripeBaseMember to label_MataripeBaseMember_1" />
    <link:label xlink:type="resource" xlink:label="label_MataripeBaseMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MataripeBaseMember_2" xml:lang="en-US" id="label_MataripeBaseMember_2">Mataripe base.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MataripeBaseMember" xlink:to="label_MataripeBaseMember_2" xlink:title="Label : MataripeBaseMember to label_MataripeBaseMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CaucaiaBaseMember" xlink:label="CaucaiaBaseMember" xlink:title="CaucaiaBaseMember" />
    <link:label xlink:type="resource" xlink:label="label_CaucaiaBaseMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CaucaiaBaseMember" xml:lang="en-US" id="label_CaucaiaBaseMember">Caucaia Base [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CaucaiaBaseMember" xlink:to="label_CaucaiaBaseMember" xlink:title="Label : CaucaiaBaseMember to label_CaucaiaBaseMember" />
    <link:label xlink:type="resource" xlink:label="label_CaucaiaBaseMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CaucaiaBaseMember_1" xml:lang="en-US" id="label_CaucaiaBaseMember_1">Caucaia Base [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CaucaiaBaseMember" xlink:to="label_CaucaiaBaseMember_1" xlink:title="Label : CaucaiaBaseMember to label_CaucaiaBaseMember_1" />
    <link:label xlink:type="resource" xlink:label="label_CaucaiaBaseMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CaucaiaBaseMember_2" xml:lang="en-US" id="label_CaucaiaBaseMember_2">Caucaia base.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CaucaiaBaseMember" xlink:to="label_CaucaiaBaseMember_2" xlink:title="Label : CaucaiaBaseMember to label_CaucaiaBaseMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_JuazeiroBaseMember" xlink:label="JuazeiroBaseMember" xlink:title="JuazeiroBaseMember" />
    <link:label xlink:type="resource" xlink:label="label_JuazeiroBaseMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_JuazeiroBaseMember" xml:lang="en-US" id="label_JuazeiroBaseMember">Juazeiro base [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="JuazeiroBaseMember" xlink:to="label_JuazeiroBaseMember" xlink:title="Label : JuazeiroBaseMember to label_JuazeiroBaseMember" />
    <link:label xlink:type="resource" xlink:label="label_JuazeiroBaseMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_JuazeiroBaseMember_1" xml:lang="en-US" id="label_JuazeiroBaseMember_1">Juazeiro base [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="JuazeiroBaseMember" xlink:to="label_JuazeiroBaseMember_1" xlink:title="Label : JuazeiroBaseMember to label_JuazeiroBaseMember_1" />
    <link:label xlink:type="resource" xlink:label="label_JuazeiroBaseMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_JuazeiroBaseMember_2" xml:lang="en-US" id="label_JuazeiroBaseMember_2">Juazeiro base.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="JuazeiroBaseMember" xlink:to="label_JuazeiroBaseMember_2" xlink:title="Label : JuazeiroBaseMember to label_JuazeiroBaseMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AracajuBaseMember" xlink:label="AracajuBaseMember" xlink:title="AracajuBaseMember" />
    <link:label xlink:type="resource" xlink:label="label_AracajuBaseMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AracajuBaseMember" xml:lang="en-US" id="label_AracajuBaseMember">Aracaju Base [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AracajuBaseMember" xlink:to="label_AracajuBaseMember" xlink:title="Label : AracajuBaseMember to label_AracajuBaseMember" />
    <link:label xlink:type="resource" xlink:label="label_AracajuBaseMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AracajuBaseMember_1" xml:lang="en-US" id="label_AracajuBaseMember_1">Aracaju Base [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AracajuBaseMember" xlink:to="label_AracajuBaseMember_1" xlink:title="Label : AracajuBaseMember to label_AracajuBaseMember_1" />
    <link:label xlink:type="resource" xlink:label="label_AracajuBaseMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AracajuBaseMember_2" xml:lang="en-US" id="label_AracajuBaseMember_2">Aracaju base.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AracajuBaseMember" xlink:to="label_AracajuBaseMember_2" xlink:title="Label : AracajuBaseMember to label_AracajuBaseMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SuapeBaseMember" xlink:label="SuapeBaseMember" xlink:title="SuapeBaseMember" />
    <link:label xlink:type="resource" xlink:label="label_SuapeBaseMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SuapeBaseMember" xml:lang="en-US" id="label_SuapeBaseMember">Suape Base [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SuapeBaseMember" xlink:to="label_SuapeBaseMember" xlink:title="Label : SuapeBaseMember to label_SuapeBaseMember" />
    <link:label xlink:type="resource" xlink:label="label_SuapeBaseMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SuapeBaseMember_1" xml:lang="en-US" id="label_SuapeBaseMember_1">Suape Base [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SuapeBaseMember" xlink:to="label_SuapeBaseMember_1" xlink:title="Label : SuapeBaseMember to label_SuapeBaseMember_1" />
    <link:label xlink:type="resource" xlink:label="label_SuapeBaseMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SuapeBaseMember_2" xml:lang="en-US" id="label_SuapeBaseMember_2">Suape base.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SuapeBaseMember" xlink:to="label_SuapeBaseMember_2" xlink:title="Label : SuapeBaseMember to label_SuapeBaseMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SuapeTerminalMember" xlink:label="SuapeTerminalMember" xlink:title="SuapeTerminalMember" />
    <link:label xlink:type="resource" xlink:label="label_SuapeTerminalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SuapeTerminalMember" xml:lang="en-US" id="label_SuapeTerminalMember">Suape terminal [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SuapeTerminalMember" xlink:to="label_SuapeTerminalMember" xlink:title="Label : SuapeTerminalMember to label_SuapeTerminalMember" />
    <link:label xlink:type="resource" xlink:label="label_SuapeTerminalMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SuapeTerminalMember_1" xml:lang="en-US" id="label_SuapeTerminalMember_1">Suape terminal [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SuapeTerminalMember" xlink:to="label_SuapeTerminalMember_1" xlink:title="Label : SuapeTerminalMember to label_SuapeTerminalMember_1" />
    <link:label xlink:type="resource" xlink:label="label_SuapeTerminalMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SuapeTerminalMember_2" xml:lang="en-US" id="label_SuapeTerminalMember_2">Suape terminal.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SuapeTerminalMember" xlink:to="label_SuapeTerminalMember_2" xlink:title="Label : SuapeTerminalMember to label_SuapeTerminalMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AratuTerminalMember" xlink:label="AratuTerminalMember" xlink:title="AratuTerminalMember" />
    <link:label xlink:type="resource" xlink:label="label_AratuTerminalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AratuTerminalMember" xml:lang="en-US" id="label_AratuTerminalMember">Aratu Terminal [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AratuTerminalMember" xlink:to="label_AratuTerminalMember" xlink:title="Label : AratuTerminalMember to label_AratuTerminalMember" />
    <link:label xlink:type="resource" xlink:label="label_AratuTerminalMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AratuTerminalMember_1" xml:lang="en-US" id="label_AratuTerminalMember_1">Aratu Terminal [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AratuTerminalMember" xlink:to="label_AratuTerminalMember_1" xlink:title="Label : AratuTerminalMember to label_AratuTerminalMember_1" />
    <link:label xlink:type="resource" xlink:label="label_AratuTerminalMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AratuTerminalMember_2" xml:lang="en-US" id="label_AratuTerminalMember_2">Aratu Terminal.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AratuTerminalMember" xlink:to="label_AratuTerminalMember_2" xlink:title="Label : AratuTerminalMember to label_AratuTerminalMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ItaquiTerminalMember" xlink:label="ItaquiTerminalMember" xlink:title="ItaquiTerminalMember" />
    <link:label xlink:type="resource" xlink:label="label_ItaquiTerminalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ItaquiTerminalMember" xml:lang="en-US" id="label_ItaquiTerminalMember">Itaqui Terminal [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ItaquiTerminalMember" xlink:to="label_ItaquiTerminalMember" xlink:title="Label : ItaquiTerminalMember to label_ItaquiTerminalMember" />
    <link:label xlink:type="resource" xlink:label="label_ItaquiTerminalMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ItaquiTerminalMember_1" xml:lang="en-US" id="label_ItaquiTerminalMember_1">Itaqui Terminal [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ItaquiTerminalMember" xlink:to="label_ItaquiTerminalMember_1" xlink:title="Label : ItaquiTerminalMember to label_ItaquiTerminalMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ItaquiTerminalMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ItaquiTerminalMember_2" xml:lang="en-US" id="label_ItaquiTerminalMember_2">Itaqui terminal.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ItaquiTerminalMember" xlink:to="label_ItaquiTerminalMember_2" xlink:title="Label : ItaquiTerminalMember to label_ItaquiTerminalMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CamacariPlantMember" xlink:label="CamacariPlantMember" xlink:title="CamacariPlantMember" />
    <link:label xlink:type="resource" xlink:label="label_CamacariPlantMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CamacariPlantMember" xml:lang="en-US" id="label_CamacariPlantMember">Camacari Plant [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CamacariPlantMember" xlink:to="label_CamacariPlantMember" xlink:title="Label : CamacariPlantMember to label_CamacariPlantMember" />
    <link:label xlink:type="resource" xlink:label="label_CamacariPlantMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CamacariPlantMember_1" xml:lang="en-US" id="label_CamacariPlantMember_1">Camacari Plant [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CamacariPlantMember" xlink:to="label_CamacariPlantMember_1" xlink:title="Label : CamacariPlantMember to label_CamacariPlantMember_1" />
    <link:label xlink:type="resource" xlink:label="label_CamacariPlantMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CamacariPlantMember_2" xml:lang="en-US" id="label_CamacariPlantMember_2">Camacari plant.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CamacariPlantMember" xlink:to="label_CamacariPlantMember_2" xlink:title="Label : CamacariPlantMember to label_CamacariPlantMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_Subsidiary" xlink:label="Subsidiary" xlink:title="Subsidiary" />
    <link:label xlink:type="resource" xlink:label="label_Subsidiary" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Subsidiary" xml:lang="en-US" id="label_Subsidiary">Subsidiary</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Subsidiary" xlink:to="label_Subsidiary" xlink:title="Label : Subsidiary to label_Subsidiary" />
    <link:label xlink:type="resource" xlink:label="label_Subsidiary_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Subsidiary_1" xml:lang="en-US" id="label_Subsidiary_1">Subsidiary</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Subsidiary" xlink:to="label_Subsidiary_1" xlink:title="Label : Subsidiary to label_Subsidiary_1" />
    <link:label xlink:type="resource" xlink:label="label_Subsidiary_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Subsidiary_2" xml:lang="en-US" id="label_Subsidiary_2">Entity's subsidiary.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Subsidiary" xlink:to="label_Subsidiary_2" xlink:title="Label : Subsidiary to label_Subsidiary_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_BusinessUnit" xlink:label="BusinessUnit" xlink:title="BusinessUnit" />
    <link:label xlink:type="resource" xlink:label="label_BusinessUnit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BusinessUnit" xml:lang="en-US" id="label_BusinessUnit">Business unit</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessUnit" xlink:to="label_BusinessUnit" xlink:title="Label : BusinessUnit to label_BusinessUnit" />
    <link:label xlink:type="resource" xlink:label="label_BusinessUnit_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BusinessUnit_1" xml:lang="en-US" id="label_BusinessUnit_1">Business Units</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessUnit" xlink:to="label_BusinessUnit_1" xlink:title="Label : BusinessUnit to label_BusinessUnit_1" />
    <link:label xlink:type="resource" xlink:label="label_BusinessUnit_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BusinessUnit_2" xml:lang="en-US" id="label_BusinessUnit_2">Geographic location of the subsidiary.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BusinessUnit" xlink:to="label_BusinessUnit_2" xlink:title="Label : BusinessUnit to label_BusinessUnit_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IncentivePercentage" xlink:label="IncentivePercentage" xlink:title="IncentivePercentage" />
    <link:label xlink:type="resource" xlink:label="label_IncentivePercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncentivePercentage" xml:lang="en-US" id="label_IncentivePercentage">Incentive percentage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncentivePercentage" xlink:to="label_IncentivePercentage" xlink:title="Label : IncentivePercentage to label_IncentivePercentage" />
    <link:label xlink:type="resource" xlink:label="label_IncentivePercentage_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncentivePercentage_1" xml:lang="en-US" id="label_IncentivePercentage_1">Incentive - %</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncentivePercentage" xlink:to="label_IncentivePercentage_1" xlink:title="Label : IncentivePercentage to label_IncentivePercentage_1" />
    <link:label xlink:type="resource" xlink:label="label_IncentivePercentage_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncentivePercentage_2" xml:lang="en-US" id="label_IncentivePercentage_2">Incentive percentage.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncentivePercentage" xlink:to="label_IncentivePercentage_2" xlink:title="Label : IncentivePercentage to label_IncentivePercentage_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ExpirationYear" xlink:label="ExpirationYear" xlink:title="ExpirationYear" />
    <link:label xlink:type="resource" xlink:label="label_ExpirationYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExpirationYear" xml:lang="en-US" id="label_ExpirationYear">Expiration year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpirationYear" xlink:to="label_ExpirationYear" xlink:title="Label : ExpirationYear to label_ExpirationYear" />
    <link:label xlink:type="resource" xlink:label="label_ExpirationYear_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ExpirationYear_1" xml:lang="en-US" id="label_ExpirationYear_1">Expiration</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpirationYear" xlink:to="label_ExpirationYear_1" xlink:title="Label : ExpirationYear to label_ExpirationYear_1" />
    <link:label xlink:type="resource" xlink:label="label_ExpirationYear_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ExpirationYear_2" xml:lang="en-US" id="label_ExpirationYear_2">Incentive expiration date.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpirationYear" xlink:to="label_ExpirationYear_2" xlink:title="Label : ExpirationYear to label_ExpirationYear_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DecreasePercentageInInomeTaxIncentive" xlink:label="DecreasePercentageInInomeTaxIncentive" xlink:title="DecreasePercentageInInomeTaxIncentive" />
    <link:label xlink:type="resource" xlink:label="label_DecreasePercentageInInomeTaxIncentive" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DecreasePercentageInInomeTaxIncentive" xml:lang="en-US" id="label_DecreasePercentageInInomeTaxIncentive">Decrease Percentage In Inome Tax Incentive</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DecreasePercentageInInomeTaxIncentive" xlink:to="label_DecreasePercentageInInomeTaxIncentive" xlink:title="Label : DecreasePercentageInInomeTaxIncentive to label_DecreasePercentageInInomeTaxIncentive" />
    <link:label xlink:type="resource" xlink:label="label_DecreasePercentageInInomeTaxIncentive_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DecreasePercentageInInomeTaxIncentive_1" xml:lang="en-US" id="label_DecreasePercentageInInomeTaxIncentive_1">Decrease percentage in inome tax incentive</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DecreasePercentageInInomeTaxIncentive" xlink:to="label_DecreasePercentageInInomeTaxIncentive_1" xlink:title="Label : DecreasePercentageInInomeTaxIncentive to label_DecreasePercentageInInomeTaxIncentive_1" />
    <link:label xlink:type="resource" xlink:label="label_DecreasePercentageInInomeTaxIncentive_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DecreasePercentageInInomeTaxIncentive_2" xml:lang="en-US" id="label_DecreasePercentageInInomeTaxIncentive_2">Decrease percentage in inome tax incentive.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DecreasePercentageInInomeTaxIncentive" xlink:to="label_DecreasePercentageInInomeTaxIncentive_2" xlink:title="Label : DecreasePercentageInInomeTaxIncentive to label_DecreasePercentageInInomeTaxIncentive_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsAbstract" xlink:label="DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsAbstract" xlink:title="DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsAbstract" xml:lang="en-US" id="label_DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsAbstract">Disclosure of deferred income and social contribution tax assets [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsAbstract" xlink:to="label_DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsAbstract" xlink:title="Label : DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsAbstract to label_DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsAbstract_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsAbstract_1" xml:lang="en-US" id="label_DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsAbstract_1">Disclosure of deferred income and social contribution tax assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsAbstract" xlink:to="label_DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsAbstract_1" xlink:title="Label : DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsAbstract to label_DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsTable" xlink:label="DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsTable" xlink:title="DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsTable" xml:lang="en-US" id="label_DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsTable">Disclosure of deferred income and social contribution tax assets [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsTable" xlink:to="label_DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsTable" xlink:title="Label : DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsTable to label_DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsTable_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsTable_1" xml:lang="en-US" id="label_DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsTable_1">Disclosure of deferred income and social contribution tax assets Table.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsTable" xlink:to="label_DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsTable_1" xlink:title="Label : DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsTable to label_DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsTable_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CiaUltragazMember" xlink:label="CiaUltragazMember" xlink:title="CiaUltragazMember" />
    <link:label xlink:type="resource" xlink:label="label_CiaUltragazMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CiaUltragazMember" xml:lang="en-US" id="label_CiaUltragazMember">Cia Ultragaz [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CiaUltragazMember" xlink:to="label_CiaUltragazMember" xlink:title="Label : CiaUltragazMember to label_CiaUltragazMember" />
    <link:label xlink:type="resource" xlink:label="label_CiaUltragazMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CiaUltragazMember_1" xml:lang="en-US" id="label_CiaUltragazMember_1">Cia Ultragaz [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CiaUltragazMember" xlink:to="label_CiaUltragazMember_1" xlink:title="Label : CiaUltragazMember to label_CiaUltragazMember_1" />
    <link:label xlink:type="resource" xlink:label="label_CiaUltragazMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CiaUltragazMember_2" xml:lang="en-US" id="label_CiaUltragazMember_2">Cia. Ultragaz Member.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CiaUltragazMember" xlink:to="label_CiaUltragazMember_2" xlink:title="Label : CiaUltragazMember to label_CiaUltragazMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OxitenoSaMember" xlink:label="OxitenoSaMember" xlink:title="OxitenoSaMember" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoSaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OxitenoSaMember" xml:lang="en-US" id="label_OxitenoSaMember">Oxiteno SA [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoSaMember" xlink:to="label_OxitenoSaMember" xlink:title="Label : OxitenoSaMember to label_OxitenoSaMember" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoSaMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OxitenoSaMember_1" xml:lang="en-US" id="label_OxitenoSaMember_1">Oxiteno SA [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoSaMember" xlink:to="label_OxitenoSaMember_1" xlink:title="Label : OxitenoSaMember to label_OxitenoSaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoSaMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OxitenoSaMember_2" xml:lang="en-US" id="label_OxitenoSaMember_2">Oxiteno S.A. Member.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoSaMember" xlink:to="label_OxitenoSaMember_2" xlink:title="Label : OxitenoSaMember to label_OxitenoSaMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IconicMember" xlink:label="IconicMember" xlink:title="IconicMember" />
    <link:label xlink:type="resource" xlink:label="label_IconicMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IconicMember" xml:lang="en-US" id="label_IconicMember">Iconic [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IconicMember" xlink:to="label_IconicMember" xlink:title="Label : IconicMember to label_IconicMember" />
    <link:label xlink:type="resource" xlink:label="label_IconicMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IconicMember_1" xml:lang="en-US" id="label_IconicMember_1">Iconic [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IconicMember" xlink:to="label_IconicMember_1" xlink:title="Label : IconicMember to label_IconicMember_1" />
    <link:label xlink:type="resource" xlink:label="label_IconicMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IconicMember_2" xml:lang="en-US" id="label_IconicMember_2">Iconic Member.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IconicMember" xlink:to="label_IconicMember_2" xlink:title="Label : IconicMember to label_IconicMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ExtrafarmaMember" xlink:label="ExtrafarmaMember" xlink:title="ExtrafarmaMember" />
    <link:label xlink:type="resource" xlink:label="label_ExtrafarmaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExtrafarmaMember" xml:lang="en-US" id="label_ExtrafarmaMember">Extrafarma [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExtrafarmaMember" xlink:to="label_ExtrafarmaMember" xlink:title="Label : ExtrafarmaMember to label_ExtrafarmaMember" />
    <link:label xlink:type="resource" xlink:label="label_ExtrafarmaMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ExtrafarmaMember_1" xml:lang="en-US" id="label_ExtrafarmaMember_1">Extrafarma [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExtrafarmaMember" xlink:to="label_ExtrafarmaMember_1" xlink:title="Label : ExtrafarmaMember to label_ExtrafarmaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ExtrafarmaMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ExtrafarmaMember_2" xml:lang="en-US" id="label_ExtrafarmaMember_2">Extrafarma.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExtrafarmaMember" xlink:to="label_ExtrafarmaMember_2" xlink:title="Label : ExtrafarmaMember to label_ExtrafarmaMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_UltraparMember" xlink:label="UltraparMember" xlink:title="UltraparMember" />
    <link:label xlink:type="resource" xlink:label="label_UltraparMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UltraparMember" xml:lang="en-US" id="label_UltraparMember">Ultrapar [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UltraparMember" xlink:to="label_UltraparMember" xlink:title="Label : UltraparMember to label_UltraparMember" />
    <link:label xlink:type="resource" xlink:label="label_UltraparMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_UltraparMember_1" xml:lang="en-US" id="label_UltraparMember_1">Ultrapar [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UltraparMember" xlink:to="label_UltraparMember_1" xlink:title="Label : UltraparMember to label_UltraparMember_1" />
    <link:label xlink:type="resource" xlink:label="label_UltraparMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_UltraparMember_2" xml:lang="en-US" id="label_UltraparMember_2">Ultrapar Member.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UltraparMember" xlink:to="label_UltraparMember_2" xlink:title="Label : UltraparMember to label_UltraparMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_UltraparInternationalMember" xlink:label="UltraparInternationalMember" xlink:title="UltraparInternationalMember" />
    <link:label xlink:type="resource" xlink:label="label_UltraparInternationalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UltraparInternationalMember" xml:lang="en-US" id="label_UltraparInternationalMember">Ultrapar International [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UltraparInternationalMember" xlink:to="label_UltraparInternationalMember" xlink:title="Label : UltraparInternationalMember to label_UltraparInternationalMember" />
    <link:label xlink:type="resource" xlink:label="label_UltraparInternationalMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_UltraparInternationalMember_1" xml:lang="en-US" id="label_UltraparInternationalMember_1">Ultrapar International [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UltraparInternationalMember" xlink:to="label_UltraparInternationalMember_1" xlink:title="Label : UltraparInternationalMember to label_UltraparInternationalMember_1" />
    <link:label xlink:type="resource" xlink:label="label_UltraparInternationalMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_UltraparInternationalMember_2" xml:lang="en-US" id="label_UltraparInternationalMember_2">Ultrapar International Member.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UltraparInternationalMember" xlink:to="label_UltraparInternationalMember_2" xlink:title="Label : UltraparInternationalMember to label_UltraparInternationalMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ExtrafarmaTwoMember" xlink:label="ExtrafarmaTwoMember" xlink:title="ExtrafarmaTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_ExtrafarmaTwoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExtrafarmaTwoMember" xml:lang="en-US" id="label_ExtrafarmaTwoMember">Extrafarma Two [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExtrafarmaTwoMember" xlink:to="label_ExtrafarmaTwoMember" xlink:title="Label : ExtrafarmaTwoMember to label_ExtrafarmaTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_ExtrafarmaTwoMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ExtrafarmaTwoMember_1" xml:lang="en-US" id="label_ExtrafarmaTwoMember_1">Extrafarma Two [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExtrafarmaTwoMember" xlink:to="label_ExtrafarmaTwoMember_1" xlink:title="Label : ExtrafarmaTwoMember to label_ExtrafarmaTwoMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ExtrafarmaTwoMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ExtrafarmaTwoMember_2" xml:lang="en-US" id="label_ExtrafarmaTwoMember_2">Extrafarma Two.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExtrafarmaTwoMember" xlink:to="label_ExtrafarmaTwoMember_2" xlink:title="Label : ExtrafarmaTwoMember to label_ExtrafarmaTwoMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IntegraFrotasMember" xlink:label="IntegraFrotasMember" xlink:title="IntegraFrotasMember" />
    <link:label xlink:type="resource" xlink:label="label_IntegraFrotasMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IntegraFrotasMember" xml:lang="en-US" id="label_IntegraFrotasMember">Integra Frotas [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntegraFrotasMember" xlink:to="label_IntegraFrotasMember" xlink:title="Label : IntegraFrotasMember to label_IntegraFrotasMember" />
    <link:label xlink:type="resource" xlink:label="label_IntegraFrotasMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IntegraFrotasMember_1" xml:lang="en-US" id="label_IntegraFrotasMember_1">Integra Frotas [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntegraFrotasMember" xlink:to="label_IntegraFrotasMember_1" xlink:title="Label : IntegraFrotasMember to label_IntegraFrotasMember_1" />
    <link:label xlink:type="resource" xlink:label="label_IntegraFrotasMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IntegraFrotasMember_2" xml:lang="en-US" id="label_IntegraFrotasMember_2">Integra Frotas.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntegraFrotasMember" xlink:to="label_IntegraFrotasMember_2" xlink:title="Label : IntegraFrotasMember to label_IntegraFrotasMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OxitenoArgentinaMember" xlink:label="OxitenoArgentinaMember" xlink:title="OxitenoArgentinaMember" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoArgentinaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OxitenoArgentinaMember" xml:lang="en-US" id="label_OxitenoArgentinaMember">Oxiteno Argentina [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoArgentinaMember" xlink:to="label_OxitenoArgentinaMember" xlink:title="Label : OxitenoArgentinaMember to label_OxitenoArgentinaMember" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoArgentinaMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OxitenoArgentinaMember_1" xml:lang="en-US" id="label_OxitenoArgentinaMember_1">Oxiteno Argentina [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoArgentinaMember" xlink:to="label_OxitenoArgentinaMember_1" xlink:title="Label : OxitenoArgentinaMember to label_OxitenoArgentinaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoArgentinaMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OxitenoArgentinaMember_2" xml:lang="en-US" id="label_OxitenoArgentinaMember_2">Oxiteno Argentina.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoArgentinaMember" xlink:to="label_OxitenoArgentinaMember_2" xlink:title="Label : OxitenoArgentinaMember to label_OxitenoArgentinaMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OxitenoUsaMember" xlink:label="OxitenoUsaMember" xlink:title="OxitenoUsaMember" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoUsaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OxitenoUsaMember" xml:lang="en-US" id="label_OxitenoUsaMember">Oxiteno USA [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoUsaMember" xlink:to="label_OxitenoUsaMember" xlink:title="Label : OxitenoUsaMember to label_OxitenoUsaMember" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoUsaMember_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_OxitenoUsaMember_1" xml:lang="en-US" id="label_OxitenoUsaMember_1">Oxiteno USA [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoUsaMember" xlink:to="label_OxitenoUsaMember_1" xlink:title="Label : OxitenoUsaMember to label_OxitenoUsaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoUsaMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OxitenoUsaMember_2" xml:lang="en-US" id="label_OxitenoUsaMember_2">Oxiteno USA.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoUsaMember" xlink:to="label_OxitenoUsaMember_2" xlink:title="Label : OxitenoUsaMember to label_OxitenoUsaMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OxitenoAndinaMember" xlink:label="OxitenoAndinaMember" xlink:title="OxitenoAndinaMember" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoAndinaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OxitenoAndinaMember" xml:lang="en-US" id="label_OxitenoAndinaMember">Oxiteno andina [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoAndinaMember" xlink:to="label_OxitenoAndinaMember" xlink:title="Label : OxitenoAndinaMember to label_OxitenoAndinaMember" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoAndinaMember_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_OxitenoAndinaMember_1" xml:lang="en-US" id="label_OxitenoAndinaMember_1">Oxiteno Andina [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoAndinaMember" xlink:to="label_OxitenoAndinaMember_1" xlink:title="Label : OxitenoAndinaMember to label_OxitenoAndinaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoAndinaMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OxitenoAndinaMember_2" xml:lang="en-US" id="label_OxitenoAndinaMember_2">Oxiteno Andina S.A.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoAndinaMember" xlink:to="label_OxitenoAndinaMember_2" xlink:title="Label : OxitenoAndinaMember to label_OxitenoAndinaMember_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_GeographicalAreasAxis" xlink:label="GeographicalAreasAxis" xlink:title="GeographicalAreasAxis" />
    <link:label xlink:type="resource" xlink:label="label_GeographicalAreasAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GeographicalAreasAxis" xml:lang="en-US" id="label_GeographicalAreasAxis">Geographical areas [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GeographicalAreasAxis" xlink:to="label_GeographicalAreasAxis" xlink:title="Label : GeographicalAreasAxis to label_GeographicalAreasAxis" />
    <link:label xlink:type="resource" xlink:label="label_GeographicalAreasAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GeographicalAreasAxis_1" xml:lang="en-US" id="label_GeographicalAreasAxis_1">Geographical areas [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GeographicalAreasAxis" xlink:to="label_GeographicalAreasAxis_1" xlink:title="Label : GeographicalAreasAxis to label_GeographicalAreasAxis_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_GeographicalAreasMember" xlink:label="GeographicalAreasMember" xlink:title="GeographicalAreasMember" />
    <link:label xlink:type="resource" xlink:label="label_GeographicalAreasMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GeographicalAreasMember" xml:lang="en-US" id="label_GeographicalAreasMember">Geographical areas [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GeographicalAreasMember" xlink:to="label_GeographicalAreasMember" xlink:title="Label : GeographicalAreasMember to label_GeographicalAreasMember" />
    <link:label xlink:type="resource" xlink:label="label_GeographicalAreasMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GeographicalAreasMember_1" xml:lang="en-US" id="label_GeographicalAreasMember_1">Geographical areas [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GeographicalAreasMember" xlink:to="label_GeographicalAreasMember_1" xlink:title="Label : GeographicalAreasMember to label_GeographicalAreasMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OffshoreMember" xlink:label="OffshoreMember" xlink:title="OffshoreMember" />
    <link:label xlink:type="resource" xlink:label="label_OffshoreMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OffshoreMember" xml:lang="en-US" id="label_OffshoreMember">Offshore [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OffshoreMember" xlink:to="label_OffshoreMember" xlink:title="Label : OffshoreMember to label_OffshoreMember" />
    <link:label xlink:type="resource" xlink:label="label_OffshoreMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OffshoreMember_1" xml:lang="en-US" id="label_OffshoreMember_1">Offshore [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OffshoreMember" xlink:to="label_OffshoreMember_1" xlink:title="Label : OffshoreMember to label_OffshoreMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OffshoreMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OffshoreMember_2" xml:lang="en-US" id="label_OffshoreMember_2">Offshore.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OffshoreMember" xlink:to="label_OffshoreMember_2" xlink:title="Label : OffshoreMember to label_OffshoreMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OnshoreMember" xlink:label="OnshoreMember" xlink:title="OnshoreMember" />
    <link:label xlink:type="resource" xlink:label="label_OnshoreMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OnshoreMember" xml:lang="en-US" id="label_OnshoreMember">Onshore [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OnshoreMember" xlink:to="label_OnshoreMember" xlink:title="Label : OnshoreMember to label_OnshoreMember" />
    <link:label xlink:type="resource" xlink:label="label_OnshoreMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OnshoreMember_1" xml:lang="en-US" id="label_OnshoreMember_1">Onshore [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OnshoreMember" xlink:to="label_OnshoreMember_1" xlink:title="Label : OnshoreMember to label_OnshoreMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OnshoreMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OnshoreMember_2" xml:lang="en-US" id="label_OnshoreMember_2">Onshore.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OnshoreMember" xlink:to="label_OnshoreMember_2" xlink:title="Label : OnshoreMember to label_OnshoreMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsLineItems" xlink:label="DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsLineItems" xlink:title="DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsLineItems" xml:lang="en-US" id="label_DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsLineItems">Disclosure of deferred income and social contribution tax assets [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsLineItems" xlink:to="label_DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsLineItems" xlink:title="Label : DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsLineItems to label_DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsLineItems_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsLineItems_1" xml:lang="en-US" id="label_DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsLineItems_1">Disclosure of deferred income and social contribution tax assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsLineItems" xlink:to="label_DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsLineItems_1" xlink:title="Label : DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsLineItems to label_DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsLineItems_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IRPJMember" xlink:label="IRPJMember" xlink:title="IRPJMember" />
    <link:label xlink:type="resource" xlink:label="label_IRPJMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IRPJMember" xml:lang="en-US" id="label_IRPJMember">IRPJ [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IRPJMember" xlink:to="label_IRPJMember" xlink:title="Label : IRPJMember to label_IRPJMember" />
    <link:label xlink:type="resource" xlink:label="label_IRPJMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IRPJMember_1" xml:lang="en-US" id="label_IRPJMember_1">IRPJ [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IRPJMember" xlink:to="label_IRPJMember_1" xlink:title="Label : IRPJMember to label_IRPJMember_1" />
    <link:label xlink:type="resource" xlink:label="label_IRPJMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IRPJMember_2" xml:lang="en-US" id="label_IRPJMember_2">IRPJ [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IRPJMember" xlink:to="label_IRPJMember_2" xlink:title="Label : IRPJMember to label_IRPJMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CSLLMember" xlink:label="CSLLMember" xlink:title="CSLLMember" />
    <link:label xlink:type="resource" xlink:label="label_CSLLMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CSLLMember" xml:lang="en-US" id="label_CSLLMember">CSLL [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CSLLMember" xlink:to="label_CSLLMember" xlink:title="Label : CSLLMember to label_CSLLMember" />
    <link:label xlink:type="resource" xlink:label="label_CSLLMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CSLLMember_1" xml:lang="en-US" id="label_CSLLMember_1">CSLL [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CSLLMember" xlink:to="label_CSLLMember_1" xlink:title="Label : CSLLMember to label_CSLLMember_1" />
    <link:label xlink:type="resource" xlink:label="label_CSLLMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CSLLMember_2" xml:lang="en-US" id="label_CSLLMember_2">CSLL [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CSLLMember" xlink:to="label_CSLLMember_2" xlink:title="Label : CSLLMember to label_CSLLMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OffshoreSubsidiariesMember" xlink:label="OffshoreSubsidiariesMember" xlink:title="OffshoreSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_OffshoreSubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OffshoreSubsidiariesMember" xml:lang="en-US" id="label_OffshoreSubsidiariesMember">offshore subsidiaries [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OffshoreSubsidiariesMember" xlink:to="label_OffshoreSubsidiariesMember" xlink:title="Label : OffshoreSubsidiariesMember to label_OffshoreSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_OffshoreSubsidiariesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OffshoreSubsidiariesMember_1" xml:lang="en-US" id="label_OffshoreSubsidiariesMember_1">offshore subsidiaries [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OffshoreSubsidiariesMember" xlink:to="label_OffshoreSubsidiariesMember_1" xlink:title="Label : OffshoreSubsidiariesMember to label_OffshoreSubsidiariesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OffshoreSubsidiariesMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OffshoreSubsidiariesMember_2" xml:lang="en-US" id="label_OffshoreSubsidiariesMember_2">offshore subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OffshoreSubsidiariesMember" xlink:to="label_OffshoreSubsidiariesMember_2" xlink:title="Label : OffshoreSubsidiariesMember to label_OffshoreSubsidiariesMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TaxLossCarryforwards" xlink:label="TaxLossCarryforwards" xlink:title="TaxLossCarryforwards" />
    <link:label xlink:type="resource" xlink:label="label_TaxLossCarryforwards" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TaxLossCarryforwards" xml:lang="en-US" id="label_TaxLossCarryforwards">Tax loss carryforwards related to income tax.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxLossCarryforwards" xlink:to="label_TaxLossCarryforwards" xlink:title="Label : TaxLossCarryforwards to label_TaxLossCarryforwards" />
    <link:label xlink:type="resource" xlink:label="label_TaxLossCarryforwards_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TaxLossCarryforwards_1" xml:lang="en-US" id="label_TaxLossCarryforwards_1">Tax loss carryforwards related to income tax</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxLossCarryforwards" xlink:to="label_TaxLossCarryforwards_1" xlink:title="Label : TaxLossCarryforwards to label_TaxLossCarryforwards_1" />
    <link:label xlink:type="resource" xlink:label="label_TaxLossCarryforwards_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TaxLossCarryforwards_2" xml:lang="en-US" id="label_TaxLossCarryforwards_2">Tax loss carryforwards</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxLossCarryforwards" xlink:to="label_TaxLossCarryforwards_2" xlink:title="Label : TaxLossCarryforwards to label_TaxLossCarryforwards_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_PrepaidExpensesDetailsAbstract" xlink:label="PrepaidExpensesDetailsAbstract" xlink:title="PrepaidExpensesDetailsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_PrepaidExpensesDetailsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PrepaidExpensesDetailsAbstract" xml:lang="en-US" id="label_PrepaidExpensesDetailsAbstract">Prepaid expenses details [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrepaidExpensesDetailsAbstract" xlink:to="label_PrepaidExpensesDetailsAbstract" xlink:title="Label : PrepaidExpensesDetailsAbstract to label_PrepaidExpensesDetailsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_PrepaidExpensesDetailsAbstract_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PrepaidExpensesDetailsAbstract_1" xml:lang="en-US" id="label_PrepaidExpensesDetailsAbstract_1">Prepaid expenses details.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrepaidExpensesDetailsAbstract" xlink:to="label_PrepaidExpensesDetailsAbstract_1" xlink:title="Label : PrepaidExpensesDetailsAbstract to label_PrepaidExpensesDetailsAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_PrepaidRentExpense" xlink:label="PrepaidRentExpense" xlink:title="PrepaidRentExpense" />
    <link:label xlink:type="resource" xlink:label="label_PrepaidRentExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PrepaidRentExpense" xml:lang="en-US" id="label_PrepaidRentExpense">Prepaid rent expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrepaidRentExpense" xlink:to="label_PrepaidRentExpense" xlink:title="Label : PrepaidRentExpense to label_PrepaidRentExpense" />
    <link:label xlink:type="resource" xlink:label="label_PrepaidRentExpense_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PrepaidRentExpense_1" xml:lang="en-US" id="label_PrepaidRentExpense_1">Rents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrepaidRentExpense" xlink:to="label_PrepaidRentExpense_1" xlink:title="Label : PrepaidRentExpense to label_PrepaidRentExpense_1" />
    <link:label xlink:type="resource" xlink:label="label_PrepaidRentExpense_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PrepaidRentExpense_2" xml:lang="en-US" id="label_PrepaidRentExpense_2">The amount of Rent recognised as a current asset for expenditures made prior to the period when the economic benefit will be realised.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrepaidRentExpense" xlink:to="label_PrepaidRentExpense_2" xlink:title="Label : PrepaidRentExpense to label_PrepaidRentExpense_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_PrepaidAdvertisingExpense" xlink:label="PrepaidAdvertisingExpense" xlink:title="PrepaidAdvertisingExpense" />
    <link:label xlink:type="resource" xlink:label="label_PrepaidAdvertisingExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PrepaidAdvertisingExpense" xml:lang="en-US" id="label_PrepaidAdvertisingExpense">Prepaid advertising expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrepaidAdvertisingExpense" xlink:to="label_PrepaidAdvertisingExpense" xlink:title="Label : PrepaidAdvertisingExpense to label_PrepaidAdvertisingExpense" />
    <link:label xlink:type="resource" xlink:label="label_PrepaidAdvertisingExpense_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PrepaidAdvertisingExpense_1" xml:lang="en-US" id="label_PrepaidAdvertisingExpense_1">Advertising and publicity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrepaidAdvertisingExpense" xlink:to="label_PrepaidAdvertisingExpense_1" xlink:title="Label : PrepaidAdvertisingExpense to label_PrepaidAdvertisingExpense_1" />
    <link:label xlink:type="resource" xlink:label="label_PrepaidAdvertisingExpense_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PrepaidAdvertisingExpense_2" xml:lang="en-US" id="label_PrepaidAdvertisingExpense_2">The amount of Advertising and publicity recognised as a current asset for expenditures made prior to the period when the economic benefit will be realised.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrepaidAdvertisingExpense" xlink:to="label_PrepaidAdvertisingExpense_2" xlink:title="Label : PrepaidAdvertisingExpense to label_PrepaidAdvertisingExpense_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_PrepaidDeferredStockPlanExpense" xlink:label="PrepaidDeferredStockPlanExpense" xlink:title="PrepaidDeferredStockPlanExpense" />
    <link:label xlink:type="resource" xlink:label="label_PrepaidDeferredStockPlanExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PrepaidDeferredStockPlanExpense" xml:lang="en-US" id="label_PrepaidDeferredStockPlanExpense">Prepaid deferred stock plan expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrepaidDeferredStockPlanExpense" xlink:to="label_PrepaidDeferredStockPlanExpense" xlink:title="Label : PrepaidDeferredStockPlanExpense to label_PrepaidDeferredStockPlanExpense" />
    <link:label xlink:type="resource" xlink:label="label_PrepaidDeferredStockPlanExpense_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PrepaidDeferredStockPlanExpense_1" xml:lang="en-US" id="label_PrepaidDeferredStockPlanExpense_1">Deferred Stock Plan, net (see Note 8.c)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrepaidDeferredStockPlanExpense" xlink:to="label_PrepaidDeferredStockPlanExpense_1" xlink:title="Label : PrepaidDeferredStockPlanExpense to label_PrepaidDeferredStockPlanExpense_1" />
    <link:label xlink:type="resource" xlink:label="label_PrepaidDeferredStockPlanExpense_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PrepaidDeferredStockPlanExpense_2" xml:lang="en-US" id="label_PrepaidDeferredStockPlanExpense_2">Deferred Stock Plan, net recognised as a current asset for expenditures made prior to the period when the economic benefit will be realised.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrepaidDeferredStockPlanExpense" xlink:to="label_PrepaidDeferredStockPlanExpense_2" xlink:title="Label : PrepaidDeferredStockPlanExpense to label_PrepaidDeferredStockPlanExpense_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_PrepaidInsuranceExpense" xlink:label="PrepaidInsuranceExpense" xlink:title="PrepaidInsuranceExpense" />
    <link:label xlink:type="resource" xlink:label="label_PrepaidInsuranceExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PrepaidInsuranceExpense" xml:lang="en-US" id="label_PrepaidInsuranceExpense">Prepaid insurance expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrepaidInsuranceExpense" xlink:to="label_PrepaidInsuranceExpense" xlink:title="Label : PrepaidInsuranceExpense to label_PrepaidInsuranceExpense" />
    <link:label xlink:type="resource" xlink:label="label_PrepaidInsuranceExpense_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PrepaidInsuranceExpense_1" xml:lang="en-US" id="label_PrepaidInsuranceExpense_1">Insurance premiums</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrepaidInsuranceExpense" xlink:to="label_PrepaidInsuranceExpense_1" xlink:title="Label : PrepaidInsuranceExpense to label_PrepaidInsuranceExpense_1" />
    <link:label xlink:type="resource" xlink:label="label_PrepaidInsuranceExpense_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PrepaidInsuranceExpense_2" xml:lang="en-US" id="label_PrepaidInsuranceExpense_2">The amount of Insurance premiums recognised as a current asset for expenditures made prior to the period when the economic benefit will be realised.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrepaidInsuranceExpense" xlink:to="label_PrepaidInsuranceExpense_2" xlink:title="Label : PrepaidInsuranceExpense to label_PrepaidInsuranceExpense_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_PrepaidSoftwareMaintenanceExpense" xlink:label="PrepaidSoftwareMaintenanceExpense" xlink:title="PrepaidSoftwareMaintenanceExpense" />
    <link:label xlink:type="resource" xlink:label="label_PrepaidSoftwareMaintenanceExpense" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PrepaidSoftwareMaintenanceExpense" xml:lang="en-US" id="label_PrepaidSoftwareMaintenanceExpense">The amount of Software maintenance recognised as a current asset for expenditures made prior to the period when the economic benefit will be realised.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrepaidSoftwareMaintenanceExpense" xlink:to="label_PrepaidSoftwareMaintenanceExpense" xlink:title="Label : PrepaidSoftwareMaintenanceExpense to label_PrepaidSoftwareMaintenanceExpense" />
    <link:label xlink:type="resource" xlink:label="label_PrepaidSoftwareMaintenanceExpense_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PrepaidSoftwareMaintenanceExpense_1" xml:lang="en-US" id="label_PrepaidSoftwareMaintenanceExpense_1">Software maintenance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrepaidSoftwareMaintenanceExpense" xlink:to="label_PrepaidSoftwareMaintenanceExpense_1" xlink:title="Label : PrepaidSoftwareMaintenanceExpense to label_PrepaidSoftwareMaintenanceExpense_1" />
    <link:label xlink:type="resource" xlink:label="label_PrepaidSoftwareMaintenanceExpense_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PrepaidSoftwareMaintenanceExpense_2" xml:lang="en-US" id="label_PrepaidSoftwareMaintenanceExpense_2">Prepaid software maintenance expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrepaidSoftwareMaintenanceExpense" xlink:to="label_PrepaidSoftwareMaintenanceExpense_2" xlink:title="Label : PrepaidSoftwareMaintenanceExpense to label_PrepaidSoftwareMaintenanceExpense_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OtherPrepaidExpenses" xlink:label="OtherPrepaidExpenses" xlink:title="OtherPrepaidExpenses" />
    <link:label xlink:type="resource" xlink:label="label_OtherPrepaidExpenses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherPrepaidExpenses" xml:lang="en-US" id="label_OtherPrepaidExpenses">Other Prepaid Expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherPrepaidExpenses" xlink:to="label_OtherPrepaidExpenses" xlink:title="Label : OtherPrepaidExpenses to label_OtherPrepaidExpenses" />
    <link:label xlink:type="resource" xlink:label="label_OtherPrepaidExpenses_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherPrepaidExpenses_1" xml:lang="en-US" id="label_OtherPrepaidExpenses_1">Other prepaid expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherPrepaidExpenses" xlink:to="label_OtherPrepaidExpenses_1" xlink:title="Label : OtherPrepaidExpenses to label_OtherPrepaidExpenses_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherPrepaidExpenses_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherPrepaidExpenses_2" xml:lang="en-US" id="label_OtherPrepaidExpenses_2">Other prepaid expenses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherPrepaidExpenses" xlink:to="label_OtherPrepaidExpenses_2" xlink:title="Label : OtherPrepaidExpenses to label_OtherPrepaidExpenses_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_PrepaidExpenses" xlink:label="PrepaidExpenses" xlink:title="PrepaidExpenses" />
    <link:label xlink:type="resource" xlink:label="label_PrepaidExpenses" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_PrepaidExpenses" xml:lang="en-US" id="label_PrepaidExpenses">Prepaid expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrepaidExpenses" xlink:to="label_PrepaidExpenses" xlink:title="Label : PrepaidExpenses to label_PrepaidExpenses" />
    <link:label xlink:type="resource" xlink:label="label_PrepaidExpenses_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PrepaidExpenses_1" xml:lang="en-US" id="label_PrepaidExpenses_1">Prepaid expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrepaidExpenses" xlink:to="label_PrepaidExpenses_1" xlink:title="Label : PrepaidExpenses to label_PrepaidExpenses_1" />
    <link:label xlink:type="resource" xlink:label="label_PrepaidExpenses_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PrepaidExpenses_2" xml:lang="en-US" id="label_PrepaidExpenses_2">Prepaid expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrepaidExpenses" xlink:to="label_PrepaidExpenses_2" xlink:title="Label : PrepaidExpenses to label_PrepaidExpenses_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ContractAssetsAbstract" xlink:label="ContractAssetsAbstract" xlink:title="ContractAssetsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ContractAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ContractAssetsAbstract" xml:lang="en-US" id="label_ContractAssetsAbstract">Contract assets [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractAssetsAbstract" xlink:to="label_ContractAssetsAbstract" xlink:title="Label : ContractAssetsAbstract to label_ContractAssetsAbstract" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfContractAssetsTable" xlink:label="DisclosureOfContractAssetsTable" xlink:title="DisclosureOfContractAssetsTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfContractAssetsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfContractAssetsTable" xml:lang="en-US" id="label_DisclosureOfContractAssetsTable">Disclosure of contract assets [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfContractAssetsTable" xlink:to="label_DisclosureOfContractAssetsTable" xlink:title="Label : DisclosureOfContractAssetsTable to label_DisclosureOfContractAssetsTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfContractAssetsTable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfContractAssetsTable_1" xml:lang="en-US" id="label_DisclosureOfContractAssetsTable_1">Disclosure of contract assets [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfContractAssetsTable" xlink:to="label_DisclosureOfContractAssetsTable_1" xlink:title="Label : DisclosureOfContractAssetsTable to label_DisclosureOfContractAssetsTable_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfContractAssetsTable_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfContractAssetsTable_2" xml:lang="en-US" id="label_DisclosureOfContractAssetsTable_2">Disclosure of contract assets [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfContractAssetsTable" xlink:to="label_DisclosureOfContractAssetsTable_2" xlink:title="Label : DisclosureOfContractAssetsTable to label_DisclosureOfContractAssetsTable_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfContractAssetsLineItems" xlink:label="DisclosureOfContractAssetsLineItems" xlink:title="DisclosureOfContractAssetsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfContractAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfContractAssetsLineItems" xml:lang="en-US" id="label_DisclosureOfContractAssetsLineItems">Disclosure of contract assets [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfContractAssetsLineItems" xlink:to="label_DisclosureOfContractAssetsLineItems" xlink:title="Label : DisclosureOfContractAssetsLineItems to label_DisclosureOfContractAssetsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfContractAssetsLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfContractAssetsLineItems_1" xml:lang="en-US" id="label_DisclosureOfContractAssetsLineItems_1">Disclosure of contract assets [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfContractAssetsLineItems" xlink:to="label_DisclosureOfContractAssetsLineItems_1" xlink:title="Label : DisclosureOfContractAssetsLineItems to label_DisclosureOfContractAssetsLineItems_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfContractAssetsLineItems_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfContractAssetsLineItems_2" xml:lang="en-US" id="label_DisclosureOfContractAssetsLineItems_2">Disclosure of contract assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfContractAssetsLineItems" xlink:to="label_DisclosureOfContractAssetsLineItems_2" xlink:title="Label : DisclosureOfContractAssetsLineItems to label_DisclosureOfContractAssetsLineItems_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ContractAssets" xlink:label="ContractAssets" xlink:title="ContractAssets" />
    <link:label xlink:type="resource" xlink:label="label_ContractAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ContractAssets" xml:lang="en-US" id="label_ContractAssets">Contract assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractAssets" xlink:to="label_ContractAssets" xlink:title="Label : ContractAssets to label_ContractAssets" />
    <link:label xlink:type="resource" xlink:label="label_ContractAssets_1" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_ContractAssets_1" xml:lang="en-US" id="label_ContractAssets_1">Initial balance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractAssets" xlink:to="label_ContractAssets_1" xlink:title="Label : ContractAssets to label_ContractAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_ContractAssets_2" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_ContractAssets_2" xml:lang="en-US" id="label_ContractAssets_2">Final balance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContractAssets" xlink:to="label_ContractAssets_2" xlink:title="Label : ContractAssets to label_ContractAssets_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IncreaseDecreaseContractAssetsRelatingToContractsWithCustomers" xlink:label="IncreaseDecreaseContractAssetsRelatingToContractsWithCustomers" xlink:title="IncreaseDecreaseContractAssetsRelatingToContractsWithCustomers" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseContractAssetsRelatingToContractsWithCustomers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseContractAssetsRelatingToContractsWithCustomers" xml:lang="en-US" id="label_IncreaseDecreaseContractAssetsRelatingToContractsWithCustomers">Increase decrease contract assets relating to contracts with customers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseContractAssetsRelatingToContractsWithCustomers" xlink:to="label_IncreaseDecreaseContractAssetsRelatingToContractsWithCustomers" xlink:title="Label : IncreaseDecreaseContractAssetsRelatingToContractsWithCustomers to label_IncreaseDecreaseContractAssetsRelatingToContractsWithCustomers" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseContractAssetsRelatingToContractsWithCustomers_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseContractAssetsRelatingToContractsWithCustomers_1" xml:lang="en-US" id="label_IncreaseDecreaseContractAssetsRelatingToContractsWithCustomers_1">Additions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseContractAssetsRelatingToContractsWithCustomers" xlink:to="label_IncreaseDecreaseContractAssetsRelatingToContractsWithCustomers_1" xlink:title="Label : IncreaseDecreaseContractAssetsRelatingToContractsWithCustomers to label_IncreaseDecreaseContractAssetsRelatingToContractsWithCustomers_1" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseContractAssetsRelatingToContractsWithCustomers_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncreaseDecreaseContractAssetsRelatingToContractsWithCustomers_2" xml:lang="en-US" id="label_IncreaseDecreaseContractAssetsRelatingToContractsWithCustomers_2">Increase decrease contract assets relating to contracts with customers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseContractAssetsRelatingToContractsWithCustomers" xlink:to="label_IncreaseDecreaseContractAssetsRelatingToContractsWithCustomers_2" xlink:title="Label : IncreaseDecreaseContractAssetsRelatingToContractsWithCustomers to label_IncreaseDecreaseContractAssetsRelatingToContractsWithCustomers_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AmortizationOfContractAssetsRelatingToContractsWithCustomers" xlink:label="AmortizationOfContractAssetsRelatingToContractsWithCustomers" xlink:title="AmortizationOfContractAssetsRelatingToContractsWithCustomers" />
    <link:label xlink:type="resource" xlink:label="label_AmortizationOfContractAssetsRelatingToContractsWithCustomers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AmortizationOfContractAssetsRelatingToContractsWithCustomers" xml:lang="en-US" id="label_AmortizationOfContractAssetsRelatingToContractsWithCustomers">Amortization of contract assets relating to contracts with customers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmortizationOfContractAssetsRelatingToContractsWithCustomers" xlink:to="label_AmortizationOfContractAssetsRelatingToContractsWithCustomers" xlink:title="Label : AmortizationOfContractAssetsRelatingToContractsWithCustomers to label_AmortizationOfContractAssetsRelatingToContractsWithCustomers" />
    <link:label xlink:type="resource" xlink:label="label_AmortizationOfContractAssetsRelatingToContractsWithCustomers_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_AmortizationOfContractAssetsRelatingToContractsWithCustomers_1" xml:lang="en-US" id="label_AmortizationOfContractAssetsRelatingToContractsWithCustomers_1">Amortization</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmortizationOfContractAssetsRelatingToContractsWithCustomers" xlink:to="label_AmortizationOfContractAssetsRelatingToContractsWithCustomers_1" xlink:title="Label : AmortizationOfContractAssetsRelatingToContractsWithCustomers to label_AmortizationOfContractAssetsRelatingToContractsWithCustomers_1" />
    <link:label xlink:type="resource" xlink:label="label_AmortizationOfContractAssetsRelatingToContractsWithCustomers_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AmortizationOfContractAssetsRelatingToContractsWithCustomers_2" xml:lang="en-US" id="label_AmortizationOfContractAssetsRelatingToContractsWithCustomers_2">Amortization of contract assets relating to contracts with customers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmortizationOfContractAssetsRelatingToContractsWithCustomers" xlink:to="label_AmortizationOfContractAssetsRelatingToContractsWithCustomers_2" xlink:title="Label : AmortizationOfContractAssetsRelatingToContractsWithCustomers to label_AmortizationOfContractAssetsRelatingToContractsWithCustomers_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TransferOfContractAssetsRelatingToContractsWithCustomers" xlink:label="TransferOfContractAssetsRelatingToContractsWithCustomers" xlink:title="TransferOfContractAssetsRelatingToContractsWithCustomers" />
    <link:label xlink:type="resource" xlink:label="label_TransferOfContractAssetsRelatingToContractsWithCustomers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TransferOfContractAssetsRelatingToContractsWithCustomers" xml:lang="en-US" id="label_TransferOfContractAssetsRelatingToContractsWithCustomers">Transfer of contract assets relating to contracts with customers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TransferOfContractAssetsRelatingToContractsWithCustomers" xlink:to="label_TransferOfContractAssetsRelatingToContractsWithCustomers" xlink:title="Label : TransferOfContractAssetsRelatingToContractsWithCustomers to label_TransferOfContractAssetsRelatingToContractsWithCustomers" />
    <link:label xlink:type="resource" xlink:label="label_TransferOfContractAssetsRelatingToContractsWithCustomers_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_TransferOfContractAssetsRelatingToContractsWithCustomers_1" xml:lang="en-US" id="label_TransferOfContractAssetsRelatingToContractsWithCustomers_1">Transfer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TransferOfContractAssetsRelatingToContractsWithCustomers" xlink:to="label_TransferOfContractAssetsRelatingToContractsWithCustomers_1" xlink:title="Label : TransferOfContractAssetsRelatingToContractsWithCustomers to label_TransferOfContractAssetsRelatingToContractsWithCustomers_1" />
    <link:label xlink:type="resource" xlink:label="label_TransferOfContractAssetsRelatingToContractsWithCustomers_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TransferOfContractAssetsRelatingToContractsWithCustomers_2" xml:lang="en-US" id="label_TransferOfContractAssetsRelatingToContractsWithCustomers_2">Transfer of contract assets relating to contracts with customers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TransferOfContractAssetsRelatingToContractsWithCustomers" xlink:to="label_TransferOfContractAssetsRelatingToContractsWithCustomers_2" xlink:title="Label : TransferOfContractAssetsRelatingToContractsWithCustomers to label_TransferOfContractAssetsRelatingToContractsWithCustomers_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CurrentContractAssets" xlink:label="CurrentContractAssets" xlink:title="CurrentContractAssets" />
    <link:label xlink:type="resource" xlink:label="label_CurrentContractAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentContractAssets" xml:lang="en-US" id="label_CurrentContractAssets">Current contract assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentContractAssets" xlink:to="label_CurrentContractAssets" xlink:title="Label : CurrentContractAssets to label_CurrentContractAssets" />
    <link:label xlink:type="resource" xlink:label="label_CurrentContractAssets_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentContractAssets_1" xml:lang="en-US" id="label_CurrentContractAssets_1">Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentContractAssets" xlink:to="label_CurrentContractAssets_1" xlink:title="Label : CurrentContractAssets to label_CurrentContractAssets_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NoncurrentContractAssets" xlink:label="NoncurrentContractAssets" xlink:title="NoncurrentContractAssets" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentContractAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentContractAssets" xml:lang="en-US" id="label_NoncurrentContractAssets">Non-current contract assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentContractAssets" xlink:to="label_NoncurrentContractAssets" xlink:title="Label : NoncurrentContractAssets to label_NoncurrentContractAssets" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentContractAssets_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncurrentContractAssets_1" xml:lang="en-US" id="label_NoncurrentContractAssets_1">Non-current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentContractAssets" xlink:to="label_NoncurrentContractAssets_1" xlink:title="Label : NoncurrentContractAssets to label_NoncurrentContractAssets_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfJointVenturesAbstract" xlink:label="DisclosureOfJointVenturesAbstract" xlink:title="DisclosureOfJointVenturesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfJointVenturesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfJointVenturesAbstract" xml:lang="en-US" id="label_DisclosureOfJointVenturesAbstract">Disclosure of joint ventures [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfJointVenturesAbstract" xlink:to="label_DisclosureOfJointVenturesAbstract" xlink:title="Label : DisclosureOfJointVenturesAbstract to label_DisclosureOfJointVenturesAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfJointVenturesTable" xlink:label="DisclosureOfJointVenturesTable" xlink:title="DisclosureOfJointVenturesTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfJointVenturesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfJointVenturesTable" xml:lang="en-US" id="label_DisclosureOfJointVenturesTable">Disclosure of joint ventures [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfJointVenturesTable" xlink:to="label_DisclosureOfJointVenturesTable" xlink:title="Label : DisclosureOfJointVenturesTable to label_DisclosureOfJointVenturesTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfJointVenturesTable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfJointVenturesTable_1" xml:lang="en-US" id="label_DisclosureOfJointVenturesTable_1">Disclosure of joint ventures [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfJointVenturesTable" xlink:to="label_DisclosureOfJointVenturesTable_1" xlink:title="Label : DisclosureOfJointVenturesTable to label_DisclosureOfJointVenturesTable_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_JointVenturesAxis" xlink:label="JointVenturesAxis" xlink:title="JointVenturesAxis" />
    <link:label xlink:type="resource" xlink:label="label_JointVenturesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_JointVenturesAxis" xml:lang="en-US" id="label_JointVenturesAxis">Joint ventures [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="JointVenturesAxis" xlink:to="label_JointVenturesAxis" xlink:title="Label : JointVenturesAxis to label_JointVenturesAxis" />
    <link:label xlink:type="resource" xlink:label="label_JointVenturesAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_JointVenturesAxis_1" xml:lang="en-US" id="label_JointVenturesAxis_1">Joint ventures [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="JointVenturesAxis" xlink:to="label_JointVenturesAxis_1" xlink:title="Label : JointVenturesAxis to label_JointVenturesAxis_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_EntitysTotalForJointVenturesMember" xlink:label="EntitysTotalForJointVenturesMember" xlink:title="EntitysTotalForJointVenturesMember" />
    <link:label xlink:type="resource" xlink:label="label_EntitysTotalForJointVenturesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntitysTotalForJointVenturesMember" xml:lang="en-US" id="label_EntitysTotalForJointVenturesMember">Entity's total for joint ventures [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntitysTotalForJointVenturesMember" xlink:to="label_EntitysTotalForJointVenturesMember" xlink:title="Label : EntitysTotalForJointVenturesMember to label_EntitysTotalForJointVenturesMember" />
    <link:label xlink:type="resource" xlink:label="label_EntitysTotalForJointVenturesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EntitysTotalForJointVenturesMember_1" xml:lang="en-US" id="label_EntitysTotalForJointVenturesMember_1">Entity's total for joint ventures [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntitysTotalForJointVenturesMember" xlink:to="label_EntitysTotalForJointVenturesMember_1" xlink:title="Label : EntitysTotalForJointVenturesMember to label_EntitysTotalForJointVenturesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_UniaoVopakMember" xlink:label="UniaoVopakMember" xlink:title="UniaoVopakMember" />
    <link:label xlink:type="resource" xlink:label="label_UniaoVopakMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UniaoVopakMember" xml:lang="en-US" id="label_UniaoVopakMember">Uniao vopak [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UniaoVopakMember" xlink:to="label_UniaoVopakMember" xlink:title="Label : UniaoVopakMember to label_UniaoVopakMember" />
    <link:label xlink:type="resource" xlink:label="label_UniaoVopakMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_UniaoVopakMember_1" xml:lang="en-US" id="label_UniaoVopakMember_1">Uniao vopak [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UniaoVopakMember" xlink:to="label_UniaoVopakMember_1" xlink:title="Label : UniaoVopakMember to label_UniaoVopakMember_1" />
    <link:label xlink:type="resource" xlink:label="label_UniaoVopakMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_UniaoVopakMember_2" xml:lang="en-US" id="label_UniaoVopakMember_2">Uni&#xE3;o vopak.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UniaoVopakMember" xlink:to="label_UniaoVopakMember_2" xlink:title="Label : UniaoVopakMember to label_UniaoVopakMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_RPRMember" xlink:label="RPRMember" xlink:title="RPRMember" />
    <link:label xlink:type="resource" xlink:label="label_RPRMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RPRMember" xml:lang="en-US" id="label_RPRMember">Rpr [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RPRMember" xlink:to="label_RPRMember" xlink:title="Label : RPRMember to label_RPRMember" />
    <link:label xlink:type="resource" xlink:label="label_RPRMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RPRMember_1" xml:lang="en-US" id="label_RPRMember_1">Rpr [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RPRMember" xlink:to="label_RPRMember_1" xlink:title="Label : RPRMember to label_RPRMember_1" />
    <link:label xlink:type="resource" xlink:label="label_RPRMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RPRMember_2" xml:lang="en-US" id="label_RPRMember_2">Rpr.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RPRMember" xlink:to="label_RPRMember_2" xlink:title="Label : RPRMember to label_RPRMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ConnectCarMember" xlink:label="ConnectCarMember" xlink:title="ConnectCarMember" />
    <link:label xlink:type="resource" xlink:label="label_ConnectCarMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ConnectCarMember" xml:lang="en-US" id="label_ConnectCarMember">Connect car [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConnectCarMember" xlink:to="label_ConnectCarMember" xlink:title="Label : ConnectCarMember to label_ConnectCarMember" />
    <link:label xlink:type="resource" xlink:label="label_ConnectCarMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ConnectCarMember_1" xml:lang="en-US" id="label_ConnectCarMember_1">Connect car [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConnectCarMember" xlink:to="label_ConnectCarMember_1" xlink:title="Label : ConnectCarMember to label_ConnectCarMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ConnectCarMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ConnectCarMember_2" xml:lang="en-US" id="label_ConnectCarMember_2">Connect car.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConnectCarMember" xlink:to="label_ConnectCarMember_2" xlink:title="Label : ConnectCarMember to label_ConnectCarMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LatitudeLogsticaMember" xlink:label="LatitudeLogsticaMember" xlink:title="LatitudeLogsticaMember" />
    <link:label xlink:type="resource" xlink:label="label_LatitudeLogsticaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LatitudeLogsticaMember" xml:lang="en-US" id="label_LatitudeLogsticaMember">Latitude Logstica [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LatitudeLogsticaMember" xlink:to="label_LatitudeLogsticaMember" xlink:title="Label : LatitudeLogsticaMember to label_LatitudeLogsticaMember" />
    <link:label xlink:type="resource" xlink:label="label_LatitudeLogsticaMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LatitudeLogsticaMember_1" xml:lang="en-US" id="label_LatitudeLogsticaMember_1">Latitude Log&#xED;stica [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LatitudeLogsticaMember" xlink:to="label_LatitudeLogsticaMember_1" xlink:title="Label : LatitudeLogsticaMember to label_LatitudeLogsticaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_LatitudeLogsticaMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LatitudeLogsticaMember_2" xml:lang="en-US" id="label_LatitudeLogsticaMember_2">Latitude Log&#xED;stica.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LatitudeLogsticaMember" xlink:to="label_LatitudeLogsticaMember_2" xlink:title="Label : LatitudeLogsticaMember to label_LatitudeLogsticaMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_NavegantesLogsticaMember" xlink:label="NavegantesLogsticaMember" xlink:title="NavegantesLogsticaMember" />
    <link:label xlink:type="resource" xlink:label="label_NavegantesLogsticaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NavegantesLogsticaMember" xml:lang="en-US" id="label_NavegantesLogsticaMember">Navegantes Logstica [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NavegantesLogsticaMember" xlink:to="label_NavegantesLogsticaMember" xlink:title="Label : NavegantesLogsticaMember to label_NavegantesLogsticaMember" />
    <link:label xlink:type="resource" xlink:label="label_NavegantesLogsticaMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NavegantesLogsticaMember_1" xml:lang="en-US" id="label_NavegantesLogsticaMember_1">Navegantes Log&#xED;stica [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NavegantesLogsticaMember" xlink:to="label_NavegantesLogsticaMember_1" xlink:title="Label : NavegantesLogsticaMember to label_NavegantesLogsticaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_NavegantesLogsticaMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NavegantesLogsticaMember_2" xml:lang="en-US" id="label_NavegantesLogsticaMember_2">Navegantes Log&#xED;stica.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NavegantesLogsticaMember" xlink:to="label_NavegantesLogsticaMember_2" xlink:title="Label : NavegantesLogsticaMember to label_NavegantesLogsticaMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_NordesteLogsticaIMember" xlink:label="NordesteLogsticaIMember" xlink:title="NordesteLogsticaIMember" />
    <link:label xlink:type="resource" xlink:label="label_NordesteLogsticaIMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NordesteLogsticaIMember" xml:lang="en-US" id="label_NordesteLogsticaIMember">Nordeste Logstica I [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordesteLogsticaIMember" xlink:to="label_NordesteLogsticaIMember" xlink:title="Label : NordesteLogsticaIMember to label_NordesteLogsticaIMember" />
    <link:label xlink:type="resource" xlink:label="label_NordesteLogsticaIMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NordesteLogsticaIMember_1" xml:lang="en-US" id="label_NordesteLogsticaIMember_1">Nordeste Log&#xED;stica I [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordesteLogsticaIMember" xlink:to="label_NordesteLogsticaIMember_1" xlink:title="Label : NordesteLogsticaIMember to label_NordesteLogsticaIMember_1" />
    <link:label xlink:type="resource" xlink:label="label_NordesteLogsticaIMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NordesteLogsticaIMember_2" xml:lang="en-US" id="label_NordesteLogsticaIMember_2">Nordeste Log&#xED;stica I.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordesteLogsticaIMember" xlink:to="label_NordesteLogsticaIMember_2" xlink:title="Label : NordesteLogsticaIMember to label_NordesteLogsticaIMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_NordesteLogsticaIIMember" xlink:label="NordesteLogsticaIIMember" xlink:title="NordesteLogsticaIIMember" />
    <link:label xlink:type="resource" xlink:label="label_NordesteLogsticaIIMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NordesteLogsticaIIMember" xml:lang="en-US" id="label_NordesteLogsticaIIMember">Nordeste Logstica II [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordesteLogsticaIIMember" xlink:to="label_NordesteLogsticaIIMember" xlink:title="Label : NordesteLogsticaIIMember to label_NordesteLogsticaIIMember" />
    <link:label xlink:type="resource" xlink:label="label_NordesteLogsticaIIMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NordesteLogsticaIIMember_1" xml:lang="en-US" id="label_NordesteLogsticaIIMember_1">Nordeste Log&#xED;stica II [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordesteLogsticaIIMember" xlink:to="label_NordesteLogsticaIIMember_1" xlink:title="Label : NordesteLogsticaIIMember to label_NordesteLogsticaIIMember_1" />
    <link:label xlink:type="resource" xlink:label="label_NordesteLogsticaIIMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NordesteLogsticaIIMember_2" xml:lang="en-US" id="label_NordesteLogsticaIIMember_2">Nordeste Log&#xED;stica II.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordesteLogsticaIIMember" xlink:to="label_NordesteLogsticaIIMember_2" xlink:title="Label : NordesteLogsticaIIMember to label_NordesteLogsticaIIMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_NordesteLogsticaIIIMember" xlink:label="NordesteLogsticaIIIMember" xlink:title="NordesteLogsticaIIIMember" />
    <link:label xlink:type="resource" xlink:label="label_NordesteLogsticaIIIMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NordesteLogsticaIIIMember" xml:lang="en-US" id="label_NordesteLogsticaIIIMember">Nordeste Logstica III [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordesteLogsticaIIIMember" xlink:to="label_NordesteLogsticaIIIMember" xlink:title="Label : NordesteLogsticaIIIMember to label_NordesteLogsticaIIIMember" />
    <link:label xlink:type="resource" xlink:label="label_NordesteLogsticaIIIMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NordesteLogsticaIIIMember_1" xml:lang="en-US" id="label_NordesteLogsticaIIIMember_1">Nordeste Log&#xED;stica III [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordesteLogsticaIIIMember" xlink:to="label_NordesteLogsticaIIIMember_1" xlink:title="Label : NordesteLogsticaIIIMember to label_NordesteLogsticaIIIMember_1" />
    <link:label xlink:type="resource" xlink:label="label_NordesteLogsticaIIIMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NordesteLogsticaIIIMember_2" xml:lang="en-US" id="label_NordesteLogsticaIIIMember_2">Nordeste Log&#xED;stica III.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NordesteLogsticaIIIMember" xlink:to="label_NordesteLogsticaIIIMember_2" xlink:title="Label : NordesteLogsticaIIIMember to label_NordesteLogsticaIIIMember_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfJointVenturesLineItems" xlink:label="DisclosureOfJointVenturesLineItems" xlink:title="DisclosureOfJointVenturesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfJointVenturesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfJointVenturesLineItems" xml:lang="en-US" id="label_DisclosureOfJointVenturesLineItems">Disclosure of joint ventures [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfJointVenturesLineItems" xlink:to="label_DisclosureOfJointVenturesLineItems" xlink:title="Label : DisclosureOfJointVenturesLineItems to label_DisclosureOfJointVenturesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfJointVenturesLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfJointVenturesLineItems_1" xml:lang="en-US" id="label_DisclosureOfJointVenturesLineItems_1">Disclosure of joint ventures [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfJointVenturesLineItems" xlink:to="label_DisclosureOfJointVenturesLineItems_1" xlink:title="Label : DisclosureOfJointVenturesLineItems to label_DisclosureOfJointVenturesLineItems_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CapitalIncreaseJointVentures" xlink:label="CapitalIncreaseJointVentures" xlink:title="CapitalIncreaseJointVentures" />
    <link:label xlink:type="resource" xlink:label="label_CapitalIncreaseJointVentures" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CapitalIncreaseJointVentures" xml:lang="en-US" id="label_CapitalIncreaseJointVentures">Capital increase joint ventures</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalIncreaseJointVentures" xlink:to="label_CapitalIncreaseJointVentures" xlink:title="Label : CapitalIncreaseJointVentures to label_CapitalIncreaseJointVentures" />
    <link:label xlink:type="resource" xlink:label="label_CapitalIncreaseJointVentures_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CapitalIncreaseJointVentures_1" xml:lang="en-US" id="label_CapitalIncreaseJointVentures_1">Capital increase</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalIncreaseJointVentures" xlink:to="label_CapitalIncreaseJointVentures_1" xlink:title="Label : CapitalIncreaseJointVentures to label_CapitalIncreaseJointVentures_1" />
    <link:label xlink:type="resource" xlink:label="label_CapitalIncreaseJointVentures_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CapitalIncreaseJointVentures_2" xml:lang="en-US" id="label_CapitalIncreaseJointVentures_2">The cash outflow to acquire interests in joint ventures (other than payments for those instruments considered to be cash equivalents or those held for dealing or trading purposes), classified as investing activities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalIncreaseJointVentures" xlink:to="label_CapitalIncreaseJointVentures_2" xlink:title="Label : CapitalIncreaseJointVentures to label_CapitalIncreaseJointVentures_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ValuationAdjustmentsJointVentures" xlink:label="ValuationAdjustmentsJointVentures" xlink:title="ValuationAdjustmentsJointVentures" />
    <link:label xlink:type="resource" xlink:label="label_ValuationAdjustmentsJointVentures" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ValuationAdjustmentsJointVentures" xml:lang="en-US" id="label_ValuationAdjustmentsJointVentures">Valuation adjustments joint ventures</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ValuationAdjustmentsJointVentures" xlink:to="label_ValuationAdjustmentsJointVentures" xlink:title="Label : ValuationAdjustmentsJointVentures to label_ValuationAdjustmentsJointVentures" />
    <link:label xlink:type="resource" xlink:label="label_ValuationAdjustmentsJointVentures_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ValuationAdjustmentsJointVentures_1" xml:lang="en-US" id="label_ValuationAdjustmentsJointVentures_1">Valuation adjustments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ValuationAdjustmentsJointVentures" xlink:to="label_ValuationAdjustmentsJointVentures_1" xlink:title="Label : ValuationAdjustmentsJointVentures to label_ValuationAdjustmentsJointVentures_1" />
    <link:label xlink:type="resource" xlink:label="label_ValuationAdjustmentsJointVentures_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ValuationAdjustmentsJointVentures_2" xml:lang="en-US" id="label_ValuationAdjustmentsJointVentures_2">The Asset Valuation Adjustment is a correction of the amount presented in the balance sheet by an asset or liability, in relation to its fair value. This correction aims at expressing the patrimonial reality of a company.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ValuationAdjustmentsJointVentures" xlink:to="label_ValuationAdjustmentsJointVentures_2" xlink:title="Label : ValuationAdjustmentsJointVentures to label_ValuationAdjustmentsJointVentures_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities" xlink:label="DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities" xlink:title="DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities" />
    <link:label xlink:type="resource" xlink:label="label_DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities" xml:lang="en-US" id="label_DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities">Dividends and interest on equity (gross)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities" xlink:to="label_DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities" xlink:title="Label : DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities to label_DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities" />
    <link:label xlink:type="resource" xlink:label="label_DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities_1" xml:lang="en-US" id="label_DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities_1">Dividends received from joint ventures, classified as investing activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities" xlink:to="label_DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities_1" xlink:title="Label : DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities to label_DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ShareOfProfitLossOfJointVentures" xlink:label="ShareOfProfitLossOfJointVentures" xlink:title="ShareOfProfitLossOfJointVentures" />
    <link:label xlink:type="resource" xlink:label="label_ShareOfProfitLossOfJointVentures" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ShareOfProfitLossOfJointVentures" xml:lang="en-US" id="label_ShareOfProfitLossOfJointVentures">Share of profit (loss) of joint ventures</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareOfProfitLossOfJointVentures" xlink:to="label_ShareOfProfitLossOfJointVentures" xlink:title="Label : ShareOfProfitLossOfJointVentures to label_ShareOfProfitLossOfJointVentures" />
    <link:label xlink:type="resource" xlink:label="label_ShareOfProfitLossOfJointVentures_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ShareOfProfitLossOfJointVentures_1" xml:lang="en-US" id="label_ShareOfProfitLossOfJointVentures_1">Share of profit (loss) of joint ventures</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareOfProfitLossOfJointVentures" xlink:to="label_ShareOfProfitLossOfJointVentures_1" xlink:title="Label : ShareOfProfitLossOfJointVentures to label_ShareOfProfitLossOfJointVentures_1" />
    <link:label xlink:type="resource" xlink:label="label_ShareOfProfitLossOfJointVentures_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ShareOfProfitLossOfJointVentures_2" xml:lang="en-US" id="label_ShareOfProfitLossOfJointVentures_2">The entity's share of the profit (loss) from continuing operations of associates and joint ventures accounted for using the equity method.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareOfProfitLossOfJointVentures" xlink:to="label_ShareOfProfitLossOfJointVentures_2" xlink:title="Label : ShareOfProfitLossOfJointVentures to label_ShareOfProfitLossOfJointVentures_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OperatingExpenseAndIncomeCosts" xlink:label="OperatingExpenseAndIncomeCosts" xlink:title="OperatingExpenseAndIncomeCosts" />
    <link:label xlink:type="resource" xlink:label="label_OperatingExpenseAndIncomeCosts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OperatingExpenseAndIncomeCosts" xml:lang="en-US" id="label_OperatingExpenseAndIncomeCosts">Operating expense and income costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingExpenseAndIncomeCosts" xlink:to="label_OperatingExpenseAndIncomeCosts" xlink:title="Label : OperatingExpenseAndIncomeCosts to label_OperatingExpenseAndIncomeCosts" />
    <link:label xlink:type="resource" xlink:label="label_OperatingExpenseAndIncomeCosts_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OperatingExpenseAndIncomeCosts_1" xml:lang="en-US" id="label_OperatingExpenseAndIncomeCosts_1">Costs, operating expenses and income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingExpenseAndIncomeCosts" xlink:to="label_OperatingExpenseAndIncomeCosts_1" xlink:title="Label : OperatingExpenseAndIncomeCosts to label_OperatingExpenseAndIncomeCosts_1" />
    <link:label xlink:type="resource" xlink:label="label_OperatingExpenseAndIncomeCosts_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OperatingExpenseAndIncomeCosts_2" xml:lang="en-US" id="label_OperatingExpenseAndIncomeCosts_2">Costs, operating expenses and income regarding the joint-venture.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingExpenseAndIncomeCosts" xlink:to="label_OperatingExpenseAndIncomeCosts_2" xlink:title="Label : OperatingExpenseAndIncomeCosts to label_OperatingExpenseAndIncomeCosts_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_NetFinancialIncomeAndIncomeAndSocialContributionTaxes" xlink:label="NetFinancialIncomeAndIncomeAndSocialContributionTaxes" xlink:title="NetFinancialIncomeAndIncomeAndSocialContributionTaxes" />
    <link:label xlink:type="resource" xlink:label="label_NetFinancialIncomeAndIncomeAndSocialContributionTaxes" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetFinancialIncomeAndIncomeAndSocialContributionTaxes" xml:lang="en-US" id="label_NetFinancialIncomeAndIncomeAndSocialContributionTaxes">Net Financial income and income and social contribution taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetFinancialIncomeAndIncomeAndSocialContributionTaxes" xlink:to="label_NetFinancialIncomeAndIncomeAndSocialContributionTaxes" xlink:title="Label : NetFinancialIncomeAndIncomeAndSocialContributionTaxes to label_NetFinancialIncomeAndIncomeAndSocialContributionTaxes" />
    <link:label xlink:type="resource" xlink:label="label_NetFinancialIncomeAndIncomeAndSocialContributionTaxes_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NetFinancialIncomeAndIncomeAndSocialContributionTaxes_1" xml:lang="en-US" id="label_NetFinancialIncomeAndIncomeAndSocialContributionTaxes_1">Net financial income and income and social contribution taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetFinancialIncomeAndIncomeAndSocialContributionTaxes" xlink:to="label_NetFinancialIncomeAndIncomeAndSocialContributionTaxes_1" xlink:title="Label : NetFinancialIncomeAndIncomeAndSocialContributionTaxes to label_NetFinancialIncomeAndIncomeAndSocialContributionTaxes_1" />
    <link:label xlink:type="resource" xlink:label="label_NetFinancialIncomeAndIncomeAndSocialContributionTaxes_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NetFinancialIncomeAndIncomeAndSocialContributionTaxes_2" xml:lang="en-US" id="label_NetFinancialIncomeAndIncomeAndSocialContributionTaxes_2">Net financial income and income and social contribution taxes.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetFinancialIncomeAndIncomeAndSocialContributionTaxes" xlink:to="label_NetFinancialIncomeAndIncomeAndSocialContributionTaxes_2" xlink:title="Label : NetFinancialIncomeAndIncomeAndSocialContributionTaxes to label_NetFinancialIncomeAndIncomeAndSocialContributionTaxes_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_NumberOfSharesOrUnitsHeld" xlink:label="NumberOfSharesOrUnitsHeld" xlink:title="NumberOfSharesOrUnitsHeld" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesOrUnitsHeld" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfSharesOrUnitsHeld" xml:lang="en-US" id="label_NumberOfSharesOrUnitsHeld">Number of shares or units held</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesOrUnitsHeld" xlink:to="label_NumberOfSharesOrUnitsHeld" xlink:title="Label : NumberOfSharesOrUnitsHeld to label_NumberOfSharesOrUnitsHeld" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesOrUnitsHeld_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfSharesOrUnitsHeld_1" xml:lang="en-US" id="label_NumberOfSharesOrUnitsHeld_1">Number of shares or units held</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesOrUnitsHeld" xlink:to="label_NumberOfSharesOrUnitsHeld_1" xlink:title="Label : NumberOfSharesOrUnitsHeld to label_NumberOfSharesOrUnitsHeld_1" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesOrUnitsHeld_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfSharesOrUnitsHeld_2" xml:lang="en-US" id="label_NumberOfSharesOrUnitsHeld_2">Number of shares or units held classified as investiments regarding the joint-venture.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesOrUnitsHeld" xlink:to="label_NumberOfSharesOrUnitsHeld_2" xlink:title="Label : NumberOfSharesOrUnitsHeld to label_NumberOfSharesOrUnitsHeld_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_PercentageOfCapitalHeld" xlink:label="PercentageOfCapitalHeld" xlink:title="PercentageOfCapitalHeld" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfCapitalHeld" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentageOfCapitalHeld" xml:lang="en-US" id="label_PercentageOfCapitalHeld">Percentage of capital held</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfCapitalHeld" xlink:to="label_PercentageOfCapitalHeld" xlink:title="Label : PercentageOfCapitalHeld to label_PercentageOfCapitalHeld" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfCapitalHeld_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PercentageOfCapitalHeld_1" xml:lang="en-US" id="label_PercentageOfCapitalHeld_1">% of capital held</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfCapitalHeld" xlink:to="label_PercentageOfCapitalHeld_1" xlink:title="Label : PercentageOfCapitalHeld to label_PercentageOfCapitalHeld_1" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfCapitalHeld_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PercentageOfCapitalHeld_2" xml:lang="en-US" id="label_PercentageOfCapitalHeld_2">Percentage of capital held classified as investiments regarding the joint-venture.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfCapitalHeld" xlink:to="label_PercentageOfCapitalHeld_2" xlink:title="Label : PercentageOfCapitalHeld to label_PercentageOfCapitalHeld_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_InvestmentTable" xlink:label="InvestmentTable" xlink:title="InvestmentTable" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InvestmentTable" xml:lang="en-US" id="label_InvestmentTable">Investment [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentTable" xlink:to="label_InvestmentTable" xlink:title="Label : InvestmentTable to label_InvestmentTable" />
    <link:label xlink:type="resource" xlink:label="label_InvestmentTable_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InvestmentTable_1" xml:lang="en-US" id="label_InvestmentTable_1">Investment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentTable" xlink:to="label_InvestmentTable_1" xlink:title="Label : InvestmentTable to label_InvestmentTable_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TransportadoraSulbrasileiraDeGasMember" xlink:label="TransportadoraSulbrasileiraDeGasMember" xlink:title="TransportadoraSulbrasileiraDeGasMember" />
    <link:label xlink:type="resource" xlink:label="label_TransportadoraSulbrasileiraDeGasMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TransportadoraSulbrasileiraDeGasMember" xml:lang="en-US" id="label_TransportadoraSulbrasileiraDeGasMember">Transportadora sulbrasileira de gas [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TransportadoraSulbrasileiraDeGasMember" xlink:to="label_TransportadoraSulbrasileiraDeGasMember" xlink:title="Label : TransportadoraSulbrasileiraDeGasMember to label_TransportadoraSulbrasileiraDeGasMember" />
    <link:label xlink:type="resource" xlink:label="label_TransportadoraSulbrasileiraDeGasMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TransportadoraSulbrasileiraDeGasMember_1" xml:lang="en-US" id="label_TransportadoraSulbrasileiraDeGasMember_1">Transportadora sulbrasileira de gas [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TransportadoraSulbrasileiraDeGasMember" xlink:to="label_TransportadoraSulbrasileiraDeGasMember_1" xlink:title="Label : TransportadoraSulbrasileiraDeGasMember to label_TransportadoraSulbrasileiraDeGasMember_1" />
    <link:label xlink:type="resource" xlink:label="label_TransportadoraSulbrasileiraDeGasMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TransportadoraSulbrasileiraDeGasMember_2" xml:lang="en-US" id="label_TransportadoraSulbrasileiraDeGasMember_2">Transportadora sulbrasileira de gas.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TransportadoraSulbrasileiraDeGasMember" xlink:to="label_TransportadoraSulbrasileiraDeGasMember_2" xlink:title="Label : TransportadoraSulbrasileiraDeGasMember to label_TransportadoraSulbrasileiraDeGasMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_MetalurgicaPlusMember" xlink:label="MetalurgicaPlusMember" xlink:title="MetalurgicaPlusMember" />
    <link:label xlink:type="resource" xlink:label="label_MetalurgicaPlusMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MetalurgicaPlusMember" xml:lang="en-US" id="label_MetalurgicaPlusMember">Metalurgica plus [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MetalurgicaPlusMember" xlink:to="label_MetalurgicaPlusMember" xlink:title="Label : MetalurgicaPlusMember to label_MetalurgicaPlusMember" />
    <link:label xlink:type="resource" xlink:label="label_MetalurgicaPlusMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MetalurgicaPlusMember_1" xml:lang="en-US" id="label_MetalurgicaPlusMember_1">Metalurgica plus [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MetalurgicaPlusMember" xlink:to="label_MetalurgicaPlusMember_1" xlink:title="Label : MetalurgicaPlusMember to label_MetalurgicaPlusMember_1" />
    <link:label xlink:type="resource" xlink:label="label_MetalurgicaPlusMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MetalurgicaPlusMember_2" xml:lang="en-US" id="label_MetalurgicaPlusMember_2">Metalurgica plus.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MetalurgicaPlusMember" xlink:to="label_MetalurgicaPlusMember_2" xlink:title="Label : MetalurgicaPlusMember to label_MetalurgicaPlusMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_PlenogasDistribuidoraDeGasMember" xlink:label="PlenogasDistribuidoraDeGasMember" xlink:title="PlenogasDistribuidoraDeGasMember" />
    <link:label xlink:type="resource" xlink:label="label_PlenogasDistribuidoraDeGasMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PlenogasDistribuidoraDeGasMember" xml:lang="en-US" id="label_PlenogasDistribuidoraDeGasMember">Plenogas distribuidora de gas [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PlenogasDistribuidoraDeGasMember" xlink:to="label_PlenogasDistribuidoraDeGasMember" xlink:title="Label : PlenogasDistribuidoraDeGasMember to label_PlenogasDistribuidoraDeGasMember" />
    <link:label xlink:type="resource" xlink:label="label_PlenogasDistribuidoraDeGasMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PlenogasDistribuidoraDeGasMember_1" xml:lang="en-US" id="label_PlenogasDistribuidoraDeGasMember_1">Plenogas distribuidora de gas [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PlenogasDistribuidoraDeGasMember" xlink:to="label_PlenogasDistribuidoraDeGasMember_1" xlink:title="Label : PlenogasDistribuidoraDeGasMember to label_PlenogasDistribuidoraDeGasMember_1" />
    <link:label xlink:type="resource" xlink:label="label_PlenogasDistribuidoraDeGasMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PlenogasDistribuidoraDeGasMember_2" xml:lang="en-US" id="label_PlenogasDistribuidoraDeGasMember_2">Plenogas distribuidora de gas.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PlenogasDistribuidoraDeGasMember" xlink:to="label_PlenogasDistribuidoraDeGasMember_2" xlink:title="Label : PlenogasDistribuidoraDeGasMember to label_PlenogasDistribuidoraDeGasMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfAssociatesLineItems" xlink:label="SummaryOfAssociatesLineItems" xlink:title="SummaryOfAssociatesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfAssociatesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SummaryOfAssociatesLineItems" xml:lang="en-US" id="label_SummaryOfAssociatesLineItems">Summary of associates [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfAssociatesLineItems" xlink:to="label_SummaryOfAssociatesLineItems" xlink:title="Label : SummaryOfAssociatesLineItems to label_SummaryOfAssociatesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfAssociatesLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfAssociatesLineItems_1" xml:lang="en-US" id="label_SummaryOfAssociatesLineItems_1">Summary of associates [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfAssociatesLineItems" xlink:to="label_SummaryOfAssociatesLineItems_1" xlink:title="Label : SummaryOfAssociatesLineItems to label_SummaryOfAssociatesLineItems_1" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfAssociatesLineItems_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfAssociatesLineItems_2" xml:lang="en-US" id="label_SummaryOfAssociatesLineItems_2">Summary of associates.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfAssociatesLineItems" xlink:to="label_SummaryOfAssociatesLineItems_2" xlink:title="Label : SummaryOfAssociatesLineItems to label_SummaryOfAssociatesLineItems_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CapitalReductionInAssociates" xlink:label="CapitalReductionInAssociates" xlink:title="CapitalReductionInAssociates" />
    <link:label xlink:type="resource" xlink:label="label_CapitalReductionInAssociates" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CapitalReductionInAssociates" xml:lang="en-US" id="label_CapitalReductionInAssociates">Capital Reduction in Associates</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalReductionInAssociates" xlink:to="label_CapitalReductionInAssociates" xlink:title="Label : CapitalReductionInAssociates to label_CapitalReductionInAssociates" />
    <link:label xlink:type="resource" xlink:label="label_CapitalReductionInAssociates_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CapitalReductionInAssociates_1" xml:lang="en-US" id="label_CapitalReductionInAssociates_1">Capital reduction</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalReductionInAssociates" xlink:to="label_CapitalReductionInAssociates_1" xlink:title="Label : CapitalReductionInAssociates to label_CapitalReductionInAssociates_1" />
    <link:label xlink:type="resource" xlink:label="label_CapitalReductionInAssociates_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CapitalReductionInAssociates_2" xml:lang="en-US" id="label_CapitalReductionInAssociates_2">Capital Reduction in Associates</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalReductionInAssociates" xlink:to="label_CapitalReductionInAssociates_2" xlink:title="Label : CapitalReductionInAssociates to label_CapitalReductionInAssociates_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DividendsReceivedFromAssociatesClassifiedAsInvestingActivities" xlink:label="DividendsReceivedFromAssociatesClassifiedAsInvestingActivities" xlink:title="DividendsReceivedFromAssociatesClassifiedAsInvestingActivities" />
    <link:label xlink:type="resource" xlink:label="label_DividendsReceivedFromAssociatesClassifiedAsInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendsReceivedFromAssociatesClassifiedAsInvestingActivities" xml:lang="en-US" id="label_DividendsReceivedFromAssociatesClassifiedAsInvestingActivities">Dividends received from associates, classified as investing activities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsReceivedFromAssociatesClassifiedAsInvestingActivities" xlink:to="label_DividendsReceivedFromAssociatesClassifiedAsInvestingActivities" xlink:title="Label : DividendsReceivedFromAssociatesClassifiedAsInvestingActivities to label_DividendsReceivedFromAssociatesClassifiedAsInvestingActivities" />
    <link:label xlink:type="resource" xlink:label="label_DividendsReceivedFromAssociatesClassifiedAsInvestingActivities_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_DividendsReceivedFromAssociatesClassifiedAsInvestingActivities_1" xml:lang="en-US" id="label_DividendsReceivedFromAssociatesClassifiedAsInvestingActivities_1">Dividends</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsReceivedFromAssociatesClassifiedAsInvestingActivities" xlink:to="label_DividendsReceivedFromAssociatesClassifiedAsInvestingActivities_1" xlink:title="Label : DividendsReceivedFromAssociatesClassifiedAsInvestingActivities to label_DividendsReceivedFromAssociatesClassifiedAsInvestingActivities_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ShareOfProfitLossOfAssociates" xlink:label="ShareOfProfitLossOfAssociates" xlink:title="ShareOfProfitLossOfAssociates" />
    <link:label xlink:type="resource" xlink:label="label_ShareOfProfitLossOfAssociates" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ShareOfProfitLossOfAssociates" xml:lang="en-US" id="label_ShareOfProfitLossOfAssociates">Share of Profit Loss of Associates</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareOfProfitLossOfAssociates" xlink:to="label_ShareOfProfitLossOfAssociates" xlink:title="Label : ShareOfProfitLossOfAssociates to label_ShareOfProfitLossOfAssociates" />
    <link:label xlink:type="resource" xlink:label="label_ShareOfProfitLossOfAssociates_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ShareOfProfitLossOfAssociates_1" xml:lang="en-US" id="label_ShareOfProfitLossOfAssociates_1">Share of profit (loss) of associates</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareOfProfitLossOfAssociates" xlink:to="label_ShareOfProfitLossOfAssociates_1" xlink:title="Label : ShareOfProfitLossOfAssociates to label_ShareOfProfitLossOfAssociates_1" />
    <link:label xlink:type="resource" xlink:label="label_ShareOfProfitLossOfAssociates_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ShareOfProfitLossOfAssociates_2" xml:lang="en-US" id="label_ShareOfProfitLossOfAssociates_2">The entity's share of the profit (loss) from continuing operations of associates and joint ventures accounted for using the equity method. [Refer: Associates [member]; Continuing operations [member]; Investments accounted for using equity method; Joint ventures [member]; Profit (loss) from continuing operations]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareOfProfitLossOfAssociates" xlink:to="label_ShareOfProfitLossOfAssociates_2" xlink:title="Label : ShareOfProfitLossOfAssociates to label_ShareOfProfitLossOfAssociates_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ChangeInKeyAssumptionsAbstract" xlink:label="ChangeInKeyAssumptionsAbstract" xlink:title="ChangeInKeyAssumptionsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ChangeInKeyAssumptionsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ChangeInKeyAssumptionsAbstract" xml:lang="en-US" id="label_ChangeInKeyAssumptionsAbstract">Change In Key Assumptions Abstract</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangeInKeyAssumptionsAbstract" xlink:to="label_ChangeInKeyAssumptionsAbstract" xlink:title="Label : ChangeInKeyAssumptionsAbstract to label_ChangeInKeyAssumptionsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ChangeInKeyAssumptionsAbstract_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ChangeInKeyAssumptionsAbstract_1" xml:lang="en-US" id="label_ChangeInKeyAssumptionsAbstract_1">Change In Key Assumptions Abstract</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangeInKeyAssumptionsAbstract" xlink:to="label_ChangeInKeyAssumptionsAbstract_1" xlink:title="Label : ChangeInKeyAssumptionsAbstract to label_ChangeInKeyAssumptionsAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DetailedDisclosureOfInventoriesTable" xlink:label="DetailedDisclosureOfInventoriesTable" xlink:title="DetailedDisclosureOfInventoriesTable" />
    <link:label xlink:type="resource" xlink:label="label_DetailedDisclosureOfInventoriesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DetailedDisclosureOfInventoriesTable" xml:lang="en-US" id="label_DetailedDisclosureOfInventoriesTable">Detailed Disclosure Of Inventories [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DetailedDisclosureOfInventoriesTable" xlink:to="label_DetailedDisclosureOfInventoriesTable" xlink:title="Label : DetailedDisclosureOfInventoriesTable to label_DetailedDisclosureOfInventoriesTable" />
    <link:label xlink:type="resource" xlink:label="label_DetailedDisclosureOfInventoriesTable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DetailedDisclosureOfInventoriesTable_1" xml:lang="en-US" id="label_DetailedDisclosureOfInventoriesTable_1">Detailed Disclosure Of Inventories [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DetailedDisclosureOfInventoriesTable" xlink:to="label_DetailedDisclosureOfInventoriesTable_1" xlink:title="Label : DetailedDisclosureOfInventoriesTable to label_DetailedDisclosureOfInventoriesTable_1" />
    <link:label xlink:type="resource" xlink:label="label_DetailedDisclosureOfInventoriesTable_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DetailedDisclosureOfInventoriesTable_2" xml:lang="en-US" id="label_DetailedDisclosureOfInventoriesTable_2">Detailed Disclosure Of Inventories [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DetailedDisclosureOfInventoriesTable" xlink:to="label_DetailedDisclosureOfInventoriesTable_2" xlink:title="Label : DetailedDisclosureOfInventoriesTable to label_DetailedDisclosureOfInventoriesTable_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SharesOrUnitsHeld" xlink:label="SharesOrUnitsHeld" xlink:title="SharesOrUnitsHeld" />
    <link:label xlink:type="resource" xlink:label="label_SharesOrUnitsHeld" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SharesOrUnitsHeld" xml:lang="en-US" id="label_SharesOrUnitsHeld">Shares or units held</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesOrUnitsHeld" xlink:to="label_SharesOrUnitsHeld" xlink:title="Label : SharesOrUnitsHeld to label_SharesOrUnitsHeld" />
    <link:label xlink:type="resource" xlink:label="label_SharesOrUnitsHeld_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SharesOrUnitsHeld_1" xml:lang="en-US" id="label_SharesOrUnitsHeld_1">Number of shares or units held</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesOrUnitsHeld" xlink:to="label_SharesOrUnitsHeld_1" xlink:title="Label : SharesOrUnitsHeld to label_SharesOrUnitsHeld_1" />
    <link:label xlink:type="resource" xlink:label="label_SharesOrUnitsHeld_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SharesOrUnitsHeld_2" xml:lang="en-US" id="label_SharesOrUnitsHeld_2">Number of shares or units in a subsidiary held by non-controlling interests. [Refer: Subsidiaries [member]; Non-controlling interests]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesOrUnitsHeld" xlink:to="label_SharesOrUnitsHeld_2" xlink:title="Label : SharesOrUnitsHeld to label_SharesOrUnitsHeld_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" xlink:label="ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" xlink:title="ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" />
    <link:label xlink:type="resource" xlink:label="label_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" xml:lang="en-US" id="label_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests">Proportion of ownership interests held by non-controlling interests</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" xlink:to="label_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" xlink:title="Label : ProportionOfOwnershipInterestsHeldByNoncontrollingInterests to label_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" />
    <link:label xlink:type="resource" xlink:label="label_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests_1" xml:lang="en-US" id="label_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests_1">% of capital held</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" xlink:to="label_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests_1" xlink:title="Label : ProportionOfOwnershipInterestsHeldByNoncontrollingInterests to label_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsAbstract" xlink:label="DisclosureOfQuantitativeInformationAboutRightofuseAssetsAbstract" xlink:title="DisclosureOfQuantitativeInformationAboutRightofuseAssetsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfQuantitativeInformationAboutRightofuseAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfQuantitativeInformationAboutRightofuseAssetsAbstract" xml:lang="en-US" id="label_DisclosureOfQuantitativeInformationAboutRightofuseAssetsAbstract">Disclosure of quantitative information about right-of-use assets [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfQuantitativeInformationAboutRightofuseAssetsAbstract" xlink:to="label_DisclosureOfQuantitativeInformationAboutRightofuseAssetsAbstract" xlink:title="Label : DisclosureOfQuantitativeInformationAboutRightofuseAssetsAbstract to label_DisclosureOfQuantitativeInformationAboutRightofuseAssetsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfQuantitativeInformationAboutRightofuseAssetsAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfQuantitativeInformationAboutRightofuseAssetsAbstract_1" xml:lang="en-US" id="label_DisclosureOfQuantitativeInformationAboutRightofuseAssetsAbstract_1">Disclosure of quantitative information about right-of-use assets [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfQuantitativeInformationAboutRightofuseAssetsAbstract" xlink:to="label_DisclosureOfQuantitativeInformationAboutRightofuseAssetsAbstract_1" xlink:title="Label : DisclosureOfQuantitativeInformationAboutRightofuseAssetsAbstract to label_DisclosureOfQuantitativeInformationAboutRightofuseAssetsAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsTable" xlink:label="DisclosureOfQuantitativeInformationAboutRightofuseAssetsTable" xlink:title="DisclosureOfQuantitativeInformationAboutRightofuseAssetsTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfQuantitativeInformationAboutRightofuseAssetsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfQuantitativeInformationAboutRightofuseAssetsTable" xml:lang="en-US" id="label_DisclosureOfQuantitativeInformationAboutRightofuseAssetsTable">Disclosure of quantitative information about right-of-use assets [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfQuantitativeInformationAboutRightofuseAssetsTable" xlink:to="label_DisclosureOfQuantitativeInformationAboutRightofuseAssetsTable" xlink:title="Label : DisclosureOfQuantitativeInformationAboutRightofuseAssetsTable to label_DisclosureOfQuantitativeInformationAboutRightofuseAssetsTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfQuantitativeInformationAboutRightofuseAssetsTable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfQuantitativeInformationAboutRightofuseAssetsTable_1" xml:lang="en-US" id="label_DisclosureOfQuantitativeInformationAboutRightofuseAssetsTable_1">Disclosure of quantitative information about right-of-use assets [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfQuantitativeInformationAboutRightofuseAssetsTable" xlink:to="label_DisclosureOfQuantitativeInformationAboutRightofuseAssetsTable_1" xlink:title="Label : DisclosureOfQuantitativeInformationAboutRightofuseAssetsTable to label_DisclosureOfQuantitativeInformationAboutRightofuseAssetsTable_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ClassesOfAssetsAxis" xlink:label="ClassesOfAssetsAxis" xlink:title="ClassesOfAssetsAxis" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfAssetsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfAssetsAxis" xml:lang="en-US" id="label_ClassesOfAssetsAxis">Classes of assets [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfAssetsAxis" xlink:to="label_ClassesOfAssetsAxis" xlink:title="Label : ClassesOfAssetsAxis to label_ClassesOfAssetsAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ClassesOfAssetsMember" xlink:label="ClassesOfAssetsMember" xlink:title="ClassesOfAssetsMember" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfAssetsMember" xml:lang="en-US" id="label_ClassesOfAssetsMember">Assets [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfAssetsMember" xlink:to="label_ClassesOfAssetsMember" xlink:title="Label : ClassesOfAssetsMember to label_ClassesOfAssetsMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_RightofuseAssetsMember" xlink:label="RightofuseAssetsMember" xlink:title="RightofuseAssetsMember" />
    <link:label xlink:type="resource" xlink:label="label_RightofuseAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RightofuseAssetsMember" xml:lang="en-US" id="label_RightofuseAssetsMember">Right-of-use assets [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RightofuseAssetsMember" xlink:to="label_RightofuseAssetsMember" xlink:title="Label : RightofuseAssetsMember to label_RightofuseAssetsMember" />
    <link:label xlink:type="resource" xlink:label="label_RightofuseAssetsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RightofuseAssetsMember_1" xml:lang="en-US" id="label_RightofuseAssetsMember_1">Right-of-use assets [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RightofuseAssetsMember" xlink:to="label_RightofuseAssetsMember_1" xlink:title="Label : RightofuseAssetsMember to label_RightofuseAssetsMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:label="ClassesOfPropertyPlantAndEquipmentAxis" xlink:title="ClassesOfPropertyPlantAndEquipmentAxis" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfPropertyPlantAndEquipmentAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfPropertyPlantAndEquipmentAxis" xml:lang="en-US" id="label_ClassesOfPropertyPlantAndEquipmentAxis">Classes of property, plant and equipment [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfPropertyPlantAndEquipmentAxis" xlink:to="label_ClassesOfPropertyPlantAndEquipmentAxis" xlink:title="Label : ClassesOfPropertyPlantAndEquipmentAxis to label_ClassesOfPropertyPlantAndEquipmentAxis" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfPropertyPlantAndEquipmentAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ClassesOfPropertyPlantAndEquipmentAxis_1" xml:lang="en-US" id="label_ClassesOfPropertyPlantAndEquipmentAxis_1">Classes of property, plant and equipment [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfPropertyPlantAndEquipmentAxis" xlink:to="label_ClassesOfPropertyPlantAndEquipmentAxis_1" xlink:title="Label : ClassesOfPropertyPlantAndEquipmentAxis to label_ClassesOfPropertyPlantAndEquipmentAxis_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_PropertyPlantAndEquipmentMember" xlink:label="PropertyPlantAndEquipmentMember" xlink:title="PropertyPlantAndEquipmentMember" />
    <link:label xlink:type="resource" xlink:label="label_PropertyPlantAndEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PropertyPlantAndEquipmentMember" xml:lang="en-US" id="label_PropertyPlantAndEquipmentMember">Property, plant and equipment [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentMember" xlink:to="label_PropertyPlantAndEquipmentMember" xlink:title="Label : PropertyPlantAndEquipmentMember to label_PropertyPlantAndEquipmentMember" />
    <link:label xlink:type="resource" xlink:label="label_PropertyPlantAndEquipmentMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PropertyPlantAndEquipmentMember_1" xml:lang="en-US" id="label_PropertyPlantAndEquipmentMember_1">Property, plant and equipment [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentMember" xlink:to="label_PropertyPlantAndEquipmentMember_1" xlink:title="Label : PropertyPlantAndEquipmentMember to label_PropertyPlantAndEquipmentMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_RealEstateMember" xlink:label="RealEstateMember" xlink:title="RealEstateMember" />
    <link:label xlink:type="resource" xlink:label="label_RealEstateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RealEstateMember" xml:lang="en-US" id="label_RealEstateMember">Real Estate [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstateMember" xlink:to="label_RealEstateMember" xlink:title="Label : RealEstateMember to label_RealEstateMember" />
    <link:label xlink:type="resource" xlink:label="label_RealEstateMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RealEstateMember_1" xml:lang="en-US" id="label_RealEstateMember_1">Real estate.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealEstateMember" xlink:to="label_RealEstateMember_1" xlink:title="Label : RealEstateMember to label_RealEstateMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_PortAreaMember" xlink:label="PortAreaMember" xlink:title="PortAreaMember" />
    <link:label xlink:type="resource" xlink:label="label_PortAreaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PortAreaMember" xml:lang="en-US" id="label_PortAreaMember">Port Area [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PortAreaMember" xlink:to="label_PortAreaMember" xlink:title="Label : PortAreaMember to label_PortAreaMember" />
    <link:label xlink:type="resource" xlink:label="label_PortAreaMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PortAreaMember_1" xml:lang="en-US" id="label_PortAreaMember_1">Port area.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PortAreaMember" xlink:to="label_PortAreaMember_1" xlink:title="Label : PortAreaMember to label_PortAreaMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherAssetsMember" xlink:label="OtherAssetsMember" xlink:title="OtherAssetsMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherAssetsMember" xml:lang="en-US" id="label_OtherAssetsMember">Other assets [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherAssetsMember" xlink:to="label_OtherAssetsMember" xlink:title="Label : OtherAssetsMember to label_OtherAssetsMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:label="CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:title="CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" />
    <link:label xlink:type="resource" xlink:label="label_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xml:lang="en-US" id="label_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis">Carrying amount, accumulated depreciation, amortisation and impairment and gross carrying amount [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:to="label_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:title="Label : CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis to label_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" />
    <link:label xlink:type="resource" xlink:label="label_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_1" xml:lang="en-US" id="label_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_1">Carrying amount, accumulated depreciation, amortisation and impairment and gross carrying amount [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:to="label_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_1" xlink:title="Label : CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis to label_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CarryingAmountMember" xlink:label="CarryingAmountMember" xlink:title="CarryingAmountMember" />
    <link:label xlink:type="resource" xlink:label="label_CarryingAmountMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CarryingAmountMember" xml:lang="en-US" id="label_CarryingAmountMember">Carrying amount [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CarryingAmountMember" xlink:to="label_CarryingAmountMember" xlink:title="Label : CarryingAmountMember to label_CarryingAmountMember" />
    <link:label xlink:type="resource" xlink:label="label_CarryingAmountMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CarryingAmountMember_1" xml:lang="en-US" id="label_CarryingAmountMember_1">Carrying amount [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CarryingAmountMember" xlink:to="label_CarryingAmountMember_1" xlink:title="Label : CarryingAmountMember to label_CarryingAmountMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_GrossCarryingAmountMember" xlink:label="GrossCarryingAmountMember" xlink:title="GrossCarryingAmountMember" />
    <link:label xlink:type="resource" xlink:label="label_GrossCarryingAmountMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GrossCarryingAmountMember" xml:lang="en-US" id="label_GrossCarryingAmountMember">Gross carrying amount [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrossCarryingAmountMember" xlink:to="label_GrossCarryingAmountMember" xlink:title="Label : GrossCarryingAmountMember to label_GrossCarryingAmountMember" />
    <link:label xlink:type="resource" xlink:label="label_GrossCarryingAmountMember_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_GrossCarryingAmountMember_1" xml:lang="en-US" id="label_GrossCarryingAmountMember_1">Cost [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrossCarryingAmountMember" xlink:to="label_GrossCarryingAmountMember_1" xlink:title="Label : GrossCarryingAmountMember to label_GrossCarryingAmountMember_1" />
    <link:label xlink:type="resource" xlink:label="label_GrossCarryingAmountMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GrossCarryingAmountMember_2" xml:lang="en-US" id="label_GrossCarryingAmountMember_2">Gross carrying amount [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrossCarryingAmountMember" xlink:to="label_GrossCarryingAmountMember_2" xlink:title="Label : GrossCarryingAmountMember to label_GrossCarryingAmountMember_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AccumulatedDepreciationAndAmortisationMember" xlink:label="AccumulatedDepreciationAndAmortisationMember" xlink:title="AccumulatedDepreciationAndAmortisationMember" />
    <link:label xlink:type="resource" xlink:label="label_AccumulatedDepreciationAndAmortisationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AccumulatedDepreciationAndAmortisationMember" xml:lang="en-US" id="label_AccumulatedDepreciationAndAmortisationMember">Accumulated depreciation and amortisation [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedDepreciationAndAmortisationMember" xlink:to="label_AccumulatedDepreciationAndAmortisationMember" xlink:title="Label : AccumulatedDepreciationAndAmortisationMember to label_AccumulatedDepreciationAndAmortisationMember" />
    <link:label xlink:type="resource" xlink:label="label_AccumulatedDepreciationAndAmortisationMember_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_AccumulatedDepreciationAndAmortisationMember_1" xml:lang="en-US" id="label_AccumulatedDepreciationAndAmortisationMember_1">Accumulated amortization [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedDepreciationAndAmortisationMember" xlink:to="label_AccumulatedDepreciationAndAmortisationMember_1" xlink:title="Label : AccumulatedDepreciationAndAmortisationMember to label_AccumulatedDepreciationAndAmortisationMember_1" />
    <link:label xlink:type="resource" xlink:label="label_AccumulatedDepreciationAndAmortisationMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AccumulatedDepreciationAndAmortisationMember_2" xml:lang="en-US" id="label_AccumulatedDepreciationAndAmortisationMember_2">Accumulated depreciation [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedDepreciationAndAmortisationMember" xlink:to="label_AccumulatedDepreciationAndAmortisationMember_2" xlink:title="Label : AccumulatedDepreciationAndAmortisationMember to label_AccumulatedDepreciationAndAmortisationMember_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems" xlink:label="DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems" xlink:title="DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems" xml:lang="en-US" id="label_DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems">Disclosure of quantitative information about right-of-use assets [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems" xlink:to="label_DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems" xlink:title="Label : DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems to label_DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems_1" xml:lang="en-US" id="label_DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems_1">Disclosure of quantitative information about right-of-use assets [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems" xlink:to="label_DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems_1" xlink:title="Label : DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems to label_DisclosureOfQuantitativeInformationAboutRightofuseAssetsLineItems_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" xlink:label="UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" xlink:title="UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" xml:lang="en-US" id="label_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">Useful Life Measured As Period Of Time Property Plant And Equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" xlink:to="label_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" xlink:title="Label : UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment to label_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_1" xml:lang="en-US" id="label_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_1">Weighted average useful life</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" xlink:to="label_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_1" xlink:title="Label : UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment to label_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_1" />
    <link:label xlink:type="resource" xlink:label="label_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_2" xml:lang="en-US" id="label_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_2">Property, plant, and equipment, weighted average useful life</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment" xlink:to="label_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_2" xlink:title="Label : UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment to label_UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AmountOfReclassificationsOrChangesInPresentation" xlink:label="AmountOfReclassificationsOrChangesInPresentation" xlink:title="AmountOfReclassificationsOrChangesInPresentation" />
    <link:label xlink:type="resource" xlink:label="label_AmountOfReclassificationsOrChangesInPresentation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AmountOfReclassificationsOrChangesInPresentation" xml:lang="en-US" id="label_AmountOfReclassificationsOrChangesInPresentation">Amount of reclassifications or changes in presentation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountOfReclassificationsOrChangesInPresentation" xlink:to="label_AmountOfReclassificationsOrChangesInPresentation" xlink:title="Label : AmountOfReclassificationsOrChangesInPresentation to label_AmountOfReclassificationsOrChangesInPresentation" />
    <link:label xlink:type="resource" xlink:label="label_AmountOfReclassificationsOrChangesInPresentation_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AmountOfReclassificationsOrChangesInPresentation_1" xml:lang="en-US" id="label_AmountOfReclassificationsOrChangesInPresentation_1">Adoption IFRS 16</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountOfReclassificationsOrChangesInPresentation" xlink:to="label_AmountOfReclassificationsOrChangesInPresentation_1" xlink:title="Label : AmountOfReclassificationsOrChangesInPresentation to label_AmountOfReclassificationsOrChangesInPresentation_1" />
    <link:label xlink:type="resource" xlink:label="label_AmountOfReclassificationsOrChangesInPresentation_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_AmountOfReclassificationsOrChangesInPresentation_2" xml:lang="en-US" id="label_AmountOfReclassificationsOrChangesInPresentation_2">Adoption IFRS 16 &#x2013; transfer to Note 13.b</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountOfReclassificationsOrChangesInPresentation" xlink:to="label_AmountOfReclassificationsOrChangesInPresentation_2" xlink:title="Label : AmountOfReclassificationsOrChangesInPresentation to label_AmountOfReclassificationsOrChangesInPresentation_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AdditionsAndRemeasurementOfRightOfUseAsset" xlink:label="AdditionsAndRemeasurementOfRightOfUseAsset" xlink:title="AdditionsAndRemeasurementOfRightOfUseAsset" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsAndRemeasurementOfRightOfUseAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdditionsAndRemeasurementOfRightOfUseAsset" xml:lang="en-US" id="label_AdditionsAndRemeasurementOfRightOfUseAsset">Additions and Remeasurement of right of use asset</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsAndRemeasurementOfRightOfUseAsset" xlink:to="label_AdditionsAndRemeasurementOfRightOfUseAsset" xlink:title="Label : AdditionsAndRemeasurementOfRightOfUseAsset to label_AdditionsAndRemeasurementOfRightOfUseAsset" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsAndRemeasurementOfRightOfUseAsset_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdditionsAndRemeasurementOfRightOfUseAsset_1" xml:lang="en-US" id="label_AdditionsAndRemeasurementOfRightOfUseAsset_1">Additions and remeasurement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsAndRemeasurementOfRightOfUseAsset" xlink:to="label_AdditionsAndRemeasurementOfRightOfUseAsset_1" xlink:title="Label : AdditionsAndRemeasurementOfRightOfUseAsset to label_AdditionsAndRemeasurementOfRightOfUseAsset_1" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsAndRemeasurementOfRightOfUseAsset_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AdditionsAndRemeasurementOfRightOfUseAsset_2" xml:lang="en-US" id="label_AdditionsAndRemeasurementOfRightOfUseAsset_2">The amount of additions and remeasurement to right-of-use assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsAndRemeasurementOfRightOfUseAsset" xlink:to="label_AdditionsAndRemeasurementOfRightOfUseAsset_2" xlink:title="Label : AdditionsAndRemeasurementOfRightOfUseAsset to label_AdditionsAndRemeasurementOfRightOfUseAsset_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_GainsLossesArisingFromSaleAndLeasebackTransactions" xlink:label="GainsLossesArisingFromSaleAndLeasebackTransactions" xlink:title="GainsLossesArisingFromSaleAndLeasebackTransactions" />
    <link:label xlink:type="resource" xlink:label="label_GainsLossesArisingFromSaleAndLeasebackTransactions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GainsLossesArisingFromSaleAndLeasebackTransactions" xml:lang="en-US" id="label_GainsLossesArisingFromSaleAndLeasebackTransactions">Gains (losses) arising from sale and leaseback transactions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainsLossesArisingFromSaleAndLeasebackTransactions" xlink:to="label_GainsLossesArisingFromSaleAndLeasebackTransactions" xlink:title="Label : GainsLossesArisingFromSaleAndLeasebackTransactions to label_GainsLossesArisingFromSaleAndLeasebackTransactions" />
    <link:label xlink:type="resource" xlink:label="label_GainsLossesArisingFromSaleAndLeasebackTransactions_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GainsLossesArisingFromSaleAndLeasebackTransactions_1" xml:lang="en-US" id="label_GainsLossesArisingFromSaleAndLeasebackTransactions_1">Write-offs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainsLossesArisingFromSaleAndLeasebackTransactions" xlink:to="label_GainsLossesArisingFromSaleAndLeasebackTransactions_1" xlink:title="Label : GainsLossesArisingFromSaleAndLeasebackTransactions to label_GainsLossesArisingFromSaleAndLeasebackTransactions_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IncreaseDecreaseThroughTransferOfRightOfUseAsset" xlink:label="IncreaseDecreaseThroughTransferOfRightOfUseAsset" xlink:title="IncreaseDecreaseThroughTransferOfRightOfUseAsset" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughTransferOfRightOfUseAsset" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncreaseDecreaseThroughTransferOfRightOfUseAsset" xml:lang="en-US" id="label_IncreaseDecreaseThroughTransferOfRightOfUseAsset">The increase (decrease) through transfer of Right of use asset.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughTransferOfRightOfUseAsset" xlink:to="label_IncreaseDecreaseThroughTransferOfRightOfUseAsset" xlink:title="Label : IncreaseDecreaseThroughTransferOfRightOfUseAsset to label_IncreaseDecreaseThroughTransferOfRightOfUseAsset" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughTransferOfRightOfUseAsset_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseThroughTransferOfRightOfUseAsset_1" xml:lang="en-US" id="label_IncreaseDecreaseThroughTransferOfRightOfUseAsset_1">Transfer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughTransferOfRightOfUseAsset" xlink:to="label_IncreaseDecreaseThroughTransferOfRightOfUseAsset_1" xlink:title="Label : IncreaseDecreaseThroughTransferOfRightOfUseAsset to label_IncreaseDecreaseThroughTransferOfRightOfUseAsset_1" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughTransferOfRightOfUseAsset_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseThroughTransferOfRightOfUseAsset_2" xml:lang="en-US" id="label_IncreaseDecreaseThroughTransferOfRightOfUseAsset_2">Increase Decrease Through Transfer Of Right Of Use Asset</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughTransferOfRightOfUseAsset" xlink:to="label_IncreaseDecreaseThroughTransferOfRightOfUseAsset_2" xlink:title="Label : IncreaseDecreaseThroughTransferOfRightOfUseAsset to label_IncreaseDecreaseThroughTransferOfRightOfUseAsset_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_RightOfUseAssetsIncreaseDecreaseInRecognitionSurplus" xlink:label="RightOfUseAssetsIncreaseDecreaseInRecognitionSurplus" xlink:title="RightOfUseAssetsIncreaseDecreaseInRecognitionSurplus" />
    <link:label xlink:type="resource" xlink:label="label_RightOfUseAssetsIncreaseDecreaseInRecognitionSurplus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RightOfUseAssetsIncreaseDecreaseInRecognitionSurplus" xml:lang="en-US" id="label_RightOfUseAssetsIncreaseDecreaseInRecognitionSurplus">Right of use Assets Increase Decrease In Recognition Surplus</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RightOfUseAssetsIncreaseDecreaseInRecognitionSurplus" xlink:to="label_RightOfUseAssetsIncreaseDecreaseInRecognitionSurplus" xlink:title="Label : RightOfUseAssetsIncreaseDecreaseInRecognitionSurplus to label_RightOfUseAssetsIncreaseDecreaseInRecognitionSurplus" />
    <link:label xlink:type="resource" xlink:label="label_RightOfUseAssetsIncreaseDecreaseInRecognitionSurplus_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RightOfUseAssetsIncreaseDecreaseInRecognitionSurplus_1" xml:lang="en-US" id="label_RightOfUseAssetsIncreaseDecreaseInRecognitionSurplus_1">Effect&#xA0;of&#xA0;foreign currency exchange rate variation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RightOfUseAssetsIncreaseDecreaseInRecognitionSurplus" xlink:to="label_RightOfUseAssetsIncreaseDecreaseInRecognitionSurplus_1" xlink:title="Label : RightOfUseAssetsIncreaseDecreaseInRecognitionSurplus to label_RightOfUseAssetsIncreaseDecreaseInRecognitionSurplus_1" />
    <link:label xlink:type="resource" xlink:label="label_RightOfUseAssetsIncreaseDecreaseInRecognitionSurplus_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RightOfUseAssetsIncreaseDecreaseInRecognitionSurplus_2" xml:lang="en-US" id="label_RightOfUseAssetsIncreaseDecreaseInRecognitionSurplus_2">Right of use assets increase (decrease) in recognition surplus.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RightOfUseAssetsIncreaseDecreaseInRecognitionSurplus" xlink:to="label_RightOfUseAssetsIncreaseDecreaseInRecognitionSurplus_2" xlink:title="Label : RightOfUseAssetsIncreaseDecreaseInRecognitionSurplus to label_RightOfUseAssetsIncreaseDecreaseInRecognitionSurplus_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AmortizationOfRightToUseAsset" xlink:label="AmortizationOfRightToUseAsset" xlink:title="AmortizationOfRightToUseAsset" />
    <link:label xlink:type="resource" xlink:label="label_AmortizationOfRightToUseAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AmortizationOfRightToUseAsset" xml:lang="en-US" id="label_AmortizationOfRightToUseAsset">Amortization of Right To Use Asset</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmortizationOfRightToUseAsset" xlink:to="label_AmortizationOfRightToUseAsset" xlink:title="Label : AmortizationOfRightToUseAsset to label_AmortizationOfRightToUseAsset" />
    <link:label xlink:type="resource" xlink:label="label_AmortizationOfRightToUseAsset_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AmortizationOfRightToUseAsset_1" xml:lang="en-US" id="label_AmortizationOfRightToUseAsset_1">Amortization</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmortizationOfRightToUseAsset" xlink:to="label_AmortizationOfRightToUseAsset_1" xlink:title="Label : AmortizationOfRightToUseAsset to label_AmortizationOfRightToUseAsset_1" />
    <link:label xlink:type="resource" xlink:label="label_AmortizationOfRightToUseAsset_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AmortizationOfRightToUseAsset_2" xml:lang="en-US" id="label_AmortizationOfRightToUseAsset_2">Amortization of Right to use asset.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmortizationOfRightToUseAsset" xlink:to="label_AmortizationOfRightToUseAsset_2" xlink:title="Label : AmortizationOfRightToUseAsset to label_AmortizationOfRightToUseAsset_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AdditionsToRightofuseAssets" xlink:label="AdditionsToRightofuseAssets" xlink:title="AdditionsToRightofuseAssets" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsToRightofuseAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdditionsToRightofuseAssets" xml:lang="en-US" id="label_AdditionsToRightofuseAssets">Additions to right-of-use assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsToRightofuseAssets" xlink:to="label_AdditionsToRightofuseAssets" xlink:title="Label : AdditionsToRightofuseAssets to label_AdditionsToRightofuseAssets" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsToRightofuseAssets_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdditionsToRightofuseAssets_1" xml:lang="en-US" id="label_AdditionsToRightofuseAssets_1">Initial direct costs of right to use assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsToRightofuseAssets" xlink:to="label_AdditionsToRightofuseAssets_1" xlink:title="Label : AdditionsToRightofuseAssets to label_AdditionsToRightofuseAssets_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ExpenseByNatureAbstract" xlink:label="ExpenseByNatureAbstract" xlink:title="ExpenseByNatureAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ExpenseByNatureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExpenseByNatureAbstract" xml:lang="en-US" id="label_ExpenseByNatureAbstract">Expenses by nature [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpenseByNatureAbstract" xlink:to="label_ExpenseByNatureAbstract" xlink:title="Label : ExpenseByNatureAbstract to label_ExpenseByNatureAbstract" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_Inventoriesandcostofproductsandservicessoldamortisation" xlink:label="Inventoriesandcostofproductsandservicessoldamortisation" xlink:title="Inventoriesandcostofproductsandservicessoldamortisation" />
    <link:label xlink:type="resource" xlink:label="label_Inventoriesandcostofproductsandservicessoldamortisation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Inventoriesandcostofproductsandservicessoldamortisation" xml:lang="en-US" id="label_Inventoriesandcostofproductsandservicessoldamortisation">InventoriesAndCostOfProductsAndServicesSoldAmortisation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Inventoriesandcostofproductsandservicessoldamortisation" xlink:to="label_Inventoriesandcostofproductsandservicessoldamortisation" xlink:title="Label : Inventoriesandcostofproductsandservicessoldamortisation to label_Inventoriesandcostofproductsandservicessoldamortisation" />
    <link:label xlink:type="resource" xlink:label="label_Inventoriesandcostofproductsandservicessoldamortisation_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Inventoriesandcostofproductsandservicessoldamortisation_1" xml:lang="en-US" id="label_Inventoriesandcostofproductsandservicessoldamortisation_1">Inventories and cost of products and services sold</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Inventoriesandcostofproductsandservicessoldamortisation" xlink:to="label_Inventoriesandcostofproductsandservicessoldamortisation_1" xlink:title="Label : Inventoriesandcostofproductsandservicessoldamortisation to label_Inventoriesandcostofproductsandservicessoldamortisation_1" />
    <link:label xlink:type="resource" xlink:label="label_Inventoriesandcostofproductsandservicessoldamortisation_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Inventoriesandcostofproductsandservicessoldamortisation_2" xml:lang="en-US" id="label_Inventoriesandcostofproductsandservicessoldamortisation_2">The amount of amortization expense recognized as Inventories and cost of products and services sold.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Inventoriesandcostofproductsandservicessoldamortisation" xlink:to="label_Inventoriesandcostofproductsandservicessoldamortisation_2" xlink:title="Label : Inventoriesandcostofproductsandservicessoldamortisation to label_Inventoriesandcostofproductsandservicessoldamortisation_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SellingAndMarketingAmortization" xlink:label="SellingAndMarketingAmortization" xlink:title="SellingAndMarketingAmortization" />
    <link:label xlink:type="resource" xlink:label="label_SellingAndMarketingAmortization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SellingAndMarketingAmortization" xml:lang="en-US" id="label_SellingAndMarketingAmortization">Selling And Marketing Amortization</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingAndMarketingAmortization" xlink:to="label_SellingAndMarketingAmortization" xlink:title="Label : SellingAndMarketingAmortization to label_SellingAndMarketingAmortization" />
    <link:label xlink:type="resource" xlink:label="label_SellingAndMarketingAmortization_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SellingAndMarketingAmortization_1" xml:lang="en-US" id="label_SellingAndMarketingAmortization_1">Selling and marketing</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingAndMarketingAmortization" xlink:to="label_SellingAndMarketingAmortization_1" xlink:title="Label : SellingAndMarketingAmortization to label_SellingAndMarketingAmortization_1" />
    <link:label xlink:type="resource" xlink:label="label_SellingAndMarketingAmortization_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SellingAndMarketingAmortization_2" xml:lang="en-US" id="label_SellingAndMarketingAmortization_2">The amount of amortization expense recognized as Selling and marketing.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingAndMarketingAmortization" xlink:to="label_SellingAndMarketingAmortization_2" xlink:title="Label : SellingAndMarketingAmortization to label_SellingAndMarketingAmortization_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_GeneralAndAdministrativeAmortization" xlink:label="GeneralAndAdministrativeAmortization" xlink:title="GeneralAndAdministrativeAmortization" />
    <link:label xlink:type="resource" xlink:label="label_GeneralAndAdministrativeAmortization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GeneralAndAdministrativeAmortization" xml:lang="en-US" id="label_GeneralAndAdministrativeAmortization">General And Administrative Amortization</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GeneralAndAdministrativeAmortization" xlink:to="label_GeneralAndAdministrativeAmortization" xlink:title="Label : GeneralAndAdministrativeAmortization to label_GeneralAndAdministrativeAmortization" />
    <link:label xlink:type="resource" xlink:label="label_GeneralAndAdministrativeAmortization_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GeneralAndAdministrativeAmortization_1" xml:lang="en-US" id="label_GeneralAndAdministrativeAmortization_1">General and administrative</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GeneralAndAdministrativeAmortization" xlink:to="label_GeneralAndAdministrativeAmortization_1" xlink:title="Label : GeneralAndAdministrativeAmortization to label_GeneralAndAdministrativeAmortization_1" />
    <link:label xlink:type="resource" xlink:label="label_GeneralAndAdministrativeAmortization_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_GeneralAndAdministrativeAmortization_2" xml:lang="en-US" id="label_GeneralAndAdministrativeAmortization_2">The amount of amortization expense recognized as General and administrative.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GeneralAndAdministrativeAmortization" xlink:to="label_GeneralAndAdministrativeAmortization_2" xlink:title="Label : GeneralAndAdministrativeAmortization to label_GeneralAndAdministrativeAmortization_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AmortisationExpense" xlink:label="AmortisationExpense" xlink:title="AmortisationExpense" />
    <link:label xlink:type="resource" xlink:label="label_AmortisationExpense" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_AmortisationExpense" xml:lang="en-US" id="label_AmortisationExpense">Amortization expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmortisationExpense" xlink:to="label_AmortisationExpense" xlink:title="Label : AmortisationExpense to label_AmortisationExpense" />
    <link:label xlink:type="resource" xlink:label="label_AmortisationExpense_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AmortisationExpense_1" xml:lang="en-US" id="label_AmortisationExpense_1">Amortization expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmortisationExpense" xlink:to="label_AmortisationExpense_1" xlink:title="Label : AmortisationExpense to label_AmortisationExpense_1" />
    <link:label xlink:type="resource" xlink:label="label_AmortisationExpense_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AmortisationExpense_2" xml:lang="en-US" id="label_AmortisationExpense_2">Amortisation expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmortisationExpense" xlink:to="label_AmortisationExpense_2" xlink:title="Label : AmortisationExpense to label_AmortisationExpense_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LeaseLiabilitiesAbstract" xlink:label="LeaseLiabilitiesAbstract" xlink:title="LeaseLiabilitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_LeaseLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LeaseLiabilitiesAbstract" xml:lang="en-US" id="label_LeaseLiabilitiesAbstract">Lease liabilities [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseLiabilitiesAbstract" xlink:to="label_LeaseLiabilitiesAbstract" xlink:title="Label : LeaseLiabilitiesAbstract to label_LeaseLiabilitiesAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_InterestExpenseOnLeaseLiabilities" xlink:label="InterestExpenseOnLeaseLiabilities" xlink:title="InterestExpenseOnLeaseLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_InterestExpenseOnLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestExpenseOnLeaseLiabilities" xml:lang="en-US" id="label_InterestExpenseOnLeaseLiabilities">Interest expense on lease liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpenseOnLeaseLiabilities" xlink:to="label_InterestExpenseOnLeaseLiabilities" xlink:title="Label : InterestExpenseOnLeaseLiabilities to label_InterestExpenseOnLeaseLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_InterestExpenseOnLeaseLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterestExpenseOnLeaseLiabilities_1" xml:lang="en-US" id="label_InterestExpenseOnLeaseLiabilities_1">Interest accrued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestExpenseOnLeaseLiabilities" xlink:to="label_InterestExpenseOnLeaseLiabilities_1" xlink:title="Label : InterestExpenseOnLeaseLiabilities to label_InterestExpenseOnLeaseLiabilities_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_PaymentsOfLeaseLiability" xlink:label="PaymentsOfLeaseLiability" xlink:title="PaymentsOfLeaseLiability" />
    <link:label xlink:type="resource" xlink:label="label_PaymentsOfLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PaymentsOfLeaseLiability" xml:lang="en-US" id="label_PaymentsOfLeaseLiability">Payments Of Lease Liability</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsOfLeaseLiability" xlink:to="label_PaymentsOfLeaseLiability" xlink:title="Label : PaymentsOfLeaseLiability to label_PaymentsOfLeaseLiability" />
    <link:label xlink:type="resource" xlink:label="label_PaymentsOfLeaseLiability_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PaymentsOfLeaseLiability_1" xml:lang="en-US" id="label_PaymentsOfLeaseLiability_1">Payments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsOfLeaseLiability" xlink:to="label_PaymentsOfLeaseLiability_1" xlink:title="Label : PaymentsOfLeaseLiability to label_PaymentsOfLeaseLiability_1" />
    <link:label xlink:type="resource" xlink:label="label_PaymentsOfLeaseLiability_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PaymentsOfLeaseLiability_2" xml:lang="en-US" id="label_PaymentsOfLeaseLiability_2">Payments of lease liability.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsOfLeaseLiability" xlink:to="label_PaymentsOfLeaseLiability_2" xlink:title="Label : PaymentsOfLeaseLiability to label_PaymentsOfLeaseLiability_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AdditionsAndRemeasurementOfLeaseLiability" xlink:label="AdditionsAndRemeasurementOfLeaseLiability" xlink:title="AdditionsAndRemeasurementOfLeaseLiability" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsAndRemeasurementOfLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdditionsAndRemeasurementOfLeaseLiability" xml:lang="en-US" id="label_AdditionsAndRemeasurementOfLeaseLiability">Additions And Remeasurement Of Lease Liability</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsAndRemeasurementOfLeaseLiability" xlink:to="label_AdditionsAndRemeasurementOfLeaseLiability" xlink:title="Label : AdditionsAndRemeasurementOfLeaseLiability to label_AdditionsAndRemeasurementOfLeaseLiability" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsAndRemeasurementOfLeaseLiability_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdditionsAndRemeasurementOfLeaseLiability_1" xml:lang="en-US" id="label_AdditionsAndRemeasurementOfLeaseLiability_1">Additions and remeasurement</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsAndRemeasurementOfLeaseLiability" xlink:to="label_AdditionsAndRemeasurementOfLeaseLiability_1" xlink:title="Label : AdditionsAndRemeasurementOfLeaseLiability to label_AdditionsAndRemeasurementOfLeaseLiability_1" />
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NoncurrentLeaseLiabilities" xlink:label="NoncurrentLeaseLiabilities" xlink:title="NoncurrentLeaseLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncurrentLeaseLiabilities" xml:lang="en-US" id="label_NoncurrentLeaseLiabilities">Non-current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentLeaseLiabilities" xlink:to="label_NoncurrentLeaseLiabilities" xlink:title="Label : NoncurrentLeaseLiabilities to label_NoncurrentLeaseLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentLeaseLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentLeaseLiabilities_1" xml:lang="en-US" id="label_NoncurrentLeaseLiabilities_1">Non-current lease liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentLeaseLiabilities" xlink:to="label_NoncurrentLeaseLiabilities_1" xlink:title="Label : NoncurrentLeaseLiabilities to label_NoncurrentLeaseLiabilities_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsAbstract" xlink:label="DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsAbstract" xlink:title="DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsAbstract" xml:lang="en-US" id="label_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsAbstract">Disclosure of maturity analysis of operating lease payments [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsAbstract" xlink:to="label_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsAbstract" xlink:title="Label : DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsAbstract to label_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsTable" xlink:label="DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsTable" xlink:title="DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsTable" xml:lang="en-US" id="label_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsTable">Disclosure of maturity analysis of operating lease payments [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsTable" xlink:to="label_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsTable" xlink:title="Label : DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsTable to label_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsTable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsTable_1" xml:lang="en-US" id="label_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsTable_1">Disclosure of maturity analysis of operating lease payments [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsTable" xlink:to="label_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsTable_1" xlink:title="Label : DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsTable to label_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsTable_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:label="LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:title="LaterThanThreeYearsAndNotLaterThanFourYearsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xml:lang="en-US" id="label_LaterThanThreeYearsAndNotLaterThanFourYearsMember">Later than three years and not later than four years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:to="label_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:title="Label : LaterThanThreeYearsAndNotLaterThanFourYearsMember to label_LaterThanThreeYearsAndNotLaterThanFourYearsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanThreeYearsAndNotLaterThanFourYearsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LaterThanThreeYearsAndNotLaterThanFourYearsMember_1" xml:lang="en-US" id="label_LaterThanThreeYearsAndNotLaterThanFourYearsMember_1">From 3 to 4 years</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:to="label_LaterThanThreeYearsAndNotLaterThanFourYearsMember_1" xlink:title="Label : LaterThanThreeYearsAndNotLaterThanFourYearsMember to label_LaterThanThreeYearsAndNotLaterThanFourYearsMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LaterThanTwoYearsAndNotLaterThanFiveYearsMember" xlink:label="LaterThanTwoYearsAndNotLaterThanFiveYearsMember" xlink:title="LaterThanTwoYearsAndNotLaterThanFiveYearsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanTwoYearsAndNotLaterThanFiveYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanTwoYearsAndNotLaterThanFiveYearsMember" xml:lang="en-US" id="label_LaterThanTwoYearsAndNotLaterThanFiveYearsMember">Later than two years and not later than five years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanTwoYearsAndNotLaterThanFiveYearsMember" xlink:to="label_LaterThanTwoYearsAndNotLaterThanFiveYearsMember" xlink:title="Label : LaterThanTwoYearsAndNotLaterThanFiveYearsMember to label_LaterThanTwoYearsAndNotLaterThanFiveYearsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanTwoYearsAndNotLaterThanFiveYearsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LaterThanTwoYearsAndNotLaterThanFiveYearsMember_1" xml:lang="en-US" id="label_LaterThanTwoYearsAndNotLaterThanFiveYearsMember_1">From 4 to 5 years</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanTwoYearsAndNotLaterThanFiveYearsMember" xlink:to="label_LaterThanTwoYearsAndNotLaterThanFiveYearsMember_1" xlink:title="Label : LaterThanTwoYearsAndNotLaterThanFiveYearsMember to label_LaterThanTwoYearsAndNotLaterThanFiveYearsMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LaterThanFiveYearsMember" xlink:label="LaterThanFiveYearsMember" xlink:title="LaterThanFiveYearsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanFiveYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanFiveYearsMember" xml:lang="en-US" id="label_LaterThanFiveYearsMember">Later than five years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanFiveYearsMember" xlink:to="label_LaterThanFiveYearsMember" xlink:title="Label : LaterThanFiveYearsMember to label_LaterThanFiveYearsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanFiveYearsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LaterThanFiveYearsMember_1" xml:lang="en-US" id="label_LaterThanFiveYearsMember_1">More than 5 years</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanFiveYearsMember" xlink:to="label_LaterThanFiveYearsMember_1" xlink:title="Label : LaterThanFiveYearsMember to label_LaterThanFiveYearsMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems" xlink:label="DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems" xlink:title="DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems" xml:lang="en-US" id="label_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems">Disclosure of maturity analysis of operating lease payments [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems" xlink:to="label_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems" xlink:title="Label : DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems to label_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_UndiscountedOperatingLeasePaymentsToBeReceived" xlink:label="UndiscountedOperatingLeasePaymentsToBeReceived" xlink:title="UndiscountedOperatingLeasePaymentsToBeReceived" />
    <link:label xlink:type="resource" xlink:label="label_UndiscountedOperatingLeasePaymentsToBeReceived" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UndiscountedOperatingLeasePaymentsToBeReceived" xml:lang="en-US" id="label_UndiscountedOperatingLeasePaymentsToBeReceived">Undiscounted operating lease payments to be received</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UndiscountedOperatingLeasePaymentsToBeReceived" xlink:to="label_UndiscountedOperatingLeasePaymentsToBeReceived" xlink:title="Label : UndiscountedOperatingLeasePaymentsToBeReceived to label_UndiscountedOperatingLeasePaymentsToBeReceived" />
    <link:label xlink:type="resource" xlink:label="label_UndiscountedOperatingLeasePaymentsToBeReceived_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_UndiscountedOperatingLeasePaymentsToBeReceived_1" xml:lang="en-US" id="label_UndiscountedOperatingLeasePaymentsToBeReceived_1">Future disbursements</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UndiscountedOperatingLeasePaymentsToBeReceived" xlink:to="label_UndiscountedOperatingLeasePaymentsToBeReceived_1" xlink:title="Label : UndiscountedOperatingLeasePaymentsToBeReceived to label_UndiscountedOperatingLeasePaymentsToBeReceived_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfLeaseContractsOfLowAmountAssetsAbstractAbstract" xlink:label="DisclosureOfLeaseContractsOfLowAmountAssetsAbstractAbstract" xlink:title="DisclosureOfLeaseContractsOfLowAmountAssetsAbstractAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfLeaseContractsOfLowAmountAssetsAbstractAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfLeaseContractsOfLowAmountAssetsAbstractAbstract" xml:lang="en-US" id="label_DisclosureOfLeaseContractsOfLowAmountAssetsAbstractAbstract">Disclosure of Lease Contracts of Low Amount Assets Abstract [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfLeaseContractsOfLowAmountAssetsAbstractAbstract" xlink:to="label_DisclosureOfLeaseContractsOfLowAmountAssetsAbstractAbstract" xlink:title="Label : DisclosureOfLeaseContractsOfLowAmountAssetsAbstractAbstract to label_DisclosureOfLeaseContractsOfLowAmountAssetsAbstractAbstract" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfLeaseContractsOfLowAmountAssetsAbstractAbstract" xlink:to="label_DisclosureOfLeaseContractsOfLowAmountAssetsAbstractAbstract_1" xlink:title="Label : DisclosureOfLeaseContractsOfLowAmountAssetsAbstractAbstract to label_DisclosureOfLeaseContractsOfLowAmountAssetsAbstractAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfLeasesContractOfLowAssetValueTable" xlink:label="DisclosureOfLeasesContractOfLowAssetValueTable" xlink:title="DisclosureOfLeasesContractOfLowAssetValueTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfLeasesContractOfLowAssetValueTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfLeasesContractOfLowAssetValueTable" xml:lang="en-US" id="label_DisclosureOfLeasesContractOfLowAssetValueTable">Disclosure of Leases Contract of Low Asset Value [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfLeasesContractOfLowAssetValueTable" xlink:to="label_DisclosureOfLeasesContractOfLowAssetValueTable" xlink:title="Label : DisclosureOfLeasesContractOfLowAssetValueTable to label_DisclosureOfLeasesContractOfLowAssetValueTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfLeasesContractOfLowAssetValueTable_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfLeasesContractOfLowAssetValueTable_1" xml:lang="en-US" id="label_DisclosureOfLeasesContractOfLowAssetValueTable_1">Disclosure of lease contracts of low amount assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfLeasesContractOfLowAssetValueTable" xlink:to="label_DisclosureOfLeasesContractOfLowAssetValueTable_1" xlink:title="Label : DisclosureOfLeasesContractOfLowAssetValueTable to label_DisclosureOfLeasesContractOfLowAssetValueTable_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember" xlink:label="LaterThanOneYearAndNotLaterThanFiveYearsMember" xlink:title="LaterThanOneYearAndNotLaterThanFiveYearsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanOneYearAndNotLaterThanFiveYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanOneYearAndNotLaterThanFiveYearsMember" xml:lang="en-US" id="label_LaterThanOneYearAndNotLaterThanFiveYearsMember">Later than one year and not later than five years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanOneYearAndNotLaterThanFiveYearsMember" xlink:to="label_LaterThanOneYearAndNotLaterThanFiveYearsMember" xlink:title="Label : LaterThanOneYearAndNotLaterThanFiveYearsMember to label_LaterThanOneYearAndNotLaterThanFiveYearsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanOneYearAndNotLaterThanFiveYearsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LaterThanOneYearAndNotLaterThanFiveYearsMember_1" xml:lang="en-US" id="label_LaterThanOneYearAndNotLaterThanFiveYearsMember_1">Between 1 and 5 years</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanOneYearAndNotLaterThanFiveYearsMember" xlink:to="label_LaterThanOneYearAndNotLaterThanFiveYearsMember_1" xlink:title="Label : LaterThanOneYearAndNotLaterThanFiveYearsMember to label_LaterThanOneYearAndNotLaterThanFiveYearsMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfLeaseContractsOfLowAmountAssetsLineItems" xlink:label="DisclosureOfLeaseContractsOfLowAmountAssetsLineItems" xlink:title="DisclosureOfLeaseContractsOfLowAmountAssetsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfLeaseContractsOfLowAmountAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfLeaseContractsOfLowAmountAssetsLineItems" xml:lang="en-US" id="label_DisclosureOfLeaseContractsOfLowAmountAssetsLineItems">Disclosure of Lease Contracts of Low Amount Assets [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfLeaseContractsOfLowAmountAssetsLineItems" xlink:to="label_DisclosureOfLeaseContractsOfLowAmountAssetsLineItems" xlink:title="Label : DisclosureOfLeaseContractsOfLowAmountAssetsLineItems to label_DisclosureOfLeaseContractsOfLowAmountAssetsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfLeaseContractsOfLowAmountAssetsLineItems_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfLeaseContractsOfLowAmountAssetsLineItems_1" xml:lang="en-US" id="label_DisclosureOfLeaseContractsOfLowAmountAssetsLineItems_1">Disclosure of lease contracts of low amount assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfLeaseContractsOfLowAmountAssetsLineItems" xlink:to="label_DisclosureOfLeaseContractsOfLowAmountAssetsLineItems_1" xlink:title="Label : DisclosureOfLeaseContractsOfLowAmountAssetsLineItems to label_DisclosureOfLeaseContractsOfLowAmountAssetsLineItems_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_UndiscountedOperatingLeasePaymentsToBePayable" xlink:label="UndiscountedOperatingLeasePaymentsToBePayable" xlink:title="UndiscountedOperatingLeasePaymentsToBePayable" />
    <link:label xlink:type="resource" xlink:label="label_UndiscountedOperatingLeasePaymentsToBePayable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UndiscountedOperatingLeasePaymentsToBePayable" xml:lang="en-US" id="label_UndiscountedOperatingLeasePaymentsToBePayable">Undiscounted Operating Lease Payments To be Payable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UndiscountedOperatingLeasePaymentsToBePayable" xlink:to="label_UndiscountedOperatingLeasePaymentsToBePayable" xlink:title="Label : UndiscountedOperatingLeasePaymentsToBePayable to label_UndiscountedOperatingLeasePaymentsToBePayable" />
    <link:label xlink:type="resource" xlink:label="label_UndiscountedOperatingLeasePaymentsToBePayable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_UndiscountedOperatingLeasePaymentsToBePayable_1" xml:lang="en-US" id="label_UndiscountedOperatingLeasePaymentsToBePayable_1">Lease payments to be payable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UndiscountedOperatingLeasePaymentsToBePayable" xlink:to="label_UndiscountedOperatingLeasePaymentsToBePayable_1" xlink:title="Label : UndiscountedOperatingLeasePaymentsToBePayable to label_UndiscountedOperatingLeasePaymentsToBePayable_1" />
    <link:label xlink:type="resource" xlink:label="label_UndiscountedOperatingLeasePaymentsToBePayable_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_UndiscountedOperatingLeasePaymentsToBePayable_2" xml:lang="en-US" id="label_UndiscountedOperatingLeasePaymentsToBePayable_2">Undiscounted operating lease payments to be received.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UndiscountedOperatingLeasePaymentsToBePayable" xlink:to="label_UndiscountedOperatingLeasePaymentsToBePayable_2" xlink:title="Label : UndiscountedOperatingLeasePaymentsToBePayable to label_UndiscountedOperatingLeasePaymentsToBePayable_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed" xlink:label="ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed" xlink:title="ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed" />
    <link:label xlink:type="resource" xlink:label="label_ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed" xml:lang="en-US" id="label_ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed">Expense relating to leases of low-value assets for which recognition exemption has been used</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed" xlink:to="label_ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed" xlink:title="Label : ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed to label_ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed" />
    <link:label xlink:type="resource" xlink:label="label_ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed_1" xml:lang="en-US" id="label_ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed_1">Expense relating to leases of low-value assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed" xlink:to="label_ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed_1" xlink:title="Label : ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed to label_ExpenseRelatingToLeasesOfLowvalueAssetsForWhichRecognitionExemptionHasBeenUsed_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ChangesInPropertyPlantAndEquipmentAbstract" xlink:label="ChangesInPropertyPlantAndEquipmentAbstract" xlink:title="ChangesInPropertyPlantAndEquipmentAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ChangesInPropertyPlantAndEquipmentAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ChangesInPropertyPlantAndEquipmentAbstract" xml:lang="en-US" id="label_ChangesInPropertyPlantAndEquipmentAbstract">Changes in property, plant and equipment [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangesInPropertyPlantAndEquipmentAbstract" xlink:to="label_ChangesInPropertyPlantAndEquipmentAbstract" xlink:title="Label : ChangesInPropertyPlantAndEquipmentAbstract to label_ChangesInPropertyPlantAndEquipmentAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable" xlink:label="DisclosureOfPropertyPlantAndEquipmentTable" xlink:title="DisclosureOfPropertyPlantAndEquipmentTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfPropertyPlantAndEquipmentTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfPropertyPlantAndEquipmentTable" xml:lang="en-US" id="label_DisclosureOfPropertyPlantAndEquipmentTable">Disclosure of detailed information about property, plant and equipment [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfPropertyPlantAndEquipmentTable" xlink:to="label_DisclosureOfPropertyPlantAndEquipmentTable" xlink:title="Label : DisclosureOfPropertyPlantAndEquipmentTable to label_DisclosureOfPropertyPlantAndEquipmentTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfPropertyPlantAndEquipmentTable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfPropertyPlantAndEquipmentTable_1" xml:lang="en-US" id="label_DisclosureOfPropertyPlantAndEquipmentTable_1">Disclosure of detailed information about property, plant and equipment [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfPropertyPlantAndEquipmentTable" xlink:to="label_DisclosureOfPropertyPlantAndEquipmentTable_1" xlink:title="Label : DisclosureOfPropertyPlantAndEquipmentTable to label_DisclosureOfPropertyPlantAndEquipmentTable_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LandMember" xlink:label="LandMember" xlink:title="LandMember" />
    <link:label xlink:type="resource" xlink:label="label_LandMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LandMember" xml:lang="en-US" id="label_LandMember">Land [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LandMember" xlink:to="label_LandMember" xlink:title="Label : LandMember to label_LandMember" />
    <link:label xlink:type="resource" xlink:label="label_LandMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LandMember_1" xml:lang="en-US" id="label_LandMember_1">Land [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LandMember" xlink:to="label_LandMember_1" xlink:title="Label : LandMember to label_LandMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_MachineryMember" xlink:label="MachineryMember" xlink:title="MachineryMember" />
    <link:label xlink:type="resource" xlink:label="label_MachineryMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MachineryMember" xml:lang="en-US" id="label_MachineryMember">Machinery [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MachineryMember" xlink:to="label_MachineryMember" xlink:title="Label : MachineryMember to label_MachineryMember" />
    <link:label xlink:type="resource" xlink:label="label_MachineryMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MachineryMember_1" xml:lang="en-US" id="label_MachineryMember_1">Machinery [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MachineryMember" xlink:to="label_MachineryMember_1" xlink:title="Label : MachineryMember to label_MachineryMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_BuildingsMember" xlink:label="BuildingsMember" xlink:title="BuildingsMember" />
    <link:label xlink:type="resource" xlink:label="label_BuildingsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BuildingsMember" xml:lang="en-US" id="label_BuildingsMember">Buildings [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BuildingsMember" xlink:to="label_BuildingsMember" xlink:title="Label : BuildingsMember to label_BuildingsMember" />
    <link:label xlink:type="resource" xlink:label="label_BuildingsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BuildingsMember_1" xml:lang="en-US" id="label_BuildingsMember_1">Buildings [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BuildingsMember" xlink:to="label_BuildingsMember_1" xlink:title="Label : BuildingsMember to label_BuildingsMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LeaseholdImprovementsMember" xlink:label="LeaseholdImprovementsMember" xlink:title="LeaseholdImprovementsMember" />
    <link:label xlink:type="resource" xlink:label="label_LeaseholdImprovementsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LeaseholdImprovementsMember" xml:lang="en-US" id="label_LeaseholdImprovementsMember">Leasehold improvements [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseholdImprovementsMember" xlink:to="label_LeaseholdImprovementsMember" xlink:title="Label : LeaseholdImprovementsMember to label_LeaseholdImprovementsMember" />
    <link:label xlink:type="resource" xlink:label="label_LeaseholdImprovementsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LeaseholdImprovementsMember_1" xml:lang="en-US" id="label_LeaseholdImprovementsMember_1">Leasehold improvements [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeaseholdImprovementsMember" xlink:to="label_LeaseholdImprovementsMember_1" xlink:title="Label : LeaseholdImprovementsMember to label_LeaseholdImprovementsMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AutomotiveMember" xlink:label="AutomotiveMember" xlink:title="AutomotiveMember" />
    <link:label xlink:type="resource" xlink:label="label_AutomotiveMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AutomotiveMember" xml:lang="en-US" id="label_AutomotiveMember">Automotive [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AutomotiveMember" xlink:to="label_AutomotiveMember" xlink:title="Label : AutomotiveMember to label_AutomotiveMember" />
    <link:label xlink:type="resource" xlink:label="label_AutomotiveMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AutomotiveMember_1" xml:lang="en-US" id="label_AutomotiveMember_1">Automotive [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AutomotiveMember" xlink:to="label_AutomotiveMember_1" xlink:title="Label : AutomotiveMember to label_AutomotiveMember_1" />
    <link:label xlink:type="resource" xlink:label="label_AutomotiveMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AutomotiveMember_2" xml:lang="en-US" id="label_AutomotiveMember_2">Automotive.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AutomotiveMember" xlink:to="label_AutomotiveMember_2" xlink:title="Label : AutomotiveMember to label_AutomotiveMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LPGTanksMember" xlink:label="LPGTanksMember" xlink:title="LPGTanksMember" />
    <link:label xlink:type="resource" xlink:label="label_LPGTanksMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LPGTanksMember" xml:lang="en-US" id="label_LPGTanksMember">Lpg tanks [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LPGTanksMember" xlink:to="label_LPGTanksMember" xlink:title="Label : LPGTanksMember to label_LPGTanksMember" />
    <link:label xlink:type="resource" xlink:label="label_LPGTanksMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LPGTanksMember_1" xml:lang="en-US" id="label_LPGTanksMember_1">Lpg tanks [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LPGTanksMember" xlink:to="label_LPGTanksMember_1" xlink:title="Label : LPGTanksMember to label_LPGTanksMember_1" />
    <link:label xlink:type="resource" xlink:label="label_LPGTanksMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LPGTanksMember_2" xml:lang="en-US" id="label_LPGTanksMember_2">Lpg tanks.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LPGTanksMember" xlink:to="label_LPGTanksMember_2" xlink:title="Label : LPGTanksMember to label_LPGTanksMember_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_VehiclesMember" xlink:label="VehiclesMember" xlink:title="VehiclesMember" />
    <link:label xlink:type="resource" xlink:label="label_VehiclesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_VehiclesMember" xml:lang="en-US" id="label_VehiclesMember">Vehicles [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VehiclesMember" xlink:to="label_VehiclesMember" xlink:title="Label : VehiclesMember to label_VehiclesMember" />
    <link:label xlink:type="resource" xlink:label="label_VehiclesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_VehiclesMember_1" xml:lang="en-US" id="label_VehiclesMember_1">Vehicles [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VehiclesMember" xlink:to="label_VehiclesMember_1" xlink:title="Label : VehiclesMember to label_VehiclesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_FurnitureMember" xlink:label="FurnitureMember" xlink:title="FurnitureMember" />
    <link:label xlink:type="resource" xlink:label="label_FurnitureMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FurnitureMember" xml:lang="en-US" id="label_FurnitureMember">Furniture [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FurnitureMember" xlink:to="label_FurnitureMember" xlink:title="Label : FurnitureMember to label_FurnitureMember" />
    <link:label xlink:type="resource" xlink:label="label_FurnitureMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FurnitureMember_1" xml:lang="en-US" id="label_FurnitureMember_1">Furniture [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FurnitureMember" xlink:to="label_FurnitureMember_1" xlink:title="Label : FurnitureMember to label_FurnitureMember_1" />
    <link:label xlink:type="resource" xlink:label="label_FurnitureMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FurnitureMember_2" xml:lang="en-US" id="label_FurnitureMember_2">Furniture.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FurnitureMember" xlink:to="label_FurnitureMember_2" xlink:title="Label : FurnitureMember to label_FurnitureMember_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ConstructionInProgressMember" xlink:label="ConstructionInProgressMember" xlink:title="ConstructionInProgressMember" />
    <link:label xlink:type="resource" xlink:label="label_ConstructionInProgressMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ConstructionInProgressMember" xml:lang="en-US" id="label_ConstructionInProgressMember">Construction in progress [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConstructionInProgressMember" xlink:to="label_ConstructionInProgressMember" xlink:title="Label : ConstructionInProgressMember to label_ConstructionInProgressMember" />
    <link:label xlink:type="resource" xlink:label="label_ConstructionInProgressMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ConstructionInProgressMember_1" xml:lang="en-US" id="label_ConstructionInProgressMember_1">Construction in progress [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConstructionInProgressMember" xlink:to="label_ConstructionInProgressMember_1" xlink:title="Label : ConstructionInProgressMember to label_ConstructionInProgressMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ImportsInProgressMember" xlink:label="ImportsInProgressMember" xlink:title="ImportsInProgressMember" />
    <link:label xlink:type="resource" xlink:label="label_ImportsInProgressMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ImportsInProgressMember" xml:lang="en-US" id="label_ImportsInProgressMember">Imports in progress [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImportsInProgressMember" xlink:to="label_ImportsInProgressMember" xlink:title="Label : ImportsInProgressMember to label_ImportsInProgressMember" />
    <link:label xlink:type="resource" xlink:label="label_ImportsInProgressMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ImportsInProgressMember_1" xml:lang="en-US" id="label_ImportsInProgressMember_1">Imports in progress [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImportsInProgressMember" xlink:to="label_ImportsInProgressMember_1" xlink:title="Label : ImportsInProgressMember to label_ImportsInProgressMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ImportsInProgressMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ImportsInProgressMember_2" xml:lang="en-US" id="label_ImportsInProgressMember_2">Imports in progress.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImportsInProgressMember" xlink:to="label_ImportsInProgressMember_2" xlink:title="Label : ImportsInProgressMember to label_ImportsInProgressMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ITEquipmentMember" xlink:label="ITEquipmentMember" xlink:title="ITEquipmentMember" />
    <link:label xlink:type="resource" xlink:label="label_ITEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ITEquipmentMember" xml:lang="en-US" id="label_ITEquipmentMember">IT equipment [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ITEquipmentMember" xlink:to="label_ITEquipmentMember" xlink:title="Label : ITEquipmentMember to label_ITEquipmentMember" />
    <link:label xlink:type="resource" xlink:label="label_ITEquipmentMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ITEquipmentMember_1" xml:lang="en-US" id="label_ITEquipmentMember_1">IT equipment [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ITEquipmentMember" xlink:to="label_ITEquipmentMember_1" xlink:title="Label : ITEquipmentMember to label_ITEquipmentMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ITEquipmentMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ITEquipmentMember_2" xml:lang="en-US" id="label_ITEquipmentMember_2">IT equipment.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ITEquipmentMember" xlink:to="label_ITEquipmentMember_2" xlink:title="Label : ITEquipmentMember to label_ITEquipmentMember_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AccumulatedImpairmentMember" xlink:label="AccumulatedImpairmentMember" xlink:title="AccumulatedImpairmentMember" />
    <link:label xlink:type="resource" xlink:label="label_AccumulatedImpairmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AccumulatedImpairmentMember" xml:lang="en-US" id="label_AccumulatedImpairmentMember">Accumulated impairment [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedImpairmentMember" xlink:to="label_AccumulatedImpairmentMember" xlink:title="Label : AccumulatedImpairmentMember to label_AccumulatedImpairmentMember" />
    <link:label xlink:type="resource" xlink:label="label_AccumulatedImpairmentMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AccumulatedImpairmentMember_1" xml:lang="en-US" id="label_AccumulatedImpairmentMember_1">Provision for losses [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedImpairmentMember" xlink:to="label_AccumulatedImpairmentMember_1" xlink:title="Label : AccumulatedImpairmentMember to label_AccumulatedImpairmentMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:label="DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:title="DisclosureOfPropertyPlantAndEquipmentLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfPropertyPlantAndEquipmentLineItems" xml:lang="en-US" id="label_DisclosureOfPropertyPlantAndEquipmentLineItems">Disclosure of detailed information about property, plant and equipment [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:to="label_DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:title="Label : DisclosureOfPropertyPlantAndEquipmentLineItems to label_DisclosureOfPropertyPlantAndEquipmentLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfPropertyPlantAndEquipmentLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfPropertyPlantAndEquipmentLineItems_1" xml:lang="en-US" id="label_DisclosureOfPropertyPlantAndEquipmentLineItems_1">Disclosure of detailed information about property, plant and equipment [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:to="label_DisclosureOfPropertyPlantAndEquipmentLineItems_1" xlink:title="Label : DisclosureOfPropertyPlantAndEquipmentLineItems to label_DisclosureOfPropertyPlantAndEquipmentLineItems_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:label="AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:title="AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xml:lang="en-US" id="label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment">Additions other than through business combinations, property, plant and equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:to="label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:title="Label : AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment to label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_1" xml:lang="en-US" id="label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_1">Property, plant, and equipment, additions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:to="label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_1" xlink:title="Label : AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment to label_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DepreciationPropertyPlantAndEquipment" xlink:label="DepreciationPropertyPlantAndEquipment" xlink:title="DepreciationPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_DepreciationPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DepreciationPropertyPlantAndEquipment" xml:lang="en-US" id="label_DepreciationPropertyPlantAndEquipment">Depreciation, property, plant and equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationPropertyPlantAndEquipment" xlink:to="label_DepreciationPropertyPlantAndEquipment" xlink:title="Label : DepreciationPropertyPlantAndEquipment to label_DepreciationPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_DepreciationPropertyPlantAndEquipment_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_DepreciationPropertyPlantAndEquipment_1" xml:lang="en-US" id="label_DepreciationPropertyPlantAndEquipment_1">Property, plant, and equipment, depreciation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationPropertyPlantAndEquipment" xlink:to="label_DepreciationPropertyPlantAndEquipment_1" xlink:title="Label : DepreciationPropertyPlantAndEquipment to label_DepreciationPropertyPlantAndEquipment_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" xlink:label="IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" xlink:title="IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" xml:lang="en-US" id="label_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment">Increase (decrease) through transfers, property, plant and equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" xlink:to="label_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" xlink:title="Label : IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment to label_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment_1" xml:lang="en-US" id="label_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment_1">Property, plant, and equipment, transfer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" xlink:to="label_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment_1" xlink:title="Label : IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment to label_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisposalsPropertyPlantAndEquipment" xlink:label="DisposalsPropertyPlantAndEquipment" xlink:title="DisposalsPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_DisposalsPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisposalsPropertyPlantAndEquipment" xml:lang="en-US" id="label_DisposalsPropertyPlantAndEquipment">Disposals, property, plant and equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisposalsPropertyPlantAndEquipment" xlink:to="label_DisposalsPropertyPlantAndEquipment" xlink:title="Label : DisposalsPropertyPlantAndEquipment to label_DisposalsPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_DisposalsPropertyPlantAndEquipment_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_DisposalsPropertyPlantAndEquipment_1" xml:lang="en-US" id="label_DisposalsPropertyPlantAndEquipment_1">Property, plant, and equipment, write-offs and disposals</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisposalsPropertyPlantAndEquipment" xlink:to="label_DisposalsPropertyPlantAndEquipment_1" xlink:title="Label : DisposalsPropertyPlantAndEquipment to label_DisposalsPropertyPlantAndEquipment_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" xlink:label="IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" xlink:title="IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" xml:lang="en-US" id="label_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment">Increase (decrease) through net exchange differences, property, plant and equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" xlink:to="label_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" xlink:title="Label : IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment to label_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment_1" xml:lang="en-US" id="label_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment_1">Property, plant, and equipment, effect of foreign currency exchange rate variation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" xlink:to="label_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment_1" xlink:title="Label : IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment to label_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_RetirementsPropertyPlantAndEquipment" xlink:label="RetirementsPropertyPlantAndEquipment" xlink:title="RetirementsPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_RetirementsPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RetirementsPropertyPlantAndEquipment" xml:lang="en-US" id="label_RetirementsPropertyPlantAndEquipment">Retirements, property, plant and equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RetirementsPropertyPlantAndEquipment" xlink:to="label_RetirementsPropertyPlantAndEquipment" xlink:title="Label : RetirementsPropertyPlantAndEquipment to label_RetirementsPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_RetirementsPropertyPlantAndEquipment_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_RetirementsPropertyPlantAndEquipment_1" xml:lang="en-US" id="label_RetirementsPropertyPlantAndEquipment_1">Property, plant, and equipment, Oxiteno andian</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RetirementsPropertyPlantAndEquipment" xlink:to="label_RetirementsPropertyPlantAndEquipment_1" xlink:title="Label : RetirementsPropertyPlantAndEquipment to label_RetirementsPropertyPlantAndEquipment_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:label="AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:title="AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" xml:lang="en-US" id="label_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment">Acquisitions through business combinations, property, plant and equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:to="label_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:title="Label : AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment to label_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment_1" xml:lang="en-US" id="label_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment_1">Property, plant, and equipment, Balance acquisition TEAS</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:to="label_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment_1" xlink:title="Label : AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment to label_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_PropertyPlantAndEquipmentOpeningBalanceCblsa" xlink:label="PropertyPlantAndEquipmentOpeningBalanceCblsa" xlink:title="PropertyPlantAndEquipmentOpeningBalanceCblsa" />
    <link:label xlink:type="resource" xlink:label="label_PropertyPlantAndEquipmentOpeningBalanceCblsa" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PropertyPlantAndEquipmentOpeningBalanceCblsa" xml:lang="en-US" id="label_PropertyPlantAndEquipmentOpeningBalanceCblsa">Property plant and equipment opening balance cblsa</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentOpeningBalanceCblsa" xlink:to="label_PropertyPlantAndEquipmentOpeningBalanceCblsa" xlink:title="Label : PropertyPlantAndEquipmentOpeningBalanceCblsa to label_PropertyPlantAndEquipmentOpeningBalanceCblsa" />
    <link:label xlink:type="resource" xlink:label="label_PropertyPlantAndEquipmentOpeningBalanceCblsa_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PropertyPlantAndEquipmentOpeningBalanceCblsa_1" xml:lang="en-US" id="label_PropertyPlantAndEquipmentOpeningBalanceCblsa_1">Property, plant, and equipment, opening balance CBLSA</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentOpeningBalanceCblsa" xlink:to="label_PropertyPlantAndEquipmentOpeningBalanceCblsa_1" xlink:title="Label : PropertyPlantAndEquipmentOpeningBalanceCblsa to label_PropertyPlantAndEquipmentOpeningBalanceCblsa_1" />
    <link:label xlink:type="resource" xlink:label="label_PropertyPlantAndEquipmentOpeningBalanceCblsa_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PropertyPlantAndEquipmentOpeningBalanceCblsa_2" xml:lang="en-US" id="label_PropertyPlantAndEquipmentOpeningBalanceCblsa_2">Property plant and equipment opening balance cblsa.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipmentOpeningBalanceCblsa" xlink:to="label_PropertyPlantAndEquipmentOpeningBalanceCblsa_2" xlink:title="Label : PropertyPlantAndEquipmentOpeningBalanceCblsa to label_PropertyPlantAndEquipmentOpeningBalanceCblsa_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfDepreciationExpensesAbstract" xlink:label="DisclosureOfDepreciationExpensesAbstract" xlink:title="DisclosureOfDepreciationExpensesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDepreciationExpensesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDepreciationExpensesAbstract" xml:lang="en-US" id="label_DisclosureOfDepreciationExpensesAbstract">Disclosure of Depreciation Expenses [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDepreciationExpensesAbstract" xlink:to="label_DisclosureOfDepreciationExpensesAbstract" xlink:title="Label : DisclosureOfDepreciationExpensesAbstract to label_DisclosureOfDepreciationExpensesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDepreciationExpensesAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfDepreciationExpensesAbstract_1" xml:lang="en-US" id="label_DisclosureOfDepreciationExpensesAbstract_1">Disclosure of depreciation expenses [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDepreciationExpensesAbstract" xlink:to="label_DisclosureOfDepreciationExpensesAbstract_1" xlink:title="Label : DisclosureOfDepreciationExpensesAbstract to label_DisclosureOfDepreciationExpensesAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfDepreciationExpensesTable" xlink:label="DisclosureOfDepreciationExpensesTable" xlink:title="DisclosureOfDepreciationExpensesTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDepreciationExpensesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDepreciationExpensesTable" xml:lang="en-US" id="label_DisclosureOfDepreciationExpensesTable">Disclosure of Depreciation Expenses [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDepreciationExpensesTable" xlink:to="label_DisclosureOfDepreciationExpensesTable" xlink:title="Label : DisclosureOfDepreciationExpensesTable to label_DisclosureOfDepreciationExpensesTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDepreciationExpensesTable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfDepreciationExpensesTable_1" xml:lang="en-US" id="label_DisclosureOfDepreciationExpensesTable_1">Disclosure of depreciation expenses [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDepreciationExpensesTable" xlink:to="label_DisclosureOfDepreciationExpensesTable_1" xlink:title="Label : DisclosureOfDepreciationExpensesTable to label_DisclosureOfDepreciationExpensesTable_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IncomeStatementLocationOneAxis" xlink:label="IncomeStatementLocationOneAxis" xlink:title="IncomeStatementLocationOneAxis" />
    <link:label xlink:type="resource" xlink:label="label_IncomeStatementLocationOneAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeStatementLocationOneAxis" xml:lang="en-US" id="label_IncomeStatementLocationOneAxis">Income Statement Location One [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeStatementLocationOneAxis" xlink:to="label_IncomeStatementLocationOneAxis" xlink:title="Label : IncomeStatementLocationOneAxis to label_IncomeStatementLocationOneAxis" />
    <link:label xlink:type="resource" xlink:label="label_IncomeStatementLocationOneAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncomeStatementLocationOneAxis_1" xml:lang="en-US" id="label_IncomeStatementLocationOneAxis_1">Income Statement Location One [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeStatementLocationOneAxis" xlink:to="label_IncomeStatementLocationOneAxis_1" xlink:title="Label : IncomeStatementLocationOneAxis to label_IncomeStatementLocationOneAxis_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IncomeStatementLocationOneDomain" xlink:label="IncomeStatementLocationOneDomain" xlink:title="IncomeStatementLocationOneDomain" />
    <link:label xlink:type="resource" xlink:label="label_IncomeStatementLocationOneDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeStatementLocationOneDomain" xml:lang="en-US" id="label_IncomeStatementLocationOneDomain">Income Statement Location One [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeStatementLocationOneDomain" xlink:to="label_IncomeStatementLocationOneDomain" xlink:title="Label : IncomeStatementLocationOneDomain to label_IncomeStatementLocationOneDomain" />
    <link:label xlink:type="resource" xlink:label="label_IncomeStatementLocationOneDomain_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncomeStatementLocationOneDomain_1" xml:lang="en-US" id="label_IncomeStatementLocationOneDomain_1">Income Statement Location One [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeStatementLocationOneDomain" xlink:to="label_IncomeStatementLocationOneDomain_1" xlink:title="Label : IncomeStatementLocationOneDomain to label_IncomeStatementLocationOneDomain_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CostOfProductsSoldMember" xlink:label="CostOfProductsSoldMember" xlink:title="CostOfProductsSoldMember" />
    <link:label xlink:type="resource" xlink:label="label_CostOfProductsSoldMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CostOfProductsSoldMember" xml:lang="en-US" id="label_CostOfProductsSoldMember">Cost Of Products Sold [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfProductsSoldMember" xlink:to="label_CostOfProductsSoldMember" xlink:title="Label : CostOfProductsSoldMember to label_CostOfProductsSoldMember" />
    <link:label xlink:type="resource" xlink:label="label_CostOfProductsSoldMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CostOfProductsSoldMember_1" xml:lang="en-US" id="label_CostOfProductsSoldMember_1">Cost of products sold [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CostOfProductsSoldMember" xlink:to="label_CostOfProductsSoldMember_1" xlink:title="Label : CostOfProductsSoldMember to label_CostOfProductsSoldMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SellingAndMarketingExpensesMember" xlink:label="SellingAndMarketingExpensesMember" xlink:title="SellingAndMarketingExpensesMember" />
    <link:label xlink:type="resource" xlink:label="label_SellingAndMarketingExpensesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SellingAndMarketingExpensesMember" xml:lang="en-US" id="label_SellingAndMarketingExpensesMember">Selling And Marketing Expenses [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingAndMarketingExpensesMember" xlink:to="label_SellingAndMarketingExpensesMember" xlink:title="Label : SellingAndMarketingExpensesMember to label_SellingAndMarketingExpensesMember" />
    <link:label xlink:type="resource" xlink:label="label_SellingAndMarketingExpensesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SellingAndMarketingExpensesMember_1" xml:lang="en-US" id="label_SellingAndMarketingExpensesMember_1">Selling and marketing expenses [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingAndMarketingExpensesMember" xlink:to="label_SellingAndMarketingExpensesMember_1" xlink:title="Label : SellingAndMarketingExpensesMember to label_SellingAndMarketingExpensesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_GeneralAndAdministrativeExpensesMember" xlink:label="GeneralAndAdministrativeExpensesMember" xlink:title="GeneralAndAdministrativeExpensesMember" />
    <link:label xlink:type="resource" xlink:label="label_GeneralAndAdministrativeExpensesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GeneralAndAdministrativeExpensesMember" xml:lang="en-US" id="label_GeneralAndAdministrativeExpensesMember">General And Administrative Expenses [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GeneralAndAdministrativeExpensesMember" xlink:to="label_GeneralAndAdministrativeExpensesMember" xlink:title="Label : GeneralAndAdministrativeExpensesMember to label_GeneralAndAdministrativeExpensesMember" />
    <link:label xlink:type="resource" xlink:label="label_GeneralAndAdministrativeExpensesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GeneralAndAdministrativeExpensesMember_1" xml:lang="en-US" id="label_GeneralAndAdministrativeExpensesMember_1">General and administrative expenses [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GeneralAndAdministrativeExpensesMember" xlink:to="label_GeneralAndAdministrativeExpensesMember_1" xlink:title="Label : GeneralAndAdministrativeExpensesMember to label_GeneralAndAdministrativeExpensesMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfIntangibleAssetsAbstract" xlink:label="DisclosureOfIntangibleAssetsAbstract" xlink:title="DisclosureOfIntangibleAssetsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfIntangibleAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfIntangibleAssetsAbstract" xml:lang="en-US" id="label_DisclosureOfIntangibleAssetsAbstract">Disclosure of detailed information about intangible assets [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfIntangibleAssetsAbstract" xlink:to="label_DisclosureOfIntangibleAssetsAbstract" xlink:title="Label : DisclosureOfIntangibleAssetsAbstract to label_DisclosureOfIntangibleAssetsAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfIntangibleAssetsTable" xlink:label="DisclosureOfIntangibleAssetsTable" xlink:title="DisclosureOfIntangibleAssetsTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfIntangibleAssetsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfIntangibleAssetsTable" xml:lang="en-US" id="label_DisclosureOfIntangibleAssetsTable">Disclosure of detailed information about intangible assets [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfIntangibleAssetsTable" xlink:to="label_DisclosureOfIntangibleAssetsTable" xlink:title="Label : DisclosureOfIntangibleAssetsTable to label_DisclosureOfIntangibleAssetsTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfIntangibleAssetsTable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfIntangibleAssetsTable_1" xml:lang="en-US" id="label_DisclosureOfIntangibleAssetsTable_1">Disclosure of detailed information about intangible assets [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfIntangibleAssetsTable" xlink:to="label_DisclosureOfIntangibleAssetsTable_1" xlink:title="Label : DisclosureOfIntangibleAssetsTable to label_DisclosureOfIntangibleAssetsTable_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IntangibleAssetsCostMember" xlink:label="IntangibleAssetsCostMember" xlink:title="IntangibleAssetsCostMember" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsCostMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IntangibleAssetsCostMember" xml:lang="en-US" id="label_IntangibleAssetsCostMember">Intangible assets cost [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsCostMember" xlink:to="label_IntangibleAssetsCostMember" xlink:title="Label : IntangibleAssetsCostMember to label_IntangibleAssetsCostMember" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsCostMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IntangibleAssetsCostMember_1" xml:lang="en-US" id="label_IntangibleAssetsCostMember_1">Cost [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsCostMember" xlink:to="label_IntangibleAssetsCostMember_1" xlink:title="Label : IntangibleAssetsCostMember to label_IntangibleAssetsCostMember_1" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsCostMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IntangibleAssetsCostMember_2" xml:lang="en-US" id="label_IntangibleAssetsCostMember_2">Intangible assets cost.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsCostMember" xlink:to="label_IntangibleAssetsCostMember_2" xlink:title="Label : IntangibleAssetsCostMember to label_IntangibleAssetsCostMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IntangibleAssetsAccumulatedAmortizationMember" xlink:label="IntangibleAssetsAccumulatedAmortizationMember" xlink:title="IntangibleAssetsAccumulatedAmortizationMember" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsAccumulatedAmortizationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IntangibleAssetsAccumulatedAmortizationMember" xml:lang="en-US" id="label_IntangibleAssetsAccumulatedAmortizationMember">Intangible assets accumulated amortization [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsAccumulatedAmortizationMember" xlink:to="label_IntangibleAssetsAccumulatedAmortizationMember" xlink:title="Label : IntangibleAssetsAccumulatedAmortizationMember to label_IntangibleAssetsAccumulatedAmortizationMember" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsAccumulatedAmortizationMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IntangibleAssetsAccumulatedAmortizationMember_1" xml:lang="en-US" id="label_IntangibleAssetsAccumulatedAmortizationMember_1">Accumulated amortization [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsAccumulatedAmortizationMember" xlink:to="label_IntangibleAssetsAccumulatedAmortizationMember_1" xlink:title="Label : IntangibleAssetsAccumulatedAmortizationMember to label_IntangibleAssetsAccumulatedAmortizationMember_1" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsAccumulatedAmortizationMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IntangibleAssetsAccumulatedAmortizationMember_2" xml:lang="en-US" id="label_IntangibleAssetsAccumulatedAmortizationMember_2">Intangible assets accumulated amortization.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsAccumulatedAmortizationMember" xlink:to="label_IntangibleAssetsAccumulatedAmortizationMember_2" xlink:title="Label : IntangibleAssetsAccumulatedAmortizationMember to label_IntangibleAssetsAccumulatedAmortizationMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ProvisionForLossesAndImpairmentMember" xlink:label="ProvisionForLossesAndImpairmentMember" xlink:title="ProvisionForLossesAndImpairmentMember" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForLossesAndImpairmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProvisionForLossesAndImpairmentMember" xml:lang="en-US" id="label_ProvisionForLossesAndImpairmentMember">Provision For Losses And Impairment [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForLossesAndImpairmentMember" xlink:to="label_ProvisionForLossesAndImpairmentMember" xlink:title="Label : ProvisionForLossesAndImpairmentMember to label_ProvisionForLossesAndImpairmentMember" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForLossesAndImpairmentMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProvisionForLossesAndImpairmentMember_1" xml:lang="en-US" id="label_ProvisionForLossesAndImpairmentMember_1">Provision for losses and impairment [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForLossesAndImpairmentMember" xlink:to="label_ProvisionForLossesAndImpairmentMember_1" xlink:title="Label : ProvisionForLossesAndImpairmentMember to label_ProvisionForLossesAndImpairmentMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IncreasedecreaseDueToApplicationOfIfrs16Member" xlink:label="IncreasedecreaseDueToApplicationOfIfrs16Member" xlink:title="IncreasedecreaseDueToApplicationOfIfrs16Member" />
    <link:label xlink:type="resource" xlink:label="label_IncreasedecreaseDueToApplicationOfIfrs16Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreasedecreaseDueToApplicationOfIfrs16Member" xml:lang="en-US" id="label_IncreasedecreaseDueToApplicationOfIfrs16Member">Increase decrease due to application of IFRS 16 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreasedecreaseDueToApplicationOfIfrs16Member" xlink:to="label_IncreasedecreaseDueToApplicationOfIfrs16Member" xlink:title="Label : IncreasedecreaseDueToApplicationOfIfrs16Member to label_IncreasedecreaseDueToApplicationOfIfrs16Member" />
    <link:label xlink:type="resource" xlink:label="label_IncreasedecreaseDueToApplicationOfIfrs16Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreasedecreaseDueToApplicationOfIfrs16Member_1" xml:lang="en-US" id="label_IncreasedecreaseDueToApplicationOfIfrs16Member_1">Increase (decrease) due to application of IFRS 16 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreasedecreaseDueToApplicationOfIfrs16Member" xlink:to="label_IncreasedecreaseDueToApplicationOfIfrs16Member_1" xlink:title="Label : IncreasedecreaseDueToApplicationOfIfrs16Member to label_IncreasedecreaseDueToApplicationOfIfrs16Member_1" />
    <link:label xlink:type="resource" xlink:label="label_IncreasedecreaseDueToApplicationOfIfrs16Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncreasedecreaseDueToApplicationOfIfrs16Member_2" xml:lang="en-US" id="label_IncreasedecreaseDueToApplicationOfIfrs16Member_2">Increase (decrease) due to application of IFRS 16 member.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreasedecreaseDueToApplicationOfIfrs16Member" xlink:to="label_IncreasedecreaseDueToApplicationOfIfrs16Member_2" xlink:title="Label : IncreasedecreaseDueToApplicationOfIfrs16Member to label_IncreasedecreaseDueToApplicationOfIfrs16Member_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_GoodwillMember" xlink:label="GoodwillMember" xlink:title="GoodwillMember" />
    <link:label xlink:type="resource" xlink:label="label_GoodwillMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GoodwillMember" xml:lang="en-US" id="label_GoodwillMember">Goodwill [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GoodwillMember" xlink:to="label_GoodwillMember" xlink:title="Label : GoodwillMember to label_GoodwillMember" />
    <link:label xlink:type="resource" xlink:label="label_GoodwillMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GoodwillMember_1" xml:lang="en-US" id="label_GoodwillMember_1">Goodwill [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GoodwillMember" xlink:to="label_GoodwillMember_1" xlink:title="Label : GoodwillMember to label_GoodwillMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SoftwareMember" xlink:label="SoftwareMember" xlink:title="SoftwareMember" />
    <link:label xlink:type="resource" xlink:label="label_SoftwareMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SoftwareMember" xml:lang="en-US" id="label_SoftwareMember">Software [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SoftwareMember" xlink:to="label_SoftwareMember" xlink:title="Label : SoftwareMember to label_SoftwareMember" />
    <link:label xlink:type="resource" xlink:label="label_SoftwareMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SoftwareMember_1" xml:lang="en-US" id="label_SoftwareMember_1">Software [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SoftwareMember" xlink:to="label_SoftwareMember_1" xlink:title="Label : SoftwareMember to label_SoftwareMember_1" />
    <link:label xlink:type="resource" xlink:label="label_SoftwareMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SoftwareMember_2" xml:lang="en-US" id="label_SoftwareMember_2">Software.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SoftwareMember" xlink:to="label_SoftwareMember_2" xlink:title="Label : SoftwareMember to label_SoftwareMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TechnologyMember" xlink:label="TechnologyMember" xlink:title="TechnologyMember" />
    <link:label xlink:type="resource" xlink:label="label_TechnologyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TechnologyMember" xml:lang="en-US" id="label_TechnologyMember">Technology [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TechnologyMember" xlink:to="label_TechnologyMember" xlink:title="Label : TechnologyMember to label_TechnologyMember" />
    <link:label xlink:type="resource" xlink:label="label_TechnologyMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TechnologyMember_1" xml:lang="en-US" id="label_TechnologyMember_1">Technology [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TechnologyMember" xlink:to="label_TechnologyMember_1" xlink:title="Label : TechnologyMember to label_TechnologyMember_1" />
    <link:label xlink:type="resource" xlink:label="label_TechnologyMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TechnologyMember_2" xml:lang="en-US" id="label_TechnologyMember_2">Technology.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TechnologyMember" xlink:to="label_TechnologyMember_2" xlink:title="Label : TechnologyMember to label_TechnologyMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CommercialPropertyRightsMember" xlink:label="CommercialPropertyRightsMember" xlink:title="CommercialPropertyRightsMember" />
    <link:label xlink:type="resource" xlink:label="label_CommercialPropertyRightsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CommercialPropertyRightsMember" xml:lang="en-US" id="label_CommercialPropertyRightsMember">Commercial property rights [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialPropertyRightsMember" xlink:to="label_CommercialPropertyRightsMember" xlink:title="Label : CommercialPropertyRightsMember to label_CommercialPropertyRightsMember" />
    <link:label xlink:type="resource" xlink:label="label_CommercialPropertyRightsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CommercialPropertyRightsMember_1" xml:lang="en-US" id="label_CommercialPropertyRightsMember_1">Commercial property rights [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialPropertyRightsMember" xlink:to="label_CommercialPropertyRightsMember_1" xlink:title="Label : CommercialPropertyRightsMember to label_CommercialPropertyRightsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_CommercialPropertyRightsMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CommercialPropertyRightsMember_2" xml:lang="en-US" id="label_CommercialPropertyRightsMember_2">Commercial property rights.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialPropertyRightsMember" xlink:to="label_CommercialPropertyRightsMember_2" xlink:title="Label : CommercialPropertyRightsMember to label_CommercialPropertyRightsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DistributionRightsAssetMember" xlink:label="DistributionRightsAssetMember" xlink:title="DistributionRightsAssetMember" />
    <link:label xlink:type="resource" xlink:label="label_DistributionRightsAssetMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DistributionRightsAssetMember" xml:lang="en-US" id="label_DistributionRightsAssetMember">Distribution rights asset [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DistributionRightsAssetMember" xlink:to="label_DistributionRightsAssetMember" xlink:title="Label : DistributionRightsAssetMember to label_DistributionRightsAssetMember" />
    <link:label xlink:type="resource" xlink:label="label_DistributionRightsAssetMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DistributionRightsAssetMember_1" xml:lang="en-US" id="label_DistributionRightsAssetMember_1">Distribution rights asset [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DistributionRightsAssetMember" xlink:to="label_DistributionRightsAssetMember_1" xlink:title="Label : DistributionRightsAssetMember to label_DistributionRightsAssetMember_1" />
    <link:label xlink:type="resource" xlink:label="label_DistributionRightsAssetMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DistributionRightsAssetMember_2" xml:lang="en-US" id="label_DistributionRightsAssetMember_2">Distribution rights asset.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DistributionRightsAssetMember" xlink:to="label_DistributionRightsAssetMember_2" xlink:title="Label : DistributionRightsAssetMember to label_DistributionRightsAssetMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_BrandsMember" xlink:label="BrandsMember" xlink:title="BrandsMember" />
    <link:label xlink:type="resource" xlink:label="label_BrandsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BrandsMember" xml:lang="en-US" id="label_BrandsMember">Brands [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BrandsMember" xlink:to="label_BrandsMember" xlink:title="Label : BrandsMember to label_BrandsMember" />
    <link:label xlink:type="resource" xlink:label="label_BrandsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BrandsMember_1" xml:lang="en-US" id="label_BrandsMember_1">Brands [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BrandsMember" xlink:to="label_BrandsMember_1" xlink:title="Label : BrandsMember to label_BrandsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_BrandsMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BrandsMember_2" xml:lang="en-US" id="label_BrandsMember_2">Brands [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BrandsMember" xlink:to="label_BrandsMember_2" xlink:title="Label : BrandsMember to label_BrandsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TrademarkRightsMember" xlink:label="TrademarkRightsMember" xlink:title="TrademarkRightsMember" />
    <link:label xlink:type="resource" xlink:label="label_TrademarkRightsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TrademarkRightsMember" xml:lang="en-US" id="label_TrademarkRightsMember">Trademark rights [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TrademarkRightsMember" xlink:to="label_TrademarkRightsMember" xlink:title="Label : TrademarkRightsMember to label_TrademarkRightsMember" />
    <link:label xlink:type="resource" xlink:label="label_TrademarkRightsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TrademarkRightsMember_1" xml:lang="en-US" id="label_TrademarkRightsMember_1">Trademark rights [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TrademarkRightsMember" xlink:to="label_TrademarkRightsMember_1" xlink:title="Label : TrademarkRightsMember to label_TrademarkRightsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_TrademarkRightsMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TrademarkRightsMember_2" xml:lang="en-US" id="label_TrademarkRightsMember_2">Trademark rights.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TrademarkRightsMember" xlink:to="label_TrademarkRightsMember_2" xlink:title="Label : TrademarkRightsMember to label_TrademarkRightsMember_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherIntangibleAssetsMember" xlink:label="OtherIntangibleAssetsMember" xlink:title="OtherIntangibleAssetsMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherIntangibleAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherIntangibleAssetsMember" xml:lang="en-US" id="label_OtherIntangibleAssetsMember">Other intangible assets [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherIntangibleAssetsMember" xlink:to="label_OtherIntangibleAssetsMember" xlink:title="Label : OtherIntangibleAssetsMember to label_OtherIntangibleAssetsMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherIntangibleAssetsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherIntangibleAssetsMember_1" xml:lang="en-US" id="label_OtherIntangibleAssetsMember_1">Others [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherIntangibleAssetsMember" xlink:to="label_OtherIntangibleAssetsMember_1" xlink:title="Label : OtherIntangibleAssetsMember to label_OtherIntangibleAssetsMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfIntangibleAssetsLineItems" xlink:label="SummaryOfIntangibleAssetsLineItems" xlink:title="SummaryOfIntangibleAssetsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfIntangibleAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SummaryOfIntangibleAssetsLineItems" xml:lang="en-US" id="label_SummaryOfIntangibleAssetsLineItems">Summary of intangible assets [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfIntangibleAssetsLineItems" xlink:to="label_SummaryOfIntangibleAssetsLineItems" xlink:title="Label : SummaryOfIntangibleAssetsLineItems to label_SummaryOfIntangibleAssetsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfIntangibleAssetsLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfIntangibleAssetsLineItems_1" xml:lang="en-US" id="label_SummaryOfIntangibleAssetsLineItems_1">Summary of intangible assets [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfIntangibleAssetsLineItems" xlink:to="label_SummaryOfIntangibleAssetsLineItems_1" xlink:title="Label : SummaryOfIntangibleAssetsLineItems to label_SummaryOfIntangibleAssetsLineItems_1" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfIntangibleAssetsLineItems_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfIntangibleAssetsLineItems_2" xml:lang="en-US" id="label_SummaryOfIntangibleAssetsLineItems_2">Summary of intangible assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfIntangibleAssetsLineItems" xlink:to="label_SummaryOfIntangibleAssetsLineItems_2" xlink:title="Label : SummaryOfIntangibleAssetsLineItems to label_SummaryOfIntangibleAssetsLineItems_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019" xlink:label="RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019" xlink:title="RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019" />
    <link:label xlink:type="resource" xlink:label="label_RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019" xml:lang="en-US" id="label_RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019">Remaining amortisation period of intangible assets material to entity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019" xlink:to="label_RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019" xlink:title="Label : RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019 to label_RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019" />
    <link:label xlink:type="resource" xlink:label="label_RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019_1" xml:lang="en-US" id="label_RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019_1">Weighted average useful life (years)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019" xlink:to="label_RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019_1" xlink:title="Label : RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019 to label_RemainingAmortisationPeriodOfIntangibleAssetsMaterialToEntity2019_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IntangibleAssets" xlink:label="IntangibleAssets" xlink:title="IntangibleAssets" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IntangibleAssets" xml:lang="en-US" id="label_IntangibleAssets">Intangible Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssets" xlink:to="label_IntangibleAssets" xlink:title="Label : IntangibleAssets to label_IntangibleAssets" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssets_1" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_IntangibleAssets_1" xml:lang="en-US" id="label_IntangibleAssets_1">Intangible assets, beginning</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssets" xlink:to="label_IntangibleAssets_1" xlink:title="Label : IntangibleAssets to label_IntangibleAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssets_2" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_IntangibleAssets_2" xml:lang="en-US" id="label_IntangibleAssets_2">Intangible assets, ending balance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssets" xlink:to="label_IntangibleAssets_2" xlink:title="Label : IntangibleAssets to label_IntangibleAssets_2" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssets_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IntangibleAssets_3" xml:lang="en-US" id="label_IntangibleAssets_3">Intangible assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssets" xlink:to="label_IntangibleAssets_3" xlink:title="Label : IntangibleAssets to label_IntangibleAssets_3" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_RevaluationIncreaseDecreaseIntangibleAssetsOtherThanGoodwill" xlink:label="RevaluationIncreaseDecreaseIntangibleAssetsOtherThanGoodwill" xlink:title="RevaluationIncreaseDecreaseIntangibleAssetsOtherThanGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_RevaluationIncreaseDecreaseIntangibleAssetsOtherThanGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RevaluationIncreaseDecreaseIntangibleAssetsOtherThanGoodwill" xml:lang="en-US" id="label_RevaluationIncreaseDecreaseIntangibleAssetsOtherThanGoodwill">Revaluation increase (decrease), intangible assets other than goodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevaluationIncreaseDecreaseIntangibleAssetsOtherThanGoodwill" xlink:to="label_RevaluationIncreaseDecreaseIntangibleAssetsOtherThanGoodwill" xlink:title="Label : RevaluationIncreaseDecreaseIntangibleAssetsOtherThanGoodwill to label_RevaluationIncreaseDecreaseIntangibleAssetsOtherThanGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_RevaluationIncreaseDecreaseIntangibleAssetsOtherThanGoodwill_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_RevaluationIncreaseDecreaseIntangibleAssetsOtherThanGoodwill_1" xml:lang="en-US" id="label_RevaluationIncreaseDecreaseIntangibleAssetsOtherThanGoodwill_1">Intangible assets, IFRS 16</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevaluationIncreaseDecreaseIntangibleAssetsOtherThanGoodwill" xlink:to="label_RevaluationIncreaseDecreaseIntangibleAssetsOtherThanGoodwill_1" xlink:title="Label : RevaluationIncreaseDecreaseIntangibleAssetsOtherThanGoodwill to label_RevaluationIncreaseDecreaseIntangibleAssetsOtherThanGoodwill_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IntangibleAssetsAdditions" xlink:label="IntangibleAssetsAdditions" xlink:title="IntangibleAssetsAdditions" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsAdditions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IntangibleAssetsAdditions" xml:lang="en-US" id="label_IntangibleAssetsAdditions">Intangible assets additions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsAdditions" xlink:to="label_IntangibleAssetsAdditions" xlink:title="Label : IntangibleAssetsAdditions to label_IntangibleAssetsAdditions" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsAdditions_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IntangibleAssetsAdditions_1" xml:lang="en-US" id="label_IntangibleAssetsAdditions_1">Intangible assets, additions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsAdditions" xlink:to="label_IntangibleAssetsAdditions_1" xlink:title="Label : IntangibleAssetsAdditions to label_IntangibleAssetsAdditions_1" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsAdditions_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IntangibleAssetsAdditions_2" xml:lang="en-US" id="label_IntangibleAssetsAdditions_2">The amount of additions of Intangible assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsAdditions" xlink:to="label_IntangibleAssetsAdditions_2" xlink:title="Label : IntangibleAssetsAdditions to label_IntangibleAssetsAdditions_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IntangibleAssetsAmortization" xlink:label="IntangibleAssetsAmortization" xlink:title="IntangibleAssetsAmortization" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsAmortization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IntangibleAssetsAmortization" xml:lang="en-US" id="label_IntangibleAssetsAmortization">Intangible assets amortization</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsAmortization" xlink:to="label_IntangibleAssetsAmortization" xlink:title="Label : IntangibleAssetsAmortization to label_IntangibleAssetsAmortization" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsAmortization_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_IntangibleAssetsAmortization_1" xml:lang="en-US" id="label_IntangibleAssetsAmortization_1">Intangible assets, amortization</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsAmortization" xlink:to="label_IntangibleAssetsAmortization_1" xlink:title="Label : IntangibleAssetsAmortization to label_IntangibleAssetsAmortization_1" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsAmortization_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IntangibleAssetsAmortization_2" xml:lang="en-US" id="label_IntangibleAssetsAmortization_2">Amortization regarding Intangible assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsAmortization" xlink:to="label_IntangibleAssetsAmortization_2" xlink:title="Label : IntangibleAssetsAmortization to label_IntangibleAssetsAmortization_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IntangibleAssetsTransfer" xlink:label="IntangibleAssetsTransfer" xlink:title="IntangibleAssetsTransfer" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsTransfer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IntangibleAssetsTransfer" xml:lang="en-US" id="label_IntangibleAssetsTransfer">Intangible assets transfer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsTransfer" xlink:to="label_IntangibleAssetsTransfer" xlink:title="Label : IntangibleAssetsTransfer to label_IntangibleAssetsTransfer" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsTransfer_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IntangibleAssetsTransfer_1" xml:lang="en-US" id="label_IntangibleAssetsTransfer_1">Intangible assets, transfer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsTransfer" xlink:to="label_IntangibleAssetsTransfer_1" xlink:title="Label : IntangibleAssetsTransfer to label_IntangibleAssetsTransfer_1" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsTransfer_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IntangibleAssetsTransfer_2" xml:lang="en-US" id="label_IntangibleAssetsTransfer_2">Intangible assets transfer.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsTransfer" xlink:to="label_IntangibleAssetsTransfer_2" xlink:title="Label : IntangibleAssetsTransfer to label_IntangibleAssetsTransfer_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IntangibleAssetsWriteOffsAndDisposals" xlink:label="IntangibleAssetsWriteOffsAndDisposals" xlink:title="IntangibleAssetsWriteOffsAndDisposals" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsWriteOffsAndDisposals" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IntangibleAssetsWriteOffsAndDisposals" xml:lang="en-US" id="label_IntangibleAssetsWriteOffsAndDisposals">Intangible Assets Write-offs and Disposals</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsWriteOffsAndDisposals" xlink:to="label_IntangibleAssetsWriteOffsAndDisposals" xlink:title="Label : IntangibleAssetsWriteOffsAndDisposals to label_IntangibleAssetsWriteOffsAndDisposals" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsWriteOffsAndDisposals_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_IntangibleAssetsWriteOffsAndDisposals_1" xml:lang="en-US" id="label_IntangibleAssetsWriteOffsAndDisposals_1">Intangible assets, write-offs and disposals</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsWriteOffsAndDisposals" xlink:to="label_IntangibleAssetsWriteOffsAndDisposals_1" xlink:title="Label : IntangibleAssetsWriteOffsAndDisposals to label_IntangibleAssetsWriteOffsAndDisposals_1" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsWriteOffsAndDisposals_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IntangibleAssetsWriteOffsAndDisposals_2" xml:lang="en-US" id="label_IntangibleAssetsWriteOffsAndDisposals_2">The amount of write-offs and disposals of Intangible assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsWriteOffsAndDisposals" xlink:to="label_IntangibleAssetsWriteOffsAndDisposals_2" xlink:title="Label : IntangibleAssetsWriteOffsAndDisposals to label_IntangibleAssetsWriteOffsAndDisposals_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IntangibleAssetsEffectOfForeignCurrencyExchangeRateVariation" xlink:label="IntangibleAssetsEffectOfForeignCurrencyExchangeRateVariation" xlink:title="IntangibleAssetsEffectOfForeignCurrencyExchangeRateVariation" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsEffectOfForeignCurrencyExchangeRateVariation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IntangibleAssetsEffectOfForeignCurrencyExchangeRateVariation" xml:lang="en-US" id="label_IntangibleAssetsEffectOfForeignCurrencyExchangeRateVariation">Intangible assets effect of foreign currency exchange rate variation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsEffectOfForeignCurrencyExchangeRateVariation" xlink:to="label_IntangibleAssetsEffectOfForeignCurrencyExchangeRateVariation" xlink:title="Label : IntangibleAssetsEffectOfForeignCurrencyExchangeRateVariation to label_IntangibleAssetsEffectOfForeignCurrencyExchangeRateVariation" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsEffectOfForeignCurrencyExchangeRateVariation_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_IntangibleAssetsEffectOfForeignCurrencyExchangeRateVariation_1" xml:lang="en-US" id="label_IntangibleAssetsEffectOfForeignCurrencyExchangeRateVariation_1">Intangible assets, effect of foreign currency exchange rate variation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsEffectOfForeignCurrencyExchangeRateVariation" xlink:to="label_IntangibleAssetsEffectOfForeignCurrencyExchangeRateVariation_1" xlink:title="Label : IntangibleAssetsEffectOfForeignCurrencyExchangeRateVariation to label_IntangibleAssetsEffectOfForeignCurrencyExchangeRateVariation_1" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsEffectOfForeignCurrencyExchangeRateVariation_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IntangibleAssetsEffectOfForeignCurrencyExchangeRateVariation_2" xml:lang="en-US" id="label_IntangibleAssetsEffectOfForeignCurrencyExchangeRateVariation_2">Intangible assets effect of foreign currency exchange rate variation.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsEffectOfForeignCurrencyExchangeRateVariation" xlink:to="label_IntangibleAssetsEffectOfForeignCurrencyExchangeRateVariation_2" xlink:title="Label : IntangibleAssetsEffectOfForeignCurrencyExchangeRateVariation to label_IntangibleAssetsEffectOfForeignCurrencyExchangeRateVariation_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IntangibleAssetsOpeningOpeningBalanceCblsa" xlink:label="IntangibleAssetsOpeningOpeningBalanceCblsa" xlink:title="IntangibleAssetsOpeningOpeningBalanceCblsa" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsOpeningOpeningBalanceCblsa" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IntangibleAssetsOpeningOpeningBalanceCblsa" xml:lang="en-US" id="label_IntangibleAssetsOpeningOpeningBalanceCblsa">Intangible assets opening opening balance CBLSA</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsOpeningOpeningBalanceCblsa" xlink:to="label_IntangibleAssetsOpeningOpeningBalanceCblsa" xlink:title="Label : IntangibleAssetsOpeningOpeningBalanceCblsa to label_IntangibleAssetsOpeningOpeningBalanceCblsa" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsOpeningOpeningBalanceCblsa_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IntangibleAssetsOpeningOpeningBalanceCblsa_1" xml:lang="en-US" id="label_IntangibleAssetsOpeningOpeningBalanceCblsa_1">Opening balance CBLSA</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsOpeningOpeningBalanceCblsa" xlink:to="label_IntangibleAssetsOpeningOpeningBalanceCblsa_1" xlink:title="Label : IntangibleAssetsOpeningOpeningBalanceCblsa to label_IntangibleAssetsOpeningOpeningBalanceCblsa_1" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsOpeningOpeningBalanceCblsa_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IntangibleAssetsOpeningOpeningBalanceCblsa_2" xml:lang="en-US" id="label_IntangibleAssetsOpeningOpeningBalanceCblsa_2">Intangible assets opening opening balance CBLSA.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsOpeningOpeningBalanceCblsa" xlink:to="label_IntangibleAssetsOpeningOpeningBalanceCblsa_2" xlink:title="Label : IntangibleAssetsOpeningOpeningBalanceCblsa to label_IntangibleAssetsOpeningOpeningBalanceCblsa_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_RetirementsIntangibleAssetsAndGoodwill" xlink:label="RetirementsIntangibleAssetsAndGoodwill" xlink:title="RetirementsIntangibleAssetsAndGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_RetirementsIntangibleAssetsAndGoodwill" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_RetirementsIntangibleAssetsAndGoodwill" xml:lang="en-US" id="label_RetirementsIntangibleAssetsAndGoodwill">Asset retirement obligation &#x2013; fuel tanks</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RetirementsIntangibleAssetsAndGoodwill" xlink:to="label_RetirementsIntangibleAssetsAndGoodwill" xlink:title="Label : RetirementsIntangibleAssetsAndGoodwill to label_RetirementsIntangibleAssetsAndGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_RetirementsIntangibleAssetsAndGoodwill_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RetirementsIntangibleAssetsAndGoodwill_1" xml:lang="en-US" id="label_RetirementsIntangibleAssetsAndGoodwill_1">Intangible assets, oxiteno andian</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RetirementsIntangibleAssetsAndGoodwill" xlink:to="label_RetirementsIntangibleAssetsAndGoodwill_1" xlink:title="Label : RetirementsIntangibleAssetsAndGoodwill to label_RetirementsIntangibleAssetsAndGoodwill_1" />
    <link:label xlink:type="resource" xlink:label="label_RetirementsIntangibleAssetsAndGoodwill_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RetirementsIntangibleAssetsAndGoodwill_2" xml:lang="en-US" id="label_RetirementsIntangibleAssetsAndGoodwill_2">Retirements, intangible assets and goodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RetirementsIntangibleAssetsAndGoodwill" xlink:to="label_RetirementsIntangibleAssetsAndGoodwill_2" xlink:title="Label : RetirementsIntangibleAssetsAndGoodwill to label_RetirementsIntangibleAssetsAndGoodwill_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IntangibleAssetsOpeningBalanceTeas" xlink:label="IntangibleAssetsOpeningBalanceTeas" xlink:title="IntangibleAssetsOpeningBalanceTeas" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsOpeningBalanceTeas" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IntangibleAssetsOpeningBalanceTeas" xml:lang="en-US" id="label_IntangibleAssetsOpeningBalanceTeas">Intangible assets opening balance TEAS</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsOpeningBalanceTeas" xlink:to="label_IntangibleAssetsOpeningBalanceTeas" xlink:title="Label : IntangibleAssetsOpeningBalanceTeas to label_IntangibleAssetsOpeningBalanceTeas" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsOpeningBalanceTeas_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IntangibleAssetsOpeningBalanceTeas_1" xml:lang="en-US" id="label_IntangibleAssetsOpeningBalanceTeas_1">Intangible assets opening balance TEAS</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsOpeningBalanceTeas" xlink:to="label_IntangibleAssetsOpeningBalanceTeas_1" xlink:title="Label : IntangibleAssetsOpeningBalanceTeas to label_IntangibleAssetsOpeningBalanceTeas_1" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsOpeningBalanceTeas_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IntangibleAssetsOpeningBalanceTeas_2" xml:lang="en-US" id="label_IntangibleAssetsOpeningBalanceTeas_2">Intangible assets opening balance TEAS.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsOpeningBalanceTeas" xlink:to="label_IntangibleAssetsOpeningBalanceTeas_2" xlink:title="Label : IntangibleAssetsOpeningBalanceTeas to label_IntangibleAssetsOpeningBalanceTeas_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IntangibleAssetsDetails2Abstract" xlink:label="IntangibleAssetsDetails2Abstract" xlink:title="IntangibleAssetsDetails2Abstract" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsDetails2Abstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IntangibleAssetsDetails2Abstract" xml:lang="en-US" id="label_IntangibleAssetsDetails2Abstract">Intangible assets details 2 [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsDetails2Abstract" xlink:to="label_IntangibleAssetsDetails2Abstract" xlink:title="Label : IntangibleAssetsDetails2Abstract to label_IntangibleAssetsDetails2Abstract" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsDetails2Abstract_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IntangibleAssetsDetails2Abstract_1" xml:lang="en-US" id="label_IntangibleAssetsDetails2Abstract_1">Intangible assets details 2.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsDetails2Abstract" xlink:to="label_IntangibleAssetsDetails2Abstract_1" xlink:title="Label : IntangibleAssetsDetails2Abstract to label_IntangibleAssetsDetails2Abstract_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_InventoriesAndCostOfProductsAndServicesSoldAmortisation" xlink:label="InventoriesAndCostOfProductsAndServicesSoldAmortisation" xlink:title="InventoriesAndCostOfProductsAndServicesSoldAmortisation" />
    <link:label xlink:type="resource" xlink:label="label_InventoriesAndCostOfProductsAndServicesSoldAmortisation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InventoriesAndCostOfProductsAndServicesSoldAmortisation" xml:lang="en-US" id="label_InventoriesAndCostOfProductsAndServicesSoldAmortisation">Inventories and cost of products and services sold amortisation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoriesAndCostOfProductsAndServicesSoldAmortisation" xlink:to="label_InventoriesAndCostOfProductsAndServicesSoldAmortisation" xlink:title="Label : InventoriesAndCostOfProductsAndServicesSoldAmortisation to label_InventoriesAndCostOfProductsAndServicesSoldAmortisation" />
    <link:label xlink:type="resource" xlink:label="label_InventoriesAndCostOfProductsAndServicesSoldAmortisation_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InventoriesAndCostOfProductsAndServicesSoldAmortisation_1" xml:lang="en-US" id="label_InventoriesAndCostOfProductsAndServicesSoldAmortisation_1">Inventories and cost of products and services sold</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoriesAndCostOfProductsAndServicesSoldAmortisation" xlink:to="label_InventoriesAndCostOfProductsAndServicesSoldAmortisation_1" xlink:title="Label : InventoriesAndCostOfProductsAndServicesSoldAmortisation to label_InventoriesAndCostOfProductsAndServicesSoldAmortisation_1" />
    <link:label xlink:type="resource" xlink:label="label_InventoriesAndCostOfProductsAndServicesSoldAmortisation_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InventoriesAndCostOfProductsAndServicesSoldAmortisation_2" xml:lang="en-US" id="label_InventoriesAndCostOfProductsAndServicesSoldAmortisation_2">The amount of amortisation expense recognized as Inventories and cost of products and services sold.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InventoriesAndCostOfProductsAndServicesSoldAmortisation" xlink:to="label_InventoriesAndCostOfProductsAndServicesSoldAmortisation_2" xlink:title="Label : InventoriesAndCostOfProductsAndServicesSoldAmortisation to label_InventoriesAndCostOfProductsAndServicesSoldAmortisation_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SellingAndMarketingAmortisation" xlink:label="SellingAndMarketingAmortisation" xlink:title="SellingAndMarketingAmortisation" />
    <link:label xlink:type="resource" xlink:label="label_SellingAndMarketingAmortisation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SellingAndMarketingAmortisation" xml:lang="en-US" id="label_SellingAndMarketingAmortisation">Selling and marketing amortisation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingAndMarketingAmortisation" xlink:to="label_SellingAndMarketingAmortisation" xlink:title="Label : SellingAndMarketingAmortisation to label_SellingAndMarketingAmortisation" />
    <link:label xlink:type="resource" xlink:label="label_SellingAndMarketingAmortisation_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SellingAndMarketingAmortisation_1" xml:lang="en-US" id="label_SellingAndMarketingAmortisation_1">Selling and marketing</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingAndMarketingAmortisation" xlink:to="label_SellingAndMarketingAmortisation_1" xlink:title="Label : SellingAndMarketingAmortisation to label_SellingAndMarketingAmortisation_1" />
    <link:label xlink:type="resource" xlink:label="label_SellingAndMarketingAmortisation_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SellingAndMarketingAmortisation_2" xml:lang="en-US" id="label_SellingAndMarketingAmortisation_2">The amount of amortisation expense recognized as Selling and marketing.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SellingAndMarketingAmortisation" xlink:to="label_SellingAndMarketingAmortisation_2" xlink:title="Label : SellingAndMarketingAmortisation to label_SellingAndMarketingAmortisation_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_GeneralAndAdministrativeAmortisation" xlink:label="GeneralAndAdministrativeAmortisation" xlink:title="GeneralAndAdministrativeAmortisation" />
    <link:label xlink:type="resource" xlink:label="label_GeneralAndAdministrativeAmortisation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GeneralAndAdministrativeAmortisation" xml:lang="en-US" id="label_GeneralAndAdministrativeAmortisation">General and administrative amortisation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GeneralAndAdministrativeAmortisation" xlink:to="label_GeneralAndAdministrativeAmortisation" xlink:title="Label : GeneralAndAdministrativeAmortisation to label_GeneralAndAdministrativeAmortisation" />
    <link:label xlink:type="resource" xlink:label="label_GeneralAndAdministrativeAmortisation_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GeneralAndAdministrativeAmortisation_1" xml:lang="en-US" id="label_GeneralAndAdministrativeAmortisation_1">General and administrative</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GeneralAndAdministrativeAmortisation" xlink:to="label_GeneralAndAdministrativeAmortisation_1" xlink:title="Label : GeneralAndAdministrativeAmortisation to label_GeneralAndAdministrativeAmortisation_1" />
    <link:label xlink:type="resource" xlink:label="label_GeneralAndAdministrativeAmortisation_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_GeneralAndAdministrativeAmortisation_2" xml:lang="en-US" id="label_GeneralAndAdministrativeAmortisation_2">The amount of amortisation expense recognized as General and administrative.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GeneralAndAdministrativeAmortisation" xlink:to="label_GeneralAndAdministrativeAmortisation_2" xlink:title="Label : GeneralAndAdministrativeAmortisation to label_GeneralAndAdministrativeAmortisation_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfBalanceOfGoodwillAbstract" xlink:label="DisclosureOfBalanceOfGoodwillAbstract" xlink:title="DisclosureOfBalanceOfGoodwillAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfBalanceOfGoodwillAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfBalanceOfGoodwillAbstract" xml:lang="en-US" id="label_DisclosureOfBalanceOfGoodwillAbstract">Disclosure of balance of goodwill [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfBalanceOfGoodwillAbstract" xlink:to="label_DisclosureOfBalanceOfGoodwillAbstract" xlink:title="Label : DisclosureOfBalanceOfGoodwillAbstract to label_DisclosureOfBalanceOfGoodwillAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfBalanceOfGoodwillAbstract_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfBalanceOfGoodwillAbstract_1" xml:lang="en-US" id="label_DisclosureOfBalanceOfGoodwillAbstract_1">Disclosure of balance of Goodwill [abstarct].</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfBalanceOfGoodwillAbstract" xlink:to="label_DisclosureOfBalanceOfGoodwillAbstract_1" xlink:title="Label : DisclosureOfBalanceOfGoodwillAbstract to label_DisclosureOfBalanceOfGoodwillAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_SegmentsAxis" xlink:label="SegmentsAxis" xlink:title="SegmentsAxis" />
    <link:label xlink:type="resource" xlink:label="label_SegmentsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SegmentsAxis" xml:lang="en-US" id="label_SegmentsAxis">Segments [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SegmentsAxis" xlink:to="label_SegmentsAxis" xlink:title="Label : SegmentsAxis to label_SegmentsAxis" />
    <link:label xlink:type="resource" xlink:label="label_SegmentsAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SegmentsAxis_1" xml:lang="en-US" id="label_SegmentsAxis_1">Segments [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SegmentsAxis" xlink:to="label_SegmentsAxis_1" xlink:title="Label : SegmentsAxis to label_SegmentsAxis_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_SegmentsMember" xlink:label="SegmentsMember" xlink:title="SegmentsMember" />
    <link:label xlink:type="resource" xlink:label="label_SegmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SegmentsMember" xml:lang="en-US" id="label_SegmentsMember">Segments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SegmentsMember" xlink:to="label_SegmentsMember" xlink:title="Label : SegmentsMember to label_SegmentsMember" />
    <link:label xlink:type="resource" xlink:label="label_SegmentsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SegmentsMember_1" xml:lang="en-US" id="label_SegmentsMember_1">Segments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SegmentsMember" xlink:to="label_SegmentsMember_1" xlink:title="Label : SegmentsMember to label_SegmentsMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IpirangaMember" xlink:label="IpirangaMember" xlink:title="IpirangaMember" />
    <link:label xlink:type="resource" xlink:label="label_IpirangaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IpirangaMember" xml:lang="en-US" id="label_IpirangaMember">Ipiranga [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IpirangaMember" xlink:to="label_IpirangaMember" xlink:title="Label : IpirangaMember to label_IpirangaMember" />
    <link:label xlink:type="resource" xlink:label="label_IpirangaMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IpirangaMember_1" xml:lang="en-US" id="label_IpirangaMember_1">Ipiranga [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IpirangaMember" xlink:to="label_IpirangaMember_1" xlink:title="Label : IpirangaMember to label_IpirangaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_IpirangaMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IpirangaMember_2" xml:lang="en-US" id="label_IpirangaMember_2">Ipirange.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IpirangaMember" xlink:to="label_IpirangaMember_2" xlink:title="Label : IpirangaMember to label_IpirangaMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_UniaoTerminaisMember" xlink:label="UniaoTerminaisMember" xlink:title="UniaoTerminaisMember" />
    <link:label xlink:type="resource" xlink:label="label_UniaoTerminaisMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UniaoTerminaisMember" xml:lang="en-US" id="label_UniaoTerminaisMember">Uniao Terminais [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UniaoTerminaisMember" xlink:to="label_UniaoTerminaisMember" xlink:title="Label : UniaoTerminaisMember to label_UniaoTerminaisMember" />
    <link:label xlink:type="resource" xlink:label="label_UniaoTerminaisMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_UniaoTerminaisMember_1" xml:lang="en-US" id="label_UniaoTerminaisMember_1">Uniao Terminais [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UniaoTerminaisMember" xlink:to="label_UniaoTerminaisMember_1" xlink:title="Label : UniaoTerminaisMember to label_UniaoTerminaisMember_1" />
    <link:label xlink:type="resource" xlink:label="label_UniaoTerminaisMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_UniaoTerminaisMember_2" xml:lang="en-US" id="label_UniaoTerminaisMember_2">Uniao Terminais.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UniaoTerminaisMember" xlink:to="label_UniaoTerminaisMember_2" xlink:title="Label : UniaoTerminaisMember to label_UniaoTerminaisMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TexacoMember" xlink:label="TexacoMember" xlink:title="TexacoMember" />
    <link:label xlink:type="resource" xlink:label="label_TexacoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TexacoMember" xml:lang="en-US" id="label_TexacoMember">Texaco [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TexacoMember" xlink:to="label_TexacoMember" xlink:title="Label : TexacoMember to label_TexacoMember" />
    <link:label xlink:type="resource" xlink:label="label_TexacoMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TexacoMember_1" xml:lang="en-US" id="label_TexacoMember_1">Texaco [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TexacoMember" xlink:to="label_TexacoMember_1" xlink:title="Label : TexacoMember to label_TexacoMember_1" />
    <link:label xlink:type="resource" xlink:label="label_TexacoMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TexacoMember_2" xml:lang="en-US" id="label_TexacoMember_2">Texaco.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TexacoMember" xlink:to="label_TexacoMember_2" xlink:title="Label : TexacoMember to label_TexacoMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IconicCblsamemberMember" xlink:label="IconicCblsamemberMember" xlink:title="IconicCblsamemberMember" />
    <link:label xlink:type="resource" xlink:label="label_IconicCblsamemberMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IconicCblsamemberMember" xml:lang="en-US" id="label_IconicCblsamemberMember">Iconic CBLSA member [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IconicCblsamemberMember" xlink:to="label_IconicCblsamemberMember" xlink:title="Label : IconicCblsamemberMember to label_IconicCblsamemberMember" />
    <link:label xlink:type="resource" xlink:label="label_IconicCblsamemberMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IconicCblsamemberMember_1" xml:lang="en-US" id="label_IconicCblsamemberMember_1">Iconic (CBLSA)[member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IconicCblsamemberMember" xlink:to="label_IconicCblsamemberMember_1" xlink:title="Label : IconicCblsamemberMember to label_IconicCblsamemberMember_1" />
    <link:label xlink:type="resource" xlink:label="label_IconicCblsamemberMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IconicCblsamemberMember_2" xml:lang="en-US" id="label_IconicCblsamemberMember_2">Cblsa.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IconicCblsamemberMember" xlink:to="label_IconicCblsamemberMember_2" xlink:title="Label : IconicCblsamemberMember to label_IconicCblsamemberMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TemmarMember" xlink:label="TemmarMember" xlink:title="TemmarMember" />
    <link:label xlink:type="resource" xlink:label="label_TemmarMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TemmarMember" xml:lang="en-US" id="label_TemmarMember">Temmar [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TemmarMember" xlink:to="label_TemmarMember" xlink:title="Label : TemmarMember to label_TemmarMember" />
    <link:label xlink:type="resource" xlink:label="label_TemmarMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TemmarMember_1" xml:lang="en-US" id="label_TemmarMember_1">Temmar [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TemmarMember" xlink:to="label_TemmarMember_1" xlink:title="Label : TemmarMember to label_TemmarMember_1" />
    <link:label xlink:type="resource" xlink:label="label_TemmarMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TemmarMember_2" xml:lang="en-US" id="label_TemmarMember_2">Temmar.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TemmarMember" xlink:to="label_TemmarMember_2" xlink:title="Label : TemmarMember to label_TemmarMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DNPMember" xlink:label="DNPMember" xlink:title="DNPMember" />
    <link:label xlink:type="resource" xlink:label="label_DNPMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DNPMember" xml:lang="en-US" id="label_DNPMember">DNP [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DNPMember" xlink:to="label_DNPMember" xlink:title="Label : DNPMember to label_DNPMember" />
    <link:label xlink:type="resource" xlink:label="label_DNPMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DNPMember_1" xml:lang="en-US" id="label_DNPMember_1">DNP [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DNPMember" xlink:to="label_DNPMember_1" xlink:title="Label : DNPMember to label_DNPMember_1" />
    <link:label xlink:type="resource" xlink:label="label_DNPMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DNPMember_2" xml:lang="en-US" id="label_DNPMember_2">DNP.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DNPMember" xlink:to="label_DNPMember_2" xlink:title="Label : DNPMember to label_DNPMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_RepsolMember" xlink:label="RepsolMember" xlink:title="RepsolMember" />
    <link:label xlink:type="resource" xlink:label="label_RepsolMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RepsolMember" xml:lang="en-US" id="label_RepsolMember">Repsol [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepsolMember" xlink:to="label_RepsolMember" xlink:title="Label : RepsolMember to label_RepsolMember" />
    <link:label xlink:type="resource" xlink:label="label_RepsolMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RepsolMember_1" xml:lang="en-US" id="label_RepsolMember_1">Repsol [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepsolMember" xlink:to="label_RepsolMember_1" xlink:title="Label : RepsolMember to label_RepsolMember_1" />
    <link:label xlink:type="resource" xlink:label="label_RepsolMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RepsolMember_2" xml:lang="en-US" id="label_RepsolMember_2">Repsol.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepsolMember" xlink:to="label_RepsolMember_2" xlink:title="Label : RepsolMember to label_RepsolMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OtherSegmentsMember" xlink:label="OtherSegmentsMember" xlink:title="OtherSegmentsMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherSegmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherSegmentsMember" xml:lang="en-US" id="label_OtherSegmentsMember">Other Segments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherSegmentsMember" xlink:to="label_OtherSegmentsMember" xlink:title="Label : OtherSegmentsMember to label_OtherSegmentsMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherSegmentsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherSegmentsMember_1" xml:lang="en-US" id="label_OtherSegmentsMember_1">Others [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherSegmentsMember" xlink:to="label_OtherSegmentsMember_1" xlink:title="Label : OtherSegmentsMember to label_OtherSegmentsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherSegmentsMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherSegmentsMember_2" xml:lang="en-US" id="label_OtherSegmentsMember_2">Other segments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherSegmentsMember" xlink:to="label_OtherSegmentsMember_2" xlink:title="Label : OtherSegmentsMember to label_OtherSegmentsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillGross" xlink:label="AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillGross" xlink:title="AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillGross" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillGross" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillGross" xml:lang="en-US" id="label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillGross">Acquisitions Through Business Combinations Intangible Assets And Goodwill Gross</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillGross" xlink:to="label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillGross" xlink:title="Label : AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillGross to label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillGross" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillGross_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillGross_1" xml:lang="en-US" id="label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillGross_1">Goodwill acquisition gross</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillGross" xlink:to="label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillGross_1" xlink:title="Label : AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillGross to label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillGross_1" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillGross_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillGross_2" xml:lang="en-US" id="label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillGross_2">Acquisitions through business combinations intangible assets and goodwill gross.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillGross" xlink:to="label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillGross_2" xlink:title="Label : AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillGross to label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillGross_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillImpairment" xlink:label="AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillImpairment" xlink:title="AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillImpairment" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillImpairment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillImpairment" xml:lang="en-US" id="label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillImpairment">Acquisitions Through Business Combinations Intangible Assets And Goodwill Impairment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillImpairment" xlink:to="label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillImpairment" xlink:title="Label : AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillImpairment to label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillImpairment" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillImpairment_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillImpairment_1" xml:lang="en-US" id="label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillImpairment_1">Goodwill acquisition impairment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillImpairment" xlink:to="label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillImpairment_1" xlink:title="Label : AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillImpairment to label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillImpairment_1" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillImpairment_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillImpairment_2" xml:lang="en-US" id="label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillImpairment_2">Acquisitions through business combinations intangible assets and goodwill impairment.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillImpairment" xlink:to="label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillImpairment_2" xlink:title="Label : AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillImpairment to label_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillImpairment_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_GoodwillAcquisitionSegment" xlink:label="GoodwillAcquisitionSegment" xlink:title="GoodwillAcquisitionSegment" />
    <link:label xlink:type="resource" xlink:label="label_GoodwillAcquisitionSegment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GoodwillAcquisitionSegment" xml:lang="en-US" id="label_GoodwillAcquisitionSegment">Goodwill acquisition segment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GoodwillAcquisitionSegment" xlink:to="label_GoodwillAcquisitionSegment" xlink:title="Label : GoodwillAcquisitionSegment to label_GoodwillAcquisitionSegment" />
    <link:label xlink:type="resource" xlink:label="label_GoodwillAcquisitionSegment_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GoodwillAcquisitionSegment_1" xml:lang="en-US" id="label_GoodwillAcquisitionSegment_1">Segment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GoodwillAcquisitionSegment" xlink:to="label_GoodwillAcquisitionSegment_1" xlink:title="Label : GoodwillAcquisitionSegment to label_GoodwillAcquisitionSegment_1" />
    <link:label xlink:type="resource" xlink:label="label_GoodwillAcquisitionSegment_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_GoodwillAcquisitionSegment_2" xml:lang="en-US" id="label_GoodwillAcquisitionSegment_2">Goodwill acquisition segment.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GoodwillAcquisitionSegment" xlink:to="label_GoodwillAcquisitionSegment_2" xlink:title="Label : GoodwillAcquisitionSegment to label_GoodwillAcquisitionSegment_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AcquisitionsThroughBusinessCombinationsGoodwill" xlink:label="AcquisitionsThroughBusinessCombinationsGoodwill" xlink:title="AcquisitionsThroughBusinessCombinationsGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionsThroughBusinessCombinationsGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AcquisitionsThroughBusinessCombinationsGoodwill" xml:lang="en-US" id="label_AcquisitionsThroughBusinessCombinationsGoodwill">Acquisitions through business combinations, goodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionsThroughBusinessCombinationsGoodwill" xlink:to="label_AcquisitionsThroughBusinessCombinationsGoodwill" xlink:title="Label : AcquisitionsThroughBusinessCombinationsGoodwill to label_AcquisitionsThroughBusinessCombinationsGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionsThroughBusinessCombinationsGoodwill_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AcquisitionsThroughBusinessCombinationsGoodwill_1" xml:lang="en-US" id="label_AcquisitionsThroughBusinessCombinationsGoodwill_1">Goodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionsThroughBusinessCombinationsGoodwill" xlink:to="label_AcquisitionsThroughBusinessCombinationsGoodwill_1" xlink:title="Label : AcquisitionsThroughBusinessCombinationsGoodwill to label_AcquisitionsThroughBusinessCombinationsGoodwill_1" />
    <link:label xlink:type="resource" xlink:label="label_AcquisitionsThroughBusinessCombinationsGoodwill_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AcquisitionsThroughBusinessCombinationsGoodwill_2" xml:lang="en-US" id="label_AcquisitionsThroughBusinessCombinationsGoodwill_2">An entity shall disclose the carrying amount of goodwill allocated to the unit (group of units).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AcquisitionsThroughBusinessCombinationsGoodwill" xlink:to="label_AcquisitionsThroughBusinessCombinationsGoodwill_2" xlink:title="Label : AcquisitionsThroughBusinessCombinationsGoodwill to label_AcquisitionsThroughBusinessCombinationsGoodwill_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ConsolidatedAndSeparateFinancialStatementsAxis" xlink:label="ConsolidatedAndSeparateFinancialStatementsAxis" xlink:title="ConsolidatedAndSeparateFinancialStatementsAxis" />
    <link:label xlink:type="resource" xlink:label="label_ConsolidatedAndSeparateFinancialStatementsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ConsolidatedAndSeparateFinancialStatementsAxis" xml:lang="en-US" id="label_ConsolidatedAndSeparateFinancialStatementsAxis">Consolidated and separate financial statements [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConsolidatedAndSeparateFinancialStatementsAxis" xlink:to="label_ConsolidatedAndSeparateFinancialStatementsAxis" xlink:title="Label : ConsolidatedAndSeparateFinancialStatementsAxis to label_ConsolidatedAndSeparateFinancialStatementsAxis" />
    <link:label xlink:type="resource" xlink:label="label_ConsolidatedAndSeparateFinancialStatementsAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ConsolidatedAndSeparateFinancialStatementsAxis_1" xml:lang="en-US" id="label_ConsolidatedAndSeparateFinancialStatementsAxis_1">Segments [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConsolidatedAndSeparateFinancialStatementsAxis" xlink:to="label_ConsolidatedAndSeparateFinancialStatementsAxis_1" xlink:title="Label : ConsolidatedAndSeparateFinancialStatementsAxis to label_ConsolidatedAndSeparateFinancialStatementsAxis_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ConsolidatedMember" xlink:label="ConsolidatedMember" xlink:title="ConsolidatedMember" />
    <link:label xlink:type="resource" xlink:label="label_ConsolidatedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ConsolidatedMember" xml:lang="en-US" id="label_ConsolidatedMember">Consolidated [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConsolidatedMember" xlink:to="label_ConsolidatedMember" xlink:title="Label : ConsolidatedMember to label_ConsolidatedMember" />
    <link:label xlink:type="resource" xlink:label="label_ConsolidatedMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ConsolidatedMember_1" xml:lang="en-US" id="label_ConsolidatedMember_1">Segments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConsolidatedMember" xlink:to="label_ConsolidatedMember_1" xlink:title="Label : ConsolidatedMember to label_ConsolidatedMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ParentMember" xlink:label="ParentMember" xlink:title="ParentMember" />
    <link:label xlink:type="resource" xlink:label="label_ParentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ParentMember" xml:lang="en-US" id="label_ParentMember">Parent [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ParentMember" xlink:to="label_ParentMember" xlink:title="Label : ParentMember to label_ParentMember" />
    <link:label xlink:type="resource" xlink:label="label_ParentMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ParentMember_1" xml:lang="en-US" id="label_ParentMember_1">at Ultrapar [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ParentMember" xlink:to="label_ParentMember_1" xlink:title="Label : ParentMember to label_ParentMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureIntangibleAssetsAdditionalInformationAbstract" xlink:label="DisclosureIntangibleAssetsAdditionalInformationAbstract" xlink:title="DisclosureIntangibleAssetsAdditionalInformationAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureIntangibleAssetsAdditionalInformationAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureIntangibleAssetsAdditionalInformationAbstract" xml:lang="en-US" id="label_DisclosureIntangibleAssetsAdditionalInformationAbstract">Disclosure - Intangible Assets - Additional Information [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureIntangibleAssetsAdditionalInformationAbstract" xlink:to="label_DisclosureIntangibleAssetsAdditionalInformationAbstract" xlink:title="Label : DisclosureIntangibleAssetsAdditionalInformationAbstract to label_DisclosureIntangibleAssetsAdditionalInformationAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureIntangibleAssetsAdditionalInformationAbstract_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureIntangibleAssetsAdditionalInformationAbstract_1" xml:lang="en-US" id="label_DisclosureIntangibleAssetsAdditionalInformationAbstract_1">Disclosure - Intangible Assets - Additional Information [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureIntangibleAssetsAdditionalInformationAbstract" xlink:to="label_DisclosureIntangibleAssetsAdditionalInformationAbstract_1" xlink:title="Label : DisclosureIntangibleAssetsAdditionalInformationAbstract to label_DisclosureIntangibleAssetsAdditionalInformationAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfIntangibleAssetsLineItems" xlink:label="DisclosureOfIntangibleAssetsLineItems" xlink:title="DisclosureOfIntangibleAssetsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfIntangibleAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfIntangibleAssetsLineItems" xml:lang="en-US" id="label_DisclosureOfIntangibleAssetsLineItems">Disclosure of detailed information about intangible assets [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfIntangibleAssetsLineItems" xlink:to="label_DisclosureOfIntangibleAssetsLineItems" xlink:title="Label : DisclosureOfIntangibleAssetsLineItems to label_DisclosureOfIntangibleAssetsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfIntangibleAssetsLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfIntangibleAssetsLineItems_1" xml:lang="en-US" id="label_DisclosureOfIntangibleAssetsLineItems_1">Disclosure of detailed information about intangible assets [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfIntangibleAssetsLineItems" xlink:to="label_DisclosureOfIntangibleAssetsLineItems_1" xlink:title="Label : DisclosureOfIntangibleAssetsLineItems to label_DisclosureOfIntangibleAssetsLineItems_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_PeriodOfEvaluation" xlink:label="PeriodOfEvaluation" xlink:title="PeriodOfEvaluation" />
    <link:label xlink:type="resource" xlink:label="label_PeriodOfEvaluation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PeriodOfEvaluation" xml:lang="en-US" id="label_PeriodOfEvaluation">Period of evaluation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodOfEvaluation" xlink:to="label_PeriodOfEvaluation" xlink:title="Label : PeriodOfEvaluation to label_PeriodOfEvaluation" />
    <link:label xlink:type="resource" xlink:label="label_PeriodOfEvaluation_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PeriodOfEvaluation_1" xml:lang="en-US" id="label_PeriodOfEvaluation_1">Period of evaluation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodOfEvaluation" xlink:to="label_PeriodOfEvaluation_1" xlink:title="Label : PeriodOfEvaluation to label_PeriodOfEvaluation_1" />
    <link:label xlink:type="resource" xlink:label="label_PeriodOfEvaluation_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PeriodOfEvaluation_2" xml:lang="en-US" id="label_PeriodOfEvaluation_2">Period of evaluation.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodOfEvaluation" xlink:to="label_PeriodOfEvaluation_2" xlink:title="Label : PeriodOfEvaluation to label_PeriodOfEvaluation_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_PeriodToMaturity" xlink:label="PeriodToMaturity" xlink:title="PeriodToMaturity" />
    <link:label xlink:type="resource" xlink:label="label_PeriodToMaturity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PeriodToMaturity" xml:lang="en-US" id="label_PeriodToMaturity">Period to maturity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodToMaturity" xlink:to="label_PeriodToMaturity" xlink:title="Label : PeriodToMaturity to label_PeriodToMaturity" />
    <link:label xlink:type="resource" xlink:label="label_PeriodToMaturity_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PeriodToMaturity_1" xml:lang="en-US" id="label_PeriodToMaturity_1">Period to maturity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodToMaturity" xlink:to="label_PeriodToMaturity_1" xlink:title="Label : PeriodToMaturity to label_PeriodToMaturity_1" />
    <link:label xlink:type="resource" xlink:label="label_PeriodToMaturity_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PeriodToMaturity_2" xml:lang="en-US" id="label_PeriodToMaturity_2">Period to maturity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodToMaturity" xlink:to="label_PeriodToMaturity_2" xlink:title="Label : PeriodToMaturity to label_PeriodToMaturity_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DiscountRate" xlink:label="DiscountRate" xlink:title="DiscountRate" />
    <link:label xlink:type="resource" xlink:label="label_DiscountRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DiscountRate" xml:lang="en-US" id="label_DiscountRate">Discount Rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DiscountRate" xlink:to="label_DiscountRate" xlink:title="Label : DiscountRate to label_DiscountRate" />
    <link:label xlink:type="resource" xlink:label="label_DiscountRate_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DiscountRate_1" xml:lang="en-US" id="label_DiscountRate_1">Discount rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DiscountRate" xlink:to="label_DiscountRate_1" xlink:title="Label : DiscountRate to label_DiscountRate_1" />
    <link:label xlink:type="resource" xlink:label="label_DiscountRate_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DiscountRate_2" xml:lang="en-US" id="label_DiscountRate_2">Discount Rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DiscountRate" xlink:to="label_DiscountRate_2" xlink:title="Label : DiscountRate to label_DiscountRate_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_RealGrowthRate" xlink:label="RealGrowthRate" xlink:title="RealGrowthRate" />
    <link:label xlink:type="resource" xlink:label="label_RealGrowthRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RealGrowthRate" xml:lang="en-US" id="label_RealGrowthRate">Real growth rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealGrowthRate" xlink:to="label_RealGrowthRate" xlink:title="Label : RealGrowthRate to label_RealGrowthRate" />
    <link:label xlink:type="resource" xlink:label="label_RealGrowthRate_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RealGrowthRate_1" xml:lang="en-US" id="label_RealGrowthRate_1">Real growth rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealGrowthRate" xlink:to="label_RealGrowthRate_1" xlink:title="Label : RealGrowthRate to label_RealGrowthRate_1" />
    <link:label xlink:type="resource" xlink:label="label_RealGrowthRate_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RealGrowthRate_2" xml:lang="en-US" id="label_RealGrowthRate_2">Real growth rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealGrowthRate" xlink:to="label_RealGrowthRate_2" xlink:title="Label : RealGrowthRate to label_RealGrowthRate_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" xlink:label="ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" xlink:title="ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" xml:lang="en-US" id="label_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill">Impairment loss recognised in profit or loss, intangible assets and goodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" xlink:to="label_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" xlink:title="Label : ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill to label_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill_1" xml:lang="en-US" id="label_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill_1">Impairment loss</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" xlink:to="label_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill_1" xlink:title="Label : ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill to label_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LoansDebenturesAndFinanceLeasesDetailsNarrativeAbstract" xlink:label="LoansDebenturesAndFinanceLeasesDetailsNarrativeAbstract" xlink:title="LoansDebenturesAndFinanceLeasesDetailsNarrativeAbstract" />
    <link:label xlink:type="resource" xlink:label="label_LoansDebenturesAndFinanceLeasesDetailsNarrativeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LoansDebenturesAndFinanceLeasesDetailsNarrativeAbstract" xml:lang="en-US" id="label_LoansDebenturesAndFinanceLeasesDetailsNarrativeAbstract">Loans debentures and finance leases details narrative [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansDebenturesAndFinanceLeasesDetailsNarrativeAbstract" xlink:to="label_LoansDebenturesAndFinanceLeasesDetailsNarrativeAbstract" xlink:title="Label : LoansDebenturesAndFinanceLeasesDetailsNarrativeAbstract to label_LoansDebenturesAndFinanceLeasesDetailsNarrativeAbstract" />
    <link:label xlink:type="resource" xlink:label="label_LoansDebenturesAndFinanceLeasesDetailsNarrativeAbstract_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LoansDebenturesAndFinanceLeasesDetailsNarrativeAbstract_1" xml:lang="en-US" id="label_LoansDebenturesAndFinanceLeasesDetailsNarrativeAbstract_1">Loans debentures and finance leases details narrative.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansDebenturesAndFinanceLeasesDetailsNarrativeAbstract" xlink:to="label_LoansDebenturesAndFinanceLeasesDetailsNarrativeAbstract_1" xlink:title="Label : LoansDebenturesAndFinanceLeasesDetailsNarrativeAbstract to label_LoansDebenturesAndFinanceLeasesDetailsNarrativeAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfLoansDebenturesAndFinanceLeasesTable" xlink:label="SummaryOfLoansDebenturesAndFinanceLeasesTable" xlink:title="SummaryOfLoansDebenturesAndFinanceLeasesTable" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfLoansDebenturesAndFinanceLeasesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SummaryOfLoansDebenturesAndFinanceLeasesTable" xml:lang="en-US" id="label_SummaryOfLoansDebenturesAndFinanceLeasesTable">Summary of loans debentures and finance leases [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfLoansDebenturesAndFinanceLeasesTable" xlink:to="label_SummaryOfLoansDebenturesAndFinanceLeasesTable" xlink:title="Label : SummaryOfLoansDebenturesAndFinanceLeasesTable to label_SummaryOfLoansDebenturesAndFinanceLeasesTable" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfLoansDebenturesAndFinanceLeasesTable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfLoansDebenturesAndFinanceLeasesTable_1" xml:lang="en-US" id="label_SummaryOfLoansDebenturesAndFinanceLeasesTable_1">Summary of loans debentures and finance leases [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfLoansDebenturesAndFinanceLeasesTable" xlink:to="label_SummaryOfLoansDebenturesAndFinanceLeasesTable_1" xlink:title="Label : SummaryOfLoansDebenturesAndFinanceLeasesTable to label_SummaryOfLoansDebenturesAndFinanceLeasesTable_1" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfLoansDebenturesAndFinanceLeasesTable_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfLoansDebenturesAndFinanceLeasesTable_2" xml:lang="en-US" id="label_SummaryOfLoansDebenturesAndFinanceLeasesTable_2">Summary of loans debentures and finance leases</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfLoansDebenturesAndFinanceLeasesTable" xlink:to="label_SummaryOfLoansDebenturesAndFinanceLeasesTable_2" xlink:title="Label : SummaryOfLoansDebenturesAndFinanceLeasesTable to label_SummaryOfLoansDebenturesAndFinanceLeasesTable_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ClassesOfLiabilitiesAxis" xlink:label="ClassesOfLiabilitiesAxis" xlink:title="ClassesOfLiabilitiesAxis" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfLiabilitiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfLiabilitiesAxis" xml:lang="en-US" id="label_ClassesOfLiabilitiesAxis">Classes of liabilities [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfLiabilitiesAxis" xlink:to="label_ClassesOfLiabilitiesAxis" xlink:title="Label : ClassesOfLiabilitiesAxis to label_ClassesOfLiabilitiesAxis" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfLiabilitiesAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ClassesOfLiabilitiesAxis_1" xml:lang="en-US" id="label_ClassesOfLiabilitiesAxis_1">Classes of liabilities [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfLiabilitiesAxis" xlink:to="label_ClassesOfLiabilitiesAxis_1" xlink:title="Label : ClassesOfLiabilitiesAxis to label_ClassesOfLiabilitiesAxis_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LiabilitiesMember" xlink:label="LiabilitiesMember" xlink:title="LiabilitiesMember" />
    <link:label xlink:type="resource" xlink:label="label_LiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LiabilitiesMember" xml:lang="en-US" id="label_LiabilitiesMember">Liabilities [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesMember" xlink:to="label_LiabilitiesMember" xlink:title="Label : LiabilitiesMember to label_LiabilitiesMember" />
    <link:label xlink:type="resource" xlink:label="label_LiabilitiesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LiabilitiesMember_1" xml:lang="en-US" id="label_LiabilitiesMember_1">Liabilities [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesMember" xlink:to="label_LiabilitiesMember_1" xlink:title="Label : LiabilitiesMember to label_LiabilitiesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_Loan1Member" xlink:label="Loan1Member" xlink:title="Loan1Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Loan1Member" xml:lang="en-US" id="label_Loan1Member">Loan 1 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan1Member" xlink:to="label_Loan1Member" xlink:title="Label : Loan1Member to label_Loan1Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan1Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Loan1Member_1" xml:lang="en-US" id="label_Loan1Member_1">Loan 1 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan1Member" xlink:to="label_Loan1Member_1" xlink:title="Label : Loan1Member to label_Loan1Member_1" />
    <link:label xlink:type="resource" xlink:label="label_Loan1Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Loan1Member_2" xml:lang="en-US" id="label_Loan1Member_2">Loan 1.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan1Member" xlink:to="label_Loan1Member_2" xlink:title="Label : Loan1Member to label_Loan1Member_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_Loan2Member" xlink:label="Loan2Member" xlink:title="Loan2Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan2Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Loan2Member" xml:lang="en-US" id="label_Loan2Member">Loan 2 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan2Member" xlink:to="label_Loan2Member" xlink:title="Label : Loan2Member to label_Loan2Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan2Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Loan2Member_1" xml:lang="en-US" id="label_Loan2Member_1">Loan 2 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan2Member" xlink:to="label_Loan2Member_1" xlink:title="Label : Loan2Member to label_Loan2Member_1" />
    <link:label xlink:type="resource" xlink:label="label_Loan2Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Loan2Member_2" xml:lang="en-US" id="label_Loan2Member_2">Loan 2.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan2Member" xlink:to="label_Loan2Member_2" xlink:title="Label : Loan2Member to label_Loan2Member_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_Loan3Member" xlink:label="Loan3Member" xlink:title="Loan3Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan3Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Loan3Member" xml:lang="en-US" id="label_Loan3Member">Loan 3 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan3Member" xlink:to="label_Loan3Member" xlink:title="Label : Loan3Member to label_Loan3Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan3Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Loan3Member_1" xml:lang="en-US" id="label_Loan3Member_1">Loan 3 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan3Member" xlink:to="label_Loan3Member_1" xlink:title="Label : Loan3Member to label_Loan3Member_1" />
    <link:label xlink:type="resource" xlink:label="label_Loan3Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Loan3Member_2" xml:lang="en-US" id="label_Loan3Member_2">Loan 3.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan3Member" xlink:to="label_Loan3Member_2" xlink:title="Label : Loan3Member to label_Loan3Member_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_Loan4Member" xlink:label="Loan4Member" xlink:title="Loan4Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan4Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Loan4Member" xml:lang="en-US" id="label_Loan4Member">Loan 4 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan4Member" xlink:to="label_Loan4Member" xlink:title="Label : Loan4Member to label_Loan4Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan4Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Loan4Member_1" xml:lang="en-US" id="label_Loan4Member_1">Loan 4 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan4Member" xlink:to="label_Loan4Member_1" xlink:title="Label : Loan4Member to label_Loan4Member_1" />
    <link:label xlink:type="resource" xlink:label="label_Loan4Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Loan4Member_2" xml:lang="en-US" id="label_Loan4Member_2">Loan 4.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan4Member" xlink:to="label_Loan4Member_2" xlink:title="Label : Loan4Member to label_Loan4Member_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_Loan5Member" xlink:label="Loan5Member" xlink:title="Loan5Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan5Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Loan5Member" xml:lang="en-US" id="label_Loan5Member">Loan 5 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan5Member" xlink:to="label_Loan5Member" xlink:title="Label : Loan5Member to label_Loan5Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan5Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Loan5Member_1" xml:lang="en-US" id="label_Loan5Member_1">Loan 5 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan5Member" xlink:to="label_Loan5Member_1" xlink:title="Label : Loan5Member to label_Loan5Member_1" />
    <link:label xlink:type="resource" xlink:label="label_Loan5Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Loan5Member_2" xml:lang="en-US" id="label_Loan5Member_2">Loan 5.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan5Member" xlink:to="label_Loan5Member_2" xlink:title="Label : Loan5Member to label_Loan5Member_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_Loan6Member" xlink:label="Loan6Member" xlink:title="Loan6Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan6Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Loan6Member" xml:lang="en-US" id="label_Loan6Member">Loan 6 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan6Member" xlink:to="label_Loan6Member" xlink:title="Label : Loan6Member to label_Loan6Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan6Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Loan6Member_1" xml:lang="en-US" id="label_Loan6Member_1">Loan 6 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan6Member" xlink:to="label_Loan6Member_1" xlink:title="Label : Loan6Member to label_Loan6Member_1" />
    <link:label xlink:type="resource" xlink:label="label_Loan6Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Loan6Member_2" xml:lang="en-US" id="label_Loan6Member_2">Loan 6.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan6Member" xlink:to="label_Loan6Member_2" xlink:title="Label : Loan6Member to label_Loan6Member_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_Loan7Member" xlink:label="Loan7Member" xlink:title="Loan7Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan7Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Loan7Member" xml:lang="en-US" id="label_Loan7Member">Loan 7 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan7Member" xlink:to="label_Loan7Member" xlink:title="Label : Loan7Member to label_Loan7Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan7Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Loan7Member_1" xml:lang="en-US" id="label_Loan7Member_1">Loan 7 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan7Member" xlink:to="label_Loan7Member_1" xlink:title="Label : Loan7Member to label_Loan7Member_1" />
    <link:label xlink:type="resource" xlink:label="label_Loan7Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Loan7Member_2" xml:lang="en-US" id="label_Loan7Member_2">Loan 7.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan7Member" xlink:to="label_Loan7Member_2" xlink:title="Label : Loan7Member to label_Loan7Member_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_Loan8Member" xlink:label="Loan8Member" xlink:title="Loan8Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan8Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Loan8Member" xml:lang="en-US" id="label_Loan8Member">Loan 8 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan8Member" xlink:to="label_Loan8Member" xlink:title="Label : Loan8Member to label_Loan8Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan8Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Loan8Member_1" xml:lang="en-US" id="label_Loan8Member_1">Loan 8 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan8Member" xlink:to="label_Loan8Member_1" xlink:title="Label : Loan8Member to label_Loan8Member_1" />
    <link:label xlink:type="resource" xlink:label="label_Loan8Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Loan8Member_2" xml:lang="en-US" id="label_Loan8Member_2">Loan 8.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan8Member" xlink:to="label_Loan8Member_2" xlink:title="Label : Loan8Member to label_Loan8Member_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_Loan9Member" xlink:label="Loan9Member" xlink:title="Loan9Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan9Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Loan9Member" xml:lang="en-US" id="label_Loan9Member">Loan 9 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan9Member" xlink:to="label_Loan9Member" xlink:title="Label : Loan9Member to label_Loan9Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan9Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Loan9Member_1" xml:lang="en-US" id="label_Loan9Member_1">Loan 9 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan9Member" xlink:to="label_Loan9Member_1" xlink:title="Label : Loan9Member to label_Loan9Member_1" />
    <link:label xlink:type="resource" xlink:label="label_Loan9Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Loan9Member_2" xml:lang="en-US" id="label_Loan9Member_2">Loan 9.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan9Member" xlink:to="label_Loan9Member_2" xlink:title="Label : Loan9Member to label_Loan9Member_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_Loan10Member" xlink:label="Loan10Member" xlink:title="Loan10Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan10Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Loan10Member" xml:lang="en-US" id="label_Loan10Member">Loan 10 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan10Member" xlink:to="label_Loan10Member" xlink:title="Label : Loan10Member to label_Loan10Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan10Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Loan10Member_1" xml:lang="en-US" id="label_Loan10Member_1">Loan 10 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan10Member" xlink:to="label_Loan10Member_1" xlink:title="Label : Loan10Member to label_Loan10Member_1" />
    <link:label xlink:type="resource" xlink:label="label_Loan10Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Loan10Member_2" xml:lang="en-US" id="label_Loan10Member_2">Loan 10.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan10Member" xlink:to="label_Loan10Member_2" xlink:title="Label : Loan10Member to label_Loan10Member_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_Loan11Member" xlink:label="Loan11Member" xlink:title="Loan11Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan11Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Loan11Member" xml:lang="en-US" id="label_Loan11Member">Loan 11 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan11Member" xlink:to="label_Loan11Member" xlink:title="Label : Loan11Member to label_Loan11Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan11Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Loan11Member_1" xml:lang="en-US" id="label_Loan11Member_1">Loan 11 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan11Member" xlink:to="label_Loan11Member_1" xlink:title="Label : Loan11Member to label_Loan11Member_1" />
    <link:label xlink:type="resource" xlink:label="label_Loan11Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Loan11Member_2" xml:lang="en-US" id="label_Loan11Member_2">Loan 11.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan11Member" xlink:to="label_Loan11Member_2" xlink:title="Label : Loan11Member to label_Loan11Member_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_Loan12Member" xlink:label="Loan12Member" xlink:title="Loan12Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan12Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Loan12Member" xml:lang="en-US" id="label_Loan12Member">Loan 12 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan12Member" xlink:to="label_Loan12Member" xlink:title="Label : Loan12Member to label_Loan12Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan12Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Loan12Member_1" xml:lang="en-US" id="label_Loan12Member_1">Loan 12 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan12Member" xlink:to="label_Loan12Member_1" xlink:title="Label : Loan12Member to label_Loan12Member_1" />
    <link:label xlink:type="resource" xlink:label="label_Loan12Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Loan12Member_2" xml:lang="en-US" id="label_Loan12Member_2">Loan 12.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan12Member" xlink:to="label_Loan12Member_2" xlink:title="Label : Loan12Member to label_Loan12Member_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_Loan13Member" xlink:label="Loan13Member" xlink:title="Loan13Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan13Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Loan13Member" xml:lang="en-US" id="label_Loan13Member">Loan 13 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan13Member" xlink:to="label_Loan13Member" xlink:title="Label : Loan13Member to label_Loan13Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan13Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Loan13Member_1" xml:lang="en-US" id="label_Loan13Member_1">Loan 13 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan13Member" xlink:to="label_Loan13Member_1" xlink:title="Label : Loan13Member to label_Loan13Member_1" />
    <link:label xlink:type="resource" xlink:label="label_Loan13Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Loan13Member_2" xml:lang="en-US" id="label_Loan13Member_2">Loan 13.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan13Member" xlink:to="label_Loan13Member_2" xlink:title="Label : Loan13Member to label_Loan13Member_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_Loan14Member" xlink:label="Loan14Member" xlink:title="Loan14Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan14Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Loan14Member" xml:lang="en-US" id="label_Loan14Member">Loan 14 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan14Member" xlink:to="label_Loan14Member" xlink:title="Label : Loan14Member to label_Loan14Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan14Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Loan14Member_1" xml:lang="en-US" id="label_Loan14Member_1">Loan 14 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan14Member" xlink:to="label_Loan14Member_1" xlink:title="Label : Loan14Member to label_Loan14Member_1" />
    <link:label xlink:type="resource" xlink:label="label_Loan14Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Loan14Member_2" xml:lang="en-US" id="label_Loan14Member_2">Loan 14.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan14Member" xlink:to="label_Loan14Member_2" xlink:title="Label : Loan14Member to label_Loan14Member_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_Loan15Member" xlink:label="Loan15Member" xlink:title="Loan15Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan15Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Loan15Member" xml:lang="en-US" id="label_Loan15Member">Loan 15 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan15Member" xlink:to="label_Loan15Member" xlink:title="Label : Loan15Member to label_Loan15Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan15Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Loan15Member_1" xml:lang="en-US" id="label_Loan15Member_1">Loan 15 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan15Member" xlink:to="label_Loan15Member_1" xlink:title="Label : Loan15Member to label_Loan15Member_1" />
    <link:label xlink:type="resource" xlink:label="label_Loan15Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Loan15Member_2" xml:lang="en-US" id="label_Loan15Member_2">Loan 15.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan15Member" xlink:to="label_Loan15Member_2" xlink:title="Label : Loan15Member to label_Loan15Member_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_Loan16Member" xlink:label="Loan16Member" xlink:title="Loan16Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan16Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Loan16Member" xml:lang="en-US" id="label_Loan16Member">Loan 16 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan16Member" xlink:to="label_Loan16Member" xlink:title="Label : Loan16Member to label_Loan16Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan16Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Loan16Member_1" xml:lang="en-US" id="label_Loan16Member_1">Loan 16 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan16Member" xlink:to="label_Loan16Member_1" xlink:title="Label : Loan16Member to label_Loan16Member_1" />
    <link:label xlink:type="resource" xlink:label="label_Loan16Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Loan16Member_2" xml:lang="en-US" id="label_Loan16Member_2">Loan 16.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan16Member" xlink:to="label_Loan16Member_2" xlink:title="Label : Loan16Member to label_Loan16Member_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_Loan17Member" xlink:label="Loan17Member" xlink:title="Loan17Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan17Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Loan17Member" xml:lang="en-US" id="label_Loan17Member">Loan 17 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan17Member" xlink:to="label_Loan17Member" xlink:title="Label : Loan17Member to label_Loan17Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan17Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Loan17Member_1" xml:lang="en-US" id="label_Loan17Member_1">Loan 17 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan17Member" xlink:to="label_Loan17Member_1" xlink:title="Label : Loan17Member to label_Loan17Member_1" />
    <link:label xlink:type="resource" xlink:label="label_Loan17Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Loan17Member_2" xml:lang="en-US" id="label_Loan17Member_2">Loan 17.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan17Member" xlink:to="label_Loan17Member_2" xlink:title="Label : Loan17Member to label_Loan17Member_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_Loan18Member" xlink:label="Loan18Member" xlink:title="Loan18Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan18Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Loan18Member" xml:lang="en-US" id="label_Loan18Member">Loan 18 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan18Member" xlink:to="label_Loan18Member" xlink:title="Label : Loan18Member to label_Loan18Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan18Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Loan18Member_1" xml:lang="en-US" id="label_Loan18Member_1">Loan 18 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan18Member" xlink:to="label_Loan18Member_1" xlink:title="Label : Loan18Member to label_Loan18Member_1" />
    <link:label xlink:type="resource" xlink:label="label_Loan18Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Loan18Member_2" xml:lang="en-US" id="label_Loan18Member_2">Loan 18.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan18Member" xlink:to="label_Loan18Member_2" xlink:title="Label : Loan18Member to label_Loan18Member_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_Loan19Member" xlink:label="Loan19Member" xlink:title="Loan19Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan19Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Loan19Member" xml:lang="en-US" id="label_Loan19Member">Loan 19 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan19Member" xlink:to="label_Loan19Member" xlink:title="Label : Loan19Member to label_Loan19Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan19Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Loan19Member_1" xml:lang="en-US" id="label_Loan19Member_1">Loan 19 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan19Member" xlink:to="label_Loan19Member_1" xlink:title="Label : Loan19Member to label_Loan19Member_1" />
    <link:label xlink:type="resource" xlink:label="label_Loan19Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Loan19Member_2" xml:lang="en-US" id="label_Loan19Member_2">Loan 19.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan19Member" xlink:to="label_Loan19Member_2" xlink:title="Label : Loan19Member to label_Loan19Member_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_Loan20Member" xlink:label="Loan20Member" xlink:title="Loan20Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan20Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Loan20Member" xml:lang="en-US" id="label_Loan20Member">Loan 20 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan20Member" xlink:to="label_Loan20Member" xlink:title="Label : Loan20Member to label_Loan20Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan20Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Loan20Member_1" xml:lang="en-US" id="label_Loan20Member_1">Loan 20 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan20Member" xlink:to="label_Loan20Member_1" xlink:title="Label : Loan20Member to label_Loan20Member_1" />
    <link:label xlink:type="resource" xlink:label="label_Loan20Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Loan20Member_2" xml:lang="en-US" id="label_Loan20Member_2">Loan 20.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan20Member" xlink:to="label_Loan20Member_2" xlink:title="Label : Loan20Member to label_Loan20Member_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_Loan21Member" xlink:label="Loan21Member" xlink:title="Loan21Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan21Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Loan21Member" xml:lang="en-US" id="label_Loan21Member">Loan 21 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan21Member" xlink:to="label_Loan21Member" xlink:title="Label : Loan21Member to label_Loan21Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan21Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Loan21Member_1" xml:lang="en-US" id="label_Loan21Member_1">Loan 21 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan21Member" xlink:to="label_Loan21Member_1" xlink:title="Label : Loan21Member to label_Loan21Member_1" />
    <link:label xlink:type="resource" xlink:label="label_Loan21Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Loan21Member_2" xml:lang="en-US" id="label_Loan21Member_2">Loan 21.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan21Member" xlink:to="label_Loan21Member_2" xlink:title="Label : Loan21Member to label_Loan21Member_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_Loan22Member" xlink:label="Loan22Member" xlink:title="Loan22Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan22Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Loan22Member" xml:lang="en-US" id="label_Loan22Member">Loan 22 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan22Member" xlink:to="label_Loan22Member" xlink:title="Label : Loan22Member to label_Loan22Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan22Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Loan22Member_1" xml:lang="en-US" id="label_Loan22Member_1">Loan 22 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan22Member" xlink:to="label_Loan22Member_1" xlink:title="Label : Loan22Member to label_Loan22Member_1" />
    <link:label xlink:type="resource" xlink:label="label_Loan22Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Loan22Member_2" xml:lang="en-US" id="label_Loan22Member_2">Loan 22.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan22Member" xlink:to="label_Loan22Member_2" xlink:title="Label : Loan22Member to label_Loan22Member_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_Loan23Member" xlink:label="Loan23Member" xlink:title="Loan23Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan23Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Loan23Member" xml:lang="en-US" id="label_Loan23Member">Loan 23 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan23Member" xlink:to="label_Loan23Member" xlink:title="Label : Loan23Member to label_Loan23Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan23Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Loan23Member_1" xml:lang="en-US" id="label_Loan23Member_1">Loan 23 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan23Member" xlink:to="label_Loan23Member_1" xlink:title="Label : Loan23Member to label_Loan23Member_1" />
    <link:label xlink:type="resource" xlink:label="label_Loan23Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Loan23Member_2" xml:lang="en-US" id="label_Loan23Member_2">Loan 23.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan23Member" xlink:to="label_Loan23Member_2" xlink:title="Label : Loan23Member to label_Loan23Member_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_Loan24Member" xlink:label="Loan24Member" xlink:title="Loan24Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan24Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Loan24Member" xml:lang="en-US" id="label_Loan24Member">Loan 24 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan24Member" xlink:to="label_Loan24Member" xlink:title="Label : Loan24Member to label_Loan24Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan24Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Loan24Member_1" xml:lang="en-US" id="label_Loan24Member_1">Loan 24 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan24Member" xlink:to="label_Loan24Member_1" xlink:title="Label : Loan24Member to label_Loan24Member_1" />
    <link:label xlink:type="resource" xlink:label="label_Loan24Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Loan24Member_2" xml:lang="en-US" id="label_Loan24Member_2">Loan 24.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan24Member" xlink:to="label_Loan24Member_2" xlink:title="Label : Loan24Member to label_Loan24Member_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_Loan25Member" xlink:label="Loan25Member" xlink:title="Loan25Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan25Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Loan25Member" xml:lang="en-US" id="label_Loan25Member">Loan 25 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan25Member" xlink:to="label_Loan25Member" xlink:title="Label : Loan25Member to label_Loan25Member" />
    <link:label xlink:type="resource" xlink:label="label_Loan25Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Loan25Member_1" xml:lang="en-US" id="label_Loan25Member_1">Loan 25 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan25Member" xlink:to="label_Loan25Member_1" xlink:title="Label : Loan25Member to label_Loan25Member_1" />
    <link:label xlink:type="resource" xlink:label="label_Loan25Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Loan25Member_2" xml:lang="en-US" id="label_Loan25Member_2">Loan 25.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Loan25Member" xlink:to="label_Loan25Member_2" xlink:title="Label : Loan25Member to label_Loan25Member_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfLoansDebenturesAndFinanceLeasesLineItems" xlink:label="SummaryOfLoansDebenturesAndFinanceLeasesLineItems" xlink:title="SummaryOfLoansDebenturesAndFinanceLeasesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfLoansDebenturesAndFinanceLeasesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SummaryOfLoansDebenturesAndFinanceLeasesLineItems" xml:lang="en-US" id="label_SummaryOfLoansDebenturesAndFinanceLeasesLineItems">Summary of loans debentures and finance leases [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfLoansDebenturesAndFinanceLeasesLineItems" xlink:to="label_SummaryOfLoansDebenturesAndFinanceLeasesLineItems" xlink:title="Label : SummaryOfLoansDebenturesAndFinanceLeasesLineItems to label_SummaryOfLoansDebenturesAndFinanceLeasesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfLoansDebenturesAndFinanceLeasesLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfLoansDebenturesAndFinanceLeasesLineItems_1" xml:lang="en-US" id="label_SummaryOfLoansDebenturesAndFinanceLeasesLineItems_1">Summary of loans debentures and finance leases [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfLoansDebenturesAndFinanceLeasesLineItems" xlink:to="label_SummaryOfLoansDebenturesAndFinanceLeasesLineItems_1" xlink:title="Label : SummaryOfLoansDebenturesAndFinanceLeasesLineItems to label_SummaryOfLoansDebenturesAndFinanceLeasesLineItems_1" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfLoansDebenturesAndFinanceLeasesLineItems_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfLoansDebenturesAndFinanceLeasesLineItems_2" xml:lang="en-US" id="label_SummaryOfLoansDebenturesAndFinanceLeasesLineItems_2">Summary of loans debentures and finance leases.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfLoansDebenturesAndFinanceLeasesLineItems" xlink:to="label_SummaryOfLoansDebenturesAndFinanceLeasesLineItems_2" xlink:title="Label : SummaryOfLoansDebenturesAndFinanceLeasesLineItems to label_SummaryOfLoansDebenturesAndFinanceLeasesLineItems_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LoanDescription" xlink:label="LoanDescription" xlink:title="LoanDescription" />
    <link:label xlink:type="resource" xlink:label="label_LoanDescription" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LoanDescription" xml:lang="en-US" id="label_LoanDescription">Loan description</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoanDescription" xlink:to="label_LoanDescription" xlink:title="Label : LoanDescription to label_LoanDescription" />
    <link:label xlink:type="resource" xlink:label="label_LoanDescription_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LoanDescription_1" xml:lang="en-US" id="label_LoanDescription_1">Description</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoanDescription" xlink:to="label_LoanDescription_1" xlink:title="Label : LoanDescription to label_LoanDescription_1" />
    <link:label xlink:type="resource" xlink:label="label_LoanDescription_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LoanDescription_2" xml:lang="en-US" id="label_LoanDescription_2">Disclosure of further information and subclassifications of Loans, classified in a manner appropriate to the entity's policies and operations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoanDescription" xlink:to="label_LoanDescription_2" xlink:title="Label : LoanDescription to label_LoanDescription_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ForeignCurrencyDenominatedLoans" xlink:label="ForeignCurrencyDenominatedLoans" xlink:title="ForeignCurrencyDenominatedLoans" />
    <link:label xlink:type="resource" xlink:label="label_ForeignCurrencyDenominatedLoans" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignCurrencyDenominatedLoans" xml:lang="en-US" id="label_ForeignCurrencyDenominatedLoans">Foreign currency denominated loans</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignCurrencyDenominatedLoans" xlink:to="label_ForeignCurrencyDenominatedLoans" xlink:title="Label : ForeignCurrencyDenominatedLoans to label_ForeignCurrencyDenominatedLoans" />
    <link:label xlink:type="resource" xlink:label="label_ForeignCurrencyDenominatedLoans_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ForeignCurrencyDenominatedLoans_1" xml:lang="en-US" id="label_ForeignCurrencyDenominatedLoans_1">Foreign currency - denominated loans</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignCurrencyDenominatedLoans" xlink:to="label_ForeignCurrencyDenominatedLoans_1" xlink:title="Label : ForeignCurrencyDenominatedLoans to label_ForeignCurrencyDenominatedLoans_1" />
    <link:label xlink:type="resource" xlink:label="label_ForeignCurrencyDenominatedLoans_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignCurrencyDenominatedLoans_2" xml:lang="en-US" id="label_ForeignCurrencyDenominatedLoans_2">Disclosure of further information and subclassifications of Loans, classified in a manner appropriate to the entity's policies and operations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignCurrencyDenominatedLoans" xlink:to="label_ForeignCurrencyDenominatedLoans_2" xlink:title="Label : ForeignCurrencyDenominatedLoans to label_ForeignCurrencyDenominatedLoans_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_BrazilianRealDenominatedLoans" xlink:label="BrazilianRealDenominatedLoans" xlink:title="BrazilianRealDenominatedLoans" />
    <link:label xlink:type="resource" xlink:label="label_BrazilianRealDenominatedLoans" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BrazilianRealDenominatedLoans" xml:lang="en-US" id="label_BrazilianRealDenominatedLoans">Brazilian real denominated loans</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BrazilianRealDenominatedLoans" xlink:to="label_BrazilianRealDenominatedLoans" xlink:title="Label : BrazilianRealDenominatedLoans to label_BrazilianRealDenominatedLoans" />
    <link:label xlink:type="resource" xlink:label="label_BrazilianRealDenominatedLoans_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BrazilianRealDenominatedLoans_1" xml:lang="en-US" id="label_BrazilianRealDenominatedLoans_1">Brazilian Real - denominated loans</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BrazilianRealDenominatedLoans" xlink:to="label_BrazilianRealDenominatedLoans_1" xlink:title="Label : BrazilianRealDenominatedLoans to label_BrazilianRealDenominatedLoans_1" />
    <link:label xlink:type="resource" xlink:label="label_BrazilianRealDenominatedLoans_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BrazilianRealDenominatedLoans_2" xml:lang="en-US" id="label_BrazilianRealDenominatedLoans_2">Disclosure of further information and subclassifications of Loans, classified in a manner appropriate to the entity's policies and operations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BrazilianRealDenominatedLoans" xlink:to="label_BrazilianRealDenominatedLoans_2" xlink:title="Label : BrazilianRealDenominatedLoans to label_BrazilianRealDenominatedLoans_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TotalForeignCurrencyAndBrazilianReais" xlink:label="TotalForeignCurrencyAndBrazilianReais" xlink:title="TotalForeignCurrencyAndBrazilianReais" />
    <link:label xlink:type="resource" xlink:label="label_TotalForeignCurrencyAndBrazilianReais" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TotalForeignCurrencyAndBrazilianReais" xml:lang="en-US" id="label_TotalForeignCurrencyAndBrazilianReais">Total foreign currency and brazilian reais</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TotalForeignCurrencyAndBrazilianReais" xlink:to="label_TotalForeignCurrencyAndBrazilianReais" xlink:title="Label : TotalForeignCurrencyAndBrazilianReais to label_TotalForeignCurrencyAndBrazilianReais" />
    <link:label xlink:type="resource" xlink:label="label_TotalForeignCurrencyAndBrazilianReais_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_TotalForeignCurrencyAndBrazilianReais_1" xml:lang="en-US" id="label_TotalForeignCurrencyAndBrazilianReais_1">Total foreign currency and Brazilian Reais</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TotalForeignCurrencyAndBrazilianReais" xlink:to="label_TotalForeignCurrencyAndBrazilianReais_1" xlink:title="Label : TotalForeignCurrencyAndBrazilianReais to label_TotalForeignCurrencyAndBrazilianReais_1" />
    <link:label xlink:type="resource" xlink:label="label_TotalForeignCurrencyAndBrazilianReais_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TotalForeignCurrencyAndBrazilianReais_2" xml:lang="en-US" id="label_TotalForeignCurrencyAndBrazilianReais_2">Total foreign currency and brazilian reais.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TotalForeignCurrencyAndBrazilianReais" xlink:to="label_TotalForeignCurrencyAndBrazilianReais_2" xlink:title="Label : TotalForeignCurrencyAndBrazilianReais to label_TotalForeignCurrencyAndBrazilianReais_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CurrencyInterestRateHedgingInstruments" xlink:label="CurrencyInterestRateHedgingInstruments" xlink:title="CurrencyInterestRateHedgingInstruments" />
    <link:label xlink:type="resource" xlink:label="label_CurrencyInterestRateHedgingInstruments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrencyInterestRateHedgingInstruments" xml:lang="en-US" id="label_CurrencyInterestRateHedgingInstruments">Currency interest rate hedging instruments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrencyInterestRateHedgingInstruments" xlink:to="label_CurrencyInterestRateHedgingInstruments" xlink:title="Label : CurrencyInterestRateHedgingInstruments to label_CurrencyInterestRateHedgingInstruments" />
    <link:label xlink:type="resource" xlink:label="label_CurrencyInterestRateHedgingInstruments_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrencyInterestRateHedgingInstruments_1" xml:lang="en-US" id="label_CurrencyInterestRateHedgingInstruments_1">Currency and interest rate hedging instruments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrencyInterestRateHedgingInstruments" xlink:to="label_CurrencyInterestRateHedgingInstruments_1" xlink:title="Label : CurrencyInterestRateHedgingInstruments to label_CurrencyInterestRateHedgingInstruments_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrencyInterestRateHedgingInstruments_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrencyInterestRateHedgingInstruments_2" xml:lang="en-US" id="label_CurrencyInterestRateHedgingInstruments_2">Currency interest rate hedging instrument.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrencyInterestRateHedgingInstruments" xlink:to="label_CurrencyInterestRateHedgingInstruments_2" xlink:title="Label : CurrencyInterestRateHedgingInstruments to label_CurrencyInterestRateHedgingInstruments_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LoanDebt" xlink:label="LoanDebt" xlink:title="LoanDebt" />
    <link:label xlink:type="resource" xlink:label="label_LoanDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LoanDebt" xml:lang="en-US" id="label_LoanDebt">Loan debt</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoanDebt" xlink:to="label_LoanDebt" xlink:title="Label : LoanDebt to label_LoanDebt" />
    <link:label xlink:type="resource" xlink:label="label_LoanDebt_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_LoanDebt_1" xml:lang="en-US" id="label_LoanDebt_1">Total</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoanDebt" xlink:to="label_LoanDebt_1" xlink:title="Label : LoanDebt to label_LoanDebt_1" />
    <link:label xlink:type="resource" xlink:label="label_LoanDebt_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LoanDebt_2" xml:lang="en-US" id="label_LoanDebt_2">The entity shall disclose information that enables users of the financial statements to evaluate changes in liabilities arising from financing activities, including changes in cash flows and non-cash flows (IAS 7).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoanDebt" xlink:to="label_LoanDebt_2" xlink:title="Label : LoanDebt to label_LoanDebt_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CurrentDebt" xlink:label="CurrentDebt" xlink:title="CurrentDebt" />
    <link:label xlink:type="resource" xlink:label="label_CurrentDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentDebt" xml:lang="en-US" id="label_CurrentDebt">Current debt</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentDebt" xlink:to="label_CurrentDebt" xlink:title="Label : CurrentDebt to label_CurrentDebt" />
    <link:label xlink:type="resource" xlink:label="label_CurrentDebt_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentDebt_1" xml:lang="en-US" id="label_CurrentDebt_1">Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentDebt" xlink:to="label_CurrentDebt_1" xlink:title="Label : CurrentDebt to label_CurrentDebt_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentDebt_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentDebt_2" xml:lang="en-US" id="label_CurrentDebt_2">Disclosure of further information and subclassifications of Loans, classified in a manner appropriate to the entity's policies and operations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentDebt" xlink:to="label_CurrentDebt_2" xlink:title="Label : CurrentDebt to label_CurrentDebt_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_NoncurrentDebt" xlink:label="NoncurrentDebt" xlink:title="NoncurrentDebt" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentDebt" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NoncurrentDebt" xml:lang="en-US" id="label_NoncurrentDebt">Disclosure of further information and subclassifications of Loans, classified in a manner appropriate to the entity's policies and operations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentDebt" xlink:to="label_NoncurrentDebt" xlink:title="Label : NoncurrentDebt to label_NoncurrentDebt" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentDebt_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncurrentDebt_1" xml:lang="en-US" id="label_NoncurrentDebt_1">Long term debt</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentDebt" xlink:to="label_NoncurrentDebt_1" xlink:title="Label : NoncurrentDebt to label_NoncurrentDebt_1" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentDebt_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_NoncurrentDebt_2" xml:lang="en-US" id="label_NoncurrentDebt_2">Non-current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentDebt" xlink:to="label_NoncurrentDebt_2" xlink:title="Label : NoncurrentDebt to label_NoncurrentDebt_2" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentDebt_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncurrentDebt_3" xml:lang="en-US" id="label_NoncurrentDebt_3">Noncurrent Debt</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentDebt" xlink:to="label_NoncurrentDebt_3" xlink:title="Label : NoncurrentDebt to label_NoncurrentDebt_3" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LoanIndexCurrency" xlink:label="LoanIndexCurrency" xlink:title="LoanIndexCurrency" />
    <link:label xlink:type="resource" xlink:label="label_LoanIndexCurrency" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LoanIndexCurrency" xml:lang="en-US" id="label_LoanIndexCurrency">Loan index currency</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoanIndexCurrency" xlink:to="label_LoanIndexCurrency" xlink:title="Label : LoanIndexCurrency to label_LoanIndexCurrency" />
    <link:label xlink:type="resource" xlink:label="label_LoanIndexCurrency_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LoanIndexCurrency_1" xml:lang="en-US" id="label_LoanIndexCurrency_1">Index/Currency</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoanIndexCurrency" xlink:to="label_LoanIndexCurrency_1" xlink:title="Label : LoanIndexCurrency to label_LoanIndexCurrency_1" />
    <link:label xlink:type="resource" xlink:label="label_LoanIndexCurrency_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LoanIndexCurrency_2" xml:lang="en-US" id="label_LoanIndexCurrency_2">Disclosure of further information and subclassifications of Loans, classified in a manner appropriate to the entity's policies and operations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoanIndexCurrency" xlink:to="label_LoanIndexCurrency_2" xlink:title="Label : LoanIndexCurrency to label_LoanIndexCurrency_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_WeightedAverageFinancialChargesLoans" xlink:label="WeightedAverageFinancialChargesLoans" xlink:title="WeightedAverageFinancialChargesLoans" />
    <link:label xlink:type="resource" xlink:label="label_WeightedAverageFinancialChargesLoans" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_WeightedAverageFinancialChargesLoans" xml:lang="en-US" id="label_WeightedAverageFinancialChargesLoans">Weighted Average Financial Charges Loans</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageFinancialChargesLoans" xlink:to="label_WeightedAverageFinancialChargesLoans" xlink:title="Label : WeightedAverageFinancialChargesLoans to label_WeightedAverageFinancialChargesLoans" />
    <link:label xlink:type="resource" xlink:label="label_WeightedAverageFinancialChargesLoans_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_WeightedAverageFinancialChargesLoans_1" xml:lang="en-US" id="label_WeightedAverageFinancialChargesLoans_1">Weighted average financial charges</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageFinancialChargesLoans" xlink:to="label_WeightedAverageFinancialChargesLoans_1" xlink:title="Label : WeightedAverageFinancialChargesLoans to label_WeightedAverageFinancialChargesLoans_1" />
    <link:label xlink:type="resource" xlink:label="label_WeightedAverageFinancialChargesLoans_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_WeightedAverageFinancialChargesLoans_2" xml:lang="en-US" id="label_WeightedAverageFinancialChargesLoans_2">Disclosure of further information and subclassifications of Loans, classified in a manner appropriate to the entity's policies and operations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageFinancialChargesLoans" xlink:to="label_WeightedAverageFinancialChargesLoans_2" xlink:title="Label : WeightedAverageFinancialChargesLoans to label_WeightedAverageFinancialChargesLoans_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LoanMaturityDate" xlink:label="LoanMaturityDate" xlink:title="LoanMaturityDate" />
    <link:label xlink:type="resource" xlink:label="label_LoanMaturityDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LoanMaturityDate" xml:lang="en-US" id="label_LoanMaturityDate">Loan maturity date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoanMaturityDate" xlink:to="label_LoanMaturityDate" xlink:title="Label : LoanMaturityDate to label_LoanMaturityDate" />
    <link:label xlink:type="resource" xlink:label="label_LoanMaturityDate_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LoanMaturityDate_1" xml:lang="en-US" id="label_LoanMaturityDate_1">Maturity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoanMaturityDate" xlink:to="label_LoanMaturityDate_1" xlink:title="Label : LoanMaturityDate to label_LoanMaturityDate_1" />
    <link:label xlink:type="resource" xlink:label="label_LoanMaturityDate_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LoanMaturityDate_2" xml:lang="en-US" id="label_LoanMaturityDate_2">An entity shall disclose a maturity analysis for non-derivative and derivative financial liabilities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoanMaturityDate" xlink:to="label_LoanMaturityDate_2" xlink:title="Label : LoanMaturityDate to label_LoanMaturityDate_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DebentureAxis" xlink:label="DebentureAxis" xlink:title="DebentureAxis" />
    <link:label xlink:type="resource" xlink:label="label_DebentureAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebentureAxis" xml:lang="en-US" id="label_DebentureAxis">Debenture [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureAxis" xlink:to="label_DebentureAxis" xlink:title="Label : DebentureAxis to label_DebentureAxis" />
    <link:label xlink:type="resource" xlink:label="label_DebentureAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DebentureAxis_1" xml:lang="en-US" id="label_DebentureAxis_1">Debenture [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureAxis" xlink:to="label_DebentureAxis_1" xlink:title="Label : DebentureAxis to label_DebentureAxis_1" />
    <link:label xlink:type="resource" xlink:label="label_DebentureAxis_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DebentureAxis_2" xml:lang="en-US" id="label_DebentureAxis_2">Debenture.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureAxis" xlink:to="label_DebentureAxis_2" xlink:title="Label : DebentureAxis to label_DebentureAxis_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DebentureDomain" xlink:label="DebentureDomain" xlink:title="DebentureDomain" />
    <link:label xlink:type="resource" xlink:label="label_DebentureDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebentureDomain" xml:lang="en-US" id="label_DebentureDomain">Debenture [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureDomain" xlink:to="label_DebentureDomain" xlink:title="Label : DebentureDomain to label_DebentureDomain" />
    <link:label xlink:type="resource" xlink:label="label_DebentureDomain_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DebentureDomain_1" xml:lang="en-US" id="label_DebentureDomain_1">Debenture [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureDomain" xlink:to="label_DebentureDomain_1" xlink:title="Label : DebentureDomain to label_DebentureDomain_1" />
    <link:label xlink:type="resource" xlink:label="label_DebentureDomain_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DebentureDomain_2" xml:lang="en-US" id="label_DebentureDomain_2">Debenture [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureDomain" xlink:to="label_DebentureDomain_2" xlink:title="Label : DebentureDomain to label_DebentureDomain_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DebentureOneMember" xlink:label="DebentureOneMember" xlink:title="DebentureOneMember" />
    <link:label xlink:type="resource" xlink:label="label_DebentureOneMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebentureOneMember" xml:lang="en-US" id="label_DebentureOneMember">Debenture one [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureOneMember" xlink:to="label_DebentureOneMember" xlink:title="Label : DebentureOneMember to label_DebentureOneMember" />
    <link:label xlink:type="resource" xlink:label="label_DebentureOneMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DebentureOneMember_1" xml:lang="en-US" id="label_DebentureOneMember_1">Debenture one [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureOneMember" xlink:to="label_DebentureOneMember_1" xlink:title="Label : DebentureOneMember to label_DebentureOneMember_1" />
    <link:label xlink:type="resource" xlink:label="label_DebentureOneMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DebentureOneMember_2" xml:lang="en-US" id="label_DebentureOneMember_2">Debenture one.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureOneMember" xlink:to="label_DebentureOneMember_2" xlink:title="Label : DebentureOneMember to label_DebentureOneMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DebentureTwoMember" xlink:label="DebentureTwoMember" xlink:title="DebentureTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_DebentureTwoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebentureTwoMember" xml:lang="en-US" id="label_DebentureTwoMember">Debenture two [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureTwoMember" xlink:to="label_DebentureTwoMember" xlink:title="Label : DebentureTwoMember to label_DebentureTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_DebentureTwoMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DebentureTwoMember_1" xml:lang="en-US" id="label_DebentureTwoMember_1">Debenture two [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureTwoMember" xlink:to="label_DebentureTwoMember_1" xlink:title="Label : DebentureTwoMember to label_DebentureTwoMember_1" />
    <link:label xlink:type="resource" xlink:label="label_DebentureTwoMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DebentureTwoMember_2" xml:lang="en-US" id="label_DebentureTwoMember_2">Debenture two.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureTwoMember" xlink:to="label_DebentureTwoMember_2" xlink:title="Label : DebentureTwoMember to label_DebentureTwoMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DebentureThreeMember" xlink:label="DebentureThreeMember" xlink:title="DebentureThreeMember" />
    <link:label xlink:type="resource" xlink:label="label_DebentureThreeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebentureThreeMember" xml:lang="en-US" id="label_DebentureThreeMember">Debenture three [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureThreeMember" xlink:to="label_DebentureThreeMember" xlink:title="Label : DebentureThreeMember to label_DebentureThreeMember" />
    <link:label xlink:type="resource" xlink:label="label_DebentureThreeMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DebentureThreeMember_1" xml:lang="en-US" id="label_DebentureThreeMember_1">Debenture three [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureThreeMember" xlink:to="label_DebentureThreeMember_1" xlink:title="Label : DebentureThreeMember to label_DebentureThreeMember_1" />
    <link:label xlink:type="resource" xlink:label="label_DebentureThreeMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DebentureThreeMember_2" xml:lang="en-US" id="label_DebentureThreeMember_2">Debenture three.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureThreeMember" xlink:to="label_DebentureThreeMember_2" xlink:title="Label : DebentureThreeMember to label_DebentureThreeMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DebentureFourMember" xlink:label="DebentureFourMember" xlink:title="DebentureFourMember" />
    <link:label xlink:type="resource" xlink:label="label_DebentureFourMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebentureFourMember" xml:lang="en-US" id="label_DebentureFourMember">Debenture four [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureFourMember" xlink:to="label_DebentureFourMember" xlink:title="Label : DebentureFourMember to label_DebentureFourMember" />
    <link:label xlink:type="resource" xlink:label="label_DebentureFourMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DebentureFourMember_1" xml:lang="en-US" id="label_DebentureFourMember_1">Debenture four [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureFourMember" xlink:to="label_DebentureFourMember_1" xlink:title="Label : DebentureFourMember to label_DebentureFourMember_1" />
    <link:label xlink:type="resource" xlink:label="label_DebentureFourMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DebentureFourMember_2" xml:lang="en-US" id="label_DebentureFourMember_2">Debenture four.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureFourMember" xlink:to="label_DebentureFourMember_2" xlink:title="Label : DebentureFourMember to label_DebentureFourMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DebentureFiveMember" xlink:label="DebentureFiveMember" xlink:title="DebentureFiveMember" />
    <link:label xlink:type="resource" xlink:label="label_DebentureFiveMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebentureFiveMember" xml:lang="en-US" id="label_DebentureFiveMember">Debenture five [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureFiveMember" xlink:to="label_DebentureFiveMember" xlink:title="Label : DebentureFiveMember to label_DebentureFiveMember" />
    <link:label xlink:type="resource" xlink:label="label_DebentureFiveMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DebentureFiveMember_1" xml:lang="en-US" id="label_DebentureFiveMember_1">Debenture five [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureFiveMember" xlink:to="label_DebentureFiveMember_1" xlink:title="Label : DebentureFiveMember to label_DebentureFiveMember_1" />
    <link:label xlink:type="resource" xlink:label="label_DebentureFiveMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DebentureFiveMember_2" xml:lang="en-US" id="label_DebentureFiveMember_2">Debenture five.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureFiveMember" xlink:to="label_DebentureFiveMember_2" xlink:title="Label : DebentureFiveMember to label_DebentureFiveMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DebentureSixMember" xlink:label="DebentureSixMember" xlink:title="DebentureSixMember" />
    <link:label xlink:type="resource" xlink:label="label_DebentureSixMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebentureSixMember" xml:lang="en-US" id="label_DebentureSixMember">Debenture six [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureSixMember" xlink:to="label_DebentureSixMember" xlink:title="Label : DebentureSixMember to label_DebentureSixMember" />
    <link:label xlink:type="resource" xlink:label="label_DebentureSixMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DebentureSixMember_1" xml:lang="en-US" id="label_DebentureSixMember_1">Debenture six [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureSixMember" xlink:to="label_DebentureSixMember_1" xlink:title="Label : DebentureSixMember to label_DebentureSixMember_1" />
    <link:label xlink:type="resource" xlink:label="label_DebentureSixMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DebentureSixMember_2" xml:lang="en-US" id="label_DebentureSixMember_2">Debenture six.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureSixMember" xlink:to="label_DebentureSixMember_2" xlink:title="Label : DebentureSixMember to label_DebentureSixMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DebentureSevenMember" xlink:label="DebentureSevenMember" xlink:title="DebentureSevenMember" />
    <link:label xlink:type="resource" xlink:label="label_DebentureSevenMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebentureSevenMember" xml:lang="en-US" id="label_DebentureSevenMember">Debenture seven [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureSevenMember" xlink:to="label_DebentureSevenMember" xlink:title="Label : DebentureSevenMember to label_DebentureSevenMember" />
    <link:label xlink:type="resource" xlink:label="label_DebentureSevenMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DebentureSevenMember_1" xml:lang="en-US" id="label_DebentureSevenMember_1">Debenture seven [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureSevenMember" xlink:to="label_DebentureSevenMember_1" xlink:title="Label : DebentureSevenMember to label_DebentureSevenMember_1" />
    <link:label xlink:type="resource" xlink:label="label_DebentureSevenMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DebentureSevenMember_2" xml:lang="en-US" id="label_DebentureSevenMember_2">Debenture seven.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureSevenMember" xlink:to="label_DebentureSevenMember_2" xlink:title="Label : DebentureSevenMember to label_DebentureSevenMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DebentureEightMember" xlink:label="DebentureEightMember" xlink:title="DebentureEightMember" />
    <link:label xlink:type="resource" xlink:label="label_DebentureEightMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebentureEightMember" xml:lang="en-US" id="label_DebentureEightMember">Debenture eight [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureEightMember" xlink:to="label_DebentureEightMember" xlink:title="Label : DebentureEightMember to label_DebentureEightMember" />
    <link:label xlink:type="resource" xlink:label="label_DebentureEightMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DebentureEightMember_1" xml:lang="en-US" id="label_DebentureEightMember_1">Debenture eight [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureEightMember" xlink:to="label_DebentureEightMember_1" xlink:title="Label : DebentureEightMember to label_DebentureEightMember_1" />
    <link:label xlink:type="resource" xlink:label="label_DebentureEightMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DebentureEightMember_2" xml:lang="en-US" id="label_DebentureEightMember_2">Debenture eight.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureEightMember" xlink:to="label_DebentureEightMember_2" xlink:title="Label : DebentureEightMember to label_DebentureEightMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DebentureNineMember" xlink:label="DebentureNineMember" xlink:title="DebentureNineMember" />
    <link:label xlink:type="resource" xlink:label="label_DebentureNineMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebentureNineMember" xml:lang="en-US" id="label_DebentureNineMember">Debenture Nine [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureNineMember" xlink:to="label_DebentureNineMember" xlink:title="Label : DebentureNineMember to label_DebentureNineMember" />
    <link:label xlink:type="resource" xlink:label="label_DebentureNineMember_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_DebentureNineMember_1" xml:lang="en-US" id="label_DebentureNineMember_1">Debenture nine [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureNineMember" xlink:to="label_DebentureNineMember_1" xlink:title="Label : DebentureNineMember to label_DebentureNineMember_1" />
    <link:label xlink:type="resource" xlink:label="label_DebentureNineMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DebentureNineMember_2" xml:lang="en-US" id="label_DebentureNineMember_2">Debenture nine member</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureNineMember" xlink:to="label_DebentureNineMember_2" xlink:title="Label : DebentureNineMember to label_DebentureNineMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DebentureTenMember" xlink:label="DebentureTenMember" xlink:title="DebentureTenMember" />
    <link:label xlink:type="resource" xlink:label="label_DebentureTenMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebentureTenMember" xml:lang="en-US" id="label_DebentureTenMember">Debenture ten [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureTenMember" xlink:to="label_DebentureTenMember" xlink:title="Label : DebentureTenMember to label_DebentureTenMember" />
    <link:label xlink:type="resource" xlink:label="label_DebentureTenMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DebentureTenMember_1" xml:lang="en-US" id="label_DebentureTenMember_1">Debenture ten [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureTenMember" xlink:to="label_DebentureTenMember_1" xlink:title="Label : DebentureTenMember to label_DebentureTenMember_1" />
    <link:label xlink:type="resource" xlink:label="label_DebentureTenMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DebentureTenMember_2" xml:lang="en-US" id="label_DebentureTenMember_2">Debenture ten.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureTenMember" xlink:to="label_DebentureTenMember_2" xlink:title="Label : DebentureTenMember to label_DebentureTenMember_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_BorrowingsByNameAxis" xlink:label="BorrowingsByNameAxis" xlink:title="BorrowingsByNameAxis" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsByNameAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsByNameAxis" xml:lang="en-US" id="label_BorrowingsByNameAxis">Borrowings by name [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsByNameAxis" xlink:to="label_BorrowingsByNameAxis" xlink:title="Label : BorrowingsByNameAxis to label_BorrowingsByNameAxis" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsByNameAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BorrowingsByNameAxis_1" xml:lang="en-US" id="label_BorrowingsByNameAxis_1">Borrowings by name [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsByNameAxis" xlink:to="label_BorrowingsByNameAxis_1" xlink:title="Label : BorrowingsByNameAxis to label_BorrowingsByNameAxis_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_BorrowingsByNameMember" xlink:label="BorrowingsByNameMember" xlink:title="BorrowingsByNameMember" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsByNameMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsByNameMember" xml:lang="en-US" id="label_BorrowingsByNameMember">Borrowings by name [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsByNameMember" xlink:to="label_BorrowingsByNameMember" xlink:title="Label : BorrowingsByNameMember to label_BorrowingsByNameMember" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsByNameMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BorrowingsByNameMember_1" xml:lang="en-US" id="label_BorrowingsByNameMember_1">Borrowings by name [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsByNameMember" xlink:to="label_BorrowingsByNameMember_1" xlink:title="Label : BorrowingsByNameMember to label_BorrowingsByNameMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ForeignLoansMember" xlink:label="ForeignLoansMember" xlink:title="ForeignLoansMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignLoansMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignLoansMember" xml:lang="en-US" id="label_ForeignLoansMember">Foreign Loans [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignLoansMember" xlink:to="label_ForeignLoansMember" xlink:title="Label : ForeignLoansMember to label_ForeignLoansMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignLoansMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ForeignLoansMember_1" xml:lang="en-US" id="label_ForeignLoansMember_1">Foreign loans [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignLoansMember" xlink:to="label_ForeignLoansMember_1" xlink:title="Label : ForeignLoansMember to label_ForeignLoansMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ForeignLoansMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignLoansMember_2" xml:lang="en-US" id="label_ForeignLoansMember_2">Foreign loans.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignLoansMember" xlink:to="label_ForeignLoansMember_2" xlink:title="Label : ForeignLoansMember to label_ForeignLoansMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DebenturesFirstIssueMember" xlink:label="DebenturesFirstIssueMember" xlink:title="DebenturesFirstIssueMember" />
    <link:label xlink:type="resource" xlink:label="label_DebenturesFirstIssueMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebenturesFirstIssueMember" xml:lang="en-US" id="label_DebenturesFirstIssueMember">Debentures First Issue [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebenturesFirstIssueMember" xlink:to="label_DebenturesFirstIssueMember" xlink:title="Label : DebenturesFirstIssueMember to label_DebenturesFirstIssueMember" />
    <link:label xlink:type="resource" xlink:label="label_DebenturesFirstIssueMember_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_DebenturesFirstIssueMember_1" xml:lang="en-US" id="label_DebenturesFirstIssueMember_1">Debentures first issue [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebenturesFirstIssueMember" xlink:to="label_DebenturesFirstIssueMember_1" xlink:title="Label : DebenturesFirstIssueMember to label_DebenturesFirstIssueMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DebenturesFifthIssueMember" xlink:label="DebenturesFifthIssueMember" xlink:title="DebenturesFifthIssueMember" />
    <link:label xlink:type="resource" xlink:label="label_DebenturesFifthIssueMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebenturesFifthIssueMember" xml:lang="en-US" id="label_DebenturesFifthIssueMember">Debentures fifth issue [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebenturesFifthIssueMember" xlink:to="label_DebenturesFifthIssueMember" xlink:title="Label : DebenturesFifthIssueMember to label_DebenturesFifthIssueMember" />
    <link:label xlink:type="resource" xlink:label="label_DebenturesFifthIssueMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DebenturesFifthIssueMember_1" xml:lang="en-US" id="label_DebenturesFifthIssueMember_1">Debentures fifth issue [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebenturesFifthIssueMember" xlink:to="label_DebenturesFifthIssueMember_1" xlink:title="Label : DebenturesFifthIssueMember to label_DebenturesFifthIssueMember_1" />
    <link:label xlink:type="resource" xlink:label="label_DebenturesFifthIssueMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DebenturesFifthIssueMember_2" xml:lang="en-US" id="label_DebenturesFifthIssueMember_2">Debentures fifth issue [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebenturesFifthIssueMember" xlink:to="label_DebenturesFifthIssueMember_2" xlink:title="Label : DebenturesFifthIssueMember to label_DebenturesFifthIssueMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DebenturesFourthIssueMember" xlink:label="DebenturesFourthIssueMember" xlink:title="DebenturesFourthIssueMember" />
    <link:label xlink:type="resource" xlink:label="label_DebenturesFourthIssueMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebenturesFourthIssueMember" xml:lang="en-US" id="label_DebenturesFourthIssueMember">Debentures fourth issue [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebenturesFourthIssueMember" xlink:to="label_DebenturesFourthIssueMember" xlink:title="Label : DebenturesFourthIssueMember to label_DebenturesFourthIssueMember" />
    <link:label xlink:type="resource" xlink:label="label_DebenturesFourthIssueMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DebenturesFourthIssueMember_1" xml:lang="en-US" id="label_DebenturesFourthIssueMember_1">Debentures fourth issue [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebenturesFourthIssueMember" xlink:to="label_DebenturesFourthIssueMember_1" xlink:title="Label : DebenturesFourthIssueMember to label_DebenturesFourthIssueMember_1" />
    <link:label xlink:type="resource" xlink:label="label_DebenturesFourthIssueMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DebenturesFourthIssueMember_2" xml:lang="en-US" id="label_DebenturesFourthIssueMember_2">Debentures fourth issue.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebenturesFourthIssueMember" xlink:to="label_DebenturesFourthIssueMember_2" xlink:title="Label : DebenturesFourthIssueMember to label_DebenturesFourthIssueMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DebenturesSixthIssueMember" xlink:label="DebenturesSixthIssueMember" xlink:title="DebenturesSixthIssueMember" />
    <link:label xlink:type="resource" xlink:label="label_DebenturesSixthIssueMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebenturesSixthIssueMember" xml:lang="en-US" id="label_DebenturesSixthIssueMember">Debentures sixth issue [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebenturesSixthIssueMember" xlink:to="label_DebenturesSixthIssueMember" xlink:title="Label : DebenturesSixthIssueMember to label_DebenturesSixthIssueMember" />
    <link:label xlink:type="resource" xlink:label="label_DebenturesSixthIssueMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DebenturesSixthIssueMember_1" xml:lang="en-US" id="label_DebenturesSixthIssueMember_1">Debentures sixth issue [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebenturesSixthIssueMember" xlink:to="label_DebenturesSixthIssueMember_1" xlink:title="Label : DebenturesSixthIssueMember to label_DebenturesSixthIssueMember_1" />
    <link:label xlink:type="resource" xlink:label="label_DebenturesSixthIssueMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DebenturesSixthIssueMember_2" xml:lang="en-US" id="label_DebenturesSixthIssueMember_2">Debentures sixth issue [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebenturesSixthIssueMember" xlink:to="label_DebenturesSixthIssueMember_2" xlink:title="Label : DebenturesSixthIssueMember to label_DebenturesSixthIssueMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DebenturesSeventhIssueMember" xlink:label="DebenturesSeventhIssueMember" xlink:title="DebenturesSeventhIssueMember" />
    <link:label xlink:type="resource" xlink:label="label_DebenturesSeventhIssueMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebenturesSeventhIssueMember" xml:lang="en-US" id="label_DebenturesSeventhIssueMember">Debentures seventh issue [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebenturesSeventhIssueMember" xlink:to="label_DebenturesSeventhIssueMember" xlink:title="Label : DebenturesSeventhIssueMember to label_DebenturesSeventhIssueMember" />
    <link:label xlink:type="resource" xlink:label="label_DebenturesSeventhIssueMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DebenturesSeventhIssueMember_1" xml:lang="en-US" id="label_DebenturesSeventhIssueMember_1">Debentures seventh issue [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebenturesSeventhIssueMember" xlink:to="label_DebenturesSeventhIssueMember_1" xlink:title="Label : DebenturesSeventhIssueMember to label_DebenturesSeventhIssueMember_1" />
    <link:label xlink:type="resource" xlink:label="label_DebenturesSeventhIssueMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DebenturesSeventhIssueMember_2" xml:lang="en-US" id="label_DebenturesSeventhIssueMember_2">Debentures seventh issue.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebenturesSeventhIssueMember" xlink:to="label_DebenturesSeventhIssueMember_2" xlink:title="Label : DebenturesSeventhIssueMember to label_DebenturesSeventhIssueMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DebenturesEighthIssueMember" xlink:label="DebenturesEighthIssueMember" xlink:title="DebenturesEighthIssueMember" />
    <link:label xlink:type="resource" xlink:label="label_DebenturesEighthIssueMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebenturesEighthIssueMember" xml:lang="en-US" id="label_DebenturesEighthIssueMember">Debentures eighth issue [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebenturesEighthIssueMember" xlink:to="label_DebenturesEighthIssueMember" xlink:title="Label : DebenturesEighthIssueMember to label_DebenturesEighthIssueMember" />
    <link:label xlink:type="resource" xlink:label="label_DebenturesEighthIssueMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DebenturesEighthIssueMember_1" xml:lang="en-US" id="label_DebenturesEighthIssueMember_1">Debentures eighth issue [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebenturesEighthIssueMember" xlink:to="label_DebenturesEighthIssueMember_1" xlink:title="Label : DebenturesEighthIssueMember to label_DebenturesEighthIssueMember_1" />
    <link:label xlink:type="resource" xlink:label="label_DebenturesEighthIssueMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DebenturesEighthIssueMember_2" xml:lang="en-US" id="label_DebenturesEighthIssueMember_2">Debentures eighth issue.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebenturesEighthIssueMember" xlink:to="label_DebenturesEighthIssueMember_2" xlink:title="Label : DebenturesEighthIssueMember to label_DebenturesEighthIssueMember_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ClassesOfContingentLiabilitiesAxis" xlink:label="ClassesOfContingentLiabilitiesAxis" xlink:title="ClassesOfContingentLiabilitiesAxis" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfContingentLiabilitiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfContingentLiabilitiesAxis" xml:lang="en-US" id="label_ClassesOfContingentLiabilitiesAxis">Classes of contingent liabilities [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfContingentLiabilitiesAxis" xlink:to="label_ClassesOfContingentLiabilitiesAxis" xlink:title="Label : ClassesOfContingentLiabilitiesAxis to label_ClassesOfContingentLiabilitiesAxis" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfContingentLiabilitiesAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ClassesOfContingentLiabilitiesAxis_1" xml:lang="en-US" id="label_ClassesOfContingentLiabilitiesAxis_1">Classes of contingent liabilities [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfContingentLiabilitiesAxis" xlink:to="label_ClassesOfContingentLiabilitiesAxis_1" xlink:title="Label : ClassesOfContingentLiabilitiesAxis to label_ClassesOfContingentLiabilitiesAxis_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ContingentLiabilitiesMember" xlink:label="ContingentLiabilitiesMember" xlink:title="ContingentLiabilitiesMember" />
    <link:label xlink:type="resource" xlink:label="label_ContingentLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ContingentLiabilitiesMember" xml:lang="en-US" id="label_ContingentLiabilitiesMember">Contingent liabilities [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingentLiabilitiesMember" xlink:to="label_ContingentLiabilitiesMember" xlink:title="Label : ContingentLiabilitiesMember to label_ContingentLiabilitiesMember" />
    <link:label xlink:type="resource" xlink:label="label_ContingentLiabilitiesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ContingentLiabilitiesMember_1" xml:lang="en-US" id="label_ContingentLiabilitiesMember_1">Contingent liabilities [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingentLiabilitiesMember" xlink:to="label_ContingentLiabilitiesMember_1" xlink:title="Label : ContingentLiabilitiesMember to label_ContingentLiabilitiesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LongTermInterestRateMember" xlink:label="LongTermInterestRateMember" xlink:title="LongTermInterestRateMember" />
    <link:label xlink:type="resource" xlink:label="label_LongTermInterestRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LongTermInterestRateMember" xml:lang="en-US" id="label_LongTermInterestRateMember">Long term interest rate [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongTermInterestRateMember" xlink:to="label_LongTermInterestRateMember" xlink:title="Label : LongTermInterestRateMember to label_LongTermInterestRateMember" />
    <link:label xlink:type="resource" xlink:label="label_LongTermInterestRateMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LongTermInterestRateMember_1" xml:lang="en-US" id="label_LongTermInterestRateMember_1">Long term interest rate [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongTermInterestRateMember" xlink:to="label_LongTermInterestRateMember_1" xlink:title="Label : LongTermInterestRateMember to label_LongTermInterestRateMember_1" />
    <link:label xlink:type="resource" xlink:label="label_LongTermInterestRateMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LongTermInterestRateMember_2" xml:lang="en-US" id="label_LongTermInterestRateMember_2">Long term interest rate.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongTermInterestRateMember" xlink:to="label_LongTermInterestRateMember_2" xlink:title="Label : LongTermInterestRateMember to label_LongTermInterestRateMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SubsidiaryIPPMember" xlink:label="SubsidiaryIPPMember" xlink:title="SubsidiaryIPPMember" />
    <link:label xlink:type="resource" xlink:label="label_SubsidiaryIPPMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SubsidiaryIPPMember" xml:lang="en-US" id="label_SubsidiaryIPPMember">Subsidiary IPP [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubsidiaryIPPMember" xlink:to="label_SubsidiaryIPPMember" xlink:title="Label : SubsidiaryIPPMember to label_SubsidiaryIPPMember" />
    <link:label xlink:type="resource" xlink:label="label_SubsidiaryIPPMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SubsidiaryIPPMember_1" xml:lang="en-US" id="label_SubsidiaryIPPMember_1">Subsidiary IPP [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubsidiaryIPPMember" xlink:to="label_SubsidiaryIPPMember_1" xlink:title="Label : SubsidiaryIPPMember to label_SubsidiaryIPPMember_1" />
    <link:label xlink:type="resource" xlink:label="label_SubsidiaryIPPMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SubsidiaryIPPMember_2" xml:lang="en-US" id="label_SubsidiaryIPPMember_2">Subsidiary IPP [Member].</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubsidiaryIPPMember" xlink:to="label_SubsidiaryIPPMember_2" xlink:title="Label : SubsidiaryIPPMember to label_SubsidiaryIPPMember_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ClassesOfFinancialInstrumentsAxis" xlink:label="ClassesOfFinancialInstrumentsAxis" xlink:title="ClassesOfFinancialInstrumentsAxis" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfFinancialInstrumentsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfFinancialInstrumentsAxis" xml:lang="en-US" id="label_ClassesOfFinancialInstrumentsAxis">Classes of financial instruments [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfFinancialInstrumentsAxis" xlink:to="label_ClassesOfFinancialInstrumentsAxis" xlink:title="Label : ClassesOfFinancialInstrumentsAxis to label_ClassesOfFinancialInstrumentsAxis" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfFinancialInstrumentsAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ClassesOfFinancialInstrumentsAxis_1" xml:lang="en-US" id="label_ClassesOfFinancialInstrumentsAxis_1">Classes of financial instruments [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfFinancialInstrumentsAxis" xlink:to="label_ClassesOfFinancialInstrumentsAxis_1" xlink:title="Label : ClassesOfFinancialInstrumentsAxis to label_ClassesOfFinancialInstrumentsAxis_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ClassesOfFinancialInstrumentsMember" xlink:label="ClassesOfFinancialInstrumentsMember" xlink:title="ClassesOfFinancialInstrumentsMember" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfFinancialInstrumentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfFinancialInstrumentsMember" xml:lang="en-US" id="label_ClassesOfFinancialInstrumentsMember">Financial instruments, class [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfFinancialInstrumentsMember" xlink:to="label_ClassesOfFinancialInstrumentsMember" xlink:title="Label : ClassesOfFinancialInstrumentsMember to label_ClassesOfFinancialInstrumentsMember" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfFinancialInstrumentsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ClassesOfFinancialInstrumentsMember_1" xml:lang="en-US" id="label_ClassesOfFinancialInstrumentsMember_1">Financial instruments, class [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfFinancialInstrumentsMember" xlink:to="label_ClassesOfFinancialInstrumentsMember_1" xlink:title="Label : ClassesOfFinancialInstrumentsMember to label_ClassesOfFinancialInstrumentsMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CounterpartiesAxis" xlink:label="CounterpartiesAxis" xlink:title="CounterpartiesAxis" />
    <link:label xlink:type="resource" xlink:label="label_CounterpartiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CounterpartiesAxis" xml:lang="en-US" id="label_CounterpartiesAxis">Counterparties [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CounterpartiesAxis" xlink:to="label_CounterpartiesAxis" xlink:title="Label : CounterpartiesAxis to label_CounterpartiesAxis" />
    <link:label xlink:type="resource" xlink:label="label_CounterpartiesAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CounterpartiesAxis_1" xml:lang="en-US" id="label_CounterpartiesAxis_1">Counterparties [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CounterpartiesAxis" xlink:to="label_CounterpartiesAxis_1" xlink:title="Label : CounterpartiesAxis to label_CounterpartiesAxis_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CounterpartiesMember" xlink:label="CounterpartiesMember" xlink:title="CounterpartiesMember" />
    <link:label xlink:type="resource" xlink:label="label_CounterpartiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CounterpartiesMember" xml:lang="en-US" id="label_CounterpartiesMember">Counterparties [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CounterpartiesMember" xlink:to="label_CounterpartiesMember" xlink:title="Label : CounterpartiesMember to label_CounterpartiesMember" />
    <link:label xlink:type="resource" xlink:label="label_CounterpartiesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CounterpartiesMember_1" xml:lang="en-US" id="label_CounterpartiesMember_1">Counterparties [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CounterpartiesMember" xlink:to="label_CounterpartiesMember_1" xlink:title="Label : CounterpartiesMember to label_CounterpartiesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_NortheastConstitutionalFinancingFundMember" xlink:label="NortheastConstitutionalFinancingFundMember" xlink:title="NortheastConstitutionalFinancingFundMember" />
    <link:label xlink:type="resource" xlink:label="label_NortheastConstitutionalFinancingFundMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NortheastConstitutionalFinancingFundMember" xml:lang="en-US" id="label_NortheastConstitutionalFinancingFundMember">Northeast Constitutional Financing Fund [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NortheastConstitutionalFinancingFundMember" xlink:to="label_NortheastConstitutionalFinancingFundMember" xlink:title="Label : NortheastConstitutionalFinancingFundMember to label_NortheastConstitutionalFinancingFundMember" />
    <link:label xlink:type="resource" xlink:label="label_NortheastConstitutionalFinancingFundMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NortheastConstitutionalFinancingFundMember_1" xml:lang="en-US" id="label_NortheastConstitutionalFinancingFundMember_1">Northeast Constitutional Financing Fund [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NortheastConstitutionalFinancingFundMember" xlink:to="label_NortheastConstitutionalFinancingFundMember_1" xlink:title="Label : NortheastConstitutionalFinancingFundMember to label_NortheastConstitutionalFinancingFundMember_1" />
    <link:label xlink:type="resource" xlink:label="label_NortheastConstitutionalFinancingFundMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NortheastConstitutionalFinancingFundMember_2" xml:lang="en-US" id="label_NortheastConstitutionalFinancingFundMember_2">Northeast Constitutional Financing Fund.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NortheastConstitutionalFinancingFundMember" xlink:to="label_NortheastConstitutionalFinancingFundMember_2" xlink:title="Label : NortheastConstitutionalFinancingFundMember to label_NortheastConstitutionalFinancingFundMember_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TypesOfRateregulatedActivitiesAxis" xlink:label="TypesOfRateregulatedActivitiesAxis" xlink:title="TypesOfRateregulatedActivitiesAxis" />
    <link:label xlink:type="resource" xlink:label="label_TypesOfRateregulatedActivitiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TypesOfRateregulatedActivitiesAxis" xml:lang="en-US" id="label_TypesOfRateregulatedActivitiesAxis">Types of rate-regulated activities [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypesOfRateregulatedActivitiesAxis" xlink:to="label_TypesOfRateregulatedActivitiesAxis" xlink:title="Label : TypesOfRateregulatedActivitiesAxis to label_TypesOfRateregulatedActivitiesAxis" />
    <link:label xlink:type="resource" xlink:label="label_TypesOfRateregulatedActivitiesAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TypesOfRateregulatedActivitiesAxis_1" xml:lang="en-US" id="label_TypesOfRateregulatedActivitiesAxis_1">Types of rate-regulated activities [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypesOfRateregulatedActivitiesAxis" xlink:to="label_TypesOfRateregulatedActivitiesAxis_1" xlink:title="Label : TypesOfRateregulatedActivitiesAxis to label_TypesOfRateregulatedActivitiesAxis_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_RateregulatedActivitiesMember" xlink:label="RateregulatedActivitiesMember" xlink:title="RateregulatedActivitiesMember" />
    <link:label xlink:type="resource" xlink:label="label_RateregulatedActivitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RateregulatedActivitiesMember" xml:lang="en-US" id="label_RateregulatedActivitiesMember">Rate-regulated activities [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RateregulatedActivitiesMember" xlink:to="label_RateregulatedActivitiesMember" xlink:title="Label : RateregulatedActivitiesMember to label_RateregulatedActivitiesMember" />
    <link:label xlink:type="resource" xlink:label="label_RateregulatedActivitiesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RateregulatedActivitiesMember_1" xml:lang="en-US" id="label_RateregulatedActivitiesMember_1">Rate-regulated activities [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RateregulatedActivitiesMember" xlink:to="label_RateregulatedActivitiesMember_1" xlink:title="Label : RateregulatedActivitiesMember to label_RateregulatedActivitiesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_RestrictedAssetsMember" xlink:label="RestrictedAssetsMember" xlink:title="RestrictedAssetsMember" />
    <link:label xlink:type="resource" xlink:label="label_RestrictedAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RestrictedAssetsMember" xml:lang="en-US" id="label_RestrictedAssetsMember">Restricted Assets [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestrictedAssetsMember" xlink:to="label_RestrictedAssetsMember" xlink:title="Label : RestrictedAssetsMember to label_RestrictedAssetsMember" />
    <link:label xlink:type="resource" xlink:label="label_RestrictedAssetsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RestrictedAssetsMember_1" xml:lang="en-US" id="label_RestrictedAssetsMember_1">Restricted Assets [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestrictedAssetsMember" xlink:to="label_RestrictedAssetsMember_1" xlink:title="Label : RestrictedAssetsMember to label_RestrictedAssetsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_RestrictedAssetsMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RestrictedAssetsMember_2" xml:lang="en-US" id="label_RestrictedAssetsMember_2">Restricted assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestrictedAssetsMember" xlink:to="label_RestrictedAssetsMember_2" xlink:title="Label : RestrictedAssetsMember to label_RestrictedAssetsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LongTermDebtInterestRate" xlink:label="LongTermDebtInterestRate" xlink:title="LongTermDebtInterestRate" />
    <link:label xlink:type="resource" xlink:label="label_LongTermDebtInterestRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LongTermDebtInterestRate" xml:lang="en-US" id="label_LongTermDebtInterestRate">Long term debt, interest rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongTermDebtInterestRate" xlink:to="label_LongTermDebtInterestRate" xlink:title="Label : LongTermDebtInterestRate to label_LongTermDebtInterestRate" />
    <link:label xlink:type="resource" xlink:label="label_LongTermDebtInterestRate_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LongTermDebtInterestRate_1" xml:lang="en-US" id="label_LongTermDebtInterestRate_1">Long term interest rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongTermDebtInterestRate" xlink:to="label_LongTermDebtInterestRate_1" xlink:title="Label : LongTermDebtInterestRate to label_LongTermDebtInterestRate_1" />
    <link:label xlink:type="resource" xlink:label="label_LongTermDebtInterestRate_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LongTermDebtInterestRate_2" xml:lang="en-US" id="label_LongTermDebtInterestRate_2">Long term debt, interest rate.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongTermDebtInterestRate" xlink:to="label_LongTermDebtInterestRate_2" xlink:title="Label : LongTermDebtInterestRate to label_LongTermDebtInterestRate_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_BorrowingsInterestRate" xlink:label="BorrowingsInterestRate" xlink:title="BorrowingsInterestRate" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsInterestRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BorrowingsInterestRate" xml:lang="en-US" id="label_BorrowingsInterestRate">Interest rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsInterestRate" xlink:to="label_BorrowingsInterestRate" xlink:title="Label : BorrowingsInterestRate to label_BorrowingsInterestRate" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsInterestRate_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsInterestRate_1" xml:lang="en-US" id="label_BorrowingsInterestRate_1">Borrowings, interest rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsInterestRate" xlink:to="label_BorrowingsInterestRate_1" xlink:title="Label : BorrowingsInterestRate to label_BorrowingsInterestRate_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_PercentageOfDiscountRate" xlink:label="PercentageOfDiscountRate" xlink:title="PercentageOfDiscountRate" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfDiscountRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentageOfDiscountRate" xml:lang="en-US" id="label_PercentageOfDiscountRate">Percentage of discount rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfDiscountRate" xlink:to="label_PercentageOfDiscountRate" xlink:title="Label : PercentageOfDiscountRate to label_PercentageOfDiscountRate" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfDiscountRate_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PercentageOfDiscountRate_1" xml:lang="en-US" id="label_PercentageOfDiscountRate_1">Discount on interest rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfDiscountRate" xlink:to="label_PercentageOfDiscountRate_1" xlink:title="Label : PercentageOfDiscountRate to label_PercentageOfDiscountRate_1" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfDiscountRate_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PercentageOfDiscountRate_2" xml:lang="en-US" id="label_PercentageOfDiscountRate_2">Percentage of discount rate.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfDiscountRate" xlink:to="label_PercentageOfDiscountRate_2" xlink:title="Label : PercentageOfDiscountRate to label_PercentageOfDiscountRate_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NotesAndDebenturesIssued" xlink:label="NotesAndDebenturesIssued" xlink:title="NotesAndDebenturesIssued" />
    <link:label xlink:type="resource" xlink:label="label_NotesAndDebenturesIssued" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NotesAndDebenturesIssued" xml:lang="en-US" id="label_NotesAndDebenturesIssued">Notes and debentures issued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotesAndDebenturesIssued" xlink:to="label_NotesAndDebenturesIssued" xlink:title="Label : NotesAndDebenturesIssued to label_NotesAndDebenturesIssued" />
    <link:label xlink:type="resource" xlink:label="label_NotesAndDebenturesIssued_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NotesAndDebenturesIssued_1" xml:lang="en-US" id="label_NotesAndDebenturesIssued_1">Notes to foreign market</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotesAndDebenturesIssued" xlink:to="label_NotesAndDebenturesIssued_1" xlink:title="Label : NotesAndDebenturesIssued to label_NotesAndDebenturesIssued_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_BorrowingsMaturity" xlink:label="BorrowingsMaturity" xlink:title="BorrowingsMaturity" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsMaturity" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_BorrowingsMaturity" xml:lang="en-US" id="label_BorrowingsMaturity">Final maturity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsMaturity" xlink:to="label_BorrowingsMaturity" xlink:title="Label : BorrowingsMaturity to label_BorrowingsMaturity" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsMaturity_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BorrowingsMaturity_1" xml:lang="en-US" id="label_BorrowingsMaturity_1">Borrowings, maturity date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsMaturity" xlink:to="label_BorrowingsMaturity_1" xlink:title="Label : BorrowingsMaturity to label_BorrowingsMaturity_1" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsMaturity_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsMaturity_2" xml:lang="en-US" id="label_BorrowingsMaturity_2">Borrowings, maturity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsMaturity" xlink:to="label_BorrowingsMaturity_2" xlink:title="Label : BorrowingsMaturity to label_BorrowingsMaturity_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_BondsIssuePriceInPercentage" xlink:label="BondsIssuePriceInPercentage" xlink:title="BondsIssuePriceInPercentage" />
    <link:label xlink:type="resource" xlink:label="label_BondsIssuePriceInPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BondsIssuePriceInPercentage" xml:lang="en-US" id="label_BondsIssuePriceInPercentage">Bonds issue price in percentage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BondsIssuePriceInPercentage" xlink:to="label_BondsIssuePriceInPercentage" xlink:title="Label : BondsIssuePriceInPercentage to label_BondsIssuePriceInPercentage" />
    <link:label xlink:type="resource" xlink:label="label_BondsIssuePriceInPercentage_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BondsIssuePriceInPercentage_1" xml:lang="en-US" id="label_BondsIssuePriceInPercentage_1">Issue percent of face value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BondsIssuePriceInPercentage" xlink:to="label_BondsIssuePriceInPercentage_1" xlink:title="Label : BondsIssuePriceInPercentage to label_BondsIssuePriceInPercentage_1" />
    <link:label xlink:type="resource" xlink:label="label_BondsIssuePriceInPercentage_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BondsIssuePriceInPercentage_2" xml:lang="en-US" id="label_BondsIssuePriceInPercentage_2">Bonds issue price in percentage.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BondsIssuePriceInPercentage" xlink:to="label_BondsIssuePriceInPercentage_2" xlink:title="Label : BondsIssuePriceInPercentage to label_BondsIssuePriceInPercentage_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LiabilitiesToWhichSignificantRestrictionsApply" xlink:label="LiabilitiesToWhichSignificantRestrictionsApply" xlink:title="LiabilitiesToWhichSignificantRestrictionsApply" />
    <link:label xlink:type="resource" xlink:label="label_LiabilitiesToWhichSignificantRestrictionsApply" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LiabilitiesToWhichSignificantRestrictionsApply" xml:lang="en-US" id="label_LiabilitiesToWhichSignificantRestrictionsApply">Liabilities to which significant restrictions apply</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesToWhichSignificantRestrictionsApply" xlink:to="label_LiabilitiesToWhichSignificantRestrictionsApply" xlink:title="Label : LiabilitiesToWhichSignificantRestrictionsApply to label_LiabilitiesToWhichSignificantRestrictionsApply" />
    <link:label xlink:type="resource" xlink:label="label_LiabilitiesToWhichSignificantRestrictionsApply_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LiabilitiesToWhichSignificantRestrictionsApply_1" xml:lang="en-US" id="label_LiabilitiesToWhichSignificantRestrictionsApply_1">Restriction on encumbrance of assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesToWhichSignificantRestrictionsApply" xlink:to="label_LiabilitiesToWhichSignificantRestrictionsApply_1" xlink:title="Label : LiabilitiesToWhichSignificantRestrictionsApply to label_LiabilitiesToWhichSignificantRestrictionsApply_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ValueOfAssetsPercentage" xlink:label="ValueOfAssetsPercentage" xlink:title="ValueOfAssetsPercentage" />
    <link:label xlink:type="resource" xlink:label="label_ValueOfAssetsPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ValueOfAssetsPercentage" xml:lang="en-US" id="label_ValueOfAssetsPercentage">Value of assets percentage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ValueOfAssetsPercentage" xlink:to="label_ValueOfAssetsPercentage" xlink:title="Label : ValueOfAssetsPercentage to label_ValueOfAssetsPercentage" />
    <link:label xlink:type="resource" xlink:label="label_ValueOfAssetsPercentage_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ValueOfAssetsPercentage_1" xml:lang="en-US" id="label_ValueOfAssetsPercentage_1">Percent restricted consolidated tangible assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ValueOfAssetsPercentage" xlink:to="label_ValueOfAssetsPercentage_1" xlink:title="Label : ValueOfAssetsPercentage to label_ValueOfAssetsPercentage_1" />
    <link:label xlink:type="resource" xlink:label="label_ValueOfAssetsPercentage_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ValueOfAssetsPercentage_2" xml:lang="en-US" id="label_ValueOfAssetsPercentage_2">Value of assets percentage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ValueOfAssetsPercentage" xlink:to="label_ValueOfAssetsPercentage_2" xlink:title="Label : ValueOfAssetsPercentage to label_ValueOfAssetsPercentage_2" />
    <link:label xlink:type="resource" xlink:label="label_DebentureFaceValue_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DebentureFaceValue_1" xml:lang="en-US" id="label_DebentureFaceValue_1">Amount of Face value.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureFaceValue" xlink:to="label_DebentureFaceValue_1" xlink:title="Label : DebentureFaceValue to label_DebentureFaceValue_1" />
    <link:label xlink:type="resource" xlink:label="label_DebentureFaceValue_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DebentureFaceValue_2" xml:lang="en-US" id="label_DebentureFaceValue_2">Borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureFaceValue" xlink:to="label_DebentureFaceValue_2" xlink:title="Label : DebentureFaceValue to label_DebentureFaceValue_2" />
    <link:label xlink:type="resource" xlink:label="label_DebentureFaceValue_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebentureFaceValue_3" xml:lang="en-US" id="label_DebentureFaceValue_3">Debenture face value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureFaceValue" xlink:to="label_DebentureFaceValue_3" xlink:title="Label : DebentureFaceValue to label_DebentureFaceValue_3" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DebentureInterestDescription" xlink:label="DebentureInterestDescription" xlink:title="DebentureInterestDescription" />
    <link:label xlink:type="resource" xlink:label="label_DebentureInterestDescription" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DebentureInterestDescription" xml:lang="en-US" id="label_DebentureInterestDescription">Interest schedule.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureInterestDescription" xlink:to="label_DebentureInterestDescription" xlink:title="Label : DebentureInterestDescription to label_DebentureInterestDescription" />
    <link:label xlink:type="resource" xlink:label="label_DebentureInterestDescription_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DebentureInterestDescription_1" xml:lang="en-US" id="label_DebentureInterestDescription_1">Floating interest rates in dollar change in foreign loan</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureInterestDescription" xlink:to="label_DebentureInterestDescription_1" xlink:title="Label : DebentureInterestDescription to label_DebentureInterestDescription_1" />
    <link:label xlink:type="resource" xlink:label="label_DebentureInterestDescription_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebentureInterestDescription_2" xml:lang="en-US" id="label_DebentureInterestDescription_2">Debenture interest description</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureInterestDescription" xlink:to="label_DebentureInterestDescription_2" xlink:title="Label : DebentureInterestDescription to label_DebentureInterestDescription_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_EBITDAToInterestCoverageRatioDescription" xlink:label="EBITDAToInterestCoverageRatioDescription" xlink:title="EBITDAToInterestCoverageRatioDescription" />
    <link:label xlink:type="resource" xlink:label="label_EBITDAToInterestCoverageRatioDescription" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EBITDAToInterestCoverageRatioDescription" xml:lang="en-US" id="label_EBITDAToInterestCoverageRatioDescription">EBITDA To Interest Coverage Ratio Description</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EBITDAToInterestCoverageRatioDescription" xlink:to="label_EBITDAToInterestCoverageRatioDescription" xlink:title="Label : EBITDAToInterestCoverageRatioDescription to label_EBITDAToInterestCoverageRatioDescription" />
    <link:label xlink:type="resource" xlink:label="label_EBITDAToInterestCoverageRatioDescription_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EBITDAToInterestCoverageRatioDescription_1" xml:lang="en-US" id="label_EBITDAToInterestCoverageRatioDescription_1">Determination of required maintenance ratio description</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EBITDAToInterestCoverageRatioDescription" xlink:to="label_EBITDAToInterestCoverageRatioDescription_1" xlink:title="Label : EBITDAToInterestCoverageRatioDescription to label_EBITDAToInterestCoverageRatioDescription_1" />
    <link:label xlink:type="resource" xlink:label="label_EBITDAToInterestCoverageRatioDescription_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EBITDAToInterestCoverageRatioDescription_2" xml:lang="en-US" id="label_EBITDAToInterestCoverageRatioDescription_2">EBITDA To Interest Coverage Ratio Description</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EBITDAToInterestCoverageRatioDescription" xlink:to="label_EBITDAToInterestCoverageRatioDescription_2" xlink:title="Label : EBITDAToInterestCoverageRatioDescription to label_EBITDAToInterestCoverageRatioDescription_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_BorrowingsAdjustmentToInterestRateBasis" xlink:label="BorrowingsAdjustmentToInterestRateBasis" xlink:title="BorrowingsAdjustmentToInterestRateBasis" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsAdjustmentToInterestRateBasis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsAdjustmentToInterestRateBasis" xml:lang="en-US" id="label_BorrowingsAdjustmentToInterestRateBasis">Borrowings, adjustment to interest rate basis</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsAdjustmentToInterestRateBasis" xlink:to="label_BorrowingsAdjustmentToInterestRateBasis" xlink:title="Label : BorrowingsAdjustmentToInterestRateBasis to label_BorrowingsAdjustmentToInterestRateBasis" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsAdjustmentToInterestRateBasis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BorrowingsAdjustmentToInterestRateBasis_1" xml:lang="en-US" id="label_BorrowingsAdjustmentToInterestRateBasis_1">Borrowings, adjustment to interest rate basis</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsAdjustmentToInterestRateBasis" xlink:to="label_BorrowingsAdjustmentToInterestRateBasis_1" xlink:title="Label : BorrowingsAdjustmentToInterestRateBasis to label_BorrowingsAdjustmentToInterestRateBasis_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_NumberOfDebenturesDistributedThroughPublicOffer" xlink:label="NumberOfDebenturesDistributedThroughPublicOffer" xlink:title="NumberOfDebenturesDistributedThroughPublicOffer" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfDebenturesDistributedThroughPublicOffer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfDebenturesDistributedThroughPublicOffer" xml:lang="en-US" id="label_NumberOfDebenturesDistributedThroughPublicOffer">Number of debentures distributed through public offer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfDebenturesDistributedThroughPublicOffer" xlink:to="label_NumberOfDebenturesDistributedThroughPublicOffer" xlink:title="Label : NumberOfDebenturesDistributedThroughPublicOffer to label_NumberOfDebenturesDistributedThroughPublicOffer" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfDebenturesDistributedThroughPublicOffer_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfDebenturesDistributedThroughPublicOffer_1" xml:lang="en-US" id="label_NumberOfDebenturesDistributedThroughPublicOffer_1">Simple nominative nonconvertible unsecured registered debentures</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfDebenturesDistributedThroughPublicOffer" xlink:to="label_NumberOfDebenturesDistributedThroughPublicOffer_1" xlink:title="Label : NumberOfDebenturesDistributedThroughPublicOffer to label_NumberOfDebenturesDistributedThroughPublicOffer_1" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfDebenturesDistributedThroughPublicOffer_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfDebenturesDistributedThroughPublicOffer_2" xml:lang="en-US" id="label_NumberOfDebenturesDistributedThroughPublicOffer_2">Number of debentures distributed through public offer.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfDebenturesDistributedThroughPublicOffer" xlink:to="label_NumberOfDebenturesDistributedThroughPublicOffer_2" xlink:title="Label : NumberOfDebenturesDistributedThroughPublicOffer to label_NumberOfDebenturesDistributedThroughPublicOffer_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DebentureFinalMaturity" xlink:label="DebentureFinalMaturity" xlink:title="DebentureFinalMaturity" />
    <link:label xlink:type="resource" xlink:label="label_DebentureFinalMaturity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebentureFinalMaturity" xml:lang="en-US" id="label_DebentureFinalMaturity">Debenture final maturity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureFinalMaturity" xlink:to="label_DebentureFinalMaturity" xlink:title="Label : DebentureFinalMaturity to label_DebentureFinalMaturity" />
    <link:label xlink:type="resource" xlink:label="label_DebentureFinalMaturity_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DebentureFinalMaturity_1" xml:lang="en-US" id="label_DebentureFinalMaturity_1">Final maturity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureFinalMaturity" xlink:to="label_DebentureFinalMaturity_1" xlink:title="Label : DebentureFinalMaturity to label_DebentureFinalMaturity_1" />
    <link:label xlink:type="resource" xlink:label="label_DebentureFinalMaturity_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DebentureFinalMaturity_2" xml:lang="en-US" id="label_DebentureFinalMaturity_2">long-term consolidated debt had the following principal maturity schedule.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureFinalMaturity" xlink:to="label_DebentureFinalMaturity_2" xlink:title="Label : DebentureFinalMaturity to label_DebentureFinalMaturity_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DebenturePaymentOfFaceValueDescription" xlink:label="DebenturePaymentOfFaceValueDescription" xlink:title="DebenturePaymentOfFaceValueDescription" />
    <link:label xlink:type="resource" xlink:label="label_DebenturePaymentOfFaceValueDescription" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebenturePaymentOfFaceValueDescription" xml:lang="en-US" id="label_DebenturePaymentOfFaceValueDescription">Debenture payment of face value description</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebenturePaymentOfFaceValueDescription" xlink:to="label_DebenturePaymentOfFaceValueDescription" xlink:title="Label : DebenturePaymentOfFaceValueDescription to label_DebenturePaymentOfFaceValueDescription" />
    <link:label xlink:type="resource" xlink:label="label_DebenturePaymentOfFaceValueDescription_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DebenturePaymentOfFaceValueDescription_1" xml:lang="en-US" id="label_DebenturePaymentOfFaceValueDescription_1">Payment of the face value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebenturePaymentOfFaceValueDescription" xlink:to="label_DebenturePaymentOfFaceValueDescription_1" xlink:title="Label : DebenturePaymentOfFaceValueDescription to label_DebenturePaymentOfFaceValueDescription_1" />
    <link:label xlink:type="resource" xlink:label="label_DebenturePaymentOfFaceValueDescription_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DebenturePaymentOfFaceValueDescription_2" xml:lang="en-US" id="label_DebenturePaymentOfFaceValueDescription_2">Percentage of payment of the face value.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebenturePaymentOfFaceValueDescription" xlink:to="label_DebenturePaymentOfFaceValueDescription_2" xlink:title="Label : DebenturePaymentOfFaceValueDescription to label_DebenturePaymentOfFaceValueDescription_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DebenturePaymentOfInterestDescription" xlink:label="DebenturePaymentOfInterestDescription" xlink:title="DebenturePaymentOfInterestDescription" />
    <link:label xlink:type="resource" xlink:label="label_DebenturePaymentOfInterestDescription" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebenturePaymentOfInterestDescription" xml:lang="en-US" id="label_DebenturePaymentOfInterestDescription">Debenture payment of interest description</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebenturePaymentOfInterestDescription" xlink:to="label_DebenturePaymentOfInterestDescription" xlink:title="Label : DebenturePaymentOfInterestDescription to label_DebenturePaymentOfInterestDescription" />
    <link:label xlink:type="resource" xlink:label="label_DebenturePaymentOfInterestDescription_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DebenturePaymentOfInterestDescription_1" xml:lang="en-US" id="label_DebenturePaymentOfInterestDescription_1">Payment of interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebenturePaymentOfInterestDescription" xlink:to="label_DebenturePaymentOfInterestDescription_1" xlink:title="Label : DebenturePaymentOfInterestDescription to label_DebenturePaymentOfInterestDescription_1" />
    <link:label xlink:type="resource" xlink:label="label_DebenturePaymentOfInterestDescription_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DebenturePaymentOfInterestDescription_2" xml:lang="en-US" id="label_DebenturePaymentOfInterestDescription_2">Payment of interest.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebenturePaymentOfInterestDescription" xlink:to="label_DebenturePaymentOfInterestDescription_2" xlink:title="Label : DebenturePaymentOfInterestDescription to label_DebenturePaymentOfInterestDescription_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DebentureReprice" xlink:label="DebentureReprice" xlink:title="DebentureReprice" />
    <link:label xlink:type="resource" xlink:label="label_DebentureReprice" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebentureReprice" xml:lang="en-US" id="label_DebentureReprice">Debenture reprice</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureReprice" xlink:to="label_DebentureReprice" xlink:title="Label : DebentureReprice to label_DebentureReprice" />
    <link:label xlink:type="resource" xlink:label="label_DebentureReprice_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DebentureReprice_1" xml:lang="en-US" id="label_DebentureReprice_1">Reprice</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureReprice" xlink:to="label_DebentureReprice_1" xlink:title="Label : DebentureReprice to label_DebentureReprice_1" />
    <link:label xlink:type="resource" xlink:label="label_DebentureReprice_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DebentureReprice_2" xml:lang="en-US" id="label_DebentureReprice_2">Debenture reprice.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureReprice" xlink:to="label_DebentureReprice_2" xlink:title="Label : DebentureReprice to label_DebentureReprice_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_NumberOfDebenturesIssued" xlink:label="NumberOfDebenturesIssued" xlink:title="NumberOfDebenturesIssued" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfDebenturesIssued" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfDebenturesIssued" xml:lang="en-US" id="label_NumberOfDebenturesIssued">Number of debentures issued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfDebenturesIssued" xlink:to="label_NumberOfDebenturesIssued" xlink:title="Label : NumberOfDebenturesIssued to label_NumberOfDebenturesIssued" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfDebenturesIssued_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfDebenturesIssued_1" xml:lang="en-US" id="label_NumberOfDebenturesIssued_1">Second series simple nominative nonconvertible unsecured registered debentures</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfDebenturesIssued" xlink:to="label_NumberOfDebenturesIssued_1" xlink:title="Label : NumberOfDebenturesIssued to label_NumberOfDebenturesIssued_1" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfDebenturesIssued_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfDebenturesIssued_2" xml:lang="en-US" id="label_NumberOfDebenturesIssued_2">Number of debentures issued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfDebenturesIssued" xlink:to="label_NumberOfDebenturesIssued_2" xlink:title="Label : NumberOfDebenturesIssued to label_NumberOfDebenturesIssued_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DebenturesPrincipalAmount" xlink:label="DebenturesPrincipalAmount" xlink:title="DebenturesPrincipalAmount" />
    <link:label xlink:type="resource" xlink:label="label_DebenturesPrincipalAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DebenturesPrincipalAmount" xml:lang="en-US" id="label_DebenturesPrincipalAmount">Debentures principal amount.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebenturesPrincipalAmount" xlink:to="label_DebenturesPrincipalAmount" xlink:title="Label : DebenturesPrincipalAmount to label_DebenturesPrincipalAmount" />
    <link:label xlink:type="resource" xlink:label="label_DebenturesPrincipalAmount_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DebenturesPrincipalAmount_1" xml:lang="en-US" id="label_DebenturesPrincipalAmount_1">Amount:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebenturesPrincipalAmount" xlink:to="label_DebenturesPrincipalAmount_1" xlink:title="Label : DebenturesPrincipalAmount to label_DebenturesPrincipalAmount_1" />
    <link:label xlink:type="resource" xlink:label="label_DebenturesPrincipalAmount_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebenturesPrincipalAmount_2" xml:lang="en-US" id="label_DebenturesPrincipalAmount_2">Debentures principal amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebenturesPrincipalAmount" xlink:to="label_DebenturesPrincipalAmount_2" xlink:title="Label : DebenturesPrincipalAmount to label_DebenturesPrincipalAmount_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions" xlink:label="ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions" xlink:title="ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions" xml:lang="en-US" id="label_ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions">Provision of guarantees or collateral by entity, related party transactions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions" xlink:to="label_ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions" xlink:title="Label : ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions to label_ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions_1" xml:lang="en-US" id="label_ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions_1">Financing guaranteed by collateral</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions" xlink:to="label_ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions_1" xlink:title="Label : ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions to label_ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_GuaranteesDebtors" xlink:label="GuaranteesDebtors" xlink:title="GuaranteesDebtors" />
    <link:label xlink:type="resource" xlink:label="label_GuaranteesDebtors" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GuaranteesDebtors" xml:lang="en-US" id="label_GuaranteesDebtors">Guarantees debtors</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GuaranteesDebtors" xlink:to="label_GuaranteesDebtors" xlink:title="Label : GuaranteesDebtors to label_GuaranteesDebtors" />
    <link:label xlink:type="resource" xlink:label="label_GuaranteesDebtors_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GuaranteesDebtors_1" xml:lang="en-US" id="label_GuaranteesDebtors_1">Amount of guarantees and promissory notes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GuaranteesDebtors" xlink:to="label_GuaranteesDebtors_1" xlink:title="Label : GuaranteesDebtors to label_GuaranteesDebtors_1" />
    <link:label xlink:type="resource" xlink:label="label_GuaranteesDebtors_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_GuaranteesDebtors_2" xml:lang="en-US" id="label_GuaranteesDebtors_2">Guarantees debtors.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GuaranteesDebtors" xlink:to="label_GuaranteesDebtors_2" xlink:title="Label : GuaranteesDebtors to label_GuaranteesDebtors_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CollateralAssetsLettersOfCreditOrGuarantees" xlink:label="CollateralAssetsLettersOfCreditOrGuarantees" xlink:title="CollateralAssetsLettersOfCreditOrGuarantees" />
    <link:label xlink:type="resource" xlink:label="label_CollateralAssetsLettersOfCreditOrGuarantees" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CollateralAssetsLettersOfCreditOrGuarantees" xml:lang="en-US" id="label_CollateralAssetsLettersOfCreditOrGuarantees">Collateral Assets Letters Of Credit Or Guarantees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CollateralAssetsLettersOfCreditOrGuarantees" xlink:to="label_CollateralAssetsLettersOfCreditOrGuarantees" xlink:title="Label : CollateralAssetsLettersOfCreditOrGuarantees to label_CollateralAssetsLettersOfCreditOrGuarantees" />
    <link:label xlink:type="resource" xlink:label="label_CollateralAssetsLettersOfCreditOrGuarantees_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CollateralAssetsLettersOfCreditOrGuarantees_1" xml:lang="en-US" id="label_CollateralAssetsLettersOfCreditOrGuarantees_1">Collateral guarantees to secure letters of credits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CollateralAssetsLettersOfCreditOrGuarantees" xlink:to="label_CollateralAssetsLettersOfCreditOrGuarantees_1" xlink:title="Label : CollateralAssetsLettersOfCreditOrGuarantees to label_CollateralAssetsLettersOfCreditOrGuarantees_1" />
    <link:label xlink:type="resource" xlink:label="label_CollateralAssetsLettersOfCreditOrGuarantees_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CollateralAssetsLettersOfCreditOrGuarantees_2" xml:lang="en-US" id="label_CollateralAssetsLettersOfCreditOrGuarantees_2">Collateral assets letters of credit or guarantees.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CollateralAssetsLettersOfCreditOrGuarantees" xlink:to="label_CollateralAssetsLettersOfCreditOrGuarantees_2" xlink:title="Label : CollateralAssetsLettersOfCreditOrGuarantees to label_CollateralAssetsLettersOfCreditOrGuarantees_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_RepaymentOfLoanAmount" xlink:label="RepaymentOfLoanAmount" xlink:title="RepaymentOfLoanAmount" />
    <link:label xlink:type="resource" xlink:label="label_RepaymentOfLoanAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RepaymentOfLoanAmount" xml:lang="en-US" id="label_RepaymentOfLoanAmount">Repayment Of Loan Amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepaymentOfLoanAmount" xlink:to="label_RepaymentOfLoanAmount" xlink:title="Label : RepaymentOfLoanAmount to label_RepaymentOfLoanAmount" />
    <link:label xlink:type="resource" xlink:label="label_RepaymentOfLoanAmount_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_RepaymentOfLoanAmount_1" xml:lang="en-US" id="label_RepaymentOfLoanAmount_1">Repayment of loan amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepaymentOfLoanAmount" xlink:to="label_RepaymentOfLoanAmount_1" xlink:title="Label : RepaymentOfLoanAmount to label_RepaymentOfLoanAmount_1" />
    <link:label xlink:type="resource" xlink:label="label_RepaymentOfLoanAmount_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RepaymentOfLoanAmount_2" xml:lang="en-US" id="label_RepaymentOfLoanAmount_2">Repayment of loan amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepaymentOfLoanAmount" xlink:to="label_RepaymentOfLoanAmount_2" xlink:title="Label : RepaymentOfLoanAmount to label_RepaymentOfLoanAmount_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LoansDebenturesAndFinanceLeasesDetails1Abstract" xlink:label="LoansDebenturesAndFinanceLeasesDetails1Abstract" xlink:title="LoansDebenturesAndFinanceLeasesDetails1Abstract" />
    <link:label xlink:type="resource" xlink:label="label_LoansDebenturesAndFinanceLeasesDetails1Abstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LoansDebenturesAndFinanceLeasesDetails1Abstract" xml:lang="en-US" id="label_LoansDebenturesAndFinanceLeasesDetails1Abstract">Loans debentures and finance leases details 1 [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansDebenturesAndFinanceLeasesDetails1Abstract" xlink:to="label_LoansDebenturesAndFinanceLeasesDetails1Abstract" xlink:title="Label : LoansDebenturesAndFinanceLeasesDetails1Abstract to label_LoansDebenturesAndFinanceLeasesDetails1Abstract" />
    <link:label xlink:type="resource" xlink:label="label_LoansDebenturesAndFinanceLeasesDetails1Abstract_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LoansDebenturesAndFinanceLeasesDetails1Abstract_1" xml:lang="en-US" id="label_LoansDebenturesAndFinanceLeasesDetails1Abstract_1">Loans debentures and finance leases details 1.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansDebenturesAndFinanceLeasesDetails1Abstract" xlink:to="label_LoansDebenturesAndFinanceLeasesDetails1Abstract_1" xlink:title="Label : LoansDebenturesAndFinanceLeasesDetails1Abstract to label_LoansDebenturesAndFinanceLeasesDetails1Abstract_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LoansDebenturesAndFinanceLeases" xlink:label="LoansDebenturesAndFinanceLeases" xlink:title="LoansDebenturesAndFinanceLeases" />
    <link:label xlink:type="resource" xlink:label="label_LoansDebenturesAndFinanceLeases" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LoansDebenturesAndFinanceLeases" xml:lang="en-US" id="label_LoansDebenturesAndFinanceLeases">Loans debentures and finance leases</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansDebenturesAndFinanceLeases" xlink:to="label_LoansDebenturesAndFinanceLeases" xlink:title="Label : LoansDebenturesAndFinanceLeases to label_LoansDebenturesAndFinanceLeases" />
    <link:label xlink:type="resource" xlink:label="label_LoansDebenturesAndFinanceLeases_1" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_LoansDebenturesAndFinanceLeases_1" xml:lang="en-US" id="label_LoansDebenturesAndFinanceLeases_1">Loans, debentures and finance leases, beginning</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansDebenturesAndFinanceLeases" xlink:to="label_LoansDebenturesAndFinanceLeases_1" xlink:title="Label : LoansDebenturesAndFinanceLeases to label_LoansDebenturesAndFinanceLeases_1" />
    <link:label xlink:type="resource" xlink:label="label_LoansDebenturesAndFinanceLeases_2" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_LoansDebenturesAndFinanceLeases_2" xml:lang="en-US" id="label_LoansDebenturesAndFinanceLeases_2">Loans, debentures and finance leases, ending</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansDebenturesAndFinanceLeases" xlink:to="label_LoansDebenturesAndFinanceLeases_2" xlink:title="Label : LoansDebenturesAndFinanceLeases to label_LoansDebenturesAndFinanceLeases_2" />
    <link:label xlink:type="resource" xlink:label="label_LoansDebenturesAndFinanceLeases_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LoansDebenturesAndFinanceLeases_3" xml:lang="en-US" id="label_LoansDebenturesAndFinanceLeases_3">Loans debentures and finance leases.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansDebenturesAndFinanceLeases" xlink:to="label_LoansDebenturesAndFinanceLeases_3" xlink:title="Label : LoansDebenturesAndFinanceLeases to label_LoansDebenturesAndFinanceLeases_3" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AdditionsLoansAndDebenturesWithCashEffect" xlink:label="AdditionsLoansAndDebenturesWithCashEffect" xlink:title="AdditionsLoansAndDebenturesWithCashEffect" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsLoansAndDebenturesWithCashEffect" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdditionsLoansAndDebenturesWithCashEffect" xml:lang="en-US" id="label_AdditionsLoansAndDebenturesWithCashEffect">Additions loans and debentures with cash effect</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsLoansAndDebenturesWithCashEffect" xlink:to="label_AdditionsLoansAndDebenturesWithCashEffect" xlink:title="Label : AdditionsLoansAndDebenturesWithCashEffect to label_AdditionsLoansAndDebenturesWithCashEffect" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsLoansAndDebenturesWithCashEffect_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdditionsLoansAndDebenturesWithCashEffect_1" xml:lang="en-US" id="label_AdditionsLoansAndDebenturesWithCashEffect_1">New loans and debentures with cash effect</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsLoansAndDebenturesWithCashEffect" xlink:to="label_AdditionsLoansAndDebenturesWithCashEffect_1" xlink:title="Label : AdditionsLoansAndDebenturesWithCashEffect to label_AdditionsLoansAndDebenturesWithCashEffect_1" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsLoansAndDebenturesWithCashEffect_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AdditionsLoansAndDebenturesWithCashEffect_2" xml:lang="en-US" id="label_AdditionsLoansAndDebenturesWithCashEffect_2">The entity shall disclose information that enables users of the financial statements to evaluate changes in liabilities arising from financing activities, including changes in cash flows and non-cash flows (IAS 7).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsLoansAndDebenturesWithCashEffect" xlink:to="label_AdditionsLoansAndDebenturesWithCashEffect_2" xlink:title="Label : AdditionsLoansAndDebenturesWithCashEffect to label_AdditionsLoansAndDebenturesWithCashEffect_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LoandsAndDebenturesInterestAccrued" xlink:label="LoandsAndDebenturesInterestAccrued" xlink:title="LoandsAndDebenturesInterestAccrued" />
    <link:label xlink:type="resource" xlink:label="label_LoandsAndDebenturesInterestAccrued" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LoandsAndDebenturesInterestAccrued" xml:lang="en-US" id="label_LoandsAndDebenturesInterestAccrued">Loands and debentures interest accrued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoandsAndDebenturesInterestAccrued" xlink:to="label_LoandsAndDebenturesInterestAccrued" xlink:title="Label : LoandsAndDebenturesInterestAccrued to label_LoandsAndDebenturesInterestAccrued" />
    <link:label xlink:type="resource" xlink:label="label_LoandsAndDebenturesInterestAccrued_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LoandsAndDebenturesInterestAccrued_1" xml:lang="en-US" id="label_LoandsAndDebenturesInterestAccrued_1">Interest accrued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoandsAndDebenturesInterestAccrued" xlink:to="label_LoandsAndDebenturesInterestAccrued_1" xlink:title="Label : LoandsAndDebenturesInterestAccrued to label_LoandsAndDebenturesInterestAccrued_1" />
    <link:label xlink:type="resource" xlink:label="label_LoandsAndDebenturesInterestAccrued_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LoandsAndDebenturesInterestAccrued_2" xml:lang="en-US" id="label_LoandsAndDebenturesInterestAccrued_2">The entity shall disclose information that enables users of the financial statements to evaluate changes in liabilities arising from financing activities, including changes in cash flows and non-cash flows (IAS 7).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoandsAndDebenturesInterestAccrued" xlink:to="label_LoandsAndDebenturesInterestAccrued_2" xlink:title="Label : LoandsAndDebenturesInterestAccrued to label_LoandsAndDebenturesInterestAccrued_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_PrincipalPaymentAndFinancialLeases" xlink:label="PrincipalPaymentAndFinancialLeases" xlink:title="PrincipalPaymentAndFinancialLeases" />
    <link:label xlink:type="resource" xlink:label="label_PrincipalPaymentAndFinancialLeases" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_PrincipalPaymentAndFinancialLeases" xml:lang="en-US" id="label_PrincipalPaymentAndFinancialLeases">Principal payment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrincipalPaymentAndFinancialLeases" xlink:to="label_PrincipalPaymentAndFinancialLeases" xlink:title="Label : PrincipalPaymentAndFinancialLeases to label_PrincipalPaymentAndFinancialLeases" />
    <link:label xlink:type="resource" xlink:label="label_PrincipalPaymentAndFinancialLeases_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PrincipalPaymentAndFinancialLeases_1" xml:lang="en-US" id="label_PrincipalPaymentAndFinancialLeases_1">Principal payment and financial leases</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrincipalPaymentAndFinancialLeases" xlink:to="label_PrincipalPaymentAndFinancialLeases_1" xlink:title="Label : PrincipalPaymentAndFinancialLeases to label_PrincipalPaymentAndFinancialLeases_1" />
    <link:label xlink:type="resource" xlink:label="label_PrincipalPaymentAndFinancialLeases_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PrincipalPaymentAndFinancialLeases_2" xml:lang="en-US" id="label_PrincipalPaymentAndFinancialLeases_2">The entity shall disclose information that enables users of the financial statements to evaluate changes in liabilities arising from financing activities, including changes in cash flows and non-cash flows (IAS 7).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrincipalPaymentAndFinancialLeases" xlink:to="label_PrincipalPaymentAndFinancialLeases_2" xlink:title="Label : PrincipalPaymentAndFinancialLeases to label_PrincipalPaymentAndFinancialLeases_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LoansAndDebenturesInterestPayment" xlink:label="LoansAndDebenturesInterestPayment" xlink:title="LoansAndDebenturesInterestPayment" />
    <link:label xlink:type="resource" xlink:label="label_LoansAndDebenturesInterestPayment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LoansAndDebenturesInterestPayment" xml:lang="en-US" id="label_LoansAndDebenturesInterestPayment">Loans and debentures interest payment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansAndDebenturesInterestPayment" xlink:to="label_LoansAndDebenturesInterestPayment" xlink:title="Label : LoansAndDebenturesInterestPayment to label_LoansAndDebenturesInterestPayment" />
    <link:label xlink:type="resource" xlink:label="label_LoansAndDebenturesInterestPayment_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_LoansAndDebenturesInterestPayment_1" xml:lang="en-US" id="label_LoansAndDebenturesInterestPayment_1">Interest payment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansAndDebenturesInterestPayment" xlink:to="label_LoansAndDebenturesInterestPayment_1" xlink:title="Label : LoansAndDebenturesInterestPayment to label_LoansAndDebenturesInterestPayment_1" />
    <link:label xlink:type="resource" xlink:label="label_LoansAndDebenturesInterestPayment_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LoansAndDebenturesInterestPayment_2" xml:lang="en-US" id="label_LoansAndDebenturesInterestPayment_2">The entity shall disclose information that enables users of the financial statements to evaluate changes in liabilities arising from financing activities, including changes in cash flows and non-cash flows (IAS 7).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansAndDebenturesInterestPayment" xlink:to="label_LoansAndDebenturesInterestPayment_2" xlink:title="Label : LoansAndDebenturesInterestPayment to label_LoansAndDebenturesInterestPayment_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LoansAndDebenturesMonetaryAndExchangeRateVariation" xlink:label="LoansAndDebenturesMonetaryAndExchangeRateVariation" xlink:title="LoansAndDebenturesMonetaryAndExchangeRateVariation" />
    <link:label xlink:type="resource" xlink:label="label_LoansAndDebenturesMonetaryAndExchangeRateVariation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LoansAndDebenturesMonetaryAndExchangeRateVariation" xml:lang="en-US" id="label_LoansAndDebenturesMonetaryAndExchangeRateVariation">Loans and debentures monetary and exchange rate variation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansAndDebenturesMonetaryAndExchangeRateVariation" xlink:to="label_LoansAndDebenturesMonetaryAndExchangeRateVariation" xlink:title="Label : LoansAndDebenturesMonetaryAndExchangeRateVariation to label_LoansAndDebenturesMonetaryAndExchangeRateVariation" />
    <link:label xlink:type="resource" xlink:label="label_LoansAndDebenturesMonetaryAndExchangeRateVariation_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LoansAndDebenturesMonetaryAndExchangeRateVariation_1" xml:lang="en-US" id="label_LoansAndDebenturesMonetaryAndExchangeRateVariation_1">Monetary and exchange rate variation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansAndDebenturesMonetaryAndExchangeRateVariation" xlink:to="label_LoansAndDebenturesMonetaryAndExchangeRateVariation_1" xlink:title="Label : LoansAndDebenturesMonetaryAndExchangeRateVariation to label_LoansAndDebenturesMonetaryAndExchangeRateVariation_1" />
    <link:label xlink:type="resource" xlink:label="label_LoansAndDebenturesMonetaryAndExchangeRateVariation_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LoansAndDebenturesMonetaryAndExchangeRateVariation_2" xml:lang="en-US" id="label_LoansAndDebenturesMonetaryAndExchangeRateVariation_2">Loans and debentures monetary and exchange rate variation.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansAndDebenturesMonetaryAndExchangeRateVariation" xlink:to="label_LoansAndDebenturesMonetaryAndExchangeRateVariation_2" xlink:title="Label : LoansAndDebenturesMonetaryAndExchangeRateVariation to label_LoansAndDebenturesMonetaryAndExchangeRateVariation_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LoansAndDeBenturesChangeInFairValue" xlink:label="LoansAndDeBenturesChangeInFairValue" xlink:title="LoansAndDeBenturesChangeInFairValue" />
    <link:label xlink:type="resource" xlink:label="label_LoansAndDeBenturesChangeInFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LoansAndDeBenturesChangeInFairValue" xml:lang="en-US" id="label_LoansAndDeBenturesChangeInFairValue">Loans and de bentures change in fair value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansAndDeBenturesChangeInFairValue" xlink:to="label_LoansAndDeBenturesChangeInFairValue" xlink:title="Label : LoansAndDeBenturesChangeInFairValue to label_LoansAndDeBenturesChangeInFairValue" />
    <link:label xlink:type="resource" xlink:label="label_LoansAndDeBenturesChangeInFairValue_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LoansAndDeBenturesChangeInFairValue_1" xml:lang="en-US" id="label_LoansAndDeBenturesChangeInFairValue_1">Change in fair value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansAndDeBenturesChangeInFairValue" xlink:to="label_LoansAndDeBenturesChangeInFairValue_1" xlink:title="Label : LoansAndDeBenturesChangeInFairValue to label_LoansAndDeBenturesChangeInFairValue_1" />
    <link:label xlink:type="resource" xlink:label="label_LoansAndDeBenturesChangeInFairValue_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LoansAndDeBenturesChangeInFairValue_2" xml:lang="en-US" id="label_LoansAndDeBenturesChangeInFairValue_2">The entity shall disclose information that enables users of the financial statements to evaluate changes in liabilities arising from financing activities, including changes in cash flows and non-cash flows (IAS 7).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansAndDeBenturesChangeInFairValue" xlink:to="label_LoansAndDeBenturesChangeInFairValue_2" xlink:title="Label : LoansAndDeBenturesChangeInFairValue to label_LoansAndDeBenturesChangeInFairValue_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfLoansDebenturesAndFinanceLeasesAbstract" xlink:label="DisclosureOfLoansDebenturesAndFinanceLeasesAbstract" xlink:title="DisclosureOfLoansDebenturesAndFinanceLeasesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfLoansDebenturesAndFinanceLeasesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfLoansDebenturesAndFinanceLeasesAbstract" xml:lang="en-US" id="label_DisclosureOfLoansDebenturesAndFinanceLeasesAbstract">Disclosure of loans debentures and finance leases [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfLoansDebenturesAndFinanceLeasesAbstract" xlink:to="label_DisclosureOfLoansDebenturesAndFinanceLeasesAbstract" xlink:title="Label : DisclosureOfLoansDebenturesAndFinanceLeasesAbstract to label_DisclosureOfLoansDebenturesAndFinanceLeasesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfLoansDebenturesAndFinanceLeasesAbstract_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfLoansDebenturesAndFinanceLeasesAbstract_1" xml:lang="en-US" id="label_DisclosureOfLoansDebenturesAndFinanceLeasesAbstract_1">Disclosure of loans debentures and finance leases.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfLoansDebenturesAndFinanceLeasesAbstract" xlink:to="label_DisclosureOfLoansDebenturesAndFinanceLeasesAbstract_1" xlink:title="Label : DisclosureOfLoansDebenturesAndFinanceLeasesAbstract to label_DisclosureOfLoansDebenturesAndFinanceLeasesAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_From3To4YearsMember" xlink:label="From3To4YearsMember" xlink:title="From3To4YearsMember" />
    <link:label xlink:type="resource" xlink:label="label_From3To4YearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_From3To4YearsMember" xml:lang="en-US" id="label_From3To4YearsMember">From 3 to 4 years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="From3To4YearsMember" xlink:to="label_From3To4YearsMember" xlink:title="Label : From3To4YearsMember to label_From3To4YearsMember" />
    <link:label xlink:type="resource" xlink:label="label_From3To4YearsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_From3To4YearsMember_1" xml:lang="en-US" id="label_From3To4YearsMember_1">From 3 to 4 years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="From3To4YearsMember" xlink:to="label_From3To4YearsMember_1" xlink:title="Label : From3To4YearsMember to label_From3To4YearsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_From3To4YearsMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_From3To4YearsMember_2" xml:lang="en-US" id="label_From3To4YearsMember_2">From 3 to 4 years.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="From3To4YearsMember" xlink:to="label_From3To4YearsMember_2" xlink:title="Label : From3To4YearsMember to label_From3To4YearsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_From4To5YearsMember" xlink:label="From4To5YearsMember" xlink:title="From4To5YearsMember" />
    <link:label xlink:type="resource" xlink:label="label_From4To5YearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_From4To5YearsMember" xml:lang="en-US" id="label_From4To5YearsMember">From 4 to 5 years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="From4To5YearsMember" xlink:to="label_From4To5YearsMember" xlink:title="Label : From4To5YearsMember to label_From4To5YearsMember" />
    <link:label xlink:type="resource" xlink:label="label_From4To5YearsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_From4To5YearsMember_1" xml:lang="en-US" id="label_From4To5YearsMember_1">From 4 to 5 years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="From4To5YearsMember" xlink:to="label_From4To5YearsMember_1" xlink:title="Label : From4To5YearsMember to label_From4To5YearsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_From4To5YearsMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_From4To5YearsMember_2" xml:lang="en-US" id="label_From4To5YearsMember_2">From 4 to 5 years.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="From4To5YearsMember" xlink:to="label_From4To5YearsMember_2" xlink:title="Label : From4To5YearsMember to label_From4To5YearsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_MoreThan5YearsMember" xlink:label="MoreThan5YearsMember" xlink:title="MoreThan5YearsMember" />
    <link:label xlink:type="resource" xlink:label="label_MoreThan5YearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MoreThan5YearsMember" xml:lang="en-US" id="label_MoreThan5YearsMember">More Than 5 Years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MoreThan5YearsMember" xlink:to="label_MoreThan5YearsMember" xlink:title="Label : MoreThan5YearsMember to label_MoreThan5YearsMember" />
    <link:label xlink:type="resource" xlink:label="label_MoreThan5YearsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MoreThan5YearsMember_1" xml:lang="en-US" id="label_MoreThan5YearsMember_1">More than 5 years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MoreThan5YearsMember" xlink:to="label_MoreThan5YearsMember_1" xlink:title="Label : MoreThan5YearsMember to label_MoreThan5YearsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_MoreThan5YearsMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MoreThan5YearsMember_2" xml:lang="en-US" id="label_MoreThan5YearsMember_2">More than 5 Years.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MoreThan5YearsMember" xlink:to="label_MoreThan5YearsMember_2" xlink:title="Label : MoreThan5YearsMember to label_MoreThan5YearsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ForeignLoanAxis" xlink:label="ForeignLoanAxis" xlink:title="ForeignLoanAxis" />
    <link:label xlink:type="resource" xlink:label="label_ForeignLoanAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignLoanAxis" xml:lang="en-US" id="label_ForeignLoanAxis">Foreign loan [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignLoanAxis" xlink:to="label_ForeignLoanAxis" xlink:title="Label : ForeignLoanAxis to label_ForeignLoanAxis" />
    <link:label xlink:type="resource" xlink:label="label_ForeignLoanAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ForeignLoanAxis_1" xml:lang="en-US" id="label_ForeignLoanAxis_1">Foreign loan [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignLoanAxis" xlink:to="label_ForeignLoanAxis_1" xlink:title="Label : ForeignLoanAxis to label_ForeignLoanAxis_1" />
    <link:label xlink:type="resource" xlink:label="label_ForeignLoanAxis_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignLoanAxis_2" xml:lang="en-US" id="label_ForeignLoanAxis_2">Foreign loan [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignLoanAxis" xlink:to="label_ForeignLoanAxis_2" xlink:title="Label : ForeignLoanAxis to label_ForeignLoanAxis_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ForeignLoanDomain" xlink:label="ForeignLoanDomain" xlink:title="ForeignLoanDomain" />
    <link:label xlink:type="resource" xlink:label="label_ForeignLoanDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignLoanDomain" xml:lang="en-US" id="label_ForeignLoanDomain">Foreign loan [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignLoanDomain" xlink:to="label_ForeignLoanDomain" xlink:title="Label : ForeignLoanDomain to label_ForeignLoanDomain" />
    <link:label xlink:type="resource" xlink:label="label_ForeignLoanDomain_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ForeignLoanDomain_1" xml:lang="en-US" id="label_ForeignLoanDomain_1">Foreign loan [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignLoanDomain" xlink:to="label_ForeignLoanDomain_1" xlink:title="Label : ForeignLoanDomain to label_ForeignLoanDomain_1" />
    <link:label xlink:type="resource" xlink:label="label_ForeignLoanDomain_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignLoanDomain_2" xml:lang="en-US" id="label_ForeignLoanDomain_2">Foreign loan [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignLoanDomain" xlink:to="label_ForeignLoanDomain_2" xlink:title="Label : ForeignLoanDomain to label_ForeignLoanDomain_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ChargesMember" xlink:label="ChargesMember" xlink:title="ChargesMember" />
    <link:label xlink:type="resource" xlink:label="label_ChargesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ChargesMember" xml:lang="en-US" id="label_ChargesMember">Charges [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChargesMember" xlink:to="label_ChargesMember" xlink:title="Label : ChargesMember to label_ChargesMember" />
    <link:label xlink:type="resource" xlink:label="label_ChargesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ChargesMember_1" xml:lang="en-US" id="label_ChargesMember_1">Charges [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChargesMember" xlink:to="label_ChargesMember_1" xlink:title="Label : ChargesMember to label_ChargesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ForeignLoanOneMember" xlink:label="ForeignLoanOneMember" xlink:title="ForeignLoanOneMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignLoanOneMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignLoanOneMember" xml:lang="en-US" id="label_ForeignLoanOneMember">Foreign loan one [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignLoanOneMember" xlink:to="label_ForeignLoanOneMember" xlink:title="Label : ForeignLoanOneMember to label_ForeignLoanOneMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignLoanOneMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ForeignLoanOneMember_1" xml:lang="en-US" id="label_ForeignLoanOneMember_1">Foreign loan one [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignLoanOneMember" xlink:to="label_ForeignLoanOneMember_1" xlink:title="Label : ForeignLoanOneMember to label_ForeignLoanOneMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ForeignLoanOneMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignLoanOneMember_2" xml:lang="en-US" id="label_ForeignLoanOneMember_2">Foreign loan one.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignLoanOneMember" xlink:to="label_ForeignLoanOneMember_2" xlink:title="Label : ForeignLoanOneMember to label_ForeignLoanOneMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ForeignLoanTwoMember" xlink:label="ForeignLoanTwoMember" xlink:title="ForeignLoanTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignLoanTwoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignLoanTwoMember" xml:lang="en-US" id="label_ForeignLoanTwoMember">Foreign loan two [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignLoanTwoMember" xlink:to="label_ForeignLoanTwoMember" xlink:title="Label : ForeignLoanTwoMember to label_ForeignLoanTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignLoanTwoMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ForeignLoanTwoMember_1" xml:lang="en-US" id="label_ForeignLoanTwoMember_1">Foreign loan two [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignLoanTwoMember" xlink:to="label_ForeignLoanTwoMember_1" xlink:title="Label : ForeignLoanTwoMember to label_ForeignLoanTwoMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ForeignLoanTwoMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignLoanTwoMember_2" xml:lang="en-US" id="label_ForeignLoanTwoMember_2">Foreign loan two.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignLoanTwoMember" xlink:to="label_ForeignLoanTwoMember_2" xlink:title="Label : ForeignLoanTwoMember to label_ForeignLoanTwoMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ForeignLoanThreeMember" xlink:label="ForeignLoanThreeMember" xlink:title="ForeignLoanThreeMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignLoanThreeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignLoanThreeMember" xml:lang="en-US" id="label_ForeignLoanThreeMember">Foreign loan three [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignLoanThreeMember" xlink:to="label_ForeignLoanThreeMember" xlink:title="Label : ForeignLoanThreeMember to label_ForeignLoanThreeMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignLoanThreeMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ForeignLoanThreeMember_1" xml:lang="en-US" id="label_ForeignLoanThreeMember_1">Foreign loan three [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignLoanThreeMember" xlink:to="label_ForeignLoanThreeMember_1" xlink:title="Label : ForeignLoanThreeMember to label_ForeignLoanThreeMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ForeignLoanThreeMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignLoanThreeMember_2" xml:lang="en-US" id="label_ForeignLoanThreeMember_2">Foreign loan three.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignLoanThreeMember" xlink:to="label_ForeignLoanThreeMember_2" xlink:title="Label : ForeignLoanThreeMember to label_ForeignLoanThreeMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ForeignLoanFourMember" xlink:label="ForeignLoanFourMember" xlink:title="ForeignLoanFourMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignLoanFourMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignLoanFourMember" xml:lang="en-US" id="label_ForeignLoanFourMember">Foreign loan four [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignLoanFourMember" xlink:to="label_ForeignLoanFourMember" xlink:title="Label : ForeignLoanFourMember to label_ForeignLoanFourMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignLoanFourMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ForeignLoanFourMember_1" xml:lang="en-US" id="label_ForeignLoanFourMember_1">Foreign loan four [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignLoanFourMember" xlink:to="label_ForeignLoanFourMember_1" xlink:title="Label : ForeignLoanFourMember to label_ForeignLoanFourMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ForeignLoanFourMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignLoanFourMember_2" xml:lang="en-US" id="label_ForeignLoanFourMember_2">Foreign loan four.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignLoanFourMember" xlink:to="label_ForeignLoanFourMember_2" xlink:title="Label : ForeignLoanFourMember to label_ForeignLoanFourMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ForeignLoanFiveMember" xlink:label="ForeignLoanFiveMember" xlink:title="ForeignLoanFiveMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignLoanFiveMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignLoanFiveMember" xml:lang="en-US" id="label_ForeignLoanFiveMember">Foreign loan five [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignLoanFiveMember" xlink:to="label_ForeignLoanFiveMember" xlink:title="Label : ForeignLoanFiveMember to label_ForeignLoanFiveMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignLoanFiveMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ForeignLoanFiveMember_1" xml:lang="en-US" id="label_ForeignLoanFiveMember_1">Foreign loan five [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignLoanFiveMember" xlink:to="label_ForeignLoanFiveMember_1" xlink:title="Label : ForeignLoanFiveMember to label_ForeignLoanFiveMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ForeignLoanFiveMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignLoanFiveMember_2" xml:lang="en-US" id="label_ForeignLoanFiveMember_2">Foreign loan five.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignLoanFiveMember" xlink:to="label_ForeignLoanFiveMember_2" xlink:title="Label : ForeignLoanFiveMember to label_ForeignLoanFiveMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ForeignLoanSixMember" xlink:label="ForeignLoanSixMember" xlink:title="ForeignLoanSixMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignLoanSixMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignLoanSixMember" xml:lang="en-US" id="label_ForeignLoanSixMember">Foreign loan six [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignLoanSixMember" xlink:to="label_ForeignLoanSixMember" xlink:title="Label : ForeignLoanSixMember to label_ForeignLoanSixMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignLoanSixMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ForeignLoanSixMember_1" xml:lang="en-US" id="label_ForeignLoanSixMember_1">Foreign loan six [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignLoanSixMember" xlink:to="label_ForeignLoanSixMember_1" xlink:title="Label : ForeignLoanSixMember to label_ForeignLoanSixMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ForeignLoanSixMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignLoanSixMember_2" xml:lang="en-US" id="label_ForeignLoanSixMember_2">Foreign loan six.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignLoanSixMember" xlink:to="label_ForeignLoanSixMember_2" xlink:title="Label : ForeignLoanSixMember to label_ForeignLoanSixMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ForeignLoanMaturityDate" xlink:label="ForeignLoanMaturityDate" xlink:title="ForeignLoanMaturityDate" />
    <link:label xlink:type="resource" xlink:label="label_ForeignLoanMaturityDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignLoanMaturityDate" xml:lang="en-US" id="label_ForeignLoanMaturityDate">Foreign loan maturity date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignLoanMaturityDate" xlink:to="label_ForeignLoanMaturityDate" xlink:title="Label : ForeignLoanMaturityDate to label_ForeignLoanMaturityDate" />
    <link:label xlink:type="resource" xlink:label="label_ForeignLoanMaturityDate_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ForeignLoanMaturityDate_1" xml:lang="en-US" id="label_ForeignLoanMaturityDate_1">Loan maturity, date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignLoanMaturityDate" xlink:to="label_ForeignLoanMaturityDate_1" xlink:title="Label : ForeignLoanMaturityDate to label_ForeignLoanMaturityDate_1" />
    <link:label xlink:type="resource" xlink:label="label_ForeignLoanMaturityDate_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignLoanMaturityDate_2" xml:lang="en-US" id="label_ForeignLoanMaturityDate_2">long-term consolidated debt had the following principal maturity schedule.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignLoanMaturityDate" xlink:to="label_ForeignLoanMaturityDate_2" xlink:title="Label : ForeignLoanMaturityDate to label_ForeignLoanMaturityDate_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AverageCostInPercentageOfCdi" xlink:label="AverageCostInPercentageOfCdi" xlink:title="AverageCostInPercentageOfCdi" />
    <link:label xlink:type="resource" xlink:label="label_AverageCostInPercentageOfCdi" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AverageCostInPercentageOfCdi" xml:lang="en-US" id="label_AverageCostInPercentageOfCdi">Cost in percentage of CDI.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AverageCostInPercentageOfCdi" xlink:to="label_AverageCostInPercentageOfCdi" xlink:title="Label : AverageCostInPercentageOfCdi to label_AverageCostInPercentageOfCdi" />
    <link:label xlink:type="resource" xlink:label="label_AverageCostInPercentageOfCdi_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AverageCostInPercentageOfCdi_1" xml:lang="en-US" id="label_AverageCostInPercentageOfCdi_1">Cost in percentage of DI</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AverageCostInPercentageOfCdi" xlink:to="label_AverageCostInPercentageOfCdi_1" xlink:title="Label : AverageCostInPercentageOfCdi to label_AverageCostInPercentageOfCdi_1" />
    <link:label xlink:type="resource" xlink:label="label_AverageCostInPercentageOfCdi_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AverageCostInPercentageOfCdi_2" xml:lang="en-US" id="label_AverageCostInPercentageOfCdi_2">Average cost in percentage of cdi</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AverageCostInPercentageOfCdi" xlink:to="label_AverageCostInPercentageOfCdi_2" xlink:title="Label : AverageCostInPercentageOfCdi to label_AverageCostInPercentageOfCdi_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ForeignLoanMaturityAmount" xlink:label="ForeignLoanMaturityAmount" xlink:title="ForeignLoanMaturityAmount" />
    <link:label xlink:type="resource" xlink:label="label_ForeignLoanMaturityAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignLoanMaturityAmount" xml:lang="en-US" id="label_ForeignLoanMaturityAmount">Foreign loan maturity amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignLoanMaturityAmount" xlink:to="label_ForeignLoanMaturityAmount" xlink:title="Label : ForeignLoanMaturityAmount to label_ForeignLoanMaturityAmount" />
    <link:label xlink:type="resource" xlink:label="label_ForeignLoanMaturityAmount_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ForeignLoanMaturityAmount_1" xml:lang="en-US" id="label_ForeignLoanMaturityAmount_1">Loan maturity, amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignLoanMaturityAmount" xlink:to="label_ForeignLoanMaturityAmount_1" xlink:title="Label : ForeignLoanMaturityAmount to label_ForeignLoanMaturityAmount_1" />
    <link:label xlink:type="resource" xlink:label="label_ForeignLoanMaturityAmount_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignLoanMaturityAmount_2" xml:lang="en-US" id="label_ForeignLoanMaturityAmount_2">long-term consolidated debt had the following principal maturity amount.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignLoanMaturityAmount" xlink:to="label_ForeignLoanMaturityAmount_2" xlink:title="Label : ForeignLoanMaturityAmount to label_ForeignLoanMaturityAmount_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_ConsolidatedEntitiesAxis" xlink:label="ConsolidatedEntitiesAxis" xlink:title="ConsolidatedEntitiesAxis" />
    <link:label xlink:type="resource" xlink:label="label_ConsolidatedEntitiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ConsolidatedEntitiesAxis" xml:lang="en-US" id="label_ConsolidatedEntitiesAxis">Consolidated Entities [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConsolidatedEntitiesAxis" xlink:to="label_ConsolidatedEntitiesAxis" xlink:title="Label : ConsolidatedEntitiesAxis to label_ConsolidatedEntitiesAxis" />
    <link:label xlink:type="resource" xlink:label="label_ConsolidatedEntitiesAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ConsolidatedEntitiesAxis_1" xml:lang="en-US" id="label_ConsolidatedEntitiesAxis_1">Consolidated Entities [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConsolidatedEntitiesAxis" xlink:to="label_ConsolidatedEntitiesAxis_1" xlink:title="Label : ConsolidatedEntitiesAxis to label_ConsolidatedEntitiesAxis_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_ConsolidatedEntitiesDomain" xlink:label="ConsolidatedEntitiesDomain" xlink:title="ConsolidatedEntitiesDomain" />
    <link:label xlink:type="resource" xlink:label="label_ConsolidatedEntitiesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ConsolidatedEntitiesDomain" xml:lang="en-US" id="label_ConsolidatedEntitiesDomain">Consolidated Entities [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConsolidatedEntitiesDomain" xlink:to="label_ConsolidatedEntitiesDomain" xlink:title="Label : ConsolidatedEntitiesDomain to label_ConsolidatedEntitiesDomain" />
    <link:label xlink:type="resource" xlink:label="label_ConsolidatedEntitiesDomain_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ConsolidatedEntitiesDomain_1" xml:lang="en-US" id="label_ConsolidatedEntitiesDomain_1">Consolidated Entities [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConsolidatedEntitiesDomain" xlink:to="label_ConsolidatedEntitiesDomain_1" xlink:title="Label : ConsolidatedEntitiesDomain to label_ConsolidatedEntitiesDomain_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_InterestAndTransactionCostsMember" xlink:label="InterestAndTransactionCostsMember" xlink:title="InterestAndTransactionCostsMember" />
    <link:label xlink:type="resource" xlink:label="label_InterestAndTransactionCostsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestAndTransactionCostsMember" xml:lang="en-US" id="label_InterestAndTransactionCostsMember">Interest and transaction costs [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestAndTransactionCostsMember" xlink:to="label_InterestAndTransactionCostsMember" xlink:title="Label : InterestAndTransactionCostsMember to label_InterestAndTransactionCostsMember" />
    <link:label xlink:type="resource" xlink:label="label_InterestAndTransactionCostsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterestAndTransactionCostsMember_1" xml:lang="en-US" id="label_InterestAndTransactionCostsMember_1">Interest and transaction costs [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestAndTransactionCostsMember" xlink:to="label_InterestAndTransactionCostsMember_1" xlink:title="Label : InterestAndTransactionCostsMember to label_InterestAndTransactionCostsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_InterestAndTransactionCostsMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InterestAndTransactionCostsMember_2" xml:lang="en-US" id="label_InterestAndTransactionCostsMember_2">Interest and transaction costs.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestAndTransactionCostsMember" xlink:to="label_InterestAndTransactionCostsMember_2" xlink:title="Label : InterestAndTransactionCostsMember to label_InterestAndTransactionCostsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_MatureInFebruaryTwoThousandAndTwentyMember" xlink:label="MatureInFebruaryTwoThousandAndTwentyMember" xlink:title="MatureInFebruaryTwoThousandAndTwentyMember" />
    <link:label xlink:type="resource" xlink:label="label_MatureInFebruaryTwoThousandAndTwentyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MatureInFebruaryTwoThousandAndTwentyMember" xml:lang="en-US" id="label_MatureInFebruaryTwoThousandAndTwentyMember">Mature In February Two Thousand and Twenty [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MatureInFebruaryTwoThousandAndTwentyMember" xlink:to="label_MatureInFebruaryTwoThousandAndTwentyMember" xlink:title="Label : MatureInFebruaryTwoThousandAndTwentyMember to label_MatureInFebruaryTwoThousandAndTwentyMember" />
    <link:label xlink:type="resource" xlink:label="label_MatureInFebruaryTwoThousandAndTwentyMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MatureInFebruaryTwoThousandAndTwentyMember_1" xml:lang="en-US" id="label_MatureInFebruaryTwoThousandAndTwentyMember_1">Mature in February 2020 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MatureInFebruaryTwoThousandAndTwentyMember" xlink:to="label_MatureInFebruaryTwoThousandAndTwentyMember_1" xlink:title="Label : MatureInFebruaryTwoThousandAndTwentyMember to label_MatureInFebruaryTwoThousandAndTwentyMember_1" />
    <link:label xlink:type="resource" xlink:label="label_MatureInFebruaryTwoThousandAndTwentyMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MatureInFebruaryTwoThousandAndTwentyMember_2" xml:lang="en-US" id="label_MatureInFebruaryTwoThousandAndTwentyMember_2">Mature In February Two Thousand and Twenty [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MatureInFebruaryTwoThousandAndTwentyMember" xlink:to="label_MatureInFebruaryTwoThousandAndTwentyMember_2" xlink:title="Label : MatureInFebruaryTwoThousandAndTwentyMember to label_MatureInFebruaryTwoThousandAndTwentyMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_MatureInAugustTwoThousandAndTwentyMember" xlink:label="MatureInAugustTwoThousandAndTwentyMember" xlink:title="MatureInAugustTwoThousandAndTwentyMember" />
    <link:label xlink:type="resource" xlink:label="label_MatureInAugustTwoThousandAndTwentyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MatureInAugustTwoThousandAndTwentyMember" xml:lang="en-US" id="label_MatureInAugustTwoThousandAndTwentyMember">Mature In August Two Thousand and Twenty [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MatureInAugustTwoThousandAndTwentyMember" xlink:to="label_MatureInAugustTwoThousandAndTwentyMember" xlink:title="Label : MatureInAugustTwoThousandAndTwentyMember to label_MatureInAugustTwoThousandAndTwentyMember" />
    <link:label xlink:type="resource" xlink:label="label_MatureInAugustTwoThousandAndTwentyMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MatureInAugustTwoThousandAndTwentyMember_1" xml:lang="en-US" id="label_MatureInAugustTwoThousandAndTwentyMember_1">Mature in August 2020 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MatureInAugustTwoThousandAndTwentyMember" xlink:to="label_MatureInAugustTwoThousandAndTwentyMember_1" xlink:title="Label : MatureInAugustTwoThousandAndTwentyMember to label_MatureInAugustTwoThousandAndTwentyMember_1" />
    <link:label xlink:type="resource" xlink:label="label_MatureInAugustTwoThousandAndTwentyMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MatureInAugustTwoThousandAndTwentyMember_2" xml:lang="en-US" id="label_MatureInAugustTwoThousandAndTwentyMember_2">Mature In August Two Thousand and Twenty [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MatureInAugustTwoThousandAndTwentyMember" xlink:to="label_MatureInAugustTwoThousandAndTwentyMember_2" xlink:title="Label : MatureInAugustTwoThousandAndTwentyMember to label_MatureInAugustTwoThousandAndTwentyMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_MatureInSeptemberTwoThousandAndTwentyMember" xlink:label="MatureInSeptemberTwoThousandAndTwentyMember" xlink:title="MatureInSeptemberTwoThousandAndTwentyMember" />
    <link:label xlink:type="resource" xlink:label="label_MatureInSeptemberTwoThousandAndTwentyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MatureInSeptemberTwoThousandAndTwentyMember" xml:lang="en-US" id="label_MatureInSeptemberTwoThousandAndTwentyMember">Mature In September Two Thousand and Twenty [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MatureInSeptemberTwoThousandAndTwentyMember" xlink:to="label_MatureInSeptemberTwoThousandAndTwentyMember" xlink:title="Label : MatureInSeptemberTwoThousandAndTwentyMember to label_MatureInSeptemberTwoThousandAndTwentyMember" />
    <link:label xlink:type="resource" xlink:label="label_MatureInSeptemberTwoThousandAndTwentyMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MatureInSeptemberTwoThousandAndTwentyMember_1" xml:lang="en-US" id="label_MatureInSeptemberTwoThousandAndTwentyMember_1">Mature in September 2020 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MatureInSeptemberTwoThousandAndTwentyMember" xlink:to="label_MatureInSeptemberTwoThousandAndTwentyMember_1" xlink:title="Label : MatureInSeptemberTwoThousandAndTwentyMember to label_MatureInSeptemberTwoThousandAndTwentyMember_1" />
    <link:label xlink:type="resource" xlink:label="label_MatureInSeptemberTwoThousandAndTwentyMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MatureInSeptemberTwoThousandAndTwentyMember_2" xml:lang="en-US" id="label_MatureInSeptemberTwoThousandAndTwentyMember_2">Mature In September Two Thousand and Twenty [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MatureInSeptemberTwoThousandAndTwentyMember" xlink:to="label_MatureInSeptemberTwoThousandAndTwentyMember_2" xlink:title="Label : MatureInSeptemberTwoThousandAndTwentyMember to label_MatureInSeptemberTwoThousandAndTwentyMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_MatureInFebruaryTwoThousandAndTwentyOneMember" xlink:label="MatureInFebruaryTwoThousandAndTwentyOneMember" xlink:title="MatureInFebruaryTwoThousandAndTwentyOneMember" />
    <link:label xlink:type="resource" xlink:label="label_MatureInFebruaryTwoThousandAndTwentyOneMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MatureInFebruaryTwoThousandAndTwentyOneMember" xml:lang="en-US" id="label_MatureInFebruaryTwoThousandAndTwentyOneMember">Mature In February Two Thousand and Twenty One [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MatureInFebruaryTwoThousandAndTwentyOneMember" xlink:to="label_MatureInFebruaryTwoThousandAndTwentyOneMember" xlink:title="Label : MatureInFebruaryTwoThousandAndTwentyOneMember to label_MatureInFebruaryTwoThousandAndTwentyOneMember" />
    <link:label xlink:type="resource" xlink:label="label_MatureInFebruaryTwoThousandAndTwentyOneMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MatureInFebruaryTwoThousandAndTwentyOneMember_1" xml:lang="en-US" id="label_MatureInFebruaryTwoThousandAndTwentyOneMember_1">Mature in February 2021 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MatureInFebruaryTwoThousandAndTwentyOneMember" xlink:to="label_MatureInFebruaryTwoThousandAndTwentyOneMember_1" xlink:title="Label : MatureInFebruaryTwoThousandAndTwentyOneMember to label_MatureInFebruaryTwoThousandAndTwentyOneMember_1" />
    <link:label xlink:type="resource" xlink:label="label_MatureInFebruaryTwoThousandAndTwentyOneMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MatureInFebruaryTwoThousandAndTwentyOneMember_2" xml:lang="en-US" id="label_MatureInFebruaryTwoThousandAndTwentyOneMember_2">Mature In February Two Thousand and Twenty One [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MatureInFebruaryTwoThousandAndTwentyOneMember" xlink:to="label_MatureInFebruaryTwoThousandAndTwentyOneMember_2" xlink:title="Label : MatureInFebruaryTwoThousandAndTwentyOneMember to label_MatureInFebruaryTwoThousandAndTwentyOneMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_MatureInMarchTwoThousandAndTwentyTwoMember" xlink:label="MatureInMarchTwoThousandAndTwentyTwoMember" xlink:title="MatureInMarchTwoThousandAndTwentyTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_MatureInMarchTwoThousandAndTwentyTwoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MatureInMarchTwoThousandAndTwentyTwoMember" xml:lang="en-US" id="label_MatureInMarchTwoThousandAndTwentyTwoMember">Mature In March Two Thousand and Twenty Two [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MatureInMarchTwoThousandAndTwentyTwoMember" xlink:to="label_MatureInMarchTwoThousandAndTwentyTwoMember" xlink:title="Label : MatureInMarchTwoThousandAndTwentyTwoMember to label_MatureInMarchTwoThousandAndTwentyTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_MatureInMarchTwoThousandAndTwentyTwoMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MatureInMarchTwoThousandAndTwentyTwoMember_1" xml:lang="en-US" id="label_MatureInMarchTwoThousandAndTwentyTwoMember_1">Mature in March 2022 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MatureInMarchTwoThousandAndTwentyTwoMember" xlink:to="label_MatureInMarchTwoThousandAndTwentyTwoMember_1" xlink:title="Label : MatureInMarchTwoThousandAndTwentyTwoMember to label_MatureInMarchTwoThousandAndTwentyTwoMember_1" />
    <link:label xlink:type="resource" xlink:label="label_MatureInMarchTwoThousandAndTwentyTwoMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MatureInMarchTwoThousandAndTwentyTwoMember_2" xml:lang="en-US" id="label_MatureInMarchTwoThousandAndTwentyTwoMember_2">Mature In March Two Thousand and Twenty Two [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MatureInMarchTwoThousandAndTwentyTwoMember" xlink:to="label_MatureInMarchTwoThousandAndTwentyTwoMember_2" xlink:title="Label : MatureInMarchTwoThousandAndTwentyTwoMember to label_MatureInMarchTwoThousandAndTwentyTwoMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_MatureInOctoberTwoThousandAndTwentyTwoMember" xlink:label="MatureInOctoberTwoThousandAndTwentyTwoMember" xlink:title="MatureInOctoberTwoThousandAndTwentyTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_MatureInOctoberTwoThousandAndTwentyTwoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MatureInOctoberTwoThousandAndTwentyTwoMember" xml:lang="en-US" id="label_MatureInOctoberTwoThousandAndTwentyTwoMember">Mature In October Two Thousand and Twenty Two [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MatureInOctoberTwoThousandAndTwentyTwoMember" xlink:to="label_MatureInOctoberTwoThousandAndTwentyTwoMember" xlink:title="Label : MatureInOctoberTwoThousandAndTwentyTwoMember to label_MatureInOctoberTwoThousandAndTwentyTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_MatureInOctoberTwoThousandAndTwentyTwoMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MatureInOctoberTwoThousandAndTwentyTwoMember_1" xml:lang="en-US" id="label_MatureInOctoberTwoThousandAndTwentyTwoMember_1">Mature in October 2022 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MatureInOctoberTwoThousandAndTwentyTwoMember" xlink:to="label_MatureInOctoberTwoThousandAndTwentyTwoMember_1" xlink:title="Label : MatureInOctoberTwoThousandAndTwentyTwoMember to label_MatureInOctoberTwoThousandAndTwentyTwoMember_1" />
    <link:label xlink:type="resource" xlink:label="label_MatureInOctoberTwoThousandAndTwentyTwoMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MatureInOctoberTwoThousandAndTwentyTwoMember_2" xml:lang="en-US" id="label_MatureInOctoberTwoThousandAndTwentyTwoMember_2">Mature In October Two Thousand and Twenty Two [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MatureInOctoberTwoThousandAndTwentyTwoMember" xlink:to="label_MatureInOctoberTwoThousandAndTwentyTwoMember_2" xlink:title="Label : MatureInOctoberTwoThousandAndTwentyTwoMember to label_MatureInOctoberTwoThousandAndTwentyTwoMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_MatureInMarchTwoThousandAndTwentyThreeMember" xlink:label="MatureInMarchTwoThousandAndTwentyThreeMember" xlink:title="MatureInMarchTwoThousandAndTwentyThreeMember" />
    <link:label xlink:type="resource" xlink:label="label_MatureInMarchTwoThousandAndTwentyThreeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MatureInMarchTwoThousandAndTwentyThreeMember" xml:lang="en-US" id="label_MatureInMarchTwoThousandAndTwentyThreeMember">Mature In March Two Thousand and Twenty Three [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MatureInMarchTwoThousandAndTwentyThreeMember" xlink:to="label_MatureInMarchTwoThousandAndTwentyThreeMember" xlink:title="Label : MatureInMarchTwoThousandAndTwentyThreeMember to label_MatureInMarchTwoThousandAndTwentyThreeMember" />
    <link:label xlink:type="resource" xlink:label="label_MatureInMarchTwoThousandAndTwentyThreeMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MatureInMarchTwoThousandAndTwentyThreeMember_1" xml:lang="en-US" id="label_MatureInMarchTwoThousandAndTwentyThreeMember_1">Mature in March 2023 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MatureInMarchTwoThousandAndTwentyThreeMember" xlink:to="label_MatureInMarchTwoThousandAndTwentyThreeMember_1" xlink:title="Label : MatureInMarchTwoThousandAndTwentyThreeMember to label_MatureInMarchTwoThousandAndTwentyThreeMember_1" />
    <link:label xlink:type="resource" xlink:label="label_MatureInMarchTwoThousandAndTwentyThreeMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MatureInMarchTwoThousandAndTwentyThreeMember_2" xml:lang="en-US" id="label_MatureInMarchTwoThousandAndTwentyThreeMember_2">Mature In March Two Thousand and Twenty Three [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MatureInMarchTwoThousandAndTwentyThreeMember" xlink:to="label_MatureInMarchTwoThousandAndTwentyThreeMember_2" xlink:title="Label : MatureInMarchTwoThousandAndTwentyThreeMember to label_MatureInMarchTwoThousandAndTwentyThreeMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_MaturityFiveMember" xlink:label="MaturityFiveMember" xlink:title="MaturityFiveMember" />
    <link:label xlink:type="resource" xlink:label="label_MaturityFiveMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaturityFiveMember" xml:lang="en-US" id="label_MaturityFiveMember">Maturity five [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturityFiveMember" xlink:to="label_MaturityFiveMember" xlink:title="Label : MaturityFiveMember to label_MaturityFiveMember" />
    <link:label xlink:type="resource" xlink:label="label_MaturityFiveMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MaturityFiveMember_1" xml:lang="en-US" id="label_MaturityFiveMember_1">Maturity in May 2020 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturityFiveMember" xlink:to="label_MaturityFiveMember_1" xlink:title="Label : MaturityFiveMember to label_MaturityFiveMember_1" />
    <link:label xlink:type="resource" xlink:label="label_MaturityFiveMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MaturityFiveMember_2" xml:lang="en-US" id="label_MaturityFiveMember_2">Maturity five.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturityFiveMember" xlink:to="label_MaturityFiveMember_2" xlink:title="Label : MaturityFiveMember to label_MaturityFiveMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_MaturitySixMember" xlink:label="MaturitySixMember" xlink:title="MaturitySixMember" />
    <link:label xlink:type="resource" xlink:label="label_MaturitySixMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaturitySixMember" xml:lang="en-US" id="label_MaturitySixMember">Maturity six [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturitySixMember" xlink:to="label_MaturitySixMember" xlink:title="Label : MaturitySixMember to label_MaturitySixMember" />
    <link:label xlink:type="resource" xlink:label="label_MaturitySixMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MaturitySixMember_1" xml:lang="en-US" id="label_MaturitySixMember_1">Maturity in May 2021 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturitySixMember" xlink:to="label_MaturitySixMember_1" xlink:title="Label : MaturitySixMember to label_MaturitySixMember_1" />
    <link:label xlink:type="resource" xlink:label="label_MaturitySixMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MaturitySixMember_2" xml:lang="en-US" id="label_MaturitySixMember_2">Maturity six.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturitySixMember" xlink:to="label_MaturitySixMember_2" xlink:title="Label : MaturitySixMember to label_MaturitySixMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_MaturitySevenMember" xlink:label="MaturitySevenMember" xlink:title="MaturitySevenMember" />
    <link:label xlink:type="resource" xlink:label="label_MaturitySevenMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaturitySevenMember" xml:lang="en-US" id="label_MaturitySevenMember">Maturity seven [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturitySevenMember" xlink:to="label_MaturitySevenMember" xlink:title="Label : MaturitySevenMember to label_MaturitySevenMember" />
    <link:label xlink:type="resource" xlink:label="label_MaturitySevenMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MaturitySevenMember_1" xml:lang="en-US" id="label_MaturitySevenMember_1">Maturity in May 2022 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturitySevenMember" xlink:to="label_MaturitySevenMember_1" xlink:title="Label : MaturitySevenMember to label_MaturitySevenMember_1" />
    <link:label xlink:type="resource" xlink:label="label_MaturitySevenMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MaturitySevenMember_2" xml:lang="en-US" id="label_MaturitySevenMember_2">Maturity seven.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturitySevenMember" xlink:to="label_MaturitySevenMember_2" xlink:title="Label : MaturitySevenMember to label_MaturitySevenMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_MaturityElevenMember" xlink:label="MaturityElevenMember" xlink:title="MaturityElevenMember" />
    <link:label xlink:type="resource" xlink:label="label_MaturityElevenMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaturityElevenMember" xml:lang="en-US" id="label_MaturityElevenMember">Maturity eleven [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturityElevenMember" xlink:to="label_MaturityElevenMember" xlink:title="Label : MaturityElevenMember to label_MaturityElevenMember" />
    <link:label xlink:type="resource" xlink:label="label_MaturityElevenMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MaturityElevenMember_1" xml:lang="en-US" id="label_MaturityElevenMember_1">Maturity in May 2020 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturityElevenMember" xlink:to="label_MaturityElevenMember_1" xlink:title="Label : MaturityElevenMember to label_MaturityElevenMember_1" />
    <link:label xlink:type="resource" xlink:label="label_MaturityElevenMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MaturityElevenMember_2" xml:lang="en-US" id="label_MaturityElevenMember_2">Maturity eleven.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturityElevenMember" xlink:to="label_MaturityElevenMember_2" xlink:title="Label : MaturityElevenMember to label_MaturityElevenMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_MaturityTwelveMember" xlink:label="MaturityTwelveMember" xlink:title="MaturityTwelveMember" />
    <link:label xlink:type="resource" xlink:label="label_MaturityTwelveMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaturityTwelveMember" xml:lang="en-US" id="label_MaturityTwelveMember">Maturity twelve [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturityTwelveMember" xlink:to="label_MaturityTwelveMember" xlink:title="Label : MaturityTwelveMember to label_MaturityTwelveMember" />
    <link:label xlink:type="resource" xlink:label="label_MaturityTwelveMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MaturityTwelveMember_1" xml:lang="en-US" id="label_MaturityTwelveMember_1">Maturity in May 2021 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturityTwelveMember" xlink:to="label_MaturityTwelveMember_1" xlink:title="Label : MaturityTwelveMember to label_MaturityTwelveMember_1" />
    <link:label xlink:type="resource" xlink:label="label_MaturityTwelveMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MaturityTwelveMember_2" xml:lang="en-US" id="label_MaturityTwelveMember_2">Maturity twelve.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturityTwelveMember" xlink:to="label_MaturityTwelveMember_2" xlink:title="Label : MaturityTwelveMember to label_MaturityTwelveMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_MaturityThirteenMember" xlink:label="MaturityThirteenMember" xlink:title="MaturityThirteenMember" />
    <link:label xlink:type="resource" xlink:label="label_MaturityThirteenMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaturityThirteenMember" xml:lang="en-US" id="label_MaturityThirteenMember">Maturity thirteen [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturityThirteenMember" xlink:to="label_MaturityThirteenMember" xlink:title="Label : MaturityThirteenMember to label_MaturityThirteenMember" />
    <link:label xlink:type="resource" xlink:label="label_MaturityThirteenMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MaturityThirteenMember_1" xml:lang="en-US" id="label_MaturityThirteenMember_1">Maturity in July 2021 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturityThirteenMember" xlink:to="label_MaturityThirteenMember_1" xlink:title="Label : MaturityThirteenMember to label_MaturityThirteenMember_1" />
    <link:label xlink:type="resource" xlink:label="label_MaturityThirteenMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MaturityThirteenMember_2" xml:lang="en-US" id="label_MaturityThirteenMember_2">Maturity thirteen.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturityThirteenMember" xlink:to="label_MaturityThirteenMember_2" xlink:title="Label : MaturityThirteenMember to label_MaturityThirteenMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_MaturityFourteenMember" xlink:label="MaturityFourteenMember" xlink:title="MaturityFourteenMember" />
    <link:label xlink:type="resource" xlink:label="label_MaturityFourteenMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaturityFourteenMember" xml:lang="en-US" id="label_MaturityFourteenMember">Maturity fourteen [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturityFourteenMember" xlink:to="label_MaturityFourteenMember" xlink:title="Label : MaturityFourteenMember to label_MaturityFourteenMember" />
    <link:label xlink:type="resource" xlink:label="label_MaturityFourteenMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MaturityFourteenMember_1" xml:lang="en-US" id="label_MaturityFourteenMember_1">Maturity in April 2022 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturityFourteenMember" xlink:to="label_MaturityFourteenMember_1" xlink:title="Label : MaturityFourteenMember to label_MaturityFourteenMember_1" />
    <link:label xlink:type="resource" xlink:label="label_MaturityFourteenMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MaturityFourteenMember_2" xml:lang="en-US" id="label_MaturityFourteenMember_2">Maturity fourteen.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturityFourteenMember" xlink:to="label_MaturityFourteenMember_2" xlink:title="Label : MaturityFourteenMember to label_MaturityFourteenMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_MaturityFifteenMember" xlink:label="MaturityFifteenMember" xlink:title="MaturityFifteenMember" />
    <link:label xlink:type="resource" xlink:label="label_MaturityFifteenMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaturityFifteenMember" xml:lang="en-US" id="label_MaturityFifteenMember">Maturity fifteen [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturityFifteenMember" xlink:to="label_MaturityFifteenMember" xlink:title="Label : MaturityFifteenMember to label_MaturityFifteenMember" />
    <link:label xlink:type="resource" xlink:label="label_MaturityFifteenMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MaturityFifteenMember_1" xml:lang="en-US" id="label_MaturityFifteenMember_1">Maturity in July 2022 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturityFifteenMember" xlink:to="label_MaturityFifteenMember_1" xlink:title="Label : MaturityFifteenMember to label_MaturityFifteenMember_1" />
    <link:label xlink:type="resource" xlink:label="label_MaturityFifteenMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MaturityFifteenMember_2" xml:lang="en-US" id="label_MaturityFifteenMember_2">Maturity fifteen.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturityFifteenMember" xlink:to="label_MaturityFifteenMember_2" xlink:title="Label : MaturityFifteenMember to label_MaturityFifteenMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_MaturitySixteenMember" xlink:label="MaturitySixteenMember" xlink:title="MaturitySixteenMember" />
    <link:label xlink:type="resource" xlink:label="label_MaturitySixteenMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaturitySixteenMember" xml:lang="en-US" id="label_MaturitySixteenMember">Maturity sixteen [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturitySixteenMember" xlink:to="label_MaturitySixteenMember" xlink:title="Label : MaturitySixteenMember to label_MaturitySixteenMember" />
    <link:label xlink:type="resource" xlink:label="label_MaturitySixteenMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MaturitySixteenMember_1" xml:lang="en-US" id="label_MaturitySixteenMember_1">Maturity In October 2022 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturitySixteenMember" xlink:to="label_MaturitySixteenMember_1" xlink:title="Label : MaturitySixteenMember to label_MaturitySixteenMember_1" />
    <link:label xlink:type="resource" xlink:label="label_MaturitySixteenMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MaturitySixteenMember_2" xml:lang="en-US" id="label_MaturitySixteenMember_2">Maturity sixteen.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturitySixteenMember" xlink:to="label_MaturitySixteenMember_2" xlink:title="Label : MaturitySixteenMember to label_MaturitySixteenMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_MaturitySeventeenMember" xlink:label="MaturitySeventeenMember" xlink:title="MaturitySeventeenMember" />
    <link:label xlink:type="resource" xlink:label="label_MaturitySeventeenMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaturitySeventeenMember" xml:lang="en-US" id="label_MaturitySeventeenMember">Maturity seventeen [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturitySeventeenMember" xlink:to="label_MaturitySeventeenMember" xlink:title="Label : MaturitySeventeenMember to label_MaturitySeventeenMember" />
    <link:label xlink:type="resource" xlink:label="label_MaturitySeventeenMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MaturitySeventeenMember_1" xml:lang="en-US" id="label_MaturitySeventeenMember_1">Maturity In March 2023 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturitySeventeenMember" xlink:to="label_MaturitySeventeenMember_1" xlink:title="Label : MaturitySeventeenMember to label_MaturitySeventeenMember_1" />
    <link:label xlink:type="resource" xlink:label="label_MaturitySeventeenMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MaturitySeventeenMember_2" xml:lang="en-US" id="label_MaturitySeventeenMember_2">Maturity seventeen.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturitySeventeenMember" xlink:to="label_MaturitySeventeenMember_2" xlink:title="Label : MaturitySeventeenMember to label_MaturitySeventeenMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_MaturityEighteenMember" xlink:label="MaturityEighteenMember" xlink:title="MaturityEighteenMember" />
    <link:label xlink:type="resource" xlink:label="label_MaturityEighteenMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaturityEighteenMember" xml:lang="en-US" id="label_MaturityEighteenMember">Maturity eighteen [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturityEighteenMember" xlink:to="label_MaturityEighteenMember" xlink:title="Label : MaturityEighteenMember to label_MaturityEighteenMember" />
    <link:label xlink:type="resource" xlink:label="label_MaturityEighteenMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MaturityEighteenMember_1" xml:lang="en-US" id="label_MaturityEighteenMember_1">Maturity In December 2023 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturityEighteenMember" xlink:to="label_MaturityEighteenMember_1" xlink:title="Label : MaturityEighteenMember to label_MaturityEighteenMember_1" />
    <link:label xlink:type="resource" xlink:label="label_MaturityEighteenMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MaturityEighteenMember_2" xml:lang="en-US" id="label_MaturityEighteenMember_2">Maturity eighteen.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturityEighteenMember" xlink:to="label_MaturityEighteenMember_2" xlink:title="Label : MaturityEighteenMember to label_MaturityEighteenMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_MaturityNineteenMember" xlink:label="MaturityNineteenMember" xlink:title="MaturityNineteenMember" />
    <link:label xlink:type="resource" xlink:label="label_MaturityNineteenMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaturityNineteenMember" xml:lang="en-US" id="label_MaturityNineteenMember">Maturity nineteen [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturityNineteenMember" xlink:to="label_MaturityNineteenMember" xlink:title="Label : MaturityNineteenMember to label_MaturityNineteenMember" />
    <link:label xlink:type="resource" xlink:label="label_MaturityNineteenMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MaturityNineteenMember_1" xml:lang="en-US" id="label_MaturityNineteenMember_1">Maturity In April 2024 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturityNineteenMember" xlink:to="label_MaturityNineteenMember_1" xlink:title="Label : MaturityNineteenMember to label_MaturityNineteenMember_1" />
    <link:label xlink:type="resource" xlink:label="label_MaturityNineteenMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MaturityNineteenMember_2" xml:lang="en-US" id="label_MaturityNineteenMember_2">Maturity nineteen.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturityNineteenMember" xlink:to="label_MaturityNineteenMember_2" xlink:title="Label : MaturityNineteenMember to label_MaturityNineteenMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_MaturityTwentyMember" xlink:label="MaturityTwentyMember" xlink:title="MaturityTwentyMember" />
    <link:label xlink:type="resource" xlink:label="label_MaturityTwentyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaturityTwentyMember" xml:lang="en-US" id="label_MaturityTwentyMember">Maturity Twenty [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturityTwentyMember" xlink:to="label_MaturityTwentyMember" xlink:title="Label : MaturityTwentyMember to label_MaturityTwentyMember" />
    <link:label xlink:type="resource" xlink:label="label_MaturityTwentyMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MaturityTwentyMember_1" xml:lang="en-US" id="label_MaturityTwentyMember_1">Maturity In October 2024 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturityTwentyMember" xlink:to="label_MaturityTwentyMember_1" xlink:title="Label : MaturityTwentyMember to label_MaturityTwentyMember_1" />
    <link:label xlink:type="resource" xlink:label="label_MaturityTwentyMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MaturityTwentyMember_2" xml:lang="en-US" id="label_MaturityTwentyMember_2">Maturity twenty.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturityTwentyMember" xlink:to="label_MaturityTwentyMember_2" xlink:title="Label : MaturityTwentyMember to label_MaturityTwentyMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_MaturityTwentyOneMember" xlink:label="MaturityTwentyOneMember" xlink:title="MaturityTwentyOneMember" />
    <link:label xlink:type="resource" xlink:label="label_MaturityTwentyOneMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaturityTwentyOneMember" xml:lang="en-US" id="label_MaturityTwentyOneMember">Maturity Twenty One [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturityTwentyOneMember" xlink:to="label_MaturityTwentyOneMember" xlink:title="Label : MaturityTwentyOneMember to label_MaturityTwentyOneMember" />
    <link:label xlink:type="resource" xlink:label="label_MaturityTwentyOneMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MaturityTwentyOneMember_1" xml:lang="en-US" id="label_MaturityTwentyOneMember_1">Maturity In November 2024 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturityTwentyOneMember" xlink:to="label_MaturityTwentyOneMember_1" xlink:title="Label : MaturityTwentyOneMember to label_MaturityTwentyOneMember_1" />
    <link:label xlink:type="resource" xlink:label="label_MaturityTwentyOneMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MaturityTwentyOneMember_2" xml:lang="en-US" id="label_MaturityTwentyOneMember_2">Maturity Twenty One [Member].</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturityTwentyOneMember" xlink:to="label_MaturityTwentyOneMember_2" xlink:title="Label : MaturityTwentyOneMember to label_MaturityTwentyOneMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_MaturityTwentyTwoMember" xlink:label="MaturityTwentyTwoMember" xlink:title="MaturityTwentyTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_MaturityTwentyTwoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaturityTwentyTwoMember" xml:lang="en-US" id="label_MaturityTwentyTwoMember">Maturity Twenty Two [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturityTwentyTwoMember" xlink:to="label_MaturityTwentyTwoMember" xlink:title="Label : MaturityTwentyTwoMember to label_MaturityTwentyTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_MaturityTwentyTwoMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MaturityTwentyTwoMember_1" xml:lang="en-US" id="label_MaturityTwentyTwoMember_1">Maturity In December 2025 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturityTwentyTwoMember" xlink:to="label_MaturityTwentyTwoMember_1" xlink:title="Label : MaturityTwentyTwoMember to label_MaturityTwentyTwoMember_1" />
    <link:label xlink:type="resource" xlink:label="label_MaturityTwentyTwoMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MaturityTwentyTwoMember_2" xml:lang="en-US" id="label_MaturityTwentyTwoMember_2">Maturity Twenty Two [Member].</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaturityTwentyTwoMember" xlink:to="label_MaturityTwentyTwoMember_2" xlink:title="Label : MaturityTwentyTwoMember to label_MaturityTwentyTwoMember_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_Borrowings" xlink:label="Borrowings" xlink:title="Borrowings" />
    <link:label xlink:type="resource" xlink:label="label_Borrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Borrowings" xml:lang="en-US" id="label_Borrowings">Borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Borrowings" xlink:to="label_Borrowings" xlink:title="Label : Borrowings to label_Borrowings" />
    <link:label xlink:type="resource" xlink:label="label_Borrowings_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Borrowings_1" xml:lang="en-US" id="label_Borrowings_1">Borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Borrowings" xlink:to="label_Borrowings_1" xlink:title="Label : Borrowings to label_Borrowings_1" />
    <link:label xlink:type="resource" xlink:label="label_Borrowings_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_Borrowings_2" xml:lang="en-US" id="label_Borrowings_2">Gross indebtedness</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Borrowings" xlink:to="label_Borrowings_2" xlink:title="Label : Borrowings to label_Borrowings_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LoanMaturityBancoDeBrasil" xlink:label="LoanMaturityBancoDeBrasil" xlink:title="LoanMaturityBancoDeBrasil" />
    <link:label xlink:type="resource" xlink:label="label_LoanMaturityBancoDeBrasil" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LoanMaturityBancoDeBrasil" xml:lang="en-US" id="label_LoanMaturityBancoDeBrasil">Loan maturity banco de brasil</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoanMaturityBancoDeBrasil" xlink:to="label_LoanMaturityBancoDeBrasil" xlink:title="Label : LoanMaturityBancoDeBrasil to label_LoanMaturityBancoDeBrasil" />
    <link:label xlink:type="resource" xlink:label="label_LoanMaturityBancoDeBrasil_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LoanMaturityBancoDeBrasil_1" xml:lang="en-US" id="label_LoanMaturityBancoDeBrasil_1">Loan maturity, Banco de Brasil</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoanMaturityBancoDeBrasil" xlink:to="label_LoanMaturityBancoDeBrasil_1" xlink:title="Label : LoanMaturityBancoDeBrasil to label_LoanMaturityBancoDeBrasil_1" />
    <link:label xlink:type="resource" xlink:label="label_LoanMaturityBancoDeBrasil_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LoanMaturityBancoDeBrasil_2" xml:lang="en-US" id="label_LoanMaturityBancoDeBrasil_2">long-term consolidated debt had the following principal maturity amount.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoanMaturityBancoDeBrasil" xlink:to="label_LoanMaturityBancoDeBrasil_2" xlink:title="Label : LoanMaturityBancoDeBrasil to label_LoanMaturityBancoDeBrasil_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_Debentures" xlink:label="Debentures" xlink:title="Debentures" />
    <link:label xlink:type="resource" xlink:label="label_Debentures" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Debentures" xml:lang="en-US" id="label_Debentures">Debentures</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Debentures" xlink:to="label_Debentures" xlink:title="Label : Debentures to label_Debentures" />
    <link:label xlink:type="resource" xlink:label="label_Debentures_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Debentures_1" xml:lang="en-US" id="label_Debentures_1">Debentures</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Debentures" xlink:to="label_Debentures_1" xlink:title="Label : Debentures to label_Debentures_1" />
    <link:label xlink:type="resource" xlink:label="label_Debentures_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Debentures_2" xml:lang="en-US" id="label_Debentures_2">Debentures</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Debentures" xlink:to="label_Debentures_2" xlink:title="Label : Debentures to label_Debentures_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_NotesInForeignMarketMember" xlink:label="NotesInForeignMarketMember" xlink:title="NotesInForeignMarketMember" />
    <link:label xlink:type="resource" xlink:label="label_NotesInForeignMarketMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NotesInForeignMarketMember" xml:lang="en-US" id="label_NotesInForeignMarketMember">Notes in foreign market [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotesInForeignMarketMember" xlink:to="label_NotesInForeignMarketMember" xlink:title="Label : NotesInForeignMarketMember to label_NotesInForeignMarketMember" />
    <link:label xlink:type="resource" xlink:label="label_NotesInForeignMarketMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NotesInForeignMarketMember_1" xml:lang="en-US" id="label_NotesInForeignMarketMember_1">Notes in foreign market [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotesInForeignMarketMember" xlink:to="label_NotesInForeignMarketMember_1" xlink:title="Label : NotesInForeignMarketMember to label_NotesInForeignMarketMember_1" />
    <link:label xlink:type="resource" xlink:label="label_NotesInForeignMarketMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NotesInForeignMarketMember_2" xml:lang="en-US" id="label_NotesInForeignMarketMember_2">Notes in foreign market.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotesInForeignMarketMember" xlink:to="label_NotesInForeignMarketMember_2" xlink:title="Label : NotesInForeignMarketMember to label_NotesInForeignMarketMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_BancoDoBrasilMember" xlink:label="BancoDoBrasilMember" xlink:title="BancoDoBrasilMember" />
    <link:label xlink:type="resource" xlink:label="label_BancoDoBrasilMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BancoDoBrasilMember" xml:lang="en-US" id="label_BancoDoBrasilMember">Banco Do Brasil [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BancoDoBrasilMember" xlink:to="label_BancoDoBrasilMember" xlink:title="Label : BancoDoBrasilMember to label_BancoDoBrasilMember" />
    <link:label xlink:type="resource" xlink:label="label_BancoDoBrasilMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BancoDoBrasilMember_1" xml:lang="en-US" id="label_BancoDoBrasilMember_1">Banco do Brasil [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BancoDoBrasilMember" xlink:to="label_BancoDoBrasilMember_1" xlink:title="Label : BancoDoBrasilMember to label_BancoDoBrasilMember_1" />
    <link:label xlink:type="resource" xlink:label="label_BancoDoBrasilMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BancoDoBrasilMember_2" xml:lang="en-US" id="label_BancoDoBrasilMember_2">Banco do Brasil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BancoDoBrasilMember" xlink:to="label_BancoDoBrasilMember_2" xlink:title="Label : BancoDoBrasilMember to label_BancoDoBrasilMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DebenturesMember" xlink:label="DebenturesMember" xlink:title="DebenturesMember" />
    <link:label xlink:type="resource" xlink:label="label_DebenturesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebenturesMember" xml:lang="en-US" id="label_DebenturesMember">Debentures [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebenturesMember" xlink:to="label_DebenturesMember" xlink:title="Label : DebenturesMember to label_DebenturesMember" />
    <link:label xlink:type="resource" xlink:label="label_DebenturesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DebenturesMember_1" xml:lang="en-US" id="label_DebenturesMember_1">Debentures [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebenturesMember" xlink:to="label_DebenturesMember_1" xlink:title="Label : DebenturesMember to label_DebenturesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_DebenturesMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DebenturesMember_2" xml:lang="en-US" id="label_DebenturesMember_2">Debentures.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebenturesMember" xlink:to="label_DebenturesMember_2" xlink:title="Label : DebenturesMember to label_DebenturesMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OtherTransactionCostsMember" xlink:label="OtherTransactionCostsMember" xlink:title="OtherTransactionCostsMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherTransactionCostsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherTransactionCostsMember" xml:lang="en-US" id="label_OtherTransactionCostsMember">Other transaction costs.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherTransactionCostsMember" xlink:to="label_OtherTransactionCostsMember" xlink:title="Label : OtherTransactionCostsMember to label_OtherTransactionCostsMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherTransactionCostsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherTransactionCostsMember_1" xml:lang="en-US" id="label_OtherTransactionCostsMember_1">Othes [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherTransactionCostsMember" xlink:to="label_OtherTransactionCostsMember_1" xlink:title="Label : OtherTransactionCostsMember to label_OtherTransactionCostsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherTransactionCostsMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherTransactionCostsMember_2" xml:lang="en-US" id="label_OtherTransactionCostsMember_2">Other transaction costs [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherTransactionCostsMember" xlink:to="label_OtherTransactionCostsMember_2" xlink:title="Label : OtherTransactionCostsMember to label_OtherTransactionCostsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_EffectiveRateOfTransactionCosts" xlink:label="EffectiveRateOfTransactionCosts" xlink:title="EffectiveRateOfTransactionCosts" />
    <link:label xlink:type="resource" xlink:label="label_EffectiveRateOfTransactionCosts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EffectiveRateOfTransactionCosts" xml:lang="en-US" id="label_EffectiveRateOfTransactionCosts">Effective rate of transaction costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectiveRateOfTransactionCosts" xlink:to="label_EffectiveRateOfTransactionCosts" xlink:title="Label : EffectiveRateOfTransactionCosts to label_EffectiveRateOfTransactionCosts" />
    <link:label xlink:type="resource" xlink:label="label_EffectiveRateOfTransactionCosts_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EffectiveRateOfTransactionCosts_1" xml:lang="en-US" id="label_EffectiveRateOfTransactionCosts_1">Effective rate of transaction costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectiveRateOfTransactionCosts" xlink:to="label_EffectiveRateOfTransactionCosts_1" xlink:title="Label : EffectiveRateOfTransactionCosts to label_EffectiveRateOfTransactionCosts_1" />
    <link:label xlink:type="resource" xlink:label="label_EffectiveRateOfTransactionCosts_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EffectiveRateOfTransactionCosts_2" xml:lang="en-US" id="label_EffectiveRateOfTransactionCosts_2">Percentage of effective rate of transaction costs. Disclosure of further information regarding the transaction costs, classified in a manner appropriate to the entity's policies and operations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EffectiveRateOfTransactionCosts" xlink:to="label_EffectiveRateOfTransactionCosts_2" xlink:title="Label : EffectiveRateOfTransactionCosts to label_EffectiveRateOfTransactionCosts_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TransactionCostsFinancialInstruments" xlink:label="TransactionCostsFinancialInstruments" xlink:title="TransactionCostsFinancialInstruments" />
    <link:label xlink:type="resource" xlink:label="label_TransactionCostsFinancialInstruments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TransactionCostsFinancialInstruments" xml:lang="en-US" id="label_TransactionCostsFinancialInstruments">Transaction costs financial instruments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TransactionCostsFinancialInstruments" xlink:to="label_TransactionCostsFinancialInstruments" xlink:title="Label : TransactionCostsFinancialInstruments to label_TransactionCostsFinancialInstruments" />
    <link:label xlink:type="resource" xlink:label="label_TransactionCostsFinancialInstruments_1" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_TransactionCostsFinancialInstruments_1" xml:lang="en-US" id="label_TransactionCostsFinancialInstruments_1">Transaction costs, beginning</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TransactionCostsFinancialInstruments" xlink:to="label_TransactionCostsFinancialInstruments_1" xlink:title="Label : TransactionCostsFinancialInstruments to label_TransactionCostsFinancialInstruments_1" />
    <link:label xlink:type="resource" xlink:label="label_TransactionCostsFinancialInstruments_2" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_TransactionCostsFinancialInstruments_2" xml:lang="en-US" id="label_TransactionCostsFinancialInstruments_2">Transaction costs, ending</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TransactionCostsFinancialInstruments" xlink:to="label_TransactionCostsFinancialInstruments_2" xlink:title="Label : TransactionCostsFinancialInstruments to label_TransactionCostsFinancialInstruments_2" />
    <link:label xlink:type="resource" xlink:label="label_TransactionCostsFinancialInstruments_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TransactionCostsFinancialInstruments_3" xml:lang="en-US" id="label_TransactionCostsFinancialInstruments_3">Transaction costs financial instruments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TransactionCostsFinancialInstruments" xlink:to="label_TransactionCostsFinancialInstruments_3" xlink:title="Label : TransactionCostsFinancialInstruments to label_TransactionCostsFinancialInstruments_3" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IncurredTransactionCost" xlink:label="IncurredTransactionCost" xlink:title="IncurredTransactionCost" />
    <link:label xlink:type="resource" xlink:label="label_IncurredTransactionCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncurredTransactionCost" xml:lang="en-US" id="label_IncurredTransactionCost">Incurred transaction cost</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncurredTransactionCost" xlink:to="label_IncurredTransactionCost" xlink:title="Label : IncurredTransactionCost to label_IncurredTransactionCost" />
    <link:label xlink:type="resource" xlink:label="label_IncurredTransactionCost_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncurredTransactionCost_1" xml:lang="en-US" id="label_IncurredTransactionCost_1">Incurred cost</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncurredTransactionCost" xlink:to="label_IncurredTransactionCost_1" xlink:title="Label : IncurredTransactionCost to label_IncurredTransactionCost_1" />
    <link:label xlink:type="resource" xlink:label="label_IncurredTransactionCost_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncurredTransactionCost_2" xml:lang="en-US" id="label_IncurredTransactionCost_2">Disclosure of further information regarding the Incurred cost, classified in a manner appropriate to the entity's policies and operations.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncurredTransactionCost" xlink:to="label_IncurredTransactionCost_2" xlink:title="Label : IncurredTransactionCost to label_IncurredTransactionCost_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TransactionCostAmortization" xlink:label="TransactionCostAmortization" xlink:title="TransactionCostAmortization" />
    <link:label xlink:type="resource" xlink:label="label_TransactionCostAmortization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TransactionCostAmortization" xml:lang="en-US" id="label_TransactionCostAmortization">Transaction cost amortization</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TransactionCostAmortization" xlink:to="label_TransactionCostAmortization" xlink:title="Label : TransactionCostAmortization to label_TransactionCostAmortization" />
    <link:label xlink:type="resource" xlink:label="label_TransactionCostAmortization_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_TransactionCostAmortization_1" xml:lang="en-US" id="label_TransactionCostAmortization_1">Amortization</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TransactionCostAmortization" xlink:to="label_TransactionCostAmortization_1" xlink:title="Label : TransactionCostAmortization to label_TransactionCostAmortization_1" />
    <link:label xlink:type="resource" xlink:label="label_TransactionCostAmortization_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TransactionCostAmortization_2" xml:lang="en-US" id="label_TransactionCostAmortization_2">Depreciable amounts classified as transaction cost.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TransactionCostAmortization" xlink:to="label_TransactionCostAmortization_2" xlink:title="Label : TransactionCostAmortization to label_TransactionCostAmortization_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AmountAppropriatedToProfitOrLossInFuture" xlink:label="AmountAppropriatedToProfitOrLossInFuture" xlink:title="AmountAppropriatedToProfitOrLossInFuture" />
    <link:label xlink:type="resource" xlink:label="label_AmountAppropriatedToProfitOrLossInFuture" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AmountAppropriatedToProfitOrLossInFuture" xml:lang="en-US" id="label_AmountAppropriatedToProfitOrLossInFuture">Amount appropriated to profit or loss in future</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountAppropriatedToProfitOrLossInFuture" xlink:to="label_AmountAppropriatedToProfitOrLossInFuture" xlink:title="Label : AmountAppropriatedToProfitOrLossInFuture to label_AmountAppropriatedToProfitOrLossInFuture" />
    <link:label xlink:type="resource" xlink:label="label_AmountAppropriatedToProfitOrLossInFuture_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AmountAppropriatedToProfitOrLossInFuture_1" xml:lang="en-US" id="label_AmountAppropriatedToProfitOrLossInFuture_1">Amount appropriated to profit or loss in the future</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountAppropriatedToProfitOrLossInFuture" xlink:to="label_AmountAppropriatedToProfitOrLossInFuture_1" xlink:title="Label : AmountAppropriatedToProfitOrLossInFuture to label_AmountAppropriatedToProfitOrLossInFuture_1" />
    <link:label xlink:type="resource" xlink:label="label_AmountAppropriatedToProfitOrLossInFuture_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AmountAppropriatedToProfitOrLossInFuture_2" xml:lang="en-US" id="label_AmountAppropriatedToProfitOrLossInFuture_2">Amount appropriated to profit or loss in the future.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmountAppropriatedToProfitOrLossInFuture" xlink:to="label_AmountAppropriatedToProfitOrLossInFuture_2" xlink:title="Label : AmountAppropriatedToProfitOrLossInFuture to label_AmountAppropriatedToProfitOrLossInFuture_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OxitenoMember" xlink:label="OxitenoMember" xlink:title="OxitenoMember" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OxitenoMember" xml:lang="en-US" id="label_OxitenoMember">Oxiteno [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoMember" xlink:to="label_OxitenoMember" xlink:title="Label : OxitenoMember to label_OxitenoMember" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoMember_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_OxitenoMember_1" xml:lang="en-US" id="label_OxitenoMember_1">Oxiteno [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoMember" xlink:to="label_OxitenoMember_1" xlink:title="Label : OxitenoMember to label_OxitenoMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OxitenoMember_2" xml:lang="en-US" id="label_OxitenoMember_2">Oxiteno [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoMember" xlink:to="label_OxitenoMember_2" xlink:title="Label : OxitenoMember to label_OxitenoMember_2" />
    <link:label xlink:type="resource" xlink:label="label_OxitenoMember_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OxitenoMember_3" xml:lang="en-US" id="label_OxitenoMember_3">Oxiteno.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OxitenoMember" xlink:to="label_OxitenoMember_3" xlink:title="Label : OxitenoMember to label_OxitenoMember_3" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_MaximumPotentialAmountOfFuturePaymentsOnGuarantees" xlink:label="MaximumPotentialAmountOfFuturePaymentsOnGuarantees" xlink:title="MaximumPotentialAmountOfFuturePaymentsOnGuarantees" />
    <link:label xlink:type="resource" xlink:label="label_MaximumPotentialAmountOfFuturePaymentsOnGuarantees" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaximumPotentialAmountOfFuturePaymentsOnGuarantees" xml:lang="en-US" id="label_MaximumPotentialAmountOfFuturePaymentsOnGuarantees">Maximum potential amount of future payments on Guarantees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumPotentialAmountOfFuturePaymentsOnGuarantees" xlink:to="label_MaximumPotentialAmountOfFuturePaymentsOnGuarantees" xlink:title="Label : MaximumPotentialAmountOfFuturePaymentsOnGuarantees to label_MaximumPotentialAmountOfFuturePaymentsOnGuarantees" />
    <link:label xlink:type="resource" xlink:label="label_MaximumPotentialAmountOfFuturePaymentsOnGuarantees_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_MaximumPotentialAmountOfFuturePaymentsOnGuarantees_1" xml:lang="en-US" id="label_MaximumPotentialAmountOfFuturePaymentsOnGuarantees_1">Maximum amount of future payments related to these collaterals</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumPotentialAmountOfFuturePaymentsOnGuarantees" xlink:to="label_MaximumPotentialAmountOfFuturePaymentsOnGuarantees_1" xlink:title="Label : MaximumPotentialAmountOfFuturePaymentsOnGuarantees to label_MaximumPotentialAmountOfFuturePaymentsOnGuarantees_1" />
    <link:label xlink:type="resource" xlink:label="label_MaximumPotentialAmountOfFuturePaymentsOnGuarantees_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MaximumPotentialAmountOfFuturePaymentsOnGuarantees_2" xml:lang="en-US" id="label_MaximumPotentialAmountOfFuturePaymentsOnGuarantees_2">Maximum potential amount of future payments on Guarantees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumPotentialAmountOfFuturePaymentsOnGuarantees" xlink:to="label_MaximumPotentialAmountOfFuturePaymentsOnGuarantees_2" xlink:title="Label : MaximumPotentialAmountOfFuturePaymentsOnGuarantees to label_MaximumPotentialAmountOfFuturePaymentsOnGuarantees_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CollateralFuturePaymentsMaturityPeriod" xlink:label="CollateralFuturePaymentsMaturityPeriod" xlink:title="CollateralFuturePaymentsMaturityPeriod" />
    <link:label xlink:type="resource" xlink:label="label_CollateralFuturePaymentsMaturityPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CollateralFuturePaymentsMaturityPeriod" xml:lang="en-US" id="label_CollateralFuturePaymentsMaturityPeriod">Collateral Future Payments Maturity Period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CollateralFuturePaymentsMaturityPeriod" xlink:to="label_CollateralFuturePaymentsMaturityPeriod" xlink:title="Label : CollateralFuturePaymentsMaturityPeriod to label_CollateralFuturePaymentsMaturityPeriod" />
    <link:label xlink:type="resource" xlink:label="label_CollateralFuturePaymentsMaturityPeriod_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_CollateralFuturePaymentsMaturityPeriod_1" xml:lang="en-US" id="label_CollateralFuturePaymentsMaturityPeriod_1">Maturities of up to</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CollateralFuturePaymentsMaturityPeriod" xlink:to="label_CollateralFuturePaymentsMaturityPeriod_1" xlink:title="Label : CollateralFuturePaymentsMaturityPeriod to label_CollateralFuturePaymentsMaturityPeriod_1" />
    <link:label xlink:type="resource" xlink:label="label_CollateralFuturePaymentsMaturityPeriod_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CollateralFuturePaymentsMaturityPeriod_2" xml:lang="en-US" id="label_CollateralFuturePaymentsMaturityPeriod_2">Collateral future payments maturity period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CollateralFuturePaymentsMaturityPeriod" xlink:to="label_CollateralFuturePaymentsMaturityPeriod_2" xlink:title="Label : CollateralFuturePaymentsMaturityPeriod to label_CollateralFuturePaymentsMaturityPeriod_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_GuaranteeLiabilities" xlink:label="GuaranteeLiabilities" xlink:title="GuaranteeLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_GuaranteeLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GuaranteeLiabilities" xml:lang="en-US" id="label_GuaranteeLiabilities">Guarantee liabilities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GuaranteeLiabilities" xlink:to="label_GuaranteeLiabilities" xlink:title="Label : GuaranteeLiabilities to label_GuaranteeLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_GuaranteeLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_GuaranteeLiabilities_1" xml:lang="en-US" id="label_GuaranteeLiabilities_1">Fair value of collaterals</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GuaranteeLiabilities" xlink:to="label_GuaranteeLiabilities_1" xlink:title="Label : GuaranteeLiabilities to label_GuaranteeLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_GuaranteeLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_GuaranteeLiabilities_2" xml:lang="en-US" id="label_GuaranteeLiabilities_2">Guarantee liabilities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GuaranteeLiabilities" xlink:to="label_GuaranteeLiabilities_2" xlink:title="Label : GuaranteeLiabilities to label_GuaranteeLiabilities_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfDetailedInformationAboutTradeAndOtherPayablesAbstract" xlink:label="DisclosureOfDetailedInformationAboutTradeAndOtherPayablesAbstract" xlink:title="DisclosureOfDetailedInformationAboutTradeAndOtherPayablesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutTradeAndOtherPayablesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDetailedInformationAboutTradeAndOtherPayablesAbstract" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutTradeAndOtherPayablesAbstract">Disclosure Of Detailed Information About Trade And Other Payables [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutTradeAndOtherPayablesAbstract" xlink:to="label_DisclosureOfDetailedInformationAboutTradeAndOtherPayablesAbstract" xlink:title="Label : DisclosureOfDetailedInformationAboutTradeAndOtherPayablesAbstract to label_DisclosureOfDetailedInformationAboutTradeAndOtherPayablesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutTradeAndOtherPayablesAbstract_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfDetailedInformationAboutTradeAndOtherPayablesAbstract_1" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutTradeAndOtherPayablesAbstract_1">Disclosure Of Detailed Information About Trade And Other Payables [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutTradeAndOtherPayablesAbstract" xlink:to="label_DisclosureOfDetailedInformationAboutTradeAndOtherPayablesAbstract_1" xlink:title="Label : DisclosureOfDetailedInformationAboutTradeAndOtherPayablesAbstract to label_DisclosureOfDetailedInformationAboutTradeAndOtherPayablesAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfPayablesTable" xlink:label="DisclosureOfPayablesTable" xlink:title="DisclosureOfPayablesTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfPayablesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfPayablesTable" xml:lang="en-US" id="label_DisclosureOfPayablesTable">Disclosure of Payables [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfPayablesTable" xlink:to="label_DisclosureOfPayablesTable" xlink:title="Label : DisclosureOfPayablesTable to label_DisclosureOfPayablesTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfPayablesTable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfPayablesTable_1" xml:lang="en-US" id="label_DisclosureOfPayablesTable_1">Disclosure of Payables [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfPayablesTable" xlink:to="label_DisclosureOfPayablesTable_1" xlink:title="Label : DisclosureOfPayablesTable to label_DisclosureOfPayablesTable_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfPayablesTable_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfPayablesTable_2" xml:lang="en-US" id="label_DisclosureOfPayablesTable_2">Disclosure of payables.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfPayablesTable" xlink:to="label_DisclosureOfPayablesTable_2" xlink:title="Label : DisclosureOfPayablesTable to label_DisclosureOfPayablesTable_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TradePayablesAxis" xlink:label="TradePayablesAxis" xlink:title="TradePayablesAxis" />
    <link:label xlink:type="resource" xlink:label="label_TradePayablesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradePayablesAxis" xml:lang="en-US" id="label_TradePayablesAxis">Trade payables [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradePayablesAxis" xlink:to="label_TradePayablesAxis" xlink:title="Label : TradePayablesAxis to label_TradePayablesAxis" />
    <link:label xlink:type="resource" xlink:label="label_TradePayablesAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TradePayablesAxis_1" xml:lang="en-US" id="label_TradePayablesAxis_1">Trade payables [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradePayablesAxis" xlink:to="label_TradePayablesAxis_1" xlink:title="Label : TradePayablesAxis to label_TradePayablesAxis_1" />
    <link:label xlink:type="resource" xlink:label="label_TradePayablesAxis_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TradePayablesAxis_2" xml:lang="en-US" id="label_TradePayablesAxis_2">Trade payables [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradePayablesAxis" xlink:to="label_TradePayablesAxis_2" xlink:title="Label : TradePayablesAxis to label_TradePayablesAxis_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TradePayablesDomain" xlink:label="TradePayablesDomain" xlink:title="TradePayablesDomain" />
    <link:label xlink:type="resource" xlink:label="label_TradePayablesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradePayablesDomain" xml:lang="en-US" id="label_TradePayablesDomain">Trade payables [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradePayablesDomain" xlink:to="label_TradePayablesDomain" xlink:title="Label : TradePayablesDomain to label_TradePayablesDomain" />
    <link:label xlink:type="resource" xlink:label="label_TradePayablesDomain_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TradePayablesDomain_1" xml:lang="en-US" id="label_TradePayablesDomain_1">Trade payables [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradePayablesDomain" xlink:to="label_TradePayablesDomain_1" xlink:title="Label : TradePayablesDomain to label_TradePayablesDomain_1" />
    <link:label xlink:type="resource" xlink:label="label_TradePayablesDomain_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TradePayablesDomain_2" xml:lang="en-US" id="label_TradePayablesDomain_2">Trade payables [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradePayablesDomain" xlink:to="label_TradePayablesDomain_2" xlink:title="Label : TradePayablesDomain to label_TradePayablesDomain_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DomesticSuppliersMember" xlink:label="DomesticSuppliersMember" xlink:title="DomesticSuppliersMember" />
    <link:label xlink:type="resource" xlink:label="label_DomesticSuppliersMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DomesticSuppliersMember" xml:lang="en-US" id="label_DomesticSuppliersMember">Domestic suppliers [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DomesticSuppliersMember" xlink:to="label_DomesticSuppliersMember" xlink:title="Label : DomesticSuppliersMember to label_DomesticSuppliersMember" />
    <link:label xlink:type="resource" xlink:label="label_DomesticSuppliersMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DomesticSuppliersMember_1" xml:lang="en-US" id="label_DomesticSuppliersMember_1">Domestic suppliers [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DomesticSuppliersMember" xlink:to="label_DomesticSuppliersMember_1" xlink:title="Label : DomesticSuppliersMember to label_DomesticSuppliersMember_1" />
    <link:label xlink:type="resource" xlink:label="label_DomesticSuppliersMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DomesticSuppliersMember_2" xml:lang="en-US" id="label_DomesticSuppliersMember_2">Domestic suppliers.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DomesticSuppliersMember" xlink:to="label_DomesticSuppliersMember_2" xlink:title="Label : DomesticSuppliersMember to label_DomesticSuppliersMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DomesticSuppliersReverseFactoringMember" xlink:label="DomesticSuppliersReverseFactoringMember" xlink:title="DomesticSuppliersReverseFactoringMember" />
    <link:label xlink:type="resource" xlink:label="label_DomesticSuppliersReverseFactoringMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DomesticSuppliersReverseFactoringMember" xml:lang="en-US" id="label_DomesticSuppliersReverseFactoringMember">Domestic Suppliers Reverse Factoring [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DomesticSuppliersReverseFactoringMember" xlink:to="label_DomesticSuppliersReverseFactoringMember" xlink:title="Label : DomesticSuppliersReverseFactoringMember to label_DomesticSuppliersReverseFactoringMember" />
    <link:label xlink:type="resource" xlink:label="label_DomesticSuppliersReverseFactoringMember_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_DomesticSuppliersReverseFactoringMember_1" xml:lang="en-US" id="label_DomesticSuppliersReverseFactoringMember_1">Domestic suppliers reverse factoring [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DomesticSuppliersReverseFactoringMember" xlink:to="label_DomesticSuppliersReverseFactoringMember_1" xlink:title="Label : DomesticSuppliersReverseFactoringMember to label_DomesticSuppliersReverseFactoringMember_1" />
    <link:label xlink:type="resource" xlink:label="label_DomesticSuppliersReverseFactoringMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DomesticSuppliersReverseFactoringMember_2" xml:lang="en-US" id="label_DomesticSuppliersReverseFactoringMember_2">Domestic suppliers reverse factoring.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DomesticSuppliersReverseFactoringMember" xlink:to="label_DomesticSuppliersReverseFactoringMember_2" xlink:title="Label : DomesticSuppliersReverseFactoringMember to label_DomesticSuppliersReverseFactoringMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ForeignSuppliersMember" xlink:label="ForeignSuppliersMember" xlink:title="ForeignSuppliersMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignSuppliersMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignSuppliersMember" xml:lang="en-US" id="label_ForeignSuppliersMember">Foreign suppliers [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignSuppliersMember" xlink:to="label_ForeignSuppliersMember" xlink:title="Label : ForeignSuppliersMember to label_ForeignSuppliersMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignSuppliersMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ForeignSuppliersMember_1" xml:lang="en-US" id="label_ForeignSuppliersMember_1">Foreign suppliers [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignSuppliersMember" xlink:to="label_ForeignSuppliersMember_1" xlink:title="Label : ForeignSuppliersMember to label_ForeignSuppliersMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ForeignSuppliersMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignSuppliersMember_2" xml:lang="en-US" id="label_ForeignSuppliersMember_2">Foreign suppliers.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignSuppliersMember" xlink:to="label_ForeignSuppliersMember_2" xlink:title="Label : ForeignSuppliersMember to label_ForeignSuppliersMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ForeignSuppliersReverseFactoringMember" xlink:label="ForeignSuppliersReverseFactoringMember" xlink:title="ForeignSuppliersReverseFactoringMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignSuppliersReverseFactoringMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignSuppliersReverseFactoringMember" xml:lang="en-US" id="label_ForeignSuppliersReverseFactoringMember">Foreign Suppliers Reverse Factoring [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignSuppliersReverseFactoringMember" xlink:to="label_ForeignSuppliersReverseFactoringMember" xlink:title="Label : ForeignSuppliersReverseFactoringMember to label_ForeignSuppliersReverseFactoringMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignSuppliersReverseFactoringMember_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ForeignSuppliersReverseFactoringMember_1" xml:lang="en-US" id="label_ForeignSuppliersReverseFactoringMember_1">Foreign suppliers reverse factoring [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignSuppliersReverseFactoringMember" xlink:to="label_ForeignSuppliersReverseFactoringMember_1" xlink:title="Label : ForeignSuppliersReverseFactoringMember to label_ForeignSuppliersReverseFactoringMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ForeignSuppliersReverseFactoringMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignSuppliersReverseFactoringMember_2" xml:lang="en-US" id="label_ForeignSuppliersReverseFactoringMember_2">Foreign suppliers reverse factoring.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignSuppliersReverseFactoringMember" xlink:to="label_ForeignSuppliersReverseFactoringMember_2" xlink:title="Label : ForeignSuppliersReverseFactoringMember to label_ForeignSuppliersReverseFactoringMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfTradePayablesLineItems" xlink:label="SummaryOfTradePayablesLineItems" xlink:title="SummaryOfTradePayablesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfTradePayablesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SummaryOfTradePayablesLineItems" xml:lang="en-US" id="label_SummaryOfTradePayablesLineItems">Summary of trade payables [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfTradePayablesLineItems" xlink:to="label_SummaryOfTradePayablesLineItems" xlink:title="Label : SummaryOfTradePayablesLineItems to label_SummaryOfTradePayablesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfTradePayablesLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfTradePayablesLineItems_1" xml:lang="en-US" id="label_SummaryOfTradePayablesLineItems_1">Summary of trade payables [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfTradePayablesLineItems" xlink:to="label_SummaryOfTradePayablesLineItems_1" xlink:title="Label : SummaryOfTradePayablesLineItems to label_SummaryOfTradePayablesLineItems_1" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfTradePayablesLineItems_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfTradePayablesLineItems_2" xml:lang="en-US" id="label_SummaryOfTradePayablesLineItems_2">Summary of trade payable.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfTradePayablesLineItems" xlink:to="label_SummaryOfTradePayablesLineItems_2" xlink:title="Label : SummaryOfTradePayablesLineItems to label_SummaryOfTradePayablesLineItems_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfFinanceIncomeCostsAbstract" xlink:label="DisclosureOfFinanceIncomeCostsAbstract" xlink:title="DisclosureOfFinanceIncomeCostsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfFinanceIncomeCostsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfFinanceIncomeCostsAbstract" xml:lang="en-US" id="label_DisclosureOfFinanceIncomeCostsAbstract">Disclosure of finance income costs [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFinanceIncomeCostsAbstract" xlink:to="label_DisclosureOfFinanceIncomeCostsAbstract" xlink:title="Label : DisclosureOfFinanceIncomeCostsAbstract to label_DisclosureOfFinanceIncomeCostsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfFinanceIncomeCostsAbstract_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfFinanceIncomeCostsAbstract_1" xml:lang="en-US" id="label_DisclosureOfFinanceIncomeCostsAbstract_1">Disclosure of finance income costs.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFinanceIncomeCostsAbstract" xlink:to="label_DisclosureOfFinanceIncomeCostsAbstract_1" xlink:title="Label : DisclosureOfFinanceIncomeCostsAbstract to label_DisclosureOfFinanceIncomeCostsAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfExpensesTable" xlink:label="DisclosureOfExpensesTable" xlink:title="DisclosureOfExpensesTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfExpensesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfExpensesTable" xml:lang="en-US" id="label_DisclosureOfExpensesTable">Disclosure of expenses [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfExpensesTable" xlink:to="label_DisclosureOfExpensesTable" xlink:title="Label : DisclosureOfExpensesTable to label_DisclosureOfExpensesTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfExpensesTable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfExpensesTable_1" xml:lang="en-US" id="label_DisclosureOfExpensesTable_1">Disclosure of expenses [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfExpensesTable" xlink:to="label_DisclosureOfExpensesTable_1" xlink:title="Label : DisclosureOfExpensesTable to label_DisclosureOfExpensesTable_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfExpensesTable_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfExpensesTable_2" xml:lang="en-US" id="label_DisclosureOfExpensesTable_2">Schedule of disclosure of expenses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfExpensesTable" xlink:to="label_DisclosureOfExpensesTable_2" xlink:title="Label : DisclosureOfExpensesTable to label_DisclosureOfExpensesTable_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SalariesAndRelatedChargesAxis" xlink:label="SalariesAndRelatedChargesAxis" xlink:title="SalariesAndRelatedChargesAxis" />
    <link:label xlink:type="resource" xlink:label="label_SalariesAndRelatedChargesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SalariesAndRelatedChargesAxis" xml:lang="en-US" id="label_SalariesAndRelatedChargesAxis">Salaries and related charges [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SalariesAndRelatedChargesAxis" xlink:to="label_SalariesAndRelatedChargesAxis" xlink:title="Label : SalariesAndRelatedChargesAxis to label_SalariesAndRelatedChargesAxis" />
    <link:label xlink:type="resource" xlink:label="label_SalariesAndRelatedChargesAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SalariesAndRelatedChargesAxis_1" xml:lang="en-US" id="label_SalariesAndRelatedChargesAxis_1">Salaries and related charges [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SalariesAndRelatedChargesAxis" xlink:to="label_SalariesAndRelatedChargesAxis_1" xlink:title="Label : SalariesAndRelatedChargesAxis to label_SalariesAndRelatedChargesAxis_1" />
    <link:label xlink:type="resource" xlink:label="label_SalariesAndRelatedChargesAxis_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SalariesAndRelatedChargesAxis_2" xml:lang="en-US" id="label_SalariesAndRelatedChargesAxis_2">Salaries and related charges [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SalariesAndRelatedChargesAxis" xlink:to="label_SalariesAndRelatedChargesAxis_2" xlink:title="Label : SalariesAndRelatedChargesAxis to label_SalariesAndRelatedChargesAxis_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SalariesAndRelatedChargesDomain" xlink:label="SalariesAndRelatedChargesDomain" xlink:title="SalariesAndRelatedChargesDomain" />
    <link:label xlink:type="resource" xlink:label="label_SalariesAndRelatedChargesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SalariesAndRelatedChargesDomain" xml:lang="en-US" id="label_SalariesAndRelatedChargesDomain">Salaries and related charges [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SalariesAndRelatedChargesDomain" xlink:to="label_SalariesAndRelatedChargesDomain" xlink:title="Label : SalariesAndRelatedChargesDomain to label_SalariesAndRelatedChargesDomain" />
    <link:label xlink:type="resource" xlink:label="label_SalariesAndRelatedChargesDomain_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SalariesAndRelatedChargesDomain_1" xml:lang="en-US" id="label_SalariesAndRelatedChargesDomain_1">Salaries and related charges [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SalariesAndRelatedChargesDomain" xlink:to="label_SalariesAndRelatedChargesDomain_1" xlink:title="Label : SalariesAndRelatedChargesDomain to label_SalariesAndRelatedChargesDomain_1" />
    <link:label xlink:type="resource" xlink:label="label_SalariesAndRelatedChargesDomain_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SalariesAndRelatedChargesDomain_2" xml:lang="en-US" id="label_SalariesAndRelatedChargesDomain_2">Salaries and related charges [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SalariesAndRelatedChargesDomain" xlink:to="label_SalariesAndRelatedChargesDomain_2" xlink:title="Label : SalariesAndRelatedChargesDomain to label_SalariesAndRelatedChargesDomain_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ProvisionsOnPayrollMember" xlink:label="ProvisionsOnPayrollMember" xlink:title="ProvisionsOnPayrollMember" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionsOnPayrollMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProvisionsOnPayrollMember" xml:lang="en-US" id="label_ProvisionsOnPayrollMember">Provisions on payroll [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionsOnPayrollMember" xlink:to="label_ProvisionsOnPayrollMember" xlink:title="Label : ProvisionsOnPayrollMember to label_ProvisionsOnPayrollMember" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionsOnPayrollMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProvisionsOnPayrollMember_1" xml:lang="en-US" id="label_ProvisionsOnPayrollMember_1">Provisions on payroll [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionsOnPayrollMember" xlink:to="label_ProvisionsOnPayrollMember_1" xlink:title="Label : ProvisionsOnPayrollMember to label_ProvisionsOnPayrollMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionsOnPayrollMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProvisionsOnPayrollMember_2" xml:lang="en-US" id="label_ProvisionsOnPayrollMember_2">Provisions on payroll .</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionsOnPayrollMember" xlink:to="label_ProvisionsOnPayrollMember_2" xlink:title="Label : ProvisionsOnPayrollMember to label_ProvisionsOnPayrollMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ProfitSharingBonusAndPremiumMember" xlink:label="ProfitSharingBonusAndPremiumMember" xlink:title="ProfitSharingBonusAndPremiumMember" />
    <link:label xlink:type="resource" xlink:label="label_ProfitSharingBonusAndPremiumMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProfitSharingBonusAndPremiumMember" xml:lang="en-US" id="label_ProfitSharingBonusAndPremiumMember">Profit Sharing Bonus And Premium [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitSharingBonusAndPremiumMember" xlink:to="label_ProfitSharingBonusAndPremiumMember" xlink:title="Label : ProfitSharingBonusAndPremiumMember to label_ProfitSharingBonusAndPremiumMember" />
    <link:label xlink:type="resource" xlink:label="label_ProfitSharingBonusAndPremiumMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProfitSharingBonusAndPremiumMember_1" xml:lang="en-US" id="label_ProfitSharingBonusAndPremiumMember_1">Profit sharing, bonus and premium [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitSharingBonusAndPremiumMember" xlink:to="label_ProfitSharingBonusAndPremiumMember_1" xlink:title="Label : ProfitSharingBonusAndPremiumMember to label_ProfitSharingBonusAndPremiumMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ProfitSharingBonusAndPremiumMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProfitSharingBonusAndPremiumMember_2" xml:lang="en-US" id="label_ProfitSharingBonusAndPremiumMember_2">Profit sharing, bonus and premium [member].</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitSharingBonusAndPremiumMember" xlink:to="label_ProfitSharingBonusAndPremiumMember_2" xlink:title="Label : ProfitSharingBonusAndPremiumMember to label_ProfitSharingBonusAndPremiumMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SocialChargesMember" xlink:label="SocialChargesMember" xlink:title="SocialChargesMember" />
    <link:label xlink:type="resource" xlink:label="label_SocialChargesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SocialChargesMember" xml:lang="en-US" id="label_SocialChargesMember">Social charges [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SocialChargesMember" xlink:to="label_SocialChargesMember" xlink:title="Label : SocialChargesMember to label_SocialChargesMember" />
    <link:label xlink:type="resource" xlink:label="label_SocialChargesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SocialChargesMember_1" xml:lang="en-US" id="label_SocialChargesMember_1">Social charges [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SocialChargesMember" xlink:to="label_SocialChargesMember_1" xlink:title="Label : SocialChargesMember to label_SocialChargesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_SocialChargesMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SocialChargesMember_2" xml:lang="en-US" id="label_SocialChargesMember_2">Social charges.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SocialChargesMember" xlink:to="label_SocialChargesMember_2" xlink:title="Label : SocialChargesMember to label_SocialChargesMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OtherChargesMember" xlink:label="OtherChargesMember" xlink:title="OtherChargesMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherChargesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherChargesMember" xml:lang="en-US" id="label_OtherChargesMember">Other charges [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherChargesMember" xlink:to="label_OtherChargesMember" xlink:title="Label : OtherChargesMember to label_OtherChargesMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherChargesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherChargesMember_1" xml:lang="en-US" id="label_OtherChargesMember_1">Other charges [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherChargesMember" xlink:to="label_OtherChargesMember_1" xlink:title="Label : OtherChargesMember to label_OtherChargesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherChargesMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherChargesMember_2" xml:lang="en-US" id="label_OtherChargesMember_2">Other charge.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherChargesMember" xlink:to="label_OtherChargesMember_2" xlink:title="Label : OtherChargesMember to label_OtherChargesMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfSalariesAndRelatedChargesLineItems" xlink:label="SummaryOfSalariesAndRelatedChargesLineItems" xlink:title="SummaryOfSalariesAndRelatedChargesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfSalariesAndRelatedChargesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SummaryOfSalariesAndRelatedChargesLineItems" xml:lang="en-US" id="label_SummaryOfSalariesAndRelatedChargesLineItems">Summary of salaries and related charges [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfSalariesAndRelatedChargesLineItems" xlink:to="label_SummaryOfSalariesAndRelatedChargesLineItems" xlink:title="Label : SummaryOfSalariesAndRelatedChargesLineItems to label_SummaryOfSalariesAndRelatedChargesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfSalariesAndRelatedChargesLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfSalariesAndRelatedChargesLineItems_1" xml:lang="en-US" id="label_SummaryOfSalariesAndRelatedChargesLineItems_1">Summary of salaries and related charges [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfSalariesAndRelatedChargesLineItems" xlink:to="label_SummaryOfSalariesAndRelatedChargesLineItems_1" xlink:title="Label : SummaryOfSalariesAndRelatedChargesLineItems to label_SummaryOfSalariesAndRelatedChargesLineItems_1" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfSalariesAndRelatedChargesLineItems_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfSalariesAndRelatedChargesLineItems_2" xml:lang="en-US" id="label_SummaryOfSalariesAndRelatedChargesLineItems_2">Summary of salaries and related charge.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfSalariesAndRelatedChargesLineItems" xlink:to="label_SummaryOfSalariesAndRelatedChargesLineItems_2" xlink:title="Label : SummaryOfSalariesAndRelatedChargesLineItems to label_SummaryOfSalariesAndRelatedChargesLineItems_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TaxesPayableAbstract" xlink:label="TaxesPayableAbstract" xlink:title="TaxesPayableAbstract" />
    <link:label xlink:type="resource" xlink:label="label_TaxesPayableAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TaxesPayableAbstract" xml:lang="en-US" id="label_TaxesPayableAbstract">Taxes payable [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxesPayableAbstract" xlink:to="label_TaxesPayableAbstract" xlink:title="Label : TaxesPayableAbstract to label_TaxesPayableAbstract" />
    <link:label xlink:type="resource" xlink:label="label_TaxesPayableAbstract_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TaxesPayableAbstract_1" xml:lang="en-US" id="label_TaxesPayableAbstract_1">Taxes payable [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxesPayableAbstract" xlink:to="label_TaxesPayableAbstract_1" xlink:title="Label : TaxesPayableAbstract to label_TaxesPayableAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfTaxesPayableTable" xlink:label="DisclosureOfTaxesPayableTable" xlink:title="DisclosureOfTaxesPayableTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfTaxesPayableTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfTaxesPayableTable" xml:lang="en-US" id="label_DisclosureOfTaxesPayableTable">Disclosure of taxes payable [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfTaxesPayableTable" xlink:to="label_DisclosureOfTaxesPayableTable" xlink:title="Label : DisclosureOfTaxesPayableTable to label_DisclosureOfTaxesPayableTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfTaxesPayableTable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfTaxesPayableTable_1" xml:lang="en-US" id="label_DisclosureOfTaxesPayableTable_1">Disclosure of taxes payable [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfTaxesPayableTable" xlink:to="label_DisclosureOfTaxesPayableTable_1" xlink:title="Label : DisclosureOfTaxesPayableTable to label_DisclosureOfTaxesPayableTable_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfTaxesPayableTable_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfTaxesPayableTable_2" xml:lang="en-US" id="label_DisclosureOfTaxesPayableTable_2">Disclosure of taxes payable [table].</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfTaxesPayableTable" xlink:to="label_DisclosureOfTaxesPayableTable_2" xlink:title="Label : DisclosureOfTaxesPayableTable to label_DisclosureOfTaxesPayableTable_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ISSMember" xlink:label="ISSMember" xlink:title="ISSMember" />
    <link:label xlink:type="resource" xlink:label="label_ISSMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ISSMember" xml:lang="en-US" id="label_ISSMember">ISS [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISSMember" xlink:to="label_ISSMember" xlink:title="Label : ISSMember to label_ISSMember" />
    <link:label xlink:type="resource" xlink:label="label_ISSMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ISSMember_1" xml:lang="en-US" id="label_ISSMember_1">ISS [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISSMember" xlink:to="label_ISSMember_1" xlink:title="Label : ISSMember to label_ISSMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ISSMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ISSMember_2" xml:lang="en-US" id="label_ISSMember_2">ISS [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ISSMember" xlink:to="label_ISSMember_2" xlink:title="Label : ISSMember to label_ISSMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ValueAddedTaxIvaOfForeignSubsidiariesMember" xlink:label="ValueAddedTaxIvaOfForeignSubsidiariesMember" xlink:title="ValueAddedTaxIvaOfForeignSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_ValueAddedTaxIvaOfForeignSubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ValueAddedTaxIvaOfForeignSubsidiariesMember" xml:lang="en-US" id="label_ValueAddedTaxIvaOfForeignSubsidiariesMember">Value Added Tax IVA Of Foreign Subsidiaries [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ValueAddedTaxIvaOfForeignSubsidiariesMember" xlink:to="label_ValueAddedTaxIvaOfForeignSubsidiariesMember" xlink:title="Label : ValueAddedTaxIvaOfForeignSubsidiariesMember to label_ValueAddedTaxIvaOfForeignSubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_ValueAddedTaxIvaOfForeignSubsidiariesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ValueAddedTaxIvaOfForeignSubsidiariesMember_1" xml:lang="en-US" id="label_ValueAddedTaxIvaOfForeignSubsidiariesMember_1">Value-Added Tax (IVA) of foreign subsidiaries [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ValueAddedTaxIvaOfForeignSubsidiariesMember" xlink:to="label_ValueAddedTaxIvaOfForeignSubsidiariesMember_1" xlink:title="Label : ValueAddedTaxIvaOfForeignSubsidiariesMember to label_ValueAddedTaxIvaOfForeignSubsidiariesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ValueAddedTaxIvaOfForeignSubsidiariesMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ValueAddedTaxIvaOfForeignSubsidiariesMember_2" xml:lang="en-US" id="label_ValueAddedTaxIvaOfForeignSubsidiariesMember_2">Value-Added Tax (IVA) of foreign subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ValueAddedTaxIvaOfForeignSubsidiariesMember" xlink:to="label_ValueAddedTaxIvaOfForeignSubsidiariesMember_2" xlink:title="Label : ValueAddedTaxIvaOfForeignSubsidiariesMember to label_ValueAddedTaxIvaOfForeignSubsidiariesMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfTaxesPayableLineItems" xlink:label="DisclosureOfTaxesPayableLineItems" xlink:title="DisclosureOfTaxesPayableLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfTaxesPayableLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfTaxesPayableLineItems" xml:lang="en-US" id="label_DisclosureOfTaxesPayableLineItems">Disclosure of taxes payable [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfTaxesPayableLineItems" xlink:to="label_DisclosureOfTaxesPayableLineItems" xlink:title="Label : DisclosureOfTaxesPayableLineItems to label_DisclosureOfTaxesPayableLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfTaxesPayableLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfTaxesPayableLineItems_1" xml:lang="en-US" id="label_DisclosureOfTaxesPayableLineItems_1">Disclosure of taxes payable [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfTaxesPayableLineItems" xlink:to="label_DisclosureOfTaxesPayableLineItems_1" xlink:title="Label : DisclosureOfTaxesPayableLineItems to label_DisclosureOfTaxesPayableLineItems_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfTaxesPayableLineItems_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfTaxesPayableLineItems_2" xml:lang="en-US" id="label_DisclosureOfTaxesPayableLineItems_2">Disclosure of taxes payable [line items].</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfTaxesPayableLineItems" xlink:to="label_DisclosureOfTaxesPayableLineItems_2" xlink:title="Label : DisclosureOfTaxesPayableLineItems to label_DisclosureOfTaxesPayableLineItems_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_EmployeeBenefitsAndPrivatePensionPlanDetailsNarrativeAbstract" xlink:label="EmployeeBenefitsAndPrivatePensionPlanDetailsNarrativeAbstract" xlink:title="EmployeeBenefitsAndPrivatePensionPlanDetailsNarrativeAbstract" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsAndPrivatePensionPlanDetailsNarrativeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EmployeeBenefitsAndPrivatePensionPlanDetailsNarrativeAbstract" xml:lang="en-US" id="label_EmployeeBenefitsAndPrivatePensionPlanDetailsNarrativeAbstract">Employee benefits and private pension plan details narrative [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsAndPrivatePensionPlanDetailsNarrativeAbstract" xlink:to="label_EmployeeBenefitsAndPrivatePensionPlanDetailsNarrativeAbstract" xlink:title="Label : EmployeeBenefitsAndPrivatePensionPlanDetailsNarrativeAbstract to label_EmployeeBenefitsAndPrivatePensionPlanDetailsNarrativeAbstract" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsAndPrivatePensionPlanDetailsNarrativeAbstract_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EmployeeBenefitsAndPrivatePensionPlanDetailsNarrativeAbstract_1" xml:lang="en-US" id="label_EmployeeBenefitsAndPrivatePensionPlanDetailsNarrativeAbstract_1">Employee benefits and private pension plan details narrative.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsAndPrivatePensionPlanDetailsNarrativeAbstract" xlink:to="label_EmployeeBenefitsAndPrivatePensionPlanDetailsNarrativeAbstract_1" xlink:title="Label : EmployeeBenefitsAndPrivatePensionPlanDetailsNarrativeAbstract to label_EmployeeBenefitsAndPrivatePensionPlanDetailsNarrativeAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfEmployeeBenefitPlanTable" xlink:label="DisclosureOfEmployeeBenefitPlanTable" xlink:title="DisclosureOfEmployeeBenefitPlanTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfEmployeeBenefitPlanTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfEmployeeBenefitPlanTable" xml:lang="en-US" id="label_DisclosureOfEmployeeBenefitPlanTable">Disclosure Of Employee Benefit Plan [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfEmployeeBenefitPlanTable" xlink:to="label_DisclosureOfEmployeeBenefitPlanTable" xlink:title="Label : DisclosureOfEmployeeBenefitPlanTable to label_DisclosureOfEmployeeBenefitPlanTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfEmployeeBenefitPlanTable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfEmployeeBenefitPlanTable_1" xml:lang="en-US" id="label_DisclosureOfEmployeeBenefitPlanTable_1">Disclosure Of Employee Benefit Plan [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfEmployeeBenefitPlanTable" xlink:to="label_DisclosureOfEmployeeBenefitPlanTable_1" xlink:title="Label : DisclosureOfEmployeeBenefitPlanTable to label_DisclosureOfEmployeeBenefitPlanTable_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfEmployeeBenefitPlanTable_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfEmployeeBenefitPlanTable_2" xml:lang="en-US" id="label_DisclosureOfEmployeeBenefitPlanTable_2">Disclosure Of Employee Benefit Plan [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfEmployeeBenefitPlanTable" xlink:to="label_DisclosureOfEmployeeBenefitPlanTable_2" xlink:title="Label : DisclosureOfEmployeeBenefitPlanTable to label_DisclosureOfEmployeeBenefitPlanTable_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfEmployeeBenefitsLineItems" xlink:label="SummaryOfEmployeeBenefitsLineItems" xlink:title="SummaryOfEmployeeBenefitsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfEmployeeBenefitsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SummaryOfEmployeeBenefitsLineItems" xml:lang="en-US" id="label_SummaryOfEmployeeBenefitsLineItems">Summary of employee benefits [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfEmployeeBenefitsLineItems" xlink:to="label_SummaryOfEmployeeBenefitsLineItems" xlink:title="Label : SummaryOfEmployeeBenefitsLineItems to label_SummaryOfEmployeeBenefitsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfEmployeeBenefitsLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfEmployeeBenefitsLineItems_1" xml:lang="en-US" id="label_SummaryOfEmployeeBenefitsLineItems_1">Summary of employee benefits [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfEmployeeBenefitsLineItems" xlink:to="label_SummaryOfEmployeeBenefitsLineItems_1" xlink:title="Label : SummaryOfEmployeeBenefitsLineItems to label_SummaryOfEmployeeBenefitsLineItems_1" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfEmployeeBenefitsLineItems_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfEmployeeBenefitsLineItems_2" xml:lang="en-US" id="label_SummaryOfEmployeeBenefitsLineItems_2">Summary of employee benefits.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfEmployeeBenefitsLineItems" xlink:to="label_SummaryOfEmployeeBenefitsLineItems_2" xlink:title="Label : SummaryOfEmployeeBenefitsLineItems to label_SummaryOfEmployeeBenefitsLineItems_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_MaximumMatchingContributionInProportionToEmployeeGrossSalaryPercentage" xlink:label="MaximumMatchingContributionInProportionToEmployeeGrossSalaryPercentage" xlink:title="MaximumMatchingContributionInProportionToEmployeeGrossSalaryPercentage" />
    <link:label xlink:type="resource" xlink:label="label_MaximumMatchingContributionInProportionToEmployeeGrossSalaryPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaximumMatchingContributionInProportionToEmployeeGrossSalaryPercentage" xml:lang="en-US" id="label_MaximumMatchingContributionInProportionToEmployeeGrossSalaryPercentage">Maximum matching contribution in proportion to employee gross salary percentage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumMatchingContributionInProportionToEmployeeGrossSalaryPercentage" xlink:to="label_MaximumMatchingContributionInProportionToEmployeeGrossSalaryPercentage" xlink:title="Label : MaximumMatchingContributionInProportionToEmployeeGrossSalaryPercentage to label_MaximumMatchingContributionInProportionToEmployeeGrossSalaryPercentage" />
    <link:label xlink:type="resource" xlink:label="label_MaximumMatchingContributionInProportionToEmployeeGrossSalaryPercentage_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MaximumMatchingContributionInProportionToEmployeeGrossSalaryPercentage_1" xml:lang="en-US" id="label_MaximumMatchingContributionInProportionToEmployeeGrossSalaryPercentage_1">Maximum matching contribution percentage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumMatchingContributionInProportionToEmployeeGrossSalaryPercentage" xlink:to="label_MaximumMatchingContributionInProportionToEmployeeGrossSalaryPercentage_1" xlink:title="Label : MaximumMatchingContributionInProportionToEmployeeGrossSalaryPercentage to label_MaximumMatchingContributionInProportionToEmployeeGrossSalaryPercentage_1" />
    <link:label xlink:type="resource" xlink:label="label_MaximumMatchingContributionInProportionToEmployeeGrossSalaryPercentage_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MaximumMatchingContributionInProportionToEmployeeGrossSalaryPercentage_2" xml:lang="en-US" id="label_MaximumMatchingContributionInProportionToEmployeeGrossSalaryPercentage_2">Maximum matching contribution in proportion to employee gross salary percentage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumMatchingContributionInProportionToEmployeeGrossSalaryPercentage" xlink:to="label_MaximumMatchingContributionInProportionToEmployeeGrossSalaryPercentage_2" xlink:title="Label : MaximumMatchingContributionInProportionToEmployeeGrossSalaryPercentage to label_MaximumMatchingContributionInProportionToEmployeeGrossSalaryPercentage_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AccumulatedFundPercentage" xlink:label="AccumulatedFundPercentage" xlink:title="AccumulatedFundPercentage" />
    <link:label xlink:type="resource" xlink:label="label_AccumulatedFundPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AccumulatedFundPercentage" xml:lang="en-US" id="label_AccumulatedFundPercentage">Accumulated fund percentage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedFundPercentage" xlink:to="label_AccumulatedFundPercentage" xlink:title="Label : AccumulatedFundPercentage to label_AccumulatedFundPercentage" />
    <link:label xlink:type="resource" xlink:label="label_AccumulatedFundPercentage_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AccumulatedFundPercentage_1" xml:lang="en-US" id="label_AccumulatedFundPercentage_1">Monthly accumulated fund percentage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedFundPercentage" xlink:to="label_AccumulatedFundPercentage_1" xlink:title="Label : AccumulatedFundPercentage to label_AccumulatedFundPercentage_1" />
    <link:label xlink:type="resource" xlink:label="label_AccumulatedFundPercentage_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AccumulatedFundPercentage_2" xml:lang="en-US" id="label_AccumulatedFundPercentage_2">Accumulated fund percentage.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedFundPercentage" xlink:to="label_AccumulatedFundPercentage_2" xlink:title="Label : AccumulatedFundPercentage to label_AccumulatedFundPercentage_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_FixedAccumulatedFundPeriod" xlink:label="FixedAccumulatedFundPeriod" xlink:title="FixedAccumulatedFundPeriod" />
    <link:label xlink:type="resource" xlink:label="label_FixedAccumulatedFundPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FixedAccumulatedFundPeriod" xml:lang="en-US" id="label_FixedAccumulatedFundPeriod">Fixed accumulated fund period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FixedAccumulatedFundPeriod" xlink:to="label_FixedAccumulatedFundPeriod" xlink:title="Label : FixedAccumulatedFundPeriod to label_FixedAccumulatedFundPeriod" />
    <link:label xlink:type="resource" xlink:label="label_FixedAccumulatedFundPeriod_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FixedAccumulatedFundPeriod_1" xml:lang="en-US" id="label_FixedAccumulatedFundPeriod_1">Fixed monthly accumulated fund period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FixedAccumulatedFundPeriod" xlink:to="label_FixedAccumulatedFundPeriod_1" xlink:title="Label : FixedAccumulatedFundPeriod to label_FixedAccumulatedFundPeriod_1" />
    <link:label xlink:type="resource" xlink:label="label_FixedAccumulatedFundPeriod_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FixedAccumulatedFundPeriod_2" xml:lang="en-US" id="label_FixedAccumulatedFundPeriod_2">Fixed accumulated fund period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FixedAccumulatedFundPeriod" xlink:to="label_FixedAccumulatedFundPeriod_2" xlink:title="Label : FixedAccumulatedFundPeriod to label_FixedAccumulatedFundPeriod_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ContributionsToPlanByEmployerNetDefinedBenefitLiabilityAsset" xlink:label="ContributionsToPlanByEmployerNetDefinedBenefitLiabilityAsset" xlink:title="ContributionsToPlanByEmployerNetDefinedBenefitLiabilityAsset" />
    <link:label xlink:type="resource" xlink:label="label_ContributionsToPlanByEmployerNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ContributionsToPlanByEmployerNetDefinedBenefitLiabilityAsset" xml:lang="en-US" id="label_ContributionsToPlanByEmployerNetDefinedBenefitLiabilityAsset">Contributions to plan by employer, net defined benefit liability (asset)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContributionsToPlanByEmployerNetDefinedBenefitLiabilityAsset" xlink:to="label_ContributionsToPlanByEmployerNetDefinedBenefitLiabilityAsset" xlink:title="Label : ContributionsToPlanByEmployerNetDefinedBenefitLiabilityAsset to label_ContributionsToPlanByEmployerNetDefinedBenefitLiabilityAsset" />
    <link:label xlink:type="resource" xlink:label="label_ContributionsToPlanByEmployerNetDefinedBenefitLiabilityAsset_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ContributionsToPlanByEmployerNetDefinedBenefitLiabilityAsset_1" xml:lang="en-US" id="label_ContributionsToPlanByEmployerNetDefinedBenefitLiabilityAsset_1">Contribution to Ultraprev</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContributionsToPlanByEmployerNetDefinedBenefitLiabilityAsset" xlink:to="label_ContributionsToPlanByEmployerNetDefinedBenefitLiabilityAsset_1" xlink:title="Label : ContributionsToPlanByEmployerNetDefinedBenefitLiabilityAsset to label_ContributionsToPlanByEmployerNetDefinedBenefitLiabilityAsset_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_NumberOfActiveParticipatingEmployees" xlink:label="NumberOfActiveParticipatingEmployees" xlink:title="NumberOfActiveParticipatingEmployees" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfActiveParticipatingEmployees" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfActiveParticipatingEmployees" xml:lang="en-US" id="label_NumberOfActiveParticipatingEmployees">Number of active participating employees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfActiveParticipatingEmployees" xlink:to="label_NumberOfActiveParticipatingEmployees" xlink:title="Label : NumberOfActiveParticipatingEmployees to label_NumberOfActiveParticipatingEmployees" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfActiveParticipatingEmployees_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfActiveParticipatingEmployees_1" xml:lang="en-US" id="label_NumberOfActiveParticipatingEmployees_1">Number of active participating employees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfActiveParticipatingEmployees" xlink:to="label_NumberOfActiveParticipatingEmployees_1" xlink:title="Label : NumberOfActiveParticipatingEmployees to label_NumberOfActiveParticipatingEmployees_1" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfActiveParticipatingEmployees_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfActiveParticipatingEmployees_2" xml:lang="en-US" id="label_NumberOfActiveParticipatingEmployees_2">Number of active participating employees.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfActiveParticipatingEmployees" xlink:to="label_NumberOfActiveParticipatingEmployees_2" xlink:title="Label : NumberOfActiveParticipatingEmployees to label_NumberOfActiveParticipatingEmployees_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_NumberOfRetiredParticipatingEmployees" xlink:label="NumberOfRetiredParticipatingEmployees" xlink:title="NumberOfRetiredParticipatingEmployees" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfRetiredParticipatingEmployees" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfRetiredParticipatingEmployees" xml:lang="en-US" id="label_NumberOfRetiredParticipatingEmployees">Number of retired participating employees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfRetiredParticipatingEmployees" xlink:to="label_NumberOfRetiredParticipatingEmployees" xlink:title="Label : NumberOfRetiredParticipatingEmployees to label_NumberOfRetiredParticipatingEmployees" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfRetiredParticipatingEmployees_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfRetiredParticipatingEmployees_1" xml:lang="en-US" id="label_NumberOfRetiredParticipatingEmployees_1">Number of retired participating employees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfRetiredParticipatingEmployees" xlink:to="label_NumberOfRetiredParticipatingEmployees_1" xlink:title="Label : NumberOfRetiredParticipatingEmployees to label_NumberOfRetiredParticipatingEmployees_1" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfRetiredParticipatingEmployees_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfRetiredParticipatingEmployees_2" xml:lang="en-US" id="label_NumberOfRetiredParticipatingEmployees_2">Number of retired participating employees.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfRetiredParticipatingEmployees" xlink:to="label_NumberOfRetiredParticipatingEmployees_2" xlink:title="Label : NumberOfRetiredParticipatingEmployees to label_NumberOfRetiredParticipatingEmployees_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_NumberOfFormerEmployeesReceivingBenefits" xlink:label="NumberOfFormerEmployeesReceivingBenefits" xlink:title="NumberOfFormerEmployeesReceivingBenefits" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfFormerEmployeesReceivingBenefits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfFormerEmployeesReceivingBenefits" xml:lang="en-US" id="label_NumberOfFormerEmployeesReceivingBenefits">Number of former employees receiving benefits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfFormerEmployeesReceivingBenefits" xlink:to="label_NumberOfFormerEmployeesReceivingBenefits" xlink:title="Label : NumberOfFormerEmployeesReceivingBenefits to label_NumberOfFormerEmployeesReceivingBenefits" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfFormerEmployeesReceivingBenefits_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfFormerEmployeesReceivingBenefits_1" xml:lang="en-US" id="label_NumberOfFormerEmployeesReceivingBenefits_1">Number of former employees receiving benefits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfFormerEmployeesReceivingBenefits" xlink:to="label_NumberOfFormerEmployeesReceivingBenefits_1" xlink:title="Label : NumberOfFormerEmployeesReceivingBenefits to label_NumberOfFormerEmployeesReceivingBenefits_1" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfFormerEmployeesReceivingBenefits_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfFormerEmployeesReceivingBenefits_2" xml:lang="en-US" id="label_NumberOfFormerEmployeesReceivingBenefits_2">Number of former employees receiving benefits.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfFormerEmployeesReceivingBenefits" xlink:to="label_NumberOfFormerEmployeesReceivingBenefits_2" xlink:title="Label : NumberOfFormerEmployeesReceivingBenefits to label_NumberOfFormerEmployeesReceivingBenefits_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfEmployeeBenefitsAbstract" xlink:label="DisclosureOfEmployeeBenefitsAbstract" xlink:title="DisclosureOfEmployeeBenefitsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfEmployeeBenefitsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfEmployeeBenefitsAbstract" xml:lang="en-US" id="label_DisclosureOfEmployeeBenefitsAbstract">Disclosure of employee benefits [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfEmployeeBenefitsAbstract" xlink:to="label_DisclosureOfEmployeeBenefitsAbstract" xlink:title="Label : DisclosureOfEmployeeBenefitsAbstract to label_DisclosureOfEmployeeBenefitsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfEmployeeBenefitsAbstract_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfEmployeeBenefitsAbstract_1" xml:lang="en-US" id="label_DisclosureOfEmployeeBenefitsAbstract_1">Disclosure of employee benefits.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfEmployeeBenefitsAbstract" xlink:to="label_DisclosureOfEmployeeBenefitsAbstract_1" xlink:title="Label : DisclosureOfEmployeeBenefitsAbstract to label_DisclosureOfEmployeeBenefitsAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfEmployeeBenefitsTable" xlink:label="DisclosureOfEmployeeBenefitsTable" xlink:title="DisclosureOfEmployeeBenefitsTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfEmployeeBenefitsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfEmployeeBenefitsTable" xml:lang="en-US" id="label_DisclosureOfEmployeeBenefitsTable">Disclosure of employee benefits [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfEmployeeBenefitsTable" xlink:to="label_DisclosureOfEmployeeBenefitsTable" xlink:title="Label : DisclosureOfEmployeeBenefitsTable to label_DisclosureOfEmployeeBenefitsTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfEmployeeBenefitsTable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfEmployeeBenefitsTable_1" xml:lang="en-US" id="label_DisclosureOfEmployeeBenefitsTable_1">Disclosure of employee benefits [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfEmployeeBenefitsTable" xlink:to="label_DisclosureOfEmployeeBenefitsTable_1" xlink:title="Label : DisclosureOfEmployeeBenefitsTable to label_DisclosureOfEmployeeBenefitsTable_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfEmployeeBenefitsTable_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfEmployeeBenefitsTable_2" xml:lang="en-US" id="label_DisclosureOfEmployeeBenefitsTable_2">Schedule disclosing of employee benefits.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfEmployeeBenefitsTable" xlink:to="label_DisclosureOfEmployeeBenefitsTable_2" xlink:title="Label : DisclosureOfEmployeeBenefitsTable to label_DisclosureOfEmployeeBenefitsTable_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_PostEmploymentBenefitsAxis" xlink:label="PostEmploymentBenefitsAxis" xlink:title="PostEmploymentBenefitsAxis" />
    <link:label xlink:type="resource" xlink:label="label_PostEmploymentBenefitsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PostEmploymentBenefitsAxis" xml:lang="en-US" id="label_PostEmploymentBenefitsAxis">Post employment benefits [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PostEmploymentBenefitsAxis" xlink:to="label_PostEmploymentBenefitsAxis" xlink:title="Label : PostEmploymentBenefitsAxis to label_PostEmploymentBenefitsAxis" />
    <link:label xlink:type="resource" xlink:label="label_PostEmploymentBenefitsAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PostEmploymentBenefitsAxis_1" xml:lang="en-US" id="label_PostEmploymentBenefitsAxis_1">Post employment benefits [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PostEmploymentBenefitsAxis" xlink:to="label_PostEmploymentBenefitsAxis_1" xlink:title="Label : PostEmploymentBenefitsAxis to label_PostEmploymentBenefitsAxis_1" />
    <link:label xlink:type="resource" xlink:label="label_PostEmploymentBenefitsAxis_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PostEmploymentBenefitsAxis_2" xml:lang="en-US" id="label_PostEmploymentBenefitsAxis_2">Post employment benefits [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PostEmploymentBenefitsAxis" xlink:to="label_PostEmploymentBenefitsAxis_2" xlink:title="Label : PostEmploymentBenefitsAxis to label_PostEmploymentBenefitsAxis_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_PostEmploymentBenefitsDomain" xlink:label="PostEmploymentBenefitsDomain" xlink:title="PostEmploymentBenefitsDomain" />
    <link:label xlink:type="resource" xlink:label="label_PostEmploymentBenefitsDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PostEmploymentBenefitsDomain" xml:lang="en-US" id="label_PostEmploymentBenefitsDomain">Post employment benefits [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PostEmploymentBenefitsDomain" xlink:to="label_PostEmploymentBenefitsDomain" xlink:title="Label : PostEmploymentBenefitsDomain to label_PostEmploymentBenefitsDomain" />
    <link:label xlink:type="resource" xlink:label="label_PostEmploymentBenefitsDomain_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PostEmploymentBenefitsDomain_1" xml:lang="en-US" id="label_PostEmploymentBenefitsDomain_1">Post employment benefits [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PostEmploymentBenefitsDomain" xlink:to="label_PostEmploymentBenefitsDomain_1" xlink:title="Label : PostEmploymentBenefitsDomain to label_PostEmploymentBenefitsDomain_1" />
    <link:label xlink:type="resource" xlink:label="label_PostEmploymentBenefitsDomain_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PostEmploymentBenefitsDomain_2" xml:lang="en-US" id="label_PostEmploymentBenefitsDomain_2">Post employment benefits [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PostEmploymentBenefitsDomain" xlink:to="label_PostEmploymentBenefitsDomain_2" xlink:title="Label : PostEmploymentBenefitsDomain to label_PostEmploymentBenefitsDomain_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_HealthAndDentalCareMember" xlink:label="HealthAndDentalCareMember" xlink:title="HealthAndDentalCareMember" />
    <link:label xlink:type="resource" xlink:label="label_HealthAndDentalCareMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_HealthAndDentalCareMember" xml:lang="en-US" id="label_HealthAndDentalCareMember">Health and dental care [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HealthAndDentalCareMember" xlink:to="label_HealthAndDentalCareMember" xlink:title="Label : HealthAndDentalCareMember to label_HealthAndDentalCareMember" />
    <link:label xlink:type="resource" xlink:label="label_HealthAndDentalCareMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_HealthAndDentalCareMember_1" xml:lang="en-US" id="label_HealthAndDentalCareMember_1">Health and dental care plan [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HealthAndDentalCareMember" xlink:to="label_HealthAndDentalCareMember_1" xlink:title="Label : HealthAndDentalCareMember to label_HealthAndDentalCareMember_1" />
    <link:label xlink:type="resource" xlink:label="label_HealthAndDentalCareMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_HealthAndDentalCareMember_2" xml:lang="en-US" id="label_HealthAndDentalCareMember_2">Health and dental care.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HealthAndDentalCareMember" xlink:to="label_HealthAndDentalCareMember_2" xlink:title="Label : HealthAndDentalCareMember to label_HealthAndDentalCareMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IndemnificationOfFGTSMember" xlink:label="IndemnificationOfFGTSMember" xlink:title="IndemnificationOfFGTSMember" />
    <link:label xlink:type="resource" xlink:label="label_IndemnificationOfFGTSMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IndemnificationOfFGTSMember" xml:lang="en-US" id="label_IndemnificationOfFGTSMember">Indemnification Of FGTS [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IndemnificationOfFGTSMember" xlink:to="label_IndemnificationOfFGTSMember" xlink:title="Label : IndemnificationOfFGTSMember to label_IndemnificationOfFGTSMember" />
    <link:label xlink:type="resource" xlink:label="label_IndemnificationOfFGTSMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IndemnificationOfFGTSMember_1" xml:lang="en-US" id="label_IndemnificationOfFGTSMember_1">Indemnification of FGTS [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IndemnificationOfFGTSMember" xlink:to="label_IndemnificationOfFGTSMember_1" xlink:title="Label : IndemnificationOfFGTSMember to label_IndemnificationOfFGTSMember_1" />
    <link:label xlink:type="resource" xlink:label="label_IndemnificationOfFGTSMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IndemnificationOfFGTSMember_2" xml:lang="en-US" id="label_IndemnificationOfFGTSMember_2">Indemnification of FGTS.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IndemnificationOfFGTSMember" xlink:to="label_IndemnificationOfFGTSMember_2" xlink:title="Label : IndemnificationOfFGTSMember to label_IndemnificationOfFGTSMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SeniorityBonusMember" xlink:label="SeniorityBonusMember" xlink:title="SeniorityBonusMember" />
    <link:label xlink:type="resource" xlink:label="label_SeniorityBonusMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SeniorityBonusMember" xml:lang="en-US" id="label_SeniorityBonusMember">Seniority Bonus [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SeniorityBonusMember" xlink:to="label_SeniorityBonusMember" xlink:title="Label : SeniorityBonusMember to label_SeniorityBonusMember" />
    <link:label xlink:type="resource" xlink:label="label_SeniorityBonusMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SeniorityBonusMember_1" xml:lang="en-US" id="label_SeniorityBonusMember_1">Seniority bonus [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SeniorityBonusMember" xlink:to="label_SeniorityBonusMember_1" xlink:title="Label : SeniorityBonusMember to label_SeniorityBonusMember_1" />
    <link:label xlink:type="resource" xlink:label="label_SeniorityBonusMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SeniorityBonusMember_2" xml:lang="en-US" id="label_SeniorityBonusMember_2">Seniority bonus.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SeniorityBonusMember" xlink:to="label_SeniorityBonusMember_2" xlink:title="Label : SeniorityBonusMember to label_SeniorityBonusMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LifeInsuranceMember" xlink:label="LifeInsuranceMember" xlink:title="LifeInsuranceMember" />
    <link:label xlink:type="resource" xlink:label="label_LifeInsuranceMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LifeInsuranceMember" xml:lang="en-US" id="label_LifeInsuranceMember">life insurance [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LifeInsuranceMember" xlink:to="label_LifeInsuranceMember" xlink:title="Label : LifeInsuranceMember to label_LifeInsuranceMember" />
    <link:label xlink:type="resource" xlink:label="label_LifeInsuranceMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LifeInsuranceMember_1" xml:lang="en-US" id="label_LifeInsuranceMember_1">Life insurance [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LifeInsuranceMember" xlink:to="label_LifeInsuranceMember_1" xlink:title="Label : LifeInsuranceMember to label_LifeInsuranceMember_1" />
    <link:label xlink:type="resource" xlink:label="label_LifeInsuranceMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LifeInsuranceMember_2" xml:lang="en-US" id="label_LifeInsuranceMember_2">Life insurance.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LifeInsuranceMember" xlink:to="label_LifeInsuranceMember_2" xlink:title="Label : LifeInsuranceMember to label_LifeInsuranceMember_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ProvisionsForEmployeeBenefits" xlink:label="ProvisionsForEmployeeBenefits" xlink:title="ProvisionsForEmployeeBenefits" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionsForEmployeeBenefits" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_ProvisionsForEmployeeBenefits" xml:lang="en-US" id="label_ProvisionsForEmployeeBenefits">Provision for post-employment benefits, ending</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionsForEmployeeBenefits" xlink:to="label_ProvisionsForEmployeeBenefits" xlink:title="Label : ProvisionsForEmployeeBenefits to label_ProvisionsForEmployeeBenefits" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionsForEmployeeBenefits_1" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_ProvisionsForEmployeeBenefits_1" xml:lang="en-US" id="label_ProvisionsForEmployeeBenefits_1">Provision for post-employment benefits, opening</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionsForEmployeeBenefits" xlink:to="label_ProvisionsForEmployeeBenefits_1" xlink:title="Label : ProvisionsForEmployeeBenefits to label_ProvisionsForEmployeeBenefits_1" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionsForEmployeeBenefits_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProvisionsForEmployeeBenefits_2" xml:lang="en-US" id="label_ProvisionsForEmployeeBenefits_2">Total</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionsForEmployeeBenefits" xlink:to="label_ProvisionsForEmployeeBenefits_2" xlink:title="Label : ProvisionsForEmployeeBenefits to label_ProvisionsForEmployeeBenefits_2" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionsForEmployeeBenefits_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProvisionsForEmployeeBenefits_3" xml:lang="en-US" id="label_ProvisionsForEmployeeBenefits_3">Provisions for employee benefits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionsForEmployeeBenefits" xlink:to="label_ProvisionsForEmployeeBenefits_3" xlink:title="Label : ProvisionsForEmployeeBenefits to label_ProvisionsForEmployeeBenefits_3" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_EmployeeBenefitsAndPrivatePensionPlanDetails1Abstract" xlink:label="EmployeeBenefitsAndPrivatePensionPlanDetails1Abstract" xlink:title="EmployeeBenefitsAndPrivatePensionPlanDetails1Abstract" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsAndPrivatePensionPlanDetails1Abstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EmployeeBenefitsAndPrivatePensionPlanDetails1Abstract" xml:lang="en-US" id="label_EmployeeBenefitsAndPrivatePensionPlanDetails1Abstract">Employee benefits and private pension plan details 1 [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsAndPrivatePensionPlanDetails1Abstract" xlink:to="label_EmployeeBenefitsAndPrivatePensionPlanDetails1Abstract" xlink:title="Label : EmployeeBenefitsAndPrivatePensionPlanDetails1Abstract to label_EmployeeBenefitsAndPrivatePensionPlanDetails1Abstract" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsAndPrivatePensionPlanDetails1Abstract_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EmployeeBenefitsAndPrivatePensionPlanDetails1Abstract_1" xml:lang="en-US" id="label_EmployeeBenefitsAndPrivatePensionPlanDetails1Abstract_1">Employee benefits and private pension plan details 1.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsAndPrivatePensionPlanDetails1Abstract" xlink:to="label_EmployeeBenefitsAndPrivatePensionPlanDetails1Abstract_1" xlink:title="Label : EmployeeBenefitsAndPrivatePensionPlanDetails1Abstract to label_EmployeeBenefitsAndPrivatePensionPlanDetails1Abstract_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_EmployeetBenefitsCurrentServiceCost" xlink:label="EmployeetBenefitsCurrentServiceCost" xlink:title="EmployeetBenefitsCurrentServiceCost" />
    <link:label xlink:type="resource" xlink:label="label_EmployeetBenefitsCurrentServiceCost" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EmployeetBenefitsCurrentServiceCost" xml:lang="en-US" id="label_EmployeetBenefitsCurrentServiceCost">Current service cost of post-employment benefits.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeetBenefitsCurrentServiceCost" xlink:to="label_EmployeetBenefitsCurrentServiceCost" xlink:title="Label : EmployeetBenefitsCurrentServiceCost to label_EmployeetBenefitsCurrentServiceCost" />
    <link:label xlink:type="resource" xlink:label="label_EmployeetBenefitsCurrentServiceCost_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EmployeetBenefitsCurrentServiceCost_1" xml:lang="en-US" id="label_EmployeetBenefitsCurrentServiceCost_1">Current service cost</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeetBenefitsCurrentServiceCost" xlink:to="label_EmployeetBenefitsCurrentServiceCost_1" xlink:title="Label : EmployeetBenefitsCurrentServiceCost to label_EmployeetBenefitsCurrentServiceCost_1" />
    <link:label xlink:type="resource" xlink:label="label_EmployeetBenefitsCurrentServiceCost_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EmployeetBenefitsCurrentServiceCost_2" xml:lang="en-US" id="label_EmployeetBenefitsCurrentServiceCost_2">Employeet Benefits Current Service Cost</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeetBenefitsCurrentServiceCost" xlink:to="label_EmployeetBenefitsCurrentServiceCost_2" xlink:title="Label : EmployeetBenefitsCurrentServiceCost to label_EmployeetBenefitsCurrentServiceCost_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_EmployeeBenefitsInterestCost" xlink:label="EmployeeBenefitsInterestCost" xlink:title="EmployeeBenefitsInterestCost" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsInterestCost" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EmployeeBenefitsInterestCost" xml:lang="en-US" id="label_EmployeeBenefitsInterestCost">Interest cost of post-employment benefits.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsInterestCost" xlink:to="label_EmployeeBenefitsInterestCost" xlink:title="Label : EmployeeBenefitsInterestCost to label_EmployeeBenefitsInterestCost" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsInterestCost_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EmployeeBenefitsInterestCost_1" xml:lang="en-US" id="label_EmployeeBenefitsInterestCost_1">Interest cost</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsInterestCost" xlink:to="label_EmployeeBenefitsInterestCost_1" xlink:title="Label : EmployeeBenefitsInterestCost to label_EmployeeBenefitsInterestCost_1" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsInterestCost_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EmployeeBenefitsInterestCost_2" xml:lang="en-US" id="label_EmployeeBenefitsInterestCost_2">Employee benefits interest cost</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsInterestCost" xlink:to="label_EmployeeBenefitsInterestCost_2" xlink:title="Label : EmployeeBenefitsInterestCost to label_EmployeeBenefitsInterestCost_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_EmployeeBenefitsExpense" xlink:label="EmployeeBenefitsExpense" xlink:title="EmployeeBenefitsExpense" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EmployeeBenefitsExpense" xml:lang="en-US" id="label_EmployeeBenefitsExpense">Employee benefit expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsExpense" xlink:to="label_EmployeeBenefitsExpense" xlink:title="Label : EmployeeBenefitsExpense to label_EmployeeBenefitsExpense" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsExpense_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_EmployeeBenefitsExpense_1" xml:lang="en-US" id="label_EmployeeBenefitsExpense_1">Expense for the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsExpense" xlink:to="label_EmployeeBenefitsExpense_1" xlink:title="Label : EmployeeBenefitsExpense to label_EmployeeBenefitsExpense_1" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsExpense_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EmployeeBenefitsExpense_2" xml:lang="en-US" id="label_EmployeeBenefitsExpense_2">Employee benefits expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsExpense" xlink:to="label_EmployeeBenefitsExpense_2" xlink:title="Label : EmployeeBenefitsExpense to label_EmployeeBenefitsExpense_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ActuarialGainsLossesFromChangesInActuarialAssumptionsEmployeeBenefits" xlink:label="ActuarialGainsLossesFromChangesInActuarialAssumptionsEmployeeBenefits" xlink:title="ActuarialGainsLossesFromChangesInActuarialAssumptionsEmployeeBenefits" />
    <link:label xlink:type="resource" xlink:label="label_ActuarialGainsLossesFromChangesInActuarialAssumptionsEmployeeBenefits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ActuarialGainsLossesFromChangesInActuarialAssumptionsEmployeeBenefits" xml:lang="en-US" id="label_ActuarialGainsLossesFromChangesInActuarialAssumptionsEmployeeBenefits">Actuarial gains losses from changes in actuarial assumptions employee benefits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ActuarialGainsLossesFromChangesInActuarialAssumptionsEmployeeBenefits" xlink:to="label_ActuarialGainsLossesFromChangesInActuarialAssumptionsEmployeeBenefits" xlink:title="Label : ActuarialGainsLossesFromChangesInActuarialAssumptionsEmployeeBenefits to label_ActuarialGainsLossesFromChangesInActuarialAssumptionsEmployeeBenefits" />
    <link:label xlink:type="resource" xlink:label="label_ActuarialGainsLossesFromChangesInActuarialAssumptionsEmployeeBenefits_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ActuarialGainsLossesFromChangesInActuarialAssumptionsEmployeeBenefits_1" xml:lang="en-US" id="label_ActuarialGainsLossesFromChangesInActuarialAssumptionsEmployeeBenefits_1">Losses from changes in actuarial assumptions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ActuarialGainsLossesFromChangesInActuarialAssumptionsEmployeeBenefits" xlink:to="label_ActuarialGainsLossesFromChangesInActuarialAssumptionsEmployeeBenefits_1" xlink:title="Label : ActuarialGainsLossesFromChangesInActuarialAssumptionsEmployeeBenefits to label_ActuarialGainsLossesFromChangesInActuarialAssumptionsEmployeeBenefits_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ActuarialGainsLossesFromChangesInActuarialAssumptionsEmployeeBenefits" xlink:to="label_ActuarialGainsLossesFromChangesInActuarialAssumptionsEmployeeBenefits_2" xlink:title="Label : ActuarialGainsLossesFromChangesInActuarialAssumptionsEmployeeBenefits to label_ActuarialGainsLossesFromChangesInActuarialAssumptionsEmployeeBenefits_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_EmployeeBenefitsPaidDirectlyByCompanyAndItsSubsidiaries" xlink:label="EmployeeBenefitsPaidDirectlyByCompanyAndItsSubsidiaries" xlink:title="EmployeeBenefitsPaidDirectlyByCompanyAndItsSubsidiaries" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsPaidDirectlyByCompanyAndItsSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EmployeeBenefitsPaidDirectlyByCompanyAndItsSubsidiaries" xml:lang="en-US" id="label_EmployeeBenefitsPaidDirectlyByCompanyAndItsSubsidiaries">Employee Benefits Paid Directly By Company And Its Subsidiaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsPaidDirectlyByCompanyAndItsSubsidiaries" xlink:to="label_EmployeeBenefitsPaidDirectlyByCompanyAndItsSubsidiaries" xlink:title="Label : EmployeeBenefitsPaidDirectlyByCompanyAndItsSubsidiaries to label_EmployeeBenefitsPaidDirectlyByCompanyAndItsSubsidiaries" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsPaidDirectlyByCompanyAndItsSubsidiaries_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_EmployeeBenefitsPaidDirectlyByCompanyAndItsSubsidiaries_1" xml:lang="en-US" id="label_EmployeeBenefitsPaidDirectlyByCompanyAndItsSubsidiaries_1">Benefits paid directly by Company and its subsidiaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsPaidDirectlyByCompanyAndItsSubsidiaries" xlink:to="label_EmployeeBenefitsPaidDirectlyByCompanyAndItsSubsidiaries_1" xlink:title="Label : EmployeeBenefitsPaidDirectlyByCompanyAndItsSubsidiaries to label_EmployeeBenefitsPaidDirectlyByCompanyAndItsSubsidiaries_1" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsPaidDirectlyByCompanyAndItsSubsidiaries_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EmployeeBenefitsPaidDirectlyByCompanyAndItsSubsidiaries_2" xml:lang="en-US" id="label_EmployeeBenefitsPaidDirectlyByCompanyAndItsSubsidiaries_2">Benefits paid directly by Company and its subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsPaidDirectlyByCompanyAndItsSubsidiaries" xlink:to="label_EmployeeBenefitsPaidDirectlyByCompanyAndItsSubsidiaries_2" xlink:title="Label : EmployeeBenefitsPaidDirectlyByCompanyAndItsSubsidiaries to label_EmployeeBenefitsPaidDirectlyByCompanyAndItsSubsidiaries_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_EmployeeBenefitsExchangeRateFromForeignSubsidiaries" xlink:label="EmployeeBenefitsExchangeRateFromForeignSubsidiaries" xlink:title="EmployeeBenefitsExchangeRateFromForeignSubsidiaries" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsExchangeRateFromForeignSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EmployeeBenefitsExchangeRateFromForeignSubsidiaries" xml:lang="en-US" id="label_EmployeeBenefitsExchangeRateFromForeignSubsidiaries">Employee benefits exchange rate from foreign subsidiaries</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsExchangeRateFromForeignSubsidiaries" xlink:to="label_EmployeeBenefitsExchangeRateFromForeignSubsidiaries" xlink:title="Label : EmployeeBenefitsExchangeRateFromForeignSubsidiaries to label_EmployeeBenefitsExchangeRateFromForeignSubsidiaries" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsExchangeRateFromForeignSubsidiaries_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EmployeeBenefitsExchangeRateFromForeignSubsidiaries_1" xml:lang="en-US" id="label_EmployeeBenefitsExchangeRateFromForeignSubsidiaries_1">Exchange rates from post employment benefits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsExchangeRateFromForeignSubsidiaries" xlink:to="label_EmployeeBenefitsExchangeRateFromForeignSubsidiaries_1" xlink:title="Label : EmployeeBenefitsExchangeRateFromForeignSubsidiaries to label_EmployeeBenefitsExchangeRateFromForeignSubsidiaries_1" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsExchangeRateFromForeignSubsidiaries_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EmployeeBenefitsExchangeRateFromForeignSubsidiaries_2" xml:lang="en-US" id="label_EmployeeBenefitsExchangeRateFromForeignSubsidiaries_2">Benefits paid directly by Company and its subsidiaries.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsExchangeRateFromForeignSubsidiaries" xlink:to="label_EmployeeBenefitsExchangeRateFromForeignSubsidiaries_2" xlink:title="Label : EmployeeBenefitsExchangeRateFromForeignSubsidiaries to label_EmployeeBenefitsExchangeRateFromForeignSubsidiaries_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_EmployeeBenefitsAndPrivatePensionPlanDetails3Abstract" xlink:label="EmployeeBenefitsAndPrivatePensionPlanDetails3Abstract" xlink:title="EmployeeBenefitsAndPrivatePensionPlanDetails3Abstract" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsAndPrivatePensionPlanDetails3Abstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EmployeeBenefitsAndPrivatePensionPlanDetails3Abstract" xml:lang="en-US" id="label_EmployeeBenefitsAndPrivatePensionPlanDetails3Abstract">Employee benefits and private pension plan details 3 [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsAndPrivatePensionPlanDetails3Abstract" xlink:to="label_EmployeeBenefitsAndPrivatePensionPlanDetails3Abstract" xlink:title="Label : EmployeeBenefitsAndPrivatePensionPlanDetails3Abstract to label_EmployeeBenefitsAndPrivatePensionPlanDetails3Abstract" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsAndPrivatePensionPlanDetails3Abstract_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EmployeeBenefitsAndPrivatePensionPlanDetails3Abstract_1" xml:lang="en-US" id="label_EmployeeBenefitsAndPrivatePensionPlanDetails3Abstract_1">Employee benefits and private pension plan details 3.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsAndPrivatePensionPlanDetails3Abstract" xlink:to="label_EmployeeBenefitsAndPrivatePensionPlanDetails3Abstract_1" xlink:title="Label : EmployeeBenefitsAndPrivatePensionPlanDetails3Abstract to label_EmployeeBenefitsAndPrivatePensionPlanDetails3Abstract_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ActuarialAssumptionOfDiscountRates" xlink:label="ActuarialAssumptionOfDiscountRates" xlink:title="ActuarialAssumptionOfDiscountRates" />
    <link:label xlink:type="resource" xlink:label="label_ActuarialAssumptionOfDiscountRates" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ActuarialAssumptionOfDiscountRates" xml:lang="en-US" id="label_ActuarialAssumptionOfDiscountRates">Actuarial assumption of discount rates</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ActuarialAssumptionOfDiscountRates" xlink:to="label_ActuarialAssumptionOfDiscountRates" xlink:title="Label : ActuarialAssumptionOfDiscountRates to label_ActuarialAssumptionOfDiscountRates" />
    <link:label xlink:type="resource" xlink:label="label_ActuarialAssumptionOfDiscountRates_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ActuarialAssumptionOfDiscountRates_1" xml:lang="en-US" id="label_ActuarialAssumptionOfDiscountRates_1">Discount rate for the actuarial obligation at present value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ActuarialAssumptionOfDiscountRates" xlink:to="label_ActuarialAssumptionOfDiscountRates_1" xlink:title="Label : ActuarialAssumptionOfDiscountRates to label_ActuarialAssumptionOfDiscountRates_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AverageProjectedSalaryGrowthRate" xlink:label="AverageProjectedSalaryGrowthRate" xlink:title="AverageProjectedSalaryGrowthRate" />
    <link:label xlink:type="resource" xlink:label="label_AverageProjectedSalaryGrowthRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AverageProjectedSalaryGrowthRate" xml:lang="en-US" id="label_AverageProjectedSalaryGrowthRate">Average projected salary growth rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AverageProjectedSalaryGrowthRate" xlink:to="label_AverageProjectedSalaryGrowthRate" xlink:title="Label : AverageProjectedSalaryGrowthRate to label_AverageProjectedSalaryGrowthRate" />
    <link:label xlink:type="resource" xlink:label="label_AverageProjectedSalaryGrowthRate_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AverageProjectedSalaryGrowthRate_1" xml:lang="en-US" id="label_AverageProjectedSalaryGrowthRate_1">Average projected salary growth rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AverageProjectedSalaryGrowthRate" xlink:to="label_AverageProjectedSalaryGrowthRate_1" xlink:title="Label : AverageProjectedSalaryGrowthRate to label_AverageProjectedSalaryGrowthRate_1" />
    <link:label xlink:type="resource" xlink:label="label_AverageProjectedSalaryGrowthRate_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AverageProjectedSalaryGrowthRate_2" xml:lang="en-US" id="label_AverageProjectedSalaryGrowthRate_2">Average projected salary growth rate.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AverageProjectedSalaryGrowthRate" xlink:to="label_AverageProjectedSalaryGrowthRate_2" xlink:title="Label : AverageProjectedSalaryGrowthRate to label_AverageProjectedSalaryGrowthRate_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_InflationRateLongTerm" xlink:label="InflationRateLongTerm" xlink:title="InflationRateLongTerm" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InflationRateLongTerm" xlink:to="label_InflationRateLongTerm" xlink:title="Label : InflationRateLongTerm to label_InflationRateLongTerm" />
    <link:label xlink:type="resource" xlink:label="label_InflationRateLongTerm_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InflationRateLongTerm_1" xml:lang="en-US" id="label_InflationRateLongTerm_1">Inflation rate (long term)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InflationRateLongTerm" xlink:to="label_InflationRateLongTerm_1" xlink:title="Label : InflationRateLongTerm to label_InflationRateLongTerm_1" />
    <link:label xlink:type="resource" xlink:label="label_InflationRateLongTerm_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InflationRateLongTerm_2" xml:lang="en-US" id="label_InflationRateLongTerm_2">Inflation rate (long term).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InflationRateLongTerm" xlink:to="label_InflationRateLongTerm_2" xlink:title="Label : InflationRateLongTerm to label_InflationRateLongTerm_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_GrowthRateOfMedicalServices" xlink:label="GrowthRateOfMedicalServices" xlink:title="GrowthRateOfMedicalServices" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrowthRateOfMedicalServices" xlink:to="label_GrowthRateOfMedicalServices" xlink:title="Label : GrowthRateOfMedicalServices to label_GrowthRateOfMedicalServices" />
    <link:label xlink:type="resource" xlink:label="label_GrowthRateOfMedicalServices_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GrowthRateOfMedicalServices_1" xml:lang="en-US" id="label_GrowthRateOfMedicalServices_1">Growth rate of medical services</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrowthRateOfMedicalServices" xlink:to="label_GrowthRateOfMedicalServices_1" xlink:title="Label : GrowthRateOfMedicalServices to label_GrowthRateOfMedicalServices_1" />
    <link:label xlink:type="resource" xlink:label="label_GrowthRateOfMedicalServices_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_GrowthRateOfMedicalServices_2" xml:lang="en-US" id="label_GrowthRateOfMedicalServices_2">Growth rate of medical services.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrowthRateOfMedicalServices" xlink:to="label_GrowthRateOfMedicalServices_2" xlink:title="Label : GrowthRateOfMedicalServices to label_GrowthRateOfMedicalServices_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ActuarialAssumptionsAxis" xlink:label="ActuarialAssumptionsAxis" xlink:title="ActuarialAssumptionsAxis" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ActuarialAssumptionsAxis" xlink:to="label_ActuarialAssumptionsAxis" xlink:title="Label : ActuarialAssumptionsAxis to label_ActuarialAssumptionsAxis" />
    <link:label xlink:type="resource" xlink:label="label_ActuarialAssumptionsAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ActuarialAssumptionsAxis_1" xml:lang="en-US" id="label_ActuarialAssumptionsAxis_1">Actuarial assumptions [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ActuarialAssumptionsAxis" xlink:to="label_ActuarialAssumptionsAxis_1" xlink:title="Label : ActuarialAssumptionsAxis to label_ActuarialAssumptionsAxis_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ActuarialAssumptionsMember" xlink:label="ActuarialAssumptionsMember" xlink:title="ActuarialAssumptionsMember" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ActuarialAssumptionsMember" xlink:to="label_ActuarialAssumptionsMember" xlink:title="Label : ActuarialAssumptionsMember to label_ActuarialAssumptionsMember" />
    <link:label xlink:type="resource" xlink:label="label_ActuarialAssumptionsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ActuarialAssumptionsMember_1" xml:lang="en-US" id="label_ActuarialAssumptionsMember_1">Actuarial assumptions [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ActuarialAssumptionsMember" xlink:to="label_ActuarialAssumptionsMember_1" xlink:title="Label : ActuarialAssumptionsMember to label_ActuarialAssumptionsMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DiscountRateMember" xlink:label="DiscountRateMember" xlink:title="DiscountRateMember" />
    <link:label xlink:type="resource" xlink:label="label_DiscountRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DiscountRateMember" xml:lang="en-US" id="label_DiscountRateMember">Discount rate [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DiscountRateMember" xlink:to="label_DiscountRateMember" xlink:title="Label : DiscountRateMember to label_DiscountRateMember" />
    <link:label xlink:type="resource" xlink:label="label_DiscountRateMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DiscountRateMember_1" xml:lang="en-US" id="label_DiscountRateMember_1">Discount rate [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DiscountRateMember" xlink:to="label_DiscountRateMember_1" xlink:title="Label : DiscountRateMember to label_DiscountRateMember_1" />
    <link:label xlink:type="resource" xlink:label="label_DiscountRateMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DiscountRateMember_2" xml:lang="en-US" id="label_DiscountRateMember_2">Discount rate [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DiscountRateMember" xlink:to="label_DiscountRateMember_2" xlink:title="Label : DiscountRateMember to label_DiscountRateMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_WageGrowthRateMember" xlink:label="WageGrowthRateMember" xlink:title="WageGrowthRateMember" />
    <link:label xlink:type="resource" xlink:label="label_WageGrowthRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_WageGrowthRateMember" xml:lang="en-US" id="label_WageGrowthRateMember">Wage growth rate [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WageGrowthRateMember" xlink:to="label_WageGrowthRateMember" xlink:title="Label : WageGrowthRateMember to label_WageGrowthRateMember" />
    <link:label xlink:type="resource" xlink:label="label_WageGrowthRateMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_WageGrowthRateMember_1" xml:lang="en-US" id="label_WageGrowthRateMember_1">Wage growth rate [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WageGrowthRateMember" xlink:to="label_WageGrowthRateMember_1" xlink:title="Label : WageGrowthRateMember to label_WageGrowthRateMember_1" />
    <link:label xlink:type="resource" xlink:label="label_WageGrowthRateMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_WageGrowthRateMember_2" xml:lang="en-US" id="label_WageGrowthRateMember_2">Wage growth rate.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WageGrowthRateMember" xlink:to="label_WageGrowthRateMember_2" xlink:title="Label : WageGrowthRateMember to label_WageGrowthRateMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_MedicalServicesGrowthRateMember" xlink:label="MedicalServicesGrowthRateMember" xlink:title="MedicalServicesGrowthRateMember" />
    <link:label xlink:type="resource" xlink:label="label_MedicalServicesGrowthRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MedicalServicesGrowthRateMember" xml:lang="en-US" id="label_MedicalServicesGrowthRateMember">Medical services growth rate [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MedicalServicesGrowthRateMember" xlink:to="label_MedicalServicesGrowthRateMember" xlink:title="Label : MedicalServicesGrowthRateMember to label_MedicalServicesGrowthRateMember" />
    <link:label xlink:type="resource" xlink:label="label_MedicalServicesGrowthRateMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MedicalServicesGrowthRateMember_1" xml:lang="en-US" id="label_MedicalServicesGrowthRateMember_1">Medical services growth rate [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MedicalServicesGrowthRateMember" xlink:to="label_MedicalServicesGrowthRateMember_1" xlink:title="Label : MedicalServicesGrowthRateMember to label_MedicalServicesGrowthRateMember_1" />
    <link:label xlink:type="resource" xlink:label="label_MedicalServicesGrowthRateMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MedicalServicesGrowthRateMember_2" xml:lang="en-US" id="label_MedicalServicesGrowthRateMember_2">Medical services growth rate.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MedicalServicesGrowthRateMember" xlink:to="label_MedicalServicesGrowthRateMember_2" xlink:title="Label : MedicalServicesGrowthRateMember to label_MedicalServicesGrowthRateMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ChangesInAssumptionDecreaseInLiability" xlink:label="ChangesInAssumptionDecreaseInLiability" xlink:title="ChangesInAssumptionDecreaseInLiability" />
    <link:label xlink:type="resource" xlink:label="label_ChangesInAssumptionDecreaseInLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ChangesInAssumptionDecreaseInLiability" xml:lang="en-US" id="label_ChangesInAssumptionDecreaseInLiability">Changes in assumption decrease in liability</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangesInAssumptionDecreaseInLiability" xlink:to="label_ChangesInAssumptionDecreaseInLiability" xlink:title="Label : ChangesInAssumptionDecreaseInLiability to label_ChangesInAssumptionDecreaseInLiability" />
    <link:label xlink:type="resource" xlink:label="label_ChangesInAssumptionDecreaseInLiability_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ChangesInAssumptionDecreaseInLiability_1" xml:lang="en-US" id="label_ChangesInAssumptionDecreaseInLiability_1">Change in assumptions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangesInAssumptionDecreaseInLiability" xlink:to="label_ChangesInAssumptionDecreaseInLiability_1" xlink:title="Label : ChangesInAssumptionDecreaseInLiability to label_ChangesInAssumptionDecreaseInLiability_1" />
    <link:label xlink:type="resource" xlink:label="label_ChangesInAssumptionDecreaseInLiability_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ChangesInAssumptionDecreaseInLiability_2" xml:lang="en-US" id="label_ChangesInAssumptionDecreaseInLiability_2">Changes in assumption, decrease in liability.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangesInAssumptionDecreaseInLiability" xlink:to="label_ChangesInAssumptionDecreaseInLiability_2" xlink:title="Label : ChangesInAssumptionDecreaseInLiability to label_ChangesInAssumptionDecreaseInLiability_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ActuarialAssumptionsDecreaseInLiability" xlink:label="ActuarialAssumptionsDecreaseInLiability" xlink:title="ActuarialAssumptionsDecreaseInLiability" />
    <link:label xlink:type="resource" xlink:label="label_ActuarialAssumptionsDecreaseInLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ActuarialAssumptionsDecreaseInLiability" xml:lang="en-US" id="label_ActuarialAssumptionsDecreaseInLiability">Actuarial Assumptions Decrease In Liability</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ActuarialAssumptionsDecreaseInLiability" xlink:to="label_ActuarialAssumptionsDecreaseInLiability" xlink:title="Label : ActuarialAssumptionsDecreaseInLiability to label_ActuarialAssumptionsDecreaseInLiability" />
    <link:label xlink:type="resource" xlink:label="label_ActuarialAssumptionsDecreaseInLiability_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ActuarialAssumptionsDecreaseInLiability_1" xml:lang="en-US" id="label_ActuarialAssumptionsDecreaseInLiability_1">Decrease in liability</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ActuarialAssumptionsDecreaseInLiability" xlink:to="label_ActuarialAssumptionsDecreaseInLiability_1" xlink:title="Label : ActuarialAssumptionsDecreaseInLiability to label_ActuarialAssumptionsDecreaseInLiability_1" />
    <link:label xlink:type="resource" xlink:label="label_ActuarialAssumptionsDecreaseInLiability_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ActuarialAssumptionsDecreaseInLiability_2" xml:lang="en-US" id="label_ActuarialAssumptionsDecreaseInLiability_2">Decrease in liability.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ActuarialAssumptionsDecreaseInLiability" xlink:to="label_ActuarialAssumptionsDecreaseInLiability_2" xlink:title="Label : ActuarialAssumptionsDecreaseInLiability to label_ActuarialAssumptionsDecreaseInLiability_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ChangeInAssumptionsIncreaseInLiability" xlink:label="ChangeInAssumptionsIncreaseInLiability" xlink:title="ChangeInAssumptionsIncreaseInLiability" />
    <link:label xlink:type="resource" xlink:label="label_ChangeInAssumptionsIncreaseInLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ChangeInAssumptionsIncreaseInLiability" xml:lang="en-US" id="label_ChangeInAssumptionsIncreaseInLiability">Change in assumptions increase in liability</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangeInAssumptionsIncreaseInLiability" xlink:to="label_ChangeInAssumptionsIncreaseInLiability" xlink:title="Label : ChangeInAssumptionsIncreaseInLiability to label_ChangeInAssumptionsIncreaseInLiability" />
    <link:label xlink:type="resource" xlink:label="label_ChangeInAssumptionsIncreaseInLiability_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ChangeInAssumptionsIncreaseInLiability_1" xml:lang="en-US" id="label_ChangeInAssumptionsIncreaseInLiability_1">Change in assumptions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangeInAssumptionsIncreaseInLiability" xlink:to="label_ChangeInAssumptionsIncreaseInLiability_1" xlink:title="Label : ChangeInAssumptionsIncreaseInLiability to label_ChangeInAssumptionsIncreaseInLiability_1" />
    <link:label xlink:type="resource" xlink:label="label_ChangeInAssumptionsIncreaseInLiability_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ChangeInAssumptionsIncreaseInLiability_2" xml:lang="en-US" id="label_ChangeInAssumptionsIncreaseInLiability_2">Change in assumptions, increase in liability.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangeInAssumptionsIncreaseInLiability" xlink:to="label_ChangeInAssumptionsIncreaseInLiability_2" xlink:title="Label : ChangeInAssumptionsIncreaseInLiability to label_ChangeInAssumptionsIncreaseInLiability_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ActuarialAssumptionIncreaseInLiability" xlink:label="ActuarialAssumptionIncreaseInLiability" xlink:title="ActuarialAssumptionIncreaseInLiability" />
    <link:label xlink:type="resource" xlink:label="label_ActuarialAssumptionIncreaseInLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ActuarialAssumptionIncreaseInLiability" xml:lang="en-US" id="label_ActuarialAssumptionIncreaseInLiability">Actuarial assumption increase in liability</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ActuarialAssumptionIncreaseInLiability" xlink:to="label_ActuarialAssumptionIncreaseInLiability" xlink:title="Label : ActuarialAssumptionIncreaseInLiability to label_ActuarialAssumptionIncreaseInLiability" />
    <link:label xlink:type="resource" xlink:label="label_ActuarialAssumptionIncreaseInLiability_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ActuarialAssumptionIncreaseInLiability_1" xml:lang="en-US" id="label_ActuarialAssumptionIncreaseInLiability_1">Increase in liability</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ActuarialAssumptionIncreaseInLiability" xlink:to="label_ActuarialAssumptionIncreaseInLiability_1" xlink:title="Label : ActuarialAssumptionIncreaseInLiability to label_ActuarialAssumptionIncreaseInLiability_1" />
    <link:label xlink:type="resource" xlink:label="label_ActuarialAssumptionIncreaseInLiability_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ActuarialAssumptionIncreaseInLiability_2" xml:lang="en-US" id="label_ActuarialAssumptionIncreaseInLiability_2">Increase in liability.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ActuarialAssumptionIncreaseInLiability" xlink:to="label_ActuarialAssumptionIncreaseInLiability_2" xlink:title="Label : ActuarialAssumptionIncreaseInLiability to label_ActuarialAssumptionIncreaseInLiability_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ProvisionForAssetRetirementObligationFuelTanksDetailsAbstract" xlink:label="ProvisionForAssetRetirementObligationFuelTanksDetailsAbstract" xlink:title="ProvisionForAssetRetirementObligationFuelTanksDetailsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForAssetRetirementObligationFuelTanksDetailsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProvisionForAssetRetirementObligationFuelTanksDetailsAbstract" xml:lang="en-US" id="label_ProvisionForAssetRetirementObligationFuelTanksDetailsAbstract">Provision for asset retirement obligation fuel tanks details [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForAssetRetirementObligationFuelTanksDetailsAbstract" xlink:to="label_ProvisionForAssetRetirementObligationFuelTanksDetailsAbstract" xlink:title="Label : ProvisionForAssetRetirementObligationFuelTanksDetailsAbstract to label_ProvisionForAssetRetirementObligationFuelTanksDetailsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForAssetRetirementObligationFuelTanksDetailsAbstract_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProvisionForAssetRetirementObligationFuelTanksDetailsAbstract_1" xml:lang="en-US" id="label_ProvisionForAssetRetirementObligationFuelTanksDetailsAbstract_1">Provision for asset retirement obligation fuel tanks details.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForAssetRetirementObligationFuelTanksDetailsAbstract" xlink:to="label_ProvisionForAssetRetirementObligationFuelTanksDetailsAbstract_1" xlink:title="Label : ProvisionForAssetRetirementObligationFuelTanksDetailsAbstract to label_ProvisionForAssetRetirementObligationFuelTanksDetailsAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfPostEmploymentBenefitsTable" xlink:label="DisclosureOfPostEmploymentBenefitsTable" xlink:title="DisclosureOfPostEmploymentBenefitsTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfPostEmploymentBenefitsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfPostEmploymentBenefitsTable" xml:lang="en-US" id="label_DisclosureOfPostEmploymentBenefitsTable">Disclosure Of Post Employment Benefits [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfPostEmploymentBenefitsTable" xlink:to="label_DisclosureOfPostEmploymentBenefitsTable" xlink:title="Label : DisclosureOfPostEmploymentBenefitsTable to label_DisclosureOfPostEmploymentBenefitsTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfPostEmploymentBenefitsTable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfPostEmploymentBenefitsTable_1" xml:lang="en-US" id="label_DisclosureOfPostEmploymentBenefitsTable_1">Disclosure Of Post Employment Benefits [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfPostEmploymentBenefitsTable" xlink:to="label_DisclosureOfPostEmploymentBenefitsTable_1" xlink:title="Label : DisclosureOfPostEmploymentBenefitsTable to label_DisclosureOfPostEmploymentBenefitsTable_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfPostEmploymentBenefitsTable_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfPostEmploymentBenefitsTable_2" xml:lang="en-US" id="label_DisclosureOfPostEmploymentBenefitsTable_2">Disclosure Of Post Employment Benefits [table].</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfPostEmploymentBenefitsTable" xlink:to="label_DisclosureOfPostEmploymentBenefitsTable_2" xlink:title="Label : DisclosureOfPostEmploymentBenefitsTable to label_DisclosureOfPostEmploymentBenefitsTable_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DefinedBenefitPlansAxis" xlink:label="DefinedBenefitPlansAxis" xlink:title="DefinedBenefitPlansAxis" />
    <link:label xlink:type="resource" xlink:label="label_DefinedBenefitPlansAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DefinedBenefitPlansAxis" xml:lang="en-US" id="label_DefinedBenefitPlansAxis">Defined benefit plans [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DefinedBenefitPlansAxis" xlink:to="label_DefinedBenefitPlansAxis" xlink:title="Label : DefinedBenefitPlansAxis to label_DefinedBenefitPlansAxis" />
    <link:label xlink:type="resource" xlink:label="label_DefinedBenefitPlansAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DefinedBenefitPlansAxis_1" xml:lang="en-US" id="label_DefinedBenefitPlansAxis_1">Defined benefit plans [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DefinedBenefitPlansAxis" xlink:to="label_DefinedBenefitPlansAxis_1" xlink:title="Label : DefinedBenefitPlansAxis to label_DefinedBenefitPlansAxis_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DefinedBenefitPlansMember" xlink:label="DefinedBenefitPlansMember" xlink:title="DefinedBenefitPlansMember" />
    <link:label xlink:type="resource" xlink:label="label_DefinedBenefitPlansMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DefinedBenefitPlansMember" xml:lang="en-US" id="label_DefinedBenefitPlansMember">Defined benefit plans [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DefinedBenefitPlansMember" xlink:to="label_DefinedBenefitPlansMember" xlink:title="Label : DefinedBenefitPlansMember to label_DefinedBenefitPlansMember" />
    <link:label xlink:type="resource" xlink:label="label_DefinedBenefitPlansMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DefinedBenefitPlansMember_1" xml:lang="en-US" id="label_DefinedBenefitPlansMember_1">Defined benefit plans [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DefinedBenefitPlansMember" xlink:to="label_DefinedBenefitPlansMember_1" xlink:title="Label : DefinedBenefitPlansMember to label_DefinedBenefitPlansMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AssetRetirementObligationMember" xlink:label="AssetRetirementObligationMember" xlink:title="AssetRetirementObligationMember" />
    <link:label xlink:type="resource" xlink:label="label_AssetRetirementObligationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AssetRetirementObligationMember" xml:lang="en-US" id="label_AssetRetirementObligationMember">Asset Retirement Obligation [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetRetirementObligationMember" xlink:to="label_AssetRetirementObligationMember" xlink:title="Label : AssetRetirementObligationMember to label_AssetRetirementObligationMember" />
    <link:label xlink:type="resource" xlink:label="label_AssetRetirementObligationMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AssetRetirementObligationMember_1" xml:lang="en-US" id="label_AssetRetirementObligationMember_1">Asset Retirement Obligation [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetRetirementObligationMember" xlink:to="label_AssetRetirementObligationMember_1" xlink:title="Label : AssetRetirementObligationMember to label_AssetRetirementObligationMember_1" />
    <link:label xlink:type="resource" xlink:label="label_AssetRetirementObligationMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AssetRetirementObligationMember_2" xml:lang="en-US" id="label_AssetRetirementObligationMember_2">Asset Retirement Obligation [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetRetirementObligationMember" xlink:to="label_AssetRetirementObligationMember_2" xlink:title="Label : AssetRetirementObligationMember to label_AssetRetirementObligationMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfPostEmploymentBenefitsLineItems" xlink:label="DisclosureOfPostEmploymentBenefitsLineItems" xlink:title="DisclosureOfPostEmploymentBenefitsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfPostEmploymentBenefitsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfPostEmploymentBenefitsLineItems" xml:lang="en-US" id="label_DisclosureOfPostEmploymentBenefitsLineItems">Disclosure Of Post Employment Benefits [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfPostEmploymentBenefitsLineItems" xlink:to="label_DisclosureOfPostEmploymentBenefitsLineItems" xlink:title="Label : DisclosureOfPostEmploymentBenefitsLineItems to label_DisclosureOfPostEmploymentBenefitsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfPostEmploymentBenefitsLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfPostEmploymentBenefitsLineItems_1" xml:lang="en-US" id="label_DisclosureOfPostEmploymentBenefitsLineItems_1">Disclosure Of Post Employment Benefits [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfPostEmploymentBenefitsLineItems" xlink:to="label_DisclosureOfPostEmploymentBenefitsLineItems_1" xlink:title="Label : DisclosureOfPostEmploymentBenefitsLineItems to label_DisclosureOfPostEmploymentBenefitsLineItems_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfPostEmploymentBenefitsLineItems_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfPostEmploymentBenefitsLineItems_2" xml:lang="en-US" id="label_DisclosureOfPostEmploymentBenefitsLineItems_2">Disclosure Of Post Employment Benefits [line items].</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfPostEmploymentBenefitsLineItems" xlink:to="label_DisclosureOfPostEmploymentBenefitsLineItems_2" xlink:title="Label : DisclosureOfPostEmploymentBenefitsLineItems to label_DisclosureOfPostEmploymentBenefitsLineItems_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherProvisions" xlink:label="OtherProvisions" xlink:title="OtherProvisions" />
    <link:label xlink:type="resource" xlink:label="label_OtherProvisions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherProvisions" xml:lang="en-US" id="label_OtherProvisions">Other provisions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherProvisions" xlink:to="label_OtherProvisions" xlink:title="Label : OtherProvisions to label_OtherProvisions" />
    <link:label xlink:type="resource" xlink:label="label_OtherProvisions_1" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_OtherProvisions_1" xml:lang="en-US" id="label_OtherProvisions_1">Beginning balance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherProvisions" xlink:to="label_OtherProvisions_1" xlink:title="Label : OtherProvisions to label_OtherProvisions_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherProvisions_2" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_OtherProvisions_2" xml:lang="en-US" id="label_OtherProvisions_2">Ending Balance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherProvisions" xlink:to="label_OtherProvisions_2" xlink:title="Label : OtherProvisions to label_OtherProvisions_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AdditionalProvisionsOtherProvisions" xlink:label="AdditionalProvisionsOtherProvisions" xlink:title="AdditionalProvisionsOtherProvisions" />
    <link:label xlink:type="resource" xlink:label="label_AdditionalProvisionsOtherProvisions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdditionalProvisionsOtherProvisions" xml:lang="en-US" id="label_AdditionalProvisionsOtherProvisions">Additional provisions, other provisions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalProvisionsOtherProvisions" xlink:to="label_AdditionalProvisionsOtherProvisions" xlink:title="Label : AdditionalProvisionsOtherProvisions to label_AdditionalProvisionsOtherProvisions" />
    <link:label xlink:type="resource" xlink:label="label_AdditionalProvisionsOtherProvisions_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdditionalProvisionsOtherProvisions_1" xml:lang="en-US" id="label_AdditionalProvisionsOtherProvisions_1">Additions (new tanks)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalProvisionsOtherProvisions" xlink:to="label_AdditionalProvisionsOtherProvisions_1" xlink:title="Label : AdditionalProvisionsOtherProvisions to label_AdditionalProvisionsOtherProvisions_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ProvisionExpenditure" xlink:label="ProvisionExpenditure" xlink:title="ProvisionExpenditure" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionExpenditure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProvisionExpenditure" xml:lang="en-US" id="label_ProvisionExpenditure">Provision Expenditure</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionExpenditure" xlink:to="label_ProvisionExpenditure" xlink:title="Label : ProvisionExpenditure to label_ProvisionExpenditure" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionExpenditure_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ProvisionExpenditure_1" xml:lang="en-US" id="label_ProvisionExpenditure_1">Expenditure with tanks removed</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionExpenditure" xlink:to="label_ProvisionExpenditure_1" xlink:title="Label : ProvisionExpenditure to label_ProvisionExpenditure_1" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionExpenditure_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProvisionExpenditure_2" xml:lang="en-US" id="label_ProvisionExpenditure_2">The amount of provision expenditure.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionExpenditure" xlink:to="label_ProvisionExpenditure_2" xlink:title="Label : ProvisionExpenditure to label_ProvisionExpenditure_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AccretionExpenseOtherProvisions" xlink:label="AccretionExpenseOtherProvisions" xlink:title="AccretionExpenseOtherProvisions" />
    <link:label xlink:type="resource" xlink:label="label_AccretionExpenseOtherProvisions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AccretionExpenseOtherProvisions" xml:lang="en-US" id="label_AccretionExpenseOtherProvisions">Accretion expense, other provisions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccretionExpenseOtherProvisions" xlink:to="label_AccretionExpenseOtherProvisions" xlink:title="Label : AccretionExpenseOtherProvisions to label_AccretionExpenseOtherProvisions" />
    <link:label xlink:type="resource" xlink:label="label_AccretionExpenseOtherProvisions_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_AccretionExpenseOtherProvisions_1" xml:lang="en-US" id="label_AccretionExpenseOtherProvisions_1">Accretion expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccretionExpenseOtherProvisions" xlink:to="label_AccretionExpenseOtherProvisions_1" xlink:title="Label : AccretionExpenseOtherProvisions to label_AccretionExpenseOtherProvisions_1" />
    <link:label xlink:type="resource" xlink:label="label_AccretionExpenseOtherProvisions_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AccretionExpenseOtherProvisions_2" xml:lang="en-US" id="label_AccretionExpenseOtherProvisions_2">Accretion expense, other provisions.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccretionExpenseOtherProvisions" xlink:to="label_AccretionExpenseOtherProvisions_2" xlink:title="Label : AccretionExpenseOtherProvisions to label_AccretionExpenseOtherProvisions_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherShorttermProvisions" xlink:label="OtherShorttermProvisions" xlink:title="OtherShorttermProvisions" />
    <link:label xlink:type="resource" xlink:label="label_OtherShorttermProvisions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherShorttermProvisions" xml:lang="en-US" id="label_OtherShorttermProvisions">Other current provisions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherShorttermProvisions" xlink:to="label_OtherShorttermProvisions" xlink:title="Label : OtherShorttermProvisions to label_OtherShorttermProvisions" />
    <link:label xlink:type="resource" xlink:label="label_OtherShorttermProvisions_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherShorttermProvisions_1" xml:lang="en-US" id="label_OtherShorttermProvisions_1">Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherShorttermProvisions" xlink:to="label_OtherShorttermProvisions_1" xlink:title="Label : OtherShorttermProvisions to label_OtherShorttermProvisions_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherLongtermProvisions" xlink:label="OtherLongtermProvisions" xlink:title="OtherLongtermProvisions" />
    <link:label xlink:type="resource" xlink:label="label_OtherLongtermProvisions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherLongtermProvisions" xml:lang="en-US" id="label_OtherLongtermProvisions">Other non-current provisions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherLongtermProvisions" xlink:to="label_OtherLongtermProvisions" xlink:title="Label : OtherLongtermProvisions to label_OtherLongtermProvisions" />
    <link:label xlink:type="resource" xlink:label="label_OtherLongtermProvisions_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherLongtermProvisions_1" xml:lang="en-US" id="label_OtherLongtermProvisions_1">Non-current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherLongtermProvisions" xlink:to="label_OtherLongtermProvisions_1" xlink:title="Label : OtherLongtermProvisions to label_OtherLongtermProvisions_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ProvisionContingenciesAndCommitmentsAbstract" xlink:label="ProvisionContingenciesAndCommitmentsAbstract" xlink:title="ProvisionContingenciesAndCommitmentsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionContingenciesAndCommitmentsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProvisionContingenciesAndCommitmentsAbstract" xml:lang="en-US" id="label_ProvisionContingenciesAndCommitmentsAbstract">Provision contingencies and commitments [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionContingenciesAndCommitmentsAbstract" xlink:to="label_ProvisionContingenciesAndCommitmentsAbstract" xlink:title="Label : ProvisionContingenciesAndCommitmentsAbstract to label_ProvisionContingenciesAndCommitmentsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionContingenciesAndCommitmentsAbstract_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProvisionContingenciesAndCommitmentsAbstract_1" xml:lang="en-US" id="label_ProvisionContingenciesAndCommitmentsAbstract_1">Provision contingencies and commitments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionContingenciesAndCommitmentsAbstract" xlink:to="label_ProvisionContingenciesAndCommitmentsAbstract_1" xlink:title="Label : ProvisionContingenciesAndCommitmentsAbstract to label_ProvisionContingenciesAndCommitmentsAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfProvisionsTable" xlink:label="SummaryOfProvisionsTable" xlink:title="SummaryOfProvisionsTable" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfProvisionsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SummaryOfProvisionsTable" xml:lang="en-US" id="label_SummaryOfProvisionsTable">Summary Of Provisions [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfProvisionsTable" xlink:to="label_SummaryOfProvisionsTable" xlink:title="Label : SummaryOfProvisionsTable to label_SummaryOfProvisionsTable" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfProvisionsTable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfProvisionsTable_1" xml:lang="en-US" id="label_SummaryOfProvisionsTable_1">Summary Of Provisions [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfProvisionsTable" xlink:to="label_SummaryOfProvisionsTable_1" xlink:title="Label : SummaryOfProvisionsTable to label_SummaryOfProvisionsTable_1" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfProvisionsTable_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfProvisionsTable_2" xml:lang="en-US" id="label_SummaryOfProvisionsTable_2">Summary Of Provisions [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfProvisionsTable" xlink:to="label_SummaryOfProvisionsTable_2" xlink:title="Label : SummaryOfProvisionsTable to label_SummaryOfProvisionsTable_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ClassesOfProvisionsAxis" xlink:label="ClassesOfProvisionsAxis" xlink:title="ClassesOfProvisionsAxis" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfProvisionsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassesOfProvisionsAxis" xml:lang="en-US" id="label_ClassesOfProvisionsAxis">Classes of other provisions [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfProvisionsAxis" xlink:to="label_ClassesOfProvisionsAxis" xlink:title="Label : ClassesOfProvisionsAxis to label_ClassesOfProvisionsAxis" />
    <link:label xlink:type="resource" xlink:label="label_ClassesOfProvisionsAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ClassesOfProvisionsAxis_1" xml:lang="en-US" id="label_ClassesOfProvisionsAxis_1">Classes of other provisions [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassesOfProvisionsAxis" xlink:to="label_ClassesOfProvisionsAxis_1" xlink:title="Label : ClassesOfProvisionsAxis to label_ClassesOfProvisionsAxis_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherProvisionsMember" xlink:label="OtherProvisionsMember" xlink:title="OtherProvisionsMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherProvisionsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherProvisionsMember" xml:lang="en-US" id="label_OtherProvisionsMember">Other provisions [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherProvisionsMember" xlink:to="label_OtherProvisionsMember" xlink:title="Label : OtherProvisionsMember to label_OtherProvisionsMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherProvisionsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherProvisionsMember_1" xml:lang="en-US" id="label_OtherProvisionsMember_1">Other provisions [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherProvisionsMember" xlink:to="label_OtherProvisionsMember_1" xlink:title="Label : OtherProvisionsMember to label_OtherProvisionsMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ClaimsMember" xlink:label="ClaimsMember" xlink:title="ClaimsMember" />
    <link:label xlink:type="resource" xlink:label="label_ClaimsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClaimsMember" xml:lang="en-US" id="label_ClaimsMember">Claims [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClaimsMember" xlink:to="label_ClaimsMember" xlink:title="Label : ClaimsMember to label_ClaimsMember" />
    <link:label xlink:type="resource" xlink:label="label_ClaimsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ClaimsMember_1" xml:lang="en-US" id="label_ClaimsMember_1">Civil, environmental and regulatory claims [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClaimsMember" xlink:to="label_ClaimsMember_1" xlink:title="Label : ClaimsMember to label_ClaimsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ClaimsMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ClaimsMember_2" xml:lang="en-US" id="label_ClaimsMember_2">Claims.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClaimsMember" xlink:to="label_ClaimsMember_2" xlink:title="Label : ClaimsMember to label_ClaimsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LaborLitigationMember" xlink:label="LaborLitigationMember" xlink:title="LaborLitigationMember" />
    <link:label xlink:type="resource" xlink:label="label_LaborLitigationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaborLitigationMember" xml:lang="en-US" id="label_LaborLitigationMember">Labor litigation [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaborLitigationMember" xlink:to="label_LaborLitigationMember" xlink:title="Label : LaborLitigationMember to label_LaborLitigationMember" />
    <link:label xlink:type="resource" xlink:label="label_LaborLitigationMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LaborLitigationMember_1" xml:lang="en-US" id="label_LaborLitigationMember_1">Labor litigation [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaborLitigationMember" xlink:to="label_LaborLitigationMember_1" xlink:title="Label : LaborLitigationMember to label_LaborLitigationMember_1" />
    <link:label xlink:type="resource" xlink:label="label_LaborLitigationMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LaborLitigationMember_2" xml:lang="en-US" id="label_LaborLitigationMember_2">Labor litigation.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaborLitigationMember" xlink:to="label_LaborLitigationMember_2" xlink:title="Label : LaborLitigationMember to label_LaborLitigationMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OtherProvisionMember" xlink:label="OtherProvisionMember" xlink:title="OtherProvisionMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherProvisionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherProvisionMember" xml:lang="en-US" id="label_OtherProvisionMember">Other Provision [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherProvisionMember" xlink:to="label_OtherProvisionMember" xlink:title="Label : OtherProvisionMember to label_OtherProvisionMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherProvisionMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherProvisionMember_1" xml:lang="en-US" id="label_OtherProvisionMember_1">Other [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherProvisionMember" xlink:to="label_OtherProvisionMember_1" xlink:title="Label : OtherProvisionMember to label_OtherProvisionMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherProvisionMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherProvisionMember_2" xml:lang="en-US" id="label_OtherProvisionMember_2">Other provision.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherProvisionMember" xlink:to="label_OtherProvisionMember_2" xlink:title="Label : OtherProvisionMember to label_OtherProvisionMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfProvisionsLineItems" xlink:label="SummaryOfProvisionsLineItems" xlink:title="SummaryOfProvisionsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfProvisionsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SummaryOfProvisionsLineItems" xml:lang="en-US" id="label_SummaryOfProvisionsLineItems">Summary Of Provisions [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfProvisionsLineItems" xlink:to="label_SummaryOfProvisionsLineItems" xlink:title="Label : SummaryOfProvisionsLineItems to label_SummaryOfProvisionsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfProvisionsLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfProvisionsLineItems_1" xml:lang="en-US" id="label_SummaryOfProvisionsLineItems_1">Summary Of Provisions [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfProvisionsLineItems" xlink:to="label_SummaryOfProvisionsLineItems_1" xlink:title="Label : SummaryOfProvisionsLineItems to label_SummaryOfProvisionsLineItems_1" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfProvisionsLineItems_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfProvisionsLineItems_2" xml:lang="en-US" id="label_SummaryOfProvisionsLineItems_2">Summary Of Provisions [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfProvisionsLineItems" xlink:to="label_SummaryOfProvisionsLineItems_2" xlink:title="Label : SummaryOfProvisionsLineItems to label_SummaryOfProvisionsLineItems_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ProvisionForTaxCivilAndLaborRisks" xlink:label="ProvisionForTaxCivilAndLaborRisks" xlink:title="ProvisionForTaxCivilAndLaborRisks" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForTaxCivilAndLaborRisks" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProvisionForTaxCivilAndLaborRisks" xml:lang="en-US" id="label_ProvisionForTaxCivilAndLaborRisks">Provision for tax civil and labor risks</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForTaxCivilAndLaborRisks" xlink:to="label_ProvisionForTaxCivilAndLaborRisks" xlink:title="Label : ProvisionForTaxCivilAndLaborRisks to label_ProvisionForTaxCivilAndLaborRisks" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForTaxCivilAndLaborRisks_1" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_ProvisionForTaxCivilAndLaborRisks_1" xml:lang="en-US" id="label_ProvisionForTaxCivilAndLaborRisks_1">Provisions by nature, beginning</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForTaxCivilAndLaborRisks" xlink:to="label_ProvisionForTaxCivilAndLaborRisks_1" xlink:title="Label : ProvisionForTaxCivilAndLaborRisks to label_ProvisionForTaxCivilAndLaborRisks_1" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForTaxCivilAndLaborRisks_2" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_ProvisionForTaxCivilAndLaborRisks_2" xml:lang="en-US" id="label_ProvisionForTaxCivilAndLaborRisks_2">Provisions by nature, ending</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForTaxCivilAndLaborRisks" xlink:to="label_ProvisionForTaxCivilAndLaborRisks_2" xlink:title="Label : ProvisionForTaxCivilAndLaborRisks to label_ProvisionForTaxCivilAndLaborRisks_2" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForTaxCivilAndLaborRisks_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProvisionForTaxCivilAndLaborRisks_3" xml:lang="en-US" id="label_ProvisionForTaxCivilAndLaborRisks_3">Balance of provisions by nature.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForTaxCivilAndLaborRisks" xlink:to="label_ProvisionForTaxCivilAndLaborRisks_3" xlink:title="Label : ProvisionForTaxCivilAndLaborRisks to label_ProvisionForTaxCivilAndLaborRisks_3" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AdditionsToProvisionForTaxCivilAndLaborRisks" xlink:label="AdditionsToProvisionForTaxCivilAndLaborRisks" xlink:title="AdditionsToProvisionForTaxCivilAndLaborRisks" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsToProvisionForTaxCivilAndLaborRisks" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdditionsToProvisionForTaxCivilAndLaborRisks" xml:lang="en-US" id="label_AdditionsToProvisionForTaxCivilAndLaborRisks">Additions to provision for tax civil and labor risks</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsToProvisionForTaxCivilAndLaborRisks" xlink:to="label_AdditionsToProvisionForTaxCivilAndLaborRisks" xlink:title="Label : AdditionsToProvisionForTaxCivilAndLaborRisks to label_AdditionsToProvisionForTaxCivilAndLaborRisks" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsToProvisionForTaxCivilAndLaborRisks_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdditionsToProvisionForTaxCivilAndLaborRisks_1" xml:lang="en-US" id="label_AdditionsToProvisionForTaxCivilAndLaborRisks_1">Additions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsToProvisionForTaxCivilAndLaborRisks" xlink:to="label_AdditionsToProvisionForTaxCivilAndLaborRisks_1" xlink:title="Label : AdditionsToProvisionForTaxCivilAndLaborRisks to label_AdditionsToProvisionForTaxCivilAndLaborRisks_1" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsToProvisionForTaxCivilAndLaborRisks_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AdditionsToProvisionForTaxCivilAndLaborRisks_2" xml:lang="en-US" id="label_AdditionsToProvisionForTaxCivilAndLaborRisks_2">Additions To Provision For Tax Civil And Labor Risks.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsToProvisionForTaxCivilAndLaborRisks" xlink:to="label_AdditionsToProvisionForTaxCivilAndLaborRisks_2" xlink:title="Label : AdditionsToProvisionForTaxCivilAndLaborRisks to label_AdditionsToProvisionForTaxCivilAndLaborRisks_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_WriteOffsOfProvisionForTaxCivilAndLaborRisks" xlink:label="WriteOffsOfProvisionForTaxCivilAndLaborRisks" xlink:title="WriteOffsOfProvisionForTaxCivilAndLaborRisks" />
    <link:label xlink:type="resource" xlink:label="label_WriteOffsOfProvisionForTaxCivilAndLaborRisks" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_WriteOffsOfProvisionForTaxCivilAndLaborRisks" xml:lang="en-US" id="label_WriteOffsOfProvisionForTaxCivilAndLaborRisks">Write Offs Of Provision For Tax Civil And Labor Risks</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WriteOffsOfProvisionForTaxCivilAndLaborRisks" xlink:to="label_WriteOffsOfProvisionForTaxCivilAndLaborRisks" xlink:title="Label : WriteOffsOfProvisionForTaxCivilAndLaborRisks to label_WriteOffsOfProvisionForTaxCivilAndLaborRisks" />
    <link:label xlink:type="resource" xlink:label="label_WriteOffsOfProvisionForTaxCivilAndLaborRisks_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_WriteOffsOfProvisionForTaxCivilAndLaborRisks_1" xml:lang="en-US" id="label_WriteOffsOfProvisionForTaxCivilAndLaborRisks_1">Reversals</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WriteOffsOfProvisionForTaxCivilAndLaborRisks" xlink:to="label_WriteOffsOfProvisionForTaxCivilAndLaborRisks_1" xlink:title="Label : WriteOffsOfProvisionForTaxCivilAndLaborRisks to label_WriteOffsOfProvisionForTaxCivilAndLaborRisks_1" />
    <link:label xlink:type="resource" xlink:label="label_WriteOffsOfProvisionForTaxCivilAndLaborRisks_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_WriteOffsOfProvisionForTaxCivilAndLaborRisks_2" xml:lang="en-US" id="label_WriteOffsOfProvisionForTaxCivilAndLaborRisks_2">Write Offs Of Provision For Tax Civil And Labor Risks</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WriteOffsOfProvisionForTaxCivilAndLaborRisks" xlink:to="label_WriteOffsOfProvisionForTaxCivilAndLaborRisks_2" xlink:title="Label : WriteOffsOfProvisionForTaxCivilAndLaborRisks to label_WriteOffsOfProvisionForTaxCivilAndLaborRisks_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_PaymentOfProvisionForTaxCivilAndLaborRisks" xlink:label="PaymentOfProvisionForTaxCivilAndLaborRisks" xlink:title="PaymentOfProvisionForTaxCivilAndLaborRisks" />
    <link:label xlink:type="resource" xlink:label="label_PaymentOfProvisionForTaxCivilAndLaborRisks" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PaymentOfProvisionForTaxCivilAndLaborRisks" xml:lang="en-US" id="label_PaymentOfProvisionForTaxCivilAndLaborRisks">Payment of provision for tax civil and labor risks</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentOfProvisionForTaxCivilAndLaborRisks" xlink:to="label_PaymentOfProvisionForTaxCivilAndLaborRisks" xlink:title="Label : PaymentOfProvisionForTaxCivilAndLaborRisks to label_PaymentOfProvisionForTaxCivilAndLaborRisks" />
    <link:label xlink:type="resource" xlink:label="label_PaymentOfProvisionForTaxCivilAndLaborRisks_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_PaymentOfProvisionForTaxCivilAndLaborRisks_1" xml:lang="en-US" id="label_PaymentOfProvisionForTaxCivilAndLaborRisks_1">Payments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentOfProvisionForTaxCivilAndLaborRisks" xlink:to="label_PaymentOfProvisionForTaxCivilAndLaborRisks_1" xlink:title="Label : PaymentOfProvisionForTaxCivilAndLaborRisks to label_PaymentOfProvisionForTaxCivilAndLaborRisks_1" />
    <link:label xlink:type="resource" xlink:label="label_PaymentOfProvisionForTaxCivilAndLaborRisks_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PaymentOfProvisionForTaxCivilAndLaborRisks_2" xml:lang="en-US" id="label_PaymentOfProvisionForTaxCivilAndLaborRisks_2">Payment of provision for tax civil and labor risks.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentOfProvisionForTaxCivilAndLaborRisks" xlink:to="label_PaymentOfProvisionForTaxCivilAndLaborRisks_2" xlink:title="Label : PaymentOfProvisionForTaxCivilAndLaborRisks to label_PaymentOfProvisionForTaxCivilAndLaborRisks_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_InterestOnProvisionForTaxCivilAndLaborRisks" xlink:label="InterestOnProvisionForTaxCivilAndLaborRisks" xlink:title="InterestOnProvisionForTaxCivilAndLaborRisks" />
    <link:label xlink:type="resource" xlink:label="label_InterestOnProvisionForTaxCivilAndLaborRisks" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestOnProvisionForTaxCivilAndLaborRisks" xml:lang="en-US" id="label_InterestOnProvisionForTaxCivilAndLaborRisks">Interest on provision for tax civil and labor risks</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestOnProvisionForTaxCivilAndLaborRisks" xlink:to="label_InterestOnProvisionForTaxCivilAndLaborRisks" xlink:title="Label : InterestOnProvisionForTaxCivilAndLaborRisks to label_InterestOnProvisionForTaxCivilAndLaborRisks" />
    <link:label xlink:type="resource" xlink:label="label_InterestOnProvisionForTaxCivilAndLaborRisks_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterestOnProvisionForTaxCivilAndLaborRisks_1" xml:lang="en-US" id="label_InterestOnProvisionForTaxCivilAndLaborRisks_1">Interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestOnProvisionForTaxCivilAndLaborRisks" xlink:to="label_InterestOnProvisionForTaxCivilAndLaborRisks_1" xlink:title="Label : InterestOnProvisionForTaxCivilAndLaborRisks to label_InterestOnProvisionForTaxCivilAndLaborRisks_1" />
    <link:label xlink:type="resource" xlink:label="label_InterestOnProvisionForTaxCivilAndLaborRisks_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InterestOnProvisionForTaxCivilAndLaborRisks_2" xml:lang="en-US" id="label_InterestOnProvisionForTaxCivilAndLaborRisks_2">Interest on provision for tax civil and labor risks.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestOnProvisionForTaxCivilAndLaborRisks" xlink:to="label_InterestOnProvisionForTaxCivilAndLaborRisks_2" xlink:title="Label : InterestOnProvisionForTaxCivilAndLaborRisks to label_InterestOnProvisionForTaxCivilAndLaborRisks_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CurrentProvisionForTaxCivilAndLaborRisks" xlink:label="CurrentProvisionForTaxCivilAndLaborRisks" xlink:title="CurrentProvisionForTaxCivilAndLaborRisks" />
    <link:label xlink:type="resource" xlink:label="label_CurrentProvisionForTaxCivilAndLaborRisks" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentProvisionForTaxCivilAndLaborRisks" xml:lang="en-US" id="label_CurrentProvisionForTaxCivilAndLaborRisks">Current provision for tax civil and labor risks</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentProvisionForTaxCivilAndLaborRisks" xlink:to="label_CurrentProvisionForTaxCivilAndLaborRisks" xlink:title="Label : CurrentProvisionForTaxCivilAndLaborRisks to label_CurrentProvisionForTaxCivilAndLaborRisks" />
    <link:label xlink:type="resource" xlink:label="label_CurrentProvisionForTaxCivilAndLaborRisks_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentProvisionForTaxCivilAndLaborRisks_1" xml:lang="en-US" id="label_CurrentProvisionForTaxCivilAndLaborRisks_1">Current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentProvisionForTaxCivilAndLaborRisks" xlink:to="label_CurrentProvisionForTaxCivilAndLaborRisks_1" xlink:title="Label : CurrentProvisionForTaxCivilAndLaborRisks to label_CurrentProvisionForTaxCivilAndLaborRisks_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentProvisionForTaxCivilAndLaborRisks_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentProvisionForTaxCivilAndLaborRisks_2" xml:lang="en-US" id="label_CurrentProvisionForTaxCivilAndLaborRisks_2">An obligating event that creates a legal obligation and, therefore, results in an entity having no realistic alternative but to settle the obligation.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentProvisionForTaxCivilAndLaborRisks" xlink:to="label_CurrentProvisionForTaxCivilAndLaborRisks_2" xlink:title="Label : CurrentProvisionForTaxCivilAndLaborRisks to label_CurrentProvisionForTaxCivilAndLaborRisks_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_NonCurrentProvisionForTaxCivilAndLaborRisks" xlink:label="NonCurrentProvisionForTaxCivilAndLaborRisks" xlink:title="NonCurrentProvisionForTaxCivilAndLaborRisks" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentProvisionForTaxCivilAndLaborRisks" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NonCurrentProvisionForTaxCivilAndLaborRisks" xml:lang="en-US" id="label_NonCurrentProvisionForTaxCivilAndLaborRisks">Non-current provision for tax civil and labor risks</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentProvisionForTaxCivilAndLaborRisks" xlink:to="label_NonCurrentProvisionForTaxCivilAndLaborRisks" xlink:title="Label : NonCurrentProvisionForTaxCivilAndLaborRisks to label_NonCurrentProvisionForTaxCivilAndLaborRisks" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentProvisionForTaxCivilAndLaborRisks_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NonCurrentProvisionForTaxCivilAndLaborRisks_1" xml:lang="en-US" id="label_NonCurrentProvisionForTaxCivilAndLaborRisks_1">Non-current</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentProvisionForTaxCivilAndLaborRisks" xlink:to="label_NonCurrentProvisionForTaxCivilAndLaborRisks_1" xlink:title="Label : NonCurrentProvisionForTaxCivilAndLaborRisks to label_NonCurrentProvisionForTaxCivilAndLaborRisks_1" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentProvisionForTaxCivilAndLaborRisks_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NonCurrentProvisionForTaxCivilAndLaborRisks_2" xml:lang="en-US" id="label_NonCurrentProvisionForTaxCivilAndLaborRisks_2">An obligating event that creates a legal obligation and, therefore, results in an entity having no realistic alternative but to settle the obligation.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentProvisionForTaxCivilAndLaborRisks" xlink:to="label_NonCurrentProvisionForTaxCivilAndLaborRisks_2" xlink:title="Label : NonCurrentProvisionForTaxCivilAndLaborRisks to label_NonCurrentProvisionForTaxCivilAndLaborRisks_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_EscrowDepositsAxis" xlink:label="EscrowDepositsAxis" xlink:title="EscrowDepositsAxis" />
    <link:label xlink:type="resource" xlink:label="label_EscrowDepositsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EscrowDepositsAxis" xml:lang="en-US" id="label_EscrowDepositsAxis">Escrow deposits [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EscrowDepositsAxis" xlink:to="label_EscrowDepositsAxis" xlink:title="Label : EscrowDepositsAxis to label_EscrowDepositsAxis" />
    <link:label xlink:type="resource" xlink:label="label_EscrowDepositsAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EscrowDepositsAxis_1" xml:lang="en-US" id="label_EscrowDepositsAxis_1">Escrow deposits [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EscrowDepositsAxis" xlink:to="label_EscrowDepositsAxis_1" xlink:title="Label : EscrowDepositsAxis to label_EscrowDepositsAxis_1" />
    <link:label xlink:type="resource" xlink:label="label_EscrowDepositsAxis_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EscrowDepositsAxis_2" xml:lang="en-US" id="label_EscrowDepositsAxis_2">Escrow deposits [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EscrowDepositsAxis" xlink:to="label_EscrowDepositsAxis_2" xlink:title="Label : EscrowDepositsAxis to label_EscrowDepositsAxis_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_EscrowDepositsDomain" xlink:label="EscrowDepositsDomain" xlink:title="EscrowDepositsDomain" />
    <link:label xlink:type="resource" xlink:label="label_EscrowDepositsDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EscrowDepositsDomain" xml:lang="en-US" id="label_EscrowDepositsDomain">Escrow deposits [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EscrowDepositsDomain" xlink:to="label_EscrowDepositsDomain" xlink:title="Label : EscrowDepositsDomain to label_EscrowDepositsDomain" />
    <link:label xlink:type="resource" xlink:label="label_EscrowDepositsDomain_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EscrowDepositsDomain_1" xml:lang="en-US" id="label_EscrowDepositsDomain_1">Escrow deposits [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EscrowDepositsDomain" xlink:to="label_EscrowDepositsDomain_1" xlink:title="Label : EscrowDepositsDomain to label_EscrowDepositsDomain_1" />
    <link:label xlink:type="resource" xlink:label="label_EscrowDepositsDomain_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EscrowDepositsDomain_2" xml:lang="en-US" id="label_EscrowDepositsDomain_2">Escrow deposits [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EscrowDepositsDomain" xlink:to="label_EscrowDepositsDomain_2" xlink:title="Label : EscrowDepositsDomain to label_EscrowDepositsDomain_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TaxMattersMember" xlink:label="TaxMattersMember" xlink:title="TaxMattersMember" />
    <link:label xlink:type="resource" xlink:label="label_TaxMattersMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TaxMattersMember" xml:lang="en-US" id="label_TaxMattersMember">Tax matters [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxMattersMember" xlink:to="label_TaxMattersMember" xlink:title="Label : TaxMattersMember to label_TaxMattersMember" />
    <link:label xlink:type="resource" xlink:label="label_TaxMattersMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TaxMattersMember_1" xml:lang="en-US" id="label_TaxMattersMember_1">Tax matters [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxMattersMember" xlink:to="label_TaxMattersMember_1" xlink:title="Label : TaxMattersMember to label_TaxMattersMember_1" />
    <link:label xlink:type="resource" xlink:label="label_TaxMattersMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TaxMattersMember_2" xml:lang="en-US" id="label_TaxMattersMember_2">Tax matters.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxMattersMember" xlink:to="label_TaxMattersMember_2" xlink:title="Label : TaxMattersMember to label_TaxMattersMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CivilAndOtherMember" xlink:label="CivilAndOtherMember" xlink:title="CivilAndOtherMember" />
    <link:label xlink:type="resource" xlink:label="label_CivilAndOtherMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CivilAndOtherMember" xml:lang="en-US" id="label_CivilAndOtherMember">Civil and other [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CivilAndOtherMember" xlink:to="label_CivilAndOtherMember" xlink:title="Label : CivilAndOtherMember to label_CivilAndOtherMember" />
    <link:label xlink:type="resource" xlink:label="label_CivilAndOtherMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CivilAndOtherMember_1" xml:lang="en-US" id="label_CivilAndOtherMember_1">Civil and other [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CivilAndOtherMember" xlink:to="label_CivilAndOtherMember_1" xlink:title="Label : CivilAndOtherMember to label_CivilAndOtherMember_1" />
    <link:label xlink:type="resource" xlink:label="label_CivilAndOtherMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CivilAndOtherMember_2" xml:lang="en-US" id="label_CivilAndOtherMember_2">Civil and other.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CivilAndOtherMember" xlink:to="label_CivilAndOtherMember_2" xlink:title="Label : CivilAndOtherMember to label_CivilAndOtherMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfEscrowDepositsLineItems" xlink:label="SummaryOfEscrowDepositsLineItems" xlink:title="SummaryOfEscrowDepositsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfEscrowDepositsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SummaryOfEscrowDepositsLineItems" xml:lang="en-US" id="label_SummaryOfEscrowDepositsLineItems">Summary of escrow deposits [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfEscrowDepositsLineItems" xlink:to="label_SummaryOfEscrowDepositsLineItems" xlink:title="Label : SummaryOfEscrowDepositsLineItems to label_SummaryOfEscrowDepositsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfEscrowDepositsLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfEscrowDepositsLineItems_1" xml:lang="en-US" id="label_SummaryOfEscrowDepositsLineItems_1">Summary of escrow deposits [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfEscrowDepositsLineItems" xlink:to="label_SummaryOfEscrowDepositsLineItems_1" xlink:title="Label : SummaryOfEscrowDepositsLineItems to label_SummaryOfEscrowDepositsLineItems_1" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfEscrowDepositsLineItems_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfEscrowDepositsLineItems_2" xml:lang="en-US" id="label_SummaryOfEscrowDepositsLineItems_2">Summary of escrow deposits.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfEscrowDepositsLineItems" xlink:to="label_SummaryOfEscrowDepositsLineItems_2" xlink:title="Label : SummaryOfEscrowDepositsLineItems to label_SummaryOfEscrowDepositsLineItems_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ProvisionContingenciesAndCommitmentsDetailsNarrativeAbstract" xlink:label="ProvisionContingenciesAndCommitmentsDetailsNarrativeAbstract" xlink:title="ProvisionContingenciesAndCommitmentsDetailsNarrativeAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionContingenciesAndCommitmentsDetailsNarrativeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProvisionContingenciesAndCommitmentsDetailsNarrativeAbstract" xml:lang="en-US" id="label_ProvisionContingenciesAndCommitmentsDetailsNarrativeAbstract">Provision contingencies and commitments details narrative [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionContingenciesAndCommitmentsDetailsNarrativeAbstract" xlink:to="label_ProvisionContingenciesAndCommitmentsDetailsNarrativeAbstract" xlink:title="Label : ProvisionContingenciesAndCommitmentsDetailsNarrativeAbstract to label_ProvisionContingenciesAndCommitmentsDetailsNarrativeAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionContingenciesAndCommitmentsDetailsNarrativeAbstract_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProvisionContingenciesAndCommitmentsDetailsNarrativeAbstract_1" xml:lang="en-US" id="label_ProvisionContingenciesAndCommitmentsDetailsNarrativeAbstract_1">Provision contingencies and commitments details narrative.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionContingenciesAndCommitmentsDetailsNarrativeAbstract" xlink:to="label_ProvisionContingenciesAndCommitmentsDetailsNarrativeAbstract_1" xlink:title="Label : ProvisionContingenciesAndCommitmentsDetailsNarrativeAbstract to label_ProvisionContingenciesAndCommitmentsDetailsNarrativeAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfCollateralAndContractualCommitmentsTable" xlink:label="DisclosureOfCollateralAndContractualCommitmentsTable" xlink:title="DisclosureOfCollateralAndContractualCommitmentsTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCollateralAndContractualCommitmentsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfCollateralAndContractualCommitmentsTable" xml:lang="en-US" id="label_DisclosureOfCollateralAndContractualCommitmentsTable">Disclosure of collateral and contractual commitments [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCollateralAndContractualCommitmentsTable" xlink:to="label_DisclosureOfCollateralAndContractualCommitmentsTable" xlink:title="Label : DisclosureOfCollateralAndContractualCommitmentsTable to label_DisclosureOfCollateralAndContractualCommitmentsTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCollateralAndContractualCommitmentsTable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfCollateralAndContractualCommitmentsTable_1" xml:lang="en-US" id="label_DisclosureOfCollateralAndContractualCommitmentsTable_1">Disclosure of collateral and contractual commitments [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCollateralAndContractualCommitmentsTable" xlink:to="label_DisclosureOfCollateralAndContractualCommitmentsTable_1" xlink:title="Label : DisclosureOfCollateralAndContractualCommitmentsTable to label_DisclosureOfCollateralAndContractualCommitmentsTable_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCollateralAndContractualCommitmentsTable_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfCollateralAndContractualCommitmentsTable_2" xml:lang="en-US" id="label_DisclosureOfCollateralAndContractualCommitmentsTable_2">Schedule disclosing collateral and contractual commitments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCollateralAndContractualCommitmentsTable" xlink:to="label_DisclosureOfCollateralAndContractualCommitmentsTable_2" xlink:title="Label : DisclosureOfCollateralAndContractualCommitmentsTable to label_DisclosureOfCollateralAndContractualCommitmentsTable_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CiaUltragazAndBahianaMember" xlink:label="CiaUltragazAndBahianaMember" xlink:title="CiaUltragazAndBahianaMember" />
    <link:label xlink:type="resource" xlink:label="label_CiaUltragazAndBahianaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CiaUltragazAndBahianaMember" xml:lang="en-US" id="label_CiaUltragazAndBahianaMember">Cia. Ultragaz and Bahiana [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CiaUltragazAndBahianaMember" xlink:to="label_CiaUltragazAndBahianaMember" xlink:title="Label : CiaUltragazAndBahianaMember to label_CiaUltragazAndBahianaMember" />
    <link:label xlink:type="resource" xlink:label="label_CiaUltragazAndBahianaMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CiaUltragazAndBahianaMember_1" xml:lang="en-US" id="label_CiaUltragazAndBahianaMember_1">Cia. Ultragaz and Bahiana [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CiaUltragazAndBahianaMember" xlink:to="label_CiaUltragazAndBahianaMember_1" xlink:title="Label : CiaUltragazAndBahianaMember to label_CiaUltragazAndBahianaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_CiaUltragazAndBahianaMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CiaUltragazAndBahianaMember_2" xml:lang="en-US" id="label_CiaUltragazAndBahianaMember_2">Cia. Ultragaz and Bahiana [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CiaUltragazAndBahianaMember" xlink:to="label_CiaUltragazAndBahianaMember_2" xlink:title="Label : CiaUltragazAndBahianaMember to label_CiaUltragazAndBahianaMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ThreeEmployeesAndOneFormerEmployeeMember" xlink:label="ThreeEmployeesAndOneFormerEmployeeMember" xlink:title="ThreeEmployeesAndOneFormerEmployeeMember" />
    <link:label xlink:type="resource" xlink:label="label_ThreeEmployeesAndOneFormerEmployeeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ThreeEmployeesAndOneFormerEmployeeMember" xml:lang="en-US" id="label_ThreeEmployeesAndOneFormerEmployeeMember">Three employees and one former employee [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ThreeEmployeesAndOneFormerEmployeeMember" xlink:to="label_ThreeEmployeesAndOneFormerEmployeeMember" xlink:title="Label : ThreeEmployeesAndOneFormerEmployeeMember to label_ThreeEmployeesAndOneFormerEmployeeMember" />
    <link:label xlink:type="resource" xlink:label="label_ThreeEmployeesAndOneFormerEmployeeMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ThreeEmployeesAndOneFormerEmployeeMember_1" xml:lang="en-US" id="label_ThreeEmployeesAndOneFormerEmployeeMember_1">Three employees and one former employee [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ThreeEmployeesAndOneFormerEmployeeMember" xlink:to="label_ThreeEmployeesAndOneFormerEmployeeMember_1" xlink:title="Label : ThreeEmployeesAndOneFormerEmployeeMember to label_ThreeEmployeesAndOneFormerEmployeeMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ThreeEmployeesAndOneFormerEmployeeMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ThreeEmployeesAndOneFormerEmployeeMember_2" xml:lang="en-US" id="label_ThreeEmployeesAndOneFormerEmployeeMember_2">Three employees and one former employee [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ThreeEmployeesAndOneFormerEmployeeMember" xlink:to="label_ThreeEmployeesAndOneFormerEmployeeMember_2" xlink:title="Label : ThreeEmployeesAndOneFormerEmployeeMember to label_ThreeEmployeesAndOneFormerEmployeeMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TwoFormerEmployeesEachMember" xlink:label="TwoFormerEmployeesEachMember" xlink:title="TwoFormerEmployeesEachMember" />
    <link:label xlink:type="resource" xlink:label="label_TwoFormerEmployeesEachMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TwoFormerEmployeesEachMember" xml:lang="en-US" id="label_TwoFormerEmployeesEachMember">Two former employees, each [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TwoFormerEmployeesEachMember" xlink:to="label_TwoFormerEmployeesEachMember" xlink:title="Label : TwoFormerEmployeesEachMember to label_TwoFormerEmployeesEachMember" />
    <link:label xlink:type="resource" xlink:label="label_TwoFormerEmployeesEachMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TwoFormerEmployeesEachMember_1" xml:lang="en-US" id="label_TwoFormerEmployeesEachMember_1">Two former employees, each [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TwoFormerEmployeesEachMember" xlink:to="label_TwoFormerEmployeesEachMember_1" xlink:title="Label : TwoFormerEmployeesEachMember to label_TwoFormerEmployeesEachMember_1" />
    <link:label xlink:type="resource" xlink:label="label_TwoFormerEmployeesEachMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TwoFormerEmployeesEachMember_2" xml:lang="en-US" id="label_TwoFormerEmployeesEachMember_2">Two former employees, each [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TwoFormerEmployeesEachMember" xlink:to="label_TwoFormerEmployeesEachMember_2" xlink:title="Label : TwoFormerEmployeesEachMember to label_TwoFormerEmployeesEachMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ChevronAndSubsidiaryIPPMember" xlink:label="ChevronAndSubsidiaryIPPMember" xlink:title="ChevronAndSubsidiaryIPPMember" />
    <link:label xlink:type="resource" xlink:label="label_ChevronAndSubsidiaryIPPMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ChevronAndSubsidiaryIPPMember" xml:lang="en-US" id="label_ChevronAndSubsidiaryIPPMember">Chevron and subsidiary IPP [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChevronAndSubsidiaryIPPMember" xlink:to="label_ChevronAndSubsidiaryIPPMember" xlink:title="Label : ChevronAndSubsidiaryIPPMember to label_ChevronAndSubsidiaryIPPMember" />
    <link:label xlink:type="resource" xlink:label="label_ChevronAndSubsidiaryIPPMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ChevronAndSubsidiaryIPPMember_1" xml:lang="en-US" id="label_ChevronAndSubsidiaryIPPMember_1">Chevron and subsidiary IPP [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChevronAndSubsidiaryIPPMember" xlink:to="label_ChevronAndSubsidiaryIPPMember_1" xlink:title="Label : ChevronAndSubsidiaryIPPMember to label_ChevronAndSubsidiaryIPPMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ChevronAndSubsidiaryIPPMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ChevronAndSubsidiaryIPPMember_2" xml:lang="en-US" id="label_ChevronAndSubsidiaryIPPMember_2">Chevron and subsidiary IPP [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChevronAndSubsidiaryIPPMember" xlink:to="label_ChevronAndSubsidiaryIPPMember_2" xlink:title="Label : ChevronAndSubsidiaryIPPMember to label_ChevronAndSubsidiaryIPPMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_FisheriesManagementProjectMember" xlink:label="FisheriesManagementProjectMember" xlink:title="FisheriesManagementProjectMember" />
    <link:label xlink:type="resource" xlink:label="label_FisheriesManagementProjectMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FisheriesManagementProjectMember" xml:lang="en-US" id="label_FisheriesManagementProjectMember">Fisheries Management Project [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FisheriesManagementProjectMember" xlink:to="label_FisheriesManagementProjectMember" xlink:title="Label : FisheriesManagementProjectMember to label_FisheriesManagementProjectMember" />
    <link:label xlink:type="resource" xlink:label="label_FisheriesManagementProjectMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FisheriesManagementProjectMember_1" xml:lang="en-US" id="label_FisheriesManagementProjectMember_1">Fisheries management project [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FisheriesManagementProjectMember" xlink:to="label_FisheriesManagementProjectMember_1" xlink:title="Label : FisheriesManagementProjectMember to label_FisheriesManagementProjectMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_ProductOrServiceAxis" xlink:label="ProductOrServiceAxis" xlink:title="ProductOrServiceAxis" />
    <link:label xlink:type="resource" xlink:label="label_ProductOrServiceAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProductOrServiceAxis" xml:lang="en-US" id="label_ProductOrServiceAxis">Product and Service [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProductOrServiceAxis" xlink:to="label_ProductOrServiceAxis" xlink:title="Label : ProductOrServiceAxis to label_ProductOrServiceAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_ProductsAndServicesDomain" xlink:label="ProductsAndServicesDomain" xlink:title="ProductsAndServicesDomain" />
    <link:label xlink:type="resource" xlink:label="label_ProductsAndServicesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProductsAndServicesDomain" xml:lang="en-US" id="label_ProductsAndServicesDomain">Product and Service [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProductsAndServicesDomain" xlink:to="label_ProductsAndServicesDomain" xlink:title="Label : ProductsAndServicesDomain to label_ProductsAndServicesDomain" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TacMember" xlink:label="TacMember" xlink:title="TacMember" />
    <link:label xlink:type="resource" xlink:label="label_TacMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TacMember" xml:lang="en-US" id="label_TacMember">TAC [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TacMember" xlink:to="label_TacMember" xlink:title="Label : TacMember to label_TacMember" />
    <link:label xlink:type="resource" xlink:label="label_TacMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TacMember_1" xml:lang="en-US" id="label_TacMember_1">TAC [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TacMember" xlink:to="label_TacMember_1" xlink:title="Label : TacMember to label_TacMember_1" />
    <link:label xlink:type="resource" xlink:label="label_TacMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TacMember_2" xml:lang="en-US" id="label_TacMember_2">TAC [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TacMember" xlink:to="label_TacMember_2" xlink:title="Label : TacMember to label_TacMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ComplementaryAllocationMember" xlink:label="ComplementaryAllocationMember" xlink:title="ComplementaryAllocationMember" />
    <link:label xlink:type="resource" xlink:label="label_ComplementaryAllocationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ComplementaryAllocationMember" xml:lang="en-US" id="label_ComplementaryAllocationMember">Complementary Allocation [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComplementaryAllocationMember" xlink:to="label_ComplementaryAllocationMember" xlink:title="Label : ComplementaryAllocationMember to label_ComplementaryAllocationMember" />
    <link:label xlink:type="resource" xlink:label="label_ComplementaryAllocationMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ComplementaryAllocationMember_1" xml:lang="en-US" id="label_ComplementaryAllocationMember_1">Complementary Allocation [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComplementaryAllocationMember" xlink:to="label_ComplementaryAllocationMember_1" xlink:title="Label : ComplementaryAllocationMember to label_ComplementaryAllocationMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ComplementaryAllocationMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ComplementaryAllocationMember_2" xml:lang="en-US" id="label_ComplementaryAllocationMember_2">Complementary Allocation [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComplementaryAllocationMember" xlink:to="label_ComplementaryAllocationMember_2" xlink:title="Label : ComplementaryAllocationMember to label_ComplementaryAllocationMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfCollateralAndContractualCommitmentsLineItems" xlink:label="DisclosureOfCollateralAndContractualCommitmentsLineItems" xlink:title="DisclosureOfCollateralAndContractualCommitmentsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCollateralAndContractualCommitmentsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfCollateralAndContractualCommitmentsLineItems" xml:lang="en-US" id="label_DisclosureOfCollateralAndContractualCommitmentsLineItems">Disclosure of collateral and contractual commitments [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCollateralAndContractualCommitmentsLineItems" xlink:to="label_DisclosureOfCollateralAndContractualCommitmentsLineItems" xlink:title="Label : DisclosureOfCollateralAndContractualCommitmentsLineItems to label_DisclosureOfCollateralAndContractualCommitmentsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCollateralAndContractualCommitmentsLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfCollateralAndContractualCommitmentsLineItems_1" xml:lang="en-US" id="label_DisclosureOfCollateralAndContractualCommitmentsLineItems_1">Disclosure of collateral and contractual commitments [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCollateralAndContractualCommitmentsLineItems" xlink:to="label_DisclosureOfCollateralAndContractualCommitmentsLineItems_1" xlink:title="Label : DisclosureOfCollateralAndContractualCommitmentsLineItems to label_DisclosureOfCollateralAndContractualCommitmentsLineItems_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCollateralAndContractualCommitmentsLineItems_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfCollateralAndContractualCommitmentsLineItems_2" xml:lang="en-US" id="label_DisclosureOfCollateralAndContractualCommitmentsLineItems_2">Line items represents collateral and contractual commitments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCollateralAndContractualCommitmentsLineItems" xlink:to="label_DisclosureOfCollateralAndContractualCommitmentsLineItems_2" xlink:title="Label : DisclosureOfCollateralAndContractualCommitmentsLineItems to label_DisclosureOfCollateralAndContractualCommitmentsLineItems_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_EscrowDepositsMadeUnderPreLiminaryInjunction" xlink:label="EscrowDepositsMadeUnderPreLiminaryInjunction" xlink:title="EscrowDepositsMadeUnderPreLiminaryInjunction" />
    <link:label xlink:type="resource" xlink:label="label_EscrowDepositsMadeUnderPreLiminaryInjunction" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EscrowDepositsMadeUnderPreLiminaryInjunction" xml:lang="en-US" id="label_EscrowDepositsMadeUnderPreLiminaryInjunction">Escrow deposits made under pre liminary injunction</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EscrowDepositsMadeUnderPreLiminaryInjunction" xlink:to="label_EscrowDepositsMadeUnderPreLiminaryInjunction" xlink:title="Label : EscrowDepositsMadeUnderPreLiminaryInjunction to label_EscrowDepositsMadeUnderPreLiminaryInjunction" />
    <link:label xlink:type="resource" xlink:label="label_EscrowDepositsMadeUnderPreLiminaryInjunction_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EscrowDepositsMadeUnderPreLiminaryInjunction_1" xml:lang="en-US" id="label_EscrowDepositsMadeUnderPreLiminaryInjunction_1">Escrow deposits made under preliminary injunction</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EscrowDepositsMadeUnderPreLiminaryInjunction" xlink:to="label_EscrowDepositsMadeUnderPreLiminaryInjunction_1" xlink:title="Label : EscrowDepositsMadeUnderPreLiminaryInjunction to label_EscrowDepositsMadeUnderPreLiminaryInjunction_1" />
    <link:label xlink:type="resource" xlink:label="label_EscrowDepositsMadeUnderPreLiminaryInjunction_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EscrowDepositsMadeUnderPreLiminaryInjunction_2" xml:lang="en-US" id="label_EscrowDepositsMadeUnderPreLiminaryInjunction_2">Escrow deposits made under pre liminary injunction.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EscrowDepositsMadeUnderPreLiminaryInjunction" xlink:to="label_EscrowDepositsMadeUnderPreLiminaryInjunction_2" xlink:title="Label : EscrowDepositsMadeUnderPreLiminaryInjunction to label_EscrowDepositsMadeUnderPreLiminaryInjunction_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ProfitLossOnProvisionForTaxCivilAndLaborRisks" xlink:label="ProfitLossOnProvisionForTaxCivilAndLaborRisks" xlink:title="ProfitLossOnProvisionForTaxCivilAndLaborRisks" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossOnProvisionForTaxCivilAndLaborRisks" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProfitLossOnProvisionForTaxCivilAndLaborRisks" xml:lang="en-US" id="label_ProfitLossOnProvisionForTaxCivilAndLaborRisks">Profit loss on provision for tax civil and labor risks</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossOnProvisionForTaxCivilAndLaborRisks" xlink:to="label_ProfitLossOnProvisionForTaxCivilAndLaborRisks" xlink:title="Label : ProfitLossOnProvisionForTaxCivilAndLaborRisks to label_ProfitLossOnProvisionForTaxCivilAndLaborRisks" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossOnProvisionForTaxCivilAndLaborRisks_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProfitLossOnProvisionForTaxCivilAndLaborRisks_1" xml:lang="en-US" id="label_ProfitLossOnProvisionForTaxCivilAndLaborRisks_1">Profit or loss on provision</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossOnProvisionForTaxCivilAndLaborRisks" xlink:to="label_ProfitLossOnProvisionForTaxCivilAndLaborRisks_1" xlink:title="Label : ProfitLossOnProvisionForTaxCivilAndLaborRisks to label_ProfitLossOnProvisionForTaxCivilAndLaborRisks_1" />
    <link:label xlink:type="resource" xlink:label="label_ProfitLossOnProvisionForTaxCivilAndLaborRisks_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProfitLossOnProvisionForTaxCivilAndLaborRisks_2" xml:lang="en-US" id="label_ProfitLossOnProvisionForTaxCivilAndLaborRisks_2">Profit loss on provision for tax civil and labor risks.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossOnProvisionForTaxCivilAndLaborRisks" xlink:to="label_ProfitLossOnProvisionForTaxCivilAndLaborRisks_2" xlink:title="Label : ProfitLossOnProvisionForTaxCivilAndLaborRisks to label_ProfitLossOnProvisionForTaxCivilAndLaborRisks_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ProvisionsForLawsuitsAndAdministrativeProceedings" xlink:label="ProvisionsForLawsuitsAndAdministrativeProceedings" xlink:title="ProvisionsForLawsuitsAndAdministrativeProceedings" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionsForLawsuitsAndAdministrativeProceedings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProvisionsForLawsuitsAndAdministrativeProceedings" xml:lang="en-US" id="label_ProvisionsForLawsuitsAndAdministrativeProceedings">Provisions for lawsuits and administrative proceedings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionsForLawsuitsAndAdministrativeProceedings" xlink:to="label_ProvisionsForLawsuitsAndAdministrativeProceedings" xlink:title="Label : ProvisionsForLawsuitsAndAdministrativeProceedings to label_ProvisionsForLawsuitsAndAdministrativeProceedings" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionsForLawsuitsAndAdministrativeProceedings_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProvisionsForLawsuitsAndAdministrativeProceedings_1" xml:lang="en-US" id="label_ProvisionsForLawsuitsAndAdministrativeProceedings_1">Provisions for lawsuits and administrative proceedings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionsForLawsuitsAndAdministrativeProceedings" xlink:to="label_ProvisionsForLawsuitsAndAdministrativeProceedings_1" xlink:title="Label : ProvisionsForLawsuitsAndAdministrativeProceedings to label_ProvisionsForLawsuitsAndAdministrativeProceedings_1" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionsForLawsuitsAndAdministrativeProceedings_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProvisionsForLawsuitsAndAdministrativeProceedings_2" xml:lang="en-US" id="label_ProvisionsForLawsuitsAndAdministrativeProceedings_2">Provisions for lawsuits and administrative proceedings.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionsForLawsuitsAndAdministrativeProceedings" xlink:to="label_ProvisionsForLawsuitsAndAdministrativeProceedings_2" xlink:title="Label : ProvisionsForLawsuitsAndAdministrativeProceedings to label_ProvisionsForLawsuitsAndAdministrativeProceedings_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ProvisionsForLaborLitigationFiledByFormerEmployees" xlink:label="ProvisionsForLaborLitigationFiledByFormerEmployees" xlink:title="ProvisionsForLaborLitigationFiledByFormerEmployees" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionsForLaborLitigationFiledByFormerEmployees" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProvisionsForLaborLitigationFiledByFormerEmployees" xml:lang="en-US" id="label_ProvisionsForLaborLitigationFiledByFormerEmployees">Provisions for labor litigation filed by former employees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionsForLaborLitigationFiledByFormerEmployees" xlink:to="label_ProvisionsForLaborLitigationFiledByFormerEmployees" xlink:title="Label : ProvisionsForLaborLitigationFiledByFormerEmployees to label_ProvisionsForLaborLitigationFiledByFormerEmployees" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionsForLaborLitigationFiledByFormerEmployees_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProvisionsForLaborLitigationFiledByFormerEmployees_1" xml:lang="en-US" id="label_ProvisionsForLaborLitigationFiledByFormerEmployees_1">Provisions for labor litigation filed by former employees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionsForLaborLitigationFiledByFormerEmployees" xlink:to="label_ProvisionsForLaborLitigationFiledByFormerEmployees_1" xlink:title="Label : ProvisionsForLaborLitigationFiledByFormerEmployees to label_ProvisionsForLaborLitigationFiledByFormerEmployees_1" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionsForLaborLitigationFiledByFormerEmployees_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProvisionsForLaborLitigationFiledByFormerEmployees_2" xml:lang="en-US" id="label_ProvisionsForLaborLitigationFiledByFormerEmployees_2">Provisions for labor litigation filed by former employees.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionsForLaborLitigationFiledByFormerEmployees" xlink:to="label_ProvisionsForLaborLitigationFiledByFormerEmployees_2" xlink:title="Label : ProvisionsForLaborLitigationFiledByFormerEmployees to label_ProvisionsForLaborLitigationFiledByFormerEmployees_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_PossibleContingency" xlink:label="PossibleContingency" xlink:title="PossibleContingency" />
    <link:label xlink:type="resource" xlink:label="label_PossibleContingency" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PossibleContingency" xml:lang="en-US" id="label_PossibleContingency">Possible contingency</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PossibleContingency" xlink:to="label_PossibleContingency" xlink:title="Label : PossibleContingency to label_PossibleContingency" />
    <link:label xlink:type="resource" xlink:label="label_PossibleContingency_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PossibleContingency_1" xml:lang="en-US" id="label_PossibleContingency_1">Possible contingency</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PossibleContingency" xlink:to="label_PossibleContingency_1" xlink:title="Label : PossibleContingency to label_PossibleContingency_1" />
    <link:label xlink:type="resource" xlink:label="label_PossibleContingency_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PossibleContingency_2" xml:lang="en-US" id="label_PossibleContingency_2">Possible contingency.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PossibleContingency" xlink:to="label_PossibleContingency_2" xlink:title="Label : PossibleContingency to label_PossibleContingency_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_PercentageOfPossibleLossContingency" xlink:label="PercentageOfPossibleLossContingency" xlink:title="PercentageOfPossibleLossContingency" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfPossibleLossContingency" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentageOfPossibleLossContingency" xml:lang="en-US" id="label_PercentageOfPossibleLossContingency">Percentage of possible loss contingency</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfPossibleLossContingency" xlink:to="label_PercentageOfPossibleLossContingency" xlink:title="Label : PercentageOfPossibleLossContingency to label_PercentageOfPossibleLossContingency" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfPossibleLossContingency_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PercentageOfPossibleLossContingency_1" xml:lang="en-US" id="label_PercentageOfPossibleLossContingency_1">Percentage of possible loss contingency</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfPossibleLossContingency" xlink:to="label_PercentageOfPossibleLossContingency_1" xlink:title="Label : PercentageOfPossibleLossContingency to label_PercentageOfPossibleLossContingency_1" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfPossibleLossContingency_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PercentageOfPossibleLossContingency_2" xml:lang="en-US" id="label_PercentageOfPossibleLossContingency_2">Percentage of possible loss contingency.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfPossibleLossContingency" xlink:to="label_PercentageOfPossibleLossContingency_2" xlink:title="Label : PercentageOfPossibleLossContingency to label_PercentageOfPossibleLossContingency_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ContingentLiabilitiesForTaxMattersAndSocialSecurity" xlink:label="ContingentLiabilitiesForTaxMattersAndSocialSecurity" xlink:title="ContingentLiabilitiesForTaxMattersAndSocialSecurity" />
    <link:label xlink:type="resource" xlink:label="label_ContingentLiabilitiesForTaxMattersAndSocialSecurity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ContingentLiabilitiesForTaxMattersAndSocialSecurity" xml:lang="en-US" id="label_ContingentLiabilitiesForTaxMattersAndSocialSecurity">Contingent liabilities for tax matters and social security</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingentLiabilitiesForTaxMattersAndSocialSecurity" xlink:to="label_ContingentLiabilitiesForTaxMattersAndSocialSecurity" xlink:title="Label : ContingentLiabilitiesForTaxMattersAndSocialSecurity to label_ContingentLiabilitiesForTaxMattersAndSocialSecurity" />
    <link:label xlink:type="resource" xlink:label="label_ContingentLiabilitiesForTaxMattersAndSocialSecurity_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ContingentLiabilitiesForTaxMattersAndSocialSecurity_1" xml:lang="en-US" id="label_ContingentLiabilitiesForTaxMattersAndSocialSecurity_1">Contingent liabilities for tax matters and social security</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingentLiabilitiesForTaxMattersAndSocialSecurity" xlink:to="label_ContingentLiabilitiesForTaxMattersAndSocialSecurity_1" xlink:title="Label : ContingentLiabilitiesForTaxMattersAndSocialSecurity to label_ContingentLiabilitiesForTaxMattersAndSocialSecurity_1" />
    <link:label xlink:type="resource" xlink:label="label_ContingentLiabilitiesForTaxMattersAndSocialSecurity_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ContingentLiabilitiesForTaxMattersAndSocialSecurity_2" xml:lang="en-US" id="label_ContingentLiabilitiesForTaxMattersAndSocialSecurity_2">Contingent liabilities for tax matters and social security.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingentLiabilitiesForTaxMattersAndSocialSecurity" xlink:to="label_ContingentLiabilitiesForTaxMattersAndSocialSecurity_2" xlink:title="Label : ContingentLiabilitiesForTaxMattersAndSocialSecurity to label_ContingentLiabilitiesForTaxMattersAndSocialSecurity_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IpiContingency" xlink:label="IpiContingency" xlink:title="IpiContingency" />
    <link:label xlink:type="resource" xlink:label="label_IpiContingency" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IpiContingency" xml:lang="en-US" id="label_IpiContingency">Ipi Contingency</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IpiContingency" xlink:to="label_IpiContingency" xlink:title="Label : IpiContingency to label_IpiContingency" />
    <link:label xlink:type="resource" xlink:label="label_IpiContingency_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IpiContingency_1" xml:lang="en-US" id="label_IpiContingency_1">IPIContingency</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IpiContingency" xlink:to="label_IpiContingency_1" xlink:title="Label : IpiContingency to label_IpiContingency_1" />
    <link:label xlink:type="resource" xlink:label="label_IpiContingency_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IpiContingency_2" xml:lang="en-US" id="label_IpiContingency_2">Ipi contingency.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IpiContingency" xlink:to="label_IpiContingency_2" xlink:title="Label : IpiContingency to label_IpiContingency_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LegalProceedingsRelatedToiCms" xlink:label="LegalProceedingsRelatedToiCms" xlink:title="LegalProceedingsRelatedToiCms" />
    <link:label xlink:type="resource" xlink:label="label_LegalProceedingsRelatedToiCms" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LegalProceedingsRelatedToiCms" xml:lang="en-US" id="label_LegalProceedingsRelatedToiCms">Legal proceedings related to icms</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LegalProceedingsRelatedToiCms" xlink:to="label_LegalProceedingsRelatedToiCms" xlink:title="Label : LegalProceedingsRelatedToiCms to label_LegalProceedingsRelatedToiCms" />
    <link:label xlink:type="resource" xlink:label="label_LegalProceedingsRelatedToiCms_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LegalProceedingsRelatedToiCms_1" xml:lang="en-US" id="label_LegalProceedingsRelatedToiCms_1">Legal Proceedings Related To Icms</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LegalProceedingsRelatedToiCms" xlink:to="label_LegalProceedingsRelatedToiCms_1" xlink:title="Label : LegalProceedingsRelatedToiCms to label_LegalProceedingsRelatedToiCms_1" />
    <link:label xlink:type="resource" xlink:label="label_LegalProceedingsRelatedToiCms_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LegalProceedingsRelatedToiCms_2" xml:lang="en-US" id="label_LegalProceedingsRelatedToiCms_2">Legal proceedings related toi cms.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LegalProceedingsRelatedToiCms" xlink:to="label_LegalProceedingsRelatedToiCms_2" xlink:title="Label : LegalProceedingsRelatedToiCms to label_LegalProceedingsRelatedToiCms_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IcmsCredits" xlink:label="IcmsCredits" xlink:title="IcmsCredits" />
    <link:label xlink:type="resource" xlink:label="label_IcmsCredits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IcmsCredits" xml:lang="en-US" id="label_IcmsCredits">Icms credits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IcmsCredits" xlink:to="label_IcmsCredits" xlink:title="Label : IcmsCredits to label_IcmsCredits" />
    <link:label xlink:type="resource" xlink:label="label_IcmsCredits_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IcmsCredits_1" xml:lang="en-US" id="label_IcmsCredits_1">ICMS credits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IcmsCredits" xlink:to="label_IcmsCredits_1" xlink:title="Label : IcmsCredits to label_IcmsCredits_1" />
    <link:label xlink:type="resource" xlink:label="label_IcmsCredits_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IcmsCredits_2" xml:lang="en-US" id="label_IcmsCredits_2">Icms credits.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IcmsCredits" xlink:to="label_IcmsCredits_2" xlink:title="Label : IcmsCredits to label_IcmsCredits_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ReversalOfICMSCredits" xlink:label="ReversalOfICMSCredits" xlink:title="ReversalOfICMSCredits" />
    <link:label xlink:type="resource" xlink:label="label_ReversalOfICMSCredits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReversalOfICMSCredits" xml:lang="en-US" id="label_ReversalOfICMSCredits">Reversal of ICMS credits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReversalOfICMSCredits" xlink:to="label_ReversalOfICMSCredits" xlink:title="Label : ReversalOfICMSCredits to label_ReversalOfICMSCredits" />
    <link:label xlink:type="resource" xlink:label="label_ReversalOfICMSCredits_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ReversalOfICMSCredits_1" xml:lang="en-US" id="label_ReversalOfICMSCredits_1">Reversal of ICMS credits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReversalOfICMSCredits" xlink:to="label_ReversalOfICMSCredits_1" xlink:title="Label : ReversalOfICMSCredits to label_ReversalOfICMSCredits_1" />
    <link:label xlink:type="resource" xlink:label="label_ReversalOfICMSCredits_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ReversalOfICMSCredits_2" xml:lang="en-US" id="label_ReversalOfICMSCredits_2">Reversal of ICMS credits.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReversalOfICMSCredits" xlink:to="label_ReversalOfICMSCredits_2" xlink:title="Label : ReversalOfICMSCredits to label_ReversalOfICMSCredits_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ReversalOfAllegedNonpayment" xlink:label="ReversalOfAllegedNonpayment" xlink:title="ReversalOfAllegedNonpayment" />
    <link:label xlink:type="resource" xlink:label="label_ReversalOfAllegedNonpayment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReversalOfAllegedNonpayment" xml:lang="en-US" id="label_ReversalOfAllegedNonpayment">Reversal of alleged non-payment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReversalOfAllegedNonpayment" xlink:to="label_ReversalOfAllegedNonpayment" xlink:title="Label : ReversalOfAllegedNonpayment to label_ReversalOfAllegedNonpayment" />
    <link:label xlink:type="resource" xlink:label="label_ReversalOfAllegedNonpayment_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ReversalOfAllegedNonpayment_1" xml:lang="en-US" id="label_ReversalOfAllegedNonpayment_1">Reversal of alleged non-payment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReversalOfAllegedNonpayment" xlink:to="label_ReversalOfAllegedNonpayment_1" xlink:title="Label : ReversalOfAllegedNonpayment to label_ReversalOfAllegedNonpayment_1" />
    <link:label xlink:type="resource" xlink:label="label_ReversalOfAllegedNonpayment_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ReversalOfAllegedNonpayment_2" xml:lang="en-US" id="label_ReversalOfAllegedNonpayment_2">Reversal of alleged non-payment.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReversalOfAllegedNonpayment" xlink:to="label_ReversalOfAllegedNonpayment_2" xlink:title="Label : ReversalOfAllegedNonpayment to label_ReversalOfAllegedNonpayment_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ReversalOfInventoryDifferences" xlink:label="ReversalOfInventoryDifferences" xlink:title="ReversalOfInventoryDifferences" />
    <link:label xlink:type="resource" xlink:label="label_ReversalOfInventoryDifferences" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReversalOfInventoryDifferences" xml:lang="en-US" id="label_ReversalOfInventoryDifferences">Reversal of inventory differences</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReversalOfInventoryDifferences" xlink:to="label_ReversalOfInventoryDifferences" xlink:title="Label : ReversalOfInventoryDifferences to label_ReversalOfInventoryDifferences" />
    <link:label xlink:type="resource" xlink:label="label_ReversalOfInventoryDifferences_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ReversalOfInventoryDifferences_1" xml:lang="en-US" id="label_ReversalOfInventoryDifferences_1">Reversal of inventory differences</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReversalOfInventoryDifferences" xlink:to="label_ReversalOfInventoryDifferences_1" xlink:title="Label : ReversalOfInventoryDifferences to label_ReversalOfInventoryDifferences_1" />
    <link:label xlink:type="resource" xlink:label="label_ReversalOfInventoryDifferences_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ReversalOfInventoryDifferences_2" xml:lang="en-US" id="label_ReversalOfInventoryDifferences_2">Reversal of inventory differences.</link:label>
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    <link:label xlink:type="resource" xlink:label="label_OffsetClaimsAndCreditDisallowances_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OffsetClaimsAndCreditDisallowances_1" xml:lang="en-US" id="label_OffsetClaimsAndCreditDisallowances_1">Offset claims and credit dis-allowances</link:label>
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AmortizationOfGoodwillPaidOnAcquisitionOfSubsidiary" xlink:label="AmortizationOfGoodwillPaidOnAcquisitionOfSubsidiary" xlink:title="AmortizationOfGoodwillPaidOnAcquisitionOfSubsidiary" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingentLiabilitiesForCivilEnvironmentalAndRegulatoryClaims" xlink:to="label_ContingentLiabilitiesForCivilEnvironmentalAndRegulatoryClaims_2" xlink:title="Label : ContingentLiabilitiesForCivilEnvironmentalAndRegulatoryClaims to label_ContingentLiabilitiesForCivilEnvironmentalAndRegulatoryClaims_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_NumberOfLawsuitsFiledForCivilEnvironmentalAndRegulatoryClaims" xlink:label="NumberOfLawsuitsFiledForCivilEnvironmentalAndRegulatoryClaims" xlink:title="NumberOfLawsuitsFiledForCivilEnvironmentalAndRegulatoryClaims" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfLawsuitsFiledForCivilEnvironmentalAndRegulatoryClaims" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfLawsuitsFiledForCivilEnvironmentalAndRegulatoryClaims" xml:lang="en-US" id="label_NumberOfLawsuitsFiledForCivilEnvironmentalAndRegulatoryClaims">Number of lawsuits filed for civil, environmental and regulatory claims</link:label>
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    <link:label xlink:type="resource" xlink:label="label_NumberOfLawsuitsFiledForCivilEnvironmentalAndRegulatoryClaims_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfLawsuitsFiledForCivilEnvironmentalAndRegulatoryClaims_1" xml:lang="en-US" id="label_NumberOfLawsuitsFiledForCivilEnvironmentalAndRegulatoryClaims_1">Number of lawsuits for civil, environmental and regulatory claims</link:label>
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_PenaltyOnUltragaz" xlink:label="PenaltyOnUltragaz" xlink:title="PenaltyOnUltragaz" />
    <link:label xlink:type="resource" xlink:label="label_PenaltyOnUltragaz" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PenaltyOnUltragaz" xml:lang="en-US" id="label_PenaltyOnUltragaz">Penalty on ultragaz</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PenaltyOnUltragaz" xlink:to="label_PenaltyOnUltragaz" xlink:title="Label : PenaltyOnUltragaz to label_PenaltyOnUltragaz" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PenaltyOnUltragaz" xlink:to="label_PenaltyOnUltragaz_1" xlink:title="Label : PenaltyOnUltragaz to label_PenaltyOnUltragaz_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PenaltyOnUltragaz" xlink:to="label_PenaltyOnUltragaz_2" xlink:title="Label : PenaltyOnUltragaz to label_PenaltyOnUltragaz_2" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LegalProceedingsProvision" xlink:to="label_LegalProceedingsProvision_1" xlink:title="Label : LegalProceedingsProvision to label_LegalProceedingsProvision_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingentLiabilitiesNotRecognizedToLawsuit" xlink:to="label_ContingentLiabilitiesNotRecognizedToLawsuit" xlink:title="Label : ContingentLiabilitiesNotRecognizedToLawsuit to label_ContingentLiabilitiesNotRecognizedToLawsuit" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingentLiabilitiesNotRecognizedToLawsuit" xlink:to="label_ContingentLiabilitiesNotRecognizedToLawsuit_1" xlink:title="Label : ContingentLiabilitiesNotRecognizedToLawsuit to label_ContingentLiabilitiesNotRecognizedToLawsuit_1" />
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ContingentLiabilitiesNotRecognizedToExtrajudicialLawsuits" xlink:label="ContingentLiabilitiesNotRecognizedToExtrajudicialLawsuits" xlink:title="ContingentLiabilitiesNotRecognizedToExtrajudicialLawsuits" />
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    <link:label xlink:type="resource" xlink:label="label_NumberOfLawsuitsFiledForLaborMatters_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfLawsuitsFiledForLaborMatters_1" xml:lang="en-US" id="label_NumberOfLawsuitsFiledForLaborMatters_1">Number of lawsuits for labor matters</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfLawsuitsFiledForLaborMatters" xlink:to="label_NumberOfLawsuitsFiledForLaborMatters_1" xlink:title="Label : NumberOfLawsuitsFiledForLaborMatters to label_NumberOfLawsuitsFiledForLaborMatters_1" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfLawsuitsFiledForLaborMatters_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfLawsuitsFiledForLaborMatters_2" xml:lang="en-US" id="label_NumberOfLawsuitsFiledForLaborMatters_2">Number of lawsuits filed for labor matters.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfLawsuitsFiledForLaborMatters" xlink:to="label_NumberOfLawsuitsFiledForLaborMatters_2" xlink:title="Label : NumberOfLawsuitsFiledForLaborMatters to label_NumberOfLawsuitsFiledForLaborMatters_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_PenaltyOnAdministrativeProceedings" xlink:label="PenaltyOnAdministrativeProceedings" xlink:title="PenaltyOnAdministrativeProceedings" />
    <link:label xlink:type="resource" xlink:label="label_PenaltyOnAdministrativeProceedings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PenaltyOnAdministrativeProceedings" xml:lang="en-US" id="label_PenaltyOnAdministrativeProceedings">Penalty On Administrative Proceedings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PenaltyOnAdministrativeProceedings" xlink:to="label_PenaltyOnAdministrativeProceedings" xlink:title="Label : PenaltyOnAdministrativeProceedings to label_PenaltyOnAdministrativeProceedings" />
    <link:label xlink:type="resource" xlink:label="label_PenaltyOnAdministrativeProceedings_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PenaltyOnAdministrativeProceedings_1" xml:lang="en-US" id="label_PenaltyOnAdministrativeProceedings_1">Penalty on administrative proceedings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PenaltyOnAdministrativeProceedings" xlink:to="label_PenaltyOnAdministrativeProceedings_1" xlink:title="Label : PenaltyOnAdministrativeProceedings to label_PenaltyOnAdministrativeProceedings_1" />
    <link:label xlink:type="resource" xlink:label="label_PenaltyOnAdministrativeProceedings_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PenaltyOnAdministrativeProceedings_2" xml:lang="en-US" id="label_PenaltyOnAdministrativeProceedings_2">Penalty on administrative proceedings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PenaltyOnAdministrativeProceedings" xlink:to="label_PenaltyOnAdministrativeProceedings_2" xlink:title="Label : PenaltyOnAdministrativeProceedings to label_PenaltyOnAdministrativeProceedings_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CompensationSuitAgainstDamages" xlink:label="CompensationSuitAgainstDamages" xlink:title="CompensationSuitAgainstDamages" />
    <link:label xlink:type="resource" xlink:label="label_CompensationSuitAgainstDamages" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CompensationSuitAgainstDamages" xml:lang="en-US" id="label_CompensationSuitAgainstDamages">Compensation Suit Against Damages</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CompensationSuitAgainstDamages" xlink:to="label_CompensationSuitAgainstDamages" xlink:title="Label : CompensationSuitAgainstDamages to label_CompensationSuitAgainstDamages" />
    <link:label xlink:type="resource" xlink:label="label_CompensationSuitAgainstDamages_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CompensationSuitAgainstDamages_1" xml:lang="en-US" id="label_CompensationSuitAgainstDamages_1">Compensation suit against damages</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CompensationSuitAgainstDamages" xlink:to="label_CompensationSuitAgainstDamages_1" xlink:title="Label : CompensationSuitAgainstDamages to label_CompensationSuitAgainstDamages_1" />
    <link:label xlink:type="resource" xlink:label="label_CompensationSuitAgainstDamages_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CompensationSuitAgainstDamages_2" xml:lang="en-US" id="label_CompensationSuitAgainstDamages_2">Compensation suit against damages of fish mortality.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CompensationSuitAgainstDamages" xlink:to="label_CompensationSuitAgainstDamages_2" xlink:title="Label : CompensationSuitAgainstDamages to label_CompensationSuitAgainstDamages_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CompensationPaidToParty" xlink:label="CompensationPaidToParty" xlink:title="CompensationPaidToParty" />
    <link:label xlink:type="resource" xlink:label="label_CompensationPaidToParty" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CompensationPaidToParty" xml:lang="en-US" id="label_CompensationPaidToParty">Compensation Paid To Party</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CompensationPaidToParty" xlink:to="label_CompensationPaidToParty" xlink:title="Label : CompensationPaidToParty to label_CompensationPaidToParty" />
    <link:label xlink:type="resource" xlink:label="label_CompensationPaidToParty_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CompensationPaidToParty_1" xml:lang="en-US" id="label_CompensationPaidToParty_1">Compensation amount paid</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CompensationPaidToParty" xlink:to="label_CompensationPaidToParty_1" xlink:title="Label : CompensationPaidToParty to label_CompensationPaidToParty_1" />
    <link:label xlink:type="resource" xlink:label="label_CompensationPaidToParty_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CompensationPaidToParty_2" xml:lang="en-US" id="label_CompensationPaidToParty_2">Compensation amount paid to third parties.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CompensationPaidToParty" xlink:to="label_CompensationPaidToParty_2" xlink:title="Label : CompensationPaidToParty to label_CompensationPaidToParty_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ContingencyExpense" xlink:label="ContingencyExpense" xlink:title="ContingencyExpense" />
    <link:label xlink:type="resource" xlink:label="label_ContingencyExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ContingencyExpense" xml:lang="en-US" id="label_ContingencyExpense">Contingency Expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingencyExpense" xlink:to="label_ContingencyExpense" xlink:title="Label : ContingencyExpense to label_ContingencyExpense" />
    <link:label xlink:type="resource" xlink:label="label_ContingencyExpense_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ContingencyExpense_1" xml:lang="en-US" id="label_ContingencyExpense_1">Contingency expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingencyExpense" xlink:to="label_ContingencyExpense_1" xlink:title="Label : ContingencyExpense to label_ContingencyExpense_1" />
    <link:label xlink:type="resource" xlink:label="label_ContingencyExpense_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ContingencyExpense_2" xml:lang="en-US" id="label_ContingencyExpense_2">Contingency Expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ContingencyExpense" xlink:to="label_ContingencyExpense_2" xlink:title="Label : ContingencyExpense to label_ContingencyExpense_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_RemainingContingentConsideration" xlink:label="RemainingContingentConsideration" xlink:title="RemainingContingentConsideration" />
    <link:label xlink:type="resource" xlink:label="label_RemainingContingentConsideration" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RemainingContingentConsideration" xml:lang="en-US" id="label_RemainingContingentConsideration">Remaining Contingent Consideration</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RemainingContingentConsideration" xlink:to="label_RemainingContingentConsideration" xlink:title="Label : RemainingContingentConsideration to label_RemainingContingentConsideration" />
    <link:label xlink:type="resource" xlink:label="label_RemainingContingentConsideration_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RemainingContingentConsideration_1" xml:lang="en-US" id="label_RemainingContingentConsideration_1">Remaining contingent consideration</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RemainingContingentConsideration" xlink:to="label_RemainingContingentConsideration_1" xlink:title="Label : RemainingContingentConsideration to label_RemainingContingentConsideration_1" />
    <link:label xlink:type="resource" xlink:label="label_RemainingContingentConsideration_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RemainingContingentConsideration_2" xml:lang="en-US" id="label_RemainingContingentConsideration_2">Remaining Contingent Consideration</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RemainingContingentConsideration" xlink:to="label_RemainingContingentConsideration_2" xlink:title="Label : RemainingContingentConsideration to label_RemainingContingentConsideration_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfTradePayablesAndReceivablesAbstract" xlink:label="DisclosureOfTradePayablesAndReceivablesAbstract" xlink:title="DisclosureOfTradePayablesAndReceivablesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfTradePayablesAndReceivablesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfTradePayablesAndReceivablesAbstract" xml:lang="en-US" id="label_DisclosureOfTradePayablesAndReceivablesAbstract">Disclosure of trade payables and receivables [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfTradePayablesAndReceivablesAbstract" xlink:to="label_DisclosureOfTradePayablesAndReceivablesAbstract" xlink:title="Label : DisclosureOfTradePayablesAndReceivablesAbstract to label_DisclosureOfTradePayablesAndReceivablesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfTradePayablesAndReceivablesAbstract_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfTradePayablesAndReceivablesAbstract_1" xml:lang="en-US" id="label_DisclosureOfTradePayablesAndReceivablesAbstract_1">Disclosure of trade payables and receivables [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfTradePayablesAndReceivablesAbstract" xlink:to="label_DisclosureOfTradePayablesAndReceivablesAbstract_1" xlink:title="Label : DisclosureOfTradePayablesAndReceivablesAbstract to label_DisclosureOfTradePayablesAndReceivablesAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfTradePayablesAndReceivablesTable" xlink:label="DisclosureOfTradePayablesAndReceivablesTable" xlink:title="DisclosureOfTradePayablesAndReceivablesTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfTradePayablesAndReceivablesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfTradePayablesAndReceivablesTable" xml:lang="en-US" id="label_DisclosureOfTradePayablesAndReceivablesTable">Disclosure of trade payables and receivables [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfTradePayablesAndReceivablesTable" xlink:to="label_DisclosureOfTradePayablesAndReceivablesTable" xlink:title="Label : DisclosureOfTradePayablesAndReceivablesTable to label_DisclosureOfTradePayablesAndReceivablesTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfTradePayablesAndReceivablesTable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfTradePayablesAndReceivablesTable_1" xml:lang="en-US" id="label_DisclosureOfTradePayablesAndReceivablesTable_1">Disclosure of trade payables and receivables [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfTradePayablesAndReceivablesTable" xlink:to="label_DisclosureOfTradePayablesAndReceivablesTable_1" xlink:title="Label : DisclosureOfTradePayablesAndReceivablesTable to label_DisclosureOfTradePayablesAndReceivablesTable_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfTradePayablesAndReceivablesTable_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfTradePayablesAndReceivablesTable_2" xml:lang="en-US" id="label_DisclosureOfTradePayablesAndReceivablesTable_2">Disclosure of trade payables and receivables [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfTradePayablesAndReceivablesTable" xlink:to="label_DisclosureOfTradePayablesAndReceivablesTable_2" xlink:title="Label : DisclosureOfTradePayablesAndReceivablesTable to label_DisclosureOfTradePayablesAndReceivablesTable_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OtherOperatingIncomeNetAxis" xlink:label="OtherOperatingIncomeNetAxis" xlink:title="OtherOperatingIncomeNetAxis" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingIncomeNetAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherOperatingIncomeNetAxis" xml:lang="en-US" id="label_OtherOperatingIncomeNetAxis">Other operating income net [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingIncomeNetAxis" xlink:to="label_OtherOperatingIncomeNetAxis" xlink:title="Label : OtherOperatingIncomeNetAxis to label_OtherOperatingIncomeNetAxis" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingIncomeNetAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherOperatingIncomeNetAxis_1" xml:lang="en-US" id="label_OtherOperatingIncomeNetAxis_1">Other operating income net [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingIncomeNetAxis" xlink:to="label_OtherOperatingIncomeNetAxis_1" xlink:title="Label : OtherOperatingIncomeNetAxis to label_OtherOperatingIncomeNetAxis_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingIncomeNetAxis_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherOperatingIncomeNetAxis_2" xml:lang="en-US" id="label_OtherOperatingIncomeNetAxis_2">Other operating income net [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingIncomeNetAxis" xlink:to="label_OtherOperatingIncomeNetAxis_2" xlink:title="Label : OtherOperatingIncomeNetAxis to label_OtherOperatingIncomeNetAxis_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OtherOperatingIncomeNetDomain" xlink:label="OtherOperatingIncomeNetDomain" xlink:title="OtherOperatingIncomeNetDomain" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingIncomeNetDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherOperatingIncomeNetDomain" xml:lang="en-US" id="label_OtherOperatingIncomeNetDomain">Other operating income net [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingIncomeNetDomain" xlink:to="label_OtherOperatingIncomeNetDomain" xlink:title="Label : OtherOperatingIncomeNetDomain to label_OtherOperatingIncomeNetDomain" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingIncomeNetDomain_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherOperatingIncomeNetDomain_1" xml:lang="en-US" id="label_OtherOperatingIncomeNetDomain_1">Other operating income net [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingIncomeNetDomain" xlink:to="label_OtherOperatingIncomeNetDomain_1" xlink:title="Label : OtherOperatingIncomeNetDomain to label_OtherOperatingIncomeNetDomain_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingIncomeNetDomain_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherOperatingIncomeNetDomain_2" xml:lang="en-US" id="label_OtherOperatingIncomeNetDomain_2">Other operating income net [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingIncomeNetDomain" xlink:to="label_OtherOperatingIncomeNetDomain_2" xlink:title="Label : OtherOperatingIncomeNetDomain to label_OtherOperatingIncomeNetDomain_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_UltraCargoFireMember" xlink:label="UltraCargoFireMember" xlink:title="UltraCargoFireMember" />
    <link:label xlink:type="resource" xlink:label="label_UltraCargoFireMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UltraCargoFireMember" xml:lang="en-US" id="label_UltraCargoFireMember">Ultra cargo fire [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UltraCargoFireMember" xlink:to="label_UltraCargoFireMember" xlink:title="Label : UltraCargoFireMember to label_UltraCargoFireMember" />
    <link:label xlink:type="resource" xlink:label="label_UltraCargoFireMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_UltraCargoFireMember_1" xml:lang="en-US" id="label_UltraCargoFireMember_1">Ultracargo fire accident in Santos [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UltraCargoFireMember" xlink:to="label_UltraCargoFireMember_1" xlink:title="Label : UltraCargoFireMember to label_UltraCargoFireMember_1" />
    <link:label xlink:type="resource" xlink:label="label_UltraCargoFireMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_UltraCargoFireMember_2" xml:lang="en-US" id="label_UltraCargoFireMember_2">Ultra cargo fire.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UltraCargoFireMember" xlink:to="label_UltraCargoFireMember_2" xlink:title="Label : UltraCargoFireMember to label_UltraCargoFireMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfTradePayablesAndReceivablesLineItems" xlink:label="DisclosureOfTradePayablesAndReceivablesLineItems" xlink:title="DisclosureOfTradePayablesAndReceivablesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfTradePayablesAndReceivablesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfTradePayablesAndReceivablesLineItems" xml:lang="en-US" id="label_DisclosureOfTradePayablesAndReceivablesLineItems">Disclosure of trade payables and receivables [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfTradePayablesAndReceivablesLineItems" xlink:to="label_DisclosureOfTradePayablesAndReceivablesLineItems" xlink:title="Label : DisclosureOfTradePayablesAndReceivablesLineItems to label_DisclosureOfTradePayablesAndReceivablesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfTradePayablesAndReceivablesLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfTradePayablesAndReceivablesLineItems_1" xml:lang="en-US" id="label_DisclosureOfTradePayablesAndReceivablesLineItems_1">Disclosure of trade payables and receivables [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfTradePayablesAndReceivablesLineItems" xlink:to="label_DisclosureOfTradePayablesAndReceivablesLineItems_1" xlink:title="Label : DisclosureOfTradePayablesAndReceivablesLineItems to label_DisclosureOfTradePayablesAndReceivablesLineItems_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfTradePayablesAndReceivablesLineItems_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfTradePayablesAndReceivablesLineItems_2" xml:lang="en-US" id="label_DisclosureOfTradePayablesAndReceivablesLineItems_2">Disclosure of trade payables and receivables [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfTradePayablesAndReceivablesLineItems" xlink:to="label_DisclosureOfTradePayablesAndReceivablesLineItems_2" xlink:title="Label : DisclosureOfTradePayablesAndReceivablesLineItems to label_DisclosureOfTradePayablesAndReceivablesLineItems_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DeferredRevenueAbstract" xlink:label="DeferredRevenueAbstract" xlink:title="DeferredRevenueAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DeferredRevenueAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredRevenueAbstract" xml:lang="en-US" id="label_DeferredRevenueAbstract">Deferred revenue [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredRevenueAbstract" xlink:to="label_DeferredRevenueAbstract" xlink:title="Label : DeferredRevenueAbstract to label_DeferredRevenueAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DeferredRevenueAbstract_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DeferredRevenueAbstract_1" xml:lang="en-US" id="label_DeferredRevenueAbstract_1">Deferred revenue [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredRevenueAbstract" xlink:to="label_DeferredRevenueAbstract_1" xlink:title="Label : DeferredRevenueAbstract to label_DeferredRevenueAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfDeferredRevenueTable" xlink:label="DisclosureOfDeferredRevenueTable" xlink:title="DisclosureOfDeferredRevenueTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDeferredRevenueTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDeferredRevenueTable" xml:lang="en-US" id="label_DisclosureOfDeferredRevenueTable">Disclosure Of Deferred Revenue [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDeferredRevenueTable" xlink:to="label_DisclosureOfDeferredRevenueTable" xlink:title="Label : DisclosureOfDeferredRevenueTable to label_DisclosureOfDeferredRevenueTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDeferredRevenueTable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfDeferredRevenueTable_1" xml:lang="en-US" id="label_DisclosureOfDeferredRevenueTable_1">Disclosure Of Deferred Revenue [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDeferredRevenueTable" xlink:to="label_DisclosureOfDeferredRevenueTable_1" xlink:title="Label : DisclosureOfDeferredRevenueTable to label_DisclosureOfDeferredRevenueTable_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDeferredRevenueTable_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfDeferredRevenueTable_2" xml:lang="en-US" id="label_DisclosureOfDeferredRevenueTable_2">Disclosure of deferred revenue [table].</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDeferredRevenueTable" xlink:to="label_DisclosureOfDeferredRevenueTable_2" xlink:title="Label : DisclosureOfDeferredRevenueTable to label_DisclosureOfDeferredRevenueTable_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DeferredRevenueAxis" xlink:label="DeferredRevenueAxis" xlink:title="DeferredRevenueAxis" />
    <link:label xlink:type="resource" xlink:label="label_DeferredRevenueAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredRevenueAxis" xml:lang="en-US" id="label_DeferredRevenueAxis">Deferred revenue [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredRevenueAxis" xlink:to="label_DeferredRevenueAxis" xlink:title="Label : DeferredRevenueAxis to label_DeferredRevenueAxis" />
    <link:label xlink:type="resource" xlink:label="label_DeferredRevenueAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DeferredRevenueAxis_1" xml:lang="en-US" id="label_DeferredRevenueAxis_1">Deferred revenue [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredRevenueAxis" xlink:to="label_DeferredRevenueAxis_1" xlink:title="Label : DeferredRevenueAxis to label_DeferredRevenueAxis_1" />
    <link:label xlink:type="resource" xlink:label="label_DeferredRevenueAxis_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DeferredRevenueAxis_2" xml:lang="en-US" id="label_DeferredRevenueAxis_2">Deferred revenue [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredRevenueAxis" xlink:to="label_DeferredRevenueAxis_2" xlink:title="Label : DeferredRevenueAxis to label_DeferredRevenueAxis_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DeferredRevenueDomain" xlink:label="DeferredRevenueDomain" xlink:title="DeferredRevenueDomain" />
    <link:label xlink:type="resource" xlink:label="label_DeferredRevenueDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredRevenueDomain" xml:lang="en-US" id="label_DeferredRevenueDomain">Deferred revenue [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredRevenueDomain" xlink:to="label_DeferredRevenueDomain" xlink:title="Label : DeferredRevenueDomain to label_DeferredRevenueDomain" />
    <link:label xlink:type="resource" xlink:label="label_DeferredRevenueDomain_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DeferredRevenueDomain_1" xml:lang="en-US" id="label_DeferredRevenueDomain_1">Deferred revenue [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredRevenueDomain" xlink:to="label_DeferredRevenueDomain_1" xlink:title="Label : DeferredRevenueDomain to label_DeferredRevenueDomain_1" />
    <link:label xlink:type="resource" xlink:label="label_DeferredRevenueDomain_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DeferredRevenueDomain_2" xml:lang="en-US" id="label_DeferredRevenueDomain_2">Deferred revenue [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredRevenueDomain" xlink:to="label_DeferredRevenueDomain_2" xlink:title="Label : DeferredRevenueDomain to label_DeferredRevenueDomain_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_FranchisingUpfrontFeeMember" xlink:label="FranchisingUpfrontFeeMember" xlink:title="FranchisingUpfrontFeeMember" />
    <link:label xlink:type="resource" xlink:label="label_FranchisingUpfrontFeeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FranchisingUpfrontFeeMember" xml:lang="en-US" id="label_FranchisingUpfrontFeeMember">Franchising upfront fee [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FranchisingUpfrontFeeMember" xlink:to="label_FranchisingUpfrontFeeMember" xlink:title="Label : FranchisingUpfrontFeeMember to label_FranchisingUpfrontFeeMember" />
    <link:label xlink:type="resource" xlink:label="label_FranchisingUpfrontFeeMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FranchisingUpfrontFeeMember_1" xml:lang="en-US" id="label_FranchisingUpfrontFeeMember_1">Franchising upfront fee [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FranchisingUpfrontFeeMember" xlink:to="label_FranchisingUpfrontFeeMember_1" xlink:title="Label : FranchisingUpfrontFeeMember to label_FranchisingUpfrontFeeMember_1" />
    <link:label xlink:type="resource" xlink:label="label_FranchisingUpfrontFeeMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FranchisingUpfrontFeeMember_2" xml:lang="en-US" id="label_FranchisingUpfrontFeeMember_2">Franchising upfront fee.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FranchisingUpfrontFeeMember" xlink:to="label_FranchisingUpfrontFeeMember_2" xlink:title="Label : FranchisingUpfrontFeeMember to label_FranchisingUpfrontFeeMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LoyaltyProgramOneMember" xlink:label="LoyaltyProgramOneMember" xlink:title="LoyaltyProgramOneMember" />
    <link:label xlink:type="resource" xlink:label="label_LoyaltyProgramOneMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LoyaltyProgramOneMember" xml:lang="en-US" id="label_LoyaltyProgramOneMember">Loyalty program one [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoyaltyProgramOneMember" xlink:to="label_LoyaltyProgramOneMember" xlink:title="Label : LoyaltyProgramOneMember to label_LoyaltyProgramOneMember" />
    <link:label xlink:type="resource" xlink:label="label_LoyaltyProgramOneMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LoyaltyProgramOneMember_1" xml:lang="en-US" id="label_LoyaltyProgramOneMember_1">Loyalty program one [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoyaltyProgramOneMember" xlink:to="label_LoyaltyProgramOneMember_1" xlink:title="Label : LoyaltyProgramOneMember to label_LoyaltyProgramOneMember_1" />
    <link:label xlink:type="resource" xlink:label="label_LoyaltyProgramOneMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LoyaltyProgramOneMember_2" xml:lang="en-US" id="label_LoyaltyProgramOneMember_2">Loyalty program one.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoyaltyProgramOneMember" xlink:to="label_LoyaltyProgramOneMember_2" xlink:title="Label : LoyaltyProgramOneMember to label_LoyaltyProgramOneMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LoyaltyProgramTwoMember" xlink:label="LoyaltyProgramTwoMember" xlink:title="LoyaltyProgramTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_LoyaltyProgramTwoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LoyaltyProgramTwoMember" xml:lang="en-US" id="label_LoyaltyProgramTwoMember">Loyalty program two [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoyaltyProgramTwoMember" xlink:to="label_LoyaltyProgramTwoMember" xlink:title="Label : LoyaltyProgramTwoMember to label_LoyaltyProgramTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_LoyaltyProgramTwoMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LoyaltyProgramTwoMember_1" xml:lang="en-US" id="label_LoyaltyProgramTwoMember_1">Loyalty program two [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoyaltyProgramTwoMember" xlink:to="label_LoyaltyProgramTwoMember_1" xlink:title="Label : LoyaltyProgramTwoMember to label_LoyaltyProgramTwoMember_1" />
    <link:label xlink:type="resource" xlink:label="label_LoyaltyProgramTwoMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LoyaltyProgramTwoMember_2" xml:lang="en-US" id="label_LoyaltyProgramTwoMember_2">Loyalty program two.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoyaltyProgramTwoMember" xlink:to="label_LoyaltyProgramTwoMember_2" xlink:title="Label : LoyaltyProgramTwoMember to label_LoyaltyProgramTwoMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfDeferredRevenueLineItems" xlink:label="SummaryOfDeferredRevenueLineItems" xlink:title="SummaryOfDeferredRevenueLineItems" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfDeferredRevenueLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SummaryOfDeferredRevenueLineItems" xml:lang="en-US" id="label_SummaryOfDeferredRevenueLineItems">Summary of deferred revenue [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfDeferredRevenueLineItems" xlink:to="label_SummaryOfDeferredRevenueLineItems" xlink:title="Label : SummaryOfDeferredRevenueLineItems to label_SummaryOfDeferredRevenueLineItems" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfDeferredRevenueLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfDeferredRevenueLineItems_1" xml:lang="en-US" id="label_SummaryOfDeferredRevenueLineItems_1">Summary of deferred revenue [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfDeferredRevenueLineItems" xlink:to="label_SummaryOfDeferredRevenueLineItems_1" xlink:title="Label : SummaryOfDeferredRevenueLineItems to label_SummaryOfDeferredRevenueLineItems_1" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfDeferredRevenueLineItems_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfDeferredRevenueLineItems_2" xml:lang="en-US" id="label_SummaryOfDeferredRevenueLineItems_2">Summary of deferred revenue.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfDeferredRevenueLineItems" xlink:to="label_SummaryOfDeferredRevenueLineItems_2" xlink:title="Label : SummaryOfDeferredRevenueLineItems to label_SummaryOfDeferredRevenueLineItems_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DeferredIncome" xlink:label="DeferredIncome" xlink:title="DeferredIncome" />
    <link:label xlink:type="resource" xlink:label="label_DeferredIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredIncome" xml:lang="en-US" id="label_DeferredIncome">Deferred income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredIncome" xlink:to="label_DeferredIncome" xlink:title="Label : DeferredIncome to label_DeferredIncome" />
    <link:label xlink:type="resource" xlink:label="label_DeferredIncome_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DeferredIncome_1" xml:lang="en-US" id="label_DeferredIncome_1">Deferred revenue</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredIncome" xlink:to="label_DeferredIncome_1" xlink:title="Label : DeferredIncome to label_DeferredIncome_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ProductsAndServicesAxis" xlink:label="ProductsAndServicesAxis" xlink:title="ProductsAndServicesAxis" />
    <link:label xlink:type="resource" xlink:label="label_ProductsAndServicesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProductsAndServicesAxis" xml:lang="en-US" id="label_ProductsAndServicesAxis">Products and services [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProductsAndServicesAxis" xlink:to="label_ProductsAndServicesAxis" xlink:title="Label : ProductsAndServicesAxis to label_ProductsAndServicesAxis" />
    <link:label xlink:type="resource" xlink:label="label_ProductsAndServicesAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProductsAndServicesAxis_1" xml:lang="en-US" id="label_ProductsAndServicesAxis_1">Products and services [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProductsAndServicesAxis" xlink:to="label_ProductsAndServicesAxis_1" xlink:title="Label : ProductsAndServicesAxis to label_ProductsAndServicesAxis_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ProductsAndServicesMember" xlink:label="ProductsAndServicesMember" xlink:title="ProductsAndServicesMember" />
    <link:label xlink:type="resource" xlink:label="label_ProductsAndServicesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProductsAndServicesMember" xml:lang="en-US" id="label_ProductsAndServicesMember">Products and services [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProductsAndServicesMember" xlink:to="label_ProductsAndServicesMember" xlink:title="Label : ProductsAndServicesMember to label_ProductsAndServicesMember" />
    <link:label xlink:type="resource" xlink:label="label_ProductsAndServicesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProductsAndServicesMember_1" xml:lang="en-US" id="label_ProductsAndServicesMember_1">Products and services [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProductsAndServicesMember" xlink:to="label_ProductsAndServicesMember_1" xlink:title="Label : ProductsAndServicesMember to label_ProductsAndServicesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AmPmMember" xlink:label="AmPmMember" xlink:title="AmPmMember" />
    <link:label xlink:type="resource" xlink:label="label_AmPmMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AmPmMember" xml:lang="en-US" id="label_AmPmMember">am/pm [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmPmMember" xlink:to="label_AmPmMember" xlink:title="Label : AmPmMember to label_AmPmMember" />
    <link:label xlink:type="resource" xlink:label="label_AmPmMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AmPmMember_1" xml:lang="en-US" id="label_AmPmMember_1">am/pm [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmPmMember" xlink:to="label_AmPmMember_1" xlink:title="Label : AmPmMember to label_AmPmMember_1" />
    <link:label xlink:type="resource" xlink:label="label_AmPmMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AmPmMember_2" xml:lang="en-US" id="label_AmPmMember_2">am/pm [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmPmMember" xlink:to="label_AmPmMember_2" xlink:title="Label : AmPmMember to label_AmPmMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_JetOilMember" xlink:label="JetOilMember" xlink:title="JetOilMember" />
    <link:label xlink:type="resource" xlink:label="label_JetOilMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_JetOilMember" xml:lang="en-US" id="label_JetOilMember">Jet Oil [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="JetOilMember" xlink:to="label_JetOilMember" xlink:title="Label : JetOilMember to label_JetOilMember" />
    <link:label xlink:type="resource" xlink:label="label_JetOilMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_JetOilMember_1" xml:lang="en-US" id="label_JetOilMember_1">Jet Oil [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="JetOilMember" xlink:to="label_JetOilMember_1" xlink:title="Label : JetOilMember to label_JetOilMember_1" />
    <link:label xlink:type="resource" xlink:label="label_JetOilMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_JetOilMember_2" xml:lang="en-US" id="label_JetOilMember_2">Jet Oil [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="JetOilMember" xlink:to="label_JetOilMember_2" xlink:title="Label : JetOilMember to label_JetOilMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_NumberOfStores1" xlink:label="NumberOfStores1" xlink:title="NumberOfStores1" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfStores1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfStores1" xml:lang="en-US" id="label_NumberOfStores1">Number Of Stores1</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfStores1" xlink:to="label_NumberOfStores1" xlink:title="Label : NumberOfStores1 to label_NumberOfStores1" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfStores1_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfStores1_1" xml:lang="en-US" id="label_NumberOfStores1_1">Number of stores</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfStores1" xlink:to="label_NumberOfStores1_1" xlink:title="Label : NumberOfStores1 to label_NumberOfStores1_1" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfStores1_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfStores1_2" xml:lang="en-US" id="label_NumberOfStores1_2">Number Of Stores1</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfStores1" xlink:to="label_NumberOfStores1_2" xlink:title="Label : NumberOfStores1 to label_NumberOfStores1_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SubscriptionWarrantsIndemnificationAbstract" xlink:label="SubscriptionWarrantsIndemnificationAbstract" xlink:title="SubscriptionWarrantsIndemnificationAbstract" />
    <link:label xlink:type="resource" xlink:label="label_SubscriptionWarrantsIndemnificationAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SubscriptionWarrantsIndemnificationAbstract" xml:lang="en-US" id="label_SubscriptionWarrantsIndemnificationAbstract">Subscription warrants - indemnification [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubscriptionWarrantsIndemnificationAbstract" xlink:to="label_SubscriptionWarrantsIndemnificationAbstract" xlink:title="Label : SubscriptionWarrantsIndemnificationAbstract to label_SubscriptionWarrantsIndemnificationAbstract" />
    <link:label xlink:type="resource" xlink:label="label_SubscriptionWarrantsIndemnificationAbstract_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SubscriptionWarrantsIndemnificationAbstract_1" xml:lang="en-US" id="label_SubscriptionWarrantsIndemnificationAbstract_1">Subscription warrants - indemnification.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubscriptionWarrantsIndemnificationAbstract" xlink:to="label_SubscriptionWarrantsIndemnificationAbstract_1" xlink:title="Label : SubscriptionWarrantsIndemnificationAbstract to label_SubscriptionWarrantsIndemnificationAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SubscriptionWarrantsSharesIssued" xlink:label="SubscriptionWarrantsSharesIssued" xlink:title="SubscriptionWarrantsSharesIssued" />
    <link:label xlink:type="resource" xlink:label="label_SubscriptionWarrantsSharesIssued" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SubscriptionWarrantsSharesIssued" xml:lang="en-US" id="label_SubscriptionWarrantsSharesIssued">Subscription warrants shares issued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubscriptionWarrantsSharesIssued" xlink:to="label_SubscriptionWarrantsSharesIssued" xlink:title="Label : SubscriptionWarrantsSharesIssued to label_SubscriptionWarrantsSharesIssued" />
    <link:label xlink:type="resource" xlink:label="label_SubscriptionWarrantsSharesIssued_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SubscriptionWarrantsSharesIssued_1" xml:lang="en-US" id="label_SubscriptionWarrantsSharesIssued_1">Subscription warrants shares issued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubscriptionWarrantsSharesIssued" xlink:to="label_SubscriptionWarrantsSharesIssued_1" xlink:title="Label : SubscriptionWarrantsSharesIssued to label_SubscriptionWarrantsSharesIssued_1" />
    <link:label xlink:type="resource" xlink:label="label_SubscriptionWarrantsSharesIssued_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SubscriptionWarrantsSharesIssued_2" xml:lang="en-US" id="label_SubscriptionWarrantsSharesIssued_2">Subscription warrants shares issued.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubscriptionWarrantsSharesIssued" xlink:to="label_SubscriptionWarrantsSharesIssued_2" xlink:title="Label : SubscriptionWarrantsSharesIssued to label_SubscriptionWarrantsSharesIssued_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_MaximumNumberOfSharesToBeIssuedSubscriptionWarrants" xlink:label="MaximumNumberOfSharesToBeIssuedSubscriptionWarrants" xlink:title="MaximumNumberOfSharesToBeIssuedSubscriptionWarrants" />
    <link:label xlink:type="resource" xlink:label="label_MaximumNumberOfSharesToBeIssuedSubscriptionWarrants" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaximumNumberOfSharesToBeIssuedSubscriptionWarrants" xml:lang="en-US" id="label_MaximumNumberOfSharesToBeIssuedSubscriptionWarrants">Maximum number of shares to be issued - subscription warrants</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumNumberOfSharesToBeIssuedSubscriptionWarrants" xlink:to="label_MaximumNumberOfSharesToBeIssuedSubscriptionWarrants" xlink:title="Label : MaximumNumberOfSharesToBeIssuedSubscriptionWarrants to label_MaximumNumberOfSharesToBeIssuedSubscriptionWarrants" />
    <link:label xlink:type="resource" xlink:label="label_MaximumNumberOfSharesToBeIssuedSubscriptionWarrants_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MaximumNumberOfSharesToBeIssuedSubscriptionWarrants_1" xml:lang="en-US" id="label_MaximumNumberOfSharesToBeIssuedSubscriptionWarrants_1">Maximum number of shares to be issued - subscription warrants</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumNumberOfSharesToBeIssuedSubscriptionWarrants" xlink:to="label_MaximumNumberOfSharesToBeIssuedSubscriptionWarrants_1" xlink:title="Label : MaximumNumberOfSharesToBeIssuedSubscriptionWarrants to label_MaximumNumberOfSharesToBeIssuedSubscriptionWarrants_1" />
    <link:label xlink:type="resource" xlink:label="label_MaximumNumberOfSharesToBeIssuedSubscriptionWarrants_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MaximumNumberOfSharesToBeIssuedSubscriptionWarrants_2" xml:lang="en-US" id="label_MaximumNumberOfSharesToBeIssuedSubscriptionWarrants_2">Maximum number of shares to be issued - subscription warrants</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumNumberOfSharesToBeIssuedSubscriptionWarrants" xlink:to="label_MaximumNumberOfSharesToBeIssuedSubscriptionWarrants_2" xlink:title="Label : MaximumNumberOfSharesToBeIssuedSubscriptionWarrants to label_MaximumNumberOfSharesToBeIssuedSubscriptionWarrants_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SubscriptionWarrantsShares" xlink:label="SubscriptionWarrantsShares" xlink:title="SubscriptionWarrantsShares" />
    <link:label xlink:type="resource" xlink:label="label_SubscriptionWarrantsShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SubscriptionWarrantsShares" xml:lang="en-US" id="label_SubscriptionWarrantsShares">Subscription warrants shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubscriptionWarrantsShares" xlink:to="label_SubscriptionWarrantsShares" xlink:title="Label : SubscriptionWarrantsShares to label_SubscriptionWarrantsShares" />
    <link:label xlink:type="resource" xlink:label="label_SubscriptionWarrantsShares_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SubscriptionWarrantsShares_1" xml:lang="en-US" id="label_SubscriptionWarrantsShares_1">Subscription warrants, shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubscriptionWarrantsShares" xlink:to="label_SubscriptionWarrantsShares_1" xlink:title="Label : SubscriptionWarrantsShares to label_SubscriptionWarrantsShares_1" />
    <link:label xlink:type="resource" xlink:label="label_SubscriptionWarrantsShares_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SubscriptionWarrantsShares_2" xml:lang="en-US" id="label_SubscriptionWarrantsShares_2">Subscription warrants, shares. Because of the association between the Company and Extrafarma on January 31, 2014, 7 subscription warrants - indemnification were issued. The subscription warrants - indemnification may be exercised beginning 2020 by the former shareholders of Extrafarma.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubscriptionWarrantsShares" xlink:to="label_SubscriptionWarrantsShares_2" xlink:title="Label : SubscriptionWarrantsShares to label_SubscriptionWarrantsShares_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_MaximumNumberOfSharesAvailableForIssueSubscriptionWarrants" xlink:label="MaximumNumberOfSharesAvailableForIssueSubscriptionWarrants" xlink:title="MaximumNumberOfSharesAvailableForIssueSubscriptionWarrants" />
    <link:label xlink:type="resource" xlink:label="label_MaximumNumberOfSharesAvailableForIssueSubscriptionWarrants" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MaximumNumberOfSharesAvailableForIssueSubscriptionWarrants" xml:lang="en-US" id="label_MaximumNumberOfSharesAvailableForIssueSubscriptionWarrants">Maximum number of shares available for issue subscription warrants</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumNumberOfSharesAvailableForIssueSubscriptionWarrants" xlink:to="label_MaximumNumberOfSharesAvailableForIssueSubscriptionWarrants" xlink:title="Label : MaximumNumberOfSharesAvailableForIssueSubscriptionWarrants to label_MaximumNumberOfSharesAvailableForIssueSubscriptionWarrants" />
    <link:label xlink:type="resource" xlink:label="label_MaximumNumberOfSharesAvailableForIssueSubscriptionWarrants_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MaximumNumberOfSharesAvailableForIssueSubscriptionWarrants_1" xml:lang="en-US" id="label_MaximumNumberOfSharesAvailableForIssueSubscriptionWarrants_1">Maximum number of shares available for issue - subscription warrants</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumNumberOfSharesAvailableForIssueSubscriptionWarrants" xlink:to="label_MaximumNumberOfSharesAvailableForIssueSubscriptionWarrants_1" xlink:title="Label : MaximumNumberOfSharesAvailableForIssueSubscriptionWarrants to label_MaximumNumberOfSharesAvailableForIssueSubscriptionWarrants_1" />
    <link:label xlink:type="resource" xlink:label="label_MaximumNumberOfSharesAvailableForIssueSubscriptionWarrants_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MaximumNumberOfSharesAvailableForIssueSubscriptionWarrants_2" xml:lang="en-US" id="label_MaximumNumberOfSharesAvailableForIssueSubscriptionWarrants_2">Maximum number of shares available for issue - subscription warrants. Because of the association between the Company and Extrafarma on January 31, 2014, 7 subscription warrants - indemnification were issued. The subscription warrants - indemnification may be exercised beginning 2020 by the former shareholders of Extrafarma.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MaximumNumberOfSharesAvailableForIssueSubscriptionWarrants" xlink:to="label_MaximumNumberOfSharesAvailableForIssueSubscriptionWarrants_2" xlink:title="Label : MaximumNumberOfSharesAvailableForIssueSubscriptionWarrants to label_MaximumNumberOfSharesAvailableForIssueSubscriptionWarrants_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ExerciseOfWarrantsRightsOutstanding" xlink:label="ExerciseOfWarrantsRightsOutstanding" xlink:title="ExerciseOfWarrantsRightsOutstanding" />
    <link:label xlink:type="resource" xlink:label="label_ExerciseOfWarrantsRightsOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExerciseOfWarrantsRightsOutstanding" xml:lang="en-US" id="label_ExerciseOfWarrantsRightsOutstanding">Exercise Of Warrants Rights Outstanding</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExerciseOfWarrantsRightsOutstanding" xlink:to="label_ExerciseOfWarrantsRightsOutstanding" xlink:title="Label : ExerciseOfWarrantsRightsOutstanding to label_ExerciseOfWarrantsRightsOutstanding" />
    <link:label xlink:type="resource" xlink:label="label_ExerciseOfWarrantsRightsOutstanding_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ExerciseOfWarrantsRightsOutstanding_1" xml:lang="en-US" id="label_ExerciseOfWarrantsRightsOutstanding_1">Rights outstanding</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExerciseOfWarrantsRightsOutstanding" xlink:to="label_ExerciseOfWarrantsRightsOutstanding_1" xlink:title="Label : ExerciseOfWarrantsRightsOutstanding to label_ExerciseOfWarrantsRightsOutstanding_1" />
    <link:label xlink:type="resource" xlink:label="label_ExerciseOfWarrantsRightsOutstanding_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ExerciseOfWarrantsRightsOutstanding_2" xml:lang="en-US" id="label_ExerciseOfWarrantsRightsOutstanding_2">Rights Outstanding</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExerciseOfWarrantsRightsOutstanding" xlink:to="label_ExerciseOfWarrantsRightsOutstanding_2" xlink:title="Label : ExerciseOfWarrantsRightsOutstanding to label_ExerciseOfWarrantsRightsOutstanding_2" />
    <link:label xlink:type="resource" xlink:label="label_ExerciseOfWarrantsRightsOutstanding_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ExerciseOfWarrantsRightsOutstanding_3" xml:lang="en-US" id="label_ExerciseOfWarrantsRightsOutstanding_3">Exercise of warrants rights outstanding.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExerciseOfWarrantsRightsOutstanding" xlink:to="label_ExerciseOfWarrantsRightsOutstanding_3" xlink:title="Label : ExerciseOfWarrantsRightsOutstanding to label_ExerciseOfWarrantsRightsOutstanding_3" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ShareholdersEquityDetailsNarrativeAbstract" xlink:label="ShareholdersEquityDetailsNarrativeAbstract" xlink:title="ShareholdersEquityDetailsNarrativeAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ShareholdersEquityDetailsNarrativeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ShareholdersEquityDetailsNarrativeAbstract" xml:lang="en-US" id="label_ShareholdersEquityDetailsNarrativeAbstract">Shareholders equity details narrative [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareholdersEquityDetailsNarrativeAbstract" xlink:to="label_ShareholdersEquityDetailsNarrativeAbstract" xlink:title="Label : ShareholdersEquityDetailsNarrativeAbstract to label_ShareholdersEquityDetailsNarrativeAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ShareholdersEquityDetailsNarrativeAbstract_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ShareholdersEquityDetailsNarrativeAbstract_1" xml:lang="en-US" id="label_ShareholdersEquityDetailsNarrativeAbstract_1">Shareholders equity details narrative.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareholdersEquityDetailsNarrativeAbstract" xlink:to="label_ShareholdersEquityDetailsNarrativeAbstract_1" xlink:title="Label : ShareholdersEquityDetailsNarrativeAbstract to label_ShareholdersEquityDetailsNarrativeAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ShareholdersEquityTable" xlink:label="ShareholdersEquityTable" xlink:title="ShareholdersEquityTable" />
    <link:label xlink:type="resource" xlink:label="label_ShareholdersEquityTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ShareholdersEquityTable" xml:lang="en-US" id="label_ShareholdersEquityTable">Shareholders Equity [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareholdersEquityTable" xlink:to="label_ShareholdersEquityTable" xlink:title="Label : ShareholdersEquityTable to label_ShareholdersEquityTable" />
    <link:label xlink:type="resource" xlink:label="label_ShareholdersEquityTable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ShareholdersEquityTable_1" xml:lang="en-US" id="label_ShareholdersEquityTable_1">Shareholders Equity [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareholdersEquityTable" xlink:to="label_ShareholdersEquityTable_1" xlink:title="Label : ShareholdersEquityTable to label_ShareholdersEquityTable_1" />
    <link:label xlink:type="resource" xlink:label="label_ShareholdersEquityTable_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ShareholdersEquityTable_2" xml:lang="en-US" id="label_ShareholdersEquityTable_2">Shareholders Equity [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareholdersEquityTable" xlink:to="label_ShareholdersEquityTable_2" xlink:title="Label : ShareholdersEquityTable to label_ShareholdersEquityTable_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ShareholdersEquityLineItems" xlink:label="ShareholdersEquityLineItems" xlink:title="ShareholdersEquityLineItems" />
    <link:label xlink:type="resource" xlink:label="label_ShareholdersEquityLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ShareholdersEquityLineItems" xml:lang="en-US" id="label_ShareholdersEquityLineItems">Shareholders Equity [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareholdersEquityLineItems" xlink:to="label_ShareholdersEquityLineItems" xlink:title="Label : ShareholdersEquityLineItems to label_ShareholdersEquityLineItems" />
    <link:label xlink:type="resource" xlink:label="label_ShareholdersEquityLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ShareholdersEquityLineItems_1" xml:lang="en-US" id="label_ShareholdersEquityLineItems_1">Shareholders Equity [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareholdersEquityLineItems" xlink:to="label_ShareholdersEquityLineItems_1" xlink:title="Label : ShareholdersEquityLineItems to label_ShareholdersEquityLineItems_1" />
    <link:label xlink:type="resource" xlink:label="label_ShareholdersEquityLineItems_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ShareholdersEquityLineItems_2" xml:lang="en-US" id="label_ShareholdersEquityLineItems_2">Shareholders Equity Line Items.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareholdersEquityLineItems" xlink:to="label_ShareholdersEquityLineItems_2" xlink:title="Label : ShareholdersEquityLineItems to label_ShareholdersEquityLineItems_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SubscribedAndPaidInCapitalStock" xlink:label="SubscribedAndPaidInCapitalStock" xlink:title="SubscribedAndPaidInCapitalStock" />
    <link:label xlink:type="resource" xlink:label="label_SubscribedAndPaidInCapitalStock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SubscribedAndPaidInCapitalStock" xml:lang="en-US" id="label_SubscribedAndPaidInCapitalStock">Subscribed and paid in capital stock</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubscribedAndPaidInCapitalStock" xlink:to="label_SubscribedAndPaidInCapitalStock" xlink:title="Label : SubscribedAndPaidInCapitalStock to label_SubscribedAndPaidInCapitalStock" />
    <link:label xlink:type="resource" xlink:label="label_SubscribedAndPaidInCapitalStock_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SubscribedAndPaidInCapitalStock_1" xml:lang="en-US" id="label_SubscribedAndPaidInCapitalStock_1">Subscribed and paid-in capital stock</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubscribedAndPaidInCapitalStock" xlink:to="label_SubscribedAndPaidInCapitalStock_1" xlink:title="Label : SubscribedAndPaidInCapitalStock to label_SubscribedAndPaidInCapitalStock_1" />
    <link:label xlink:type="resource" xlink:label="label_SubscribedAndPaidInCapitalStock_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SubscribedAndPaidInCapitalStock_2" xml:lang="en-US" id="label_SubscribedAndPaidInCapitalStock_2">Subscribed and paid in capital stock.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubscribedAndPaidInCapitalStock" xlink:to="label_SubscribedAndPaidInCapitalStock_2" xlink:title="Label : SubscribedAndPaidInCapitalStock to label_SubscribedAndPaidInCapitalStock_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NumberOfSharesAuthorised" xlink:label="NumberOfSharesAuthorised" xlink:title="NumberOfSharesAuthorised" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesAuthorised" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfSharesAuthorised" xml:lang="en-US" id="label_NumberOfSharesAuthorised">Number of shares authorised</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesAuthorised" xlink:to="label_NumberOfSharesAuthorised" xlink:title="Label : NumberOfSharesAuthorised to label_NumberOfSharesAuthorised" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesAuthorised_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_NumberOfSharesAuthorised_1" xml:lang="en-US" id="label_NumberOfSharesAuthorised_1">Common shares authorized</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesAuthorised" xlink:to="label_NumberOfSharesAuthorised_1" xlink:title="Label : NumberOfSharesAuthorised to label_NumberOfSharesAuthorised_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ShareIssuePrice" xlink:label="ShareIssuePrice" xlink:title="ShareIssuePrice" />
    <link:label xlink:type="resource" xlink:label="label_ShareIssuePrice" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ShareIssuePrice" xml:lang="en-US" id="label_ShareIssuePrice">Share issue price</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareIssuePrice" xlink:to="label_ShareIssuePrice" xlink:title="Label : ShareIssuePrice to label_ShareIssuePrice" />
    <link:label xlink:type="resource" xlink:label="label_ShareIssuePrice_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ShareIssuePrice_1" xml:lang="en-US" id="label_ShareIssuePrice_1">Price of the shares issued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareIssuePrice" xlink:to="label_ShareIssuePrice_1" xlink:title="Label : ShareIssuePrice to label_ShareIssuePrice_1" />
    <link:label xlink:type="resource" xlink:label="label_ShareIssuePrice_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ShareIssuePrice_2" xml:lang="en-US" id="label_ShareIssuePrice_2">Share issue price.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareIssuePrice" xlink:to="label_ShareIssuePrice_2" xlink:title="Label : ShareIssuePrice to label_ShareIssuePrice_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NumberOfSharesOutstanding" xlink:label="NumberOfSharesOutstanding" xlink:title="NumberOfSharesOutstanding" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfSharesOutstanding" xml:lang="en-US" id="label_NumberOfSharesOutstanding">Number of shares outstanding</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesOutstanding" xlink:to="label_NumberOfSharesOutstanding" xlink:title="Label : NumberOfSharesOutstanding to label_NumberOfSharesOutstanding" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesOutstanding_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfSharesOutstanding_1" xml:lang="en-US" id="label_NumberOfSharesOutstanding_1">Common shares outstanding</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesOutstanding" xlink:to="label_NumberOfSharesOutstanding_1" xlink:title="Label : NumberOfSharesOutstanding to label_NumberOfSharesOutstanding_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SharesHeldInTreasury" xlink:label="SharesHeldInTreasury" xlink:title="SharesHeldInTreasury" />
    <link:label xlink:type="resource" xlink:label="label_SharesHeldInTreasury" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SharesHeldInTreasury" xml:lang="en-US" id="label_SharesHeldInTreasury">Shares held in treasury</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesHeldInTreasury" xlink:to="label_SharesHeldInTreasury" xlink:title="Label : SharesHeldInTreasury to label_SharesHeldInTreasury" />
    <link:label xlink:type="resource" xlink:label="label_SharesHeldInTreasury_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SharesHeldInTreasury_1" xml:lang="en-US" id="label_SharesHeldInTreasury_1">Shares held in treasury</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesHeldInTreasury" xlink:to="label_SharesHeldInTreasury_1" xlink:title="Label : SharesHeldInTreasury to label_SharesHeldInTreasury_1" />
    <link:label xlink:type="resource" xlink:label="label_SharesHeldInTreasury_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SharesHeldInTreasury_2" xml:lang="en-US" id="label_SharesHeldInTreasury_2">The disclosure of Shares held in treasury.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharesHeldInTreasury" xlink:to="label_SharesHeldInTreasury_2" xlink:title="Label : SharesHeldInTreasury to label_SharesHeldInTreasury_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TreasurySharesAveragePrice" xlink:label="TreasurySharesAveragePrice" xlink:title="TreasurySharesAveragePrice" />
    <link:label xlink:type="resource" xlink:label="label_TreasurySharesAveragePrice" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TreasurySharesAveragePrice" xml:lang="en-US" id="label_TreasurySharesAveragePrice">Treasury Shares Average Price</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TreasurySharesAveragePrice" xlink:to="label_TreasurySharesAveragePrice" xlink:title="Label : TreasurySharesAveragePrice to label_TreasurySharesAveragePrice" />
    <link:label xlink:type="resource" xlink:label="label_TreasurySharesAveragePrice_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TreasurySharesAveragePrice_1" xml:lang="en-US" id="label_TreasurySharesAveragePrice_1">Average cost</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TreasurySharesAveragePrice" xlink:to="label_TreasurySharesAveragePrice_1" xlink:title="Label : TreasurySharesAveragePrice to label_TreasurySharesAveragePrice_1" />
    <link:label xlink:type="resource" xlink:label="label_TreasurySharesAveragePrice_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TreasurySharesAveragePrice_2" xml:lang="en-US" id="label_TreasurySharesAveragePrice_2">Treasury shares average price.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TreasurySharesAveragePrice" xlink:to="label_TreasurySharesAveragePrice_2" xlink:title="Label : TreasurySharesAveragePrice to label_TreasurySharesAveragePrice_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CapitalIncreasesReserved" xlink:label="CapitalIncreasesReserved" xlink:title="CapitalIncreasesReserved" />
    <link:label xlink:type="resource" xlink:label="label_CapitalIncreasesReserved" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CapitalIncreasesReserved" xml:lang="en-US" id="label_CapitalIncreasesReserved">capital increases reserved</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalIncreasesReserved" xlink:to="label_CapitalIncreasesReserved" xlink:title="Label : CapitalIncreasesReserved to label_CapitalIncreasesReserved" />
    <link:label xlink:type="resource" xlink:label="label_CapitalIncreasesReserved_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CapitalIncreasesReserved_1" xml:lang="en-US" id="label_CapitalIncreasesReserved_1">Increase in capital reserves</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalIncreasesReserved" xlink:to="label_CapitalIncreasesReserved_1" xlink:title="Label : CapitalIncreasesReserved to label_CapitalIncreasesReserved_1" />
    <link:label xlink:type="resource" xlink:label="label_CapitalIncreasesReserved_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CapitalIncreasesReserved_2" xml:lang="en-US" id="label_CapitalIncreasesReserved_2">capital increases reserved</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalIncreasesReserved" xlink:to="label_CapitalIncreasesReserved_2" xlink:title="Label : CapitalIncreasesReserved to label_CapitalIncreasesReserved_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ShareIssueRelatedCost" xlink:label="ShareIssueRelatedCost" xlink:title="ShareIssueRelatedCost" />
    <link:label xlink:type="resource" xlink:label="label_ShareIssueRelatedCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ShareIssueRelatedCost" xml:lang="en-US" id="label_ShareIssueRelatedCost">Share issue related cost</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareIssueRelatedCost" xlink:to="label_ShareIssueRelatedCost" xlink:title="Label : ShareIssueRelatedCost to label_ShareIssueRelatedCost" />
    <link:label xlink:type="resource" xlink:label="label_ShareIssueRelatedCost_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ShareIssueRelatedCost_1" xml:lang="en-US" id="label_ShareIssueRelatedCost_1">Incurred costs directly attributable to issuing new shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareIssueRelatedCost" xlink:to="label_ShareIssueRelatedCost_1" xlink:title="Label : ShareIssueRelatedCost to label_ShareIssueRelatedCost_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_RetentionOfProfitsAndInvestmentsReserve" xlink:label="RetentionOfProfitsAndInvestmentsReserve" xlink:title="RetentionOfProfitsAndInvestmentsReserve" />
    <link:label xlink:type="resource" xlink:label="label_RetentionOfProfitsAndInvestmentsReserve" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RetentionOfProfitsAndInvestmentsReserve" xml:lang="en-US" id="label_RetentionOfProfitsAndInvestmentsReserve">Retention of profits and investments reserve</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RetentionOfProfitsAndInvestmentsReserve" xlink:to="label_RetentionOfProfitsAndInvestmentsReserve" xlink:title="Label : RetentionOfProfitsAndInvestmentsReserve to label_RetentionOfProfitsAndInvestmentsReserve" />
    <link:label xlink:type="resource" xlink:label="label_RetentionOfProfitsAndInvestmentsReserve_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RetentionOfProfitsAndInvestmentsReserve_1" xml:lang="en-US" id="label_RetentionOfProfitsAndInvestmentsReserve_1">Retention of profits and investments reserve</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RetentionOfProfitsAndInvestmentsReserve" xlink:to="label_RetentionOfProfitsAndInvestmentsReserve_1" xlink:title="Label : RetentionOfProfitsAndInvestmentsReserve to label_RetentionOfProfitsAndInvestmentsReserve_1" />
    <link:label xlink:type="resource" xlink:label="label_RetentionOfProfitsAndInvestmentsReserve_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RetentionOfProfitsAndInvestmentsReserve_2" xml:lang="en-US" id="label_RetentionOfProfitsAndInvestmentsReserve_2">The disclosure of the allocation of income for retention of profits purposes.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RetentionOfProfitsAndInvestmentsReserve" xlink:to="label_RetentionOfProfitsAndInvestmentsReserve_2" xlink:title="Label : RetentionOfProfitsAndInvestmentsReserve to label_RetentionOfProfitsAndInvestmentsReserve_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DividendsPayable" xlink:label="DividendsPayable" xlink:title="DividendsPayable" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPayable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendsPayable" xml:lang="en-US" id="label_DividendsPayable">Dividends payable, non-cash assets distributions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPayable" xlink:to="label_DividendsPayable" xlink:title="Label : DividendsPayable to label_DividendsPayable" />
    <link:label xlink:type="resource" xlink:label="label_DividendsPayable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DividendsPayable_1" xml:lang="en-US" id="label_DividendsPayable_1">Dividends payable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPayable" xlink:to="label_DividendsPayable_1" xlink:title="Label : DividendsPayable to label_DividendsPayable_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DividendPerShare" xlink:label="DividendPerShare" xlink:title="DividendPerShare" />
    <link:label xlink:type="resource" xlink:label="label_DividendPerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendPerShare" xml:lang="en-US" id="label_DividendPerShare">Dividend per share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendPerShare" xlink:to="label_DividendPerShare" xlink:title="Label : DividendPerShare to label_DividendPerShare" />
    <link:label xlink:type="resource" xlink:label="label_DividendPerShare_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DividendPerShare_1" xml:lang="en-US" id="label_DividendPerShare_1">Dividends per share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendPerShare" xlink:to="label_DividendPerShare_1" xlink:title="Label : DividendPerShare to label_DividendPerShare_1" />
    <link:label xlink:type="resource" xlink:label="label_DividendPerShare_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DividendPerShare_2" xml:lang="en-US" id="label_DividendPerShare_2">Dividend per share.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendPerShare" xlink:to="label_DividendPerShare_2" xlink:title="Label : DividendPerShare to label_DividendPerShare_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DividendPaid" xlink:label="DividendPaid" xlink:title="DividendPaid" />
    <link:label xlink:type="resource" xlink:label="label_DividendPaid" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendPaid" xml:lang="en-US" id="label_DividendPaid">Dividend paid</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendPaid" xlink:to="label_DividendPaid" xlink:title="Label : DividendPaid to label_DividendPaid" />
    <link:label xlink:type="resource" xlink:label="label_DividendPaid_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DividendPaid_1" xml:lang="en-US" id="label_DividendPaid_1">Dividends paid</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendPaid" xlink:to="label_DividendPaid_1" xlink:title="Label : DividendPaid to label_DividendPaid_1" />
    <link:label xlink:type="resource" xlink:label="label_DividendPaid_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DividendPaid_2" xml:lang="en-US" id="label_DividendPaid_2">Dividend paid</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendPaid" xlink:to="label_DividendPaid_2" xlink:title="Label : DividendPaid to label_DividendPaid_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_StatementOfChangesInEquityTable" xlink:label="StatementOfChangesInEquityTable" xlink:title="StatementOfChangesInEquityTable" />
    <link:label xlink:type="resource" xlink:label="label_StatementOfChangesInEquityTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatementOfChangesInEquityTable" xml:lang="en-US" id="label_StatementOfChangesInEquityTable">Statement of changes in equity [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfChangesInEquityTable" xlink:to="label_StatementOfChangesInEquityTable" xlink:title="Label : StatementOfChangesInEquityTable to label_StatementOfChangesInEquityTable" />
    <link:label xlink:type="resource" xlink:label="label_StatementOfChangesInEquityTable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_StatementOfChangesInEquityTable_1" xml:lang="en-US" id="label_StatementOfChangesInEquityTable_1">Statement of changes in equity [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementOfChangesInEquityTable" xlink:to="label_StatementOfChangesInEquityTable_1" xlink:title="Label : StatementOfChangesInEquityTable to label_StatementOfChangesInEquityTable_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ValuationTechniquesUsedInFairValueMeasurementAxis" xlink:label="ValuationTechniquesUsedInFairValueMeasurementAxis" xlink:title="ValuationTechniquesUsedInFairValueMeasurementAxis" />
    <link:label xlink:type="resource" xlink:label="label_ValuationTechniquesUsedInFairValueMeasurementAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ValuationTechniquesUsedInFairValueMeasurementAxis" xml:lang="en-US" id="label_ValuationTechniquesUsedInFairValueMeasurementAxis">Valuation techniques used in fair value measurement [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ValuationTechniquesUsedInFairValueMeasurementAxis" xlink:to="label_ValuationTechniquesUsedInFairValueMeasurementAxis" xlink:title="Label : ValuationTechniquesUsedInFairValueMeasurementAxis to label_ValuationTechniquesUsedInFairValueMeasurementAxis" />
    <link:label xlink:type="resource" xlink:label="label_ValuationTechniquesUsedInFairValueMeasurementAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ValuationTechniquesUsedInFairValueMeasurementAxis_1" xml:lang="en-US" id="label_ValuationTechniquesUsedInFairValueMeasurementAxis_1">Valuation techniques used in fair value measurement [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ValuationTechniquesUsedInFairValueMeasurementAxis" xlink:to="label_ValuationTechniquesUsedInFairValueMeasurementAxis_1" xlink:title="Label : ValuationTechniquesUsedInFairValueMeasurementAxis to label_ValuationTechniquesUsedInFairValueMeasurementAxis_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ValuationTechniquesMember" xlink:label="ValuationTechniquesMember" xlink:title="ValuationTechniquesMember" />
    <link:label xlink:type="resource" xlink:label="label_ValuationTechniquesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ValuationTechniquesMember" xml:lang="en-US" id="label_ValuationTechniquesMember">Valuation techniques [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ValuationTechniquesMember" xlink:to="label_ValuationTechniquesMember" xlink:title="Label : ValuationTechniquesMember to label_ValuationTechniquesMember" />
    <link:label xlink:type="resource" xlink:label="label_ValuationTechniquesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ValuationTechniquesMember_1" xml:lang="en-US" id="label_ValuationTechniquesMember_1">Valuation techniques [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ValuationTechniquesMember" xlink:to="label_ValuationTechniquesMember_1" xlink:title="Label : ValuationTechniquesMember to label_ValuationTechniquesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_FairValueCashFlowHedgingInstrumentsMember" xlink:label="FairValueCashFlowHedgingInstrumentsMember" xlink:title="FairValueCashFlowHedgingInstrumentsMember" />
    <link:label xlink:type="resource" xlink:label="label_FairValueCashFlowHedgingInstrumentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FairValueCashFlowHedgingInstrumentsMember" xml:lang="en-US" id="label_FairValueCashFlowHedgingInstrumentsMember">Fair value cash flow hedging instruments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueCashFlowHedgingInstrumentsMember" xlink:to="label_FairValueCashFlowHedgingInstrumentsMember" xlink:title="Label : FairValueCashFlowHedgingInstrumentsMember to label_FairValueCashFlowHedgingInstrumentsMember" />
    <link:label xlink:type="resource" xlink:label="label_FairValueCashFlowHedgingInstrumentsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FairValueCashFlowHedgingInstrumentsMember_1" xml:lang="en-US" id="label_FairValueCashFlowHedgingInstrumentsMember_1">Fair value of cash flow hedging instruments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueCashFlowHedgingInstrumentsMember" xlink:to="label_FairValueCashFlowHedgingInstrumentsMember_1" xlink:title="Label : FairValueCashFlowHedgingInstrumentsMember to label_FairValueCashFlowHedgingInstrumentsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_FairValueCashFlowHedgingInstrumentsMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FairValueCashFlowHedgingInstrumentsMember_2" xml:lang="en-US" id="label_FairValueCashFlowHedgingInstrumentsMember_2">Fair value cash flow hedging instruments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueCashFlowHedgingInstrumentsMember" xlink:to="label_FairValueCashFlowHedgingInstrumentsMember_2" xlink:title="Label : FairValueCashFlowHedgingInstrumentsMember to label_FairValueCashFlowHedgingInstrumentsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_FairValueFinancialInstrumentsAvailableForSaleMember" xlink:label="FairValueFinancialInstrumentsAvailableForSaleMember" xlink:title="FairValueFinancialInstrumentsAvailableForSaleMember" />
    <link:label xlink:type="resource" xlink:label="label_FairValueFinancialInstrumentsAvailableForSaleMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FairValueFinancialInstrumentsAvailableForSaleMember" xml:lang="en-US" id="label_FairValueFinancialInstrumentsAvailableForSaleMember">Fair value financial instruments available for sale [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueFinancialInstrumentsAvailableForSaleMember" xlink:to="label_FairValueFinancialInstrumentsAvailableForSaleMember" xlink:title="Label : FairValueFinancialInstrumentsAvailableForSaleMember to label_FairValueFinancialInstrumentsAvailableForSaleMember" />
    <link:label xlink:type="resource" xlink:label="label_FairValueFinancialInstrumentsAvailableForSaleMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FairValueFinancialInstrumentsAvailableForSaleMember_1" xml:lang="en-US" id="label_FairValueFinancialInstrumentsAvailableForSaleMember_1">Fair value of financial instruments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueFinancialInstrumentsAvailableForSaleMember" xlink:to="label_FairValueFinancialInstrumentsAvailableForSaleMember_1" xlink:title="Label : FairValueFinancialInstrumentsAvailableForSaleMember to label_FairValueFinancialInstrumentsAvailableForSaleMember_1" />
    <link:label xlink:type="resource" xlink:label="label_FairValueFinancialInstrumentsAvailableForSaleMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FairValueFinancialInstrumentsAvailableForSaleMember_2" xml:lang="en-US" id="label_FairValueFinancialInstrumentsAvailableForSaleMember_2">Fair value financial instruments available for sale.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FairValueFinancialInstrumentsAvailableForSaleMember" xlink:to="label_FairValueFinancialInstrumentsAvailableForSaleMember_2" xlink:title="Label : FairValueFinancialInstrumentsAvailableForSaleMember to label_FairValueFinancialInstrumentsAvailableForSaleMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ActuarialGainsOfPostemploymentBenefitsMember" xlink:label="ActuarialGainsOfPostemploymentBenefitsMember" xlink:title="ActuarialGainsOfPostemploymentBenefitsMember" />
    <link:label xlink:type="resource" xlink:label="label_ActuarialGainsOfPostemploymentBenefitsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ActuarialGainsOfPostemploymentBenefitsMember" xml:lang="en-US" id="label_ActuarialGainsOfPostemploymentBenefitsMember">Actuarial gains of postemployment benefits [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ActuarialGainsOfPostemploymentBenefitsMember" xlink:to="label_ActuarialGainsOfPostemploymentBenefitsMember" xlink:title="Label : ActuarialGainsOfPostemploymentBenefitsMember to label_ActuarialGainsOfPostemploymentBenefitsMember" />
    <link:label xlink:type="resource" xlink:label="label_ActuarialGainsOfPostemploymentBenefitsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ActuarialGainsOfPostemploymentBenefitsMember_1" xml:lang="en-US" id="label_ActuarialGainsOfPostemploymentBenefitsMember_1">Actuarial gains (losses) of post-employment benefits [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ActuarialGainsOfPostemploymentBenefitsMember" xlink:to="label_ActuarialGainsOfPostemploymentBenefitsMember_1" xlink:title="Label : ActuarialGainsOfPostemploymentBenefitsMember to label_ActuarialGainsOfPostemploymentBenefitsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ActuarialGainsOfPostemploymentBenefitsMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ActuarialGainsOfPostemploymentBenefitsMember_2" xml:lang="en-US" id="label_ActuarialGainsOfPostemploymentBenefitsMember_2">Actuarial gains of postemployment benefits.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ActuarialGainsOfPostemploymentBenefitsMember" xlink:to="label_ActuarialGainsOfPostemploymentBenefitsMember_2" xlink:title="Label : ActuarialGainsOfPostemploymentBenefitsMember to label_ActuarialGainsOfPostemploymentBenefitsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_NoncontrollingShareholdersInterestChangeMember" xlink:label="NoncontrollingShareholdersInterestChangeMember" xlink:title="NoncontrollingShareholdersInterestChangeMember" />
    <link:label xlink:type="resource" xlink:label="label_NoncontrollingShareholdersInterestChangeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoncontrollingShareholdersInterestChangeMember" xml:lang="en-US" id="label_NoncontrollingShareholdersInterestChangeMember">Noncontrolling share holders interest change [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncontrollingShareholdersInterestChangeMember" xlink:to="label_NoncontrollingShareholdersInterestChangeMember" xlink:title="Label : NoncontrollingShareholdersInterestChangeMember to label_NoncontrollingShareholdersInterestChangeMember" />
    <link:label xlink:type="resource" xlink:label="label_NoncontrollingShareholdersInterestChangeMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NoncontrollingShareholdersInterestChangeMember_1" xml:lang="en-US" id="label_NoncontrollingShareholdersInterestChangeMember_1">Non-controlling shareholders interest change [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncontrollingShareholdersInterestChangeMember" xlink:to="label_NoncontrollingShareholdersInterestChangeMember_1" xlink:title="Label : NoncontrollingShareholdersInterestChangeMember to label_NoncontrollingShareholdersInterestChangeMember_1" />
    <link:label xlink:type="resource" xlink:label="label_NoncontrollingShareholdersInterestChangeMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NoncontrollingShareholdersInterestChangeMember_2" xml:lang="en-US" id="label_NoncontrollingShareholdersInterestChangeMember_2">Noncontrolling share holders interest change.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncontrollingShareholdersInterestChangeMember" xlink:to="label_NoncontrollingShareholdersInterestChangeMember_2" xlink:title="Label : NoncontrollingShareholdersInterestChangeMember to label_NoncontrollingShareholdersInterestChangeMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TotalValuationAdjustmentsMember" xlink:label="TotalValuationAdjustmentsMember" xlink:title="TotalValuationAdjustmentsMember" />
    <link:label xlink:type="resource" xlink:label="label_TotalValuationAdjustmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TotalValuationAdjustmentsMember" xml:lang="en-US" id="label_TotalValuationAdjustmentsMember">Total valuation adjustments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TotalValuationAdjustmentsMember" xlink:to="label_TotalValuationAdjustmentsMember" xlink:title="Label : TotalValuationAdjustmentsMember to label_TotalValuationAdjustmentsMember" />
    <link:label xlink:type="resource" xlink:label="label_TotalValuationAdjustmentsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TotalValuationAdjustmentsMember_1" xml:lang="en-US" id="label_TotalValuationAdjustmentsMember_1">Total [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TotalValuationAdjustmentsMember" xlink:to="label_TotalValuationAdjustmentsMember_1" xlink:title="Label : TotalValuationAdjustmentsMember to label_TotalValuationAdjustmentsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_TotalValuationAdjustmentsMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TotalValuationAdjustmentsMember_2" xml:lang="en-US" id="label_TotalValuationAdjustmentsMember_2">Total valuation adjustments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TotalValuationAdjustmentsMember" xlink:to="label_TotalValuationAdjustmentsMember_2" xlink:title="Label : TotalValuationAdjustmentsMember to label_TotalValuationAdjustmentsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfShareholdersEquityLineItems" xlink:label="SummaryOfShareholdersEquityLineItems" xlink:title="SummaryOfShareholdersEquityLineItems" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfShareholdersEquityLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SummaryOfShareholdersEquityLineItems" xml:lang="en-US" id="label_SummaryOfShareholdersEquityLineItems">Summary of shareholders equity [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfShareholdersEquityLineItems" xlink:to="label_SummaryOfShareholdersEquityLineItems" xlink:title="Label : SummaryOfShareholdersEquityLineItems to label_SummaryOfShareholdersEquityLineItems" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfShareholdersEquityLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfShareholdersEquityLineItems_1" xml:lang="en-US" id="label_SummaryOfShareholdersEquityLineItems_1">Summary of shareholders equity [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfShareholdersEquityLineItems" xlink:to="label_SummaryOfShareholdersEquityLineItems_1" xlink:title="Label : SummaryOfShareholdersEquityLineItems to label_SummaryOfShareholdersEquityLineItems_1" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfShareholdersEquityLineItems_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfShareholdersEquityLineItems_2" xml:lang="en-US" id="label_SummaryOfShareholdersEquityLineItems_2">Summary of shareholders equity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfShareholdersEquityLineItems" xlink:to="label_SummaryOfShareholdersEquityLineItems_2" xlink:title="Label : SummaryOfShareholdersEquityLineItems to label_SummaryOfShareholdersEquityLineItems_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OtherComprehensiveIncomeOfTheCompany" xlink:label="OtherComprehensiveIncomeOfTheCompany" xlink:title="OtherComprehensiveIncomeOfTheCompany" />
    <link:label xlink:type="resource" xlink:label="label_OtherComprehensiveIncomeOfTheCompany" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherComprehensiveIncomeOfTheCompany" xml:lang="en-US" id="label_OtherComprehensiveIncomeOfTheCompany">Other comprehensive income of the company</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeOfTheCompany" xlink:to="label_OtherComprehensiveIncomeOfTheCompany" xlink:title="Label : OtherComprehensiveIncomeOfTheCompany to label_OtherComprehensiveIncomeOfTheCompany" />
    <link:label xlink:type="resource" xlink:label="label_OtherComprehensiveIncomeOfTheCompany_1" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_OtherComprehensiveIncomeOfTheCompany_1" xml:lang="en-US" id="label_OtherComprehensiveIncomeOfTheCompany_1">Beginning balance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeOfTheCompany" xlink:to="label_OtherComprehensiveIncomeOfTheCompany_1" xlink:title="Label : OtherComprehensiveIncomeOfTheCompany to label_OtherComprehensiveIncomeOfTheCompany_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherComprehensiveIncomeOfTheCompany_2" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_OtherComprehensiveIncomeOfTheCompany_2" xml:lang="en-US" id="label_OtherComprehensiveIncomeOfTheCompany_2">Ending balance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeOfTheCompany" xlink:to="label_OtherComprehensiveIncomeOfTheCompany_2" xlink:title="Label : OtherComprehensiveIncomeOfTheCompany to label_OtherComprehensiveIncomeOfTheCompany_2" />
    <link:label xlink:type="resource" xlink:label="label_OtherComprehensiveIncomeOfTheCompany_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherComprehensiveIncomeOfTheCompany_3" xml:lang="en-US" id="label_OtherComprehensiveIncomeOfTheCompany_3">Other comprehensive income of the company.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeOfTheCompany" xlink:to="label_OtherComprehensiveIncomeOfTheCompany_3" xlink:title="Label : OtherComprehensiveIncomeOfTheCompany to label_OtherComprehensiveIncomeOfTheCompany_3" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ChangesInFairValueOfFinancialInstruments" xlink:label="ChangesInFairValueOfFinancialInstruments" xlink:title="ChangesInFairValueOfFinancialInstruments" />
    <link:label xlink:type="resource" xlink:label="label_ChangesInFairValueOfFinancialInstruments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ChangesInFairValueOfFinancialInstruments" xml:lang="en-US" id="label_ChangesInFairValueOfFinancialInstruments">Changes In Fair Value Of Financial Instruments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangesInFairValueOfFinancialInstruments" xlink:to="label_ChangesInFairValueOfFinancialInstruments" xlink:title="Label : ChangesInFairValueOfFinancialInstruments to label_ChangesInFairValueOfFinancialInstruments" />
    <link:label xlink:type="resource" xlink:label="label_ChangesInFairValueOfFinancialInstruments_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ChangesInFairValueOfFinancialInstruments_1" xml:lang="en-US" id="label_ChangesInFairValueOfFinancialInstruments_1">Changes in fair value of financial instruments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangesInFairValueOfFinancialInstruments" xlink:to="label_ChangesInFairValueOfFinancialInstruments_1" xlink:title="Label : ChangesInFairValueOfFinancialInstruments to label_ChangesInFairValueOfFinancialInstruments_1" />
    <link:label xlink:type="resource" xlink:label="label_ChangesInFairValueOfFinancialInstruments_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ChangesInFairValueOfFinancialInstruments_2" xml:lang="en-US" id="label_ChangesInFairValueOfFinancialInstruments_2">Changes in fair value of financial instruments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangesInFairValueOfFinancialInstruments" xlink:to="label_ChangesInFairValueOfFinancialInstruments_2" xlink:title="Label : ChangesInFairValueOfFinancialInstruments to label_ChangesInFairValueOfFinancialInstruments_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IncomeAndSocialContributionTaxesOnFairValue" xlink:label="IncomeAndSocialContributionTaxesOnFairValue" xlink:title="IncomeAndSocialContributionTaxesOnFairValue" />
    <link:label xlink:type="resource" xlink:label="label_IncomeAndSocialContributionTaxesOnFairValue" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_IncomeAndSocialContributionTaxesOnFairValue" xml:lang="en-US" id="label_IncomeAndSocialContributionTaxesOnFairValue">IRPJ and CSLL on fair value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeAndSocialContributionTaxesOnFairValue" xlink:to="label_IncomeAndSocialContributionTaxesOnFairValue" xlink:title="Label : IncomeAndSocialContributionTaxesOnFairValue to label_IncomeAndSocialContributionTaxesOnFairValue" />
    <link:label xlink:type="resource" xlink:label="label_IncomeAndSocialContributionTaxesOnFairValue_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeAndSocialContributionTaxesOnFairValue_1" xml:lang="en-US" id="label_IncomeAndSocialContributionTaxesOnFairValue_1">Income and social contribution taxes on fair value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeAndSocialContributionTaxesOnFairValue" xlink:to="label_IncomeAndSocialContributionTaxesOnFairValue_1" xlink:title="Label : IncomeAndSocialContributionTaxesOnFairValue to label_IncomeAndSocialContributionTaxesOnFairValue_1" />
    <link:label xlink:type="resource" xlink:label="label_IncomeAndSocialContributionTaxesOnFairValue_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncomeAndSocialContributionTaxesOnFairValue_2" xml:lang="en-US" id="label_IncomeAndSocialContributionTaxesOnFairValue_2">Income and social contribution taxes on fair value. Refers to annual taxes levied by the federal government and most state governments on individual and business income. By law, businesses and individuals must file federal and state income tax returns every year to determine whether they owe taxes. Social contributions are payments (either actual or imputed) by employers which are intended to secure for their employees the entitlement to social benefits.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeAndSocialContributionTaxesOnFairValue" xlink:to="label_IncomeAndSocialContributionTaxesOnFairValue_2" xlink:title="Label : IncomeAndSocialContributionTaxesOnFairValue to label_IncomeAndSocialContributionTaxesOnFairValue_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DifferenceFairValueOfConsiderationReceivedOrPaid" xlink:label="DifferenceFairValueOfConsiderationReceivedOrPaid" xlink:title="DifferenceFairValueOfConsiderationReceivedOrPaid" />
    <link:label xlink:type="resource" xlink:label="label_DifferenceFairValueOfConsiderationReceivedOrPaid" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DifferenceFairValueOfConsiderationReceivedOrPaid" xml:lang="en-US" id="label_DifferenceFairValueOfConsiderationReceivedOrPaid">Difference fair value of consideration received or paid</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DifferenceFairValueOfConsiderationReceivedOrPaid" xlink:to="label_DifferenceFairValueOfConsiderationReceivedOrPaid" xlink:title="Label : DifferenceFairValueOfConsiderationReceivedOrPaid to label_DifferenceFairValueOfConsiderationReceivedOrPaid" />
    <link:label xlink:type="resource" xlink:label="label_DifferenceFairValueOfConsiderationReceivedOrPaid_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DifferenceFairValueOfConsiderationReceivedOrPaid_1" xml:lang="en-US" id="label_DifferenceFairValueOfConsiderationReceivedOrPaid_1">Difference between the fair value of the consideration received or paid and the variation in the non-controlling shareholders interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DifferenceFairValueOfConsiderationReceivedOrPaid" xlink:to="label_DifferenceFairValueOfConsiderationReceivedOrPaid_1" xlink:title="Label : DifferenceFairValueOfConsiderationReceivedOrPaid to label_DifferenceFairValueOfConsiderationReceivedOrPaid_1" />
    <link:label xlink:type="resource" xlink:label="label_DifferenceFairValueOfConsiderationReceivedOrPaid_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DifferenceFairValueOfConsiderationReceivedOrPaid_2" xml:lang="en-US" id="label_DifferenceFairValueOfConsiderationReceivedOrPaid_2">Difference fair value of consideration received or paid.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DifferenceFairValueOfConsiderationReceivedOrPaid" xlink:to="label_DifferenceFairValueOfConsiderationReceivedOrPaid_2" xlink:title="Label : DifferenceFairValueOfConsiderationReceivedOrPaid to label_DifferenceFairValueOfConsiderationReceivedOrPaid_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ActuarialLossesOfPostemploymentBenefits" xlink:label="ActuarialLossesOfPostemploymentBenefits" xlink:title="ActuarialLossesOfPostemploymentBenefits" />
    <link:label xlink:type="resource" xlink:label="label_ActuarialLossesOfPostemploymentBenefits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ActuarialLossesOfPostemploymentBenefits" xml:lang="en-US" id="label_ActuarialLossesOfPostemploymentBenefits">Actuarial losses of postemployment benefits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ActuarialLossesOfPostemploymentBenefits" xlink:to="label_ActuarialLossesOfPostemploymentBenefits" xlink:title="Label : ActuarialLossesOfPostemploymentBenefits to label_ActuarialLossesOfPostemploymentBenefits" />
    <link:label xlink:type="resource" xlink:label="label_ActuarialLossesOfPostemploymentBenefits_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ActuarialLossesOfPostemploymentBenefits_1" xml:lang="en-US" id="label_ActuarialLossesOfPostemploymentBenefits_1">Actuarial losses of post-employment benefits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ActuarialLossesOfPostemploymentBenefits" xlink:to="label_ActuarialLossesOfPostemploymentBenefits_1" xlink:title="Label : ActuarialLossesOfPostemploymentBenefits to label_ActuarialLossesOfPostemploymentBenefits_1" />
    <link:label xlink:type="resource" xlink:label="label_ActuarialLossesOfPostemploymentBenefits_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ActuarialLossesOfPostemploymentBenefits_2" xml:lang="en-US" id="label_ActuarialLossesOfPostemploymentBenefits_2">Actuarial gains (losses) of post-employment benefits.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ActuarialLossesOfPostemploymentBenefits" xlink:to="label_ActuarialLossesOfPostemploymentBenefits_2" xlink:title="Label : ActuarialLossesOfPostemploymentBenefits to label_ActuarialLossesOfPostemploymentBenefits_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IncomeAndSocialContributionTaxesOnActuarialLosses" xlink:label="IncomeAndSocialContributionTaxesOnActuarialLosses" xlink:title="IncomeAndSocialContributionTaxesOnActuarialLosses" />
    <link:label xlink:type="resource" xlink:label="label_IncomeAndSocialContributionTaxesOnActuarialLosses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeAndSocialContributionTaxesOnActuarialLosses" xml:lang="en-US" id="label_IncomeAndSocialContributionTaxesOnActuarialLosses">Income And Social Contribution Taxes On Actuarial Losses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeAndSocialContributionTaxesOnActuarialLosses" xlink:to="label_IncomeAndSocialContributionTaxesOnActuarialLosses" xlink:title="Label : IncomeAndSocialContributionTaxesOnActuarialLosses to label_IncomeAndSocialContributionTaxesOnActuarialLosses" />
    <link:label xlink:type="resource" xlink:label="label_IncomeAndSocialContributionTaxesOnActuarialLosses_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_IncomeAndSocialContributionTaxesOnActuarialLosses_1" xml:lang="en-US" id="label_IncomeAndSocialContributionTaxesOnActuarialLosses_1">Income and social contribution taxes on actuarial losses</link:label>
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    <link:label xlink:type="resource" xlink:label="label_IncomeAndSocialContributionTaxesOnActuarialLosses_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncomeAndSocialContributionTaxesOnActuarialLosses_2" xml:lang="en-US" id="label_IncomeAndSocialContributionTaxesOnActuarialLosses_2">Income and social contribution taxes on actuarial losses on actuarial losses of post-employment benefits.</link:label>
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TranslationOfForeignSubsidiariesIncludingNetOfIRPJAndCSLLInvestmentsHedge" xlink:label="TranslationOfForeignSubsidiariesIncludingNetOfIRPJAndCSLLInvestmentsHedge" xlink:title="TranslationOfForeignSubsidiariesIncludingNetOfIRPJAndCSLLInvestmentsHedge" />
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    <link:label xlink:type="resource" xlink:label="label_TranslationOfForeignSubsidiaries_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TranslationOfForeignSubsidiaries_1" xml:lang="en-US" id="label_TranslationOfForeignSubsidiaries_1">Currency translation adjustment of foreign subsidiaries</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TranslationOfForeignSubsidiaries" xlink:to="label_TranslationOfForeignSubsidiaries_2" xlink:title="Label : TranslationOfForeignSubsidiaries to label_TranslationOfForeignSubsidiaries_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_PeriodIncreaseDecreaseInForeignCurrencyRateVariationOnFinancialInstruments" xlink:label="PeriodIncreaseDecreaseInForeignCurrencyRateVariationOnFinancialInstruments" xlink:title="PeriodIncreaseDecreaseInForeignCurrencyRateVariationOnFinancialInstruments" />
    <link:label xlink:type="resource" xlink:label="label_PeriodIncreaseDecreaseInForeignCurrencyRateVariationOnFinancialInstruments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PeriodIncreaseDecreaseInForeignCurrencyRateVariationOnFinancialInstruments" xml:lang="en-US" id="label_PeriodIncreaseDecreaseInForeignCurrencyRateVariationOnFinancialInstruments">Period Increase Decrease in Foreign Currency Rate Variation on Financial Instruments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodIncreaseDecreaseInForeignCurrencyRateVariationOnFinancialInstruments" xlink:to="label_PeriodIncreaseDecreaseInForeignCurrencyRateVariationOnFinancialInstruments" xlink:title="Label : PeriodIncreaseDecreaseInForeignCurrencyRateVariationOnFinancialInstruments to label_PeriodIncreaseDecreaseInForeignCurrencyRateVariationOnFinancialInstruments" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodIncreaseDecreaseInForeignCurrencyRateVariationOnFinancialInstruments" xlink:to="label_PeriodIncreaseDecreaseInForeignCurrencyRateVariationOnFinancialInstruments_2" xlink:title="Label : PeriodIncreaseDecreaseInForeignCurrencyRateVariationOnFinancialInstruments to label_PeriodIncreaseDecreaseInForeignCurrencyRateVariationOnFinancialInstruments_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IrpjAndCsllOnExchangeVariation" xlink:label="IrpjAndCsllOnExchangeVariation" xlink:title="IrpjAndCsllOnExchangeVariation" />
    <link:label xlink:type="resource" xlink:label="label_IrpjAndCsllOnExchangeVariation" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IrpjAndCsllOnExchangeVariation" xml:lang="en-US" id="label_IrpjAndCsllOnExchangeVariation">IRPJ and CSLL on exchange variation.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IrpjAndCsllOnExchangeVariation" xlink:to="label_IrpjAndCsllOnExchangeVariation" xlink:title="Label : IrpjAndCsllOnExchangeVariation to label_IrpjAndCsllOnExchangeVariation" />
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    <link:label xlink:type="resource" xlink:label="label_IrpjAndCsllOnExchangeVariation_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IrpjAndCsllOnExchangeVariation_2" xml:lang="en-US" id="label_IrpjAndCsllOnExchangeVariation_2">IRPJ and CSLL on exchange variation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IrpjAndCsllOnExchangeVariation" xlink:to="label_IrpjAndCsllOnExchangeVariation_2" xlink:title="Label : IrpjAndCsllOnExchangeVariation to label_IrpjAndCsllOnExchangeVariation_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ShareholdersEquityDetailsAbstract" xlink:label="ShareholdersEquityDetailsAbstract" xlink:title="ShareholdersEquityDetailsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ShareholdersEquityDetailsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ShareholdersEquityDetailsAbstract" xml:lang="en-US" id="label_ShareholdersEquityDetailsAbstract">Shareholders equity details [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareholdersEquityDetailsAbstract" xlink:to="label_ShareholdersEquityDetailsAbstract" xlink:title="Label : ShareholdersEquityDetailsAbstract to label_ShareholdersEquityDetailsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ShareholdersEquityDetailsAbstract_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ShareholdersEquityDetailsAbstract_1" xml:lang="en-US" id="label_ShareholdersEquityDetailsAbstract_1">Shareholders equity details.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareholdersEquityDetailsAbstract" xlink:to="label_ShareholdersEquityDetailsAbstract_1" xlink:title="Label : ShareholdersEquityDetailsAbstract to label_ShareholdersEquityDetailsAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CurrentDividendPayablesBeginningBalance" xlink:label="CurrentDividendPayablesBeginningBalance" xlink:title="CurrentDividendPayablesBeginningBalance" />
    <link:label xlink:type="resource" xlink:label="label_CurrentDividendPayablesBeginningBalance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentDividendPayablesBeginningBalance" xml:lang="en-US" id="label_CurrentDividendPayablesBeginningBalance">Current dividend payables beginning balance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentDividendPayablesBeginningBalance" xlink:to="label_CurrentDividendPayablesBeginningBalance" xlink:title="Label : CurrentDividendPayablesBeginningBalance to label_CurrentDividendPayablesBeginningBalance" />
    <link:label xlink:type="resource" xlink:label="label_CurrentDividendPayablesBeginningBalance_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentDividendPayablesBeginningBalance_1" xml:lang="en-US" id="label_CurrentDividendPayablesBeginningBalance_1">Beginning balance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentDividendPayablesBeginningBalance" xlink:to="label_CurrentDividendPayablesBeginningBalance_1" xlink:title="Label : CurrentDividendPayablesBeginningBalance to label_CurrentDividendPayablesBeginningBalance_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrentDividendPayablesBeginningBalance_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrentDividendPayablesBeginningBalance_2" xml:lang="en-US" id="label_CurrentDividendPayablesBeginningBalance_2">Current dividend payables beginning balance.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentDividendPayablesBeginningBalance" xlink:to="label_CurrentDividendPayablesBeginningBalance_2" xlink:title="Label : CurrentDividendPayablesBeginningBalance to label_CurrentDividendPayablesBeginningBalance_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DividendProvisionAmount" xlink:label="DividendProvisionAmount" xlink:title="DividendProvisionAmount" />
    <link:label xlink:type="resource" xlink:label="label_DividendProvisionAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendProvisionAmount" xml:lang="en-US" id="label_DividendProvisionAmount">Dividend Provision Amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendProvisionAmount" xlink:to="label_DividendProvisionAmount" xlink:title="Label : DividendProvisionAmount to label_DividendProvisionAmount" />
    <link:label xlink:type="resource" xlink:label="label_DividendProvisionAmount_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DividendProvisionAmount_1" xml:lang="en-US" id="label_DividendProvisionAmount_1">Provisions</link:label>
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    <link:label xlink:type="resource" xlink:label="label_DividendProvisionAmount_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DividendProvisionAmount_2" xml:lang="en-US" id="label_DividendProvisionAmount_2">Dividend provision amount.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendProvisionAmount" xlink:to="label_DividendProvisionAmount_2" xlink:title="Label : DividendProvisionAmount to label_DividendProvisionAmount_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DividendPayments" xlink:label="DividendPayments" xlink:title="DividendPayments" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendPayments" xlink:to="label_DividendPayments" xlink:title="Label : DividendPayments to label_DividendPayments" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendPayments" xlink:to="label_DividendPayments_1" xlink:title="Label : DividendPayments to label_DividendPayments_1" />
    <link:label xlink:type="resource" xlink:label="label_DividendPayments_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DividendPayments_2" xml:lang="en-US" id="label_DividendPayments_2">Dividend payments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendPayments" xlink:to="label_DividendPayments_2" xlink:title="Label : DividendPayments to label_DividendPayments_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CurrentDividendPayablesEndingBalance" xlink:label="CurrentDividendPayablesEndingBalance" xlink:title="CurrentDividendPayablesEndingBalance" />
    <link:label xlink:type="resource" xlink:label="label_CurrentDividendPayablesEndingBalance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrentDividendPayablesEndingBalance" xml:lang="en-US" id="label_CurrentDividendPayablesEndingBalance">Current dividend payables ending balance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentDividendPayablesEndingBalance" xlink:to="label_CurrentDividendPayablesEndingBalance" xlink:title="Label : CurrentDividendPayablesEndingBalance to label_CurrentDividendPayablesEndingBalance" />
    <link:label xlink:type="resource" xlink:label="label_CurrentDividendPayablesEndingBalance_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrentDividendPayablesEndingBalance_1" xml:lang="en-US" id="label_CurrentDividendPayablesEndingBalance_1">Ending balance</link:label>
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LegalReserves" xlink:label="LegalReserves" xlink:title="LegalReserves" />
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    <link:label xlink:type="resource" xlink:label="label_LegalReserves_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LegalReserves_2" xml:lang="en-US" id="label_LegalReserves_2">The disclosure of the allocation of income for legal reserve.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LegalReserves" xlink:to="label_LegalReserves_2" xlink:title="Label : LegalReserves to label_LegalReserves_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AdditionalDividendsToMinimumMandatoryDividends" xlink:label="AdditionalDividendsToMinimumMandatoryDividends" xlink:title="AdditionalDividendsToMinimumMandatoryDividends" />
    <link:label xlink:type="resource" xlink:label="label_AdditionalDividendsToMinimumMandatoryDividends" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AdditionalDividendsToMinimumMandatoryDividends" xml:lang="en-US" id="label_AdditionalDividendsToMinimumMandatoryDividends">The Additional dividends to the minimum mandatory amount recognised as distributions to owners during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalDividendsToMinimumMandatoryDividends" xlink:to="label_AdditionalDividendsToMinimumMandatoryDividends" xlink:title="Label : AdditionalDividendsToMinimumMandatoryDividends to label_AdditionalDividendsToMinimumMandatoryDividends" />
    <link:label xlink:type="resource" xlink:label="label_AdditionalDividendsToMinimumMandatoryDividends_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdditionalDividendsToMinimumMandatoryDividends_1" xml:lang="en-US" id="label_AdditionalDividendsToMinimumMandatoryDividends_1">Additional dividends to minimum mandatory dividends</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalDividendsToMinimumMandatoryDividends" xlink:to="label_AdditionalDividendsToMinimumMandatoryDividends_1" xlink:title="Label : AdditionalDividendsToMinimumMandatoryDividends to label_AdditionalDividendsToMinimumMandatoryDividends_1" />
    <link:label xlink:type="resource" xlink:label="label_AdditionalDividendsToMinimumMandatoryDividends_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdditionalDividendsToMinimumMandatoryDividends_2" xml:lang="en-US" id="label_AdditionalDividendsToMinimumMandatoryDividends_2">Additional Dividends to Minimum Mandatory Dividends</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionalDividendsToMinimumMandatoryDividends" xlink:to="label_AdditionalDividendsToMinimumMandatoryDividends_2" xlink:title="Label : AdditionalDividendsToMinimumMandatoryDividends to label_AdditionalDividendsToMinimumMandatoryDividends_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AllocationOfNetIncome" xlink:label="AllocationOfNetIncome" xlink:title="AllocationOfNetIncome" />
    <link:label xlink:type="resource" xlink:label="label_AllocationOfNetIncome" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AllocationOfNetIncome" xml:lang="en-US" id="label_AllocationOfNetIncome">Allocation of net income.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllocationOfNetIncome" xlink:to="label_AllocationOfNetIncome" xlink:title="Label : AllocationOfNetIncome to label_AllocationOfNetIncome" />
    <link:label xlink:type="resource" xlink:label="label_AllocationOfNetIncome_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_AllocationOfNetIncome_1" xml:lang="en-US" id="label_AllocationOfNetIncome_1">Total allocation of net income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllocationOfNetIncome" xlink:to="label_AllocationOfNetIncome_1" xlink:title="Label : AllocationOfNetIncome to label_AllocationOfNetIncome_1" />
    <link:label xlink:type="resource" xlink:label="label_AllocationOfNetIncome_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AllocationOfNetIncome_2" xml:lang="en-US" id="label_AllocationOfNetIncome_2">Allocation Of Net Income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllocationOfNetIncome" xlink:to="label_AllocationOfNetIncome_2" xlink:title="Label : AllocationOfNetIncome to label_AllocationOfNetIncome_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AllocationOfDividendsAbstract" xlink:label="AllocationOfDividendsAbstract" xlink:title="AllocationOfDividendsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_AllocationOfDividendsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AllocationOfDividendsAbstract" xml:lang="en-US" id="label_AllocationOfDividendsAbstract">Allocation Of Dividends [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllocationOfDividendsAbstract" xlink:to="label_AllocationOfDividendsAbstract" xlink:title="Label : AllocationOfDividendsAbstract to label_AllocationOfDividendsAbstract" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DividendsOnStatutoryReserve" xlink:label="DividendsOnStatutoryReserve" xlink:title="DividendsOnStatutoryReserve" />
    <link:label xlink:type="resource" xlink:label="label_DividendsOnStatutoryReserve" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendsOnStatutoryReserve" xml:lang="en-US" id="label_DividendsOnStatutoryReserve">Dividends on statutory reserve</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsOnStatutoryReserve" xlink:to="label_DividendsOnStatutoryReserve" xlink:title="Label : DividendsOnStatutoryReserve to label_DividendsOnStatutoryReserve" />
    <link:label xlink:type="resource" xlink:label="label_DividendsOnStatutoryReserve_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DividendsOnStatutoryReserve_1" xml:lang="en-US" id="label_DividendsOnStatutoryReserve_1">Dividends on statutory reserve</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsOnStatutoryReserve" xlink:to="label_DividendsOnStatutoryReserve_1" xlink:title="Label : DividendsOnStatutoryReserve to label_DividendsOnStatutoryReserve_1" />
    <link:label xlink:type="resource" xlink:label="label_DividendsOnStatutoryReserve_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DividendsOnStatutoryReserve_2" xml:lang="en-US" id="label_DividendsOnStatutoryReserve_2">Dividends on statutory reserve.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsOnStatutoryReserve" xlink:to="label_DividendsOnStatutoryReserve_2" xlink:title="Label : DividendsOnStatutoryReserve to label_DividendsOnStatutoryReserve_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AllocationDividend" xlink:label="AllocationDividend" xlink:title="AllocationDividend" />
    <link:label xlink:type="resource" xlink:label="label_AllocationDividend" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AllocationDividend" xml:lang="en-US" id="label_AllocationDividend">Allocation Dividend</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllocationDividend" xlink:to="label_AllocationDividend" xlink:title="Label : AllocationDividend to label_AllocationDividend" />
    <link:label xlink:type="resource" xlink:label="label_AllocationDividend_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_AllocationDividend_1" xml:lang="en-US" id="label_AllocationDividend_1">Total allocation (R$ 0.44 per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllocationDividend" xlink:to="label_AllocationDividend_1" xlink:title="Label : AllocationDividend to label_AllocationDividend_1" />
    <link:label xlink:type="resource" xlink:label="label_AllocationDividend_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AllocationDividend_2" xml:lang="en-US" id="label_AllocationDividend_2">Allocation dividend.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllocationDividend" xlink:to="label_AllocationDividend_2" xlink:title="Label : AllocationDividend to label_AllocationDividend_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_InterimDividendsPaid" xlink:label="InterimDividendsPaid" xlink:title="InterimDividendsPaid" />
    <link:label xlink:type="resource" xlink:label="label_InterimDividendsPaid" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterimDividendsPaid" xml:lang="en-US" id="label_InterimDividendsPaid">Interim Dividends Paid</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterimDividendsPaid" xlink:to="label_InterimDividendsPaid" xlink:title="Label : InterimDividendsPaid to label_InterimDividendsPaid" />
    <link:label xlink:type="resource" xlink:label="label_InterimDividendsPaid_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_InterimDividendsPaid_1" xml:lang="en-US" id="label_InterimDividendsPaid_1">Interim dividends paid (R$ 0.20 per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterimDividendsPaid" xlink:to="label_InterimDividendsPaid_1" xlink:title="Label : InterimDividendsPaid to label_InterimDividendsPaid_1" />
    <link:label xlink:type="resource" xlink:label="label_InterimDividendsPaid_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InterimDividendsPaid_2" xml:lang="en-US" id="label_InterimDividendsPaid_2">The amount of interim dividends. Such dividends are not recognised as a liability at the end of the reporting period because no obligation exists at that time.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterimDividendsPaid" xlink:to="label_InterimDividendsPaid_2" xlink:title="Label : InterimDividendsPaid to label_InterimDividendsPaid_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DividendPayables" xlink:label="DividendPayables" xlink:title="DividendPayables" />
    <link:label xlink:type="resource" xlink:label="label_DividendPayables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendPayables" xml:lang="en-US" id="label_DividendPayables">Dividend payables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendPayables" xlink:to="label_DividendPayables" xlink:title="Label : DividendPayables to label_DividendPayables" />
    <link:label xlink:type="resource" xlink:label="label_DividendPayables_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DividendPayables_1" xml:lang="en-US" id="label_DividendPayables_1">Dividends payable (R$ 0.24 per share)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendPayables" xlink:to="label_DividendPayables_1" xlink:title="Label : DividendPayables to label_DividendPayables_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LegalReserveAsPercentageOfNetIncome" xlink:label="LegalReserveAsPercentageOfNetIncome" xlink:title="LegalReserveAsPercentageOfNetIncome" />
    <link:label xlink:type="resource" xlink:label="label_LegalReserveAsPercentageOfNetIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LegalReserveAsPercentageOfNetIncome" xml:lang="en-US" id="label_LegalReserveAsPercentageOfNetIncome">Legal reserve as percentage of net income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LegalReserveAsPercentageOfNetIncome" xlink:to="label_LegalReserveAsPercentageOfNetIncome" xlink:title="Label : LegalReserveAsPercentageOfNetIncome to label_LegalReserveAsPercentageOfNetIncome" />
    <link:label xlink:type="resource" xlink:label="label_LegalReserveAsPercentageOfNetIncome_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LegalReserveAsPercentageOfNetIncome_1" xml:lang="en-US" id="label_LegalReserveAsPercentageOfNetIncome_1">Legal reserve as percentage of net income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LegalReserveAsPercentageOfNetIncome" xlink:to="label_LegalReserveAsPercentageOfNetIncome_1" xlink:title="Label : LegalReserveAsPercentageOfNetIncome to label_LegalReserveAsPercentageOfNetIncome_1" />
    <link:label xlink:type="resource" xlink:label="label_LegalReserveAsPercentageOfNetIncome_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LegalReserveAsPercentageOfNetIncome_2" xml:lang="en-US" id="label_LegalReserveAsPercentageOfNetIncome_2">Legal reserve as percentage of net income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LegalReserveAsPercentageOfNetIncome" xlink:to="label_LegalReserveAsPercentageOfNetIncome_2" xlink:title="Label : LegalReserveAsPercentageOfNetIncome to label_LegalReserveAsPercentageOfNetIncome_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_InterimDividendsPaidPerShare" xlink:label="InterimDividendsPaidPerShare" xlink:title="InterimDividendsPaidPerShare" />
    <link:label xlink:type="resource" xlink:label="label_InterimDividendsPaidPerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterimDividendsPaidPerShare" xml:lang="en-US" id="label_InterimDividendsPaidPerShare">Interim Dividends Paid Per Share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterimDividendsPaidPerShare" xlink:to="label_InterimDividendsPaidPerShare" xlink:title="Label : InterimDividendsPaidPerShare to label_InterimDividendsPaidPerShare" />
    <link:label xlink:type="resource" xlink:label="label_InterimDividendsPaidPerShare_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterimDividendsPaidPerShare_1" xml:lang="en-US" id="label_InterimDividendsPaidPerShare_1">Interim Dividends Paid Per Share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterimDividendsPaidPerShare" xlink:to="label_InterimDividendsPaidPerShare_1" xlink:title="Label : InterimDividendsPaidPerShare to label_InterimDividendsPaidPerShare_1" />
    <link:label xlink:type="resource" xlink:label="label_InterimDividendsPaidPerShare_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InterimDividendsPaidPerShare_2" xml:lang="en-US" id="label_InterimDividendsPaidPerShare_2">Interim Dividends Paid Per Share.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterimDividendsPaidPerShare" xlink:to="label_InterimDividendsPaidPerShare_2" xlink:title="Label : InterimDividendsPaidPerShare to label_InterimDividendsPaidPerShare_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_BasicEarningsLossPerShareFromContinuingOperations" xlink:label="BasicEarningsLossPerShareFromContinuingOperations" xlink:title="BasicEarningsLossPerShareFromContinuingOperations" />
    <link:label xlink:type="resource" xlink:label="label_BasicEarningsLossPerShareFromContinuingOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BasicEarningsLossPerShareFromContinuingOperations" xml:lang="en-US" id="label_BasicEarningsLossPerShareFromContinuingOperations">Basic earnings (loss) per share from continuing operations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BasicEarningsLossPerShareFromContinuingOperations" xlink:to="label_BasicEarningsLossPerShareFromContinuingOperations" xlink:title="Label : BasicEarningsLossPerShareFromContinuingOperations to label_BasicEarningsLossPerShareFromContinuingOperations" />
    <link:label xlink:type="resource" xlink:label="label_BasicEarningsLossPerShareFromContinuingOperations_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BasicEarningsLossPerShareFromContinuingOperations_1" xml:lang="en-US" id="label_BasicEarningsLossPerShareFromContinuingOperations_1">Dividends payable per share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BasicEarningsLossPerShareFromContinuingOperations" xlink:to="label_BasicEarningsLossPerShareFromContinuingOperations_1" xlink:title="Label : BasicEarningsLossPerShareFromContinuingOperations to label_BasicEarningsLossPerShareFromContinuingOperations_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_StatutoryReserveAsPercentageOfNetIncome" xlink:label="StatutoryReserveAsPercentageOfNetIncome" xlink:title="StatutoryReserveAsPercentageOfNetIncome" />
    <link:label xlink:type="resource" xlink:label="label_StatutoryReserveAsPercentageOfNetIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatutoryReserveAsPercentageOfNetIncome" xml:lang="en-US" id="label_StatutoryReserveAsPercentageOfNetIncome">Statutory reserve as percentage of net income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatutoryReserveAsPercentageOfNetIncome" xlink:to="label_StatutoryReserveAsPercentageOfNetIncome" xlink:title="Label : StatutoryReserveAsPercentageOfNetIncome to label_StatutoryReserveAsPercentageOfNetIncome" />
    <link:label xlink:type="resource" xlink:label="label_StatutoryReserveAsPercentageOfNetIncome_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_StatutoryReserveAsPercentageOfNetIncome_1" xml:lang="en-US" id="label_StatutoryReserveAsPercentageOfNetIncome_1">Statutory reserve as percentage of net income.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatutoryReserveAsPercentageOfNetIncome" xlink:to="label_StatutoryReserveAsPercentageOfNetIncome_1" xlink:title="Label : StatutoryReserveAsPercentageOfNetIncome to label_StatutoryReserveAsPercentageOfNetIncome_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_NetRevenueFromSaleAndServicesDetailsAbstract" xlink:label="NetRevenueFromSaleAndServicesDetailsAbstract" xlink:title="NetRevenueFromSaleAndServicesDetailsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_NetRevenueFromSaleAndServicesDetailsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetRevenueFromSaleAndServicesDetailsAbstract" xml:lang="en-US" id="label_NetRevenueFromSaleAndServicesDetailsAbstract">Net revenue from sale and services details [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetRevenueFromSaleAndServicesDetailsAbstract" xlink:to="label_NetRevenueFromSaleAndServicesDetailsAbstract" xlink:title="Label : NetRevenueFromSaleAndServicesDetailsAbstract to label_NetRevenueFromSaleAndServicesDetailsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_NetRevenueFromSaleAndServicesDetailsAbstract_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NetRevenueFromSaleAndServicesDetailsAbstract_1" xml:lang="en-US" id="label_NetRevenueFromSaleAndServicesDetailsAbstract_1">Net revenue from sale and services details.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetRevenueFromSaleAndServicesDetailsAbstract" xlink:to="label_NetRevenueFromSaleAndServicesDetailsAbstract_1" xlink:title="Label : NetRevenueFromSaleAndServicesDetailsAbstract to label_NetRevenueFromSaleAndServicesDetailsAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_RevenueFromSaleOfGoods" xlink:label="RevenueFromSaleOfGoods" xlink:title="RevenueFromSaleOfGoods" />
    <link:label xlink:type="resource" xlink:label="label_RevenueFromSaleOfGoods" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RevenueFromSaleOfGoods" xml:lang="en-US" id="label_RevenueFromSaleOfGoods">Revenue from sale of goods</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueFromSaleOfGoods" xlink:to="label_RevenueFromSaleOfGoods" xlink:title="Label : RevenueFromSaleOfGoods to label_RevenueFromSaleOfGoods" />
    <link:label xlink:type="resource" xlink:label="label_RevenueFromSaleOfGoods_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RevenueFromSaleOfGoods_1" xml:lang="en-US" id="label_RevenueFromSaleOfGoods_1">Gross revenue from sale</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueFromSaleOfGoods" xlink:to="label_RevenueFromSaleOfGoods_1" xlink:title="Label : RevenueFromSaleOfGoods to label_RevenueFromSaleOfGoods_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_RevenueFromRenderingOfServices" xlink:label="RevenueFromRenderingOfServices" xlink:title="RevenueFromRenderingOfServices" />
    <link:label xlink:type="resource" xlink:label="label_RevenueFromRenderingOfServices" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RevenueFromRenderingOfServices" xml:lang="en-US" id="label_RevenueFromRenderingOfServices">Revenue from rendering of services</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueFromRenderingOfServices" xlink:to="label_RevenueFromRenderingOfServices" xlink:title="Label : RevenueFromRenderingOfServices to label_RevenueFromRenderingOfServices" />
    <link:label xlink:type="resource" xlink:label="label_RevenueFromRenderingOfServices_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RevenueFromRenderingOfServices_1" xml:lang="en-US" id="label_RevenueFromRenderingOfServices_1">Gross revenue from services</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueFromRenderingOfServices" xlink:to="label_RevenueFromRenderingOfServices_1" xlink:title="Label : RevenueFromRenderingOfServices to label_RevenueFromRenderingOfServices_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SalesTaxes" xlink:label="SalesTaxes" xlink:title="SalesTaxes" />
    <link:label xlink:type="resource" xlink:label="label_SalesTaxes" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SalesTaxes" xml:lang="en-US" id="label_SalesTaxes">Sales Taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SalesTaxes" xlink:to="label_SalesTaxes" xlink:title="Label : SalesTaxes to label_SalesTaxes" />
    <link:label xlink:type="resource" xlink:label="label_SalesTaxes_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_SalesTaxes_1" xml:lang="en-US" id="label_SalesTaxes_1">Sales taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SalesTaxes" xlink:to="label_SalesTaxes_1" xlink:title="Label : SalesTaxes to label_SalesTaxes_1" />
    <link:label xlink:type="resource" xlink:label="label_SalesTaxes_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SalesTaxes_2" xml:lang="en-US" id="label_SalesTaxes_2">Taxes that infers on revenue from sales.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SalesTaxes" xlink:to="label_SalesTaxes_2" xlink:title="Label : SalesTaxes to label_SalesTaxes_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SalesDiscountsAndReturns" xlink:label="SalesDiscountsAndReturns" xlink:title="SalesDiscountsAndReturns" />
    <link:label xlink:type="resource" xlink:label="label_SalesDiscountsAndReturns" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SalesDiscountsAndReturns" xml:lang="en-US" id="label_SalesDiscountsAndReturns">Sales discounts and returns</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SalesDiscountsAndReturns" xlink:to="label_SalesDiscountsAndReturns" xlink:title="Label : SalesDiscountsAndReturns to label_SalesDiscountsAndReturns" />
    <link:label xlink:type="resource" xlink:label="label_SalesDiscountsAndReturns_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_SalesDiscountsAndReturns_1" xml:lang="en-US" id="label_SalesDiscountsAndReturns_1">Discounts and sales returns</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SalesDiscountsAndReturns" xlink:to="label_SalesDiscountsAndReturns_1" xlink:title="Label : SalesDiscountsAndReturns to label_SalesDiscountsAndReturns_1" />
    <link:label xlink:type="resource" xlink:label="label_SalesDiscountsAndReturns_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SalesDiscountsAndReturns_2" xml:lang="en-US" id="label_SalesDiscountsAndReturns_2">Amount of Discounts and sales returns.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SalesDiscountsAndReturns" xlink:to="label_SalesDiscountsAndReturns_2" xlink:title="Label : SalesDiscountsAndReturns to label_SalesDiscountsAndReturns_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_RevenueDeferred" xlink:label="RevenueDeferred" xlink:title="RevenueDeferred" />
    <link:label xlink:type="resource" xlink:label="label_RevenueDeferred" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RevenueDeferred" xml:lang="en-US" id="label_RevenueDeferred">Revenue deferred</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueDeferred" xlink:to="label_RevenueDeferred" xlink:title="Label : RevenueDeferred to label_RevenueDeferred" />
    <link:label xlink:type="resource" xlink:label="label_RevenueDeferred_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RevenueDeferred_1" xml:lang="en-US" id="label_RevenueDeferred_1">Deferred revenue (see Note 23)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueDeferred" xlink:to="label_RevenueDeferred_1" xlink:title="Label : RevenueDeferred to label_RevenueDeferred_1" />
    <link:label xlink:type="resource" xlink:label="label_RevenueDeferred_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RevenueDeferred_2" xml:lang="en-US" id="label_RevenueDeferred_2">The amount of liability representing income that has been received but is not yet earned. [Refer: Revenue]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RevenueDeferred" xlink:to="label_RevenueDeferred_2" xlink:title="Label : RevenueDeferred to label_RevenueDeferred_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ExpensesByNatureDetailsAbstract" xlink:label="ExpensesByNatureDetailsAbstract" xlink:title="ExpensesByNatureDetailsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ExpensesByNatureDetailsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExpensesByNatureDetailsAbstract" xml:lang="en-US" id="label_ExpensesByNatureDetailsAbstract">Expenses by nature details [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpensesByNatureDetailsAbstract" xlink:to="label_ExpensesByNatureDetailsAbstract" xlink:title="Label : ExpensesByNatureDetailsAbstract to label_ExpensesByNatureDetailsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ExpensesByNatureDetailsAbstract_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ExpensesByNatureDetailsAbstract_1" xml:lang="en-US" id="label_ExpensesByNatureDetailsAbstract_1">Expenses by nature details.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpensesByNatureDetailsAbstract" xlink:to="label_ExpensesByNatureDetailsAbstract_1" xlink:title="Label : ExpensesByNatureDetailsAbstract to label_ExpensesByNatureDetailsAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_RawMaterialsAndConsumablesUsed" xlink:label="RawMaterialsAndConsumablesUsed" xlink:title="RawMaterialsAndConsumablesUsed" />
    <link:label xlink:type="resource" xlink:label="label_RawMaterialsAndConsumablesUsed" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RawMaterialsAndConsumablesUsed" xml:lang="en-US" id="label_RawMaterialsAndConsumablesUsed">Raw materials and consumables used</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RawMaterialsAndConsumablesUsed" xlink:to="label_RawMaterialsAndConsumablesUsed" xlink:title="Label : RawMaterialsAndConsumablesUsed to label_RawMaterialsAndConsumablesUsed" />
    <link:label xlink:type="resource" xlink:label="label_RawMaterialsAndConsumablesUsed_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RawMaterialsAndConsumablesUsed_1" xml:lang="en-US" id="label_RawMaterialsAndConsumablesUsed_1">Raw materials and materials for use and consumption</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RawMaterialsAndConsumablesUsed" xlink:to="label_RawMaterialsAndConsumablesUsed_1" xlink:title="Label : RawMaterialsAndConsumablesUsed to label_RawMaterialsAndConsumablesUsed_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_KeyManagementPersonnelCompensationTerminationBenefits" xlink:label="KeyManagementPersonnelCompensationTerminationBenefits" xlink:title="KeyManagementPersonnelCompensationTerminationBenefits" />
    <link:label xlink:type="resource" xlink:label="label_KeyManagementPersonnelCompensationTerminationBenefits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_KeyManagementPersonnelCompensationTerminationBenefits" xml:lang="en-US" id="label_KeyManagementPersonnelCompensationTerminationBenefits">Key management personnel compensation, termination benefits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="KeyManagementPersonnelCompensationTerminationBenefits" xlink:to="label_KeyManagementPersonnelCompensationTerminationBenefits" xlink:title="Label : KeyManagementPersonnelCompensationTerminationBenefits to label_KeyManagementPersonnelCompensationTerminationBenefits" />
    <link:label xlink:type="resource" xlink:label="label_KeyManagementPersonnelCompensationTerminationBenefits_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_KeyManagementPersonnelCompensationTerminationBenefits_1" xml:lang="en-US" id="label_KeyManagementPersonnelCompensationTerminationBenefits_1">Personnel expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="KeyManagementPersonnelCompensationTerminationBenefits" xlink:to="label_KeyManagementPersonnelCompensationTerminationBenefits_1" xlink:title="Label : KeyManagementPersonnelCompensationTerminationBenefits to label_KeyManagementPersonnelCompensationTerminationBenefits_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_FreightAndStorageExpense" xlink:label="FreightAndStorageExpense" xlink:title="FreightAndStorageExpense" />
    <link:label xlink:type="resource" xlink:label="label_FreightAndStorageExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FreightAndStorageExpense" xml:lang="en-US" id="label_FreightAndStorageExpense">Freight and storage expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FreightAndStorageExpense" xlink:to="label_FreightAndStorageExpense" xlink:title="Label : FreightAndStorageExpense to label_FreightAndStorageExpense" />
    <link:label xlink:type="resource" xlink:label="label_FreightAndStorageExpense_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FreightAndStorageExpense_1" xml:lang="en-US" id="label_FreightAndStorageExpense_1">Freight and storage</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FreightAndStorageExpense" xlink:to="label_FreightAndStorageExpense_1" xlink:title="Label : FreightAndStorageExpense to label_FreightAndStorageExpense_1" />
    <link:label xlink:type="resource" xlink:label="label_FreightAndStorageExpense_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FreightAndStorageExpense_2" xml:lang="en-US" id="label_FreightAndStorageExpense_2">The amount of Freight and storage expenses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FreightAndStorageExpense" xlink:to="label_FreightAndStorageExpense_2" xlink:title="Label : FreightAndStorageExpense to label_FreightAndStorageExpense_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DepreciationRightofuseAssets" xlink:label="DepreciationRightofuseAssets" xlink:title="DepreciationRightofuseAssets" />
    <link:label xlink:type="resource" xlink:label="label_DepreciationRightofuseAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DepreciationRightofuseAssets" xml:lang="en-US" id="label_DepreciationRightofuseAssets">Amortization of right to use assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationRightofuseAssets" xlink:to="label_DepreciationRightofuseAssets" xlink:title="Label : DepreciationRightofuseAssets to label_DepreciationRightofuseAssets" />
    <link:label xlink:type="resource" xlink:label="label_DepreciationRightofuseAssets_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DepreciationRightofuseAssets_1" xml:lang="en-US" id="label_DepreciationRightofuseAssets_1">Depreciation, right-of-use assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationRightofuseAssets" xlink:to="label_DepreciationRightofuseAssets_1" xlink:title="Label : DepreciationRightofuseAssets to label_DepreciationRightofuseAssets_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AdvertisingAndMarketingExpense" xlink:label="AdvertisingAndMarketingExpense" xlink:title="AdvertisingAndMarketingExpense" />
    <link:label xlink:type="resource" xlink:label="label_AdvertisingAndMarketingExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdvertisingAndMarketingExpense" xml:lang="en-US" id="label_AdvertisingAndMarketingExpense">Advertising and marketing expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdvertisingAndMarketingExpense" xlink:to="label_AdvertisingAndMarketingExpense" xlink:title="Label : AdvertisingAndMarketingExpense to label_AdvertisingAndMarketingExpense" />
    <link:label xlink:type="resource" xlink:label="label_AdvertisingAndMarketingExpense_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdvertisingAndMarketingExpense_1" xml:lang="en-US" id="label_AdvertisingAndMarketingExpense_1">Advertising and marketing</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdvertisingAndMarketingExpense" xlink:to="label_AdvertisingAndMarketingExpense_1" xlink:title="Label : AdvertisingAndMarketingExpense to label_AdvertisingAndMarketingExpense_1" />
    <link:label xlink:type="resource" xlink:label="label_AdvertisingAndMarketingExpense_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AdvertisingAndMarketingExpense_2" xml:lang="en-US" id="label_AdvertisingAndMarketingExpense_2">The amount of Advertising and marketing expenses.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdvertisingAndMarketingExpense" xlink:to="label_AdvertisingAndMarketingExpense_2" xlink:title="Label : AdvertisingAndMarketingExpense to label_AdvertisingAndMarketingExpense_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ServicesExpense" xlink:label="ServicesExpense" xlink:title="ServicesExpense" />
    <link:label xlink:type="resource" xlink:label="label_ServicesExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ServicesExpense" xml:lang="en-US" id="label_ServicesExpense">Services expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ServicesExpense" xlink:to="label_ServicesExpense" xlink:title="Label : ServicesExpense to label_ServicesExpense" />
    <link:label xlink:type="resource" xlink:label="label_ServicesExpense_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ServicesExpense_1" xml:lang="en-US" id="label_ServicesExpense_1">Services provided by third parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ServicesExpense" xlink:to="label_ServicesExpense_1" xlink:title="Label : ServicesExpense to label_ServicesExpense_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherExpenseByNature" xlink:label="OtherExpenseByNature" xlink:title="OtherExpenseByNature" />
    <link:label xlink:type="resource" xlink:label="label_OtherExpenseByNature" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherExpenseByNature" xml:lang="en-US" id="label_OtherExpenseByNature">Other expenses, by nature</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherExpenseByNature" xlink:to="label_OtherExpenseByNature" xlink:title="Label : OtherExpenseByNature to label_OtherExpenseByNature" />
    <link:label xlink:type="resource" xlink:label="label_OtherExpenseByNature_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherExpenseByNature_1" xml:lang="en-US" id="label_OtherExpenseByNature_1">Other expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherExpenseByNature" xlink:to="label_OtherExpenseByNature_1" xlink:title="Label : OtherExpenseByNature to label_OtherExpenseByNature_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ExpenseByNature" xlink:label="ExpenseByNature" xlink:title="ExpenseByNature" />
    <link:label xlink:type="resource" xlink:label="label_ExpenseByNature" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExpenseByNature" xml:lang="en-US" id="label_ExpenseByNature">Expenses, by nature</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpenseByNature" xlink:to="label_ExpenseByNature" xlink:title="Label : ExpenseByNature to label_ExpenseByNature" />
    <link:label xlink:type="resource" xlink:label="label_ExpenseByNature_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_ExpenseByNature_1" xml:lang="en-US" id="label_ExpenseByNature_1">Total</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpenseByNature" xlink:to="label_ExpenseByNature_1" xlink:title="Label : ExpenseByNature to label_ExpenseByNature_1" />
    <link:label xlink:type="resource" xlink:label="label_ExpenseByNature_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ExpenseByNature_2" xml:lang="en-US" id="label_ExpenseByNature_2">Total</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpenseByNature" xlink:to="label_ExpenseByNature_2" xlink:title="Label : ExpenseByNature to label_ExpenseByNature_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LossOnDisposalOfPropertyPlantAndEquipmentAndIntangiblesDetailsNarrativeabstractAbstract" xlink:label="LossOnDisposalOfPropertyPlantAndEquipmentAndIntangiblesDetailsNarrativeabstractAbstract" xlink:title="LossOnDisposalOfPropertyPlantAndEquipmentAndIntangiblesDetailsNarrativeabstractAbstract" />
    <link:label xlink:type="resource" xlink:label="label_LossOnDisposalOfPropertyPlantAndEquipmentAndIntangiblesDetailsNarrativeabstractAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LossOnDisposalOfPropertyPlantAndEquipmentAndIntangiblesDetailsNarrativeabstractAbstract" xml:lang="en-US" id="label_LossOnDisposalOfPropertyPlantAndEquipmentAndIntangiblesDetailsNarrativeabstractAbstract">Loss on disposal of property plant and equipment and intangibles details narrative abstract [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LossOnDisposalOfPropertyPlantAndEquipmentAndIntangiblesDetailsNarrativeabstractAbstract" xlink:to="label_LossOnDisposalOfPropertyPlantAndEquipmentAndIntangiblesDetailsNarrativeabstractAbstract" xlink:title="Label : LossOnDisposalOfPropertyPlantAndEquipmentAndIntangiblesDetailsNarrativeabstractAbstract to label_LossOnDisposalOfPropertyPlantAndEquipmentAndIntangiblesDetailsNarrativeabstractAbstract" />
    <link:label xlink:type="resource" xlink:label="label_LossOnDisposalOfPropertyPlantAndEquipmentAndIntangiblesDetailsNarrativeabstractAbstract_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LossOnDisposalOfPropertyPlantAndEquipmentAndIntangiblesDetailsNarrativeabstractAbstract_1" xml:lang="en-US" id="label_LossOnDisposalOfPropertyPlantAndEquipmentAndIntangiblesDetailsNarrativeabstractAbstract_1">Loss on disposal of property plant and equipment and intangibles details narrative.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LossOnDisposalOfPropertyPlantAndEquipmentAndIntangiblesDetailsNarrativeabstractAbstract" xlink:to="label_LossOnDisposalOfPropertyPlantAndEquipmentAndIntangiblesDetailsNarrativeabstractAbstract_1" xlink:title="Label : LossOnDisposalOfPropertyPlantAndEquipmentAndIntangiblesDetailsNarrativeabstractAbstract to label_LossOnDisposalOfPropertyPlantAndEquipmentAndIntangiblesDetailsNarrativeabstractAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ImpairmentLossRecognisedInProfitOrLossGoodwill" xlink:label="ImpairmentLossRecognisedInProfitOrLossGoodwill" xlink:title="ImpairmentLossRecognisedInProfitOrLossGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_ImpairmentLossRecognisedInProfitOrLossGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ImpairmentLossRecognisedInProfitOrLossGoodwill" xml:lang="en-US" id="label_ImpairmentLossRecognisedInProfitOrLossGoodwill">Impairment loss recognised in profit or loss, goodwill</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentLossRecognisedInProfitOrLossGoodwill" xlink:to="label_ImpairmentLossRecognisedInProfitOrLossGoodwill" xlink:title="Label : ImpairmentLossRecognisedInProfitOrLossGoodwill to label_ImpairmentLossRecognisedInProfitOrLossGoodwill" />
    <link:label xlink:type="resource" xlink:label="label_ImpairmentLossRecognisedInProfitOrLossGoodwill_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ImpairmentLossRecognisedInProfitOrLossGoodwill_1" xml:lang="en-US" id="label_ImpairmentLossRecognisedInProfitOrLossGoodwill_1">Goodwill impairment loss</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpairmentLossRecognisedInProfitOrLossGoodwill" xlink:to="label_ImpairmentLossRecognisedInProfitOrLossGoodwill_1" xlink:title="Label : ImpairmentLossRecognisedInProfitOrLossGoodwill to label_ImpairmentLossRecognisedInProfitOrLossGoodwill_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfExpensesByNatureTable" xlink:label="DisclosureOfExpensesByNatureTable" xlink:title="DisclosureOfExpensesByNatureTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfExpensesByNatureTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfExpensesByNatureTable" xml:lang="en-US" id="label_DisclosureOfExpensesByNatureTable">Disclosure Of Expenses By Nature [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfExpensesByNatureTable" xlink:to="label_DisclosureOfExpensesByNatureTable" xlink:title="Label : DisclosureOfExpensesByNatureTable to label_DisclosureOfExpensesByNatureTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfExpensesByNatureTable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfExpensesByNatureTable_1" xml:lang="en-US" id="label_DisclosureOfExpensesByNatureTable_1">Disclosure Of Expenses By Nature [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfExpensesByNatureTable" xlink:to="label_DisclosureOfExpensesByNatureTable_1" xlink:title="Label : DisclosureOfExpensesByNatureTable to label_DisclosureOfExpensesByNatureTable_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfExpensesByNatureTable_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfExpensesByNatureTable_2" xml:lang="en-US" id="label_DisclosureOfExpensesByNatureTable_2">Schedule disclosing information related to expenses by nature.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfExpensesByNatureTable" xlink:to="label_DisclosureOfExpensesByNatureTable_2" xlink:title="Label : DisclosureOfExpensesByNatureTable to label_DisclosureOfExpensesByNatureTable_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CommercialPartnershipsMember" xlink:label="CommercialPartnershipsMember" xlink:title="CommercialPartnershipsMember" />
    <link:label xlink:type="resource" xlink:label="label_CommercialPartnershipsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CommercialPartnershipsMember" xml:lang="en-US" id="label_CommercialPartnershipsMember">Commercial partnerships [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialPartnershipsMember" xlink:to="label_CommercialPartnershipsMember" xlink:title="Label : CommercialPartnershipsMember to label_CommercialPartnershipsMember" />
    <link:label xlink:type="resource" xlink:label="label_CommercialPartnershipsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CommercialPartnershipsMember_1" xml:lang="en-US" id="label_CommercialPartnershipsMember_1">Commercial partnerships [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialPartnershipsMember" xlink:to="label_CommercialPartnershipsMember_1" xlink:title="Label : CommercialPartnershipsMember to label_CommercialPartnershipsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_CommercialPartnershipsMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CommercialPartnershipsMember_2" xml:lang="en-US" id="label_CommercialPartnershipsMember_2">Commercial partnerships.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialPartnershipsMember" xlink:to="label_CommercialPartnershipsMember_2" xlink:title="Label : CommercialPartnershipsMember to label_CommercialPartnershipsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_MerchandisingMember" xlink:label="MerchandisingMember" xlink:title="MerchandisingMember" />
    <link:label xlink:type="resource" xlink:label="label_MerchandisingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MerchandisingMember" xml:lang="en-US" id="label_MerchandisingMember">Merchandising [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MerchandisingMember" xlink:to="label_MerchandisingMember" xlink:title="Label : MerchandisingMember to label_MerchandisingMember" />
    <link:label xlink:type="resource" xlink:label="label_MerchandisingMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MerchandisingMember_1" xml:lang="en-US" id="label_MerchandisingMember_1">Merchandising [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MerchandisingMember" xlink:to="label_MerchandisingMember_1" xlink:title="Label : MerchandisingMember to label_MerchandisingMember_1" />
    <link:label xlink:type="resource" xlink:label="label_MerchandisingMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MerchandisingMember_2" xml:lang="en-US" id="label_MerchandisingMember_2">Merchandising.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MerchandisingMember" xlink:to="label_MerchandisingMember_2" xlink:title="Label : MerchandisingMember to label_MerchandisingMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LoyaltyProgramMember" xlink:label="LoyaltyProgramMember" xlink:title="LoyaltyProgramMember" />
    <link:label xlink:type="resource" xlink:label="label_LoyaltyProgramMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LoyaltyProgramMember" xml:lang="en-US" id="label_LoyaltyProgramMember">Loyalty Program [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoyaltyProgramMember" xlink:to="label_LoyaltyProgramMember" xlink:title="Label : LoyaltyProgramMember to label_LoyaltyProgramMember" />
    <link:label xlink:type="resource" xlink:label="label_LoyaltyProgramMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LoyaltyProgramMember_1" xml:lang="en-US" id="label_LoyaltyProgramMember_1">Loyalty Program [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoyaltyProgramMember" xlink:to="label_LoyaltyProgramMember_1" xlink:title="Label : LoyaltyProgramMember to label_LoyaltyProgramMember_1" />
    <link:label xlink:type="resource" xlink:label="label_LoyaltyProgramMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LoyaltyProgramMember_2" xml:lang="en-US" id="label_LoyaltyProgramMember_2">Loyalty program</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoyaltyProgramMember" xlink:to="label_LoyaltyProgramMember_2" xlink:title="Label : LoyaltyProgramMember to label_LoyaltyProgramMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ExtraordinaryTaxCreditMember" xlink:label="ExtraordinaryTaxCreditMember" xlink:title="ExtraordinaryTaxCreditMember" />
    <link:label xlink:type="resource" xlink:label="label_ExtraordinaryTaxCreditMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ExtraordinaryTaxCreditMember" xml:lang="en-US" id="label_ExtraordinaryTaxCreditMember">Extraordinary tax credit.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExtraordinaryTaxCreditMember" xlink:to="label_ExtraordinaryTaxCreditMember" xlink:title="Label : ExtraordinaryTaxCreditMember to label_ExtraordinaryTaxCreditMember" />
    <link:label xlink:type="resource" xlink:label="label_ExtraordinaryTaxCreditMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ExtraordinaryTaxCreditMember_1" xml:lang="en-US" id="label_ExtraordinaryTaxCreditMember_1">Extraordinary tax credits [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExtraordinaryTaxCreditMember" xlink:to="label_ExtraordinaryTaxCreditMember_1" xlink:title="Label : ExtraordinaryTaxCreditMember to label_ExtraordinaryTaxCreditMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ExtraordinaryTaxCreditMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExtraordinaryTaxCreditMember_2" xml:lang="en-US" id="label_ExtraordinaryTaxCreditMember_2">Extraordinary Tax Credit [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExtraordinaryTaxCreditMember" xlink:to="label_ExtraordinaryTaxCreditMember_2" xlink:title="Label : ExtraordinaryTaxCreditMember to label_ExtraordinaryTaxCreditMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ConductAdjustmentCommitmentMember" xlink:label="ConductAdjustmentCommitmentMember" xlink:title="ConductAdjustmentCommitmentMember" />
    <link:label xlink:type="resource" xlink:label="label_ConductAdjustmentCommitmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ConductAdjustmentCommitmentMember" xml:lang="en-US" id="label_ConductAdjustmentCommitmentMember">Conduct adjustment commitment.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConductAdjustmentCommitmentMember" xlink:to="label_ConductAdjustmentCommitmentMember" xlink:title="Label : ConductAdjustmentCommitmentMember to label_ConductAdjustmentCommitmentMember" />
    <link:label xlink:type="resource" xlink:label="label_ConductAdjustmentCommitmentMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ConductAdjustmentCommitmentMember_1" xml:lang="en-US" id="label_ConductAdjustmentCommitmentMember_1">Conduct adjustment commitment &#x2013; Tequimar [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConductAdjustmentCommitmentMember" xlink:to="label_ConductAdjustmentCommitmentMember_1" xlink:title="Label : ConductAdjustmentCommitmentMember to label_ConductAdjustmentCommitmentMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ConductAdjustmentCommitmentMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ConductAdjustmentCommitmentMember_2" xml:lang="en-US" id="label_ConductAdjustmentCommitmentMember_2">Conduct Adjustment Commitment [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConductAdjustmentCommitmentMember" xlink:to="label_ConductAdjustmentCommitmentMember_2" xlink:title="Label : ConductAdjustmentCommitmentMember to label_ConductAdjustmentCommitmentMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TCCMember" xlink:label="TCCMember" xlink:title="TCCMember" />
    <link:label xlink:type="resource" xlink:label="label_TCCMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TCCMember" xml:lang="en-US" id="label_TCCMember">Tcc [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TCCMember" xlink:to="label_TCCMember" xlink:title="Label : TCCMember to label_TCCMember" />
    <link:label xlink:type="resource" xlink:label="label_TCCMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TCCMember_1" xml:lang="en-US" id="label_TCCMember_1">Tcc [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TCCMember" xlink:to="label_TCCMember_1" xlink:title="Label : TCCMember to label_TCCMember_1" />
    <link:label xlink:type="resource" xlink:label="label_TCCMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TCCMember_2" xml:lang="en-US" id="label_TCCMember_2">Tcc.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TCCMember" xlink:to="label_TCCMember_2" xlink:title="Label : TCCMember to label_TCCMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_UnrealizedAcquisitionFineMember" xlink:label="UnrealizedAcquisitionFineMember" xlink:title="UnrealizedAcquisitionFineMember" />
    <link:label xlink:type="resource" xlink:label="label_UnrealizedAcquisitionFineMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_UnrealizedAcquisitionFineMember" xml:lang="en-US" id="label_UnrealizedAcquisitionFineMember">Unrealized acquisition fine.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnrealizedAcquisitionFineMember" xlink:to="label_UnrealizedAcquisitionFineMember" xlink:title="Label : UnrealizedAcquisitionFineMember to label_UnrealizedAcquisitionFineMember" />
    <link:label xlink:type="resource" xlink:label="label_UnrealizedAcquisitionFineMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_UnrealizedAcquisitionFineMember_1" xml:lang="en-US" id="label_UnrealizedAcquisitionFineMember_1">Fine for unrealized acquisition [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnrealizedAcquisitionFineMember" xlink:to="label_UnrealizedAcquisitionFineMember_1" xlink:title="Label : UnrealizedAcquisitionFineMember to label_UnrealizedAcquisitionFineMember_1" />
    <link:label xlink:type="resource" xlink:label="label_UnrealizedAcquisitionFineMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UnrealizedAcquisitionFineMember_2" xml:lang="en-US" id="label_UnrealizedAcquisitionFineMember_2">Unrealized Acquisition Fine [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnrealizedAcquisitionFineMember" xlink:to="label_UnrealizedAcquisitionFineMember_2" xlink:title="Label : UnrealizedAcquisitionFineMember to label_UnrealizedAcquisitionFineMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OtherOperatingIncomeOtherMember" xlink:label="OtherOperatingIncomeOtherMember" xlink:title="OtherOperatingIncomeOtherMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingIncomeOtherMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherOperatingIncomeOtherMember" xml:lang="en-US" id="label_OtherOperatingIncomeOtherMember">Other operating income other [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingIncomeOtherMember" xlink:to="label_OtherOperatingIncomeOtherMember" xlink:title="Label : OtherOperatingIncomeOtherMember to label_OtherOperatingIncomeOtherMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingIncomeOtherMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherOperatingIncomeOtherMember_1" xml:lang="en-US" id="label_OtherOperatingIncomeOtherMember_1">Others [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingIncomeOtherMember" xlink:to="label_OtherOperatingIncomeOtherMember_1" xlink:title="Label : OtherOperatingIncomeOtherMember to label_OtherOperatingIncomeOtherMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherOperatingIncomeOtherMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherOperatingIncomeOtherMember_2" xml:lang="en-US" id="label_OtherOperatingIncomeOtherMember_2">Other operating income other.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingIncomeOtherMember" xlink:to="label_OtherOperatingIncomeOtherMember_2" xlink:title="Label : OtherOperatingIncomeOtherMember to label_OtherOperatingIncomeOtherMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfOtherOperatingIncomeNetLineItems" xlink:label="SummaryOfOtherOperatingIncomeNetLineItems" xlink:title="SummaryOfOtherOperatingIncomeNetLineItems" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfOtherOperatingIncomeNetLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SummaryOfOtherOperatingIncomeNetLineItems" xml:lang="en-US" id="label_SummaryOfOtherOperatingIncomeNetLineItems">Summary of other operating income net [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfOtherOperatingIncomeNetLineItems" xlink:to="label_SummaryOfOtherOperatingIncomeNetLineItems" xlink:title="Label : SummaryOfOtherOperatingIncomeNetLineItems to label_SummaryOfOtherOperatingIncomeNetLineItems" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfOtherOperatingIncomeNetLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfOtherOperatingIncomeNetLineItems_1" xml:lang="en-US" id="label_SummaryOfOtherOperatingIncomeNetLineItems_1">Summary of other operating income net [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfOtherOperatingIncomeNetLineItems" xlink:to="label_SummaryOfOtherOperatingIncomeNetLineItems_1" xlink:title="Label : SummaryOfOtherOperatingIncomeNetLineItems to label_SummaryOfOtherOperatingIncomeNetLineItems_1" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfOtherOperatingIncomeNetLineItems_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfOtherOperatingIncomeNetLineItems_2" xml:lang="en-US" id="label_SummaryOfOtherOperatingIncomeNetLineItems_2">Summary of other operating income net.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfOtherOperatingIncomeNetLineItems" xlink:to="label_SummaryOfOtherOperatingIncomeNetLineItems_2" xlink:title="Label : SummaryOfOtherOperatingIncomeNetLineItems to label_SummaryOfOtherOperatingIncomeNetLineItems_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_FinancialIncomeExpenseDetailsAbstract" xlink:label="FinancialIncomeExpenseDetailsAbstract" xlink:title="FinancialIncomeExpenseDetailsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_FinancialIncomeExpenseDetailsAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FinancialIncomeExpenseDetailsAbstract" xml:lang="en-US" id="label_FinancialIncomeExpenseDetailsAbstract">Financial income expense details.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialIncomeExpenseDetailsAbstract" xlink:to="label_FinancialIncomeExpenseDetailsAbstract" xlink:title="Label : FinancialIncomeExpenseDetailsAbstract to label_FinancialIncomeExpenseDetailsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_FinancialIncomeExpenseDetailsAbstract_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialIncomeExpenseDetailsAbstract_1" xml:lang="en-US" id="label_FinancialIncomeExpenseDetailsAbstract_1">Finance income (Expense) [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialIncomeExpenseDetailsAbstract" xlink:to="label_FinancialIncomeExpenseDetailsAbstract_1" xlink:title="Label : FinancialIncomeExpenseDetailsAbstract to label_FinancialIncomeExpenseDetailsAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_FinancialInvestmentsInterest" xlink:label="FinancialInvestmentsInterest" xlink:title="FinancialInvestmentsInterest" />
    <link:label xlink:type="resource" xlink:label="label_FinancialInvestmentsInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialInvestmentsInterest" xml:lang="en-US" id="label_FinancialInvestmentsInterest">Financial investments interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialInvestmentsInterest" xlink:to="label_FinancialInvestmentsInterest" xlink:title="Label : FinancialInvestmentsInterest to label_FinancialInvestmentsInterest" />
    <link:label xlink:type="resource" xlink:label="label_FinancialInvestmentsInterest_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinancialInvestmentsInterest_1" xml:lang="en-US" id="label_FinancialInvestmentsInterest_1">Interest on financial investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialInvestmentsInterest" xlink:to="label_FinancialInvestmentsInterest_1" xlink:title="Label : FinancialInvestmentsInterest to label_FinancialInvestmentsInterest_1" />
    <link:label xlink:type="resource" xlink:label="label_FinancialInvestmentsInterest_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FinancialInvestmentsInterest_2" xml:lang="en-US" id="label_FinancialInvestmentsInterest_2">Interest on financial investments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialInvestmentsInterest" xlink:to="label_FinancialInvestmentsInterest_2" xlink:title="Label : FinancialInvestmentsInterest to label_FinancialInvestmentsInterest_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_InterestFromCustomers" xlink:label="InterestFromCustomers" xlink:title="InterestFromCustomers" />
    <link:label xlink:type="resource" xlink:label="label_InterestFromCustomers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestFromCustomers" xml:lang="en-US" id="label_InterestFromCustomers">Interest from customers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestFromCustomers" xlink:to="label_InterestFromCustomers" xlink:title="Label : InterestFromCustomers to label_InterestFromCustomers" />
    <link:label xlink:type="resource" xlink:label="label_InterestFromCustomers_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterestFromCustomers_1" xml:lang="en-US" id="label_InterestFromCustomers_1">Interest from customers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestFromCustomers" xlink:to="label_InterestFromCustomers_1" xlink:title="Label : InterestFromCustomers to label_InterestFromCustomers_1" />
    <link:label xlink:type="resource" xlink:label="label_InterestFromCustomers_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InterestFromCustomers_2" xml:lang="en-US" id="label_InterestFromCustomers_2">Interest from customers.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestFromCustomers" xlink:to="label_InterestFromCustomers_2" xlink:title="Label : InterestFromCustomers to label_InterestFromCustomers_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ChangesInSubscriptionWarrantsIncome" xlink:label="ChangesInSubscriptionWarrantsIncome" xlink:title="ChangesInSubscriptionWarrantsIncome" />
    <link:label xlink:type="resource" xlink:label="label_ChangesInSubscriptionWarrantsIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ChangesInSubscriptionWarrantsIncome" xml:lang="en-US" id="label_ChangesInSubscriptionWarrantsIncome">Changes In Subscription Warrants Income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangesInSubscriptionWarrantsIncome" xlink:to="label_ChangesInSubscriptionWarrantsIncome" xlink:title="Label : ChangesInSubscriptionWarrantsIncome to label_ChangesInSubscriptionWarrantsIncome" />
    <link:label xlink:type="resource" xlink:label="label_ChangesInSubscriptionWarrantsIncome_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ChangesInSubscriptionWarrantsIncome_1" xml:lang="en-US" id="label_ChangesInSubscriptionWarrantsIncome_1">Changes in subscription warrants - indemnification</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangesInSubscriptionWarrantsIncome" xlink:to="label_ChangesInSubscriptionWarrantsIncome_1" xlink:title="Label : ChangesInSubscriptionWarrantsIncome to label_ChangesInSubscriptionWarrantsIncome_1" />
    <link:label xlink:type="resource" xlink:label="label_ChangesInSubscriptionWarrantsIncome_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ChangesInSubscriptionWarrantsIncome_2" xml:lang="en-US" id="label_ChangesInSubscriptionWarrantsIncome_2">Changes in subscription warrants income.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangesInSubscriptionWarrantsIncome" xlink:to="label_ChangesInSubscriptionWarrantsIncome_2" xlink:title="Label : ChangesInSubscriptionWarrantsIncome to label_ChangesInSubscriptionWarrantsIncome_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SelicInterestOnPISAndCOFINSCredits" xlink:label="SelicInterestOnPISAndCOFINSCredits" xlink:title="SelicInterestOnPISAndCOFINSCredits" />
    <link:label xlink:type="resource" xlink:label="label_SelicInterestOnPISAndCOFINSCredits" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SelicInterestOnPISAndCOFINSCredits" xml:lang="en-US" id="label_SelicInterestOnPISAndCOFINSCredits">Selic interest on PIS and COFINS credits.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SelicInterestOnPISAndCOFINSCredits" xlink:to="label_SelicInterestOnPISAndCOFINSCredits" xlink:title="Label : SelicInterestOnPISAndCOFINSCredits to label_SelicInterestOnPISAndCOFINSCredits" />
    <link:label xlink:type="resource" xlink:label="label_SelicInterestOnPISAndCOFINSCredits_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SelicInterestOnPISAndCOFINSCredits_1" xml:lang="en-US" id="label_SelicInterestOnPISAndCOFINSCredits_1">Selic interest on extraordinary PIS/COFINS credits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SelicInterestOnPISAndCOFINSCredits" xlink:to="label_SelicInterestOnPISAndCOFINSCredits_1" xlink:title="Label : SelicInterestOnPISAndCOFINSCredits to label_SelicInterestOnPISAndCOFINSCredits_1" />
    <link:label xlink:type="resource" xlink:label="label_SelicInterestOnPISAndCOFINSCredits_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SelicInterestOnPISAndCOFINSCredits_2" xml:lang="en-US" id="label_SelicInterestOnPISAndCOFINSCredits_2">Selic Interest On PIS And COFINS Credits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SelicInterestOnPISAndCOFINSCredits" xlink:to="label_SelicInterestOnPISAndCOFINSCredits_2" xlink:title="Label : SelicInterestOnPISAndCOFINSCredits to label_SelicInterestOnPISAndCOFINSCredits_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherFinanceIncome" xlink:label="OtherFinanceIncome" xlink:title="OtherFinanceIncome" />
    <link:label xlink:type="resource" xlink:label="label_OtherFinanceIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherFinanceIncome" xml:lang="en-US" id="label_OtherFinanceIncome">Other finance income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherFinanceIncome" xlink:to="label_OtherFinanceIncome" xlink:title="Label : OtherFinanceIncome to label_OtherFinanceIncome" />
    <link:label xlink:type="resource" xlink:label="label_OtherFinanceIncome_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherFinanceIncome_1" xml:lang="en-US" id="label_OtherFinanceIncome_1">Other finance income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherFinanceIncome" xlink:to="label_OtherFinanceIncome_1" xlink:title="Label : OtherFinanceIncome to label_OtherFinanceIncome_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LoanInterest" xlink:label="LoanInterest" xlink:title="LoanInterest" />
    <link:label xlink:type="resource" xlink:label="label_LoanInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LoanInterest" xml:lang="en-US" id="label_LoanInterest">Loan interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoanInterest" xlink:to="label_LoanInterest" xlink:title="Label : LoanInterest to label_LoanInterest" />
    <link:label xlink:type="resource" xlink:label="label_LoanInterest_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_LoanInterest_1" xml:lang="en-US" id="label_LoanInterest_1">Interest on loans</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoanInterest" xlink:to="label_LoanInterest_1" xlink:title="Label : LoanInterest to label_LoanInterest_1" />
    <link:label xlink:type="resource" xlink:label="label_LoanInterest_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LoanInterest_2" xml:lang="en-US" id="label_LoanInterest_2">Interest on loans.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoanInterest" xlink:to="label_LoanInterest_2" xlink:title="Label : LoanInterest to label_LoanInterest_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DebenturesInterest" xlink:label="DebenturesInterest" xlink:title="DebenturesInterest" />
    <link:label xlink:type="resource" xlink:label="label_DebenturesInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebenturesInterest" xml:lang="en-US" id="label_DebenturesInterest">Debentures interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebenturesInterest" xlink:to="label_DebenturesInterest" xlink:title="Label : DebenturesInterest to label_DebenturesInterest" />
    <link:label xlink:type="resource" xlink:label="label_DebenturesInterest_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_DebenturesInterest_1" xml:lang="en-US" id="label_DebenturesInterest_1">Interest on debentures</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebenturesInterest" xlink:to="label_DebenturesInterest_1" xlink:title="Label : DebenturesInterest to label_DebenturesInterest_1" />
    <link:label xlink:type="resource" xlink:label="label_DebenturesInterest_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DebenturesInterest_2" xml:lang="en-US" id="label_DebenturesInterest_2">Interest on debentures.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebenturesInterest" xlink:to="label_DebenturesInterest_2" xlink:title="Label : DebenturesInterest to label_DebenturesInterest_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_FinanceLeasesInterest" xlink:label="FinanceLeasesInterest" xlink:title="FinanceLeasesInterest" />
    <link:label xlink:type="resource" xlink:label="label_FinanceLeasesInterest" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FinanceLeasesInterest" xml:lang="en-US" id="label_FinanceLeasesInterest">Interest on finance leases.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceLeasesInterest" xlink:to="label_FinanceLeasesInterest" xlink:title="Label : FinanceLeasesInterest to label_FinanceLeasesInterest" />
    <link:label xlink:type="resource" xlink:label="label_FinanceLeasesInterest_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_FinanceLeasesInterest_1" xml:lang="en-US" id="label_FinanceLeasesInterest_1">Interest on leases payable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceLeasesInterest" xlink:to="label_FinanceLeasesInterest_1" xlink:title="Label : FinanceLeasesInterest to label_FinanceLeasesInterest_1" />
    <link:label xlink:type="resource" xlink:label="label_FinanceLeasesInterest_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinanceLeasesInterest_2" xml:lang="en-US" id="label_FinanceLeasesInterest_2">Finance leases interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceLeasesInterest" xlink:to="label_FinanceLeasesInterest_2" xlink:title="Label : FinanceLeasesInterest to label_FinanceLeasesInterest_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_BankChargesFinancialTransactionsTaxAndOtherCharges" xlink:label="BankChargesFinancialTransactionsTaxAndOtherCharges" xlink:title="BankChargesFinancialTransactionsTaxAndOtherCharges" />
    <link:label xlink:type="resource" xlink:label="label_BankChargesFinancialTransactionsTaxAndOtherCharges" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BankChargesFinancialTransactionsTaxAndOtherCharges" xml:lang="en-US" id="label_BankChargesFinancialTransactionsTaxAndOtherCharges">Bank charges, financial transactions tax and other charges</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BankChargesFinancialTransactionsTaxAndOtherCharges" xlink:to="label_BankChargesFinancialTransactionsTaxAndOtherCharges" xlink:title="Label : BankChargesFinancialTransactionsTaxAndOtherCharges to label_BankChargesFinancialTransactionsTaxAndOtherCharges" />
    <link:label xlink:type="resource" xlink:label="label_BankChargesFinancialTransactionsTaxAndOtherCharges_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_BankChargesFinancialTransactionsTaxAndOtherCharges_1" xml:lang="en-US" id="label_BankChargesFinancialTransactionsTaxAndOtherCharges_1">Bank charges, financial transactions tax, and other charges</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BankChargesFinancialTransactionsTaxAndOtherCharges" xlink:to="label_BankChargesFinancialTransactionsTaxAndOtherCharges_1" xlink:title="Label : BankChargesFinancialTransactionsTaxAndOtherCharges to label_BankChargesFinancialTransactionsTaxAndOtherCharges_1" />
    <link:label xlink:type="resource" xlink:label="label_BankChargesFinancialTransactionsTaxAndOtherCharges_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BankChargesFinancialTransactionsTaxAndOtherCharges_2" xml:lang="en-US" id="label_BankChargesFinancialTransactionsTaxAndOtherCharges_2">Bank charges, financial transactions tax, and other charges.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BankChargesFinancialTransactionsTaxAndOtherCharges" xlink:to="label_BankChargesFinancialTransactionsTaxAndOtherCharges_2" xlink:title="Label : BankChargesFinancialTransactionsTaxAndOtherCharges to label_BankChargesFinancialTransactionsTaxAndOtherCharges_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ExchangeVariationNetOfGainsAndLossesDerivativeInstruments" xlink:label="ExchangeVariationNetOfGainsAndLossesDerivativeInstruments" xlink:title="ExchangeVariationNetOfGainsAndLossesDerivativeInstruments" />
    <link:label xlink:type="resource" xlink:label="label_ExchangeVariationNetOfGainsAndLossesDerivativeInstruments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ExchangeVariationNetOfGainsAndLossesDerivativeInstruments" xml:lang="en-US" id="label_ExchangeVariationNetOfGainsAndLossesDerivativeInstruments">Exchange variation, net of gains and losses with derivative instruments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExchangeVariationNetOfGainsAndLossesDerivativeInstruments" xlink:to="label_ExchangeVariationNetOfGainsAndLossesDerivativeInstruments" xlink:title="Label : ExchangeVariationNetOfGainsAndLossesDerivativeInstruments to label_ExchangeVariationNetOfGainsAndLossesDerivativeInstruments" />
    <link:label xlink:type="resource" xlink:label="label_ExchangeVariationNetOfGainsAndLossesDerivativeInstruments_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ExchangeVariationNetOfGainsAndLossesDerivativeInstruments_1" xml:lang="en-US" id="label_ExchangeVariationNetOfGainsAndLossesDerivativeInstruments_1">Exchange variation, net of gains and losses with derivative financial instruments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExchangeVariationNetOfGainsAndLossesDerivativeInstruments" xlink:to="label_ExchangeVariationNetOfGainsAndLossesDerivativeInstruments_1" xlink:title="Label : ExchangeVariationNetOfGainsAndLossesDerivativeInstruments to label_ExchangeVariationNetOfGainsAndLossesDerivativeInstruments_1" />
    <link:label xlink:type="resource" xlink:label="label_ExchangeVariationNetOfGainsAndLossesDerivativeInstruments_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExchangeVariationNetOfGainsAndLossesDerivativeInstruments_2" xml:lang="en-US" id="label_ExchangeVariationNetOfGainsAndLossesDerivativeInstruments_2">Exchange variation net of gains and losses derivative instruments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExchangeVariationNetOfGainsAndLossesDerivativeInstruments" xlink:to="label_ExchangeVariationNetOfGainsAndLossesDerivativeInstruments_2" xlink:title="Label : ExchangeVariationNetOfGainsAndLossesDerivativeInstruments to label_ExchangeVariationNetOfGainsAndLossesDerivativeInstruments_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ReversalOfProvision" xlink:label="ReversalOfProvision" xlink:title="ReversalOfProvision" />
    <link:label xlink:type="resource" xlink:label="label_ReversalOfProvision" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReversalOfProvision" xml:lang="en-US" id="label_ReversalOfProvision">Reversal Of Provision</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReversalOfProvision" xlink:to="label_ReversalOfProvision" xlink:title="Label : ReversalOfProvision to label_ReversalOfProvision" />
    <link:label xlink:type="resource" xlink:label="label_ReversalOfProvision_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ReversalOfProvision_1" xml:lang="en-US" id="label_ReversalOfProvision_1">Reversal of provision - ICMS from PIS and COFINS tax bases (see Note 21.a.1.2)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReversalOfProvision" xlink:to="label_ReversalOfProvision_1" xlink:title="Label : ReversalOfProvision to label_ReversalOfProvision_1" />
    <link:label xlink:type="resource" xlink:label="label_ReversalOfProvision_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ReversalOfProvision_2" xml:lang="en-US" id="label_ReversalOfProvision_2">Reversal of provision - ICMS from PIS and COFINS tax bases due to court decision that that the ICMS does not make up the calculation of PIS and COFINS tax bases.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReversalOfProvision" xlink:to="label_ReversalOfProvision_2" xlink:title="Label : ReversalOfProvision to label_ReversalOfProvision_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ChangesInSubscriptionWarrants" xlink:label="ChangesInSubscriptionWarrants" xlink:title="ChangesInSubscriptionWarrants" />
    <link:label xlink:type="resource" xlink:label="label_ChangesInSubscriptionWarrants" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ChangesInSubscriptionWarrants" xml:lang="en-US" id="label_ChangesInSubscriptionWarrants">Changes in subscription warrants</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangesInSubscriptionWarrants" xlink:to="label_ChangesInSubscriptionWarrants" xlink:title="Label : ChangesInSubscriptionWarrants to label_ChangesInSubscriptionWarrants" />
    <link:label xlink:type="resource" xlink:label="label_ChangesInSubscriptionWarrants_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ChangesInSubscriptionWarrants_1" xml:lang="en-US" id="label_ChangesInSubscriptionWarrants_1">Changes in subscription warrants &#x2013; indemnification</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangesInSubscriptionWarrants" xlink:to="label_ChangesInSubscriptionWarrants_1" xlink:title="Label : ChangesInSubscriptionWarrants to label_ChangesInSubscriptionWarrants_1" />
    <link:label xlink:type="resource" xlink:label="label_ChangesInSubscriptionWarrants_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ChangesInSubscriptionWarrants_2" xml:lang="en-US" id="label_ChangesInSubscriptionWarrants_2">Changes in subscription warrants-indemnification.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangesInSubscriptionWarrants" xlink:to="label_ChangesInSubscriptionWarrants_2" xlink:title="Label : ChangesInSubscriptionWarrants to label_ChangesInSubscriptionWarrants_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TccInterest" xlink:label="TccInterest" xlink:title="TccInterest" />
    <link:label xlink:type="resource" xlink:label="label_TccInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TccInterest" xml:lang="en-US" id="label_TccInterest">Tcc interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TccInterest" xlink:to="label_TccInterest" xlink:title="Label : TccInterest to label_TccInterest" />
    <link:label xlink:type="resource" xlink:label="label_TccInterest_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_TccInterest_1" xml:lang="en-US" id="label_TccInterest_1">TCC interest - Bahiana (see Notes 21.b.2.2 and 29)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TccInterest" xlink:to="label_TccInterest_1" xlink:title="Label : TccInterest to label_TccInterest_1" />
    <link:label xlink:type="resource" xlink:label="label_TccInterest_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TccInterest_2" xml:lang="en-US" id="label_TccInterest_2">Tcc interest.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TccInterest" xlink:to="label_TccInterest_2" xlink:title="Label : TccInterest to label_TccInterest_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherFinanceCost" xlink:label="OtherFinanceCost" xlink:title="OtherFinanceCost" />
    <link:label xlink:type="resource" xlink:label="label_OtherFinanceCost" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_OtherFinanceCost" xml:lang="en-US" id="label_OtherFinanceCost">Interest of provisions and other expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherFinanceCost" xlink:to="label_OtherFinanceCost" xlink:title="Label : OtherFinanceCost to label_OtherFinanceCost" />
    <link:label xlink:type="resource" xlink:label="label_OtherFinanceCost_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherFinanceCost_1" xml:lang="en-US" id="label_OtherFinanceCost_1">Other finance cost</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherFinanceCost" xlink:to="label_OtherFinanceCost_1" xlink:title="Label : OtherFinanceCost to label_OtherFinanceCost_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_WeightedAverageSharesBasic" xlink:label="WeightedAverageSharesBasic" xlink:title="WeightedAverageSharesBasic" />
    <link:label xlink:type="resource" xlink:label="label_WeightedAverageSharesBasic" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_WeightedAverageSharesBasic" xml:lang="en-US" id="label_WeightedAverageSharesBasic">The number of ordinary shares shall be the weighted average number of ordinary shares outstanding during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageSharesBasic" xlink:to="label_WeightedAverageSharesBasic" xlink:title="Label : WeightedAverageSharesBasic to label_WeightedAverageSharesBasic" />
    <link:label xlink:type="resource" xlink:label="label_WeightedAverageSharesBasic_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_WeightedAverageSharesBasic_1" xml:lang="en-US" id="label_WeightedAverageSharesBasic_1">Weighted average shares outstanding for basic per share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageSharesBasic" xlink:to="label_WeightedAverageSharesBasic_1" xlink:title="Label : WeightedAverageSharesBasic to label_WeightedAverageSharesBasic_1" />
    <link:label xlink:type="resource" xlink:label="label_WeightedAverageSharesBasic_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_WeightedAverageSharesBasic_2" xml:lang="en-US" id="label_WeightedAverageSharesBasic_2">Weighted average shares outstanding (in thousands)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageSharesBasic" xlink:to="label_WeightedAverageSharesBasic_2" xlink:title="Label : WeightedAverageSharesBasic to label_WeightedAverageSharesBasic_2" />
    <link:label xlink:type="resource" xlink:label="label_WeightedAverageSharesBasic_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_WeightedAverageSharesBasic_3" xml:lang="en-US" id="label_WeightedAverageSharesBasic_3">Weighted average shares basic</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageSharesBasic" xlink:to="label_WeightedAverageSharesBasic_3" xlink:title="Label : WeightedAverageSharesBasic to label_WeightedAverageSharesBasic_3" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_WeightedAverageShares" xlink:label="WeightedAverageShares" xlink:title="WeightedAverageShares" />
    <link:label xlink:type="resource" xlink:label="label_WeightedAverageShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_WeightedAverageShares" xml:lang="en-US" id="label_WeightedAverageShares">Weighted average number of ordinary shares outstanding</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageShares" xlink:to="label_WeightedAverageShares" xlink:title="Label : WeightedAverageShares to label_WeightedAverageShares" />
    <link:label xlink:type="resource" xlink:label="label_WeightedAverageShares_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_WeightedAverageShares_1" xml:lang="en-US" id="label_WeightedAverageShares_1">Weighted average shares outstanding (in thousands), including dilution effects</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageShares" xlink:to="label_WeightedAverageShares_1" xlink:title="Label : WeightedAverageShares to label_WeightedAverageShares_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_EarningsPerShareDetails1Abstract" xlink:label="EarningsPerShareDetails1Abstract" xlink:title="EarningsPerShareDetails1Abstract" />
    <link:label xlink:type="resource" xlink:label="label_EarningsPerShareDetails1Abstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EarningsPerShareDetails1Abstract" xml:lang="en-US" id="label_EarningsPerShareDetails1Abstract">Earnings per share details 1 [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EarningsPerShareDetails1Abstract" xlink:to="label_EarningsPerShareDetails1Abstract" xlink:title="Label : EarningsPerShareDetails1Abstract to label_EarningsPerShareDetails1Abstract" />
    <link:label xlink:type="resource" xlink:label="label_EarningsPerShareDetails1Abstract_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EarningsPerShareDetails1Abstract_1" xml:lang="en-US" id="label_EarningsPerShareDetails1Abstract_1">Earnings per share details 1.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EarningsPerShareDetails1Abstract" xlink:to="label_EarningsPerShareDetails1Abstract_1" xlink:title="Label : EarningsPerShareDetails1Abstract to label_EarningsPerShareDetails1Abstract_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SubscriptionWarrantsIndemnificationShares" xlink:label="SubscriptionWarrantsIndemnificationShares" xlink:title="SubscriptionWarrantsIndemnificationShares" />
    <link:label xlink:type="resource" xlink:label="label_SubscriptionWarrantsIndemnificationShares" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SubscriptionWarrantsIndemnificationShares" xml:lang="en-US" id="label_SubscriptionWarrantsIndemnificationShares">Subscription warrants - indemnification</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubscriptionWarrantsIndemnificationShares" xlink:to="label_SubscriptionWarrantsIndemnificationShares" xlink:title="Label : SubscriptionWarrantsIndemnificationShares to label_SubscriptionWarrantsIndemnificationShares" />
    <link:label xlink:type="resource" xlink:label="label_SubscriptionWarrantsIndemnificationShares_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SubscriptionWarrantsIndemnificationShares_1" xml:lang="en-US" id="label_SubscriptionWarrantsIndemnificationShares_1">Subscription warrants indemnification shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubscriptionWarrantsIndemnificationShares" xlink:to="label_SubscriptionWarrantsIndemnificationShares_1" xlink:title="Label : SubscriptionWarrantsIndemnificationShares to label_SubscriptionWarrantsIndemnificationShares_1" />
    <link:label xlink:type="resource" xlink:label="label_SubscriptionWarrantsIndemnificationShares_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SubscriptionWarrantsIndemnificationShares_2" xml:lang="en-US" id="label_SubscriptionWarrantsIndemnificationShares_2">Because of the association between the Company and Extrafarma on January 31, 2014, 7 subscription warrants - indemnification were issued. The subscription warrants - indemnification may be exercised beginning 2020 by the former shareholders of Extrafarma.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubscriptionWarrantsIndemnificationShares" xlink:to="label_SubscriptionWarrantsIndemnificationShares_2" xlink:title="Label : SubscriptionWarrantsIndemnificationShares to label_SubscriptionWarrantsIndemnificationShares_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DeferredStockPlanShares" xlink:label="DeferredStockPlanShares" xlink:title="DeferredStockPlanShares" />
    <link:label xlink:type="resource" xlink:label="label_DeferredStockPlanShares" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DeferredStockPlanShares" xml:lang="en-US" id="label_DeferredStockPlanShares">Deferred Stock Plan, net recognised as a current asset for expenditures made prior to the period when the economic benefit will be realised.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredStockPlanShares" xlink:to="label_DeferredStockPlanShares" xlink:title="Label : DeferredStockPlanShares to label_DeferredStockPlanShares" />
    <link:label xlink:type="resource" xlink:label="label_DeferredStockPlanShares_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DeferredStockPlanShares_1" xml:lang="en-US" id="label_DeferredStockPlanShares_1">Deferred stock plan</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredStockPlanShares" xlink:to="label_DeferredStockPlanShares_1" xlink:title="Label : DeferredStockPlanShares to label_DeferredStockPlanShares_1" />
    <link:label xlink:type="resource" xlink:label="label_DeferredStockPlanShares_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DeferredStockPlanShares_2" xml:lang="en-US" id="label_DeferredStockPlanShares_2">Deferred stock plan shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredStockPlanShares" xlink:to="label_DeferredStockPlanShares_2" xlink:title="Label : DeferredStockPlanShares to label_DeferredStockPlanShares_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_WeightedAverageSharesDiluted" xlink:label="WeightedAverageSharesDiluted" xlink:title="WeightedAverageSharesDiluted" />
    <link:label xlink:type="resource" xlink:label="label_WeightedAverageSharesDiluted" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_WeightedAverageSharesDiluted" xml:lang="en-US" id="label_WeightedAverageSharesDiluted">Weighted average shares outstanding for diluted per share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageSharesDiluted" xlink:to="label_WeightedAverageSharesDiluted" xlink:title="Label : WeightedAverageSharesDiluted to label_WeightedAverageSharesDiluted" />
    <link:label xlink:type="resource" xlink:label="label_WeightedAverageSharesDiluted_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_WeightedAverageSharesDiluted_1" xml:lang="en-US" id="label_WeightedAverageSharesDiluted_1">Weighted average shares diluted</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageSharesDiluted" xlink:to="label_WeightedAverageSharesDiluted_1" xlink:title="Label : WeightedAverageSharesDiluted to label_WeightedAverageSharesDiluted_1" />
    <link:label xlink:type="resource" xlink:label="label_WeightedAverageSharesDiluted_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_WeightedAverageSharesDiluted_2" xml:lang="en-US" id="label_WeightedAverageSharesDiluted_2">The weighted average number of ordinary shares outstanding plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares. [Refer: Ordinary shares [member]; Weighted average [member]]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageSharesDiluted" xlink:to="label_WeightedAverageSharesDiluted_2" xlink:title="Label : WeightedAverageSharesDiluted to label_WeightedAverageSharesDiluted_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodTable" xlink:label="DisclosureOfNonadjustingEventsAfterReportingPeriodTable" xlink:title="DisclosureOfNonadjustingEventsAfterReportingPeriodTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfNonadjustingEventsAfterReportingPeriodTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfNonadjustingEventsAfterReportingPeriodTable" xml:lang="en-US" id="label_DisclosureOfNonadjustingEventsAfterReportingPeriodTable">Disclosure of non-adjusting events after reporting period [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfNonadjustingEventsAfterReportingPeriodTable" xlink:to="label_DisclosureOfNonadjustingEventsAfterReportingPeriodTable" xlink:title="Label : DisclosureOfNonadjustingEventsAfterReportingPeriodTable to label_DisclosureOfNonadjustingEventsAfterReportingPeriodTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfNonadjustingEventsAfterReportingPeriodTable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfNonadjustingEventsAfterReportingPeriodTable_1" xml:lang="en-US" id="label_DisclosureOfNonadjustingEventsAfterReportingPeriodTable_1">Disclosure of non-adjusting events after reporting period [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfNonadjustingEventsAfterReportingPeriodTable" xlink:to="label_DisclosureOfNonadjustingEventsAfterReportingPeriodTable_1" xlink:title="Label : DisclosureOfNonadjustingEventsAfterReportingPeriodTable to label_DisclosureOfNonadjustingEventsAfterReportingPeriodTable_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NonadjustingEventsAfterReportingPeriodAxis" xlink:label="NonadjustingEventsAfterReportingPeriodAxis" xlink:title="NonadjustingEventsAfterReportingPeriodAxis" />
    <link:label xlink:type="resource" xlink:label="label_NonadjustingEventsAfterReportingPeriodAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NonadjustingEventsAfterReportingPeriodAxis" xml:lang="en-US" id="label_NonadjustingEventsAfterReportingPeriodAxis">Non-adjusting events after reporting period [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonadjustingEventsAfterReportingPeriodAxis" xlink:to="label_NonadjustingEventsAfterReportingPeriodAxis" xlink:title="Label : NonadjustingEventsAfterReportingPeriodAxis to label_NonadjustingEventsAfterReportingPeriodAxis" />
    <link:label xlink:type="resource" xlink:label="label_NonadjustingEventsAfterReportingPeriodAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NonadjustingEventsAfterReportingPeriodAxis_1" xml:lang="en-US" id="label_NonadjustingEventsAfterReportingPeriodAxis_1">Non-adjusting events after reporting period [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonadjustingEventsAfterReportingPeriodAxis" xlink:to="label_NonadjustingEventsAfterReportingPeriodAxis_1" xlink:title="Label : NonadjustingEventsAfterReportingPeriodAxis to label_NonadjustingEventsAfterReportingPeriodAxis_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NonadjustingEventsMember" xlink:label="NonadjustingEventsMember" xlink:title="NonadjustingEventsMember" />
    <link:label xlink:type="resource" xlink:label="label_NonadjustingEventsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NonadjustingEventsMember" xml:lang="en-US" id="label_NonadjustingEventsMember">Non-adjusting events after reporting period [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonadjustingEventsMember" xlink:to="label_NonadjustingEventsMember" xlink:title="Label : NonadjustingEventsMember to label_NonadjustingEventsMember" />
    <link:label xlink:type="resource" xlink:label="label_NonadjustingEventsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NonadjustingEventsMember_1" xml:lang="en-US" id="label_NonadjustingEventsMember_1">Non-adjusting events after reporting period [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonadjustingEventsMember" xlink:to="label_NonadjustingEventsMember_1" xlink:title="Label : NonadjustingEventsMember to label_NonadjustingEventsMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_MajorOrdinaryShareTransactionsMember" xlink:label="MajorOrdinaryShareTransactionsMember" xlink:title="MajorOrdinaryShareTransactionsMember" />
    <link:label xlink:type="resource" xlink:label="label_MajorOrdinaryShareTransactionsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MajorOrdinaryShareTransactionsMember" xml:lang="en-US" id="label_MajorOrdinaryShareTransactionsMember">Major ordinary share transactions [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MajorOrdinaryShareTransactionsMember" xlink:to="label_MajorOrdinaryShareTransactionsMember" xlink:title="Label : MajorOrdinaryShareTransactionsMember to label_MajorOrdinaryShareTransactionsMember" />
    <link:label xlink:type="resource" xlink:label="label_MajorOrdinaryShareTransactionsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MajorOrdinaryShareTransactionsMember_1" xml:lang="en-US" id="label_MajorOrdinaryShareTransactionsMember_1">Major ordinary share transactions [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MajorOrdinaryShareTransactionsMember" xlink:to="label_MajorOrdinaryShareTransactionsMember_1" xlink:title="Label : MajorOrdinaryShareTransactionsMember to label_MajorOrdinaryShareTransactionsMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems" xlink:label="DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems" xlink:title="DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems" xml:lang="en-US" id="label_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems">Disclosure of non-adjusting events after reporting period [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems" xlink:to="label_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems" xlink:title="Label : DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems to label_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems_1" xml:lang="en-US" id="label_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems_1">Disclosure of non-adjusting events after reporting period [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems" xlink:to="label_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems_1" xlink:title="Label : DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems to label_DisclosureOfNonadjustingEventsAfterReportingPeriodLineItems_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureSegmentInformationFinancialInformationOfSegmentsAbstract" xlink:label="DisclosureSegmentInformationFinancialInformationOfSegmentsAbstract" xlink:title="DisclosureSegmentInformationFinancialInformationOfSegmentsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureSegmentInformationFinancialInformationOfSegmentsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureSegmentInformationFinancialInformationOfSegmentsAbstract" xml:lang="en-US" id="label_DisclosureSegmentInformationFinancialInformationOfSegmentsAbstract">Disclosure - Segment Information - Financial Information of Segments [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureSegmentInformationFinancialInformationOfSegmentsAbstract" xlink:to="label_DisclosureSegmentInformationFinancialInformationOfSegmentsAbstract" xlink:title="Label : DisclosureSegmentInformationFinancialInformationOfSegmentsAbstract to label_DisclosureSegmentInformationFinancialInformationOfSegmentsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureSegmentInformationFinancialInformationOfSegmentsAbstract_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureSegmentInformationFinancialInformationOfSegmentsAbstract_1" xml:lang="en-US" id="label_DisclosureSegmentInformationFinancialInformationOfSegmentsAbstract_1">Disclosure - Segment Information - Financial Information of Segments [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureSegmentInformationFinancialInformationOfSegmentsAbstract" xlink:to="label_DisclosureSegmentInformationFinancialInformationOfSegmentsAbstract_1" xlink:title="Label : DisclosureSegmentInformationFinancialInformationOfSegmentsAbstract to label_DisclosureSegmentInformationFinancialInformationOfSegmentsAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfOperatingSegmentsTable" xlink:label="DisclosureOfOperatingSegmentsTable" xlink:title="DisclosureOfOperatingSegmentsTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfOperatingSegmentsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfOperatingSegmentsTable" xml:lang="en-US" id="label_DisclosureOfOperatingSegmentsTable">Disclosure of operating segments [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfOperatingSegmentsTable" xlink:to="label_DisclosureOfOperatingSegmentsTable" xlink:title="Label : DisclosureOfOperatingSegmentsTable to label_DisclosureOfOperatingSegmentsTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfOperatingSegmentsTable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfOperatingSegmentsTable_1" xml:lang="en-US" id="label_DisclosureOfOperatingSegmentsTable_1">Disclosure of operating segments [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfOperatingSegmentsTable" xlink:to="label_DisclosureOfOperatingSegmentsTable_1" xlink:title="Label : DisclosureOfOperatingSegmentsTable to label_DisclosureOfOperatingSegmentsTable_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_UltragazMember" xlink:label="UltragazMember" xlink:title="UltragazMember" />
    <link:label xlink:type="resource" xlink:label="label_UltragazMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UltragazMember" xml:lang="en-US" id="label_UltragazMember">Ultragaz [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UltragazMember" xlink:to="label_UltragazMember" xlink:title="Label : UltragazMember to label_UltragazMember" />
    <link:label xlink:type="resource" xlink:label="label_UltragazMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_UltragazMember_1" xml:lang="en-US" id="label_UltragazMember_1">Ultragaz [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UltragazMember" xlink:to="label_UltragazMember_1" xlink:title="Label : UltragazMember to label_UltragazMember_1" />
    <link:label xlink:type="resource" xlink:label="label_UltragazMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_UltragazMember_2" xml:lang="en-US" id="label_UltragazMember_2">Ultragaz.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UltragazMember" xlink:to="label_UltragazMember_2" xlink:title="Label : UltragazMember to label_UltragazMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_UltracargoMember" xlink:label="UltracargoMember" xlink:title="UltracargoMember" />
    <link:label xlink:type="resource" xlink:label="label_UltracargoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UltracargoMember" xml:lang="en-US" id="label_UltracargoMember">Ultracargo [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UltracargoMember" xlink:to="label_UltracargoMember" xlink:title="Label : UltracargoMember to label_UltracargoMember" />
    <link:label xlink:type="resource" xlink:label="label_UltracargoMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_UltracargoMember_1" xml:lang="en-US" id="label_UltracargoMember_1">Ultracargo [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UltracargoMember" xlink:to="label_UltracargoMember_1" xlink:title="Label : UltracargoMember to label_UltracargoMember_1" />
    <link:label xlink:type="resource" xlink:label="label_UltracargoMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_UltracargoMember_2" xml:lang="en-US" id="label_UltracargoMember_2">Ultracargo.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UltracargoMember" xlink:to="label_UltracargoMember_2" xlink:title="Label : UltracargoMember to label_UltracargoMember_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ReportableSegmentsMember" xlink:label="ReportableSegmentsMember" xlink:title="ReportableSegmentsMember" />
    <link:label xlink:type="resource" xlink:label="label_ReportableSegmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ReportableSegmentsMember" xml:lang="en-US" id="label_ReportableSegmentsMember">Reportable segments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReportableSegmentsMember" xlink:to="label_ReportableSegmentsMember" xlink:title="Label : ReportableSegmentsMember to label_ReportableSegmentsMember" />
    <link:label xlink:type="resource" xlink:label="label_ReportableSegmentsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ReportableSegmentsMember_1" xml:lang="en-US" id="label_ReportableSegmentsMember_1">Reportable segments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReportableSegmentsMember" xlink:to="label_ReportableSegmentsMember_1" xlink:title="Label : ReportableSegmentsMember to label_ReportableSegmentsMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AllOtherSegmentsMember" xlink:label="AllOtherSegmentsMember" xlink:title="AllOtherSegmentsMember" />
    <link:label xlink:type="resource" xlink:label="label_AllOtherSegmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AllOtherSegmentsMember" xml:lang="en-US" id="label_AllOtherSegmentsMember">All other segments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllOtherSegmentsMember" xlink:to="label_AllOtherSegmentsMember" xlink:title="Label : AllOtherSegmentsMember to label_AllOtherSegmentsMember" />
    <link:label xlink:type="resource" xlink:label="label_AllOtherSegmentsMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AllOtherSegmentsMember_1" xml:lang="en-US" id="label_AllOtherSegmentsMember_1">All other segments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllOtherSegmentsMember" xlink:to="label_AllOtherSegmentsMember_1" xlink:title="Label : AllOtherSegmentsMember to label_AllOtherSegmentsMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_SegmentConsolidationItemsAxis" xlink:label="SegmentConsolidationItemsAxis" xlink:title="SegmentConsolidationItemsAxis" />
    <link:label xlink:type="resource" xlink:label="label_SegmentConsolidationItemsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SegmentConsolidationItemsAxis" xml:lang="en-US" id="label_SegmentConsolidationItemsAxis">Segment consolidation items [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SegmentConsolidationItemsAxis" xlink:to="label_SegmentConsolidationItemsAxis" xlink:title="Label : SegmentConsolidationItemsAxis to label_SegmentConsolidationItemsAxis" />
    <link:label xlink:type="resource" xlink:label="label_SegmentConsolidationItemsAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SegmentConsolidationItemsAxis_1" xml:lang="en-US" id="label_SegmentConsolidationItemsAxis_1">Segment consolidation items [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SegmentConsolidationItemsAxis" xlink:to="label_SegmentConsolidationItemsAxis_1" xlink:title="Label : SegmentConsolidationItemsAxis to label_SegmentConsolidationItemsAxis_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_EntitysTotalForSegmentConsolidationItemsMember" xlink:label="EntitysTotalForSegmentConsolidationItemsMember" xlink:title="EntitysTotalForSegmentConsolidationItemsMember" />
    <link:label xlink:type="resource" xlink:label="label_EntitysTotalForSegmentConsolidationItemsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntitysTotalForSegmentConsolidationItemsMember" xml:lang="en-US" id="label_EntitysTotalForSegmentConsolidationItemsMember">Entity's total for segment consolidation items [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntitysTotalForSegmentConsolidationItemsMember" xlink:to="label_EntitysTotalForSegmentConsolidationItemsMember" xlink:title="Label : EntitysTotalForSegmentConsolidationItemsMember to label_EntitysTotalForSegmentConsolidationItemsMember" />
    <link:label xlink:type="resource" xlink:label="label_EntitysTotalForSegmentConsolidationItemsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EntitysTotalForSegmentConsolidationItemsMember_1" xml:lang="en-US" id="label_EntitysTotalForSegmentConsolidationItemsMember_1">Entity's total for segment consolidation items [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntitysTotalForSegmentConsolidationItemsMember" xlink:to="label_EntitysTotalForSegmentConsolidationItemsMember_1" xlink:title="Label : EntitysTotalForSegmentConsolidationItemsMember to label_EntitysTotalForSegmentConsolidationItemsMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_EliminationOfIntersegmentAmountsMember" xlink:label="EliminationOfIntersegmentAmountsMember" xlink:title="EliminationOfIntersegmentAmountsMember" />
    <link:label xlink:type="resource" xlink:label="label_EliminationOfIntersegmentAmountsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EliminationOfIntersegmentAmountsMember" xml:lang="en-US" id="label_EliminationOfIntersegmentAmountsMember">Elimination of intersegment amounts [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EliminationOfIntersegmentAmountsMember" xlink:to="label_EliminationOfIntersegmentAmountsMember" xlink:title="Label : EliminationOfIntersegmentAmountsMember to label_EliminationOfIntersegmentAmountsMember" />
    <link:label xlink:type="resource" xlink:label="label_EliminationOfIntersegmentAmountsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EliminationOfIntersegmentAmountsMember_1" xml:lang="en-US" id="label_EliminationOfIntersegmentAmountsMember_1">Elimination of intersegment amounts [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EliminationOfIntersegmentAmountsMember" xlink:to="label_EliminationOfIntersegmentAmountsMember_1" xlink:title="Label : EliminationOfIntersegmentAmountsMember to label_EliminationOfIntersegmentAmountsMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OperatingSegmentsMember" xlink:label="OperatingSegmentsMember" xlink:title="OperatingSegmentsMember" />
    <link:label xlink:type="resource" xlink:label="label_OperatingSegmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OperatingSegmentsMember" xml:lang="en-US" id="label_OperatingSegmentsMember">Operating segments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingSegmentsMember" xlink:to="label_OperatingSegmentsMember" xlink:title="Label : OperatingSegmentsMember to label_OperatingSegmentsMember" />
    <link:label xlink:type="resource" xlink:label="label_OperatingSegmentsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OperatingSegmentsMember_1" xml:lang="en-US" id="label_OperatingSegmentsMember_1">Operating segments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OperatingSegmentsMember" xlink:to="label_OperatingSegmentsMember_1" xlink:title="Label : OperatingSegmentsMember to label_OperatingSegmentsMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfOperatingSegmentsLineItems" xlink:label="DisclosureOfOperatingSegmentsLineItems" xlink:title="DisclosureOfOperatingSegmentsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfOperatingSegmentsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfOperatingSegmentsLineItems" xml:lang="en-US" id="label_DisclosureOfOperatingSegmentsLineItems">Disclosure of operating segments [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfOperatingSegmentsLineItems" xlink:to="label_DisclosureOfOperatingSegmentsLineItems" xlink:title="Label : DisclosureOfOperatingSegmentsLineItems to label_DisclosureOfOperatingSegmentsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfOperatingSegmentsLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfOperatingSegmentsLineItems_1" xml:lang="en-US" id="label_DisclosureOfOperatingSegmentsLineItems_1">Disclosure of operating segments [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfOperatingSegmentsLineItems" xlink:to="label_DisclosureOfOperatingSegmentsLineItems_1" xlink:title="Label : DisclosureOfOperatingSegmentsLineItems to label_DisclosureOfOperatingSegmentsLineItems_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_OtherIncomeExpenseFromSubsidiariesJointlyControlledEntitiesAndAssociates" xlink:label="OtherIncomeExpenseFromSubsidiariesJointlyControlledEntitiesAndAssociates" xlink:title="OtherIncomeExpenseFromSubsidiariesJointlyControlledEntitiesAndAssociates" />
    <link:label xlink:type="resource" xlink:label="label_OtherIncomeExpenseFromSubsidiariesJointlyControlledEntitiesAndAssociates" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherIncomeExpenseFromSubsidiariesJointlyControlledEntitiesAndAssociates" xml:lang="en-US" id="label_OtherIncomeExpenseFromSubsidiariesJointlyControlledEntitiesAndAssociates">Other income (expense) from subsidiaries, jointly controlled entities and associates</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherIncomeExpenseFromSubsidiariesJointlyControlledEntitiesAndAssociates" xlink:to="label_OtherIncomeExpenseFromSubsidiariesJointlyControlledEntitiesAndAssociates" xlink:title="Label : OtherIncomeExpenseFromSubsidiariesJointlyControlledEntitiesAndAssociates to label_OtherIncomeExpenseFromSubsidiariesJointlyControlledEntitiesAndAssociates" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureSegmentInformationAdditionsToPropertyPlantAndEquipmentAndIntangibleAssetsDepreciationAndAmortizationChargesAndAssetReclassificationAbstract" xlink:label="DisclosureSegmentInformationAdditionsToPropertyPlantAndEquipmentAndIntangibleAssetsDepreciationAndAmortizationChargesAndAssetReclassificationAbstract" xlink:title="DisclosureSegmentInformationAdditionsToPropertyPlantAndEquipmentAndIntangibleAssetsDepreciationAndAmortizationChargesAndAssetReclassificationAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureSegmentInformationAdditionsToPropertyPlantAndEquipmentAndIntangibleAssetsDepreciationAndAmortizationChargesAndAssetReclassificationAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureSegmentInformationAdditionsToPropertyPlantAndEquipmentAndIntangibleAssetsDepreciationAndAmortizationChargesAndAssetReclassificationAbstract" xml:lang="en-US" id="label_DisclosureSegmentInformationAdditionsToPropertyPlantAndEquipmentAndIntangibleAssetsDepreciationAndAmortizationChargesAndAssetReclassificationAbstract">Disclosure - Segment Information - Additions to Property, Plant, and Equipment and intangible Assets, Depreciation and Amortization Charges and Asset Reclassification [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureSegmentInformationAdditionsToPropertyPlantAndEquipmentAndIntangibleAssetsDepreciationAndAmortizationChargesAndAssetReclassificationAbstract" xlink:to="label_DisclosureSegmentInformationAdditionsToPropertyPlantAndEquipmentAndIntangibleAssetsDepreciationAndAmortizationChargesAndAssetReclassificationAbstract" xlink:title="Label : DisclosureSegmentInformationAdditionsToPropertyPlantAndEquipmentAndIntangibleAssetsDepreciationAndAmortizationChargesAndAssetReclassificationAbstract to label_DisclosureSegmentInformationAdditionsToPropertyPlantAndEquipmentAndIntangibleAssetsDepreciationAndAmortizationChargesAndAssetReclassificationAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureSegmentInformationAdditionsToPropertyPlantAndEquipmentAndIntangibleAssetsDepreciationAndAmortizationChargesAndAssetReclassificationAbstract_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureSegmentInformationAdditionsToPropertyPlantAndEquipmentAndIntangibleAssetsDepreciationAndAmortizationChargesAndAssetReclassificationAbstract_1" xml:lang="en-US" id="label_DisclosureSegmentInformationAdditionsToPropertyPlantAndEquipmentAndIntangibleAssetsDepreciationAndAmortizationChargesAndAssetReclassificationAbstract_1">Disclosure - Segment Information - Additions to Property, Plant, and Equipment and intangible Assets, Depreciation and Amortization Charges and Asset Reclassification [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureSegmentInformationAdditionsToPropertyPlantAndEquipmentAndIntangibleAssetsDepreciationAndAmortizationChargesAndAssetReclassificationAbstract" xlink:to="label_DisclosureSegmentInformationAdditionsToPropertyPlantAndEquipmentAndIntangibleAssetsDepreciationAndAmortizationChargesAndAssetReclassificationAbstract_1" xlink:title="Label : DisclosureSegmentInformationAdditionsToPropertyPlantAndEquipmentAndIntangibleAssetsDepreciationAndAmortizationChargesAndAssetReclassificationAbstract to label_DisclosureSegmentInformationAdditionsToPropertyPlantAndEquipmentAndIntangibleAssetsDepreciationAndAmortizationChargesAndAssetReclassificationAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfSegmentInformationTable" xlink:label="DisclosureOfSegmentInformationTable" xlink:title="DisclosureOfSegmentInformationTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfSegmentInformationTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfSegmentInformationTable" xml:lang="en-US" id="label_DisclosureOfSegmentInformationTable">Disclosure Of Segment Information [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfSegmentInformationTable" xlink:to="label_DisclosureOfSegmentInformationTable" xlink:title="Label : DisclosureOfSegmentInformationTable to label_DisclosureOfSegmentInformationTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfSegmentInformationTable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfSegmentInformationTable_1" xml:lang="en-US" id="label_DisclosureOfSegmentInformationTable_1">Disclosure Of Segment Information [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfSegmentInformationTable" xlink:to="label_DisclosureOfSegmentInformationTable_1" xlink:title="Label : DisclosureOfSegmentInformationTable to label_DisclosureOfSegmentInformationTable_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfSegmentInformationTable_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfSegmentInformationTable_2" xml:lang="en-US" id="label_DisclosureOfSegmentInformationTable_2">Disclosure of segment information table.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfSegmentInformationTable" xlink:to="label_DisclosureOfSegmentInformationTable_2" xlink:title="Label : DisclosureOfSegmentInformationTable to label_DisclosureOfSegmentInformationTable_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfSegmentInformationLineItems" xlink:label="SummaryOfSegmentInformationLineItems" xlink:title="SummaryOfSegmentInformationLineItems" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfSegmentInformationLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SummaryOfSegmentInformationLineItems" xml:lang="en-US" id="label_SummaryOfSegmentInformationLineItems">Summary of segment information [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfSegmentInformationLineItems" xlink:to="label_SummaryOfSegmentInformationLineItems" xlink:title="Label : SummaryOfSegmentInformationLineItems to label_SummaryOfSegmentInformationLineItems" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfSegmentInformationLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfSegmentInformationLineItems_1" xml:lang="en-US" id="label_SummaryOfSegmentInformationLineItems_1">Summary of segment information [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfSegmentInformationLineItems" xlink:to="label_SummaryOfSegmentInformationLineItems_1" xlink:title="Label : SummaryOfSegmentInformationLineItems to label_SummaryOfSegmentInformationLineItems_1" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfSegmentInformationLineItems_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfSegmentInformationLineItems_2" xml:lang="en-US" id="label_SummaryOfSegmentInformationLineItems_2">Summary of segment information.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfSegmentInformationLineItems" xlink:to="label_SummaryOfSegmentInformationLineItems_2" xlink:title="Label : SummaryOfSegmentInformationLineItems to label_SummaryOfSegmentInformationLineItems_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AdditionsPropertyPlantAndEquipmentAndIntangibleAssets" xlink:label="AdditionsPropertyPlantAndEquipmentAndIntangibleAssets" xlink:title="AdditionsPropertyPlantAndEquipmentAndIntangibleAssets" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsPropertyPlantAndEquipmentAndIntangibleAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AdditionsPropertyPlantAndEquipmentAndIntangibleAssets" xml:lang="en-US" id="label_AdditionsPropertyPlantAndEquipmentAndIntangibleAssets">Additions property plant and equipment and intangible assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsPropertyPlantAndEquipmentAndIntangibleAssets" xlink:to="label_AdditionsPropertyPlantAndEquipmentAndIntangibleAssets" xlink:title="Label : AdditionsPropertyPlantAndEquipmentAndIntangibleAssets to label_AdditionsPropertyPlantAndEquipmentAndIntangibleAssets" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsPropertyPlantAndEquipmentAndIntangibleAssets_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdditionsPropertyPlantAndEquipmentAndIntangibleAssets_1" xml:lang="en-US" id="label_AdditionsPropertyPlantAndEquipmentAndIntangibleAssets_1">Total additions to PP&amp;E and intangible assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsPropertyPlantAndEquipmentAndIntangibleAssets" xlink:to="label_AdditionsPropertyPlantAndEquipmentAndIntangibleAssets_1" xlink:title="Label : AdditionsPropertyPlantAndEquipmentAndIntangibleAssets to label_AdditionsPropertyPlantAndEquipmentAndIntangibleAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_AdditionsPropertyPlantAndEquipmentAndIntangibleAssets_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdditionsPropertyPlantAndEquipmentAndIntangibleAssets_2" xml:lang="en-US" id="label_AdditionsPropertyPlantAndEquipmentAndIntangibleAssets_2">Additions property plant and equipment and intangible assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionsPropertyPlantAndEquipmentAndIntangibleAssets" xlink:to="label_AdditionsPropertyPlantAndEquipmentAndIntangibleAssets_2" xlink:title="Label : AdditionsPropertyPlantAndEquipmentAndIntangibleAssets to label_AdditionsPropertyPlantAndEquipmentAndIntangibleAssets_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DepreciationAndAmortisationExpense" xlink:label="DepreciationAndAmortisationExpense" xlink:title="DepreciationAndAmortisationExpense" />
    <link:label xlink:type="resource" xlink:label="label_DepreciationAndAmortisationExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DepreciationAndAmortisationExpense" xml:lang="en-US" id="label_DepreciationAndAmortisationExpense">Depreciation of PP&amp;E and amortization of intangible assets charges</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationAndAmortisationExpense" xlink:to="label_DepreciationAndAmortisationExpense" xlink:title="Label : DepreciationAndAmortisationExpense to label_DepreciationAndAmortisationExpense" />
    <link:label xlink:type="resource" xlink:label="label_DepreciationAndAmortisationExpense_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DepreciationAndAmortisationExpense_1" xml:lang="en-US" id="label_DepreciationAndAmortisationExpense_1">Depreciation and amortisation expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationAndAmortisationExpense" xlink:to="label_DepreciationAndAmortisationExpense_1" xlink:title="Label : DepreciationAndAmortisationExpense to label_DepreciationAndAmortisationExpense_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_BorrowingCostsCapitalised" xlink:label="BorrowingCostsCapitalised" xlink:title="BorrowingCostsCapitalised" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingCostsCapitalised" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingCostsCapitalised" xml:lang="en-US" id="label_BorrowingCostsCapitalised">Borrowing costs capitalised</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingCostsCapitalised" xlink:to="label_BorrowingCostsCapitalised" xlink:title="Label : BorrowingCostsCapitalised to label_BorrowingCostsCapitalised" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingCostsCapitalised_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_BorrowingCostsCapitalised_1" xml:lang="en-US" id="label_BorrowingCostsCapitalised_1">Capitalized borrowing costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingCostsCapitalised" xlink:to="label_BorrowingCostsCapitalised_1" xlink:title="Label : BorrowingCostsCapitalised to label_BorrowingCostsCapitalised_1" />
    <link:label xlink:type="resource" xlink:label="label_DepreciationRightofuseAssets_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_DepreciationRightofuseAssets_2" xml:lang="en-US" id="label_DepreciationRightofuseAssets_2">Amortization of right-of-use assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationRightofuseAssets" xlink:to="label_DepreciationRightofuseAssets_2" xlink:title="Label : DepreciationRightofuseAssets to label_DepreciationRightofuseAssets_2" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForPaymentsOfContractualAssetsWithCustomersExclusiveRightsNoncurrent_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForPaymentsOfContractualAssetsWithCustomersExclusiveRightsNoncurrent_3" xml:lang="en-US" id="label_AdjustmentsForPaymentsOfContractualAssetsWithCustomersExclusiveRightsNoncurrent_3">Adjustments for payments of contractual assets with customers - exclusive rights noncurrent</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForPaymentsOfContractualAssetsWithCustomersExclusiveRightsNoncurrent" xlink:to="label_AdjustmentsForPaymentsOfContractualAssetsWithCustomersExclusiveRightsNoncurrent_3" xlink:title="Label : AdjustmentsForPaymentsOfContractualAssetsWithCustomersExclusiveRightsNoncurrent to label_AdjustmentsForPaymentsOfContractualAssetsWithCustomersExclusiveRightsNoncurrent_3" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureSegmentInformationFixedAndIntangibleAssetsOfCompanyAbroadAbstract" xlink:label="DisclosureSegmentInformationFixedAndIntangibleAssetsOfCompanyAbroadAbstract" xlink:title="DisclosureSegmentInformationFixedAndIntangibleAssetsOfCompanyAbroadAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureSegmentInformationFixedAndIntangibleAssetsOfCompanyAbroadAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureSegmentInformationFixedAndIntangibleAssetsOfCompanyAbroadAbstract" xml:lang="en-US" id="label_DisclosureSegmentInformationFixedAndIntangibleAssetsOfCompanyAbroadAbstract">Disclosure - Segment Information - Fixed and Intangible Assets of Company Abroad [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureSegmentInformationFixedAndIntangibleAssetsOfCompanyAbroadAbstract" xlink:to="label_DisclosureSegmentInformationFixedAndIntangibleAssetsOfCompanyAbroadAbstract" xlink:title="Label : DisclosureSegmentInformationFixedAndIntangibleAssetsOfCompanyAbroadAbstract to label_DisclosureSegmentInformationFixedAndIntangibleAssetsOfCompanyAbroadAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureSegmentInformationFixedAndIntangibleAssetsOfCompanyAbroadAbstract_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureSegmentInformationFixedAndIntangibleAssetsOfCompanyAbroadAbstract_1" xml:lang="en-US" id="label_DisclosureSegmentInformationFixedAndIntangibleAssetsOfCompanyAbroadAbstract_1">Disclosure - Segment Information - Fixed and Intangible Assets of Company Abroad [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureSegmentInformationFixedAndIntangibleAssetsOfCompanyAbroadAbstract" xlink:to="label_DisclosureSegmentInformationFixedAndIntangibleAssetsOfCompanyAbroadAbstract_1" xlink:title="Label : DisclosureSegmentInformationFixedAndIntangibleAssetsOfCompanyAbroadAbstract to label_DisclosureSegmentInformationFixedAndIntangibleAssetsOfCompanyAbroadAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2017/country-2017-01-31.xsd#country_US" xlink:label="US" xlink:title="US" />
    <link:label xlink:type="resource" xlink:label="label_US" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_US" xml:lang="en-US" id="label_US">UNITED STATES</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="US" xlink:to="label_US" xlink:title="Label : US to label_US" />
    <link:label xlink:type="resource" xlink:label="label_US_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_US_1" xml:lang="en-US" id="label_US_1">United States [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="US" xlink:to="label_US_1" xlink:title="Label : US to label_US_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2017/country-2017-01-31.xsd#country_MX" xlink:label="MX" xlink:title="MX" />
    <link:label xlink:type="resource" xlink:label="label_MX" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MX" xml:lang="en-US" id="label_MX">MEXICO</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MX" xlink:to="label_MX" xlink:title="Label : MX to label_MX" />
    <link:label xlink:type="resource" xlink:label="label_MX_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MX_1" xml:lang="en-US" id="label_MX_1">Mexico [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MX" xlink:to="label_MX_1" xlink:title="Label : MX to label_MX_1" />
    <link:label xlink:type="resource" xlink:label="label_MX_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_MX_2" xml:lang="en-US" id="label_MX_2">Mexico [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MX" xlink:to="label_MX_2" xlink:title="Label : MX to label_MX_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2017/country-2017-01-31.xsd#country_UY" xlink:label="UY" xlink:title="UY" />
    <link:label xlink:type="resource" xlink:label="label_UY" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UY" xml:lang="en-US" id="label_UY">URUGUAY</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UY" xlink:to="label_UY" xlink:title="Label : UY to label_UY" />
    <link:label xlink:type="resource" xlink:label="label_UY_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_UY_1" xml:lang="en-US" id="label_UY_1">Uruguay [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UY" xlink:to="label_UY_1" xlink:title="Label : UY to label_UY_1" />
    <link:label xlink:type="resource" xlink:label="label_UY_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_UY_2" xml:lang="en-US" id="label_UY_2">Uruguay [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UY" xlink:to="label_UY_2" xlink:title="Label : UY to label_UY_2" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2017/country-2017-01-31.xsd#country_VE" xlink:label="VE" xlink:title="VE" />
    <link:label xlink:type="resource" xlink:label="label_VE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_VE" xml:lang="en-US" id="label_VE">VENEZUELA</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VE" xlink:to="label_VE" xlink:title="Label : VE to label_VE" />
    <link:label xlink:type="resource" xlink:label="label_VE_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_VE_1" xml:lang="en-US" id="label_VE_1">Venezuela [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="VE" xlink:to="label_VE_1" xlink:title="Label : VE to label_VE_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_FixedAndIntangibleAssets" xlink:label="FixedAndIntangibleAssets" xlink:title="FixedAndIntangibleAssets" />
    <link:label xlink:type="resource" xlink:label="label_FixedAndIntangibleAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FixedAndIntangibleAssets" xml:lang="en-US" id="label_FixedAndIntangibleAssets">Fixed and intangible assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FixedAndIntangibleAssets" xlink:to="label_FixedAndIntangibleAssets" xlink:title="Label : FixedAndIntangibleAssets to label_FixedAndIntangibleAssets" />
    <link:label xlink:type="resource" xlink:label="label_FixedAndIntangibleAssets_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FixedAndIntangibleAssets_1" xml:lang="en-US" id="label_FixedAndIntangibleAssets_1">Fixed and intangible assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FixedAndIntangibleAssets" xlink:to="label_FixedAndIntangibleAssets_1" xlink:title="Label : FixedAndIntangibleAssets to label_FixedAndIntangibleAssets_1" />
    <link:label xlink:type="resource" xlink:label="label_FixedAndIntangibleAssets_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FixedAndIntangibleAssets_2" xml:lang="en-US" id="label_FixedAndIntangibleAssets_2">Fixed and intangible assets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FixedAndIntangibleAssets" xlink:to="label_FixedAndIntangibleAssets_2" xlink:title="Label : FixedAndIntangibleAssets to label_FixedAndIntangibleAssets_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureSegmentInformationRevenueFromOperationsAbroadAbstract" xlink:label="DisclosureSegmentInformationRevenueFromOperationsAbroadAbstract" xlink:title="DisclosureSegmentInformationRevenueFromOperationsAbroadAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureSegmentInformationRevenueFromOperationsAbroadAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureSegmentInformationRevenueFromOperationsAbroadAbstract" xml:lang="en-US" id="label_DisclosureSegmentInformationRevenueFromOperationsAbroadAbstract">Disclosure - Segment Information - Revenue from Operations Abroad [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureSegmentInformationRevenueFromOperationsAbroadAbstract" xlink:to="label_DisclosureSegmentInformationRevenueFromOperationsAbroadAbstract" xlink:title="Label : DisclosureSegmentInformationRevenueFromOperationsAbroadAbstract to label_DisclosureSegmentInformationRevenueFromOperationsAbroadAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureSegmentInformationRevenueFromOperationsAbroadAbstract_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureSegmentInformationRevenueFromOperationsAbroadAbstract_1" xml:lang="en-US" id="label_DisclosureSegmentInformationRevenueFromOperationsAbroadAbstract_1">Disclosure - Segment Information - Revenue from Operations Abroad [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureSegmentInformationRevenueFromOperationsAbroadAbstract" xlink:to="label_DisclosureSegmentInformationRevenueFromOperationsAbroadAbstract_1" xlink:title="Label : DisclosureSegmentInformationRevenueFromOperationsAbroadAbstract to label_DisclosureSegmentInformationRevenueFromOperationsAbroadAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2017/country-2017-01-31.xsd#country_BR" xlink:label="BR" xlink:title="BR" />
    <link:label xlink:type="resource" xlink:label="label_BR" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BR" xml:lang="en-US" id="label_BR">BRAZIL</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BR" xlink:to="label_BR" xlink:title="Label : BR to label_BR" />
    <link:label xlink:type="resource" xlink:label="label_BR_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BR_1" xml:lang="en-US" id="label_BR_1">Brazil [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BR" xlink:to="label_BR_1" xlink:title="Label : BR to label_BR_1" />
    <link:label xlink:type="resource" xlink:label="label_BR_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_BR_2" xml:lang="en-US" id="label_BR_2">Brasil [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BR" xlink:to="label_BR_2" xlink:title="Label : BR to label_BR_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OtherLatinAmericanCountriesMember" xlink:label="OtherLatinAmericanCountriesMember" xlink:title="OtherLatinAmericanCountriesMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherLatinAmericanCountriesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherLatinAmericanCountriesMember" xml:lang="en-US" id="label_OtherLatinAmericanCountriesMember">Other Latin American Countries [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherLatinAmericanCountriesMember" xlink:to="label_OtherLatinAmericanCountriesMember" xlink:title="Label : OtherLatinAmericanCountriesMember to label_OtherLatinAmericanCountriesMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherLatinAmericanCountriesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherLatinAmericanCountriesMember_1" xml:lang="en-US" id="label_OtherLatinAmericanCountriesMember_1">Other Latin American countries [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherLatinAmericanCountriesMember" xlink:to="label_OtherLatinAmericanCountriesMember_1" xlink:title="Label : OtherLatinAmericanCountriesMember to label_OtherLatinAmericanCountriesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherLatinAmericanCountriesMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherLatinAmericanCountriesMember_2" xml:lang="en-US" id="label_OtherLatinAmericanCountriesMember_2">Other Latin American Countries [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherLatinAmericanCountriesMember" xlink:to="label_OtherLatinAmericanCountriesMember_2" xlink:title="Label : OtherLatinAmericanCountriesMember to label_OtherLatinAmericanCountriesMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_FarEastMember" xlink:label="FarEastMember" xlink:title="FarEastMember" />
    <link:label xlink:type="resource" xlink:label="label_FarEastMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FarEastMember" xml:lang="en-US" id="label_FarEastMember">Far east [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FarEastMember" xlink:to="label_FarEastMember" xlink:title="Label : FarEastMember to label_FarEastMember" />
    <link:label xlink:type="resource" xlink:label="label_FarEastMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FarEastMember_1" xml:lang="en-US" id="label_FarEastMember_1">Far East [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FarEastMember" xlink:to="label_FarEastMember_1" xlink:title="Label : FarEastMember to label_FarEastMember_1" />
    <link:label xlink:type="resource" xlink:label="label_FarEastMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FarEastMember_2" xml:lang="en-US" id="label_FarEastMember_2">Far east.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FarEastMember" xlink:to="label_FarEastMember_2" xlink:title="Label : FarEastMember to label_FarEastMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_EuropeContinentMember" xlink:label="EuropeContinentMember" xlink:title="EuropeContinentMember" />
    <link:label xlink:type="resource" xlink:label="label_EuropeContinentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EuropeContinentMember" xml:lang="en-US" id="label_EuropeContinentMember">Europe continent [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EuropeContinentMember" xlink:to="label_EuropeContinentMember" xlink:title="Label : EuropeContinentMember to label_EuropeContinentMember" />
    <link:label xlink:type="resource" xlink:label="label_EuropeContinentMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EuropeContinentMember_1" xml:lang="en-US" id="label_EuropeContinentMember_1">Europe [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EuropeContinentMember" xlink:to="label_EuropeContinentMember_1" xlink:title="Label : EuropeContinentMember to label_EuropeContinentMember_1" />
    <link:label xlink:type="resource" xlink:label="label_EuropeContinentMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EuropeContinentMember_2" xml:lang="en-US" id="label_EuropeContinentMember_2">Europe continent.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EuropeContinentMember" xlink:to="label_EuropeContinentMember_2" xlink:title="Label : EuropeContinentMember to label_EuropeContinentMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OtherRegionsMember" xlink:label="OtherRegionsMember" xlink:title="OtherRegionsMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherRegionsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherRegionsMember" xml:lang="en-US" id="label_OtherRegionsMember">Other regions.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherRegionsMember" xlink:to="label_OtherRegionsMember" xlink:title="Label : OtherRegionsMember to label_OtherRegionsMember" />
    <link:label xlink:type="resource" xlink:label="label_OtherRegionsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherRegionsMember_1" xml:lang="en-US" id="label_OtherRegionsMember_1">Other [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherRegionsMember" xlink:to="label_OtherRegionsMember_1" xlink:title="Label : OtherRegionsMember to label_OtherRegionsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherRegionsMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherRegionsMember_2" xml:lang="en-US" id="label_OtherRegionsMember_2">Other Regions [member]</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesInForeignCurrencyAbstract" xlink:to="label_LiabilitiesInForeignCurrencyAbstract_2" xlink:title="Label : LiabilitiesInForeignCurrencyAbstract to label_LiabilitiesInForeignCurrencyAbstract_2" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancingInForeignCurrency" xlink:to="label_FinancingInForeignCurrency" xlink:title="Label : FinancingInForeignCurrency to label_FinancingInForeignCurrency" />
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_PayablesArisingFromImports" xlink:label="PayablesArisingFromImports" xlink:title="PayablesArisingFromImports" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PayablesArisingFromImports" xlink:to="label_PayablesArisingFromImports" xlink:title="Label : PayablesArisingFromImports to label_PayablesArisingFromImports" />
    <link:label xlink:type="resource" xlink:label="label_PayablesArisingFromImports_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_PayablesArisingFromImports_1" xml:lang="en-US" id="label_PayablesArisingFromImports_1">Payables arising from imports, net of advances to foreign suppliers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PayablesArisingFromImports" xlink:to="label_PayablesArisingFromImports_1" xlink:title="Label : PayablesArisingFromImports to label_PayablesArisingFromImports_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PayablesArisingFromImports" xlink:to="label_PayablesArisingFromImports_2" xlink:title="Label : PayablesArisingFromImports to label_PayablesArisingFromImports_2" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesInForeignCurrency" xlink:to="label_LiabilitiesInForeignCurrency" xlink:title="Label : LiabilitiesInForeignCurrency to label_LiabilitiesInForeignCurrency" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesInForeignCurrency" xlink:to="label_LiabilitiesInForeignCurrency_1" xlink:title="Label : LiabilitiesInForeignCurrency to label_LiabilitiesInForeignCurrency_1" />
    <link:label xlink:type="resource" xlink:label="label_LiabilitiesInForeignCurrency_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LiabilitiesInForeignCurrency_2" xml:lang="en-US" id="label_LiabilitiesInForeignCurrency_2">Liabilities in foreign currency.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesInForeignCurrency" xlink:to="label_LiabilitiesInForeignCurrency_2" xlink:title="Label : LiabilitiesInForeignCurrency to label_LiabilitiesInForeignCurrency_2" />
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    <link:label xlink:type="resource" xlink:label="label_ForeignCurrencyHedgingInstruments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignCurrencyHedgingInstruments" xml:lang="en-US" id="label_ForeignCurrencyHedgingInstruments">Foreign currency hedging instruments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignCurrencyHedgingInstruments" xlink:to="label_ForeignCurrencyHedgingInstruments" xlink:title="Label : ForeignCurrencyHedgingInstruments to label_ForeignCurrencyHedgingInstruments" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignCurrencyHedgingInstruments" xlink:to="label_ForeignCurrencyHedgingInstruments_2" xlink:title="Label : ForeignCurrencyHedgingInstruments to label_ForeignCurrencyHedgingInstruments_2" />
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    <link:label xlink:type="resource" xlink:label="label_NetAssetLiabilityPositionTotal" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NetAssetLiabilityPositionTotal" xml:lang="en-US" id="label_NetAssetLiabilityPositionTotal">Net asset (liability) position - Total.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetAssetLiabilityPositionTotal" xlink:to="label_NetAssetLiabilityPositionTotal" xlink:title="Label : NetAssetLiabilityPositionTotal to label_NetAssetLiabilityPositionTotal" />
    <link:label xlink:type="resource" xlink:label="label_NetAssetLiabilityPositionTotal_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_NetAssetLiabilityPositionTotal_1" xml:lang="en-US" id="label_NetAssetLiabilityPositionTotal_1">Net liability position</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetAssetLiabilityPositionTotal" xlink:to="label_NetAssetLiabilityPositionTotal_1" xlink:title="Label : NetAssetLiabilityPositionTotal to label_NetAssetLiabilityPositionTotal_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetAssetLiabilityPositionTotal" xlink:to="label_NetAssetLiabilityPositionTotal_2" xlink:title="Label : NetAssetLiabilityPositionTotal to label_NetAssetLiabilityPositionTotal_2" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetAssetLiabilityPositionTotal" xlink:to="label_NetAssetLiabilityPositionTotal_3" xlink:title="Label : NetAssetLiabilityPositionTotal to label_NetAssetLiabilityPositionTotal_3" />
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    <link:label xlink:type="resource" xlink:label="label_NetAssetLiabilityPositionIncomeStatementEffect" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NetAssetLiabilityPositionIncomeStatementEffect" xml:lang="en-US" id="label_NetAssetLiabilityPositionIncomeStatementEffect">Net asset (liability) position - Income statement effect.</link:label>
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    <link:label xlink:type="resource" xlink:label="label_ForeignTradeReceivablesNetOfAllowanceForDoubtfulAccountsAndAdvancesToForeignCustomers_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ForeignTradeReceivablesNetOfAllowanceForDoubtfulAccountsAndAdvancesToForeignCustomers_1" xml:lang="en-US" id="label_ForeignTradeReceivablesNetOfAllowanceForDoubtfulAccountsAndAdvancesToForeignCustomers_1">Foreign trade receivables, net of allowance for doubtful accounts and advances to foreign customers</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignTradeReceivablesNetOfAllowanceForDoubtfulAccountsAndAdvancesToForeignCustomers" xlink:to="label_ForeignTradeReceivablesNetOfAllowanceForDoubtfulAccountsAndAdvancesToForeignCustomers_1" xlink:title="Label : ForeignTradeReceivablesNetOfAllowanceForDoubtfulAccountsAndAdvancesToForeignCustomers to label_ForeignTradeReceivablesNetOfAllowanceForDoubtfulAccountsAndAdvancesToForeignCustomers_1" />
    <link:label xlink:type="resource" xlink:label="label_ForeignTradeReceivablesNetOfAllowanceForDoubtfulAccountsAndAdvancesToForeignCustomers_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignTradeReceivablesNetOfAllowanceForDoubtfulAccountsAndAdvancesToForeignCustomers_2" xml:lang="en-US" id="label_ForeignTradeReceivablesNetOfAllowanceForDoubtfulAccountsAndAdvancesToForeignCustomers_2">The amount due from Foreign trade receivables, net of allowance for doubtful accounts and advances to foreign customers.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignTradeReceivablesNetOfAllowanceForDoubtfulAccountsAndAdvancesToForeignCustomers" xlink:to="label_ForeignTradeReceivablesNetOfAllowanceForDoubtfulAccountsAndAdvancesToForeignCustomers_2" xlink:title="Label : ForeignTradeReceivablesNetOfAllowanceForDoubtfulAccountsAndAdvancesToForeignCustomers to label_ForeignTradeReceivablesNetOfAllowanceForDoubtfulAccountsAndAdvancesToForeignCustomers_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OtherNetAssetsInForeignExceptCashCashEquivalentsFinancialInvestmentsTradeReceivablesFinancingAndPayables" xlink:label="OtherNetAssetsInForeignExceptCashCashEquivalentsFinancialInvestmentsTradeReceivablesFinancingAndPayables" xlink:title="OtherNetAssetsInForeignExceptCashCashEquivalentsFinancialInvestmentsTradeReceivablesFinancingAndPayables" />
    <link:label xlink:type="resource" xlink:label="label_OtherNetAssetsInForeignExceptCashCashEquivalentsFinancialInvestmentsTradeReceivablesFinancingAndPayables" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OtherNetAssetsInForeignExceptCashCashEquivalentsFinancialInvestmentsTradeReceivablesFinancingAndPayables" xml:lang="en-US" id="label_OtherNetAssetsInForeignExceptCashCashEquivalentsFinancialInvestmentsTradeReceivablesFinancingAndPayables">Other net assets in foreign except cash cash equivalents financial investments trade receivables financing and payables.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNetAssetsInForeignExceptCashCashEquivalentsFinancialInvestmentsTradeReceivablesFinancingAndPayables" xlink:to="label_OtherNetAssetsInForeignExceptCashCashEquivalentsFinancialInvestmentsTradeReceivablesFinancingAndPayables" xlink:title="Label : OtherNetAssetsInForeignExceptCashCashEquivalentsFinancialInvestmentsTradeReceivablesFinancingAndPayables to label_OtherNetAssetsInForeignExceptCashCashEquivalentsFinancialInvestmentsTradeReceivablesFinancingAndPayables" />
    <link:label xlink:type="resource" xlink:label="label_OtherNetAssetsInForeignExceptCashCashEquivalentsFinancialInvestmentsTradeReceivablesFinancingAndPayables_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherNetAssetsInForeignExceptCashCashEquivalentsFinancialInvestmentsTradeReceivablesFinancingAndPayables_1" xml:lang="en-US" id="label_OtherNetAssetsInForeignExceptCashCashEquivalentsFinancialInvestmentsTradeReceivablesFinancingAndPayables_1">Other assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNetAssetsInForeignExceptCashCashEquivalentsFinancialInvestmentsTradeReceivablesFinancingAndPayables" xlink:to="label_OtherNetAssetsInForeignExceptCashCashEquivalentsFinancialInvestmentsTradeReceivablesFinancingAndPayables_1" xlink:title="Label : OtherNetAssetsInForeignExceptCashCashEquivalentsFinancialInvestmentsTradeReceivablesFinancingAndPayables to label_OtherNetAssetsInForeignExceptCashCashEquivalentsFinancialInvestmentsTradeReceivablesFinancingAndPayables_1" />
    <link:label xlink:type="resource" xlink:label="label_OtherNetAssetsInForeignExceptCashCashEquivalentsFinancialInvestmentsTradeReceivablesFinancingAndPayables_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OtherNetAssetsInForeignExceptCashCashEquivalentsFinancialInvestmentsTradeReceivablesFinancingAndPayables_2" xml:lang="en-US" id="label_OtherNetAssetsInForeignExceptCashCashEquivalentsFinancialInvestmentsTradeReceivablesFinancingAndPayables_2">Other Net Assets In Foreign Except Cash Cash Equivalents Financial Investments Trade Receivables Financing And Payables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNetAssetsInForeignExceptCashCashEquivalentsFinancialInvestmentsTradeReceivablesFinancingAndPayables" xlink:to="label_OtherNetAssetsInForeignExceptCashCashEquivalentsFinancialInvestmentsTradeReceivablesFinancingAndPayables_2" xlink:title="Label : OtherNetAssetsInForeignExceptCashCashEquivalentsFinancialInvestmentsTradeReceivablesFinancingAndPayables to label_OtherNetAssetsInForeignExceptCashCashEquivalentsFinancialInvestmentsTradeReceivablesFinancingAndPayables_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AssetsInForeignCurrency" xlink:label="AssetsInForeignCurrency" xlink:title="AssetsInForeignCurrency" />
    <link:label xlink:type="resource" xlink:label="label_AssetsInForeignCurrency" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AssetsInForeignCurrency" xml:lang="en-US" id="label_AssetsInForeignCurrency">Assets in foreign currency</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetsInForeignCurrency" xlink:to="label_AssetsInForeignCurrency" xlink:title="Label : AssetsInForeignCurrency to label_AssetsInForeignCurrency" />
    <link:label xlink:type="resource" xlink:label="label_AssetsInForeignCurrency_1" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:title="label_AssetsInForeignCurrency_1" xml:lang="en-US" id="label_AssetsInForeignCurrency_1">Assets in foreign currency</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetsInForeignCurrency" xlink:to="label_AssetsInForeignCurrency_1" xlink:title="Label : AssetsInForeignCurrency to label_AssetsInForeignCurrency_1" />
    <link:label xlink:type="resource" xlink:label="label_AssetsInForeignCurrency_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AssetsInForeignCurrency_2" xml:lang="en-US" id="label_AssetsInForeignCurrency_2">Assets in foreign currency.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetsInForeignCurrency" xlink:to="label_AssetsInForeignCurrency_2" xlink:title="Label : AssetsInForeignCurrency to label_AssetsInForeignCurrency_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfFinancialInstrumentsAbstract" xlink:label="DisclosureOfFinancialInstrumentsAbstract" xlink:title="DisclosureOfFinancialInstrumentsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfFinancialInstrumentsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfFinancialInstrumentsAbstract" xml:lang="en-US" id="label_DisclosureOfFinancialInstrumentsAbstract">Disclosure of detailed information about financial instruments [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfFinancialInstrumentsAbstract" xlink:to="label_DisclosureOfFinancialInstrumentsAbstract" xlink:title="Label : DisclosureOfFinancialInstrumentsAbstract to label_DisclosureOfFinancialInstrumentsAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TypesOfHedgesAxis" xlink:label="TypesOfHedgesAxis" xlink:title="TypesOfHedgesAxis" />
    <link:label xlink:type="resource" xlink:label="label_TypesOfHedgesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TypesOfHedgesAxis" xml:lang="en-US" id="label_TypesOfHedgesAxis">Types of hedges [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypesOfHedgesAxis" xlink:to="label_TypesOfHedgesAxis" xlink:title="Label : TypesOfHedgesAxis to label_TypesOfHedgesAxis" />
    <link:label xlink:type="resource" xlink:label="label_TypesOfHedgesAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TypesOfHedgesAxis_1" xml:lang="en-US" id="label_TypesOfHedgesAxis_1">Types of hedges [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypesOfHedgesAxis" xlink:to="label_TypesOfHedgesAxis_1" xlink:title="Label : TypesOfHedgesAxis to label_TypesOfHedgesAxis_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TypesOfHedgesMember" xlink:label="TypesOfHedgesMember" xlink:title="TypesOfHedgesMember" />
    <link:label xlink:type="resource" xlink:label="label_TypesOfHedgesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TypesOfHedgesMember" xml:lang="en-US" id="label_TypesOfHedgesMember">Hedges [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypesOfHedgesMember" xlink:to="label_TypesOfHedgesMember" xlink:title="Label : TypesOfHedgesMember to label_TypesOfHedgesMember" />
    <link:label xlink:type="resource" xlink:label="label_TypesOfHedgesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TypesOfHedgesMember_1" xml:lang="en-US" id="label_TypesOfHedgesMember_1">Hedges [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypesOfHedgesMember" xlink:to="label_TypesOfHedgesMember_1" xlink:title="Label : TypesOfHedgesMember to label_TypesOfHedgesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ScenarioAxis" xlink:label="ScenarioAxis" xlink:title="ScenarioAxis" />
    <link:label xlink:type="resource" xlink:label="label_ScenarioAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ScenarioAxis" xml:lang="en-US" id="label_ScenarioAxis">Scenario [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScenarioAxis" xlink:to="label_ScenarioAxis" xlink:title="Label : ScenarioAxis to label_ScenarioAxis" />
    <link:label xlink:type="resource" xlink:label="label_ScenarioAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ScenarioAxis_1" xml:lang="en-US" id="label_ScenarioAxis_1">Scenario [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScenarioAxis" xlink:to="label_ScenarioAxis_1" xlink:title="Label : ScenarioAxis to label_ScenarioAxis_1" />
    <link:label xlink:type="resource" xlink:label="label_ScenarioAxis_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ScenarioAxis_2" xml:lang="en-US" id="label_ScenarioAxis_2">Scenario [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScenarioAxis" xlink:to="label_ScenarioAxis_2" xlink:title="Label : ScenarioAxis to label_ScenarioAxis_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ScenarioDomain" xlink:label="ScenarioDomain" xlink:title="ScenarioDomain" />
    <link:label xlink:type="resource" xlink:label="label_ScenarioDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ScenarioDomain" xml:lang="en-US" id="label_ScenarioDomain">Scenario [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScenarioDomain" xlink:to="label_ScenarioDomain" xlink:title="Label : ScenarioDomain to label_ScenarioDomain" />
    <link:label xlink:type="resource" xlink:label="label_ScenarioDomain_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ScenarioDomain_1" xml:lang="en-US" id="label_ScenarioDomain_1">Scenario [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScenarioDomain" xlink:to="label_ScenarioDomain_1" xlink:title="Label : ScenarioDomain to label_ScenarioDomain_1" />
    <link:label xlink:type="resource" xlink:label="label_ScenarioDomain_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ScenarioDomain_2" xml:lang="en-US" id="label_ScenarioDomain_2">Scenario [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ScenarioDomain" xlink:to="label_ScenarioDomain_2" xlink:title="Label : ScenarioDomain to label_ScenarioDomain_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_Scenario1Member" xlink:label="Scenario1Member" xlink:title="Scenario1Member" />
    <link:label xlink:type="resource" xlink:label="label_Scenario1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Scenario1Member" xml:lang="en-US" id="label_Scenario1Member">Scenario 1 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Scenario1Member" xlink:to="label_Scenario1Member" xlink:title="Label : Scenario1Member to label_Scenario1Member" />
    <link:label xlink:type="resource" xlink:label="label_Scenario1Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Scenario1Member_1" xml:lang="en-US" id="label_Scenario1Member_1">Scenario I [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Scenario1Member" xlink:to="label_Scenario1Member_1" xlink:title="Label : Scenario1Member to label_Scenario1Member_1" />
    <link:label xlink:type="resource" xlink:label="label_Scenario1Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Scenario1Member_2" xml:lang="en-US" id="label_Scenario1Member_2">Scenario 1.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Scenario1Member" xlink:to="label_Scenario1Member_2" xlink:title="Label : Scenario1Member to label_Scenario1Member_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_Scenario2Member" xlink:label="Scenario2Member" xlink:title="Scenario2Member" />
    <link:label xlink:type="resource" xlink:label="label_Scenario2Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Scenario2Member" xml:lang="en-US" id="label_Scenario2Member">Scenario 2 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Scenario2Member" xlink:to="label_Scenario2Member" xlink:title="Label : Scenario2Member to label_Scenario2Member" />
    <link:label xlink:type="resource" xlink:label="label_Scenario2Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Scenario2Member_1" xml:lang="en-US" id="label_Scenario2Member_1">Scenario II [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Scenario2Member" xlink:to="label_Scenario2Member_1" xlink:title="Label : Scenario2Member to label_Scenario2Member_1" />
    <link:label xlink:type="resource" xlink:label="label_Scenario2Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Scenario2Member_2" xml:lang="en-US" id="label_Scenario2Member_2">Scenario 2.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Scenario2Member" xlink:to="label_Scenario2Member_2" xlink:title="Label : Scenario2Member to label_Scenario2Member_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_Scenario3Member" xlink:label="Scenario3Member" xlink:title="Scenario3Member" />
    <link:label xlink:type="resource" xlink:label="label_Scenario3Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Scenario3Member" xml:lang="en-US" id="label_Scenario3Member">Scenario 3 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Scenario3Member" xlink:to="label_Scenario3Member" xlink:title="Label : Scenario3Member to label_Scenario3Member" />
    <link:label xlink:type="resource" xlink:label="label_Scenario3Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Scenario3Member_1" xml:lang="en-US" id="label_Scenario3Member_1">Scenario III [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Scenario3Member" xlink:to="label_Scenario3Member_1" xlink:title="Label : Scenario3Member to label_Scenario3Member_1" />
    <link:label xlink:type="resource" xlink:label="label_Scenario3Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Scenario3Member_2" xml:lang="en-US" id="label_Scenario3Member_2">Scenario 3.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Scenario3Member" xlink:to="label_Scenario3Member_2" xlink:title="Label : Scenario3Member to label_Scenario3Member_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LaterThanOneYearMember" xlink:label="LaterThanOneYearMember" xlink:title="LaterThanOneYearMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanOneYearMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanOneYearMember" xml:lang="en-US" id="label_LaterThanOneYearMember">Later than one year [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanOneYearMember" xlink:to="label_LaterThanOneYearMember" xlink:title="Label : LaterThanOneYearMember to label_LaterThanOneYearMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanOneYearMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LaterThanOneYearMember_1" xml:lang="en-US" id="label_LaterThanOneYearMember_1">Later than one year [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanOneYearMember" xlink:to="label_LaterThanOneYearMember_1" xlink:title="Label : LaterThanOneYearMember to label_LaterThanOneYearMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_HedgingInstrumentsAxis" xlink:label="HedgingInstrumentsAxis" xlink:title="HedgingInstrumentsAxis" />
    <link:label xlink:type="resource" xlink:label="label_HedgingInstrumentsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_HedgingInstrumentsAxis" xml:lang="en-US" id="label_HedgingInstrumentsAxis">Hedging instruments [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HedgingInstrumentsAxis" xlink:to="label_HedgingInstrumentsAxis" xlink:title="Label : HedgingInstrumentsAxis to label_HedgingInstrumentsAxis" />
    <link:label xlink:type="resource" xlink:label="label_HedgingInstrumentsAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_HedgingInstrumentsAxis_1" xml:lang="en-US" id="label_HedgingInstrumentsAxis_1">Hedging instruments [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HedgingInstrumentsAxis" xlink:to="label_HedgingInstrumentsAxis_1" xlink:title="Label : HedgingInstrumentsAxis to label_HedgingInstrumentsAxis_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_HedgingInstrumentsMember" xlink:label="HedgingInstrumentsMember" xlink:title="HedgingInstrumentsMember" />
    <link:label xlink:type="resource" xlink:label="label_HedgingInstrumentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_HedgingInstrumentsMember" xml:lang="en-US" id="label_HedgingInstrumentsMember">Hedging instruments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HedgingInstrumentsMember" xlink:to="label_HedgingInstrumentsMember" xlink:title="Label : HedgingInstrumentsMember to label_HedgingInstrumentsMember" />
    <link:label xlink:type="resource" xlink:label="label_HedgingInstrumentsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_HedgingInstrumentsMember_1" xml:lang="en-US" id="label_HedgingInstrumentsMember_1">Hedging instruments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HedgingInstrumentsMember" xlink:to="label_HedgingInstrumentsMember_1" xlink:title="Label : HedgingInstrumentsMember to label_HedgingInstrumentsMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_RateSwapsAxis" xlink:label="RateSwapsAxis" xlink:title="RateSwapsAxis" />
    <link:label xlink:type="resource" xlink:label="label_RateSwapsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RateSwapsAxis" xml:lang="en-US" id="label_RateSwapsAxis">Rate swaps [axis]</link:label>
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    <link:label xlink:type="resource" xlink:label="label_RateSwapsDomain_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RateSwapsDomain_1" xml:lang="en-US" id="label_RateSwapsDomain_1">Rate swaps [domain]</link:label>
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_InvestmentPlan" xlink:label="InvestmentPlan" xlink:title="InvestmentPlan" />
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CashFlowHedgeUnrealizedLossOfOtherComprehensiveIncomeNet" xlink:label="CashFlowHedgeUnrealizedLossOfOtherComprehensiveIncomeNet" xlink:title="CashFlowHedgeUnrealizedLossOfOtherComprehensiveIncomeNet" />
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    <link:label xlink:type="resource" xlink:label="label_ShareholdersEquityEffectDecrease" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ShareholdersEquityEffectDecrease" xml:lang="en-US" id="label_ShareholdersEquityEffectDecrease">Shareholders equity effect decrease</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareholdersEquityEffectDecrease" xlink:to="label_ShareholdersEquityEffectDecrease" xlink:title="Label : ShareholdersEquityEffectDecrease to label_ShareholdersEquityEffectDecrease" />
    <link:label xlink:type="resource" xlink:label="label_ShareholdersEquityEffectDecrease_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ShareholdersEquityEffectDecrease_1" xml:lang="en-US" id="label_ShareholdersEquityEffectDecrease_1">Equity effect</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareholdersEquityEffectDecrease" xlink:to="label_ShareholdersEquityEffectDecrease_1" xlink:title="Label : ShareholdersEquityEffectDecrease to label_ShareholdersEquityEffectDecrease_1" />
    <link:label xlink:type="resource" xlink:label="label_ShareholdersEquityEffectDecrease_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ShareholdersEquityEffectDecrease_2" xml:lang="en-US" id="label_ShareholdersEquityEffectDecrease_2">Effects regarding Real devaluation or appreciation risk.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareholdersEquityEffectDecrease" xlink:to="label_ShareholdersEquityEffectDecrease_2" xlink:title="Label : ShareholdersEquityEffectDecrease to label_ShareholdersEquityEffectDecrease_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IncomeStatementEffectincreaseShareholdersEquityDecreaseNetEffect" xlink:label="IncomeStatementEffectincreaseShareholdersEquityDecreaseNetEffect" xlink:title="IncomeStatementEffectincreaseShareholdersEquityDecreaseNetEffect" />
    <link:label xlink:type="resource" xlink:label="label_IncomeStatementEffectincreaseShareholdersEquityDecreaseNetEffect" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeStatementEffectincreaseShareholdersEquityDecreaseNetEffect" xml:lang="en-US" id="label_IncomeStatementEffectincreaseShareholdersEquityDecreaseNetEffect">Income statement effectincrease shareholders equity decrease net effect</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeStatementEffectincreaseShareholdersEquityDecreaseNetEffect" xlink:to="label_IncomeStatementEffectincreaseShareholdersEquityDecreaseNetEffect" xlink:title="Label : IncomeStatementEffectincreaseShareholdersEquityDecreaseNetEffect to label_IncomeStatementEffectincreaseShareholdersEquityDecreaseNetEffect" />
    <link:label xlink:type="resource" xlink:label="label_IncomeStatementEffectincreaseShareholdersEquityDecreaseNetEffect_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_IncomeStatementEffectincreaseShareholdersEquityDecreaseNetEffect_1" xml:lang="en-US" id="label_IncomeStatementEffectincreaseShareholdersEquityDecreaseNetEffect_1">Total</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeStatementEffectincreaseShareholdersEquityDecreaseNetEffect" xlink:to="label_IncomeStatementEffectincreaseShareholdersEquityDecreaseNetEffect_1" xlink:title="Label : IncomeStatementEffectincreaseShareholdersEquityDecreaseNetEffect to label_IncomeStatementEffectincreaseShareholdersEquityDecreaseNetEffect_1" />
    <link:label xlink:type="resource" xlink:label="label_IncomeStatementEffectincreaseShareholdersEquityDecreaseNetEffect_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncomeStatementEffectincreaseShareholdersEquityDecreaseNetEffect_2" xml:lang="en-US" id="label_IncomeStatementEffectincreaseShareholdersEquityDecreaseNetEffect_2">Effects regarding Real devaluation or appreciation risk.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeStatementEffectincreaseShareholdersEquityDecreaseNetEffect" xlink:to="label_IncomeStatementEffectincreaseShareholdersEquityDecreaseNetEffect_2" xlink:title="Label : IncomeStatementEffectincreaseShareholdersEquityDecreaseNetEffect to label_IncomeStatementEffectincreaseShareholdersEquityDecreaseNetEffect_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IncomeStatementEffectDecrease" xlink:label="IncomeStatementEffectDecrease" xlink:title="IncomeStatementEffectDecrease" />
    <link:label xlink:type="resource" xlink:label="label_IncomeStatementEffectDecrease" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeStatementEffectDecrease" xml:lang="en-US" id="label_IncomeStatementEffectDecrease">Income statement effect decrease</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeStatementEffectDecrease" xlink:to="label_IncomeStatementEffectDecrease" xlink:title="Label : IncomeStatementEffectDecrease to label_IncomeStatementEffectDecrease" />
    <link:label xlink:type="resource" xlink:label="label_IncomeStatementEffectDecrease_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncomeStatementEffectDecrease_1" xml:lang="en-US" id="label_IncomeStatementEffectDecrease_1">Income statement effect</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeStatementEffectDecrease" xlink:to="label_IncomeStatementEffectDecrease_1" xlink:title="Label : IncomeStatementEffectDecrease to label_IncomeStatementEffectDecrease_1" />
    <link:label xlink:type="resource" xlink:label="label_IncomeStatementEffectDecrease_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncomeStatementEffectDecrease_2" xml:lang="en-US" id="label_IncomeStatementEffectDecrease_2">Effects regarding Real devaluation or appreciation risk.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeStatementEffectDecrease" xlink:to="label_IncomeStatementEffectDecrease_2" xlink:title="Label : IncomeStatementEffectDecrease to label_IncomeStatementEffectDecrease_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ShareholdersEquityEffectincrease" xlink:label="ShareholdersEquityEffectincrease" xlink:title="ShareholdersEquityEffectincrease" />
    <link:label xlink:type="resource" xlink:label="label_ShareholdersEquityEffectincrease" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ShareholdersEquityEffectincrease" xml:lang="en-US" id="label_ShareholdersEquityEffectincrease">Shareholders equity effectincrease</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareholdersEquityEffectincrease" xlink:to="label_ShareholdersEquityEffectincrease" xlink:title="Label : ShareholdersEquityEffectincrease to label_ShareholdersEquityEffectincrease" />
    <link:label xlink:type="resource" xlink:label="label_ShareholdersEquityEffectincrease_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ShareholdersEquityEffectincrease_1" xml:lang="en-US" id="label_ShareholdersEquityEffectincrease_1">Equity effect</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareholdersEquityEffectincrease" xlink:to="label_ShareholdersEquityEffectincrease_1" xlink:title="Label : ShareholdersEquityEffectincrease to label_ShareholdersEquityEffectincrease_1" />
    <link:label xlink:type="resource" xlink:label="label_ShareholdersEquityEffectincrease_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ShareholdersEquityEffectincrease_2" xml:lang="en-US" id="label_ShareholdersEquityEffectincrease_2">Effects regarding Real devaluation or appreciation risk.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ShareholdersEquityEffectincrease" xlink:to="label_ShareholdersEquityEffectincrease_2" xlink:title="Label : ShareholdersEquityEffectincrease to label_ShareholdersEquityEffectincrease_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IncomeStatementEffectDecreaseShareHoldersEquityIncreaseNetEffect" xlink:label="IncomeStatementEffectDecreaseShareHoldersEquityIncreaseNetEffect" xlink:title="IncomeStatementEffectDecreaseShareHoldersEquityIncreaseNetEffect" />
    <link:label xlink:type="resource" xlink:label="label_IncomeStatementEffectDecreaseShareHoldersEquityIncreaseNetEffect" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeStatementEffectDecreaseShareHoldersEquityIncreaseNetEffect" xml:lang="en-US" id="label_IncomeStatementEffectDecreaseShareHoldersEquityIncreaseNetEffect">Income statement effect decrease share holders equity increase net effect</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeStatementEffectDecreaseShareHoldersEquityIncreaseNetEffect" xlink:to="label_IncomeStatementEffectDecreaseShareHoldersEquityIncreaseNetEffect" xlink:title="Label : IncomeStatementEffectDecreaseShareHoldersEquityIncreaseNetEffect to label_IncomeStatementEffectDecreaseShareHoldersEquityIncreaseNetEffect" />
    <link:label xlink:type="resource" xlink:label="label_IncomeStatementEffectDecreaseShareHoldersEquityIncreaseNetEffect_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_IncomeStatementEffectDecreaseShareHoldersEquityIncreaseNetEffect_1" xml:lang="en-US" id="label_IncomeStatementEffectDecreaseShareHoldersEquityIncreaseNetEffect_1">Total</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeStatementEffectDecreaseShareHoldersEquityIncreaseNetEffect" xlink:to="label_IncomeStatementEffectDecreaseShareHoldersEquityIncreaseNetEffect_1" xlink:title="Label : IncomeStatementEffectDecreaseShareHoldersEquityIncreaseNetEffect to label_IncomeStatementEffectDecreaseShareHoldersEquityIncreaseNetEffect_1" />
    <link:label xlink:type="resource" xlink:label="label_IncomeStatementEffectDecreaseShareHoldersEquityIncreaseNetEffect_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncomeStatementEffectDecreaseShareHoldersEquityIncreaseNetEffect_2" xml:lang="en-US" id="label_IncomeStatementEffectDecreaseShareHoldersEquityIncreaseNetEffect_2">Effects regarding Real devaluation or appreciation risk.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeStatementEffectDecreaseShareHoldersEquityIncreaseNetEffect" xlink:to="label_IncomeStatementEffectDecreaseShareHoldersEquityIncreaseNetEffect_2" xlink:title="Label : IncomeStatementEffectDecreaseShareHoldersEquityIncreaseNetEffect to label_IncomeStatementEffectDecreaseShareHoldersEquityIncreaseNetEffect_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TypesOfRisksAxis" xlink:label="TypesOfRisksAxis" xlink:title="TypesOfRisksAxis" />
    <link:label xlink:type="resource" xlink:label="label_TypesOfRisksAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TypesOfRisksAxis" xml:lang="en-US" id="label_TypesOfRisksAxis">Types of risks [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypesOfRisksAxis" xlink:to="label_TypesOfRisksAxis" xlink:title="Label : TypesOfRisksAxis to label_TypesOfRisksAxis" />
    <link:label xlink:type="resource" xlink:label="label_TypesOfRisksAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TypesOfRisksAxis_1" xml:lang="en-US" id="label_TypesOfRisksAxis_1">Types of risks [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypesOfRisksAxis" xlink:to="label_TypesOfRisksAxis_1" xlink:title="Label : TypesOfRisksAxis to label_TypesOfRisksAxis_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TypesOfRisksMember" xlink:label="TypesOfRisksMember" xlink:title="TypesOfRisksMember" />
    <link:label xlink:type="resource" xlink:label="label_TypesOfRisksMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TypesOfRisksMember" xml:lang="en-US" id="label_TypesOfRisksMember">Risks [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypesOfRisksMember" xlink:to="label_TypesOfRisksMember" xlink:title="Label : TypesOfRisksMember to label_TypesOfRisksMember" />
    <link:label xlink:type="resource" xlink:label="label_TypesOfRisksMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TypesOfRisksMember_1" xml:lang="en-US" id="label_TypesOfRisksMember_1">Risks [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypesOfRisksMember" xlink:to="label_TypesOfRisksMember_1" xlink:title="Label : TypesOfRisksMember to label_TypesOfRisksMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DiMember" xlink:label="DiMember" xlink:title="DiMember" />
    <link:label xlink:type="resource" xlink:label="label_DiMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DiMember" xml:lang="en-US" id="label_DiMember">DI [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DiMember" xlink:to="label_DiMember" xlink:title="Label : DiMember to label_DiMember" />
    <link:label xlink:type="resource" xlink:label="label_DiMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DiMember_1" xml:lang="en-US" id="label_DiMember_1">DI [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DiMember" xlink:to="label_DiMember_1" xlink:title="Label : DiMember to label_DiMember_1" />
    <link:label xlink:type="resource" xlink:label="label_DiMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DiMember_2" xml:lang="en-US" id="label_DiMember_2">DI.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DiMember" xlink:to="label_DiMember_2" xlink:title="Label : DiMember to label_DiMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TJLPMember" xlink:label="TJLPMember" xlink:title="TJLPMember" />
    <link:label xlink:type="resource" xlink:label="label_TJLPMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TJLPMember" xml:lang="en-US" id="label_TJLPMember">TJLP [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TJLPMember" xlink:to="label_TJLPMember" xlink:title="Label : TJLPMember to label_TJLPMember" />
    <link:label xlink:type="resource" xlink:label="label_TJLPMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TJLPMember_1" xml:lang="en-US" id="label_TJLPMember_1">TJLP [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TJLPMember" xlink:to="label_TJLPMember_1" xlink:title="Label : TJLPMember to label_TJLPMember_1" />
    <link:label xlink:type="resource" xlink:label="label_TJLPMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TJLPMember_2" xml:lang="en-US" id="label_TJLPMember_2">TJLP.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TJLPMember" xlink:to="label_TJLPMember_2" xlink:title="Label : TJLPMember to label_TJLPMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LIBORMember" xlink:label="LIBORMember" xlink:title="LIBORMember" />
    <link:label xlink:type="resource" xlink:label="label_LIBORMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LIBORMember" xml:lang="en-US" id="label_LIBORMember">LIBOR [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LIBORMember" xlink:to="label_LIBORMember" xlink:title="Label : LIBORMember to label_LIBORMember" />
    <link:label xlink:type="resource" xlink:label="label_LIBORMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LIBORMember_1" xml:lang="en-US" id="label_LIBORMember_1">LIBOR [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LIBORMember" xlink:to="label_LIBORMember_1" xlink:title="Label : LIBORMember to label_LIBORMember_1" />
    <link:label xlink:type="resource" xlink:label="label_LIBORMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LIBORMember_2" xml:lang="en-US" id="label_LIBORMember_2">LIBOR [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LIBORMember" xlink:to="label_LIBORMember_2" xlink:title="Label : LIBORMember to label_LIBORMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TIIEMember" xlink:label="TIIEMember" xlink:title="TIIEMember" />
    <link:label xlink:type="resource" xlink:label="label_TIIEMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TIIEMember" xml:lang="en-US" id="label_TIIEMember">Tiie [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TIIEMember" xlink:to="label_TIIEMember" xlink:title="Label : TIIEMember to label_TIIEMember" />
    <link:label xlink:type="resource" xlink:label="label_TIIEMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TIIEMember_1" xml:lang="en-US" id="label_TIIEMember_1">Tiie [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TIIEMember" xlink:to="label_TIIEMember_1" xlink:title="Label : TIIEMember to label_TIIEMember_1" />
    <link:label xlink:type="resource" xlink:label="label_TIIEMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TIIEMember_2" xml:lang="en-US" id="label_TIIEMember_2">Tiie.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TIIEMember" xlink:to="label_TIIEMember_2" xlink:title="Label : TIIEMember to label_TIIEMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SelicMember" xlink:label="SelicMember" xlink:title="SelicMember" />
    <link:label xlink:type="resource" xlink:label="label_SelicMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SelicMember" xml:lang="en-US" id="label_SelicMember">Selic [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SelicMember" xlink:to="label_SelicMember" xlink:title="Label : SelicMember to label_SelicMember" />
    <link:label xlink:type="resource" xlink:label="label_SelicMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SelicMember_1" xml:lang="en-US" id="label_SelicMember_1">SELIC [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SelicMember" xlink:to="label_SelicMember_1" xlink:title="Label : SelicMember to label_SelicMember_1" />
    <link:label xlink:type="resource" xlink:label="label_SelicMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SelicMember_2" xml:lang="en-US" id="label_SelicMember_2">Selic.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SelicMember" xlink:to="label_SelicMember_2" xlink:title="Label : SelicMember to label_SelicMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LiabilityPositionAxis" xlink:label="LiabilityPositionAxis" xlink:title="LiabilityPositionAxis" />
    <link:label xlink:type="resource" xlink:label="label_LiabilityPositionAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LiabilityPositionAxis" xml:lang="en-US" id="label_LiabilityPositionAxis">Liability position [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilityPositionAxis" xlink:to="label_LiabilityPositionAxis" xlink:title="Label : LiabilityPositionAxis to label_LiabilityPositionAxis" />
    <link:label xlink:type="resource" xlink:label="label_LiabilityPositionAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LiabilityPositionAxis_1" xml:lang="en-US" id="label_LiabilityPositionAxis_1">Liability position [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilityPositionAxis" xlink:to="label_LiabilityPositionAxis_1" xlink:title="Label : LiabilityPositionAxis to label_LiabilityPositionAxis_1" />
    <link:label xlink:type="resource" xlink:label="label_LiabilityPositionAxis_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LiabilityPositionAxis_2" xml:lang="en-US" id="label_LiabilityPositionAxis_2">Liability position [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilityPositionAxis" xlink:to="label_LiabilityPositionAxis_2" xlink:title="Label : LiabilityPositionAxis to label_LiabilityPositionAxis_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LiabilityPositionDomain" xlink:label="LiabilityPositionDomain" xlink:title="LiabilityPositionDomain" />
    <link:label xlink:type="resource" xlink:label="label_LiabilityPositionDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LiabilityPositionDomain" xml:lang="en-US" id="label_LiabilityPositionDomain">Liability position [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilityPositionDomain" xlink:to="label_LiabilityPositionDomain" xlink:title="Label : LiabilityPositionDomain to label_LiabilityPositionDomain" />
    <link:label xlink:type="resource" xlink:label="label_LiabilityPositionDomain_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LiabilityPositionDomain_1" xml:lang="en-US" id="label_LiabilityPositionDomain_1">Liability position [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilityPositionDomain" xlink:to="label_LiabilityPositionDomain_1" xlink:title="Label : LiabilityPositionDomain to label_LiabilityPositionDomain_1" />
    <link:label xlink:type="resource" xlink:label="label_LiabilityPositionDomain_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LiabilityPositionDomain_2" xml:lang="en-US" id="label_LiabilityPositionDomain_2">Liability position [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilityPositionDomain" xlink:to="label_LiabilityPositionDomain_2" xlink:title="Label : LiabilityPositionDomain to label_LiabilityPositionDomain_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CashEquivalentMember" xlink:label="CashEquivalentMember" xlink:title="CashEquivalentMember" />
    <link:label xlink:type="resource" xlink:label="label_CashEquivalentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashEquivalentMember" xml:lang="en-US" id="label_CashEquivalentMember">Cash equivalent [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashEquivalentMember" xlink:to="label_CashEquivalentMember" xlink:title="Label : CashEquivalentMember to label_CashEquivalentMember" />
    <link:label xlink:type="resource" xlink:label="label_CashEquivalentMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CashEquivalentMember_1" xml:lang="en-US" id="label_CashEquivalentMember_1">Cash equivalent [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashEquivalentMember" xlink:to="label_CashEquivalentMember_1" xlink:title="Label : CashEquivalentMember to label_CashEquivalentMember_1" />
    <link:label xlink:type="resource" xlink:label="label_CashEquivalentMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CashEquivalentMember_2" xml:lang="en-US" id="label_CashEquivalentMember_2">Cash equivalent.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashEquivalentMember" xlink:to="label_CashEquivalentMember_2" xlink:title="Label : CashEquivalentMember to label_CashEquivalentMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_FinancialInvestmentsMember" xlink:label="FinancialInvestmentsMember" xlink:title="FinancialInvestmentsMember" />
    <link:label xlink:type="resource" xlink:label="label_FinancialInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialInvestmentsMember" xml:lang="en-US" id="label_FinancialInvestmentsMember">Financial Investments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialInvestmentsMember" xlink:to="label_FinancialInvestmentsMember" xlink:title="Label : FinancialInvestmentsMember to label_FinancialInvestmentsMember" />
    <link:label xlink:type="resource" xlink:label="label_FinancialInvestmentsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinancialInvestmentsMember_1" xml:lang="en-US" id="label_FinancialInvestmentsMember_1">Financial Investments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialInvestmentsMember" xlink:to="label_FinancialInvestmentsMember_1" xlink:title="Label : FinancialInvestmentsMember to label_FinancialInvestmentsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_FinancialInvestmentsMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FinancialInvestmentsMember_2" xml:lang="en-US" id="label_FinancialInvestmentsMember_2">Financial Investments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialInvestmentsMember" xlink:to="label_FinancialInvestmentsMember_2" xlink:title="Label : FinancialInvestmentsMember to label_FinancialInvestmentsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AssetPositionForeignExchangeHedgingMember" xlink:label="AssetPositionForeignExchangeHedgingMember" xlink:title="AssetPositionForeignExchangeHedgingMember" />
    <link:label xlink:type="resource" xlink:label="label_AssetPositionForeignExchangeHedgingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AssetPositionForeignExchangeHedgingMember" xml:lang="en-US" id="label_AssetPositionForeignExchangeHedgingMember">Asset position foreign exchange hedging [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetPositionForeignExchangeHedgingMember" xlink:to="label_AssetPositionForeignExchangeHedgingMember" xlink:title="Label : AssetPositionForeignExchangeHedgingMember to label_AssetPositionForeignExchangeHedgingMember" />
    <link:label xlink:type="resource" xlink:label="label_AssetPositionForeignExchangeHedgingMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AssetPositionForeignExchangeHedgingMember_1" xml:lang="en-US" id="label_AssetPositionForeignExchangeHedgingMember_1">Asset position foreign exchange hedging [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetPositionForeignExchangeHedgingMember" xlink:to="label_AssetPositionForeignExchangeHedgingMember_1" xlink:title="Label : AssetPositionForeignExchangeHedgingMember to label_AssetPositionForeignExchangeHedgingMember_1" />
    <link:label xlink:type="resource" xlink:label="label_AssetPositionForeignExchangeHedgingMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AssetPositionForeignExchangeHedgingMember_2" xml:lang="en-US" id="label_AssetPositionForeignExchangeHedgingMember_2">Asset position foreign exchange hedging.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetPositionForeignExchangeHedgingMember" xlink:to="label_AssetPositionForeignExchangeHedgingMember_2" xlink:title="Label : AssetPositionForeignExchangeHedgingMember to label_AssetPositionForeignExchangeHedgingMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LoansAndDebenturesMember" xlink:label="LoansAndDebenturesMember" xlink:title="LoansAndDebenturesMember" />
    <link:label xlink:type="resource" xlink:label="label_LoansAndDebenturesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LoansAndDebenturesMember" xml:lang="en-US" id="label_LoansAndDebenturesMember">Loans and debentures [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansAndDebenturesMember" xlink:to="label_LoansAndDebenturesMember" xlink:title="Label : LoansAndDebenturesMember to label_LoansAndDebenturesMember" />
    <link:label xlink:type="resource" xlink:label="label_LoansAndDebenturesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LoansAndDebenturesMember_1" xml:lang="en-US" id="label_LoansAndDebenturesMember_1">Loans and debentures [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansAndDebenturesMember" xlink:to="label_LoansAndDebenturesMember_1" xlink:title="Label : LoansAndDebenturesMember to label_LoansAndDebenturesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_LoansAndDebenturesMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LoansAndDebenturesMember_2" xml:lang="en-US" id="label_LoansAndDebenturesMember_2">Loans and debentures.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansAndDebenturesMember" xlink:to="label_LoansAndDebenturesMember_2" xlink:title="Label : LoansAndDebenturesMember to label_LoansAndDebenturesMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LiabilityPositionForeignExchangeHedgingInstrumentsMember" xlink:label="LiabilityPositionForeignExchangeHedgingInstrumentsMember" xlink:title="LiabilityPositionForeignExchangeHedgingInstrumentsMember" />
    <link:label xlink:type="resource" xlink:label="label_LiabilityPositionForeignExchangeHedgingInstrumentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LiabilityPositionForeignExchangeHedgingInstrumentsMember" xml:lang="en-US" id="label_LiabilityPositionForeignExchangeHedgingInstrumentsMember">Liability position foreign exchange hedging instruments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilityPositionForeignExchangeHedgingInstrumentsMember" xlink:to="label_LiabilityPositionForeignExchangeHedgingInstrumentsMember" xlink:title="Label : LiabilityPositionForeignExchangeHedgingInstrumentsMember to label_LiabilityPositionForeignExchangeHedgingInstrumentsMember" />
    <link:label xlink:type="resource" xlink:label="label_LiabilityPositionForeignExchangeHedgingInstrumentsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LiabilityPositionForeignExchangeHedgingInstrumentsMember_1" xml:lang="en-US" id="label_LiabilityPositionForeignExchangeHedgingInstrumentsMember_1">Liability position foreign exchange hedging instruments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilityPositionForeignExchangeHedgingInstrumentsMember" xlink:to="label_LiabilityPositionForeignExchangeHedgingInstrumentsMember_1" xlink:title="Label : LiabilityPositionForeignExchangeHedgingInstrumentsMember to label_LiabilityPositionForeignExchangeHedgingInstrumentsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_LiabilityPositionForeignExchangeHedgingInstrumentsMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LiabilityPositionForeignExchangeHedgingInstrumentsMember_2" xml:lang="en-US" id="label_LiabilityPositionForeignExchangeHedgingInstrumentsMember_2">Liability position foreign exchange hedging instruments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilityPositionForeignExchangeHedgingInstrumentsMember" xlink:to="label_LiabilityPositionForeignExchangeHedgingInstrumentsMember_2" xlink:title="Label : LiabilityPositionForeignExchangeHedgingInstrumentsMember to label_LiabilityPositionForeignExchangeHedgingInstrumentsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LiabilityPositionHedgingInstrumentsPreFixedMember" xlink:label="LiabilityPositionHedgingInstrumentsPreFixedMember" xlink:title="LiabilityPositionHedgingInstrumentsPreFixedMember" />
    <link:label xlink:type="resource" xlink:label="label_LiabilityPositionHedgingInstrumentsPreFixedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LiabilityPositionHedgingInstrumentsPreFixedMember" xml:lang="en-US" id="label_LiabilityPositionHedgingInstrumentsPreFixedMember">Liability position hedging instruments pre fixed [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilityPositionHedgingInstrumentsPreFixedMember" xlink:to="label_LiabilityPositionHedgingInstrumentsPreFixedMember" xlink:title="Label : LiabilityPositionHedgingInstrumentsPreFixedMember to label_LiabilityPositionHedgingInstrumentsPreFixedMember" />
    <link:label xlink:type="resource" xlink:label="label_LiabilityPositionHedgingInstrumentsPreFixedMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LiabilityPositionHedgingInstrumentsPreFixedMember_1" xml:lang="en-US" id="label_LiabilityPositionHedgingInstrumentsPreFixedMember_1">Liability position hedging instruments pre fixed [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilityPositionHedgingInstrumentsPreFixedMember" xlink:to="label_LiabilityPositionHedgingInstrumentsPreFixedMember_1" xlink:title="Label : LiabilityPositionHedgingInstrumentsPreFixedMember to label_LiabilityPositionHedgingInstrumentsPreFixedMember_1" />
    <link:label xlink:type="resource" xlink:label="label_LiabilityPositionHedgingInstrumentsPreFixedMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LiabilityPositionHedgingInstrumentsPreFixedMember_2" xml:lang="en-US" id="label_LiabilityPositionHedgingInstrumentsPreFixedMember_2">Liability position hedging instruments pre fixed.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilityPositionHedgingInstrumentsPreFixedMember" xlink:to="label_LiabilityPositionHedgingInstrumentsPreFixedMember_2" xlink:title="Label : LiabilityPositionHedgingInstrumentsPreFixedMember to label_LiabilityPositionHedgingInstrumentsPreFixedMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LoansTJLPMember" xlink:label="LoansTJLPMember" xlink:title="LoansTJLPMember" />
    <link:label xlink:type="resource" xlink:label="label_LoansTJLPMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LoansTJLPMember" xml:lang="en-US" id="label_LoansTJLPMember">Loans tjlp [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansTJLPMember" xlink:to="label_LoansTJLPMember" xlink:title="Label : LoansTJLPMember to label_LoansTJLPMember" />
    <link:label xlink:type="resource" xlink:label="label_LoansTJLPMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LoansTJLPMember_1" xml:lang="en-US" id="label_LoansTJLPMember_1">Loans tjlp [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansTJLPMember" xlink:to="label_LoansTJLPMember_1" xlink:title="Label : LoansTJLPMember to label_LoansTJLPMember_1" />
    <link:label xlink:type="resource" xlink:label="label_LoansTJLPMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LoansTJLPMember_2" xml:lang="en-US" id="label_LoansTJLPMember_2">Loans tjlp.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansTJLPMember" xlink:to="label_LoansTJLPMember_2" xlink:title="Label : LoansTJLPMember to label_LoansTJLPMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AssetPositionForeignExchangeHedgingInstrumentsMember" xlink:label="AssetPositionForeignExchangeHedgingInstrumentsMember" xlink:title="AssetPositionForeignExchangeHedgingInstrumentsMember" />
    <link:label xlink:type="resource" xlink:label="label_AssetPositionForeignExchangeHedgingInstrumentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AssetPositionForeignExchangeHedgingInstrumentsMember" xml:lang="en-US" id="label_AssetPositionForeignExchangeHedgingInstrumentsMember">Asset position foreign exchange hedging instruments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetPositionForeignExchangeHedgingInstrumentsMember" xlink:to="label_AssetPositionForeignExchangeHedgingInstrumentsMember" xlink:title="Label : AssetPositionForeignExchangeHedgingInstrumentsMember to label_AssetPositionForeignExchangeHedgingInstrumentsMember" />
    <link:label xlink:type="resource" xlink:label="label_AssetPositionForeignExchangeHedgingInstrumentsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AssetPositionForeignExchangeHedgingInstrumentsMember_1" xml:lang="en-US" id="label_AssetPositionForeignExchangeHedgingInstrumentsMember_1">Asset position foreign exchange hedging instruments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetPositionForeignExchangeHedgingInstrumentsMember" xlink:to="label_AssetPositionForeignExchangeHedgingInstrumentsMember_1" xlink:title="Label : AssetPositionForeignExchangeHedgingInstrumentsMember to label_AssetPositionForeignExchangeHedgingInstrumentsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_AssetPositionForeignExchangeHedgingInstrumentsMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AssetPositionForeignExchangeHedgingInstrumentsMember_2" xml:lang="en-US" id="label_AssetPositionForeignExchangeHedgingInstrumentsMember_2">Asset position foreign exchange hedging instruments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetPositionForeignExchangeHedgingInstrumentsMember" xlink:to="label_AssetPositionForeignExchangeHedgingInstrumentsMember_2" xlink:title="Label : AssetPositionForeignExchangeHedgingInstrumentsMember to label_AssetPositionForeignExchangeHedgingInstrumentsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LoansLiborMember" xlink:label="LoansLiborMember" xlink:title="LoansLiborMember" />
    <link:label xlink:type="resource" xlink:label="label_LoansLiborMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LoansLiborMember" xml:lang="en-US" id="label_LoansLiborMember">Loans libor [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansLiborMember" xlink:to="label_LoansLiborMember" xlink:title="Label : LoansLiborMember to label_LoansLiborMember" />
    <link:label xlink:type="resource" xlink:label="label_LoansLiborMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LoansLiborMember_1" xml:lang="en-US" id="label_LoansLiborMember_1">Loans libor [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansLiborMember" xlink:to="label_LoansLiborMember_1" xlink:title="Label : LoansLiborMember to label_LoansLiborMember_1" />
    <link:label xlink:type="resource" xlink:label="label_LoansLiborMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LoansLiborMember_2" xml:lang="en-US" id="label_LoansLiborMember_2">Loans libor.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansLiborMember" xlink:to="label_LoansLiborMember_2" xlink:title="Label : LoansLiborMember to label_LoansLiborMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LoansTIIEMember" xlink:label="LoansTIIEMember" xlink:title="LoansTIIEMember" />
    <link:label xlink:type="resource" xlink:label="label_LoansTIIEMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LoansTIIEMember" xml:lang="en-US" id="label_LoansTIIEMember">Loans tiie [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansTIIEMember" xlink:to="label_LoansTIIEMember" xlink:title="Label : LoansTIIEMember to label_LoansTIIEMember" />
    <link:label xlink:type="resource" xlink:label="label_LoansTIIEMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LoansTIIEMember_1" xml:lang="en-US" id="label_LoansTIIEMember_1">Loans tiie [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansTIIEMember" xlink:to="label_LoansTIIEMember_1" xlink:title="Label : LoansTIIEMember to label_LoansTIIEMember_1" />
    <link:label xlink:type="resource" xlink:label="label_LoansTIIEMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LoansTIIEMember_2" xml:lang="en-US" id="label_LoansTIIEMember_2">Loans tiie.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansTIIEMember" xlink:to="label_LoansTIIEMember_2" xlink:title="Label : LoansTIIEMember to label_LoansTIIEMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LoansSELICMember" xlink:label="LoansSELICMember" xlink:title="LoansSELICMember" />
    <link:label xlink:type="resource" xlink:label="label_LoansSELICMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LoansSELICMember" xml:lang="en-US" id="label_LoansSELICMember">Loans selic [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansSELICMember" xlink:to="label_LoansSELICMember" xlink:title="Label : LoansSELICMember to label_LoansSELICMember" />
    <link:label xlink:type="resource" xlink:label="label_LoansSELICMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LoansSELICMember_1" xml:lang="en-US" id="label_LoansSELICMember_1">Loans selic [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansSELICMember" xlink:to="label_LoansSELICMember_1" xlink:title="Label : LoansSELICMember to label_LoansSELICMember_1" />
    <link:label xlink:type="resource" xlink:label="label_LoansSELICMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LoansSELICMember_2" xml:lang="en-US" id="label_LoansSELICMember_2">Loans selic.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansSELICMember" xlink:to="label_LoansSELICMember_2" xlink:title="Label : LoansSELICMember to label_LoansSELICMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_NetLiabilityPosition" xlink:label="NetLiabilityPosition" xlink:title="NetLiabilityPosition" />
    <link:label xlink:type="resource" xlink:label="label_NetLiabilityPosition" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NetLiabilityPosition" xml:lang="en-US" id="label_NetLiabilityPosition">Net liability position</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetLiabilityPosition" xlink:to="label_NetLiabilityPosition" xlink:title="Label : NetLiabilityPosition to label_NetLiabilityPosition" />
    <link:label xlink:type="resource" xlink:label="label_NetLiabilityPosition_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NetLiabilityPosition_1" xml:lang="en-US" id="label_NetLiabilityPosition_1">Net liability position</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetLiabilityPosition" xlink:to="label_NetLiabilityPosition_1" xlink:title="Label : NetLiabilityPosition to label_NetLiabilityPosition_1" />
    <link:label xlink:type="resource" xlink:label="label_NetLiabilityPosition_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NetLiabilityPosition_2" xml:lang="en-US" id="label_NetLiabilityPosition_2">Net liability position.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetLiabilityPosition" xlink:to="label_NetLiabilityPosition_2" xlink:title="Label : NetLiabilityPosition to label_NetLiabilityPosition_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ExposureOfInterestRateRiskAbstract" xlink:label="ExposureOfInterestRateRiskAbstract" xlink:title="ExposureOfInterestRateRiskAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ExposureOfInterestRateRiskAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExposureOfInterestRateRiskAbstract" xml:lang="en-US" id="label_ExposureOfInterestRateRiskAbstract">Exposure of interest rate risk [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExposureOfInterestRateRiskAbstract" xlink:to="label_ExposureOfInterestRateRiskAbstract" xlink:title="Label : ExposureOfInterestRateRiskAbstract to label_ExposureOfInterestRateRiskAbstract" />
    <link:label xlink:type="resource" xlink:label="label_ExposureOfInterestRateRiskAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ExposureOfInterestRateRiskAbstract_1" xml:lang="en-US" id="label_ExposureOfInterestRateRiskAbstract_1">Exposure of interest rate risk</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExposureOfInterestRateRiskAbstract" xlink:to="label_ExposureOfInterestRateRiskAbstract_1" xlink:title="Label : ExposureOfInterestRateRiskAbstract to label_ExposureOfInterestRateRiskAbstract_1" />
    <link:label xlink:type="resource" xlink:label="label_ExposureOfInterestRateRiskAbstract_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ExposureOfInterestRateRiskAbstract_2" xml:lang="en-US" id="label_ExposureOfInterestRateRiskAbstract_2">Exposure of interest rate risk.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExposureOfInterestRateRiskAbstract" xlink:to="label_ExposureOfInterestRateRiskAbstract_2" xlink:title="Label : ExposureOfInterestRateRiskAbstract to label_ExposureOfInterestRateRiskAbstract_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_InterestEffectOnCashEquivalentsAndFinancialInvestments" xlink:label="InterestEffectOnCashEquivalentsAndFinancialInvestments" xlink:title="InterestEffectOnCashEquivalentsAndFinancialInvestments" />
    <link:label xlink:type="resource" xlink:label="label_InterestEffectOnCashEquivalentsAndFinancialInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestEffectOnCashEquivalentsAndFinancialInvestments" xml:lang="en-US" id="label_InterestEffectOnCashEquivalentsAndFinancialInvestments">Interest effect on cash equivalents and financial investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestEffectOnCashEquivalentsAndFinancialInvestments" xlink:to="label_InterestEffectOnCashEquivalentsAndFinancialInvestments" xlink:title="Label : InterestEffectOnCashEquivalentsAndFinancialInvestments to label_InterestEffectOnCashEquivalentsAndFinancialInvestments" />
    <link:label xlink:type="resource" xlink:label="label_InterestEffectOnCashEquivalentsAndFinancialInvestments_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_InterestEffectOnCashEquivalentsAndFinancialInvestments_1" xml:lang="en-US" id="label_InterestEffectOnCashEquivalentsAndFinancialInvestments_1">Interest effect on cash equivalents and financial investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestEffectOnCashEquivalentsAndFinancialInvestments" xlink:to="label_InterestEffectOnCashEquivalentsAndFinancialInvestments_1" xlink:title="Label : InterestEffectOnCashEquivalentsAndFinancialInvestments to label_InterestEffectOnCashEquivalentsAndFinancialInvestments_1" />
    <link:label xlink:type="resource" xlink:label="label_InterestEffectOnCashEquivalentsAndFinancialInvestments_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InterestEffectOnCashEquivalentsAndFinancialInvestments_2" xml:lang="en-US" id="label_InterestEffectOnCashEquivalentsAndFinancialInvestments_2">Interest effect on cash equivalents and financial investments regarding Exposure of interest rate risk.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestEffectOnCashEquivalentsAndFinancialInvestments" xlink:to="label_InterestEffectOnCashEquivalentsAndFinancialInvestments_2" xlink:title="Label : InterestEffectOnCashEquivalentsAndFinancialInvestments to label_InterestEffectOnCashEquivalentsAndFinancialInvestments_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ForeignExchangeHedgingInstrumentsAssetsCdiEffect" xlink:label="ForeignExchangeHedgingInstrumentsAssetsCdiEffect" xlink:title="ForeignExchangeHedgingInstrumentsAssetsCdiEffect" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeHedgingInstrumentsAssetsCdiEffect" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignExchangeHedgingInstrumentsAssetsCdiEffect" xml:lang="en-US" id="label_ForeignExchangeHedgingInstrumentsAssetsCdiEffect">Foreign exchange hedging instruments assets cdi effect</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeHedgingInstrumentsAssetsCdiEffect" xlink:to="label_ForeignExchangeHedgingInstrumentsAssetsCdiEffect" xlink:title="Label : ForeignExchangeHedgingInstrumentsAssetsCdiEffect to label_ForeignExchangeHedgingInstrumentsAssetsCdiEffect" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeHedgingInstrumentsAssetsCdiEffect_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ForeignExchangeHedgingInstrumentsAssetsCdiEffect_1" xml:lang="en-US" id="label_ForeignExchangeHedgingInstrumentsAssetsCdiEffect_1">Foreign exchange hedging instruments (assets in CDI) effect</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeHedgingInstrumentsAssetsCdiEffect" xlink:to="label_ForeignExchangeHedgingInstrumentsAssetsCdiEffect_1" xlink:title="Label : ForeignExchangeHedgingInstrumentsAssetsCdiEffect to label_ForeignExchangeHedgingInstrumentsAssetsCdiEffect_1" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeHedgingInstrumentsAssetsCdiEffect_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignExchangeHedgingInstrumentsAssetsCdiEffect_2" xml:lang="en-US" id="label_ForeignExchangeHedgingInstrumentsAssetsCdiEffect_2">Foreign exchange hedging instruments (assets in CDI) effect regarding Exposure of interest rate risk.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeHedgingInstrumentsAssetsCdiEffect" xlink:to="label_ForeignExchangeHedgingInstrumentsAssetsCdiEffect_2" xlink:title="Label : ForeignExchangeHedgingInstrumentsAssetsCdiEffect to label_ForeignExchangeHedgingInstrumentsAssetsCdiEffect_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_InterestEffectOnDebtDi" xlink:label="InterestEffectOnDebtDi" xlink:title="InterestEffectOnDebtDi" />
    <link:label xlink:type="resource" xlink:label="label_InterestEffectOnDebtDi" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestEffectOnDebtDi" xml:lang="en-US" id="label_InterestEffectOnDebtDi">Interest Effect On Debt di</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestEffectOnDebtDi" xlink:to="label_InterestEffectOnDebtDi" xlink:title="Label : InterestEffectOnDebtDi to label_InterestEffectOnDebtDi" />
    <link:label xlink:type="resource" xlink:label="label_InterestEffectOnDebtDi_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterestEffectOnDebtDi_1" xml:lang="en-US" id="label_InterestEffectOnDebtDi_1">Interest effect on debt in DI</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestEffectOnDebtDi" xlink:to="label_InterestEffectOnDebtDi_1" xlink:title="Label : InterestEffectOnDebtDi to label_InterestEffectOnDebtDi_1" />
    <link:label xlink:type="resource" xlink:label="label_InterestEffectOnDebtDi_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InterestEffectOnDebtDi_2" xml:lang="en-US" id="label_InterestEffectOnDebtDi_2">Interest effect on debt in DI regarding Exposure of interest rate risk.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestEffectOnDebtDi" xlink:to="label_InterestEffectOnDebtDi_2" xlink:title="Label : InterestEffectOnDebtDi to label_InterestEffectOnDebtDi_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_InterestRateHedgingInstrumentsLiabilitiesCDIEffect" xlink:label="InterestRateHedgingInstrumentsLiabilitiesCDIEffect" xlink:title="InterestRateHedgingInstrumentsLiabilitiesCDIEffect" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateHedgingInstrumentsLiabilitiesCDIEffect" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestRateHedgingInstrumentsLiabilitiesCDIEffect" xml:lang="en-US" id="label_InterestRateHedgingInstrumentsLiabilitiesCDIEffect">Interest rate hedging instruments liabilities cdi effect</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateHedgingInstrumentsLiabilitiesCDIEffect" xlink:to="label_InterestRateHedgingInstrumentsLiabilitiesCDIEffect" xlink:title="Label : InterestRateHedgingInstrumentsLiabilitiesCDIEffect to label_InterestRateHedgingInstrumentsLiabilitiesCDIEffect" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateHedgingInstrumentsLiabilitiesCDIEffect_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterestRateHedgingInstrumentsLiabilitiesCDIEffect_1" xml:lang="en-US" id="label_InterestRateHedgingInstrumentsLiabilitiesCDIEffect_1">Interest rate hedging instruments (liabilities in CDI) effect</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateHedgingInstrumentsLiabilitiesCDIEffect" xlink:to="label_InterestRateHedgingInstrumentsLiabilitiesCDIEffect_1" xlink:title="Label : InterestRateHedgingInstrumentsLiabilitiesCDIEffect to label_InterestRateHedgingInstrumentsLiabilitiesCDIEffect_1" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateHedgingInstrumentsLiabilitiesCDIEffect_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InterestRateHedgingInstrumentsLiabilitiesCDIEffect_2" xml:lang="en-US" id="label_InterestRateHedgingInstrumentsLiabilitiesCDIEffect_2">Interest rate hedging instruments (liabilities in CDI) effect regarding Exposure of interest rate risk.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateHedgingInstrumentsLiabilitiesCDIEffect" xlink:to="label_InterestRateHedgingInstrumentsLiabilitiesCDIEffect_2" xlink:title="Label : InterestRateHedgingInstrumentsLiabilitiesCDIEffect to label_InterestRateHedgingInstrumentsLiabilitiesCDIEffect_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IncrementalExpensesCDI" xlink:label="IncrementalExpensesCDI" xlink:title="IncrementalExpensesCDI" />
    <link:label xlink:type="resource" xlink:label="label_IncrementalExpensesCDI" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncrementalExpensesCDI" xml:lang="en-US" id="label_IncrementalExpensesCDI">Incremental expenses, CDI</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncrementalExpensesCDI" xlink:to="label_IncrementalExpensesCDI" xlink:title="Label : IncrementalExpensesCDI to label_IncrementalExpensesCDI" />
    <link:label xlink:type="resource" xlink:label="label_IncrementalExpensesCDI_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_IncrementalExpensesCDI_1" xml:lang="en-US" id="label_IncrementalExpensesCDI_1">Incremental expenses, CDI</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncrementalExpensesCDI" xlink:to="label_IncrementalExpensesCDI_1" xlink:title="Label : IncrementalExpensesCDI to label_IncrementalExpensesCDI_1" />
    <link:label xlink:type="resource" xlink:label="label_IncrementalExpensesCDI_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncrementalExpensesCDI_2" xml:lang="en-US" id="label_IncrementalExpensesCDI_2">Incremental expenses, CDI regarding Exposure of interest rate risk.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncrementalExpensesCDI" xlink:to="label_IncrementalExpensesCDI_2" xlink:title="Label : IncrementalExpensesCDI to label_IncrementalExpensesCDI_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_InterestEffectOnDebtTJLP" xlink:label="InterestEffectOnDebtTJLP" xlink:title="InterestEffectOnDebtTJLP" />
    <link:label xlink:type="resource" xlink:label="label_InterestEffectOnDebtTJLP" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestEffectOnDebtTJLP" xml:lang="en-US" id="label_InterestEffectOnDebtTJLP">Interest effect on debt tjlp</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestEffectOnDebtTJLP" xlink:to="label_InterestEffectOnDebtTJLP" xlink:title="Label : InterestEffectOnDebtTJLP to label_InterestEffectOnDebtTJLP" />
    <link:label xlink:type="resource" xlink:label="label_InterestEffectOnDebtTJLP_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterestEffectOnDebtTJLP_1" xml:lang="en-US" id="label_InterestEffectOnDebtTJLP_1">Interest effect on debt in TJLP</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestEffectOnDebtTJLP" xlink:to="label_InterestEffectOnDebtTJLP_1" xlink:title="Label : InterestEffectOnDebtTJLP to label_InterestEffectOnDebtTJLP_1" />
    <link:label xlink:type="resource" xlink:label="label_InterestEffectOnDebtTJLP_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InterestEffectOnDebtTJLP_2" xml:lang="en-US" id="label_InterestEffectOnDebtTJLP_2">Interest effect on debt in TJLP regarding Exposure of interest rate risk.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestEffectOnDebtTJLP" xlink:to="label_InterestEffectOnDebtTJLP_2" xlink:title="Label : InterestEffectOnDebtTJLP to label_InterestEffectOnDebtTJLP_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IncrementalExpensesTjlp" xlink:label="IncrementalExpensesTjlp" xlink:title="IncrementalExpensesTjlp" />
    <link:label xlink:type="resource" xlink:label="label_IncrementalExpensesTjlp" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncrementalExpensesTjlp" xml:lang="en-US" id="label_IncrementalExpensesTjlp">Incremental expenses in TJLP regarding Exposure of interest rate risk.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncrementalExpensesTjlp" xlink:to="label_IncrementalExpensesTjlp" xlink:title="Label : IncrementalExpensesTjlp to label_IncrementalExpensesTjlp" />
    <link:label xlink:type="resource" xlink:label="label_IncrementalExpensesTjlp_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncrementalExpensesTjlp_1" xml:lang="en-US" id="label_IncrementalExpensesTjlp_1">Incremental expenses, TJLP</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncrementalExpensesTjlp" xlink:to="label_IncrementalExpensesTjlp_1" xlink:title="Label : IncrementalExpensesTjlp to label_IncrementalExpensesTjlp_1" />
    <link:label xlink:type="resource" xlink:label="label_IncrementalExpensesTjlp_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncrementalExpensesTjlp_2" xml:lang="en-US" id="label_IncrementalExpensesTjlp_2">Incremental expenses tjlp</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncrementalExpensesTjlp" xlink:to="label_IncrementalExpensesTjlp_2" xlink:title="Label : IncrementalExpensesTjlp to label_IncrementalExpensesTjlp_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ForeignExchangeHedgingInstrumentsAssetsLiborEffect" xlink:label="ForeignExchangeHedgingInstrumentsAssetsLiborEffect" xlink:title="ForeignExchangeHedgingInstrumentsAssetsLiborEffect" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeHedgingInstrumentsAssetsLiborEffect" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignExchangeHedgingInstrumentsAssetsLiborEffect" xml:lang="en-US" id="label_ForeignExchangeHedgingInstrumentsAssetsLiborEffect">Foreign exchange hedging instruments assets libor effect</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeHedgingInstrumentsAssetsLiborEffect" xlink:to="label_ForeignExchangeHedgingInstrumentsAssetsLiborEffect" xlink:title="Label : ForeignExchangeHedgingInstrumentsAssetsLiborEffect to label_ForeignExchangeHedgingInstrumentsAssetsLiborEffect" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeHedgingInstrumentsAssetsLiborEffect_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ForeignExchangeHedgingInstrumentsAssetsLiborEffect_1" xml:lang="en-US" id="label_ForeignExchangeHedgingInstrumentsAssetsLiborEffect_1">Foreign exchange hedging instruments (assets in LIBOR) effect</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeHedgingInstrumentsAssetsLiborEffect" xlink:to="label_ForeignExchangeHedgingInstrumentsAssetsLiborEffect_1" xlink:title="Label : ForeignExchangeHedgingInstrumentsAssetsLiborEffect to label_ForeignExchangeHedgingInstrumentsAssetsLiborEffect_1" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeHedgingInstrumentsAssetsLiborEffect_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignExchangeHedgingInstrumentsAssetsLiborEffect_2" xml:lang="en-US" id="label_ForeignExchangeHedgingInstrumentsAssetsLiborEffect_2">Foreign exchange hedging instruments (assets in LIBOR) effect regarding Exposure of interest rate risk.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeHedgingInstrumentsAssetsLiborEffect" xlink:to="label_ForeignExchangeHedgingInstrumentsAssetsLiborEffect_2" xlink:title="Label : ForeignExchangeHedgingInstrumentsAssetsLiborEffect to label_ForeignExchangeHedgingInstrumentsAssetsLiborEffect_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_InterestEffectOnDebtLIBOR" xlink:label="InterestEffectOnDebtLIBOR" xlink:title="InterestEffectOnDebtLIBOR" />
    <link:label xlink:type="resource" xlink:label="label_InterestEffectOnDebtLIBOR" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestEffectOnDebtLIBOR" xml:lang="en-US" id="label_InterestEffectOnDebtLIBOR">Interest effect on debt libor</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestEffectOnDebtLIBOR" xlink:to="label_InterestEffectOnDebtLIBOR" xlink:title="Label : InterestEffectOnDebtLIBOR to label_InterestEffectOnDebtLIBOR" />
    <link:label xlink:type="resource" xlink:label="label_InterestEffectOnDebtLIBOR_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterestEffectOnDebtLIBOR_1" xml:lang="en-US" id="label_InterestEffectOnDebtLIBOR_1">Interest effect on debt in LIBOR</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestEffectOnDebtLIBOR" xlink:to="label_InterestEffectOnDebtLIBOR_1" xlink:title="Label : InterestEffectOnDebtLIBOR to label_InterestEffectOnDebtLIBOR_1" />
    <link:label xlink:type="resource" xlink:label="label_InterestEffectOnDebtLIBOR_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InterestEffectOnDebtLIBOR_2" xml:lang="en-US" id="label_InterestEffectOnDebtLIBOR_2">Interest effect on debt in LIBOR regarding Exposure of interest rate risk.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestEffectOnDebtLIBOR" xlink:to="label_InterestEffectOnDebtLIBOR_2" xlink:title="Label : InterestEffectOnDebtLIBOR to label_InterestEffectOnDebtLIBOR_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IncrementalExpensesLibor" xlink:label="IncrementalExpensesLibor" xlink:title="IncrementalExpensesLibor" />
    <link:label xlink:type="resource" xlink:label="label_IncrementalExpensesLibor" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncrementalExpensesLibor" xml:lang="en-US" id="label_IncrementalExpensesLibor">Incremental expenses libor</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncrementalExpensesLibor" xlink:to="label_IncrementalExpensesLibor" xlink:title="Label : IncrementalExpensesLibor to label_IncrementalExpensesLibor" />
    <link:label xlink:type="resource" xlink:label="label_IncrementalExpensesLibor_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_IncrementalExpensesLibor_1" xml:lang="en-US" id="label_IncrementalExpensesLibor_1">Incremental expenses, LIBOR</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncrementalExpensesLibor" xlink:to="label_IncrementalExpensesLibor_1" xlink:title="Label : IncrementalExpensesLibor to label_IncrementalExpensesLibor_1" />
    <link:label xlink:type="resource" xlink:label="label_IncrementalExpensesLibor_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncrementalExpensesLibor_2" xml:lang="en-US" id="label_IncrementalExpensesLibor_2">Incremental expenses, LIBOR regarding Exposure of interest rate risk.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncrementalExpensesLibor" xlink:to="label_IncrementalExpensesLibor_2" xlink:title="Label : IncrementalExpensesLibor to label_IncrementalExpensesLibor_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_InterestEffectOnDebtTIIE" xlink:label="InterestEffectOnDebtTIIE" xlink:title="InterestEffectOnDebtTIIE" />
    <link:label xlink:type="resource" xlink:label="label_InterestEffectOnDebtTIIE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestEffectOnDebtTIIE" xml:lang="en-US" id="label_InterestEffectOnDebtTIIE">Interest effect on debt tiie</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestEffectOnDebtTIIE" xlink:to="label_InterestEffectOnDebtTIIE" xlink:title="Label : InterestEffectOnDebtTIIE to label_InterestEffectOnDebtTIIE" />
    <link:label xlink:type="resource" xlink:label="label_InterestEffectOnDebtTIIE_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterestEffectOnDebtTIIE_1" xml:lang="en-US" id="label_InterestEffectOnDebtTIIE_1">Interest effect on debt in TIIE</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestEffectOnDebtTIIE" xlink:to="label_InterestEffectOnDebtTIIE_1" xlink:title="Label : InterestEffectOnDebtTIIE to label_InterestEffectOnDebtTIIE_1" />
    <link:label xlink:type="resource" xlink:label="label_InterestEffectOnDebtTIIE_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InterestEffectOnDebtTIIE_2" xml:lang="en-US" id="label_InterestEffectOnDebtTIIE_2">Interest effect on debt in TIIE regarding Exposure of interest rate risk.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestEffectOnDebtTIIE" xlink:to="label_InterestEffectOnDebtTIIE_2" xlink:title="Label : InterestEffectOnDebtTIIE to label_InterestEffectOnDebtTIIE_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IncrementalExpensesTIIE" xlink:label="IncrementalExpensesTIIE" xlink:title="IncrementalExpensesTIIE" />
    <link:label xlink:type="resource" xlink:label="label_IncrementalExpensesTIIE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncrementalExpensesTIIE" xml:lang="en-US" id="label_IncrementalExpensesTIIE">Incremental expenses TIIE</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncrementalExpensesTIIE" xlink:to="label_IncrementalExpensesTIIE" xlink:title="Label : IncrementalExpensesTIIE to label_IncrementalExpensesTIIE" />
    <link:label xlink:type="resource" xlink:label="label_IncrementalExpensesTIIE_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncrementalExpensesTIIE_1" xml:lang="en-US" id="label_IncrementalExpensesTIIE_1">Incremental expenses, TIIE</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncrementalExpensesTIIE" xlink:to="label_IncrementalExpensesTIIE_1" xlink:title="Label : IncrementalExpensesTIIE to label_IncrementalExpensesTIIE_1" />
    <link:label xlink:type="resource" xlink:label="label_IncrementalExpensesTIIE_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncrementalExpensesTIIE_2" xml:lang="en-US" id="label_IncrementalExpensesTIIE_2">Incremental expenses, TIIE regarding Exposure of interest rate risk.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncrementalExpensesTIIE" xlink:to="label_IncrementalExpensesTIIE_2" xlink:title="Label : IncrementalExpensesTIIE to label_IncrementalExpensesTIIE_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_InterestEffectOnDebtSELIC" xlink:label="InterestEffectOnDebtSELIC" xlink:title="InterestEffectOnDebtSELIC" />
    <link:label xlink:type="resource" xlink:label="label_InterestEffectOnDebtSELIC" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestEffectOnDebtSELIC" xml:lang="en-US" id="label_InterestEffectOnDebtSELIC">Interest effect on debt selic</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestEffectOnDebtSELIC" xlink:to="label_InterestEffectOnDebtSELIC" xlink:title="Label : InterestEffectOnDebtSELIC to label_InterestEffectOnDebtSELIC" />
    <link:label xlink:type="resource" xlink:label="label_InterestEffectOnDebtSELIC_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterestEffectOnDebtSELIC_1" xml:lang="en-US" id="label_InterestEffectOnDebtSELIC_1">Interest effect on debt in SELIC</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestEffectOnDebtSELIC" xlink:to="label_InterestEffectOnDebtSELIC_1" xlink:title="Label : InterestEffectOnDebtSELIC to label_InterestEffectOnDebtSELIC_1" />
    <link:label xlink:type="resource" xlink:label="label_InterestEffectOnDebtSELIC_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InterestEffectOnDebtSELIC_2" xml:lang="en-US" id="label_InterestEffectOnDebtSELIC_2">Interest effect on debt in SELIC regarding Exposure of interest rate risk .</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestEffectOnDebtSELIC" xlink:to="label_InterestEffectOnDebtSELIC_2" xlink:title="Label : InterestEffectOnDebtSELIC to label_InterestEffectOnDebtSELIC_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IncrementalExpensesSelic" xlink:label="IncrementalExpensesSelic" xlink:title="IncrementalExpensesSelic" />
    <link:label xlink:type="resource" xlink:label="label_IncrementalExpensesSelic" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncrementalExpensesSelic" xml:lang="en-US" id="label_IncrementalExpensesSelic">Incremental expenses, SELIC regarding Exposure of interest rate risk.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncrementalExpensesSelic" xlink:to="label_IncrementalExpensesSelic" xlink:title="Label : IncrementalExpensesSelic to label_IncrementalExpensesSelic" />
    <link:label xlink:type="resource" xlink:label="label_IncrementalExpensesSelic_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncrementalExpensesSelic_1" xml:lang="en-US" id="label_IncrementalExpensesSelic_1">Incremental expenses, SELIC</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncrementalExpensesSelic" xlink:to="label_IncrementalExpensesSelic_1" xlink:title="Label : IncrementalExpensesSelic to label_IncrementalExpensesSelic_1" />
    <link:label xlink:type="resource" xlink:label="label_IncrementalExpensesSelic_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncrementalExpensesSelic_2" xml:lang="en-US" id="label_IncrementalExpensesSelic_2">Incremental expenses selic</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncrementalExpensesSelic" xlink:to="label_IncrementalExpensesSelic_2" xlink:title="Label : IncrementalExpensesSelic to label_IncrementalExpensesSelic_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfExternalCreditExposuresAbstract" xlink:label="DisclosureOfExternalCreditExposuresAbstract" xlink:title="DisclosureOfExternalCreditExposuresAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfExternalCreditExposuresAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfExternalCreditExposuresAbstract" xml:lang="en-US" id="label_DisclosureOfExternalCreditExposuresAbstract">Disclosure of external credit grades [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfExternalCreditExposuresAbstract" xlink:to="label_DisclosureOfExternalCreditExposuresAbstract" xlink:title="Label : DisclosureOfExternalCreditExposuresAbstract to label_DisclosureOfExternalCreditExposuresAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfExternalCreditExposuresTable" xlink:label="DisclosureOfExternalCreditExposuresTable" xlink:title="DisclosureOfExternalCreditExposuresTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfExternalCreditExposuresTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfExternalCreditExposuresTable" xml:lang="en-US" id="label_DisclosureOfExternalCreditExposuresTable">Disclosure of external credit grades [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfExternalCreditExposuresTable" xlink:to="label_DisclosureOfExternalCreditExposuresTable" xlink:title="Label : DisclosureOfExternalCreditExposuresTable to label_DisclosureOfExternalCreditExposuresTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfExternalCreditExposuresTable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfExternalCreditExposuresTable_1" xml:lang="en-US" id="label_DisclosureOfExternalCreditExposuresTable_1">Disclosure of external credit grades [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfExternalCreditExposuresTable" xlink:to="label_DisclosureOfExternalCreditExposuresTable_1" xlink:title="Label : DisclosureOfExternalCreditExposuresTable to label_DisclosureOfExternalCreditExposuresTable_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ExternalCreditGradesAxis" xlink:label="ExternalCreditGradesAxis" xlink:title="ExternalCreditGradesAxis" />
    <link:label xlink:type="resource" xlink:label="label_ExternalCreditGradesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExternalCreditGradesAxis" xml:lang="en-US" id="label_ExternalCreditGradesAxis">External credit grades [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExternalCreditGradesAxis" xlink:to="label_ExternalCreditGradesAxis" xlink:title="Label : ExternalCreditGradesAxis to label_ExternalCreditGradesAxis" />
    <link:label xlink:type="resource" xlink:label="label_ExternalCreditGradesAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ExternalCreditGradesAxis_1" xml:lang="en-US" id="label_ExternalCreditGradesAxis_1">External credit grades [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExternalCreditGradesAxis" xlink:to="label_ExternalCreditGradesAxis_1" xlink:title="Label : ExternalCreditGradesAxis to label_ExternalCreditGradesAxis_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_EntitysTotalForExternalCreditGradesMember" xlink:label="EntitysTotalForExternalCreditGradesMember" xlink:title="EntitysTotalForExternalCreditGradesMember" />
    <link:label xlink:type="resource" xlink:label="label_EntitysTotalForExternalCreditGradesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntitysTotalForExternalCreditGradesMember" xml:lang="en-US" id="label_EntitysTotalForExternalCreditGradesMember">Entity's total for external credit grades [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntitysTotalForExternalCreditGradesMember" xlink:to="label_EntitysTotalForExternalCreditGradesMember" xlink:title="Label : EntitysTotalForExternalCreditGradesMember to label_EntitysTotalForExternalCreditGradesMember" />
    <link:label xlink:type="resource" xlink:label="label_EntitysTotalForExternalCreditGradesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EntitysTotalForExternalCreditGradesMember_1" xml:lang="en-US" id="label_EntitysTotalForExternalCreditGradesMember_1">Entity's total for external credit grades [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntitysTotalForExternalCreditGradesMember" xlink:to="label_EntitysTotalForExternalCreditGradesMember_1" xlink:title="Label : EntitysTotalForExternalCreditGradesMember to label_EntitysTotalForExternalCreditGradesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AAAMember" xlink:label="AAAMember" xlink:title="AAAMember" />
    <link:label xlink:type="resource" xlink:label="label_AAAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AAAMember" xml:lang="en-US" id="label_AAAMember">AAA [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AAAMember" xlink:to="label_AAAMember" xlink:title="Label : AAAMember to label_AAAMember" />
    <link:label xlink:type="resource" xlink:label="label_AAAMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AAAMember_1" xml:lang="en-US" id="label_AAAMember_1">AAA [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AAAMember" xlink:to="label_AAAMember_1" xlink:title="Label : AAAMember to label_AAAMember_1" />
    <link:label xlink:type="resource" xlink:label="label_AAAMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AAAMember_2" xml:lang="en-US" id="label_AAAMember_2">AAA [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AAAMember" xlink:to="label_AAAMember_2" xlink:title="Label : AAAMember to label_AAAMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AaMember" xlink:label="AaMember" xlink:title="AaMember" />
    <link:label xlink:type="resource" xlink:label="label_AaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AaMember" xml:lang="en-US" id="label_AaMember">AA [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AaMember" xlink:to="label_AaMember" xlink:title="Label : AaMember to label_AaMember" />
    <link:label xlink:type="resource" xlink:label="label_AaMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AaMember_1" xml:lang="en-US" id="label_AaMember_1">AA [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AaMember" xlink:to="label_AaMember_1" xlink:title="Label : AaMember to label_AaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_AaMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AaMember_2" xml:lang="en-US" id="label_AaMember_2">AA [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AaMember" xlink:to="label_AaMember_2" xlink:title="Label : AaMember to label_AaMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AMember" xlink:label="AMember" xlink:title="AMember" />
    <link:label xlink:type="resource" xlink:label="label_AMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AMember" xml:lang="en-US" id="label_AMember">A- [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AMember" xlink:to="label_AMember" xlink:title="Label : AMember to label_AMember" />
    <link:label xlink:type="resource" xlink:label="label_AMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AMember_1" xml:lang="en-US" id="label_AMember_1">A [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AMember" xlink:to="label_AMember_1" xlink:title="Label : AMember to label_AMember_1" />
    <link:label xlink:type="resource" xlink:label="label_AMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AMember_2" xml:lang="en-US" id="label_AMember_2">A.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AMember" xlink:to="label_AMember_2" xlink:title="Label : AMember to label_AMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_BbbMember" xlink:label="BbbMember" xlink:title="BbbMember" />
    <link:label xlink:type="resource" xlink:label="label_BbbMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BbbMember" xml:lang="en-US" id="label_BbbMember">BBB [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BbbMember" xlink:to="label_BbbMember" xlink:title="Label : BbbMember to label_BbbMember" />
    <link:label xlink:type="resource" xlink:label="label_BbbMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BbbMember_1" xml:lang="en-US" id="label_BbbMember_1">BBB [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BbbMember" xlink:to="label_BbbMember_1" xlink:title="Label : BbbMember to label_BbbMember_1" />
    <link:label xlink:type="resource" xlink:label="label_BbbMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BbbMember_2" xml:lang="en-US" id="label_BbbMember_2">BBB.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BbbMember" xlink:to="label_BbbMember_2" xlink:title="Label : BbbMember to label_BbbMember_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfExternalCreditExposuresLineItems" xlink:label="DisclosureOfExternalCreditExposuresLineItems" xlink:title="DisclosureOfExternalCreditExposuresLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfExternalCreditExposuresLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfExternalCreditExposuresLineItems" xml:lang="en-US" id="label_DisclosureOfExternalCreditExposuresLineItems">Disclosure of external credit grades [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfExternalCreditExposuresLineItems" xlink:to="label_DisclosureOfExternalCreditExposuresLineItems" xlink:title="Label : DisclosureOfExternalCreditExposuresLineItems to label_DisclosureOfExternalCreditExposuresLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfExternalCreditExposuresLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfExternalCreditExposuresLineItems_1" xml:lang="en-US" id="label_DisclosureOfExternalCreditExposuresLineItems_1">Disclosure of external credit grades [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfExternalCreditExposuresLineItems" xlink:to="label_DisclosureOfExternalCreditExposuresLineItems_1" xlink:title="Label : DisclosureOfExternalCreditExposuresLineItems to label_DisclosureOfExternalCreditExposuresLineItems_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AllowancesForDoubfulAccountsOnTradeReceivable" xlink:label="AllowancesForDoubfulAccountsOnTradeReceivable" xlink:title="AllowancesForDoubfulAccountsOnTradeReceivable" />
    <link:label xlink:type="resource" xlink:label="label_AllowancesForDoubfulAccountsOnTradeReceivable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AllowancesForDoubfulAccountsOnTradeReceivable" xml:lang="en-US" id="label_AllowancesForDoubfulAccountsOnTradeReceivable">Allowances for doubful accounts on trade receivable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllowancesForDoubfulAccountsOnTradeReceivable" xlink:to="label_AllowancesForDoubfulAccountsOnTradeReceivable" xlink:title="Label : AllowancesForDoubfulAccountsOnTradeReceivable to label_AllowancesForDoubfulAccountsOnTradeReceivable" />
    <link:label xlink:type="resource" xlink:label="label_AllowancesForDoubfulAccountsOnTradeReceivable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AllowancesForDoubfulAccountsOnTradeReceivable_1" xml:lang="en-US" id="label_AllowancesForDoubfulAccountsOnTradeReceivable_1">Allowances for doubful accounts on trade receivable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllowancesForDoubfulAccountsOnTradeReceivable" xlink:to="label_AllowancesForDoubfulAccountsOnTradeReceivable_1" xlink:title="Label : AllowancesForDoubfulAccountsOnTradeReceivable to label_AllowancesForDoubfulAccountsOnTradeReceivable_1" />
    <link:label xlink:type="resource" xlink:label="label_AllowancesForDoubfulAccountsOnTradeReceivable_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_AllowancesForDoubfulAccountsOnTradeReceivable_2" xml:lang="en-US" id="label_AllowancesForDoubfulAccountsOnTradeReceivable_2">Allowances for doubful accounts on trade receivable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllowancesForDoubfulAccountsOnTradeReceivable" xlink:to="label_AllowancesForDoubfulAccountsOnTradeReceivable_2" xlink:title="Label : AllowancesForDoubfulAccountsOnTradeReceivable to label_AllowancesForDoubfulAccountsOnTradeReceivable_2" />
    <link:label xlink:type="resource" xlink:label="label_AllowancesForDoubfulAccountsOnTradeReceivable_3" xlink:role="http://www.xbrl.org/2003/role/definitionGuidance" xlink:title="label_AllowancesForDoubfulAccountsOnTradeReceivable_3" xml:lang="en-US" id="label_AllowancesForDoubfulAccountsOnTradeReceivable_3">Allowances for doubful accounts on trade receivable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllowancesForDoubfulAccountsOnTradeReceivable" xlink:to="label_AllowancesForDoubfulAccountsOnTradeReceivable_3" xlink:title="Label : AllowancesForDoubfulAccountsOnTradeReceivable to label_AllowancesForDoubfulAccountsOnTradeReceivable_3" />
    <link:label xlink:type="resource" xlink:label="label_AllowancesForDoubfulAccountsOnTradeReceivable_4" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AllowancesForDoubfulAccountsOnTradeReceivable_4" xml:lang="en-US" id="label_AllowancesForDoubfulAccountsOnTradeReceivable_4">Balance of allowance for doubtful accounts.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllowancesForDoubfulAccountsOnTradeReceivable" xlink:to="label_AllowancesForDoubfulAccountsOnTradeReceivable_4" xlink:title="Label : AllowancesForDoubfulAccountsOnTradeReceivable to label_AllowancesForDoubfulAccountsOnTradeReceivable_4" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TypeOfMeasurementOfExpectedCreditLossesAxis" xlink:label="TypeOfMeasurementOfExpectedCreditLossesAxis" xlink:title="TypeOfMeasurementOfExpectedCreditLossesAxis" />
    <link:label xlink:type="resource" xlink:label="label_TypeOfMeasurementOfExpectedCreditLossesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TypeOfMeasurementOfExpectedCreditLossesAxis" xml:lang="en-US" id="label_TypeOfMeasurementOfExpectedCreditLossesAxis">Type of measurement of expected credit losses [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypeOfMeasurementOfExpectedCreditLossesAxis" xlink:to="label_TypeOfMeasurementOfExpectedCreditLossesAxis" xlink:title="Label : TypeOfMeasurementOfExpectedCreditLossesAxis to label_TypeOfMeasurementOfExpectedCreditLossesAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TypeOfMeasurementOfExpectedCreditLossesMember" xlink:label="TypeOfMeasurementOfExpectedCreditLossesMember" xlink:title="TypeOfMeasurementOfExpectedCreditLossesMember" />
    <link:label xlink:type="resource" xlink:label="label_TypeOfMeasurementOfExpectedCreditLossesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TypeOfMeasurementOfExpectedCreditLossesMember" xml:lang="en-US" id="label_TypeOfMeasurementOfExpectedCreditLossesMember">Type of measurement of expected credit losses [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypeOfMeasurementOfExpectedCreditLossesMember" xlink:to="label_TypeOfMeasurementOfExpectedCreditLossesMember" xlink:title="Label : TypeOfMeasurementOfExpectedCreditLossesMember to label_TypeOfMeasurementOfExpectedCreditLossesMember" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AccountingBalanceCreditLossesMember" xlink:label="AccountingBalanceCreditLossesMember" xlink:title="AccountingBalanceCreditLossesMember" />
    <link:label xlink:type="resource" xlink:label="label_AccountingBalanceCreditLossesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AccountingBalanceCreditLossesMember" xml:lang="en-US" id="label_AccountingBalanceCreditLossesMember">Accounting Balance Credit Losses [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccountingBalanceCreditLossesMember" xlink:to="label_AccountingBalanceCreditLossesMember" xlink:title="Label : AccountingBalanceCreditLossesMember to label_AccountingBalanceCreditLossesMember" />
    <link:label xlink:type="resource" xlink:label="label_AccountingBalanceCreditLossesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AccountingBalanceCreditLossesMember_1" xml:lang="en-US" id="label_AccountingBalanceCreditLossesMember_1">Accounting balance [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccountingBalanceCreditLossesMember" xlink:to="label_AccountingBalanceCreditLossesMember_1" xlink:title="Label : AccountingBalanceCreditLossesMember to label_AccountingBalanceCreditLossesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_AccountingBalanceCreditLossesMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AccountingBalanceCreditLossesMember_2" xml:lang="en-US" id="label_AccountingBalanceCreditLossesMember_2">Accounting Balance Credit Losses [Member].</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccountingBalanceCreditLossesMember" xlink:to="label_AccountingBalanceCreditLossesMember_2" xlink:title="Label : AccountingBalanceCreditLossesMember to label_AccountingBalanceCreditLossesMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ProvisionForLossesCreditLossesMember" xlink:label="ProvisionForLossesCreditLossesMember" xlink:title="ProvisionForLossesCreditLossesMember" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForLossesCreditLossesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProvisionForLossesCreditLossesMember" xml:lang="en-US" id="label_ProvisionForLossesCreditLossesMember">Provision For Losses Credit Losses [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForLossesCreditLossesMember" xlink:to="label_ProvisionForLossesCreditLossesMember" xlink:title="Label : ProvisionForLossesCreditLossesMember to label_ProvisionForLossesCreditLossesMember" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForLossesCreditLossesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProvisionForLossesCreditLossesMember_1" xml:lang="en-US" id="label_ProvisionForLossesCreditLossesMember_1">Provision for losses [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForLossesCreditLossesMember" xlink:to="label_ProvisionForLossesCreditLossesMember_1" xlink:title="Label : ProvisionForLossesCreditLossesMember to label_ProvisionForLossesCreditLossesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForLossesCreditLossesMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProvisionForLossesCreditLossesMember_2" xml:lang="en-US" id="label_ProvisionForLossesCreditLossesMember_2">Provision For Losses Credit Losses [Member].</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForLossesCreditLossesMember" xlink:to="label_ProvisionForLossesCreditLossesMember_2" xlink:title="Label : ProvisionForLossesCreditLossesMember to label_ProvisionForLossesCreditLossesMember_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_WeightedAverageMember" xlink:label="WeightedAverageMember" xlink:title="WeightedAverageMember" />
    <link:label xlink:type="resource" xlink:label="label_WeightedAverageMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_WeightedAverageMember" xml:lang="en-US" id="label_WeightedAverageMember">Weighted average [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageMember" xlink:to="label_WeightedAverageMember" xlink:title="Label : WeightedAverageMember to label_WeightedAverageMember" />
    <link:label xlink:type="resource" xlink:label="label_WeightedAverageMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_WeightedAverageMember_1" xml:lang="en-US" id="label_WeightedAverageMember_1">Weighted average [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageMember" xlink:to="label_WeightedAverageMember_1" xlink:title="Label : WeightedAverageMember to label_WeightedAverageMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_PastDueStatusAxis" xlink:label="PastDueStatusAxis" xlink:title="PastDueStatusAxis" />
    <link:label xlink:type="resource" xlink:label="label_PastDueStatusAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PastDueStatusAxis" xml:lang="en-US" id="label_PastDueStatusAxis">Past due status [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PastDueStatusAxis" xlink:to="label_PastDueStatusAxis" xlink:title="Label : PastDueStatusAxis to label_PastDueStatusAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_PastDueStatusMember" xlink:label="PastDueStatusMember" xlink:title="PastDueStatusMember" />
    <link:label xlink:type="resource" xlink:label="label_PastDueStatusMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PastDueStatusMember" xml:lang="en-US" id="label_PastDueStatusMember">Past due status [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PastDueStatusMember" xlink:to="label_PastDueStatusMember" xlink:title="Label : PastDueStatusMember to label_PastDueStatusMember" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LessThanOneMonthMember" xlink:label="LessThanOneMonthMember" xlink:title="LessThanOneMonthMember" />
    <link:label xlink:type="resource" xlink:label="label_LessThanOneMonthMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LessThanOneMonthMember" xml:lang="en-US" id="label_LessThanOneMonthMember">Less Than One Month [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LessThanOneMonthMember" xlink:to="label_LessThanOneMonthMember" xlink:title="Label : LessThanOneMonthMember to label_LessThanOneMonthMember" />
    <link:label xlink:type="resource" xlink:label="label_LessThanOneMonthMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LessThanOneMonthMember_1" xml:lang="en-US" id="label_LessThanOneMonthMember_1">less than 30 days [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LessThanOneMonthMember" xlink:to="label_LessThanOneMonthMember_1" xlink:title="Label : LessThanOneMonthMember to label_LessThanOneMonthMember_1" />
    <link:label xlink:type="resource" xlink:label="label_LessThanOneMonthMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LessThanOneMonthMember_2" xml:lang="en-US" id="label_LessThanOneMonthMember_2">Less Than One Month [Member].</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LessThanOneMonthMember" xlink:to="label_LessThanOneMonthMember_2" xlink:title="Label : LessThanOneMonthMember to label_LessThanOneMonthMember_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LaterThanOneMonthAndNotLaterThanTwoMonthsMember" xlink:label="LaterThanOneMonthAndNotLaterThanTwoMonthsMember" xlink:title="LaterThanOneMonthAndNotLaterThanTwoMonthsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanOneMonthAndNotLaterThanTwoMonthsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanOneMonthAndNotLaterThanTwoMonthsMember" xml:lang="en-US" id="label_LaterThanOneMonthAndNotLaterThanTwoMonthsMember">Later than one month and not later than two months [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanOneMonthAndNotLaterThanTwoMonthsMember" xlink:to="label_LaterThanOneMonthAndNotLaterThanTwoMonthsMember" xlink:title="Label : LaterThanOneMonthAndNotLaterThanTwoMonthsMember to label_LaterThanOneMonthAndNotLaterThanTwoMonthsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanOneMonthAndNotLaterThanTwoMonthsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LaterThanOneMonthAndNotLaterThanTwoMonthsMember_1" xml:lang="en-US" id="label_LaterThanOneMonthAndNotLaterThanTwoMonthsMember_1">31-60&#xA0;days [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanOneMonthAndNotLaterThanTwoMonthsMember" xlink:to="label_LaterThanOneMonthAndNotLaterThanTwoMonthsMember_1" xlink:title="Label : LaterThanOneMonthAndNotLaterThanTwoMonthsMember to label_LaterThanOneMonthAndNotLaterThanTwoMonthsMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember" xlink:label="LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember" xlink:title="LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember" xml:lang="en-US" id="label_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember">Later than two months and not later than three months [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember" xlink:to="label_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember" xlink:title="Label : LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember to label_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember_1" xml:lang="en-US" id="label_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember_1">61-90&#xA0;days [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember" xlink:to="label_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember_1" xlink:title="Label : LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember to label_LaterThanTwoMonthsAndNotLaterThanThreeMonthsMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember" xlink:label="LaterThanThreeMonthsAndNotLaterThanSixMonthsMember" xlink:title="LaterThanThreeMonthsAndNotLaterThanSixMonthsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember" xml:lang="en-US" id="label_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember">Later than three months and not later than six months [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanThreeMonthsAndNotLaterThanSixMonthsMember" xlink:to="label_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember" xlink:title="Label : LaterThanThreeMonthsAndNotLaterThanSixMonthsMember to label_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember_1" xml:lang="en-US" id="label_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember_1">91-180&#xA0;days [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanThreeMonthsAndNotLaterThanSixMonthsMember" xlink:to="label_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember_1" xlink:title="Label : LaterThanThreeMonthsAndNotLaterThanSixMonthsMember to label_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LaterThanSixMonthsMember" xlink:label="LaterThanSixMonthsMember" xlink:title="LaterThanSixMonthsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanSixMonthsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanSixMonthsMember" xml:lang="en-US" id="label_LaterThanSixMonthsMember">Later than six months [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanSixMonthsMember" xlink:to="label_LaterThanSixMonthsMember" xlink:title="Label : LaterThanSixMonthsMember to label_LaterThanSixMonthsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanSixMonthsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LaterThanSixMonthsMember_1" xml:lang="en-US" id="label_LaterThanSixMonthsMember_1">more than 180 days [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanSixMonthsMember" xlink:to="label_LaterThanSixMonthsMember_1" xlink:title="Label : LaterThanSixMonthsMember to label_LaterThanSixMonthsMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ExpectedCreditLossRate" xlink:label="ExpectedCreditLossRate" xlink:title="ExpectedCreditLossRate" />
    <link:label xlink:type="resource" xlink:label="label_ExpectedCreditLossRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExpectedCreditLossRate" xml:lang="en-US" id="label_ExpectedCreditLossRate">Expected credit loss rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpectedCreditLossRate" xlink:to="label_ExpectedCreditLossRate" xlink:title="Label : ExpectedCreditLossRate to label_ExpectedCreditLossRate" />
    <link:label xlink:type="resource" xlink:label="label_ExpectedCreditLossRate_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ExpectedCreditLossRate_1" xml:lang="en-US" id="label_ExpectedCreditLossRate_1">Expected credit loss rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExpectedCreditLossRate" xlink:to="label_ExpectedCreditLossRate_1" xlink:title="Label : ExpectedCreditLossRate to label_ExpectedCreditLossRate_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_StatementGeographicalAxis" xlink:label="StatementGeographicalAxis" xlink:title="StatementGeographicalAxis" />
    <link:label xlink:type="resource" xlink:label="label_StatementGeographicalAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatementGeographicalAxis" xml:lang="en-US" id="label_StatementGeographicalAxis">Geographical [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementGeographicalAxis" xlink:to="label_StatementGeographicalAxis" xlink:title="Label : StatementGeographicalAxis to label_StatementGeographicalAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_SegmentGeographicalDomain" xlink:label="SegmentGeographicalDomain" xlink:title="SegmentGeographicalDomain" />
    <link:label xlink:type="resource" xlink:label="label_SegmentGeographicalDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SegmentGeographicalDomain" xml:lang="en-US" id="label_SegmentGeographicalDomain">Geographical [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SegmentGeographicalDomain" xlink:to="label_SegmentGeographicalDomain" xlink:title="Label : SegmentGeographicalDomain to label_SegmentGeographicalDomain" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_LatinAmericaMember" xlink:label="LatinAmericaMember" xlink:title="LatinAmericaMember" />
    <link:label xlink:type="resource" xlink:label="label_LatinAmericaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LatinAmericaMember" xml:lang="en-US" id="label_LatinAmericaMember">Latin America [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LatinAmericaMember" xlink:to="label_LatinAmericaMember" xlink:title="Label : LatinAmericaMember to label_LatinAmericaMember" />
    <link:label xlink:type="resource" xlink:label="label_LatinAmericaMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LatinAmericaMember_1" xml:lang="en-US" id="label_LatinAmericaMember_1">Other Latin American countries [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LatinAmericaMember" xlink:to="label_LatinAmericaMember_1" xlink:title="Label : LatinAmericaMember to label_LatinAmericaMember_1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2017/country-2017-01-31.xsd#country_CA" xlink:label="CA" xlink:title="CA" />
    <link:label xlink:type="resource" xlink:label="label_CA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CA" xml:lang="en-US" id="label_CA">CANADA</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CA" xlink:to="label_CA" xlink:title="Label : CA to label_CA" />
    <link:label xlink:type="resource" xlink:label="label_CA_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CA_1" xml:lang="en-US" id="label_CA_1">United States of America and Canada [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CA" xlink:to="label_CA_1" xlink:title="Label : CA to label_CA_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd#srt_EuropeMember" xlink:label="EuropeMember" xlink:title="EuropeMember" />
    <link:label xlink:type="resource" xlink:label="label_EuropeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EuropeMember" xml:lang="en-US" id="label_EuropeMember">Europe [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EuropeMember" xlink:to="label_EuropeMember" xlink:title="Label : EuropeMember to label_EuropeMember" />
    <link:label xlink:type="resource" xlink:label="label_EuropeMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EuropeMember_1" xml:lang="en-US" id="label_EuropeMember_1">Europe [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EuropeMember" xlink:to="label_EuropeMember_1" xlink:title="Label : EuropeMember to label_EuropeMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OutrosMember" xlink:label="OutrosMember" xlink:title="OutrosMember" />
    <link:label xlink:type="resource" xlink:label="label_OutrosMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OutrosMember" xml:lang="en-US" id="label_OutrosMember">Outros.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OutrosMember" xlink:to="label_OutrosMember" xlink:title="Label : OutrosMember to label_OutrosMember" />
    <link:label xlink:type="resource" xlink:label="label_OutrosMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OutrosMember_1" xml:lang="en-US" id="label_OutrosMember_1">Others [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OutrosMember" xlink:to="label_OutrosMember_1" xlink:title="Label : OutrosMember to label_OutrosMember_1" />
    <link:label xlink:type="resource" xlink:label="label_OutrosMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OutrosMember_2" xml:lang="en-US" id="label_OutrosMember_2">Outros [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OutrosMember" xlink:to="label_OutrosMember_2" xlink:title="Label : OutrosMember to label_OutrosMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TotalMember" xlink:label="TotalMember" xlink:title="TotalMember" />
    <link:label xlink:type="resource" xlink:label="label_TotalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TotalMember" xml:lang="en-US" id="label_TotalMember">Total [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TotalMember" xlink:to="label_TotalMember" xlink:title="Label : TotalMember to label_TotalMember" />
    <link:label xlink:type="resource" xlink:label="label_TotalMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TotalMember_1" xml:lang="en-US" id="label_TotalMember_1">Total [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TotalMember" xlink:to="label_TotalMember_1" xlink:title="Label : TotalMember to label_TotalMember_1" />
    <link:label xlink:type="resource" xlink:label="label_TotalMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TotalMember_2" xml:lang="en-US" id="label_TotalMember_2">Total [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TotalMember" xlink:to="label_TotalMember_2" xlink:title="Label : TotalMember to label_TotalMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LessThanOneYearMember" xlink:label="LessThanOneYearMember" xlink:title="LessThanOneYearMember" />
    <link:label xlink:type="resource" xlink:label="label_LessThanOneYearMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LessThanOneYearMember" xml:lang="en-US" id="label_LessThanOneYearMember">Less than one year [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LessThanOneYearMember" xlink:to="label_LessThanOneYearMember" xlink:title="Label : LessThanOneYearMember to label_LessThanOneYearMember" />
    <link:label xlink:type="resource" xlink:label="label_LessThanOneYearMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LessThanOneYearMember_1" xml:lang="en-US" id="label_LessThanOneYearMember_1">Less than 1 year [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LessThanOneYearMember" xlink:to="label_LessThanOneYearMember_1" xlink:title="Label : LessThanOneYearMember to label_LessThanOneYearMember_1" />
    <link:label xlink:type="resource" xlink:label="label_LessThanOneYearMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LessThanOneYearMember_2" xml:lang="en-US" id="label_LessThanOneYearMember_2">Less than one year [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LessThanOneYearMember" xlink:to="label_LessThanOneYearMember_2" xlink:title="Label : LessThanOneYearMember to label_LessThanOneYearMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_Between1And3YearsMember" xlink:label="Between1And3YearsMember" xlink:title="Between1And3YearsMember" />
    <link:label xlink:type="resource" xlink:label="label_Between1And3YearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Between1And3YearsMember" xml:lang="en-US" id="label_Between1And3YearsMember">Between 1 and 3 years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Between1And3YearsMember" xlink:to="label_Between1And3YearsMember" xlink:title="Label : Between1And3YearsMember to label_Between1And3YearsMember" />
    <link:label xlink:type="resource" xlink:label="label_Between1And3YearsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Between1And3YearsMember_1" xml:lang="en-US" id="label_Between1And3YearsMember_1">Between 1 and 3 years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Between1And3YearsMember" xlink:to="label_Between1And3YearsMember_1" xlink:title="Label : Between1And3YearsMember to label_Between1And3YearsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_Between1And3YearsMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Between1And3YearsMember_2" xml:lang="en-US" id="label_Between1And3YearsMember_2">Between 1 and 3 years.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Between1And3YearsMember" xlink:to="label_Between1And3YearsMember_2" xlink:title="Label : Between1And3YearsMember to label_Between1And3YearsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_Between3And5YearsMember" xlink:label="Between3And5YearsMember" xlink:title="Between3And5YearsMember" />
    <link:label xlink:type="resource" xlink:label="label_Between3And5YearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Between3And5YearsMember" xml:lang="en-US" id="label_Between3And5YearsMember">Between 3 and 5 years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Between3And5YearsMember" xlink:to="label_Between3And5YearsMember" xlink:title="Label : Between3And5YearsMember to label_Between3And5YearsMember" />
    <link:label xlink:type="resource" xlink:label="label_Between3And5YearsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Between3And5YearsMember_1" xml:lang="en-US" id="label_Between3And5YearsMember_1">Between 3 and 5 years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Between3And5YearsMember" xlink:to="label_Between3And5YearsMember_1" xlink:title="Label : Between3And5YearsMember to label_Between3And5YearsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_Between3And5YearsMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Between3And5YearsMember_2" xml:lang="en-US" id="label_Between3And5YearsMember_2">Between 3 and 5 years.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Between3And5YearsMember" xlink:to="label_Between3And5YearsMember_2" xlink:title="Label : Between3And5YearsMember to label_Between3And5YearsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LoansIncludingFutureContractualInterest" xlink:label="LoansIncludingFutureContractualInterest" xlink:title="LoansIncludingFutureContractualInterest" />
    <link:label xlink:type="resource" xlink:label="label_LoansIncludingFutureContractualInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LoansIncludingFutureContractualInterest" xml:lang="en-US" id="label_LoansIncludingFutureContractualInterest">Loans including future contractual interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansIncludingFutureContractualInterest" xlink:to="label_LoansIncludingFutureContractualInterest" xlink:title="Label : LoansIncludingFutureContractualInterest to label_LoansIncludingFutureContractualInterest" />
    <link:label xlink:type="resource" xlink:label="label_LoansIncludingFutureContractualInterest_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LoansIncludingFutureContractualInterest_1" xml:lang="en-US" id="label_LoansIncludingFutureContractualInterest_1">Loans including future contractual interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansIncludingFutureContractualInterest" xlink:to="label_LoansIncludingFutureContractualInterest_1" xlink:title="Label : LoansIncludingFutureContractualInterest to label_LoansIncludingFutureContractualInterest_1" />
    <link:label xlink:type="resource" xlink:label="label_LoansIncludingFutureContractualInterest_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LoansIncludingFutureContractualInterest_2" xml:lang="en-US" id="label_LoansIncludingFutureContractualInterest_2">The disclosure of loans including future contractual interest. The extension of money from one party to another with the agreement that the money will be repaid.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LoansIncludingFutureContractualInterest" xlink:to="label_LoansIncludingFutureContractualInterest_2" xlink:title="Label : LoansIncludingFutureContractualInterest to label_LoansIncludingFutureContractualInterest_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CurrencyAndInterestRateHedgingInstruments" xlink:label="CurrencyAndInterestRateHedgingInstruments" xlink:title="CurrencyAndInterestRateHedgingInstruments" />
    <link:label xlink:type="resource" xlink:label="label_CurrencyAndInterestRateHedgingInstruments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrencyAndInterestRateHedgingInstruments" xml:lang="en-US" id="label_CurrencyAndInterestRateHedgingInstruments">Currency and interest rate hedging instruments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrencyAndInterestRateHedgingInstruments" xlink:to="label_CurrencyAndInterestRateHedgingInstruments" xlink:title="Label : CurrencyAndInterestRateHedgingInstruments to label_CurrencyAndInterestRateHedgingInstruments" />
    <link:label xlink:type="resource" xlink:label="label_CurrencyAndInterestRateHedgingInstruments_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrencyAndInterestRateHedgingInstruments_1" xml:lang="en-US" id="label_CurrencyAndInterestRateHedgingInstruments_1">Currency and interest rate hedging instruments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrencyAndInterestRateHedgingInstruments" xlink:to="label_CurrencyAndInterestRateHedgingInstruments_1" xlink:title="Label : CurrencyAndInterestRateHedgingInstruments to label_CurrencyAndInterestRateHedgingInstruments_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrencyAndInterestRateHedgingInstruments_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrencyAndInterestRateHedgingInstruments_2" xml:lang="en-US" id="label_CurrencyAndInterestRateHedgingInstruments_2">Currency and interest rate hedging instruments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrencyAndInterestRateHedgingInstruments" xlink:to="label_CurrencyAndInterestRateHedgingInstruments_2" xlink:title="Label : CurrencyAndInterestRateHedgingInstruments to label_CurrencyAndInterestRateHedgingInstruments_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TradeAndOtherPayables" xlink:label="TradeAndOtherPayables" xlink:title="TradeAndOtherPayables" />
    <link:label xlink:type="resource" xlink:label="label_TradeAndOtherPayables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradeAndOtherPayables" xml:lang="en-US" id="label_TradeAndOtherPayables">Trade and other payables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeAndOtherPayables" xlink:to="label_TradeAndOtherPayables" xlink:title="Label : TradeAndOtherPayables to label_TradeAndOtherPayables" />
    <link:label xlink:type="resource" xlink:label="label_TradeAndOtherPayables_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TradeAndOtherPayables_1" xml:lang="en-US" id="label_TradeAndOtherPayables_1">Trade payables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeAndOtherPayables" xlink:to="label_TradeAndOtherPayables_1" xlink:title="Label : TradeAndOtherPayables to label_TradeAndOtherPayables_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TwentyTwentyMember" xlink:label="TwentyTwentyMember" xlink:title="TwentyTwentyMember" />
    <link:label xlink:type="resource" xlink:label="label_TwentyTwentyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TwentyTwentyMember" xml:lang="en-US" id="label_TwentyTwentyMember">Twenty Twenty [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TwentyTwentyMember" xlink:to="label_TwentyTwentyMember" xlink:title="Label : TwentyTwentyMember to label_TwentyTwentyMember" />
    <link:label xlink:type="resource" xlink:label="label_TwentyTwentyMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TwentyTwentyMember_1" xml:lang="en-US" id="label_TwentyTwentyMember_1">2020 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TwentyTwentyMember" xlink:to="label_TwentyTwentyMember_1" xlink:title="Label : TwentyTwentyMember to label_TwentyTwentyMember_1" />
    <link:label xlink:type="resource" xlink:label="label_TwentyTwentyMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TwentyTwentyMember_2" xml:lang="en-US" id="label_TwentyTwentyMember_2">Twenty Twenty [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TwentyTwentyMember" xlink:to="label_TwentyTwentyMember_2" xlink:title="Label : TwentyTwentyMember to label_TwentyTwentyMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TwentyTwentyOneMember" xlink:label="TwentyTwentyOneMember" xlink:title="TwentyTwentyOneMember" />
    <link:label xlink:type="resource" xlink:label="label_TwentyTwentyOneMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TwentyTwentyOneMember" xml:lang="en-US" id="label_TwentyTwentyOneMember">Twenty Twenty One [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TwentyTwentyOneMember" xlink:to="label_TwentyTwentyOneMember" xlink:title="Label : TwentyTwentyOneMember to label_TwentyTwentyOneMember" />
    <link:label xlink:type="resource" xlink:label="label_TwentyTwentyOneMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TwentyTwentyOneMember_1" xml:lang="en-US" id="label_TwentyTwentyOneMember_1">2021 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TwentyTwentyOneMember" xlink:to="label_TwentyTwentyOneMember_1" xlink:title="Label : TwentyTwentyOneMember to label_TwentyTwentyOneMember_1" />
    <link:label xlink:type="resource" xlink:label="label_TwentyTwentyOneMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TwentyTwentyOneMember_2" xml:lang="en-US" id="label_TwentyTwentyOneMember_2">Twenty Twenty One [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TwentyTwentyOneMember" xlink:to="label_TwentyTwentyOneMember_2" xlink:title="Label : TwentyTwentyOneMember to label_TwentyTwentyOneMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TwentyTwentyTwoMember" xlink:label="TwentyTwentyTwoMember" xlink:title="TwentyTwentyTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_TwentyTwentyTwoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TwentyTwentyTwoMember" xml:lang="en-US" id="label_TwentyTwentyTwoMember">Twenty Twenty Two [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TwentyTwentyTwoMember" xlink:to="label_TwentyTwentyTwoMember" xlink:title="Label : TwentyTwentyTwoMember to label_TwentyTwentyTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_TwentyTwentyTwoMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TwentyTwentyTwoMember_1" xml:lang="en-US" id="label_TwentyTwentyTwoMember_1">2022 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TwentyTwentyTwoMember" xlink:to="label_TwentyTwentyTwoMember_1" xlink:title="Label : TwentyTwentyTwoMember to label_TwentyTwentyTwoMember_1" />
    <link:label xlink:type="resource" xlink:label="label_TwentyTwentyTwoMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TwentyTwentyTwoMember_2" xml:lang="en-US" id="label_TwentyTwentyTwoMember_2">Twenty Twenty Two [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TwentyTwentyTwoMember" xlink:to="label_TwentyTwentyTwoMember_2" xlink:title="Label : TwentyTwentyTwoMember to label_TwentyTwentyTwoMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TwentyTwentyThreeMember" xlink:label="TwentyTwentyThreeMember" xlink:title="TwentyTwentyThreeMember" />
    <link:label xlink:type="resource" xlink:label="label_TwentyTwentyThreeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TwentyTwentyThreeMember" xml:lang="en-US" id="label_TwentyTwentyThreeMember">Twenty Twenty Three [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TwentyTwentyThreeMember" xlink:to="label_TwentyTwentyThreeMember" xlink:title="Label : TwentyTwentyThreeMember to label_TwentyTwentyThreeMember" />
    <link:label xlink:type="resource" xlink:label="label_TwentyTwentyThreeMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TwentyTwentyThreeMember_1" xml:lang="en-US" id="label_TwentyTwentyThreeMember_1">2023 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TwentyTwentyThreeMember" xlink:to="label_TwentyTwentyThreeMember_1" xlink:title="Label : TwentyTwentyThreeMember to label_TwentyTwentyThreeMember_1" />
    <link:label xlink:type="resource" xlink:label="label_TwentyTwentyThreeMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TwentyTwentyThreeMember_2" xml:lang="en-US" id="label_TwentyTwentyThreeMember_2">Twenty Twenty Three [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TwentyTwentyThreeMember" xlink:to="label_TwentyTwentyThreeMember_2" xlink:title="Label : TwentyTwentyThreeMember to label_TwentyTwentyThreeMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TwentyTwentyFourMember" xlink:label="TwentyTwentyFourMember" xlink:title="TwentyTwentyFourMember" />
    <link:label xlink:type="resource" xlink:label="label_TwentyTwentyFourMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TwentyTwentyFourMember" xml:lang="en-US" id="label_TwentyTwentyFourMember">Twenty Twenty Four [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TwentyTwentyFourMember" xlink:to="label_TwentyTwentyFourMember" xlink:title="Label : TwentyTwentyFourMember to label_TwentyTwentyFourMember" />
    <link:label xlink:type="resource" xlink:label="label_TwentyTwentyFourMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TwentyTwentyFourMember_1" xml:lang="en-US" id="label_TwentyTwentyFourMember_1">2024 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TwentyTwentyFourMember" xlink:to="label_TwentyTwentyFourMember_1" xlink:title="Label : TwentyTwentyFourMember to label_TwentyTwentyFourMember_1" />
    <link:label xlink:type="resource" xlink:label="label_TwentyTwentyFourMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TwentyTwentyFourMember_2" xml:lang="en-US" id="label_TwentyTwentyFourMember_2">Twenty Twenty Four [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TwentyTwentyFourMember" xlink:to="label_TwentyTwentyFourMember_2" xlink:title="Label : TwentyTwentyFourMember to label_TwentyTwentyFourMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TwentyTwentyFiveMember" xlink:label="TwentyTwentyFiveMember" xlink:title="TwentyTwentyFiveMember" />
    <link:label xlink:type="resource" xlink:label="label_TwentyTwentyFiveMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TwentyTwentyFiveMember" xml:lang="en-US" id="label_TwentyTwentyFiveMember">Twenty Twenty Five [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TwentyTwentyFiveMember" xlink:to="label_TwentyTwentyFiveMember" xlink:title="Label : TwentyTwentyFiveMember to label_TwentyTwentyFiveMember" />
    <link:label xlink:type="resource" xlink:label="label_TwentyTwentyFiveMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TwentyTwentyFiveMember_1" xml:lang="en-US" id="label_TwentyTwentyFiveMember_1">2025 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TwentyTwentyFiveMember" xlink:to="label_TwentyTwentyFiveMember_1" xlink:title="Label : TwentyTwentyFiveMember to label_TwentyTwentyFiveMember_1" />
    <link:label xlink:type="resource" xlink:label="label_TwentyTwentyFiveMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TwentyTwentyFiveMember_2" xml:lang="en-US" id="label_TwentyTwentyFiveMember_2">Twenty Twenty Five [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TwentyTwentyFiveMember" xlink:to="label_TwentyTwentyFiveMember_2" xlink:title="Label : TwentyTwentyFiveMember to label_TwentyTwentyFiveMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TwentyTwentySixMember" xlink:label="TwentyTwentySixMember" xlink:title="TwentyTwentySixMember" />
    <link:label xlink:type="resource" xlink:label="label_TwentyTwentySixMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TwentyTwentySixMember" xml:lang="en-US" id="label_TwentyTwentySixMember">Twenty Twenty Six [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TwentyTwentySixMember" xlink:to="label_TwentyTwentySixMember" xlink:title="Label : TwentyTwentySixMember to label_TwentyTwentySixMember" />
    <link:label xlink:type="resource" xlink:label="label_TwentyTwentySixMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TwentyTwentySixMember_1" xml:lang="en-US" id="label_TwentyTwentySixMember_1">2026 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TwentyTwentySixMember" xlink:to="label_TwentyTwentySixMember_1" xlink:title="Label : TwentyTwentySixMember to label_TwentyTwentySixMember_1" />
    <link:label xlink:type="resource" xlink:label="label_TwentyTwentySixMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TwentyTwentySixMember_2" xml:lang="en-US" id="label_TwentyTwentySixMember_2">Twenty Twenty Six [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TwentyTwentySixMember" xlink:to="label_TwentyTwentySixMember_2" xlink:title="Label : TwentyTwentySixMember to label_TwentyTwentySixMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TwentyTwentySevenMember" xlink:label="TwentyTwentySevenMember" xlink:title="TwentyTwentySevenMember" />
    <link:label xlink:type="resource" xlink:label="label_TwentyTwentySevenMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TwentyTwentySevenMember" xml:lang="en-US" id="label_TwentyTwentySevenMember">Twenty Twenty Seven [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TwentyTwentySevenMember" xlink:to="label_TwentyTwentySevenMember" xlink:title="Label : TwentyTwentySevenMember to label_TwentyTwentySevenMember" />
    <link:label xlink:type="resource" xlink:label="label_TwentyTwentySevenMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TwentyTwentySevenMember_1" xml:lang="en-US" id="label_TwentyTwentySevenMember_1">2027 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TwentyTwentySevenMember" xlink:to="label_TwentyTwentySevenMember_1" xlink:title="Label : TwentyTwentySevenMember to label_TwentyTwentySevenMember_1" />
    <link:label xlink:type="resource" xlink:label="label_TwentyTwentySevenMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TwentyTwentySevenMember_2" xml:lang="en-US" id="label_TwentyTwentySevenMember_2">Twenty Twenty Seven [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TwentyTwentySevenMember" xlink:to="label_TwentyTwentySevenMember_2" xlink:title="Label : TwentyTwentySevenMember to label_TwentyTwentySevenMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TwentyTwentyEightMember" xlink:label="TwentyTwentyEightMember" xlink:title="TwentyTwentyEightMember" />
    <link:label xlink:type="resource" xlink:label="label_TwentyTwentyEightMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TwentyTwentyEightMember" xml:lang="en-US" id="label_TwentyTwentyEightMember">Twenty Twenty Eight [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TwentyTwentyEightMember" xlink:to="label_TwentyTwentyEightMember" xlink:title="Label : TwentyTwentyEightMember to label_TwentyTwentyEightMember" />
    <link:label xlink:type="resource" xlink:label="label_TwentyTwentyEightMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TwentyTwentyEightMember_1" xml:lang="en-US" id="label_TwentyTwentyEightMember_1">2028 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TwentyTwentyEightMember" xlink:to="label_TwentyTwentyEightMember_1" xlink:title="Label : TwentyTwentyEightMember to label_TwentyTwentyEightMember_1" />
    <link:label xlink:type="resource" xlink:label="label_TwentyTwentyEightMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TwentyTwentyEightMember_2" xml:lang="en-US" id="label_TwentyTwentyEightMember_2">Twenty Twenty Eight[member].</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TwentyTwentyEightMember" xlink:to="label_TwentyTwentyEightMember_2" xlink:title="Label : TwentyTwentyEightMember to label_TwentyTwentyEightMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TwentyTwentyNineMember" xlink:label="TwentyTwentyNineMember" xlink:title="TwentyTwentyNineMember" />
    <link:label xlink:type="resource" xlink:label="label_TwentyTwentyNineMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TwentyTwentyNineMember" xml:lang="en-US" id="label_TwentyTwentyNineMember">Twenty Twenty Nine [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TwentyTwentyNineMember" xlink:to="label_TwentyTwentyNineMember" xlink:title="Label : TwentyTwentyNineMember to label_TwentyTwentyNineMember" />
    <link:label xlink:type="resource" xlink:label="label_TwentyTwentyNineMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TwentyTwentyNineMember_1" xml:lang="en-US" id="label_TwentyTwentyNineMember_1">2029 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TwentyTwentyNineMember" xlink:to="label_TwentyTwentyNineMember_1" xlink:title="Label : TwentyTwentyNineMember to label_TwentyTwentyNineMember_1" />
    <link:label xlink:type="resource" xlink:label="label_TwentyTwentyNineMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TwentyTwentyNineMember_2" xml:lang="en-US" id="label_TwentyTwentyNineMember_2">Twenty Twenty Nine[member].</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TwentyTwentyNineMember" xlink:to="label_TwentyTwentyNineMember_2" xlink:title="Label : TwentyTwentyNineMember to label_TwentyTwentyNineMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DiRate" xlink:label="DiRate" xlink:title="DiRate" />
    <link:label xlink:type="resource" xlink:label="label_DiRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DiRate" xml:lang="en-US" id="label_DiRate">DI rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DiRate" xlink:to="label_DiRate" xlink:title="Label : DiRate to label_DiRate" />
    <link:label xlink:type="resource" xlink:label="label_DiRate_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_DiRate_1" xml:lang="en-US" id="label_DiRate_1">DI rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DiRate" xlink:to="label_DiRate_1" xlink:title="Label : DiRate to label_DiRate_1" />
    <link:label xlink:type="resource" xlink:label="label_DiRate_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DiRate_2" xml:lang="en-US" id="label_DiRate_2">DI rate.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DiRate" xlink:to="label_DiRate_2" xlink:title="Label : DiRate to label_DiRate_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AverageForeignExchangeRate" xlink:label="AverageForeignExchangeRate" xlink:title="AverageForeignExchangeRate" />
    <link:label xlink:type="resource" xlink:label="label_AverageForeignExchangeRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AverageForeignExchangeRate" xml:lang="en-US" id="label_AverageForeignExchangeRate">Average foreign exchange rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AverageForeignExchangeRate" xlink:to="label_AverageForeignExchangeRate" xlink:title="Label : AverageForeignExchangeRate to label_AverageForeignExchangeRate" />
    <link:label xlink:type="resource" xlink:label="label_AverageForeignExchangeRate_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AverageForeignExchangeRate_1" xml:lang="en-US" id="label_AverageForeignExchangeRate_1">Exchange rate of the Real against the U.S. dollar</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AverageForeignExchangeRate" xlink:to="label_AverageForeignExchangeRate_1" xlink:title="Label : AverageForeignExchangeRate to label_AverageForeignExchangeRate_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TJLPRate" xlink:label="TJLPRate" xlink:title="TJLPRate" />
    <link:label xlink:type="resource" xlink:label="label_TJLPRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TJLPRate" xml:lang="en-US" id="label_TJLPRate">TJLP rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TJLPRate" xlink:to="label_TJLPRate" xlink:title="Label : TJLPRate to label_TJLPRate" />
    <link:label xlink:type="resource" xlink:label="label_TJLPRate_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TJLPRate_1" xml:lang="en-US" id="label_TJLPRate_1">TJLP rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TJLPRate" xlink:to="label_TJLPRate_1" xlink:title="Label : TJLPRate to label_TJLPRate_1" />
    <link:label xlink:type="resource" xlink:label="label_TJLPRate_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TJLPRate_2" xml:lang="en-US" id="label_TJLPRate_2">TJLP rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TJLPRate" xlink:to="label_TJLPRate_2" xlink:title="Label : TJLPRate to label_TJLPRate_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IGPMRate" xlink:label="IGPMRate" xlink:title="IGPMRate" />
    <link:label xlink:type="resource" xlink:label="label_IGPMRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IGPMRate" xml:lang="en-US" id="label_IGPMRate">IGP-M rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IGPMRate" xlink:to="label_IGPMRate" xlink:title="Label : IGPMRate to label_IGPMRate" />
    <link:label xlink:type="resource" xlink:label="label_IGPMRate_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IGPMRate_1" xml:lang="en-US" id="label_IGPMRate_1">IGP-M rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IGPMRate" xlink:to="label_IGPMRate_1" xlink:title="Label : IGPMRate to label_IGPMRate_1" />
    <link:label xlink:type="resource" xlink:label="label_IGPMRate_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IGPMRate_2" xml:lang="en-US" id="label_IGPMRate_2">IGP-M rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IGPMRate" xlink:to="label_IGPMRate_2" xlink:title="Label : IGPMRate to label_IGPMRate_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IPCARate" xlink:label="IPCARate" xlink:title="IPCARate" />
    <link:label xlink:type="resource" xlink:label="label_IPCARate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IPCARate" xml:lang="en-US" id="label_IPCARate">IPCA rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IPCARate" xlink:to="label_IPCARate" xlink:title="Label : IPCARate to label_IPCARate" />
    <link:label xlink:type="resource" xlink:label="label_IPCARate_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IPCARate_1" xml:lang="en-US" id="label_IPCARate_1">IPCA rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IPCARate" xlink:to="label_IPCARate_1" xlink:title="Label : IPCARate to label_IPCARate_1" />
    <link:label xlink:type="resource" xlink:label="label_IPCARate_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IPCARate_2" xml:lang="en-US" id="label_IPCARate_2">IPCA rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IPCARate" xlink:to="label_IPCARate_2" xlink:title="Label : IPCARate to label_IPCARate_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AccountingEstimatesAxis" xlink:label="AccountingEstimatesAxis" xlink:title="AccountingEstimatesAxis" />
    <link:label xlink:type="resource" xlink:label="label_AccountingEstimatesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AccountingEstimatesAxis" xml:lang="en-US" id="label_AccountingEstimatesAxis">Accounting estimates [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccountingEstimatesAxis" xlink:to="label_AccountingEstimatesAxis" xlink:title="Label : AccountingEstimatesAxis to label_AccountingEstimatesAxis" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AccountingEstimatesMember" xlink:label="AccountingEstimatesMember" xlink:title="AccountingEstimatesMember" />
    <link:label xlink:type="resource" xlink:label="label_AccountingEstimatesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AccountingEstimatesMember" xml:lang="en-US" id="label_AccountingEstimatesMember">Accounting estimates [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccountingEstimatesMember" xlink:to="label_AccountingEstimatesMember" xlink:title="Label : AccountingEstimatesMember to label_AccountingEstimatesMember" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DesignatedAsHedgeAccountingMember" xlink:label="DesignatedAsHedgeAccountingMember" xlink:title="DesignatedAsHedgeAccountingMember" />
    <link:label xlink:type="resource" xlink:label="label_DesignatedAsHedgeAccountingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DesignatedAsHedgeAccountingMember" xml:lang="en-US" id="label_DesignatedAsHedgeAccountingMember">Designated as hedge accounting [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DesignatedAsHedgeAccountingMember" xlink:to="label_DesignatedAsHedgeAccountingMember" xlink:title="Label : DesignatedAsHedgeAccountingMember to label_DesignatedAsHedgeAccountingMember" />
    <link:label xlink:type="resource" xlink:label="label_DesignatedAsHedgeAccountingMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DesignatedAsHedgeAccountingMember_1" xml:lang="en-US" id="label_DesignatedAsHedgeAccountingMember_1">Designated as hedge accounting [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DesignatedAsHedgeAccountingMember" xlink:to="label_DesignatedAsHedgeAccountingMember_1" xlink:title="Label : DesignatedAsHedgeAccountingMember to label_DesignatedAsHedgeAccountingMember_1" />
    <link:label xlink:type="resource" xlink:label="label_DesignatedAsHedgeAccountingMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DesignatedAsHedgeAccountingMember_2" xml:lang="en-US" id="label_DesignatedAsHedgeAccountingMember_2">Designated as hedge accounting.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DesignatedAsHedgeAccountingMember" xlink:to="label_DesignatedAsHedgeAccountingMember_2" xlink:title="Label : DesignatedAsHedgeAccountingMember to label_DesignatedAsHedgeAccountingMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_NotDesignatedAsHedgeAccountingMember" xlink:label="NotDesignatedAsHedgeAccountingMember" xlink:title="NotDesignatedAsHedgeAccountingMember" />
    <link:label xlink:type="resource" xlink:label="label_NotDesignatedAsHedgeAccountingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NotDesignatedAsHedgeAccountingMember" xml:lang="en-US" id="label_NotDesignatedAsHedgeAccountingMember">Not designated as hedge accounting [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotDesignatedAsHedgeAccountingMember" xlink:to="label_NotDesignatedAsHedgeAccountingMember" xlink:title="Label : NotDesignatedAsHedgeAccountingMember to label_NotDesignatedAsHedgeAccountingMember" />
    <link:label xlink:type="resource" xlink:label="label_NotDesignatedAsHedgeAccountingMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NotDesignatedAsHedgeAccountingMember_1" xml:lang="en-US" id="label_NotDesignatedAsHedgeAccountingMember_1">Not designated as hedge accounting [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotDesignatedAsHedgeAccountingMember" xlink:to="label_NotDesignatedAsHedgeAccountingMember_1" xlink:title="Label : NotDesignatedAsHedgeAccountingMember to label_NotDesignatedAsHedgeAccountingMember_1" />
    <link:label xlink:type="resource" xlink:label="label_NotDesignatedAsHedgeAccountingMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NotDesignatedAsHedgeAccountingMember_2" xml:lang="en-US" id="label_NotDesignatedAsHedgeAccountingMember_2">Not designated as hedge accounting.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotDesignatedAsHedgeAccountingMember" xlink:to="label_NotDesignatedAsHedgeAccountingMember_2" xlink:title="Label : NotDesignatedAsHedgeAccountingMember to label_NotDesignatedAsHedgeAccountingMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ForeignExchangeSwapMember" xlink:label="ForeignExchangeSwapMember" xlink:title="ForeignExchangeSwapMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeSwapMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignExchangeSwapMember" xml:lang="en-US" id="label_ForeignExchangeSwapMember">Foreign Exchange Swap [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeSwapMember" xlink:to="label_ForeignExchangeSwapMember" xlink:title="Label : ForeignExchangeSwapMember to label_ForeignExchangeSwapMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeSwapMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ForeignExchangeSwapMember_1" xml:lang="en-US" id="label_ForeignExchangeSwapMember_1">Foreign exchange swap [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeSwapMember" xlink:to="label_ForeignExchangeSwapMember_1" xlink:title="Label : ForeignExchangeSwapMember to label_ForeignExchangeSwapMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeSwapMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignExchangeSwapMember_2" xml:lang="en-US" id="label_ForeignExchangeSwapMember_2">Foreign Exchange Swap Member.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeSwapMember" xlink:to="label_ForeignExchangeSwapMember_2" xlink:title="Label : ForeignExchangeSwapMember to label_ForeignExchangeSwapMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ForeignExchangeSwapOneMember" xlink:label="ForeignExchangeSwapOneMember" xlink:title="ForeignExchangeSwapOneMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeSwapOneMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignExchangeSwapOneMember" xml:lang="en-US" id="label_ForeignExchangeSwapOneMember">Foreign Exchange Swap One [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeSwapOneMember" xlink:to="label_ForeignExchangeSwapOneMember" xlink:title="Label : ForeignExchangeSwapOneMember to label_ForeignExchangeSwapOneMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeSwapOneMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ForeignExchangeSwapOneMember_1" xml:lang="en-US" id="label_ForeignExchangeSwapOneMember_1">Foreign exchange swap one [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeSwapOneMember" xlink:to="label_ForeignExchangeSwapOneMember_1" xlink:title="Label : ForeignExchangeSwapOneMember to label_ForeignExchangeSwapOneMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeSwapOneMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignExchangeSwapOneMember_2" xml:lang="en-US" id="label_ForeignExchangeSwapOneMember_2">Foreign Exchange Swap One Member.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeSwapOneMember" xlink:to="label_ForeignExchangeSwapOneMember_2" xlink:title="Label : ForeignExchangeSwapOneMember to label_ForeignExchangeSwapOneMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ForeignExchangeSwapTwoMember" xlink:label="ForeignExchangeSwapTwoMember" xlink:title="ForeignExchangeSwapTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeSwapTwoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignExchangeSwapTwoMember" xml:lang="en-US" id="label_ForeignExchangeSwapTwoMember">Foreign Exchange Swap two [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeSwapTwoMember" xlink:to="label_ForeignExchangeSwapTwoMember" xlink:title="Label : ForeignExchangeSwapTwoMember to label_ForeignExchangeSwapTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeSwapTwoMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ForeignExchangeSwapTwoMember_1" xml:lang="en-US" id="label_ForeignExchangeSwapTwoMember_1">Foreign exchange swap two [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeSwapTwoMember" xlink:to="label_ForeignExchangeSwapTwoMember_1" xlink:title="Label : ForeignExchangeSwapTwoMember to label_ForeignExchangeSwapTwoMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeSwapTwoMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignExchangeSwapTwoMember_2" xml:lang="en-US" id="label_ForeignExchangeSwapTwoMember_2">Foreign Exchange Swap two.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeSwapTwoMember" xlink:to="label_ForeignExchangeSwapTwoMember_2" xlink:title="Label : ForeignExchangeSwapTwoMember to label_ForeignExchangeSwapTwoMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ForeignExchangeSwapThreeMember" xlink:label="ForeignExchangeSwapThreeMember" xlink:title="ForeignExchangeSwapThreeMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeSwapThreeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignExchangeSwapThreeMember" xml:lang="en-US" id="label_ForeignExchangeSwapThreeMember">Foreign Exchange Swap three [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeSwapThreeMember" xlink:to="label_ForeignExchangeSwapThreeMember" xlink:title="Label : ForeignExchangeSwapThreeMember to label_ForeignExchangeSwapThreeMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeSwapThreeMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ForeignExchangeSwapThreeMember_1" xml:lang="en-US" id="label_ForeignExchangeSwapThreeMember_1">Foreign exchange swap three [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeSwapThreeMember" xlink:to="label_ForeignExchangeSwapThreeMember_1" xlink:title="Label : ForeignExchangeSwapThreeMember to label_ForeignExchangeSwapThreeMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeSwapThreeMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignExchangeSwapThreeMember_2" xml:lang="en-US" id="label_ForeignExchangeSwapThreeMember_2">Foreign Exchange Swap three.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeSwapThreeMember" xlink:to="label_ForeignExchangeSwapThreeMember_2" xlink:title="Label : ForeignExchangeSwapThreeMember to label_ForeignExchangeSwapThreeMember_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_InterestRateSwapContractMember" xlink:label="InterestRateSwapContractMember" xlink:title="InterestRateSwapContractMember" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateSwapContractMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestRateSwapContractMember" xml:lang="en-US" id="label_InterestRateSwapContractMember">Interest rate swap contract [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateSwapContractMember" xlink:to="label_InterestRateSwapContractMember" xlink:title="Label : InterestRateSwapContractMember to label_InterestRateSwapContractMember" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateSwapContractMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterestRateSwapContractMember_1" xml:lang="en-US" id="label_InterestRateSwapContractMember_1">Interest rate swap contract [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateSwapContractMember" xlink:to="label_InterestRateSwapContractMember_1" xlink:title="Label : InterestRateSwapContractMember to label_InterestRateSwapContractMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_InterestRateSwapContractOneMember" xlink:label="InterestRateSwapContractOneMember" xlink:title="InterestRateSwapContractOneMember" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateSwapContractOneMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestRateSwapContractOneMember" xml:lang="en-US" id="label_InterestRateSwapContractOneMember">Interest rate swap contract one [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateSwapContractOneMember" xlink:to="label_InterestRateSwapContractOneMember" xlink:title="Label : InterestRateSwapContractOneMember to label_InterestRateSwapContractOneMember" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateSwapContractOneMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterestRateSwapContractOneMember_1" xml:lang="en-US" id="label_InterestRateSwapContractOneMember_1">Interest rate swap contract one [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateSwapContractOneMember" xlink:to="label_InterestRateSwapContractOneMember_1" xlink:title="Label : InterestRateSwapContractOneMember to label_InterestRateSwapContractOneMember_1" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateSwapContractOneMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InterestRateSwapContractOneMember_2" xml:lang="en-US" id="label_InterestRateSwapContractOneMember_2">Interest rate swap contract one.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateSwapContractOneMember" xlink:to="label_InterestRateSwapContractOneMember_2" xlink:title="Label : InterestRateSwapContractOneMember to label_InterestRateSwapContractOneMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ZeroCostCollarMember" xlink:label="ZeroCostCollarMember" xlink:title="ZeroCostCollarMember" />
    <link:label xlink:type="resource" xlink:label="label_ZeroCostCollarMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ZeroCostCollarMember" xml:lang="en-US" id="label_ZeroCostCollarMember">Zero Cost Collar [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ZeroCostCollarMember" xlink:to="label_ZeroCostCollarMember" xlink:title="Label : ZeroCostCollarMember to label_ZeroCostCollarMember" />
    <link:label xlink:type="resource" xlink:label="label_ZeroCostCollarMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ZeroCostCollarMember_1" xml:lang="en-US" id="label_ZeroCostCollarMember_1">Zero cost collar [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ZeroCostCollarMember" xlink:to="label_ZeroCostCollarMember_1" xlink:title="Label : ZeroCostCollarMember to label_ZeroCostCollarMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ZeroCostCollarMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ZeroCostCollarMember_2" xml:lang="en-US" id="label_ZeroCostCollarMember_2">Zero Cost Collar Member.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ZeroCostCollarMember" xlink:to="label_ZeroCostCollarMember_2" xlink:title="Label : ZeroCostCollarMember to label_ZeroCostCollarMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_NdfMember" xlink:label="NdfMember" xlink:title="NdfMember" />
    <link:label xlink:type="resource" xlink:label="label_NdfMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NdfMember" xml:lang="en-US" id="label_NdfMember">NDF [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NdfMember" xlink:to="label_NdfMember" xlink:title="Label : NdfMember to label_NdfMember" />
    <link:label xlink:type="resource" xlink:label="label_NdfMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NdfMember_1" xml:lang="en-US" id="label_NdfMember_1">NDF [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NdfMember" xlink:to="label_NdfMember_1" xlink:title="Label : NdfMember to label_NdfMember_1" />
    <link:label xlink:type="resource" xlink:label="label_NdfMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NdfMember_2" xml:lang="en-US" id="label_NdfMember_2">NDF.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NdfMember" xlink:to="label_NdfMember_2" xlink:title="Label : NdfMember to label_NdfMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TermMember" xlink:label="TermMember" xlink:title="TermMember" />
    <link:label xlink:type="resource" xlink:label="label_TermMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TermMember" xml:lang="en-US" id="label_TermMember">Term [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TermMember" xlink:to="label_TermMember" xlink:title="Label : TermMember to label_TermMember" />
    <link:label xlink:type="resource" xlink:label="label_TermMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TermMember_1" xml:lang="en-US" id="label_TermMember_1">Term [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TermMember" xlink:to="label_TermMember_1" xlink:title="Label : TermMember to label_TermMember_1" />
    <link:label xlink:type="resource" xlink:label="label_TermMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TermMember_2" xml:lang="en-US" id="label_TermMember_2">Term.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TermMember" xlink:to="label_TermMember_2" xlink:title="Label : TermMember to label_TermMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_BalanceSheetLocationAxis" xlink:label="BalanceSheetLocationAxis" xlink:title="BalanceSheetLocationAxis" />
    <link:label xlink:type="resource" xlink:label="label_BalanceSheetLocationAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BalanceSheetLocationAxis" xml:lang="en-US" id="label_BalanceSheetLocationAxis">Balance sheet Location [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BalanceSheetLocationAxis" xlink:to="label_BalanceSheetLocationAxis" xlink:title="Label : BalanceSheetLocationAxis to label_BalanceSheetLocationAxis" />
    <link:label xlink:type="resource" xlink:label="label_BalanceSheetLocationAxis_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BalanceSheetLocationAxis_1" xml:lang="en-US" id="label_BalanceSheetLocationAxis_1">Balancesheet Location Axis.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BalanceSheetLocationAxis" xlink:to="label_BalanceSheetLocationAxis_1" xlink:title="Label : BalanceSheetLocationAxis to label_BalanceSheetLocationAxis_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_BalanceSheetLocationDomain" xlink:label="BalanceSheetLocationDomain" xlink:title="BalanceSheetLocationDomain" />
    <link:label xlink:type="resource" xlink:label="label_BalanceSheetLocationDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BalanceSheetLocationDomain" xml:lang="en-US" id="label_BalanceSheetLocationDomain">Balance sheet Location [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BalanceSheetLocationDomain" xlink:to="label_BalanceSheetLocationDomain" xlink:title="Label : BalanceSheetLocationDomain to label_BalanceSheetLocationDomain" />
    <link:label xlink:type="resource" xlink:label="label_BalanceSheetLocationDomain_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BalanceSheetLocationDomain_1" xml:lang="en-US" id="label_BalanceSheetLocationDomain_1">Balance sheet Location.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BalanceSheetLocationDomain" xlink:to="label_BalanceSheetLocationDomain_1" xlink:title="Label : BalanceSheetLocationDomain to label_BalanceSheetLocationDomain_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AssetsInterestRateBasis" xlink:label="AssetsInterestRateBasis" xlink:title="AssetsInterestRateBasis" />
    <link:label xlink:type="resource" xlink:label="label_AssetsInterestRateBasis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AssetsInterestRateBasis" xml:lang="en-US" id="label_AssetsInterestRateBasis">Assets Interest Rate Basis</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetsInterestRateBasis" xlink:to="label_AssetsInterestRateBasis" xlink:title="Label : AssetsInterestRateBasis to label_AssetsInterestRateBasis" />
    <link:label xlink:type="resource" xlink:label="label_AssetsInterestRateBasis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AssetsInterestRateBasis_1" xml:lang="en-US" id="label_AssetsInterestRateBasis_1">Rates agreement-assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetsInterestRateBasis" xlink:to="label_AssetsInterestRateBasis_1" xlink:title="Label : AssetsInterestRateBasis to label_AssetsInterestRateBasis_1" />
    <link:label xlink:type="resource" xlink:label="label_AssetsInterestRateBasis_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AssetsInterestRateBasis_2" xml:lang="en-US" id="label_AssetsInterestRateBasis_2">Assets interest rate basis.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetsInterestRateBasis" xlink:to="label_AssetsInterestRateBasis_2" xlink:title="Label : AssetsInterestRateBasis to label_AssetsInterestRateBasis_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LiabilitiesInterestRateBasis" xlink:label="LiabilitiesInterestRateBasis" xlink:title="LiabilitiesInterestRateBasis" />
    <link:label xlink:type="resource" xlink:label="label_LiabilitiesInterestRateBasis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LiabilitiesInterestRateBasis" xml:lang="en-US" id="label_LiabilitiesInterestRateBasis">Liabilities Interest Rate Basis</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesInterestRateBasis" xlink:to="label_LiabilitiesInterestRateBasis" xlink:title="Label : LiabilitiesInterestRateBasis to label_LiabilitiesInterestRateBasis" />
    <link:label xlink:type="resource" xlink:label="label_LiabilitiesInterestRateBasis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LiabilitiesInterestRateBasis_1" xml:lang="en-US" id="label_LiabilitiesInterestRateBasis_1">Rates agreement-liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesInterestRateBasis" xlink:to="label_LiabilitiesInterestRateBasis_1" xlink:title="Label : LiabilitiesInterestRateBasis to label_LiabilitiesInterestRateBasis_1" />
    <link:label xlink:type="resource" xlink:label="label_LiabilitiesInterestRateBasis_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LiabilitiesInterestRateBasis_2" xml:lang="en-US" id="label_LiabilitiesInterestRateBasis_2">Liabilities interest rate basis.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesInterestRateBasis" xlink:to="label_LiabilitiesInterestRateBasis_2" xlink:title="Label : LiabilitiesInterestRateBasis to label_LiabilitiesInterestRateBasis_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NotionalAmount" xlink:label="NotionalAmount" xlink:title="NotionalAmount" />
    <link:label xlink:type="resource" xlink:label="label_NotionalAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NotionalAmount" xml:lang="en-US" id="label_NotionalAmount">New financing contracted amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotionalAmount" xlink:to="label_NotionalAmount" xlink:title="Label : NotionalAmount to label_NotionalAmount" />
    <link:label xlink:type="resource" xlink:label="label_NotionalAmount_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NotionalAmount_1" xml:lang="en-US" id="label_NotionalAmount_1">Notional amount</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotionalAmount" xlink:to="label_NotionalAmount_1" xlink:title="Label : NotionalAmount to label_NotionalAmount_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_HedgingInstrumentsPositionFairValue" xlink:label="HedgingInstrumentsPositionFairValue" xlink:title="HedgingInstrumentsPositionFairValue" />
    <link:label xlink:type="resource" xlink:label="label_HedgingInstrumentsPositionFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_HedgingInstrumentsPositionFairValue" xml:lang="en-US" id="label_HedgingInstrumentsPositionFairValue">Hedging instruments position fair value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HedgingInstrumentsPositionFairValue" xlink:to="label_HedgingInstrumentsPositionFairValue" xlink:title="Label : HedgingInstrumentsPositionFairValue to label_HedgingInstrumentsPositionFairValue" />
    <link:label xlink:type="resource" xlink:label="label_HedgingInstrumentsPositionFairValue_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_HedgingInstrumentsPositionFairValue_1" xml:lang="en-US" id="label_HedgingInstrumentsPositionFairValue_1">Fair value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HedgingInstrumentsPositionFairValue" xlink:to="label_HedgingInstrumentsPositionFairValue_1" xlink:title="Label : HedgingInstrumentsPositionFairValue to label_HedgingInstrumentsPositionFairValue_1" />
    <link:label xlink:type="resource" xlink:label="label_HedgingInstrumentsPositionFairValue_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_HedgingInstrumentsPositionFairValue_2" xml:lang="en-US" id="label_HedgingInstrumentsPositionFairValue_2">Fair value - position of hedging instruments entered into by the Company and its subsidiaries. For each class of financial assets and financial liabilities, an entity shall disclose the fair value of that class of assets and liabilities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HedgingInstrumentsPositionFairValue" xlink:to="label_HedgingInstrumentsPositionFairValue_2" xlink:title="Label : HedgingInstrumentsPositionFairValue to label_HedgingInstrumentsPositionFairValue_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfHedgeAccountingAbstract" xlink:label="DisclosureOfHedgeAccountingAbstract" xlink:title="DisclosureOfHedgeAccountingAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfHedgeAccountingAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfHedgeAccountingAbstract" xml:lang="en-US" id="label_DisclosureOfHedgeAccountingAbstract">Disclosure of detailed information about hedges [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfHedgeAccountingAbstract" xlink:to="label_DisclosureOfHedgeAccountingAbstract" xlink:title="Label : DisclosureOfHedgeAccountingAbstract to label_DisclosureOfHedgeAccountingAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfHedgeAccountingTable" xlink:label="DisclosureOfHedgeAccountingTable" xlink:title="DisclosureOfHedgeAccountingTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfHedgeAccountingTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfHedgeAccountingTable" xml:lang="en-US" id="label_DisclosureOfHedgeAccountingTable">Disclosure of detailed information about hedges [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfHedgeAccountingTable" xlink:to="label_DisclosureOfHedgeAccountingTable" xlink:title="Label : DisclosureOfHedgeAccountingTable to label_DisclosureOfHedgeAccountingTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfHedgeAccountingTable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfHedgeAccountingTable_1" xml:lang="en-US" id="label_DisclosureOfHedgeAccountingTable_1">Disclosure of detailed information about hedges [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfHedgeAccountingTable" xlink:to="label_DisclosureOfHedgeAccountingTable_1" xlink:title="Label : DisclosureOfHedgeAccountingTable to label_DisclosureOfHedgeAccountingTable_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ForeignExchangeHedgingInstrumentsMember" xlink:label="ForeignExchangeHedgingInstrumentsMember" xlink:title="ForeignExchangeHedgingInstrumentsMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeHedgingInstrumentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ForeignExchangeHedgingInstrumentsMember" xml:lang="en-US" id="label_ForeignExchangeHedgingInstrumentsMember">Foreign exchange hedging instruments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeHedgingInstrumentsMember" xlink:to="label_ForeignExchangeHedgingInstrumentsMember" xlink:title="Label : ForeignExchangeHedgingInstrumentsMember to label_ForeignExchangeHedgingInstrumentsMember" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeHedgingInstrumentsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ForeignExchangeHedgingInstrumentsMember_1" xml:lang="en-US" id="label_ForeignExchangeHedgingInstrumentsMember_1">Foreign exchange hedging instruments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeHedgingInstrumentsMember" xlink:to="label_ForeignExchangeHedgingInstrumentsMember_1" xlink:title="Label : ForeignExchangeHedgingInstrumentsMember to label_ForeignExchangeHedgingInstrumentsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ForeignExchangeHedgingInstrumentsMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ForeignExchangeHedgingInstrumentsMember_2" xml:lang="en-US" id="label_ForeignExchangeHedgingInstrumentsMember_2">Foreign exchange hedging instruments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ForeignExchangeHedgingInstrumentsMember" xlink:to="label_ForeignExchangeHedgingInstrumentsMember_2" xlink:title="Label : ForeignExchangeHedgingInstrumentsMember to label_ForeignExchangeHedgingInstrumentsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_InterestRateHedgingInstrumentsMember" xlink:label="InterestRateHedgingInstrumentsMember" xlink:title="InterestRateHedgingInstrumentsMember" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateHedgingInstrumentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestRateHedgingInstrumentsMember" xml:lang="en-US" id="label_InterestRateHedgingInstrumentsMember">Interest rate hedging instruments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateHedgingInstrumentsMember" xlink:to="label_InterestRateHedgingInstrumentsMember" xlink:title="Label : InterestRateHedgingInstrumentsMember to label_InterestRateHedgingInstrumentsMember" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateHedgingInstrumentsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterestRateHedgingInstrumentsMember_1" xml:lang="en-US" id="label_InterestRateHedgingInstrumentsMember_1">Interest rate hedging instruments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateHedgingInstrumentsMember" xlink:to="label_InterestRateHedgingInstrumentsMember_1" xlink:title="Label : InterestRateHedgingInstrumentsMember to label_InterestRateHedgingInstrumentsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateHedgingInstrumentsMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InterestRateHedgingInstrumentsMember_2" xml:lang="en-US" id="label_InterestRateHedgingInstrumentsMember_2">Interest rate hedging instruments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateHedgingInstrumentsMember" xlink:to="label_InterestRateHedgingInstrumentsMember_2" xlink:title="Label : InterestRateHedgingInstrumentsMember to label_InterestRateHedgingInstrumentsMember_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfHedgeAccountingLineItems" xlink:label="DisclosureOfHedgeAccountingLineItems" xlink:title="DisclosureOfHedgeAccountingLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfHedgeAccountingLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfHedgeAccountingLineItems" xml:lang="en-US" id="label_DisclosureOfHedgeAccountingLineItems">Disclosure of detailed information about hedges [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfHedgeAccountingLineItems" xlink:to="label_DisclosureOfHedgeAccountingLineItems" xlink:title="Label : DisclosureOfHedgeAccountingLineItems to label_DisclosureOfHedgeAccountingLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfHedgeAccountingLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfHedgeAccountingLineItems_1" xml:lang="en-US" id="label_DisclosureOfHedgeAccountingLineItems_1">Disclosure of detailed information about hedges [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfHedgeAccountingLineItems" xlink:to="label_DisclosureOfHedgeAccountingLineItems_1" xlink:title="Label : DisclosureOfHedgeAccountingLineItems to label_DisclosureOfHedgeAccountingLineItems_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_NotionalAmountDesignatedAsFairValueHedge" xlink:label="NotionalAmountDesignatedAsFairValueHedge" xlink:title="NotionalAmountDesignatedAsFairValueHedge" />
    <link:label xlink:type="resource" xlink:label="label_NotionalAmountDesignatedAsFairValueHedge" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NotionalAmountDesignatedAsFairValueHedge" xml:lang="en-US" id="label_NotionalAmountDesignatedAsFairValueHedge">Notional amount designated as fair value hedge</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotionalAmountDesignatedAsFairValueHedge" xlink:to="label_NotionalAmountDesignatedAsFairValueHedge" xlink:title="Label : NotionalAmountDesignatedAsFairValueHedge to label_NotionalAmountDesignatedAsFairValueHedge" />
    <link:label xlink:type="resource" xlink:label="label_NotionalAmountDesignatedAsFairValueHedge_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NotionalAmountDesignatedAsFairValueHedge_1" xml:lang="en-US" id="label_NotionalAmountDesignatedAsFairValueHedge_1">Notional amount - R$</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotionalAmountDesignatedAsFairValueHedge" xlink:to="label_NotionalAmountDesignatedAsFairValueHedge_1" xlink:title="Label : NotionalAmountDesignatedAsFairValueHedge to label_NotionalAmountDesignatedAsFairValueHedge_1" />
    <link:label xlink:type="resource" xlink:label="label_NotionalAmountDesignatedAsFairValueHedge_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NotionalAmountDesignatedAsFairValueHedge_2" xml:lang="en-US" id="label_NotionalAmountDesignatedAsFairValueHedge_2">Notional amount designated as fair value hedge.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotionalAmountDesignatedAsFairValueHedge" xlink:to="label_NotionalAmountDesignatedAsFairValueHedge_2" xlink:title="Label : NotionalAmountDesignatedAsFairValueHedge to label_NotionalAmountDesignatedAsFairValueHedge_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_GainLossRelatedToHedgingInstrument" xlink:label="GainLossRelatedToHedgingInstrument" xlink:title="GainLossRelatedToHedgingInstrument" />
    <link:label xlink:type="resource" xlink:label="label_GainLossRelatedToHedgingInstrument" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GainLossRelatedToHedgingInstrument" xml:lang="en-US" id="label_GainLossRelatedToHedgingInstrument">Gain Loss Related To Hedging Instrument</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainLossRelatedToHedgingInstrument" xlink:to="label_GainLossRelatedToHedgingInstrument" xlink:title="Label : GainLossRelatedToHedgingInstrument to label_GainLossRelatedToHedgingInstrument" />
    <link:label xlink:type="resource" xlink:label="label_GainLossRelatedToHedgingInstrument_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GainLossRelatedToHedgingInstrument_1" xml:lang="en-US" id="label_GainLossRelatedToHedgingInstrument_1">Result of hedging instruments - gain/(loss) - R$</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainLossRelatedToHedgingInstrument" xlink:to="label_GainLossRelatedToHedgingInstrument_1" xlink:title="Label : GainLossRelatedToHedgingInstrument to label_GainLossRelatedToHedgingInstrument_1" />
    <link:label xlink:type="resource" xlink:label="label_GainLossRelatedToHedgingInstrument_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_GainLossRelatedToHedgingInstrument_2" xml:lang="en-US" id="label_GainLossRelatedToHedgingInstrument_2">Gain loss related to hedging instrument.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainLossRelatedToHedgingInstrument" xlink:to="label_GainLossRelatedToHedgingInstrument_2" xlink:title="Label : GainLossRelatedToHedgingInstrument to label_GainLossRelatedToHedgingInstrument_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_GainLossRelatedToFairValueAdjustmentOfDebt" xlink:label="GainLossRelatedToFairValueAdjustmentOfDebt" xlink:title="GainLossRelatedToFairValueAdjustmentOfDebt" />
    <link:label xlink:type="resource" xlink:label="label_GainLossRelatedToFairValueAdjustmentOfDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GainLossRelatedToFairValueAdjustmentOfDebt" xml:lang="en-US" id="label_GainLossRelatedToFairValueAdjustmentOfDebt">Gain Loss Related To Fair Value Adjustment Of Debt</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainLossRelatedToFairValueAdjustmentOfDebt" xlink:to="label_GainLossRelatedToFairValueAdjustmentOfDebt" xlink:title="Label : GainLossRelatedToFairValueAdjustmentOfDebt to label_GainLossRelatedToFairValueAdjustmentOfDebt" />
    <link:label xlink:type="resource" xlink:label="label_GainLossRelatedToFairValueAdjustmentOfDebt_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GainLossRelatedToFairValueAdjustmentOfDebt_1" xml:lang="en-US" id="label_GainLossRelatedToFairValueAdjustmentOfDebt_1">Fair value adjustment of debt - R$</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainLossRelatedToFairValueAdjustmentOfDebt" xlink:to="label_GainLossRelatedToFairValueAdjustmentOfDebt_1" xlink:title="Label : GainLossRelatedToFairValueAdjustmentOfDebt to label_GainLossRelatedToFairValueAdjustmentOfDebt_1" />
    <link:label xlink:type="resource" xlink:label="label_GainLossRelatedToFairValueAdjustmentOfDebt_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_GainLossRelatedToFairValueAdjustmentOfDebt_2" xml:lang="en-US" id="label_GainLossRelatedToFairValueAdjustmentOfDebt_2">Gain loss related to fair value adjustment of debt.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainLossRelatedToFairValueAdjustmentOfDebt" xlink:to="label_GainLossRelatedToFairValueAdjustmentOfDebt_2" xlink:title="Label : GainLossRelatedToFairValueAdjustmentOfDebt to label_GainLossRelatedToFairValueAdjustmentOfDebt_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LossRelatedToFinancialExpenseOfDebt" xlink:label="LossRelatedToFinancialExpenseOfDebt" xlink:title="LossRelatedToFinancialExpenseOfDebt" />
    <link:label xlink:type="resource" xlink:label="label_LossRelatedToFinancialExpenseOfDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LossRelatedToFinancialExpenseOfDebt" xml:lang="en-US" id="label_LossRelatedToFinancialExpenseOfDebt">Loss related to financial expense of debt</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LossRelatedToFinancialExpenseOfDebt" xlink:to="label_LossRelatedToFinancialExpenseOfDebt" xlink:title="Label : LossRelatedToFinancialExpenseOfDebt to label_LossRelatedToFinancialExpenseOfDebt" />
    <link:label xlink:type="resource" xlink:label="label_LossRelatedToFinancialExpenseOfDebt_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LossRelatedToFinancialExpenseOfDebt_1" xml:lang="en-US" id="label_LossRelatedToFinancialExpenseOfDebt_1">Financial expense in the statements of profit or loss - R$</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LossRelatedToFinancialExpenseOfDebt" xlink:to="label_LossRelatedToFinancialExpenseOfDebt_1" xlink:title="Label : LossRelatedToFinancialExpenseOfDebt to label_LossRelatedToFinancialExpenseOfDebt_1" />
    <link:label xlink:type="resource" xlink:label="label_LossRelatedToFinancialExpenseOfDebt_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LossRelatedToFinancialExpenseOfDebt_2" xml:lang="en-US" id="label_LossRelatedToFinancialExpenseOfDebt_2">Loss related to financial expense of debt.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LossRelatedToFinancialExpenseOfDebt" xlink:to="label_LossRelatedToFinancialExpenseOfDebt_2" xlink:title="Label : LossRelatedToFinancialExpenseOfDebt to label_LossRelatedToFinancialExpenseOfDebt_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_PercentageOfAverageEffectiveCost" xlink:label="PercentageOfAverageEffectiveCost" xlink:title="PercentageOfAverageEffectiveCost" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfAverageEffectiveCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentageOfAverageEffectiveCost" xml:lang="en-US" id="label_PercentageOfAverageEffectiveCost">Percentage Of Average Effective Cost</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfAverageEffectiveCost" xlink:to="label_PercentageOfAverageEffectiveCost" xlink:title="Label : PercentageOfAverageEffectiveCost to label_PercentageOfAverageEffectiveCost" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfAverageEffectiveCost_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PercentageOfAverageEffectiveCost_1" xml:lang="en-US" id="label_PercentageOfAverageEffectiveCost_1">Average effective cost - DI %</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfAverageEffectiveCost" xlink:to="label_PercentageOfAverageEffectiveCost_1" xlink:title="Label : PercentageOfAverageEffectiveCost to label_PercentageOfAverageEffectiveCost_1" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfAverageEffectiveCost_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PercentageOfAverageEffectiveCost_2" xml:lang="en-US" id="label_PercentageOfAverageEffectiveCost_2">Percentage of average effective cost.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfAverageEffectiveCost" xlink:to="label_PercentageOfAverageEffectiveCost_2" xlink:title="Label : PercentageOfAverageEffectiveCost to label_PercentageOfAverageEffectiveCost_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_FixedRateOfInstrumentsAbstract" xlink:label="FixedRateOfInstrumentsAbstract" xlink:title="FixedRateOfInstrumentsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_FixedRateOfInstrumentsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FixedRateOfInstrumentsAbstract" xml:lang="en-US" id="label_FixedRateOfInstrumentsAbstract">Fixed Rate of Instruments [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FixedRateOfInstrumentsAbstract" xlink:to="label_FixedRateOfInstrumentsAbstract" xlink:title="Label : FixedRateOfInstrumentsAbstract to label_FixedRateOfInstrumentsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_FixedRateOfInstrumentsAbstract_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FixedRateOfInstrumentsAbstract_1" xml:lang="en-US" id="label_FixedRateOfInstrumentsAbstract_1">Fixed rate of instruments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FixedRateOfInstrumentsAbstract" xlink:to="label_FixedRateOfInstrumentsAbstract_1" xlink:title="Label : FixedRateOfInstrumentsAbstract to label_FixedRateOfInstrumentsAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ProfitOrLossMember" xlink:label="ProfitOrLossMember" xlink:title="ProfitOrLossMember" />
    <link:label xlink:type="resource" xlink:label="label_ProfitOrLossMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProfitOrLossMember" xml:lang="en-US" id="label_ProfitOrLossMember">Profit or loss [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitOrLossMember" xlink:to="label_ProfitOrLossMember" xlink:title="Label : ProfitOrLossMember to label_ProfitOrLossMember" />
    <link:label xlink:type="resource" xlink:label="label_ProfitOrLossMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProfitOrLossMember_1" xml:lang="en-US" id="label_ProfitOrLossMember_1">Profit or loss [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitOrLossMember" xlink:to="label_ProfitOrLossMember_1" xlink:title="Label : ProfitOrLossMember to label_ProfitOrLossMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ProfitOrLossMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProfitOrLossMember_2" xml:lang="en-US" id="label_ProfitOrLossMember_2">Profit or loss.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitOrLossMember" xlink:to="label_ProfitOrLossMember_2" xlink:title="Label : ProfitOrLossMember to label_ProfitOrLossMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_HedgingInstrumentEquityMember" xlink:label="HedgingInstrumentEquityMember" xlink:title="HedgingInstrumentEquityMember" />
    <link:label xlink:type="resource" xlink:label="label_HedgingInstrumentEquityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_HedgingInstrumentEquityMember" xml:lang="en-US" id="label_HedgingInstrumentEquityMember">Hedging instrument equity [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HedgingInstrumentEquityMember" xlink:to="label_HedgingInstrumentEquityMember" xlink:title="Label : HedgingInstrumentEquityMember to label_HedgingInstrumentEquityMember" />
    <link:label xlink:type="resource" xlink:label="label_HedgingInstrumentEquityMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_HedgingInstrumentEquityMember_1" xml:lang="en-US" id="label_HedgingInstrumentEquityMember_1">Equity [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HedgingInstrumentEquityMember" xlink:to="label_HedgingInstrumentEquityMember_1" xlink:title="Label : HedgingInstrumentEquityMember to label_HedgingInstrumentEquityMember_1" />
    <link:label xlink:type="resource" xlink:label="label_HedgingInstrumentEquityMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_HedgingInstrumentEquityMember_2" xml:lang="en-US" id="label_HedgingInstrumentEquityMember_2">Hedging instrument equity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HedgingInstrumentEquityMember" xlink:to="label_HedgingInstrumentEquityMember_2" xlink:title="Label : HedgingInstrumentEquityMember to label_HedgingInstrumentEquityMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_HedgingInstrumentRatesAxis" xlink:label="HedgingInstrumentRatesAxis" xlink:title="HedgingInstrumentRatesAxis" />
    <link:label xlink:type="resource" xlink:label="label_HedgingInstrumentRatesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_HedgingInstrumentRatesAxis" xml:lang="en-US" id="label_HedgingInstrumentRatesAxis">Hedging instrument rates [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HedgingInstrumentRatesAxis" xlink:to="label_HedgingInstrumentRatesAxis" xlink:title="Label : HedgingInstrumentRatesAxis to label_HedgingInstrumentRatesAxis" />
    <link:label xlink:type="resource" xlink:label="label_HedgingInstrumentRatesAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_HedgingInstrumentRatesAxis_1" xml:lang="en-US" id="label_HedgingInstrumentRatesAxis_1">Hedging instrument rates [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HedgingInstrumentRatesAxis" xlink:to="label_HedgingInstrumentRatesAxis_1" xlink:title="Label : HedgingInstrumentRatesAxis to label_HedgingInstrumentRatesAxis_1" />
    <link:label xlink:type="resource" xlink:label="label_HedgingInstrumentRatesAxis_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_HedgingInstrumentRatesAxis_2" xml:lang="en-US" id="label_HedgingInstrumentRatesAxis_2">Hedging instrument rates [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HedgingInstrumentRatesAxis" xlink:to="label_HedgingInstrumentRatesAxis_2" xlink:title="Label : HedgingInstrumentRatesAxis to label_HedgingInstrumentRatesAxis_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_HedgingInstrumentRatesDomain" xlink:label="HedgingInstrumentRatesDomain" xlink:title="HedgingInstrumentRatesDomain" />
    <link:label xlink:type="resource" xlink:label="label_HedgingInstrumentRatesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_HedgingInstrumentRatesDomain" xml:lang="en-US" id="label_HedgingInstrumentRatesDomain">Hedging instrument rates [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HedgingInstrumentRatesDomain" xlink:to="label_HedgingInstrumentRatesDomain" xlink:title="Label : HedgingInstrumentRatesDomain to label_HedgingInstrumentRatesDomain" />
    <link:label xlink:type="resource" xlink:label="label_HedgingInstrumentRatesDomain_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_HedgingInstrumentRatesDomain_1" xml:lang="en-US" id="label_HedgingInstrumentRatesDomain_1">Hedging instrument rates [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HedgingInstrumentRatesDomain" xlink:to="label_HedgingInstrumentRatesDomain_1" xlink:title="Label : HedgingInstrumentRatesDomain to label_HedgingInstrumentRatesDomain_1" />
    <link:label xlink:type="resource" xlink:label="label_HedgingInstrumentRatesDomain_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_HedgingInstrumentRatesDomain_2" xml:lang="en-US" id="label_HedgingInstrumentRatesDomain_2">Hedging instrument rates [domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HedgingInstrumentRatesDomain" xlink:to="label_HedgingInstrumentRatesDomain_2" xlink:title="Label : HedgingInstrumentRatesDomain to label_HedgingInstrumentRatesDomain_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ExchangeRateSwapReceivableInUSDollarsMember" xlink:label="ExchangeRateSwapReceivableInUSDollarsMember" xlink:title="ExchangeRateSwapReceivableInUSDollarsMember" />
    <link:label xlink:type="resource" xlink:label="label_ExchangeRateSwapReceivableInUSDollarsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExchangeRateSwapReceivableInUSDollarsMember" xml:lang="en-US" id="label_ExchangeRateSwapReceivableInUSDollarsMember">Exchange Rate Swap Receivable In U S Dollars [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExchangeRateSwapReceivableInUSDollarsMember" xlink:to="label_ExchangeRateSwapReceivableInUSDollarsMember" xlink:title="Label : ExchangeRateSwapReceivableInUSDollarsMember to label_ExchangeRateSwapReceivableInUSDollarsMember" />
    <link:label xlink:type="resource" xlink:label="label_ExchangeRateSwapReceivableInUSDollarsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ExchangeRateSwapReceivableInUSDollarsMember_1" xml:lang="en-US" id="label_ExchangeRateSwapReceivableInUSDollarsMember_1">Exchange Rate Swap Receivable In U S Dollars [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExchangeRateSwapReceivableInUSDollarsMember" xlink:to="label_ExchangeRateSwapReceivableInUSDollarsMember_1" xlink:title="Label : ExchangeRateSwapReceivableInUSDollarsMember to label_ExchangeRateSwapReceivableInUSDollarsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ExchangeRateSwapReceivableInUSDollarsMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ExchangeRateSwapReceivableInUSDollarsMember_2" xml:lang="en-US" id="label_ExchangeRateSwapReceivableInUSDollarsMember_2">Exchange Rate Swap Receivable In US Dollars Member</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExchangeRateSwapReceivableInUSDollarsMember" xlink:to="label_ExchangeRateSwapReceivableInUSDollarsMember_2" xlink:title="Label : ExchangeRateSwapReceivableInUSDollarsMember to label_ExchangeRateSwapReceivableInUSDollarsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ExchangeRateSwapPayableInUsDollarsMember" xlink:label="ExchangeRateSwapPayableInUsDollarsMember" xlink:title="ExchangeRateSwapPayableInUsDollarsMember" />
    <link:label xlink:type="resource" xlink:label="label_ExchangeRateSwapPayableInUsDollarsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExchangeRateSwapPayableInUsDollarsMember" xml:lang="en-US" id="label_ExchangeRateSwapPayableInUsDollarsMember">Exchange rate swap payable in us dollars [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExchangeRateSwapPayableInUsDollarsMember" xlink:to="label_ExchangeRateSwapPayableInUsDollarsMember" xlink:title="Label : ExchangeRateSwapPayableInUsDollarsMember to label_ExchangeRateSwapPayableInUsDollarsMember" />
    <link:label xlink:type="resource" xlink:label="label_ExchangeRateSwapPayableInUsDollarsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ExchangeRateSwapPayableInUsDollarsMember_1" xml:lang="en-US" id="label_ExchangeRateSwapPayableInUsDollarsMember_1">Exchange rate swap payable in us dollars [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExchangeRateSwapPayableInUsDollarsMember" xlink:to="label_ExchangeRateSwapPayableInUsDollarsMember_1" xlink:title="Label : ExchangeRateSwapPayableInUsDollarsMember to label_ExchangeRateSwapPayableInUsDollarsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ExchangeRateSwapPayableInUsDollarsMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ExchangeRateSwapPayableInUsDollarsMember_2" xml:lang="en-US" id="label_ExchangeRateSwapPayableInUsDollarsMember_2">Exchange rate swap payable in us dollars.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExchangeRateSwapPayableInUsDollarsMember" xlink:to="label_ExchangeRateSwapPayableInUsDollarsMember_2" xlink:title="Label : ExchangeRateSwapPayableInUsDollarsMember to label_ExchangeRateSwapPayableInUsDollarsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_InterestRateSwapsBrlMember" xlink:label="InterestRateSwapsBrlMember" xlink:title="InterestRateSwapsBrlMember" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateSwapsBrlMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestRateSwapsBrlMember" xml:lang="en-US" id="label_InterestRateSwapsBrlMember">Interest rate swaps brl [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateSwapsBrlMember" xlink:to="label_InterestRateSwapsBrlMember" xlink:title="Label : InterestRateSwapsBrlMember to label_InterestRateSwapsBrlMember" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateSwapsBrlMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterestRateSwapsBrlMember_1" xml:lang="en-US" id="label_InterestRateSwapsBrlMember_1">Interest rate swaps brl [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateSwapsBrlMember" xlink:to="label_InterestRateSwapsBrlMember_1" xlink:title="Label : InterestRateSwapsBrlMember to label_InterestRateSwapsBrlMember_1" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateSwapsBrlMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InterestRateSwapsBrlMember_2" xml:lang="en-US" id="label_InterestRateSwapsBrlMember_2">Interest rate swaps brl.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateSwapsBrlMember" xlink:to="label_InterestRateSwapsBrlMember_2" xlink:title="Label : InterestRateSwapsBrlMember to label_InterestRateSwapsBrlMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_NonDerivativeFinancialInstrumentsMember" xlink:label="NonDerivativeFinancialInstrumentsMember" xlink:title="NonDerivativeFinancialInstrumentsMember" />
    <link:label xlink:type="resource" xlink:label="label_NonDerivativeFinancialInstrumentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NonDerivativeFinancialInstrumentsMember" xml:lang="en-US" id="label_NonDerivativeFinancialInstrumentsMember">Nonderivative Financial Instruments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonDerivativeFinancialInstrumentsMember" xlink:to="label_NonDerivativeFinancialInstrumentsMember" xlink:title="Label : NonDerivativeFinancialInstrumentsMember to label_NonDerivativeFinancialInstrumentsMember" />
    <link:label xlink:type="resource" xlink:label="label_NonDerivativeFinancialInstrumentsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NonDerivativeFinancialInstrumentsMember_1" xml:lang="en-US" id="label_NonDerivativeFinancialInstrumentsMember_1">Nonderivative Financial Instruments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonDerivativeFinancialInstrumentsMember" xlink:to="label_NonDerivativeFinancialInstrumentsMember_1" xlink:title="Label : NonDerivativeFinancialInstrumentsMember to label_NonDerivativeFinancialInstrumentsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_NonDerivativeFinancialInstrumentsMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NonDerivativeFinancialInstrumentsMember_2" xml:lang="en-US" id="label_NonDerivativeFinancialInstrumentsMember_2">Nonderivative Financial Instruments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonDerivativeFinancialInstrumentsMember" xlink:to="label_NonDerivativeFinancialInstrumentsMember_2" xlink:title="Label : NonDerivativeFinancialInstrumentsMember to label_NonDerivativeFinancialInstrumentsMember_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_GainsLossesOnHedgingInstrument" xlink:label="GainsLossesOnHedgingInstrument" xlink:title="GainsLossesOnHedgingInstrument" />
    <link:label xlink:type="resource" xlink:label="label_GainsLossesOnHedgingInstrument" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GainsLossesOnHedgingInstrument" xml:lang="en-US" id="label_GainsLossesOnHedgingInstrument">Gains (losses) on hedging instrument, fair value hedges</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainsLossesOnHedgingInstrument" xlink:to="label_GainsLossesOnHedgingInstrument" xlink:title="Label : GainsLossesOnHedgingInstrument to label_GainsLossesOnHedgingInstrument" />
    <link:label xlink:type="resource" xlink:label="label_GainsLossesOnHedgingInstrument_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GainsLossesOnHedgingInstrument_1" xml:lang="en-US" id="label_GainsLossesOnHedgingInstrument_1">Gain (loss) on hedging instruments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GainsLossesOnHedgingInstrument" xlink:to="label_GainsLossesOnHedgingInstrument_1" xlink:title="Label : GainsLossesOnHedgingInstrument to label_GainsLossesOnHedgingInstrument_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CashAndBankDepositsMember" xlink:label="CashAndBankDepositsMember" xlink:title="CashAndBankDepositsMember" />
    <link:label xlink:type="resource" xlink:label="label_CashAndBankDepositsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CashAndBankDepositsMember" xml:lang="en-US" id="label_CashAndBankDepositsMember">Cash and bank deposits.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndBankDepositsMember" xlink:to="label_CashAndBankDepositsMember" xlink:title="Label : CashAndBankDepositsMember to label_CashAndBankDepositsMember" />
    <link:label xlink:type="resource" xlink:label="label_CashAndBankDepositsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CashAndBankDepositsMember_1" xml:lang="en-US" id="label_CashAndBankDepositsMember_1">Cash and bank [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndBankDepositsMember" xlink:to="label_CashAndBankDepositsMember_1" xlink:title="Label : CashAndBankDepositsMember to label_CashAndBankDepositsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_CashAndBankDepositsMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashAndBankDepositsMember_2" xml:lang="en-US" id="label_CashAndBankDepositsMember_2">Cash and bank deposits [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndBankDepositsMember" xlink:to="label_CashAndBankDepositsMember_2" xlink:title="Label : CashAndBankDepositsMember to label_CashAndBankDepositsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_FinancialInvestmentsLocalCurrencyMember" xlink:label="FinancialInvestmentsLocalCurrencyMember" xlink:title="FinancialInvestmentsLocalCurrencyMember" />
    <link:label xlink:type="resource" xlink:label="label_FinancialInvestmentsLocalCurrencyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialInvestmentsLocalCurrencyMember" xml:lang="en-US" id="label_FinancialInvestmentsLocalCurrencyMember">Financial investments local currency [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialInvestmentsLocalCurrencyMember" xlink:to="label_FinancialInvestmentsLocalCurrencyMember" xlink:title="Label : FinancialInvestmentsLocalCurrencyMember to label_FinancialInvestmentsLocalCurrencyMember" />
    <link:label xlink:type="resource" xlink:label="label_FinancialInvestmentsLocalCurrencyMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinancialInvestmentsLocalCurrencyMember_1" xml:lang="en-US" id="label_FinancialInvestmentsLocalCurrencyMember_1">Financial investments local currency [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialInvestmentsLocalCurrencyMember" xlink:to="label_FinancialInvestmentsLocalCurrencyMember_1" xlink:title="Label : FinancialInvestmentsLocalCurrencyMember to label_FinancialInvestmentsLocalCurrencyMember_1" />
    <link:label xlink:type="resource" xlink:label="label_FinancialInvestmentsLocalCurrencyMember_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_FinancialInvestmentsLocalCurrencyMember_2" xml:lang="en-US" id="label_FinancialInvestmentsLocalCurrencyMember_2">Financial investments in local currency [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialInvestmentsLocalCurrencyMember" xlink:to="label_FinancialInvestmentsLocalCurrencyMember_2" xlink:title="Label : FinancialInvestmentsLocalCurrencyMember to label_FinancialInvestmentsLocalCurrencyMember_2" />
    <link:label xlink:type="resource" xlink:label="label_FinancialInvestmentsLocalCurrencyMember_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FinancialInvestmentsLocalCurrencyMember_3" xml:lang="en-US" id="label_FinancialInvestmentsLocalCurrencyMember_3">Financial investments local currency.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialInvestmentsLocalCurrencyMember" xlink:to="label_FinancialInvestmentsLocalCurrencyMember_3" xlink:title="Label : FinancialInvestmentsLocalCurrencyMember to label_FinancialInvestmentsLocalCurrencyMember_3" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_FinancialInvestmentsForeignCurrencyMember" xlink:label="FinancialInvestmentsForeignCurrencyMember" xlink:title="FinancialInvestmentsForeignCurrencyMember" />
    <link:label xlink:type="resource" xlink:label="label_FinancialInvestmentsForeignCurrencyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialInvestmentsForeignCurrencyMember" xml:lang="en-US" id="label_FinancialInvestmentsForeignCurrencyMember">Financial investments foreign currency [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialInvestmentsForeignCurrencyMember" xlink:to="label_FinancialInvestmentsForeignCurrencyMember" xlink:title="Label : FinancialInvestmentsForeignCurrencyMember to label_FinancialInvestmentsForeignCurrencyMember" />
    <link:label xlink:type="resource" xlink:label="label_FinancialInvestmentsForeignCurrencyMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinancialInvestmentsForeignCurrencyMember_1" xml:lang="en-US" id="label_FinancialInvestmentsForeignCurrencyMember_1">Financial investments foreign currency [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialInvestmentsForeignCurrencyMember" xlink:to="label_FinancialInvestmentsForeignCurrencyMember_1" xlink:title="Label : FinancialInvestmentsForeignCurrencyMember to label_FinancialInvestmentsForeignCurrencyMember_1" />
    <link:label xlink:type="resource" xlink:label="label_FinancialInvestmentsForeignCurrencyMember_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_FinancialInvestmentsForeignCurrencyMember_2" xml:lang="en-US" id="label_FinancialInvestmentsForeignCurrencyMember_2">Financial investments in foreign currency [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialInvestmentsForeignCurrencyMember" xlink:to="label_FinancialInvestmentsForeignCurrencyMember_2" xlink:title="Label : FinancialInvestmentsForeignCurrencyMember to label_FinancialInvestmentsForeignCurrencyMember_2" />
    <link:label xlink:type="resource" xlink:label="label_FinancialInvestmentsForeignCurrencyMember_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FinancialInvestmentsForeignCurrencyMember_3" xml:lang="en-US" id="label_FinancialInvestmentsForeignCurrencyMember_3">Financial investments foreign currency.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialInvestmentsForeignCurrencyMember" xlink:to="label_FinancialInvestmentsForeignCurrencyMember_3" xlink:title="Label : FinancialInvestmentsForeignCurrencyMember to label_FinancialInvestmentsForeignCurrencyMember_3" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_FixedIncomeSecuritiesLocalCurrency1Member" xlink:label="FixedIncomeSecuritiesLocalCurrency1Member" xlink:title="FixedIncomeSecuritiesLocalCurrency1Member" />
    <link:label xlink:type="resource" xlink:label="label_FixedIncomeSecuritiesLocalCurrency1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FixedIncomeSecuritiesLocalCurrency1Member" xml:lang="en-US" id="label_FixedIncomeSecuritiesLocalCurrency1Member">Fixed income securities local currency1 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FixedIncomeSecuritiesLocalCurrency1Member" xlink:to="label_FixedIncomeSecuritiesLocalCurrency1Member" xlink:title="Label : FixedIncomeSecuritiesLocalCurrency1Member to label_FixedIncomeSecuritiesLocalCurrency1Member" />
    <link:label xlink:type="resource" xlink:label="label_FixedIncomeSecuritiesLocalCurrency1Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FixedIncomeSecuritiesLocalCurrency1Member_1" xml:lang="en-US" id="label_FixedIncomeSecuritiesLocalCurrency1Member_1">Fixed income securities local currency1 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FixedIncomeSecuritiesLocalCurrency1Member" xlink:to="label_FixedIncomeSecuritiesLocalCurrency1Member_1" xlink:title="Label : FixedIncomeSecuritiesLocalCurrency1Member to label_FixedIncomeSecuritiesLocalCurrency1Member_1" />
    <link:label xlink:type="resource" xlink:label="label_FixedIncomeSecuritiesLocalCurrency1Member_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_FixedIncomeSecuritiesLocalCurrency1Member_2" xml:lang="en-US" id="label_FixedIncomeSecuritiesLocalCurrency1Member_2">Fixed-income securities and funds in local currency1 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FixedIncomeSecuritiesLocalCurrency1Member" xlink:to="label_FixedIncomeSecuritiesLocalCurrency1Member_2" xlink:title="Label : FixedIncomeSecuritiesLocalCurrency1Member to label_FixedIncomeSecuritiesLocalCurrency1Member_2" />
    <link:label xlink:type="resource" xlink:label="label_FixedIncomeSecuritiesLocalCurrency1Member_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FixedIncomeSecuritiesLocalCurrency1Member_3" xml:lang="en-US" id="label_FixedIncomeSecuritiesLocalCurrency1Member_3">Fixed income securities local currency1.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FixedIncomeSecuritiesLocalCurrency1Member" xlink:to="label_FixedIncomeSecuritiesLocalCurrency1Member_3" xlink:title="Label : FixedIncomeSecuritiesLocalCurrency1Member to label_FixedIncomeSecuritiesLocalCurrency1Member_3" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_FixedIncomeSecuritiesLocalCurrency2Member" xlink:label="FixedIncomeSecuritiesLocalCurrency2Member" xlink:title="FixedIncomeSecuritiesLocalCurrency2Member" />
    <link:label xlink:type="resource" xlink:label="label_FixedIncomeSecuritiesLocalCurrency2Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FixedIncomeSecuritiesLocalCurrency2Member" xml:lang="en-US" id="label_FixedIncomeSecuritiesLocalCurrency2Member">Fixed income securities local currency2 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FixedIncomeSecuritiesLocalCurrency2Member" xlink:to="label_FixedIncomeSecuritiesLocalCurrency2Member" xlink:title="Label : FixedIncomeSecuritiesLocalCurrency2Member to label_FixedIncomeSecuritiesLocalCurrency2Member" />
    <link:label xlink:type="resource" xlink:label="label_FixedIncomeSecuritiesLocalCurrency2Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FixedIncomeSecuritiesLocalCurrency2Member_1" xml:lang="en-US" id="label_FixedIncomeSecuritiesLocalCurrency2Member_1">Fixed income securities local currency2 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FixedIncomeSecuritiesLocalCurrency2Member" xlink:to="label_FixedIncomeSecuritiesLocalCurrency2Member_1" xlink:title="Label : FixedIncomeSecuritiesLocalCurrency2Member to label_FixedIncomeSecuritiesLocalCurrency2Member_1" />
    <link:label xlink:type="resource" xlink:label="label_FixedIncomeSecuritiesLocalCurrency2Member_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_FixedIncomeSecuritiesLocalCurrency2Member_2" xml:lang="en-US" id="label_FixedIncomeSecuritiesLocalCurrency2Member_2">Fixed-income securities and funds in local currency 2 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FixedIncomeSecuritiesLocalCurrency2Member" xlink:to="label_FixedIncomeSecuritiesLocalCurrency2Member_2" xlink:title="Label : FixedIncomeSecuritiesLocalCurrency2Member to label_FixedIncomeSecuritiesLocalCurrency2Member_2" />
    <link:label xlink:type="resource" xlink:label="label_FixedIncomeSecuritiesLocalCurrency2Member_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FixedIncomeSecuritiesLocalCurrency2Member_3" xml:lang="en-US" id="label_FixedIncomeSecuritiesLocalCurrency2Member_3">Fixed income securities local currency2.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FixedIncomeSecuritiesLocalCurrency2Member" xlink:to="label_FixedIncomeSecuritiesLocalCurrency2Member_3" xlink:title="Label : FixedIncomeSecuritiesLocalCurrency2Member to label_FixedIncomeSecuritiesLocalCurrency2Member_3" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_FixedIncomeSecuritiesLocalCurrency3Member" xlink:label="FixedIncomeSecuritiesLocalCurrency3Member" xlink:title="FixedIncomeSecuritiesLocalCurrency3Member" />
    <link:label xlink:type="resource" xlink:label="label_FixedIncomeSecuritiesLocalCurrency3Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FixedIncomeSecuritiesLocalCurrency3Member" xml:lang="en-US" id="label_FixedIncomeSecuritiesLocalCurrency3Member">Fixed income securities local currency3 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FixedIncomeSecuritiesLocalCurrency3Member" xlink:to="label_FixedIncomeSecuritiesLocalCurrency3Member" xlink:title="Label : FixedIncomeSecuritiesLocalCurrency3Member to label_FixedIncomeSecuritiesLocalCurrency3Member" />
    <link:label xlink:type="resource" xlink:label="label_FixedIncomeSecuritiesLocalCurrency3Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FixedIncomeSecuritiesLocalCurrency3Member_1" xml:lang="en-US" id="label_FixedIncomeSecuritiesLocalCurrency3Member_1">Fixed income securities local currency3 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FixedIncomeSecuritiesLocalCurrency3Member" xlink:to="label_FixedIncomeSecuritiesLocalCurrency3Member_1" xlink:title="Label : FixedIncomeSecuritiesLocalCurrency3Member to label_FixedIncomeSecuritiesLocalCurrency3Member_1" />
    <link:label xlink:type="resource" xlink:label="label_FixedIncomeSecuritiesLocalCurrency3Member_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_FixedIncomeSecuritiesLocalCurrency3Member_2" xml:lang="en-US" id="label_FixedIncomeSecuritiesLocalCurrency3Member_2">Fixed-income securities and funds in local currency 3 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FixedIncomeSecuritiesLocalCurrency3Member" xlink:to="label_FixedIncomeSecuritiesLocalCurrency3Member_2" xlink:title="Label : FixedIncomeSecuritiesLocalCurrency3Member to label_FixedIncomeSecuritiesLocalCurrency3Member_2" />
    <link:label xlink:type="resource" xlink:label="label_FixedIncomeSecuritiesLocalCurrency3Member_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FixedIncomeSecuritiesLocalCurrency3Member_3" xml:lang="en-US" id="label_FixedIncomeSecuritiesLocalCurrency3Member_3">Fixed income securities local currency3.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FixedIncomeSecuritiesLocalCurrency3Member" xlink:to="label_FixedIncomeSecuritiesLocalCurrency3Member_3" xlink:title="Label : FixedIncomeSecuritiesLocalCurrency3Member to label_FixedIncomeSecuritiesLocalCurrency3Member_3" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_FixedIncomeSecuritiesForeignCurrencyMember" xlink:label="FixedIncomeSecuritiesForeignCurrencyMember" xlink:title="FixedIncomeSecuritiesForeignCurrencyMember" />
    <link:label xlink:type="resource" xlink:label="label_FixedIncomeSecuritiesForeignCurrencyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FixedIncomeSecuritiesForeignCurrencyMember" xml:lang="en-US" id="label_FixedIncomeSecuritiesForeignCurrencyMember">Fixed income securities foreign currency [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FixedIncomeSecuritiesForeignCurrencyMember" xlink:to="label_FixedIncomeSecuritiesForeignCurrencyMember" xlink:title="Label : FixedIncomeSecuritiesForeignCurrencyMember to label_FixedIncomeSecuritiesForeignCurrencyMember" />
    <link:label xlink:type="resource" xlink:label="label_FixedIncomeSecuritiesForeignCurrencyMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FixedIncomeSecuritiesForeignCurrencyMember_1" xml:lang="en-US" id="label_FixedIncomeSecuritiesForeignCurrencyMember_1">Fixed income securities foreign currency [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FixedIncomeSecuritiesForeignCurrencyMember" xlink:to="label_FixedIncomeSecuritiesForeignCurrencyMember_1" xlink:title="Label : FixedIncomeSecuritiesForeignCurrencyMember to label_FixedIncomeSecuritiesForeignCurrencyMember_1" />
    <link:label xlink:type="resource" xlink:label="label_FixedIncomeSecuritiesForeignCurrencyMember_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_FixedIncomeSecuritiesForeignCurrencyMember_2" xml:lang="en-US" id="label_FixedIncomeSecuritiesForeignCurrencyMember_2">Fixed-income securities and funds in foreign currency [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FixedIncomeSecuritiesForeignCurrencyMember" xlink:to="label_FixedIncomeSecuritiesForeignCurrencyMember_2" xlink:title="Label : FixedIncomeSecuritiesForeignCurrencyMember to label_FixedIncomeSecuritiesForeignCurrencyMember_2" />
    <link:label xlink:type="resource" xlink:label="label_FixedIncomeSecuritiesForeignCurrencyMember_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FixedIncomeSecuritiesForeignCurrencyMember_3" xml:lang="en-US" id="label_FixedIncomeSecuritiesForeignCurrencyMember_3">Fixed income securities foreign currency.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FixedIncomeSecuritiesForeignCurrencyMember" xlink:to="label_FixedIncomeSecuritiesForeignCurrencyMember_3" xlink:title="Label : FixedIncomeSecuritiesForeignCurrencyMember to label_FixedIncomeSecuritiesForeignCurrencyMember_3" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CurrencyInterestRateHedgingInstrumentsMember" xlink:label="CurrencyInterestRateHedgingInstrumentsMember" xlink:title="CurrencyInterestRateHedgingInstrumentsMember" />
    <link:label xlink:type="resource" xlink:label="label_CurrencyInterestRateHedgingInstrumentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrencyInterestRateHedgingInstrumentsMember" xml:lang="en-US" id="label_CurrencyInterestRateHedgingInstrumentsMember">Currency interest rate hedging instruments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrencyInterestRateHedgingInstrumentsMember" xlink:to="label_CurrencyInterestRateHedgingInstrumentsMember" xlink:title="Label : CurrencyInterestRateHedgingInstrumentsMember to label_CurrencyInterestRateHedgingInstrumentsMember" />
    <link:label xlink:type="resource" xlink:label="label_CurrencyInterestRateHedgingInstrumentsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrencyInterestRateHedgingInstrumentsMember_1" xml:lang="en-US" id="label_CurrencyInterestRateHedgingInstrumentsMember_1">Currency interest rate hedging instruments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrencyInterestRateHedgingInstrumentsMember" xlink:to="label_CurrencyInterestRateHedgingInstrumentsMember_1" xlink:title="Label : CurrencyInterestRateHedgingInstrumentsMember to label_CurrencyInterestRateHedgingInstrumentsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrencyInterestRateHedgingInstrumentsMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrencyInterestRateHedgingInstrumentsMember_2" xml:lang="en-US" id="label_CurrencyInterestRateHedgingInstrumentsMember_2">Currency interest rate hedging instruments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrencyInterestRateHedgingInstrumentsMember" xlink:to="label_CurrencyInterestRateHedgingInstrumentsMember_2" xlink:title="Label : CurrencyInterestRateHedgingInstrumentsMember to label_CurrencyInterestRateHedgingInstrumentsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ResellerFinancingMember" xlink:label="ResellerFinancingMember" xlink:title="ResellerFinancingMember" />
    <link:label xlink:type="resource" xlink:label="label_ResellerFinancingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ResellerFinancingMember" xml:lang="en-US" id="label_ResellerFinancingMember">Reseller Financing [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ResellerFinancingMember" xlink:to="label_ResellerFinancingMember" xlink:title="Label : ResellerFinancingMember to label_ResellerFinancingMember" />
    <link:label xlink:type="resource" xlink:label="label_ResellerFinancingMember_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_ResellerFinancingMember_1" xml:lang="en-US" id="label_ResellerFinancingMember_1">Reseller financing [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ResellerFinancingMember" xlink:to="label_ResellerFinancingMember_1" xlink:title="Label : ResellerFinancingMember to label_ResellerFinancingMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ResellerFinancingMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ResellerFinancingMember_2" xml:lang="en-US" id="label_ResellerFinancingMember_2">Reseller Financing [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ResellerFinancingMember" xlink:to="label_ResellerFinancingMember_2" xlink:title="Label : ResellerFinancingMember to label_ResellerFinancingMember_2" />
    <link:label xlink:type="resource" xlink:label="label_ResellerFinancingMember_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ResellerFinancingMember_3" xml:lang="en-US" id="label_ResellerFinancingMember_3">Reseller Financing Member.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ResellerFinancingMember" xlink:to="label_ResellerFinancingMember_3" xlink:title="Label : ResellerFinancingMember to label_ResellerFinancingMember_3" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_Financing1Member" xlink:label="Financing1Member" xlink:title="Financing1Member" />
    <link:label xlink:type="resource" xlink:label="label_Financing1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Financing1Member" xml:lang="en-US" id="label_Financing1Member">Financing1 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Financing1Member" xlink:to="label_Financing1Member" xlink:title="Label : Financing1Member to label_Financing1Member" />
    <link:label xlink:type="resource" xlink:label="label_Financing1Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Financing1Member_1" xml:lang="en-US" id="label_Financing1Member_1">Financing [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Financing1Member" xlink:to="label_Financing1Member_1" xlink:title="Label : Financing1Member to label_Financing1Member_1" />
    <link:label xlink:type="resource" xlink:label="label_Financing1Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Financing1Member_2" xml:lang="en-US" id="label_Financing1Member_2">Financing1</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Financing1Member" xlink:to="label_Financing1Member_2" xlink:title="Label : Financing1Member to label_Financing1Member_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_Financing2Member" xlink:label="Financing2Member" xlink:title="Financing2Member" />
    <link:label xlink:type="resource" xlink:label="label_Financing2Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Financing2Member" xml:lang="en-US" id="label_Financing2Member">Financing 2 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Financing2Member" xlink:to="label_Financing2Member" xlink:title="Label : Financing2Member to label_Financing2Member" />
    <link:label xlink:type="resource" xlink:label="label_Financing2Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Financing2Member_1" xml:lang="en-US" id="label_Financing2Member_1">Financing [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Financing2Member" xlink:to="label_Financing2Member_1" xlink:title="Label : Financing2Member to label_Financing2Member_1" />
    <link:label xlink:type="resource" xlink:label="label_Financing2Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Financing2Member_2" xml:lang="en-US" id="label_Financing2Member_2">Financing 2.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Financing2Member" xlink:to="label_Financing2Member_2" xlink:title="Label : Financing2Member to label_Financing2Member_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_Debentures1Member" xlink:label="Debentures1Member" xlink:title="Debentures1Member" />
    <link:label xlink:type="resource" xlink:label="label_Debentures1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Debentures1Member" xml:lang="en-US" id="label_Debentures1Member">Debentures 1 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Debentures1Member" xlink:to="label_Debentures1Member" xlink:title="Label : Debentures1Member to label_Debentures1Member" />
    <link:label xlink:type="resource" xlink:label="label_Debentures1Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Debentures1Member_1" xml:lang="en-US" id="label_Debentures1Member_1">Debentures 1 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Debentures1Member" xlink:to="label_Debentures1Member_1" xlink:title="Label : Debentures1Member to label_Debentures1Member_1" />
    <link:label xlink:type="resource" xlink:label="label_Debentures1Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Debentures1Member_2" xml:lang="en-US" id="label_Debentures1Member_2">Debentures 1.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Debentures1Member" xlink:to="label_Debentures1Member_2" xlink:title="Label : Debentures1Member to label_Debentures1Member_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LeasePayableMember" xlink:label="LeasePayableMember" xlink:title="LeasePayableMember" />
    <link:label xlink:type="resource" xlink:label="label_LeasePayableMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LeasePayableMember" xml:lang="en-US" id="label_LeasePayableMember">Lease Payable [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeasePayableMember" xlink:to="label_LeasePayableMember" xlink:title="Label : LeasePayableMember to label_LeasePayableMember" />
    <link:label xlink:type="resource" xlink:label="label_LeasePayableMember_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_LeasePayableMember_1" xml:lang="en-US" id="label_LeasePayableMember_1">Lease payable [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeasePayableMember" xlink:to="label_LeasePayableMember_1" xlink:title="Label : LeasePayableMember to label_LeasePayableMember_1" />
    <link:label xlink:type="resource" xlink:label="label_LeasePayableMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LeasePayableMember_2" xml:lang="en-US" id="label_LeasePayableMember_2">Lease Payable [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeasePayableMember" xlink:to="label_LeasePayableMember_2" xlink:title="Label : LeasePayableMember to label_LeasePayableMember_2" />
    <link:label xlink:type="resource" xlink:label="label_LeasePayableMember_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LeasePayableMember_3" xml:lang="en-US" id="label_LeasePayableMember_3">Lease Payable Member.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LeasePayableMember" xlink:to="label_LeasePayableMember_3" xlink:title="Label : LeasePayableMember to label_LeasePayableMember_3" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CommoditiesCurrencyAndInterestRateHedgingInstrumentsMember" xlink:label="CommoditiesCurrencyAndInterestRateHedgingInstrumentsMember" xlink:title="CommoditiesCurrencyAndInterestRateHedgingInstrumentsMember" />
    <link:label xlink:type="resource" xlink:label="label_CommoditiesCurrencyAndInterestRateHedgingInstrumentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CommoditiesCurrencyAndInterestRateHedgingInstrumentsMember" xml:lang="en-US" id="label_CommoditiesCurrencyAndInterestRateHedgingInstrumentsMember">Commodities currency and interest rate hedging instruments [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommoditiesCurrencyAndInterestRateHedgingInstrumentsMember" xlink:to="label_CommoditiesCurrencyAndInterestRateHedgingInstrumentsMember" xlink:title="Label : CommoditiesCurrencyAndInterestRateHedgingInstrumentsMember to label_CommoditiesCurrencyAndInterestRateHedgingInstrumentsMember" />
    <link:label xlink:type="resource" xlink:label="label_CommoditiesCurrencyAndInterestRateHedgingInstrumentsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CommoditiesCurrencyAndInterestRateHedgingInstrumentsMember_1" xml:lang="en-US" id="label_CommoditiesCurrencyAndInterestRateHedgingInstrumentsMember_1">Commodities currency and interest rate hedging instruments [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommoditiesCurrencyAndInterestRateHedgingInstrumentsMember" xlink:to="label_CommoditiesCurrencyAndInterestRateHedgingInstrumentsMember_1" xlink:title="Label : CommoditiesCurrencyAndInterestRateHedgingInstrumentsMember to label_CommoditiesCurrencyAndInterestRateHedgingInstrumentsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_CommoditiesCurrencyAndInterestRateHedgingInstrumentsMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CommoditiesCurrencyAndInterestRateHedgingInstrumentsMember_2" xml:lang="en-US" id="label_CommoditiesCurrencyAndInterestRateHedgingInstrumentsMember_2">Commodities, currency and interest rate hedging instruments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommoditiesCurrencyAndInterestRateHedgingInstrumentsMember" xlink:to="label_CommoditiesCurrencyAndInterestRateHedgingInstrumentsMember_2" xlink:title="Label : CommoditiesCurrencyAndInterestRateHedgingInstrumentsMember to label_CommoditiesCurrencyAndInterestRateHedgingInstrumentsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TradePayableMember" xlink:label="TradePayableMember" xlink:title="TradePayableMember" />
    <link:label xlink:type="resource" xlink:label="label_TradePayableMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradePayableMember" xml:lang="en-US" id="label_TradePayableMember">Trade Payable [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradePayableMember" xlink:to="label_TradePayableMember" xlink:title="Label : TradePayableMember to label_TradePayableMember" />
    <link:label xlink:type="resource" xlink:label="label_TradePayableMember_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_TradePayableMember_1" xml:lang="en-US" id="label_TradePayableMember_1">Trade payable [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradePayableMember" xlink:to="label_TradePayableMember_1" xlink:title="Label : TradePayableMember to label_TradePayableMember_1" />
    <link:label xlink:type="resource" xlink:label="label_TradePayableMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TradePayableMember_2" xml:lang="en-US" id="label_TradePayableMember_2">Trade Payable [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradePayableMember" xlink:to="label_TradePayableMember_2" xlink:title="Label : TradePayableMember to label_TradePayableMember_2" />
    <link:label xlink:type="resource" xlink:label="label_TradePayableMember_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TradePayableMember_3" xml:lang="en-US" id="label_TradePayableMember_3">Trade Payable Member.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradePayableMember" xlink:to="label_TradePayableMember_3" xlink:title="Label : TradePayableMember to label_TradePayableMember_3" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SubscriptionWarrantsIndemnificationMember" xlink:label="SubscriptionWarrantsIndemnificationMember" xlink:title="SubscriptionWarrantsIndemnificationMember" />
    <link:label xlink:type="resource" xlink:label="label_SubscriptionWarrantsIndemnificationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SubscriptionWarrantsIndemnificationMember" xml:lang="en-US" id="label_SubscriptionWarrantsIndemnificationMember">Subscription warrants indemnification [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubscriptionWarrantsIndemnificationMember" xlink:to="label_SubscriptionWarrantsIndemnificationMember" xlink:title="Label : SubscriptionWarrantsIndemnificationMember to label_SubscriptionWarrantsIndemnificationMember" />
    <link:label xlink:type="resource" xlink:label="label_SubscriptionWarrantsIndemnificationMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SubscriptionWarrantsIndemnificationMember_1" xml:lang="en-US" id="label_SubscriptionWarrantsIndemnificationMember_1">Subscription warrants indemnification [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubscriptionWarrantsIndemnificationMember" xlink:to="label_SubscriptionWarrantsIndemnificationMember_1" xlink:title="Label : SubscriptionWarrantsIndemnificationMember to label_SubscriptionWarrantsIndemnificationMember_1" />
    <link:label xlink:type="resource" xlink:label="label_SubscriptionWarrantsIndemnificationMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SubscriptionWarrantsIndemnificationMember_2" xml:lang="en-US" id="label_SubscriptionWarrantsIndemnificationMember_2">Subscription warrants indemnification.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubscriptionWarrantsIndemnificationMember" xlink:to="label_SubscriptionWarrantsIndemnificationMember_2" xlink:title="Label : SubscriptionWarrantsIndemnificationMember to label_SubscriptionWarrantsIndemnificationMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CategoryOfFinancialAssetsAndLiabilities" xlink:label="CategoryOfFinancialAssetsAndLiabilities" xlink:title="CategoryOfFinancialAssetsAndLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_CategoryOfFinancialAssetsAndLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CategoryOfFinancialAssetsAndLiabilities" xml:lang="en-US" id="label_CategoryOfFinancialAssetsAndLiabilities">Category of financial assets and liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CategoryOfFinancialAssetsAndLiabilities" xlink:to="label_CategoryOfFinancialAssetsAndLiabilities" xlink:title="Label : CategoryOfFinancialAssetsAndLiabilities to label_CategoryOfFinancialAssetsAndLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_CategoryOfFinancialAssetsAndLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CategoryOfFinancialAssetsAndLiabilities_1" xml:lang="en-US" id="label_CategoryOfFinancialAssetsAndLiabilities_1">Category</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CategoryOfFinancialAssetsAndLiabilities" xlink:to="label_CategoryOfFinancialAssetsAndLiabilities_1" xlink:title="Label : CategoryOfFinancialAssetsAndLiabilities to label_CategoryOfFinancialAssetsAndLiabilities_1" />
    <link:label xlink:type="resource" xlink:label="label_CategoryOfFinancialAssetsAndLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CategoryOfFinancialAssetsAndLiabilities_2" xml:lang="en-US" id="label_CategoryOfFinancialAssetsAndLiabilities_2">Category of financial assets and liabilities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CategoryOfFinancialAssetsAndLiabilities" xlink:to="label_CategoryOfFinancialAssetsAndLiabilities_2" xlink:title="Label : CategoryOfFinancialAssetsAndLiabilities to label_CategoryOfFinancialAssetsAndLiabilities_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_FinancialAssets" xlink:label="FinancialAssets" xlink:title="FinancialAssets" />
    <link:label xlink:type="resource" xlink:label="label_FinancialAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialAssets" xml:lang="en-US" id="label_FinancialAssets">Financial assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialAssets" xlink:to="label_FinancialAssets" xlink:title="Label : FinancialAssets to label_FinancialAssets" />
    <link:label xlink:type="resource" xlink:label="label_FinancialAssets_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_FinancialAssets_1" xml:lang="en-US" id="label_FinancialAssets_1">Financial assets, carrying value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialAssets" xlink:to="label_FinancialAssets_1" xlink:title="Label : FinancialAssets to label_FinancialAssets_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_FinancialAssetsAtFairValue" xlink:label="FinancialAssetsAtFairValue" xlink:title="FinancialAssetsAtFairValue" />
    <link:label xlink:type="resource" xlink:label="label_FinancialAssetsAtFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialAssetsAtFairValue" xml:lang="en-US" id="label_FinancialAssetsAtFairValue">Financial assets, at fair value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialAssetsAtFairValue" xlink:to="label_FinancialAssetsAtFairValue" xlink:title="Label : FinancialAssetsAtFairValue to label_FinancialAssetsAtFairValue" />
    <link:label xlink:type="resource" xlink:label="label_FinancialAssetsAtFairValue_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinancialAssetsAtFairValue_1" xml:lang="en-US" id="label_FinancialAssetsAtFairValue_1">Financial assets, fair value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialAssetsAtFairValue" xlink:to="label_FinancialAssetsAtFairValue_1" xlink:title="Label : FinancialAssetsAtFairValue to label_FinancialAssetsAtFairValue_1" />
    <link:label xlink:type="resource" xlink:label="label_FinancialAssetsAtFairValue_2" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:title="label_FinancialAssetsAtFairValue_2" xml:lang="en-US" id="label_FinancialAssetsAtFairValue_2">Financial assets, fair value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialAssetsAtFairValue" xlink:to="label_FinancialAssetsAtFairValue_2" xlink:title="Label : FinancialAssetsAtFairValue to label_FinancialAssetsAtFairValue_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_FinancialLiabilities" xlink:label="FinancialLiabilities" xlink:title="FinancialLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_FinancialLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialLiabilities" xml:lang="en-US" id="label_FinancialLiabilities">Financial liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialLiabilities" xlink:to="label_FinancialLiabilities" xlink:title="Label : FinancialLiabilities to label_FinancialLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_FinancialLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinancialLiabilities_1" xml:lang="en-US" id="label_FinancialLiabilities_1">Financial liabilities, carrying value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialLiabilities" xlink:to="label_FinancialLiabilities_1" xlink:title="Label : FinancialLiabilities to label_FinancialLiabilities_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_FinancialLiabilitiesAtFairValue" xlink:label="FinancialLiabilitiesAtFairValue" xlink:title="FinancialLiabilitiesAtFairValue" />
    <link:label xlink:type="resource" xlink:label="label_FinancialLiabilitiesAtFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialLiabilitiesAtFairValue" xml:lang="en-US" id="label_FinancialLiabilitiesAtFairValue">Financial liabilities, at fair value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialLiabilitiesAtFairValue" xlink:to="label_FinancialLiabilitiesAtFairValue" xlink:title="Label : FinancialLiabilitiesAtFairValue to label_FinancialLiabilitiesAtFairValue" />
    <link:label xlink:type="resource" xlink:label="label_FinancialLiabilitiesAtFairValue_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinancialLiabilitiesAtFairValue_1" xml:lang="en-US" id="label_FinancialLiabilitiesAtFairValue_1">Financial liabilities, fair value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialLiabilitiesAtFairValue" xlink:to="label_FinancialLiabilitiesAtFairValue_1" xlink:title="Label : FinancialLiabilitiesAtFairValue to label_FinancialLiabilitiesAtFairValue_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_Debentures2Member" xlink:label="Debentures2Member" xlink:title="Debentures2Member" />
    <link:label xlink:type="resource" xlink:label="label_Debentures2Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Debentures2Member" xml:lang="en-US" id="label_Debentures2Member">Debentures 2 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Debentures2Member" xlink:to="label_Debentures2Member" xlink:title="Label : Debentures2Member to label_Debentures2Member" />
    <link:label xlink:type="resource" xlink:label="label_Debentures2Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Debentures2Member_1" xml:lang="en-US" id="label_Debentures2Member_1">Debentures 2 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Debentures2Member" xlink:to="label_Debentures2Member_1" xlink:title="Label : Debentures2Member to label_Debentures2Member_1" />
    <link:label xlink:type="resource" xlink:label="label_Debentures2Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Debentures2Member_2" xml:lang="en-US" id="label_Debentures2Member_2">Debentures 2.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Debentures2Member" xlink:to="label_Debentures2Member_2" xlink:title="Label : Debentures2Member to label_Debentures2Member_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LevelsOfFairValueHierarchyAxis" xlink:label="LevelsOfFairValueHierarchyAxis" xlink:title="LevelsOfFairValueHierarchyAxis" />
    <link:label xlink:type="resource" xlink:label="label_LevelsOfFairValueHierarchyAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LevelsOfFairValueHierarchyAxis" xml:lang="en-US" id="label_LevelsOfFairValueHierarchyAxis">Levels of fair value hierarchy [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LevelsOfFairValueHierarchyAxis" xlink:to="label_LevelsOfFairValueHierarchyAxis" xlink:title="Label : LevelsOfFairValueHierarchyAxis to label_LevelsOfFairValueHierarchyAxis" />
    <link:label xlink:type="resource" xlink:label="label_LevelsOfFairValueHierarchyAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LevelsOfFairValueHierarchyAxis_1" xml:lang="en-US" id="label_LevelsOfFairValueHierarchyAxis_1">Levels of fair value hierarchy [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LevelsOfFairValueHierarchyAxis" xlink:to="label_LevelsOfFairValueHierarchyAxis_1" xlink:title="Label : LevelsOfFairValueHierarchyAxis to label_LevelsOfFairValueHierarchyAxis_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AllLevelsOfFairValueHierarchyMember" xlink:label="AllLevelsOfFairValueHierarchyMember" xlink:title="AllLevelsOfFairValueHierarchyMember" />
    <link:label xlink:type="resource" xlink:label="label_AllLevelsOfFairValueHierarchyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AllLevelsOfFairValueHierarchyMember" xml:lang="en-US" id="label_AllLevelsOfFairValueHierarchyMember">All levels of fair value hierarchy [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllLevelsOfFairValueHierarchyMember" xlink:to="label_AllLevelsOfFairValueHierarchyMember" xlink:title="Label : AllLevelsOfFairValueHierarchyMember to label_AllLevelsOfFairValueHierarchyMember" />
    <link:label xlink:type="resource" xlink:label="label_AllLevelsOfFairValueHierarchyMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AllLevelsOfFairValueHierarchyMember_1" xml:lang="en-US" id="label_AllLevelsOfFairValueHierarchyMember_1">All levels of fair value hierarchy [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllLevelsOfFairValueHierarchyMember" xlink:to="label_AllLevelsOfFairValueHierarchyMember_1" xlink:title="Label : AllLevelsOfFairValueHierarchyMember to label_AllLevelsOfFairValueHierarchyMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_Level1OfFairValueHierarchyMember" xlink:label="Level1OfFairValueHierarchyMember" xlink:title="Level1OfFairValueHierarchyMember" />
    <link:label xlink:type="resource" xlink:label="label_Level1OfFairValueHierarchyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Level1OfFairValueHierarchyMember" xml:lang="en-US" id="label_Level1OfFairValueHierarchyMember">Level 1 of fair value hierarchy [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Level1OfFairValueHierarchyMember" xlink:to="label_Level1OfFairValueHierarchyMember" xlink:title="Label : Level1OfFairValueHierarchyMember to label_Level1OfFairValueHierarchyMember" />
    <link:label xlink:type="resource" xlink:label="label_Level1OfFairValueHierarchyMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Level1OfFairValueHierarchyMember_1" xml:lang="en-US" id="label_Level1OfFairValueHierarchyMember_1">Level 1 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Level1OfFairValueHierarchyMember" xlink:to="label_Level1OfFairValueHierarchyMember_1" xlink:title="Label : Level1OfFairValueHierarchyMember to label_Level1OfFairValueHierarchyMember_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_Level2OfFairValueHierarchyMember" xlink:label="Level2OfFairValueHierarchyMember" xlink:title="Level2OfFairValueHierarchyMember" />
    <link:label xlink:type="resource" xlink:label="label_Level2OfFairValueHierarchyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Level2OfFairValueHierarchyMember" xml:lang="en-US" id="label_Level2OfFairValueHierarchyMember">Level 2 of fair value hierarchy [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Level2OfFairValueHierarchyMember" xlink:to="label_Level2OfFairValueHierarchyMember" xlink:title="Label : Level2OfFairValueHierarchyMember to label_Level2OfFairValueHierarchyMember" />
    <link:label xlink:type="resource" xlink:label="label_Level2OfFairValueHierarchyMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Level2OfFairValueHierarchyMember_1" xml:lang="en-US" id="label_Level2OfFairValueHierarchyMember_1">Level 2 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Level2OfFairValueHierarchyMember" xlink:to="label_Level2OfFairValueHierarchyMember_1" xlink:title="Label : Level2OfFairValueHierarchyMember to label_Level2OfFairValueHierarchyMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_FinancialAssetLiabilityCategory" xlink:label="FinancialAssetLiabilityCategory" xlink:title="FinancialAssetLiabilityCategory" />
    <link:label xlink:type="resource" xlink:label="label_FinancialAssetLiabilityCategory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialAssetLiabilityCategory" xml:lang="en-US" id="label_FinancialAssetLiabilityCategory">Financial asset liability category</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialAssetLiabilityCategory" xlink:to="label_FinancialAssetLiabilityCategory" xlink:title="Label : FinancialAssetLiabilityCategory to label_FinancialAssetLiabilityCategory" />
    <link:label xlink:type="resource" xlink:label="label_FinancialAssetLiabilityCategory_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinancialAssetLiabilityCategory_1" xml:lang="en-US" id="label_FinancialAssetLiabilityCategory_1">Category</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialAssetLiabilityCategory" xlink:to="label_FinancialAssetLiabilityCategory_1" xlink:title="Label : FinancialAssetLiabilityCategory to label_FinancialAssetLiabilityCategory_1" />
    <link:label xlink:type="resource" xlink:label="label_FinancialAssetLiabilityCategory_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FinancialAssetLiabilityCategory_2" xml:lang="en-US" id="label_FinancialAssetLiabilityCategory_2">Financial asset liability category.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialAssetLiabilityCategory" xlink:to="label_FinancialAssetLiabilityCategory_2" xlink:title="Label : FinancialAssetLiabilityCategory to label_FinancialAssetLiabilityCategory_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_FinancialLiabilitiesFairValue" xlink:label="FinancialLiabilitiesFairValue" xlink:title="FinancialLiabilitiesFairValue" />
    <link:label xlink:type="resource" xlink:label="label_FinancialLiabilitiesFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FinancialLiabilitiesFairValue" xml:lang="en-US" id="label_FinancialLiabilitiesFairValue">Financial liabilities fair value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialLiabilitiesFairValue" xlink:to="label_FinancialLiabilitiesFairValue" xlink:title="Label : FinancialLiabilitiesFairValue to label_FinancialLiabilitiesFairValue" />
    <link:label xlink:type="resource" xlink:label="label_FinancialLiabilitiesFairValue_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FinancialLiabilitiesFairValue_1" xml:lang="en-US" id="label_FinancialLiabilitiesFairValue_1">Financial liabilities, fair value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialLiabilitiesFairValue" xlink:to="label_FinancialLiabilitiesFairValue_1" xlink:title="Label : FinancialLiabilitiesFairValue to label_FinancialLiabilitiesFairValue_1" />
    <link:label xlink:type="resource" xlink:label="label_FinancialLiabilitiesFairValue_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FinancialLiabilitiesFairValue_2" xml:lang="en-US" id="label_FinancialLiabilitiesFairValue_2">Financial liabilities fair value.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinancialLiabilitiesFairValue" xlink:to="label_FinancialLiabilitiesFairValue_2" xlink:title="Label : FinancialLiabilitiesFairValue to label_FinancialLiabilitiesFairValue_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CurrencySwapsReceivableInUSDollarsAbstract" xlink:label="CurrencySwapsReceivableInUSDollarsAbstract" xlink:title="CurrencySwapsReceivableInUSDollarsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CurrencySwapsReceivableInUSDollarsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrencySwapsReceivableInUSDollarsAbstract" xml:lang="en-US" id="label_CurrencySwapsReceivableInUSDollarsAbstract">Currency swaps receivable in us dollars [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrencySwapsReceivableInUSDollarsAbstract" xlink:to="label_CurrencySwapsReceivableInUSDollarsAbstract" xlink:title="Label : CurrencySwapsReceivableInUSDollarsAbstract to label_CurrencySwapsReceivableInUSDollarsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CurrencySwapsReceivableInUSDollarsAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrencySwapsReceivableInUSDollarsAbstract_1" xml:lang="en-US" id="label_CurrencySwapsReceivableInUSDollarsAbstract_1">Currency swaps receivable in U.S. dollars</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrencySwapsReceivableInUSDollarsAbstract" xlink:to="label_CurrencySwapsReceivableInUSDollarsAbstract_1" xlink:title="Label : CurrencySwapsReceivableInUSDollarsAbstract to label_CurrencySwapsReceivableInUSDollarsAbstract_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrencySwapsReceivableInUSDollarsAbstract_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrencySwapsReceivableInUSDollarsAbstract_2" xml:lang="en-US" id="label_CurrencySwapsReceivableInUSDollarsAbstract_2">Currency swaps receivable in us dollars.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrencySwapsReceivableInUSDollarsAbstract" xlink:to="label_CurrencySwapsReceivableInUSDollarsAbstract_2" xlink:title="Label : CurrencySwapsReceivableInUSDollarsAbstract to label_CurrencySwapsReceivableInUSDollarsAbstract_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_USDollarToRealSwaps" xlink:label="USDollarToRealSwaps" xlink:title="USDollarToRealSwaps" />
    <link:label xlink:type="resource" xlink:label="label_USDollarToRealSwaps" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_USDollarToRealSwaps" xml:lang="en-US" id="label_USDollarToRealSwaps">Us dollar to real swaps</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="USDollarToRealSwaps" xlink:to="label_USDollarToRealSwaps" xlink:title="Label : USDollarToRealSwaps to label_USDollarToRealSwaps" />
    <link:label xlink:type="resource" xlink:label="label_USDollarToRealSwaps_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_USDollarToRealSwaps_1" xml:lang="en-US" id="label_USDollarToRealSwaps_1">U.S. Dollar / Real swaps</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="USDollarToRealSwaps" xlink:to="label_USDollarToRealSwaps_1" xlink:title="Label : USDollarToRealSwaps to label_USDollarToRealSwaps_1" />
    <link:label xlink:type="resource" xlink:label="label_USDollarToRealSwaps_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_USDollarToRealSwaps_2" xml:lang="en-US" id="label_USDollarToRealSwaps_2">U.S. Dollar/ Real swaps.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="USDollarToRealSwaps" xlink:to="label_USDollarToRealSwaps_2" xlink:title="Label : USDollarToRealSwaps to label_USDollarToRealSwaps_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DebtsFirmCommitmentsInDollars" xlink:label="DebtsFirmCommitmentsInDollars" xlink:title="DebtsFirmCommitmentsInDollars" />
    <link:label xlink:type="resource" xlink:label="label_DebtsFirmCommitmentsInDollars" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DebtsFirmCommitmentsInDollars" xml:lang="en-US" id="label_DebtsFirmCommitmentsInDollars">Debts firm commitments in dollars</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtsFirmCommitmentsInDollars" xlink:to="label_DebtsFirmCommitmentsInDollars" xlink:title="Label : DebtsFirmCommitmentsInDollars to label_DebtsFirmCommitmentsInDollars" />
    <link:label xlink:type="resource" xlink:label="label_DebtsFirmCommitmentsInDollars_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_DebtsFirmCommitmentsInDollars_1" xml:lang="en-US" id="label_DebtsFirmCommitmentsInDollars_1">Debts/firm commitments in dollars</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtsFirmCommitmentsInDollars" xlink:to="label_DebtsFirmCommitmentsInDollars_1" xlink:title="Label : DebtsFirmCommitmentsInDollars to label_DebtsFirmCommitmentsInDollars_1" />
    <link:label xlink:type="resource" xlink:label="label_DebtsFirmCommitmentsInDollars_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DebtsFirmCommitmentsInDollars_2" xml:lang="en-US" id="label_DebtsFirmCommitmentsInDollars_2">Debts/firm commitments in dollars.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebtsFirmCommitmentsInDollars" xlink:to="label_DebtsFirmCommitmentsInDollars_2" xlink:title="Label : DebtsFirmCommitmentsInDollars to label_DebtsFirmCommitmentsInDollars_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_USDollarToRealSwapsNetEffect" xlink:label="USDollarToRealSwapsNetEffect" xlink:title="USDollarToRealSwapsNetEffect" />
    <link:label xlink:type="resource" xlink:label="label_USDollarToRealSwapsNetEffect" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_USDollarToRealSwapsNetEffect" xml:lang="en-US" id="label_USDollarToRealSwapsNetEffect">Us dollar to real swaps net effect</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="USDollarToRealSwapsNetEffect" xlink:to="label_USDollarToRealSwapsNetEffect" xlink:title="Label : USDollarToRealSwapsNetEffect to label_USDollarToRealSwapsNetEffect" />
    <link:label xlink:type="resource" xlink:label="label_USDollarToRealSwapsNetEffect_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_USDollarToRealSwapsNetEffect_1" xml:lang="en-US" id="label_USDollarToRealSwapsNetEffect_1">Net effect</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="USDollarToRealSwapsNetEffect" xlink:to="label_USDollarToRealSwapsNetEffect_1" xlink:title="Label : USDollarToRealSwapsNetEffect to label_USDollarToRealSwapsNetEffect_1" />
    <link:label xlink:type="resource" xlink:label="label_USDollarToRealSwapsNetEffect_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_USDollarToRealSwapsNetEffect_2" xml:lang="en-US" id="label_USDollarToRealSwapsNetEffect_2">Us dollar to real swaps net effect.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="USDollarToRealSwapsNetEffect" xlink:to="label_USDollarToRealSwapsNetEffect_2" xlink:title="Label : USDollarToRealSwapsNetEffect to label_USDollarToRealSwapsNetEffect_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CurrencySwapsPayableInUSDollarsAbstract" xlink:label="CurrencySwapsPayableInUSDollarsAbstract" xlink:title="CurrencySwapsPayableInUSDollarsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CurrencySwapsPayableInUSDollarsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrencySwapsPayableInUSDollarsAbstract" xml:lang="en-US" id="label_CurrencySwapsPayableInUSDollarsAbstract">Currency swaps payable in us dollars [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrencySwapsPayableInUSDollarsAbstract" xlink:to="label_CurrencySwapsPayableInUSDollarsAbstract" xlink:title="Label : CurrencySwapsPayableInUSDollarsAbstract to label_CurrencySwapsPayableInUSDollarsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CurrencySwapsPayableInUSDollarsAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrencySwapsPayableInUSDollarsAbstract_1" xml:lang="en-US" id="label_CurrencySwapsPayableInUSDollarsAbstract_1">Currency swaps payable in U.S. dollars</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrencySwapsPayableInUSDollarsAbstract" xlink:to="label_CurrencySwapsPayableInUSDollarsAbstract_1" xlink:title="Label : CurrencySwapsPayableInUSDollarsAbstract to label_CurrencySwapsPayableInUSDollarsAbstract_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrencySwapsPayableInUSDollarsAbstract_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrencySwapsPayableInUSDollarsAbstract_2" xml:lang="en-US" id="label_CurrencySwapsPayableInUSDollarsAbstract_2">Currency swaps payable in us dollars.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrencySwapsPayableInUSDollarsAbstract" xlink:to="label_CurrencySwapsPayableInUSDollarsAbstract_2" xlink:title="Label : CurrencySwapsPayableInUSDollarsAbstract to label_CurrencySwapsPayableInUSDollarsAbstract_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_RealToUsDollarSwaps" xlink:label="RealToUsDollarSwaps" xlink:title="RealToUsDollarSwaps" />
    <link:label xlink:type="resource" xlink:label="label_RealToUsDollarSwaps" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RealToUsDollarSwaps" xml:lang="en-US" id="label_RealToUsDollarSwaps">Real to us dollar swaps</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealToUsDollarSwaps" xlink:to="label_RealToUsDollarSwaps" xlink:title="Label : RealToUsDollarSwaps to label_RealToUsDollarSwaps" />
    <link:label xlink:type="resource" xlink:label="label_RealToUsDollarSwaps_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RealToUsDollarSwaps_1" xml:lang="en-US" id="label_RealToUsDollarSwaps_1">Real / U.S. Dollar swaps</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealToUsDollarSwaps" xlink:to="label_RealToUsDollarSwaps_1" xlink:title="Label : RealToUsDollarSwaps to label_RealToUsDollarSwaps_1" />
    <link:label xlink:type="resource" xlink:label="label_RealToUsDollarSwaps_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RealToUsDollarSwaps_2" xml:lang="en-US" id="label_RealToUsDollarSwaps_2">Real/ U.S. Dollar swaps.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealToUsDollarSwaps" xlink:to="label_RealToUsDollarSwaps_2" xlink:title="Label : RealToUsDollarSwaps to label_RealToUsDollarSwaps_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_GrossMarginOfOxitenoSwapPayable" xlink:label="GrossMarginOfOxitenoSwapPayable" xlink:title="GrossMarginOfOxitenoSwapPayable" />
    <link:label xlink:type="resource" xlink:label="label_GrossMarginOfOxitenoSwapPayable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GrossMarginOfOxitenoSwapPayable" xml:lang="en-US" id="label_GrossMarginOfOxitenoSwapPayable">Gross margin of oxiteno swap payable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrossMarginOfOxitenoSwapPayable" xlink:to="label_GrossMarginOfOxitenoSwapPayable" xlink:title="Label : GrossMarginOfOxitenoSwapPayable to label_GrossMarginOfOxitenoSwapPayable" />
    <link:label xlink:type="resource" xlink:label="label_GrossMarginOfOxitenoSwapPayable_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_GrossMarginOfOxitenoSwapPayable_1" xml:lang="en-US" id="label_GrossMarginOfOxitenoSwapPayable_1">Gross margin of Oxiteno</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrossMarginOfOxitenoSwapPayable" xlink:to="label_GrossMarginOfOxitenoSwapPayable_1" xlink:title="Label : GrossMarginOfOxitenoSwapPayable to label_GrossMarginOfOxitenoSwapPayable_1" />
    <link:label xlink:type="resource" xlink:label="label_GrossMarginOfOxitenoSwapPayable_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_GrossMarginOfOxitenoSwapPayable_2" xml:lang="en-US" id="label_GrossMarginOfOxitenoSwapPayable_2">Gross margin of Oxiteno.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrossMarginOfOxitenoSwapPayable" xlink:to="label_GrossMarginOfOxitenoSwapPayable_2" xlink:title="Label : GrossMarginOfOxitenoSwapPayable to label_GrossMarginOfOxitenoSwapPayable_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_RealToUsDollarSwapsNetEffect" xlink:label="RealToUsDollarSwapsNetEffect" xlink:title="RealToUsDollarSwapsNetEffect" />
    <link:label xlink:type="resource" xlink:label="label_RealToUsDollarSwapsNetEffect" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RealToUsDollarSwapsNetEffect" xml:lang="en-US" id="label_RealToUsDollarSwapsNetEffect">Real to us dollar swaps net effect</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealToUsDollarSwapsNetEffect" xlink:to="label_RealToUsDollarSwapsNetEffect" xlink:title="Label : RealToUsDollarSwapsNetEffect to label_RealToUsDollarSwapsNetEffect" />
    <link:label xlink:type="resource" xlink:label="label_RealToUsDollarSwapsNetEffect_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_RealToUsDollarSwapsNetEffect_1" xml:lang="en-US" id="label_RealToUsDollarSwapsNetEffect_1">Net effect</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealToUsDollarSwapsNetEffect" xlink:to="label_RealToUsDollarSwapsNetEffect_1" xlink:title="Label : RealToUsDollarSwapsNetEffect to label_RealToUsDollarSwapsNetEffect_1" />
    <link:label xlink:type="resource" xlink:label="label_RealToUsDollarSwapsNetEffect_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RealToUsDollarSwapsNetEffect_2" xml:lang="en-US" id="label_RealToUsDollarSwapsNetEffect_2">Real to us dollar swaps net effect.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RealToUsDollarSwapsNetEffect" xlink:to="label_RealToUsDollarSwapsNetEffect_2" xlink:title="Label : RealToUsDollarSwapsNetEffect to label_RealToUsDollarSwapsNetEffect_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CurrencySwapsOptionAbstract" xlink:label="CurrencySwapsOptionAbstract" xlink:title="CurrencySwapsOptionAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CurrencySwapsOptionAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CurrencySwapsOptionAbstract" xml:lang="en-US" id="label_CurrencySwapsOptionAbstract">Currency swaps option [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrencySwapsOptionAbstract" xlink:to="label_CurrencySwapsOptionAbstract" xlink:title="Label : CurrencySwapsOptionAbstract to label_CurrencySwapsOptionAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CurrencySwapsOptionAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CurrencySwapsOptionAbstract_1" xml:lang="en-US" id="label_CurrencySwapsOptionAbstract_1">Options</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrencySwapsOptionAbstract" xlink:to="label_CurrencySwapsOptionAbstract_1" xlink:title="Label : CurrencySwapsOptionAbstract to label_CurrencySwapsOptionAbstract_1" />
    <link:label xlink:type="resource" xlink:label="label_CurrencySwapsOptionAbstract_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CurrencySwapsOptionAbstract_2" xml:lang="en-US" id="label_CurrencySwapsOptionAbstract_2">Currency swaps option.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrencySwapsOptionAbstract" xlink:to="label_CurrencySwapsOptionAbstract_2" xlink:title="Label : CurrencySwapsOptionAbstract to label_CurrencySwapsOptionAbstract_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OptionsRealToDollarSwaps" xlink:label="OptionsRealToDollarSwaps" xlink:title="OptionsRealToDollarSwaps" />
    <link:label xlink:type="resource" xlink:label="label_OptionsRealToDollarSwaps" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OptionsRealToDollarSwaps" xml:lang="en-US" id="label_OptionsRealToDollarSwaps">Options Real to U.S. Dollar swaps</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OptionsRealToDollarSwaps" xlink:to="label_OptionsRealToDollarSwaps" xlink:title="Label : OptionsRealToDollarSwaps to label_OptionsRealToDollarSwaps" />
    <link:label xlink:type="resource" xlink:label="label_OptionsRealToDollarSwaps_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_OptionsRealToDollarSwaps_1" xml:lang="en-US" id="label_OptionsRealToDollarSwaps_1">Options Real / U.S. Dollar swaps</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OptionsRealToDollarSwaps" xlink:to="label_OptionsRealToDollarSwaps_1" xlink:title="Label : OptionsRealToDollarSwaps to label_OptionsRealToDollarSwaps_1" />
    <link:label xlink:type="resource" xlink:label="label_OptionsRealToDollarSwaps_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OptionsRealToDollarSwaps_2" xml:lang="en-US" id="label_OptionsRealToDollarSwaps_2">Options real to U.S. dollar swaps.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OptionsRealToDollarSwaps" xlink:to="label_OptionsRealToDollarSwaps_2" xlink:title="Label : OptionsRealToDollarSwaps to label_OptionsRealToDollarSwaps_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_GrossMarginOfOxitenoOption" xlink:label="GrossMarginOfOxitenoOption" xlink:title="GrossMarginOfOxitenoOption" />
    <link:label xlink:type="resource" xlink:label="label_GrossMarginOfOxitenoOption" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GrossMarginOfOxitenoOption" xml:lang="en-US" id="label_GrossMarginOfOxitenoOption">Gross margin of Oxiteno option</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrossMarginOfOxitenoOption" xlink:to="label_GrossMarginOfOxitenoOption" xlink:title="Label : GrossMarginOfOxitenoOption to label_GrossMarginOfOxitenoOption" />
    <link:label xlink:type="resource" xlink:label="label_GrossMarginOfOxitenoOption_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GrossMarginOfOxitenoOption_1" xml:lang="en-US" id="label_GrossMarginOfOxitenoOption_1">Gross margin of Oxiteno</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrossMarginOfOxitenoOption" xlink:to="label_GrossMarginOfOxitenoOption_1" xlink:title="Label : GrossMarginOfOxitenoOption to label_GrossMarginOfOxitenoOption_1" />
    <link:label xlink:type="resource" xlink:label="label_GrossMarginOfOxitenoOption_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_GrossMarginOfOxitenoOption_2" xml:lang="en-US" id="label_GrossMarginOfOxitenoOption_2">Gross margin of Oxiteno option.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrossMarginOfOxitenoOption" xlink:to="label_GrossMarginOfOxitenoOption_2" xlink:title="Label : GrossMarginOfOxitenoOption to label_GrossMarginOfOxitenoOption_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OptionsRealToDollarSwapsNetEffect" xlink:label="OptionsRealToDollarSwapsNetEffect" xlink:title="OptionsRealToDollarSwapsNetEffect" />
    <link:label xlink:type="resource" xlink:label="label_OptionsRealToDollarSwapsNetEffect" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OptionsRealToDollarSwapsNetEffect" xml:lang="en-US" id="label_OptionsRealToDollarSwapsNetEffect">Options Real to U.S. Dollar swaps net effect</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OptionsRealToDollarSwapsNetEffect" xlink:to="label_OptionsRealToDollarSwapsNetEffect" xlink:title="Label : OptionsRealToDollarSwapsNetEffect to label_OptionsRealToDollarSwapsNetEffect" />
    <link:label xlink:type="resource" xlink:label="label_OptionsRealToDollarSwapsNetEffect_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_OptionsRealToDollarSwapsNetEffect_1" xml:lang="en-US" id="label_OptionsRealToDollarSwapsNetEffect_1">Net effect</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OptionsRealToDollarSwapsNetEffect" xlink:to="label_OptionsRealToDollarSwapsNetEffect_1" xlink:title="Label : OptionsRealToDollarSwapsNetEffect to label_OptionsRealToDollarSwapsNetEffect_1" />
    <link:label xlink:type="resource" xlink:label="label_OptionsRealToDollarSwapsNetEffect_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OptionsRealToDollarSwapsNetEffect_2" xml:lang="en-US" id="label_OptionsRealToDollarSwapsNetEffect_2">Options real to U.S. dollar swaps net effect.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OptionsRealToDollarSwapsNetEffect" xlink:to="label_OptionsRealToDollarSwapsNetEffect_2" xlink:title="Label : OptionsRealToDollarSwapsNetEffect to label_OptionsRealToDollarSwapsNetEffect_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_InterestRateSwapInBrazilianReaisDebenturesCRAAbstract" xlink:label="InterestRateSwapInBrazilianReaisDebenturesCRAAbstract" xlink:title="InterestRateSwapInBrazilianReaisDebenturesCRAAbstract" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateSwapInBrazilianReaisDebenturesCRAAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InterestRateSwapInBrazilianReaisDebenturesCRAAbstract" xml:lang="en-US" id="label_InterestRateSwapInBrazilianReaisDebenturesCRAAbstract">Interest rate swap in brazilian reais debentures cra [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateSwapInBrazilianReaisDebenturesCRAAbstract" xlink:to="label_InterestRateSwapInBrazilianReaisDebenturesCRAAbstract" xlink:title="Label : InterestRateSwapInBrazilianReaisDebenturesCRAAbstract to label_InterestRateSwapInBrazilianReaisDebenturesCRAAbstract" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateSwapInBrazilianReaisDebenturesCRAAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_InterestRateSwapInBrazilianReaisDebenturesCRAAbstract_1" xml:lang="en-US" id="label_InterestRateSwapInBrazilianReaisDebenturesCRAAbstract_1">Interest rate swap (in Brazilian Reais) - Debentures-CRA</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateSwapInBrazilianReaisDebenturesCRAAbstract" xlink:to="label_InterestRateSwapInBrazilianReaisDebenturesCRAAbstract_1" xlink:title="Label : InterestRateSwapInBrazilianReaisDebenturesCRAAbstract to label_InterestRateSwapInBrazilianReaisDebenturesCRAAbstract_1" />
    <link:label xlink:type="resource" xlink:label="label_InterestRateSwapInBrazilianReaisDebenturesCRAAbstract_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_InterestRateSwapInBrazilianReaisDebenturesCRAAbstract_2" xml:lang="en-US" id="label_InterestRateSwapInBrazilianReaisDebenturesCRAAbstract_2">Interest rate swap in brazilian reais debentures cra.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestRateSwapInBrazilianReaisDebenturesCRAAbstract" xlink:to="label_InterestRateSwapInBrazilianReaisDebenturesCRAAbstract_2" xlink:title="Label : InterestRateSwapInBrazilianReaisDebenturesCRAAbstract to label_InterestRateSwapInBrazilianReaisDebenturesCRAAbstract_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_FixedRateSwapDI" xlink:label="FixedRateSwapDI" xlink:title="FixedRateSwapDI" />
    <link:label xlink:type="resource" xlink:label="label_FixedRateSwapDI" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FixedRateSwapDI" xml:lang="en-US" id="label_FixedRateSwapDI">Fixed Rate Swap D I</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FixedRateSwapDI" xlink:to="label_FixedRateSwapDI" xlink:title="Label : FixedRateSwapDI to label_FixedRateSwapDI" />
    <link:label xlink:type="resource" xlink:label="label_FixedRateSwapDI_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FixedRateSwapDI_1" xml:lang="en-US" id="label_FixedRateSwapDI_1">Fixed rate swap - DI</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FixedRateSwapDI" xlink:to="label_FixedRateSwapDI_1" xlink:title="Label : FixedRateSwapDI to label_FixedRateSwapDI_1" />
    <link:label xlink:type="resource" xlink:label="label_FixedRateSwapDI_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FixedRateSwapDI_2" xml:lang="en-US" id="label_FixedRateSwapDI_2">Fixed rate swap di.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FixedRateSwapDI" xlink:to="label_FixedRateSwapDI_2" xlink:title="Label : FixedRateSwapDI to label_FixedRateSwapDI_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_FixedRateDebt" xlink:label="FixedRateDebt" xlink:title="FixedRateDebt" />
    <link:label xlink:type="resource" xlink:label="label_FixedRateDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FixedRateDebt" xml:lang="en-US" id="label_FixedRateDebt">Fixed rate debt</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FixedRateDebt" xlink:to="label_FixedRateDebt" xlink:title="Label : FixedRateDebt to label_FixedRateDebt" />
    <link:label xlink:type="resource" xlink:label="label_FixedRateDebt_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FixedRateDebt_1" xml:lang="en-US" id="label_FixedRateDebt_1">Fixed rate debt</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FixedRateDebt" xlink:to="label_FixedRateDebt_1" xlink:title="Label : FixedRateDebt to label_FixedRateDebt_1" />
    <link:label xlink:type="resource" xlink:label="label_FixedRateDebt_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FixedRateDebt_2" xml:lang="en-US" id="label_FixedRateDebt_2">Fixed rate debt.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FixedRateDebt" xlink:to="label_FixedRateDebt_2" xlink:title="Label : FixedRateDebt to label_FixedRateDebt_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_FixedRateSwapNetEffect" xlink:label="FixedRateSwapNetEffect" xlink:title="FixedRateSwapNetEffect" />
    <link:label xlink:type="resource" xlink:label="label_FixedRateSwapNetEffect" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FixedRateSwapNetEffect" xml:lang="en-US" id="label_FixedRateSwapNetEffect">Fixed rate swap net effect</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FixedRateSwapNetEffect" xlink:to="label_FixedRateSwapNetEffect" xlink:title="Label : FixedRateSwapNetEffect to label_FixedRateSwapNetEffect" />
    <link:label xlink:type="resource" xlink:label="label_FixedRateSwapNetEffect_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_FixedRateSwapNetEffect_1" xml:lang="en-US" id="label_FixedRateSwapNetEffect_1">Net effect</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FixedRateSwapNetEffect" xlink:to="label_FixedRateSwapNetEffect_1" xlink:title="Label : FixedRateSwapNetEffect to label_FixedRateSwapNetEffect_1" />
    <link:label xlink:type="resource" xlink:label="label_FixedRateSwapNetEffect_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FixedRateSwapNetEffect_2" xml:lang="en-US" id="label_FixedRateSwapNetEffect_2">Fixed rate swap net effect.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FixedRateSwapNetEffect" xlink:to="label_FixedRateSwapNetEffect_2" xlink:title="Label : FixedRateSwapNetEffect to label_FixedRateSwapNetEffect_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectAbstract" xlink:label="DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectAbstract" xlink:title="DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectAbstract" xml:lang="en-US" id="label_DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectAbstract">Disclosure of Variation For Derivative Instruments Of Hedging Object [Abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectAbstract" xlink:to="label_DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectAbstract" xlink:title="Label : DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectAbstract to label_DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectAbstract_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectAbstract_1" xml:lang="en-US" id="label_DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectAbstract_1">Disclosure of Variation For Derivative Instruments Of Hedging Object [abstract].</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectAbstract" xlink:to="label_DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectAbstract_1" xlink:title="Label : DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectAbstract to label_DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectTable" xlink:label="DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectTable" xlink:title="DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectTable" xml:lang="en-US" id="label_DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectTable">Disclosure of Variation For Derivative Instruments Of Hedging Object [Table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectTable" xlink:to="label_DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectTable" xlink:title="Label : DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectTable to label_DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectTable_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectTable_1" xml:lang="en-US" id="label_DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectTable_1">Disclosure of Variation For Derivative Instruments Of Hedging Object [Table].</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectTable" xlink:to="label_DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectTable_1" xlink:title="Label : DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectTable to label_DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectTable_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectLineItems" xlink:label="DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectLineItems" xlink:title="DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectLineItems" xml:lang="en-US" id="label_DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectLineItems">Disclosure of Variation For Derivative Instruments Of Hedging Object [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectLineItems" xlink:to="label_DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectLineItems" xlink:title="Label : DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectLineItems to label_DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectLineItems_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectLineItems_1" xml:lang="en-US" id="label_DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectLineItems_1">Disclosure of Variation For Derivative Instruments Of Hedging Object [Line Items].</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectLineItems" xlink:to="label_DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectLineItems_1" xlink:title="Label : DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectLineItems to label_DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectLineItems_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_NdfOfCommodities" xlink:label="NdfOfCommodities" xlink:title="NdfOfCommodities" />
    <link:label xlink:type="resource" xlink:label="label_NdfOfCommodities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NdfOfCommodities" xml:lang="en-US" id="label_NdfOfCommodities">NDF Of Commodities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NdfOfCommodities" xlink:to="label_NdfOfCommodities" xlink:title="Label : NdfOfCommodities to label_NdfOfCommodities" />
    <link:label xlink:type="resource" xlink:label="label_NdfOfCommodities_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NdfOfCommodities_1" xml:lang="en-US" id="label_NdfOfCommodities_1">NDF of Commodities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NdfOfCommodities" xlink:to="label_NdfOfCommodities_1" xlink:title="Label : NdfOfCommodities to label_NdfOfCommodities_1" />
    <link:label xlink:type="resource" xlink:label="label_NdfOfCommodities_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NdfOfCommodities_2" xml:lang="en-US" id="label_NdfOfCommodities_2">NDF Of Commodities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NdfOfCommodities" xlink:to="label_NdfOfCommodities_2" xlink:title="Label : NdfOfCommodities to label_NdfOfCommodities_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_GrossMarginFromIpirangaNdfCommodities" xlink:label="GrossMarginFromIpirangaNdfCommodities" xlink:title="GrossMarginFromIpirangaNdfCommodities" />
    <link:label xlink:type="resource" xlink:label="label_GrossMarginFromIpirangaNdfCommodities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GrossMarginFromIpirangaNdfCommodities" xml:lang="en-US" id="label_GrossMarginFromIpirangaNdfCommodities">Gross Margin From Ipiranga NDF Commodities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrossMarginFromIpirangaNdfCommodities" xlink:to="label_GrossMarginFromIpirangaNdfCommodities" xlink:title="Label : GrossMarginFromIpirangaNdfCommodities to label_GrossMarginFromIpirangaNdfCommodities" />
    <link:label xlink:type="resource" xlink:label="label_GrossMarginFromIpirangaNdfCommodities_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_GrossMarginFromIpirangaNdfCommodities_1" xml:lang="en-US" id="label_GrossMarginFromIpirangaNdfCommodities_1">Gross margin from Ipiranga</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrossMarginFromIpirangaNdfCommodities" xlink:to="label_GrossMarginFromIpirangaNdfCommodities_1" xlink:title="Label : GrossMarginFromIpirangaNdfCommodities to label_GrossMarginFromIpirangaNdfCommodities_1" />
    <link:label xlink:type="resource" xlink:label="label_GrossMarginFromIpirangaNdfCommodities_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_GrossMarginFromIpirangaNdfCommodities_2" xml:lang="en-US" id="label_GrossMarginFromIpirangaNdfCommodities_2">Gross Margin From Ipiranga NDF Commodities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrossMarginFromIpirangaNdfCommodities" xlink:to="label_GrossMarginFromIpirangaNdfCommodities_2" xlink:title="Label : GrossMarginFromIpirangaNdfCommodities to label_GrossMarginFromIpirangaNdfCommodities_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_FixedNdfCommoditiesNetEffect" xlink:label="FixedNdfCommoditiesNetEffect" xlink:title="FixedNdfCommoditiesNetEffect" />
    <link:label xlink:type="resource" xlink:label="label_FixedNdfCommoditiesNetEffect" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_FixedNdfCommoditiesNetEffect" xml:lang="en-US" id="label_FixedNdfCommoditiesNetEffect">Fixed NDF Commodities Net Effect.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FixedNdfCommoditiesNetEffect" xlink:to="label_FixedNdfCommoditiesNetEffect" xlink:title="Label : FixedNdfCommoditiesNetEffect to label_FixedNdfCommoditiesNetEffect" />
    <link:label xlink:type="resource" xlink:label="label_FixedNdfCommoditiesNetEffect_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_FixedNdfCommoditiesNetEffect_1" xml:lang="en-US" id="label_FixedNdfCommoditiesNetEffect_1">NDF Commodities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FixedNdfCommoditiesNetEffect" xlink:to="label_FixedNdfCommoditiesNetEffect_1" xlink:title="Label : FixedNdfCommoditiesNetEffect to label_FixedNdfCommoditiesNetEffect_1" />
    <link:label xlink:type="resource" xlink:label="label_FixedNdfCommoditiesNetEffect_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_FixedNdfCommoditiesNetEffect_2" xml:lang="en-US" id="label_FixedNdfCommoditiesNetEffect_2">Fixed NDF Commodities Net Effect</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FixedNdfCommoditiesNetEffect" xlink:to="label_FixedNdfCommoditiesNetEffect_2" xlink:title="Label : FixedNdfCommoditiesNetEffect to label_FixedNdfCommoditiesNetEffect_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CommitmentsAbstract" xlink:label="CommitmentsAbstract" xlink:title="CommitmentsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CommitmentsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CommitmentsAbstract" xml:lang="en-US" id="label_CommitmentsAbstract">Commitments [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommitmentsAbstract" xlink:to="label_CommitmentsAbstract" xlink:title="Label : CommitmentsAbstract to label_CommitmentsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CommitmentsAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CommitmentsAbstract_1" xml:lang="en-US" id="label_CommitmentsAbstract_1">Commitments [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommitmentsAbstract" xlink:to="label_CommitmentsAbstract_1" xlink:title="Label : CommitmentsAbstract to label_CommitmentsAbstract_1" />
    <link:label xlink:type="resource" xlink:label="label_CommitmentsAbstract_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CommitmentsAbstract_2" xml:lang="en-US" id="label_CommitmentsAbstract_2">Commitments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommitmentsAbstract" xlink:to="label_CommitmentsAbstract_2" xlink:title="Label : CommitmentsAbstract to label_CommitmentsAbstract_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CommitmentsTable" xlink:label="CommitmentsTable" xlink:title="CommitmentsTable" />
    <link:label xlink:type="resource" xlink:label="label_CommitmentsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CommitmentsTable" xml:lang="en-US" id="label_CommitmentsTable">Commitments [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommitmentsTable" xlink:to="label_CommitmentsTable" xlink:title="Label : CommitmentsTable to label_CommitmentsTable" />
    <link:label xlink:type="resource" xlink:label="label_CommitmentsTable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CommitmentsTable_1" xml:lang="en-US" id="label_CommitmentsTable_1">Commitments [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommitmentsTable" xlink:to="label_CommitmentsTable_1" xlink:title="Label : CommitmentsTable to label_CommitmentsTable_1" />
    <link:label xlink:type="resource" xlink:label="label_CommitmentsTable_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CommitmentsTable_2" xml:lang="en-US" id="label_CommitmentsTable_2">Commitments [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommitmentsTable" xlink:to="label_CommitmentsTable_2" xlink:title="Label : CommitmentsTable to label_CommitmentsTable_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TypesOfContractsAxis" xlink:label="TypesOfContractsAxis" xlink:title="TypesOfContractsAxis" />
    <link:label xlink:type="resource" xlink:label="label_TypesOfContractsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TypesOfContractsAxis" xml:lang="en-US" id="label_TypesOfContractsAxis">Types of contracts [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypesOfContractsAxis" xlink:to="label_TypesOfContractsAxis" xlink:title="Label : TypesOfContractsAxis to label_TypesOfContractsAxis" />
    <link:label xlink:type="resource" xlink:label="label_TypesOfContractsAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TypesOfContractsAxis_1" xml:lang="en-US" id="label_TypesOfContractsAxis_1">Types of contracts [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypesOfContractsAxis" xlink:to="label_TypesOfContractsAxis_1" xlink:title="Label : TypesOfContractsAxis to label_TypesOfContractsAxis_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TypesOfContractsMember" xlink:label="TypesOfContractsMember" xlink:title="TypesOfContractsMember" />
    <link:label xlink:type="resource" xlink:label="label_TypesOfContractsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TypesOfContractsMember" xml:lang="en-US" id="label_TypesOfContractsMember">Types of contracts [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypesOfContractsMember" xlink:to="label_TypesOfContractsMember" xlink:title="Label : TypesOfContractsMember to label_TypesOfContractsMember" />
    <link:label xlink:type="resource" xlink:label="label_TypesOfContractsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TypesOfContractsMember_1" xml:lang="en-US" id="label_TypesOfContractsMember_1">Types of contracts [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TypesOfContractsMember" xlink:to="label_TypesOfContractsMember_1" xlink:title="Label : TypesOfContractsMember to label_TypesOfContractsMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CargoContractOneMember" xlink:label="CargoContractOneMember" xlink:title="CargoContractOneMember" />
    <link:label xlink:type="resource" xlink:label="label_CargoContractOneMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CargoContractOneMember" xml:lang="en-US" id="label_CargoContractOneMember">Cargo contract one [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CargoContractOneMember" xlink:to="label_CargoContractOneMember" xlink:title="Label : CargoContractOneMember to label_CargoContractOneMember" />
    <link:label xlink:type="resource" xlink:label="label_CargoContractOneMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CargoContractOneMember_1" xml:lang="en-US" id="label_CargoContractOneMember_1">Cargo contract one [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CargoContractOneMember" xlink:to="label_CargoContractOneMember_1" xlink:title="Label : CargoContractOneMember to label_CargoContractOneMember_1" />
    <link:label xlink:type="resource" xlink:label="label_CargoContractOneMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CargoContractOneMember_2" xml:lang="en-US" id="label_CargoContractOneMember_2">Cargo contract one.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CargoContractOneMember" xlink:to="label_CargoContractOneMember_2" xlink:title="Label : CargoContractOneMember to label_CargoContractOneMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CargoContractTwoMember" xlink:label="CargoContractTwoMember" xlink:title="CargoContractTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_CargoContractTwoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CargoContractTwoMember" xml:lang="en-US" id="label_CargoContractTwoMember">Cargo contract two [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CargoContractTwoMember" xlink:to="label_CargoContractTwoMember" xlink:title="Label : CargoContractTwoMember to label_CargoContractTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_CargoContractTwoMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CargoContractTwoMember_1" xml:lang="en-US" id="label_CargoContractTwoMember_1">Cargo contract two [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CargoContractTwoMember" xlink:to="label_CargoContractTwoMember_1" xlink:title="Label : CargoContractTwoMember to label_CargoContractTwoMember_1" />
    <link:label xlink:type="resource" xlink:label="label_CargoContractTwoMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CargoContractTwoMember_2" xml:lang="en-US" id="label_CargoContractTwoMember_2">Cargo contract two.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CargoContractTwoMember" xlink:to="label_CargoContractTwoMember_2" xlink:title="Label : CargoContractTwoMember to label_CargoContractTwoMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CargoContractThreeMember" xlink:label="CargoContractThreeMember" xlink:title="CargoContractThreeMember" />
    <link:label xlink:type="resource" xlink:label="label_CargoContractThreeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CargoContractThreeMember" xml:lang="en-US" id="label_CargoContractThreeMember">Cargo contract three [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CargoContractThreeMember" xlink:to="label_CargoContractThreeMember" xlink:title="Label : CargoContractThreeMember to label_CargoContractThreeMember" />
    <link:label xlink:type="resource" xlink:label="label_CargoContractThreeMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CargoContractThreeMember_1" xml:lang="en-US" id="label_CargoContractThreeMember_1">Cargo contract three [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CargoContractThreeMember" xlink:to="label_CargoContractThreeMember_1" xlink:title="Label : CargoContractThreeMember to label_CargoContractThreeMember_1" />
    <link:label xlink:type="resource" xlink:label="label_CargoContractThreeMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CargoContractThreeMember_2" xml:lang="en-US" id="label_CargoContractThreeMember_2">Cargo contract three.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CargoContractThreeMember" xlink:to="label_CargoContractThreeMember_2" xlink:title="Label : CargoContractThreeMember to label_CargoContractThreeMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CargoContractFourMember" xlink:label="CargoContractFourMember" xlink:title="CargoContractFourMember" />
    <link:label xlink:type="resource" xlink:label="label_CargoContractFourMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CargoContractFourMember" xml:lang="en-US" id="label_CargoContractFourMember">Cargo contract four [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CargoContractFourMember" xlink:to="label_CargoContractFourMember" xlink:title="Label : CargoContractFourMember to label_CargoContractFourMember" />
    <link:label xlink:type="resource" xlink:label="label_CargoContractFourMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CargoContractFourMember_1" xml:lang="en-US" id="label_CargoContractFourMember_1">Cargo contract four [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CargoContractFourMember" xlink:to="label_CargoContractFourMember_1" xlink:title="Label : CargoContractFourMember to label_CargoContractFourMember_1" />
    <link:label xlink:type="resource" xlink:label="label_CargoContractFourMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CargoContractFourMember_2" xml:lang="en-US" id="label_CargoContractFourMember_2">Cargo contract four.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CargoContractFourMember" xlink:to="label_CargoContractFourMember_2" xlink:title="Label : CargoContractFourMember to label_CargoContractFourMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfContractCommitmentsLineItems" xlink:label="SummaryOfContractCommitmentsLineItems" xlink:title="SummaryOfContractCommitmentsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfContractCommitmentsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SummaryOfContractCommitmentsLineItems" xml:lang="en-US" id="label_SummaryOfContractCommitmentsLineItems">Summary of contract commitments [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfContractCommitmentsLineItems" xlink:to="label_SummaryOfContractCommitmentsLineItems" xlink:title="Label : SummaryOfContractCommitmentsLineItems to label_SummaryOfContractCommitmentsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfContractCommitmentsLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfContractCommitmentsLineItems_1" xml:lang="en-US" id="label_SummaryOfContractCommitmentsLineItems_1">Summary of contract commitments [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfContractCommitmentsLineItems" xlink:to="label_SummaryOfContractCommitmentsLineItems_1" xlink:title="Label : SummaryOfContractCommitmentsLineItems to label_SummaryOfContractCommitmentsLineItems_1" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfContractCommitmentsLineItems_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfContractCommitmentsLineItems_2" xml:lang="en-US" id="label_SummaryOfContractCommitmentsLineItems_2">Summary of contract commitments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfContractCommitmentsLineItems" xlink:to="label_SummaryOfContractCommitmentsLineItems_2" xlink:title="Label : SummaryOfContractCommitmentsLineItems to label_SummaryOfContractCommitmentsLineItems_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CargoPort" xlink:label="CargoPort" xlink:title="CargoPort" />
    <link:label xlink:type="resource" xlink:label="label_CargoPort" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CargoPort" xml:lang="en-US" id="label_CargoPort">Cargo port</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CargoPort" xlink:to="label_CargoPort" xlink:title="Label : CargoPort to label_CargoPort" />
    <link:label xlink:type="resource" xlink:label="label_CargoPort_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CargoPort_1" xml:lang="en-US" id="label_CargoPort_1">Port</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CargoPort" xlink:to="label_CargoPort_1" xlink:title="Label : CargoPort to label_CargoPort_1" />
    <link:label xlink:type="resource" xlink:label="label_CargoPort_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CargoPort_2" xml:lang="en-US" id="label_CargoPort_2">Port required minimum movement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CargoPort" xlink:to="label_CargoPort_2" xlink:title="Label : CargoPort to label_CargoPort_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_MinimumCargoMovementPerYear" xlink:label="MinimumCargoMovementPerYear" xlink:title="MinimumCargoMovementPerYear" />
    <link:label xlink:type="resource" xlink:label="label_MinimumCargoMovementPerYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MinimumCargoMovementPerYear" xml:lang="en-US" id="label_MinimumCargoMovementPerYear">Minimum cargo movement per year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumCargoMovementPerYear" xlink:to="label_MinimumCargoMovementPerYear" xlink:title="Label : MinimumCargoMovementPerYear to label_MinimumCargoMovementPerYear" />
    <link:label xlink:type="resource" xlink:label="label_MinimumCargoMovementPerYear_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MinimumCargoMovementPerYear_1" xml:lang="en-US" id="label_MinimumCargoMovementPerYear_1">Minimum movement in tons per years</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumCargoMovementPerYear" xlink:to="label_MinimumCargoMovementPerYear_1" xlink:title="Label : MinimumCargoMovementPerYear to label_MinimumCargoMovementPerYear_1" />
    <link:label xlink:type="resource" xlink:label="label_MinimumCargoMovementPerYear_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MinimumCargoMovementPerYear_2" xml:lang="en-US" id="label_MinimumCargoMovementPerYear_2">Amount of required minimum movement commitment having an initial or remaining non-cancelable letter-term.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumCargoMovementPerYear" xlink:to="label_MinimumCargoMovementPerYear_2" xlink:title="Label : MinimumCargoMovementPerYear to label_MinimumCargoMovementPerYear_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CargoAgreementMaturity" xlink:label="CargoAgreementMaturity" xlink:title="CargoAgreementMaturity" />
    <link:label xlink:type="resource" xlink:label="label_CargoAgreementMaturity" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CargoAgreementMaturity" xml:lang="en-US" id="label_CargoAgreementMaturity">Maturity of the operating lease.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CargoAgreementMaturity" xlink:to="label_CargoAgreementMaturity" xlink:title="Label : CargoAgreementMaturity to label_CargoAgreementMaturity" />
    <link:label xlink:type="resource" xlink:label="label_CargoAgreementMaturity_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CargoAgreementMaturity_1" xml:lang="en-US" id="label_CargoAgreementMaturity_1">Maturity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CargoAgreementMaturity" xlink:to="label_CargoAgreementMaturity_1" xlink:title="Label : CargoAgreementMaturity to label_CargoAgreementMaturity_1" />
    <link:label xlink:type="resource" xlink:label="label_CargoAgreementMaturity_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CargoAgreementMaturity_2" xml:lang="en-US" id="label_CargoAgreementMaturity_2">Cargo Agreement Maturity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CargoAgreementMaturity" xlink:to="label_CargoAgreementMaturity_2" xlink:title="Label : CargoAgreementMaturity to label_CargoAgreementMaturity_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CommitmentsDetailsNarrativeAbstract" xlink:label="CommitmentsDetailsNarrativeAbstract" xlink:title="CommitmentsDetailsNarrativeAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CommitmentsDetailsNarrativeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CommitmentsDetailsNarrativeAbstract" xml:lang="en-US" id="label_CommitmentsDetailsNarrativeAbstract">Commitments details narrative [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommitmentsDetailsNarrativeAbstract" xlink:to="label_CommitmentsDetailsNarrativeAbstract" xlink:title="Label : CommitmentsDetailsNarrativeAbstract to label_CommitmentsDetailsNarrativeAbstract" />
    <link:label xlink:type="resource" xlink:label="label_CommitmentsDetailsNarrativeAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CommitmentsDetailsNarrativeAbstract_1" xml:lang="en-US" id="label_CommitmentsDetailsNarrativeAbstract_1">Commitments details narrative [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommitmentsDetailsNarrativeAbstract" xlink:to="label_CommitmentsDetailsNarrativeAbstract_1" xlink:title="Label : CommitmentsDetailsNarrativeAbstract to label_CommitmentsDetailsNarrativeAbstract_1" />
    <link:label xlink:type="resource" xlink:label="label_CommitmentsDetailsNarrativeAbstract_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CommitmentsDetailsNarrativeAbstract_2" xml:lang="en-US" id="label_CommitmentsDetailsNarrativeAbstract_2">Commitments details narrative.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommitmentsDetailsNarrativeAbstract" xlink:to="label_CommitmentsDetailsNarrativeAbstract_2" xlink:title="Label : CommitmentsDetailsNarrativeAbstract to label_CommitmentsDetailsNarrativeAbstract_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfCommitmentsAndContingenciesTable" xlink:label="DisclosureOfCommitmentsAndContingenciesTable" xlink:title="DisclosureOfCommitmentsAndContingenciesTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCommitmentsAndContingenciesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfCommitmentsAndContingenciesTable" xml:lang="en-US" id="label_DisclosureOfCommitmentsAndContingenciesTable">Disclosure Of Commitments And Contingencies [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCommitmentsAndContingenciesTable" xlink:to="label_DisclosureOfCommitmentsAndContingenciesTable" xlink:title="Label : DisclosureOfCommitmentsAndContingenciesTable to label_DisclosureOfCommitmentsAndContingenciesTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCommitmentsAndContingenciesTable_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfCommitmentsAndContingenciesTable_1" xml:lang="en-US" id="label_DisclosureOfCommitmentsAndContingenciesTable_1">Disclosure of commitments and contingencies [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCommitmentsAndContingenciesTable" xlink:to="label_DisclosureOfCommitmentsAndContingenciesTable_1" xlink:title="Label : DisclosureOfCommitmentsAndContingenciesTable to label_DisclosureOfCommitmentsAndContingenciesTable_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCommitmentsAndContingenciesTable_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfCommitmentsAndContingenciesTable_2" xml:lang="en-US" id="label_DisclosureOfCommitmentsAndContingenciesTable_2">Disclosure of commitments and contingencies.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCommitmentsAndContingenciesTable" xlink:to="label_DisclosureOfCommitmentsAndContingenciesTable_2" xlink:title="Label : DisclosureOfCommitmentsAndContingenciesTable to label_DisclosureOfCommitmentsAndContingenciesTable_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ThirdPartiesMember" xlink:label="ThirdPartiesMember" xlink:title="ThirdPartiesMember" />
    <link:label xlink:type="resource" xlink:label="label_ThirdPartiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ThirdPartiesMember" xml:lang="en-US" id="label_ThirdPartiesMember">Third parties [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ThirdPartiesMember" xlink:to="label_ThirdPartiesMember" xlink:title="Label : ThirdPartiesMember to label_ThirdPartiesMember" />
    <link:label xlink:type="resource" xlink:label="label_ThirdPartiesMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ThirdPartiesMember_1" xml:lang="en-US" id="label_ThirdPartiesMember_1">Third parties [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ThirdPartiesMember" xlink:to="label_ThirdPartiesMember_1" xlink:title="Label : ThirdPartiesMember to label_ThirdPartiesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ThirdPartiesMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ThirdPartiesMember_2" xml:lang="en-US" id="label_ThirdPartiesMember_2">Third parties [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ThirdPartiesMember" xlink:to="label_ThirdPartiesMember_2" xlink:title="Label : ThirdPartiesMember to label_ThirdPartiesMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DirectorsAndOfficersMember" xlink:label="DirectorsAndOfficersMember" xlink:title="DirectorsAndOfficersMember" />
    <link:label xlink:type="resource" xlink:label="label_DirectorsAndOfficersMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DirectorsAndOfficersMember" xml:lang="en-US" id="label_DirectorsAndOfficersMember">Directors and Officers [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DirectorsAndOfficersMember" xlink:to="label_DirectorsAndOfficersMember" xlink:title="Label : DirectorsAndOfficersMember to label_DirectorsAndOfficersMember" />
    <link:label xlink:type="resource" xlink:label="label_DirectorsAndOfficersMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DirectorsAndOfficersMember_1" xml:lang="en-US" id="label_DirectorsAndOfficersMember_1">directors and executive officers (D&amp;O) [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DirectorsAndOfficersMember" xlink:to="label_DirectorsAndOfficersMember_1" xlink:title="Label : DirectorsAndOfficersMember to label_DirectorsAndOfficersMember_1" />
    <link:label xlink:type="resource" xlink:label="label_DirectorsAndOfficersMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DirectorsAndOfficersMember_2" xml:lang="en-US" id="label_DirectorsAndOfficersMember_2">Directors and Officers.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DirectorsAndOfficersMember" xlink:to="label_DirectorsAndOfficersMember_2" xlink:title="Label : DirectorsAndOfficersMember to label_DirectorsAndOfficersMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AratuMember" xlink:label="AratuMember" xlink:title="AratuMember" />
    <link:label xlink:type="resource" xlink:label="label_AratuMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AratuMember" xml:lang="en-US" id="label_AratuMember">Aratu [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AratuMember" xlink:to="label_AratuMember" xlink:title="Label : AratuMember to label_AratuMember" />
    <link:label xlink:type="resource" xlink:label="label_AratuMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AratuMember_1" xml:lang="en-US" id="label_AratuMember_1">Aratu [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AratuMember" xlink:to="label_AratuMember_1" xlink:title="Label : AratuMember to label_AratuMember_1" />
    <link:label xlink:type="resource" xlink:label="label_AratuMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AratuMember_2" xml:lang="en-US" id="label_AratuMember_2">Aratu [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AratuMember" xlink:to="label_AratuMember_2" xlink:title="Label : AratuMember to label_AratuMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SuapeMember" xlink:label="SuapeMember" xlink:title="SuapeMember" />
    <link:label xlink:type="resource" xlink:label="label_SuapeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SuapeMember" xml:lang="en-US" id="label_SuapeMember">Suape [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SuapeMember" xlink:to="label_SuapeMember" xlink:title="Label : SuapeMember to label_SuapeMember" />
    <link:label xlink:type="resource" xlink:label="label_SuapeMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SuapeMember_1" xml:lang="en-US" id="label_SuapeMember_1">Suape [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SuapeMember" xlink:to="label_SuapeMember_1" xlink:title="Label : SuapeMember to label_SuapeMember_1" />
    <link:label xlink:type="resource" xlink:label="label_SuapeMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SuapeMember_2" xml:lang="en-US" id="label_SuapeMember_2">Suape [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SuapeMember" xlink:to="label_SuapeMember_2" xlink:title="Label : SuapeMember to label_SuapeMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AreaPortLeaseMember" xlink:label="AreaPortLeaseMember" xlink:title="AreaPortLeaseMember" />
    <link:label xlink:type="resource" xlink:label="label_AreaPortLeaseMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AreaPortLeaseMember" xml:lang="en-US" id="label_AreaPortLeaseMember">Area Port Lease [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AreaPortLeaseMember" xlink:to="label_AreaPortLeaseMember" xlink:title="Label : AreaPortLeaseMember to label_AreaPortLeaseMember" />
    <link:label xlink:type="resource" xlink:label="label_AreaPortLeaseMember_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_AreaPortLeaseMember_1" xml:lang="en-US" id="label_AreaPortLeaseMember_1">Area port lease [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AreaPortLeaseMember" xlink:to="label_AreaPortLeaseMember_1" xlink:title="Label : AreaPortLeaseMember to label_AreaPortLeaseMember_1" />
    <link:label xlink:type="resource" xlink:label="label_AreaPortLeaseMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AreaPortLeaseMember_2" xml:lang="en-US" id="label_AreaPortLeaseMember_2">Area port lease member.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AreaPortLeaseMember" xlink:to="label_AreaPortLeaseMember_2" xlink:title="Label : AreaPortLeaseMember to label_AreaPortLeaseMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IpirangaProdutosDepetroleoSaAndUltracargoMember" xlink:label="IpirangaProdutosDepetroleoSaAndUltracargoMember" xlink:title="IpirangaProdutosDepetroleoSaAndUltracargoMember" />
    <link:label xlink:type="resource" xlink:label="label_IpirangaProdutosDepetroleoSaAndUltracargoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IpirangaProdutosDepetroleoSaAndUltracargoMember" xml:lang="en-US" id="label_IpirangaProdutosDepetroleoSaAndUltracargoMember">Ipiranga Produtos DePetroleo SA And Ultracargo [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IpirangaProdutosDepetroleoSaAndUltracargoMember" xlink:to="label_IpirangaProdutosDepetroleoSaAndUltracargoMember" xlink:title="Label : IpirangaProdutosDepetroleoSaAndUltracargoMember to label_IpirangaProdutosDepetroleoSaAndUltracargoMember" />
    <link:label xlink:type="resource" xlink:label="label_IpirangaProdutosDepetroleoSaAndUltracargoMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IpirangaProdutosDepetroleoSaAndUltracargoMember_1" xml:lang="en-US" id="label_IpirangaProdutosDepetroleoSaAndUltracargoMember_1">IPP and Ultracargo [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IpirangaProdutosDepetroleoSaAndUltracargoMember" xlink:to="label_IpirangaProdutosDepetroleoSaAndUltracargoMember_1" xlink:title="Label : IpirangaProdutosDepetroleoSaAndUltracargoMember to label_IpirangaProdutosDepetroleoSaAndUltracargoMember_1" />
    <link:label xlink:type="resource" xlink:label="label_IpirangaProdutosDepetroleoSaAndUltracargoMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IpirangaProdutosDepetroleoSaAndUltracargoMember_2" xml:lang="en-US" id="label_IpirangaProdutosDepetroleoSaAndUltracargoMember_2">Ipiranga Produtos DePetroleo SA And Ultracargo</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IpirangaProdutosDepetroleoSaAndUltracargoMember" xlink:to="label_IpirangaProdutosDepetroleoSaAndUltracargoMember_2" xlink:title="Label : IpirangaProdutosDepetroleoSaAndUltracargoMember to label_IpirangaProdutosDepetroleoSaAndUltracargoMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_EntitiesByLocationAxis" xlink:label="EntitiesByLocationAxis" xlink:title="EntitiesByLocationAxis" />
    <link:label xlink:type="resource" xlink:label="label_EntitiesByLocationAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntitiesByLocationAxis" xml:lang="en-US" id="label_EntitiesByLocationAxis">Entities By Location [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntitiesByLocationAxis" xlink:to="label_EntitiesByLocationAxis" xlink:title="Label : EntitiesByLocationAxis to label_EntitiesByLocationAxis" />
    <link:label xlink:type="resource" xlink:label="label_EntitiesByLocationAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EntitiesByLocationAxis_1" xml:lang="en-US" id="label_EntitiesByLocationAxis_1">Entity by Location [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntitiesByLocationAxis" xlink:to="label_EntitiesByLocationAxis_1" xlink:title="Label : EntitiesByLocationAxis to label_EntitiesByLocationAxis_1" />
    <link:label xlink:type="resource" xlink:label="label_EntitiesByLocationAxis_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EntitiesByLocationAxis_2" xml:lang="en-US" id="label_EntitiesByLocationAxis_2">Entities By Location [Axis].</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntitiesByLocationAxis" xlink:to="label_EntitiesByLocationAxis_2" xlink:title="Label : EntitiesByLocationAxis to label_EntitiesByLocationAxis_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_EntitiesByLocationDomain" xlink:label="EntitiesByLocationDomain" xlink:title="EntitiesByLocationDomain" />
    <link:label xlink:type="resource" xlink:label="label_EntitiesByLocationDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntitiesByLocationDomain" xml:lang="en-US" id="label_EntitiesByLocationDomain">Entities By Location [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntitiesByLocationDomain" xlink:to="label_EntitiesByLocationDomain" xlink:title="Label : EntitiesByLocationDomain to label_EntitiesByLocationDomain" />
    <link:label xlink:type="resource" xlink:label="label_EntitiesByLocationDomain_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EntitiesByLocationDomain_1" xml:lang="en-US" id="label_EntitiesByLocationDomain_1">Location [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntitiesByLocationDomain" xlink:to="label_EntitiesByLocationDomain_1" xlink:title="Label : EntitiesByLocationDomain to label_EntitiesByLocationDomain_1" />
    <link:label xlink:type="resource" xlink:label="label_EntitiesByLocationDomain_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EntitiesByLocationDomain_2" xml:lang="en-US" id="label_EntitiesByLocationDomain_2">Entities By Location [Domain].</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntitiesByLocationDomain" xlink:to="label_EntitiesByLocationDomain_2" xlink:title="Label : EntitiesByLocationDomain to label_EntitiesByLocationDomain_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ParaibaMember" xlink:label="ParaibaMember" xlink:title="ParaibaMember" />
    <link:label xlink:type="resource" xlink:label="label_ParaibaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ParaibaMember" xml:lang="en-US" id="label_ParaibaMember">Paraiba [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ParaibaMember" xlink:to="label_ParaibaMember" xlink:title="Label : ParaibaMember to label_ParaibaMember" />
    <link:label xlink:type="resource" xlink:label="label_ParaibaMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ParaibaMember_1" xml:lang="en-US" id="label_ParaibaMember_1">Paraiba [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ParaibaMember" xlink:to="label_ParaibaMember_1" xlink:title="Label : ParaibaMember to label_ParaibaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ParaibaMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ParaibaMember_2" xml:lang="en-US" id="label_ParaibaMember_2">Paraiba</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ParaibaMember" xlink:to="label_ParaibaMember_2" xlink:title="Label : ParaibaMember to label_ParaibaMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_EspiritoSantoMember" xlink:label="EspiritoSantoMember" xlink:title="EspiritoSantoMember" />
    <link:label xlink:type="resource" xlink:label="label_EspiritoSantoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EspiritoSantoMember" xml:lang="en-US" id="label_EspiritoSantoMember">Espirito Santo [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EspiritoSantoMember" xlink:to="label_EspiritoSantoMember" xlink:title="Label : EspiritoSantoMember to label_EspiritoSantoMember" />
    <link:label xlink:type="resource" xlink:label="label_EspiritoSantoMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EspiritoSantoMember_1" xml:lang="en-US" id="label_EspiritoSantoMember_1">Espirito Santo [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EspiritoSantoMember" xlink:to="label_EspiritoSantoMember_1" xlink:title="Label : EspiritoSantoMember to label_EspiritoSantoMember_1" />
    <link:label xlink:type="resource" xlink:label="label_EspiritoSantoMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EspiritoSantoMember_2" xml:lang="en-US" id="label_EspiritoSantoMember_2">Espirito Santo.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EspiritoSantoMember" xlink:to="label_EspiritoSantoMember_2" xlink:title="Label : EspiritoSantoMember to label_EspiritoSantoMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TerminalAxis" xlink:label="TerminalAxis" xlink:title="TerminalAxis" />
    <link:label xlink:type="resource" xlink:label="label_TerminalAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TerminalAxis" xml:lang="en-US" id="label_TerminalAxis">Terminal [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TerminalAxis" xlink:to="label_TerminalAxis" xlink:title="Label : TerminalAxis to label_TerminalAxis" />
    <link:label xlink:type="resource" xlink:label="label_TerminalAxis_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TerminalAxis_1" xml:lang="en-US" id="label_TerminalAxis_1">Terminal [axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TerminalAxis" xlink:to="label_TerminalAxis_1" xlink:title="Label : TerminalAxis to label_TerminalAxis_1" />
    <link:label xlink:type="resource" xlink:label="label_TerminalAxis_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TerminalAxis_2" xml:lang="en-US" id="label_TerminalAxis_2">Terminal</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TerminalAxis" xlink:to="label_TerminalAxis_2" xlink:title="Label : TerminalAxis to label_TerminalAxis_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_Terminal1Member" xlink:label="Terminal1Member" xlink:title="Terminal1Member" />
    <link:label xlink:type="resource" xlink:label="label_Terminal1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Terminal1Member" xml:lang="en-US" id="label_Terminal1Member">Terminal 1 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Terminal1Member" xlink:to="label_Terminal1Member" xlink:title="Label : Terminal1Member to label_Terminal1Member" />
    <link:label xlink:type="resource" xlink:label="label_Terminal1Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Terminal1Member_1" xml:lang="en-US" id="label_Terminal1Member_1">Terminal1 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Terminal1Member" xlink:to="label_Terminal1Member_1" xlink:title="Label : Terminal1Member to label_Terminal1Member_1" />
    <link:label xlink:type="resource" xlink:label="label_Terminal1Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Terminal1Member_2" xml:lang="en-US" id="label_Terminal1Member_2">Terminal 1</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Terminal1Member" xlink:to="label_Terminal1Member_2" xlink:title="Label : Terminal1Member to label_Terminal1Member_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_PortOfCabedeloMember" xlink:label="PortOfCabedeloMember" xlink:title="PortOfCabedeloMember" />
    <link:label xlink:type="resource" xlink:label="label_PortOfCabedeloMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PortOfCabedeloMember" xml:lang="en-US" id="label_PortOfCabedeloMember">Port Of Cabedelo [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PortOfCabedeloMember" xlink:to="label_PortOfCabedeloMember" xlink:title="Label : PortOfCabedeloMember to label_PortOfCabedeloMember" />
    <link:label xlink:type="resource" xlink:label="label_PortOfCabedeloMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PortOfCabedeloMember_1" xml:lang="en-US" id="label_PortOfCabedeloMember_1">Port of Cabedelo [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PortOfCabedeloMember" xlink:to="label_PortOfCabedeloMember_1" xlink:title="Label : PortOfCabedeloMember to label_PortOfCabedeloMember_1" />
    <link:label xlink:type="resource" xlink:label="label_PortOfCabedeloMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PortOfCabedeloMember_2" xml:lang="en-US" id="label_PortOfCabedeloMember_2">Port Of Cabedelo.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PortOfCabedeloMember" xlink:to="label_PortOfCabedeloMember_2" xlink:title="Label : PortOfCabedeloMember to label_PortOfCabedeloMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_PortOfVitoriaMember" xlink:label="PortOfVitoriaMember" xlink:title="PortOfVitoriaMember" />
    <link:label xlink:type="resource" xlink:label="label_PortOfVitoriaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PortOfVitoriaMember" xml:lang="en-US" id="label_PortOfVitoriaMember">Port Of Vitoria [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PortOfVitoriaMember" xlink:to="label_PortOfVitoriaMember" xlink:title="Label : PortOfVitoriaMember to label_PortOfVitoriaMember" />
    <link:label xlink:type="resource" xlink:label="label_PortOfVitoriaMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PortOfVitoriaMember_1" xml:lang="en-US" id="label_PortOfVitoriaMember_1">Port of Vitoria [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PortOfVitoriaMember" xlink:to="label_PortOfVitoriaMember_1" xlink:title="Label : PortOfVitoriaMember to label_PortOfVitoriaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_PortOfVitoriaMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PortOfVitoriaMember_2" xml:lang="en-US" id="label_PortOfVitoriaMember_2">Port Of Vitoria</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PortOfVitoriaMember" xlink:to="label_PortOfVitoriaMember_2" xlink:title="Label : PortOfVitoriaMember to label_PortOfVitoriaMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AreaBel02AMember" xlink:label="AreaBel02AMember" xlink:title="AreaBel02AMember" />
    <link:label xlink:type="resource" xlink:label="label_AreaBel02AMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AreaBel02AMember" xml:lang="en-US" id="label_AreaBel02AMember">Area BEL02 A [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AreaBel02AMember" xlink:to="label_AreaBel02AMember" xlink:title="Label : AreaBel02AMember to label_AreaBel02AMember" />
    <link:label xlink:type="resource" xlink:label="label_AreaBel02AMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AreaBel02AMember_1" xml:lang="en-US" id="label_AreaBel02AMember_1">Area BEL02A [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AreaBel02AMember" xlink:to="label_AreaBel02AMember_1" xlink:title="Label : AreaBel02AMember to label_AreaBel02AMember_1" />
    <link:label xlink:type="resource" xlink:label="label_AreaBel02AMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AreaBel02AMember_2" xml:lang="en-US" id="label_AreaBel02AMember_2">Area BEL02 A</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AreaBel02AMember" xlink:to="label_AreaBel02AMember_2" xlink:title="Label : AreaBel02AMember to label_AreaBel02AMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AreaBel04aMember" xlink:label="AreaBel04aMember" xlink:title="AreaBel04aMember" />
    <link:label xlink:type="resource" xlink:label="label_AreaBel04aMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AreaBel04aMember" xml:lang="en-US" id="label_AreaBel04aMember">Area BEL04A [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AreaBel04aMember" xlink:to="label_AreaBel04aMember" xlink:title="Label : AreaBel04aMember to label_AreaBel04aMember" />
    <link:label xlink:type="resource" xlink:label="label_AreaBel04aMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AreaBel04aMember_1" xml:lang="en-US" id="label_AreaBel04aMember_1">Area BEL04A [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AreaBel04aMember" xlink:to="label_AreaBel04aMember_1" xlink:title="Label : AreaBel04aMember to label_AreaBel04aMember_1" />
    <link:label xlink:type="resource" xlink:label="label_AreaBel04aMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AreaBel04aMember_2" xml:lang="en-US" id="label_AreaBel04aMember_2">Area BEL04A</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AreaBel04aMember" xlink:to="label_AreaBel04aMember_2" xlink:title="Label : AreaBel04aMember to label_AreaBel04aMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AreaVdc12Member" xlink:label="AreaVdc12Member" xlink:title="AreaVdc12Member" />
    <link:label xlink:type="resource" xlink:label="label_AreaVdc12Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AreaVdc12Member" xml:lang="en-US" id="label_AreaVdc12Member">Area VDC12 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AreaVdc12Member" xlink:to="label_AreaVdc12Member" xlink:title="Label : AreaVdc12Member to label_AreaVdc12Member" />
    <link:label xlink:type="resource" xlink:label="label_AreaVdc12Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AreaVdc12Member_1" xml:lang="en-US" id="label_AreaVdc12Member_1">Area VDC12 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AreaVdc12Member" xlink:to="label_AreaVdc12Member_1" xlink:title="Label : AreaVdc12Member to label_AreaVdc12Member_1" />
    <link:label xlink:type="resource" xlink:label="label_AreaVdc12Member_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AreaVdc12Member_2" xml:lang="en-US" id="label_AreaVdc12Member_2">Area VDC12</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AreaVdc12Member" xlink:to="label_AreaVdc12Member_2" xlink:title="Label : AreaVdc12Member to label_AreaVdc12Member_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfCommitmentsAndContingenciesLineItems" xlink:label="DisclosureOfCommitmentsAndContingenciesLineItems" xlink:title="DisclosureOfCommitmentsAndContingenciesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCommitmentsAndContingenciesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfCommitmentsAndContingenciesLineItems" xml:lang="en-US" id="label_DisclosureOfCommitmentsAndContingenciesLineItems">Disclosure of commitments and contingencies [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCommitmentsAndContingenciesLineItems" xlink:to="label_DisclosureOfCommitmentsAndContingenciesLineItems" xlink:title="Label : DisclosureOfCommitmentsAndContingenciesLineItems to label_DisclosureOfCommitmentsAndContingenciesLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCommitmentsAndContingenciesLineItems_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfCommitmentsAndContingenciesLineItems_1" xml:lang="en-US" id="label_DisclosureOfCommitmentsAndContingenciesLineItems_1">Disclosure of commitments and contingencies [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCommitmentsAndContingenciesLineItems" xlink:to="label_DisclosureOfCommitmentsAndContingenciesLineItems_1" xlink:title="Label : DisclosureOfCommitmentsAndContingenciesLineItems to label_DisclosureOfCommitmentsAndContingenciesLineItems_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfCommitmentsAndContingenciesLineItems_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DisclosureOfCommitmentsAndContingenciesLineItems_2" xml:lang="en-US" id="label_DisclosureOfCommitmentsAndContingenciesLineItems_2">Disclosure of commitments and contingencies.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfCommitmentsAndContingenciesLineItems" xlink:to="label_DisclosureOfCommitmentsAndContingenciesLineItems_2" xlink:title="Label : DisclosureOfCommitmentsAndContingenciesLineItems to label_DisclosureOfCommitmentsAndContingenciesLineItems_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CargoRatesPerTon" xlink:label="CargoRatesPerTon" xlink:title="CargoRatesPerTon" />
    <link:label xlink:type="resource" xlink:label="label_CargoRatesPerTon" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CargoRatesPerTon" xml:lang="en-US" id="label_CargoRatesPerTon">Cargo rates per ton</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CargoRatesPerTon" xlink:to="label_CargoRatesPerTon" xlink:title="Label : CargoRatesPerTon to label_CargoRatesPerTon" />
    <link:label xlink:type="resource" xlink:label="label_CargoRatesPerTon_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CargoRatesPerTon_1" xml:lang="en-US" id="label_CargoRatesPerTon_1">Cargo rates per ton</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CargoRatesPerTon" xlink:to="label_CargoRatesPerTon_1" xlink:title="Label : CargoRatesPerTon to label_CargoRatesPerTon_1" />
    <link:label xlink:type="resource" xlink:label="label_CargoRatesPerTon_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CargoRatesPerTon_2" xml:lang="en-US" id="label_CargoRatesPerTon_2">Cargo rates per ton</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CargoRatesPerTon" xlink:to="label_CargoRatesPerTon_2" xlink:title="Label : CargoRatesPerTon to label_CargoRatesPerTon_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LiabilitiesArisingFromInsuranceContracts" xlink:label="LiabilitiesArisingFromInsuranceContracts" xlink:title="LiabilitiesArisingFromInsuranceContracts" />
    <link:label xlink:type="resource" xlink:label="label_LiabilitiesArisingFromInsuranceContracts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LiabilitiesArisingFromInsuranceContracts" xml:lang="en-US" id="label_LiabilitiesArisingFromInsuranceContracts">Liabilities under insurance contracts and reinsurance contracts issued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesArisingFromInsuranceContracts" xlink:to="label_LiabilitiesArisingFromInsuranceContracts" xlink:title="Label : LiabilitiesArisingFromInsuranceContracts to label_LiabilitiesArisingFromInsuranceContracts" />
    <link:label xlink:type="resource" xlink:label="label_LiabilitiesArisingFromInsuranceContracts_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LiabilitiesArisingFromInsuranceContracts_1" xml:lang="en-US" id="label_LiabilitiesArisingFromInsuranceContracts_1">Liability insurance policies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesArisingFromInsuranceContracts" xlink:to="label_LiabilitiesArisingFromInsuranceContracts_1" xlink:title="Label : LiabilitiesArisingFromInsuranceContracts to label_LiabilitiesArisingFromInsuranceContracts_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_PercentageOfConsortiumOwned" xlink:label="PercentageOfConsortiumOwned" xlink:title="PercentageOfConsortiumOwned" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfConsortiumOwned" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PercentageOfConsortiumOwned" xml:lang="en-US" id="label_PercentageOfConsortiumOwned">Percentage Of Consortium Owned</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfConsortiumOwned" xlink:to="label_PercentageOfConsortiumOwned" xlink:title="Label : PercentageOfConsortiumOwned to label_PercentageOfConsortiumOwned" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfConsortiumOwned_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PercentageOfConsortiumOwned_1" xml:lang="en-US" id="label_PercentageOfConsortiumOwned_1">Percentage of consortium owned</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfConsortiumOwned" xlink:to="label_PercentageOfConsortiumOwned_1" xlink:title="Label : PercentageOfConsortiumOwned to label_PercentageOfConsortiumOwned_1" />
    <link:label xlink:type="resource" xlink:label="label_PercentageOfConsortiumOwned_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PercentageOfConsortiumOwned_2" xml:lang="en-US" id="label_PercentageOfConsortiumOwned_2">Percentage of consortium owned.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PercentageOfConsortiumOwned" xlink:to="label_PercentageOfConsortiumOwned_2" xlink:title="Label : PercentageOfConsortiumOwned to label_PercentageOfConsortiumOwned_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_Minimumportstoragecapacity" xlink:label="Minimumportstoragecapacity" xlink:title="Minimumportstoragecapacity" />
    <link:label xlink:type="resource" xlink:label="label_Minimumportstoragecapacity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Minimumportstoragecapacity" xml:lang="en-US" id="label_Minimumportstoragecapacity">MinimumPortStorageCapacity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Minimumportstoragecapacity" xlink:to="label_Minimumportstoragecapacity" xlink:title="Label : Minimumportstoragecapacity to label_Minimumportstoragecapacity" />
    <link:label xlink:type="resource" xlink:label="label_Minimumportstoragecapacity_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_Minimumportstoragecapacity_1" xml:lang="en-US" id="label_Minimumportstoragecapacity_1">Minimum port storage capacity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Minimumportstoragecapacity" xlink:to="label_Minimumportstoragecapacity_1" xlink:title="Label : Minimumportstoragecapacity to label_Minimumportstoragecapacity_1" />
    <link:label xlink:type="resource" xlink:label="label_Minimumportstoragecapacity_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_Minimumportstoragecapacity_2" xml:lang="en-US" id="label_Minimumportstoragecapacity_2">Minimum port storage capacity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Minimumportstoragecapacity" xlink:to="label_Minimumportstoragecapacity_2" xlink:title="Label : Minimumportstoragecapacity to label_Minimumportstoragecapacity_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_PeriodOfConcession" xlink:label="PeriodOfConcession" xlink:title="PeriodOfConcession" />
    <link:label xlink:type="resource" xlink:label="label_PeriodOfConcession" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PeriodOfConcession" xml:lang="en-US" id="label_PeriodOfConcession">Period Of Concession</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodOfConcession" xlink:to="label_PeriodOfConcession" xlink:title="Label : PeriodOfConcession to label_PeriodOfConcession" />
    <link:label xlink:type="resource" xlink:label="label_PeriodOfConcession_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PeriodOfConcession_1" xml:lang="en-US" id="label_PeriodOfConcession_1">Term of concession</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodOfConcession" xlink:to="label_PeriodOfConcession_1" xlink:title="Label : PeriodOfConcession to label_PeriodOfConcession_1" />
    <link:label xlink:type="resource" xlink:label="label_PeriodOfConcession_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PeriodOfConcession_2" xml:lang="en-US" id="label_PeriodOfConcession_2">Period of concession.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodOfConcession" xlink:to="label_PeriodOfConcession_2" xlink:title="Label : PeriodOfConcession to label_PeriodOfConcession_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DescriptionOfPortConcessions" xlink:label="DescriptionOfPortConcessions" xlink:title="DescriptionOfPortConcessions" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfPortConcessions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfPortConcessions" xml:lang="en-US" id="label_DescriptionOfPortConcessions">Description Of Port Concessions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfPortConcessions" xlink:to="label_DescriptionOfPortConcessions" xlink:title="Label : DescriptionOfPortConcessions to label_DescriptionOfPortConcessions" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfPortConcessions_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfPortConcessions_1" xml:lang="en-US" id="label_DescriptionOfPortConcessions_1">Port concessions description</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfPortConcessions" xlink:to="label_DescriptionOfPortConcessions_1" xlink:title="Label : DescriptionOfPortConcessions to label_DescriptionOfPortConcessions_1" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfPortConcessions_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DescriptionOfPortConcessions_2" xml:lang="en-US" id="label_DescriptionOfPortConcessions_2">Description of Port Concessions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfPortConcessions" xlink:to="label_DescriptionOfPortConcessions_2" xlink:title="Label : DescriptionOfPortConcessions to label_DescriptionOfPortConcessions_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_PeriodOfPortConcession" xlink:label="PeriodOfPortConcession" xlink:title="PeriodOfPortConcession" />
    <link:label xlink:type="resource" xlink:label="label_PeriodOfPortConcession" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PeriodOfPortConcession" xml:lang="en-US" id="label_PeriodOfPortConcession">Period Of Port Concession</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodOfPortConcession" xlink:to="label_PeriodOfPortConcession" xlink:title="Label : PeriodOfPortConcession to label_PeriodOfPortConcession" />
    <link:label xlink:type="resource" xlink:label="label_PeriodOfPortConcession_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PeriodOfPortConcession_1" xml:lang="en-US" id="label_PeriodOfPortConcession_1">Number of periods that Port areas will be operated</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodOfPortConcession" xlink:to="label_PeriodOfPortConcession_1" xlink:title="Label : PeriodOfPortConcession to label_PeriodOfPortConcession_1" />
    <link:label xlink:type="resource" xlink:label="label_PeriodOfPortConcession_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PeriodOfPortConcession_2" xml:lang="en-US" id="label_PeriodOfPortConcession_2">Period of port concession.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodOfPortConcession" xlink:to="label_PeriodOfPortConcession_2" xlink:title="Label : PeriodOfPortConcession to label_PeriodOfPortConcession_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_EstimatedInvestmentsToPortConcessions" xlink:label="EstimatedInvestmentsToPortConcessions" xlink:title="EstimatedInvestmentsToPortConcessions" />
    <link:label xlink:type="resource" xlink:label="label_EstimatedInvestmentsToPortConcessions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EstimatedInvestmentsToPortConcessions" xml:lang="en-US" id="label_EstimatedInvestmentsToPortConcessions">Estimated Investments To Port Concessions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedInvestmentsToPortConcessions" xlink:to="label_EstimatedInvestmentsToPortConcessions" xlink:title="Label : EstimatedInvestmentsToPortConcessions to label_EstimatedInvestmentsToPortConcessions" />
    <link:label xlink:type="resource" xlink:label="label_EstimatedInvestmentsToPortConcessions_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EstimatedInvestmentsToPortConcessions_1" xml:lang="en-US" id="label_EstimatedInvestmentsToPortConcessions_1">Estimated investments to port concessions</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedInvestmentsToPortConcessions" xlink:to="label_EstimatedInvestmentsToPortConcessions_1" xlink:title="Label : EstimatedInvestmentsToPortConcessions to label_EstimatedInvestmentsToPortConcessions_1" />
    <link:label xlink:type="resource" xlink:label="label_EstimatedInvestmentsToPortConcessions_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EstimatedInvestmentsToPortConcessions_2" xml:lang="en-US" id="label_EstimatedInvestmentsToPortConcessions_2">Estimated investments to port concessions.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedInvestmentsToPortConcessions" xlink:to="label_EstimatedInvestmentsToPortConcessions_2" xlink:title="Label : EstimatedInvestmentsToPortConcessions to label_EstimatedInvestmentsToPortConcessions_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_IncomeArisingFromInsuranceContracts" xlink:label="IncomeArisingFromInsuranceContracts" xlink:title="IncomeArisingFromInsuranceContracts" />
    <link:label xlink:type="resource" xlink:label="label_IncomeArisingFromInsuranceContracts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncomeArisingFromInsuranceContracts" xml:lang="en-US" id="label_IncomeArisingFromInsuranceContracts">Income arising from insurance contracts</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeArisingFromInsuranceContracts" xlink:to="label_IncomeArisingFromInsuranceContracts" xlink:title="Label : IncomeArisingFromInsuranceContracts to label_IncomeArisingFromInsuranceContracts" />
    <link:label xlink:type="resource" xlink:label="label_IncomeArisingFromInsuranceContracts_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncomeArisingFromInsuranceContracts_1" xml:lang="en-US" id="label_IncomeArisingFromInsuranceContracts_1">Maximum compensation value</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeArisingFromInsuranceContracts" xlink:to="label_IncomeArisingFromInsuranceContracts_1" xlink:title="Label : IncomeArisingFromInsuranceContracts to label_IncomeArisingFromInsuranceContracts_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_MinimumAnnualPurchaseOfCamacari" xlink:label="MinimumAnnualPurchaseOfCamacari" xlink:title="MinimumAnnualPurchaseOfCamacari" />
    <link:label xlink:type="resource" xlink:label="label_MinimumAnnualPurchaseOfCamacari" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MinimumAnnualPurchaseOfCamacari" xml:lang="en-US" id="label_MinimumAnnualPurchaseOfCamacari">Minimum Annual Purchase Of Camacari</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumAnnualPurchaseOfCamacari" xlink:to="label_MinimumAnnualPurchaseOfCamacari" xlink:title="Label : MinimumAnnualPurchaseOfCamacari to label_MinimumAnnualPurchaseOfCamacari" />
    <link:label xlink:type="resource" xlink:label="label_MinimumAnnualPurchaseOfCamacari_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MinimumAnnualPurchaseOfCamacari_1" xml:lang="en-US" id="label_MinimumAnnualPurchaseOfCamacari_1">Minimum Annual Purchase Of Camacari.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumAnnualPurchaseOfCamacari" xlink:to="label_MinimumAnnualPurchaseOfCamacari_1" xlink:title="Label : MinimumAnnualPurchaseOfCamacari to label_MinimumAnnualPurchaseOfCamacari_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_MinimumAnnualPurchaseOfMaua" xlink:label="MinimumAnnualPurchaseOfMaua" xlink:title="MinimumAnnualPurchaseOfMaua" />
    <link:label xlink:type="resource" xlink:label="label_MinimumAnnualPurchaseOfMaua" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MinimumAnnualPurchaseOfMaua" xml:lang="en-US" id="label_MinimumAnnualPurchaseOfMaua">Minimum Annual Purchase Of Maua</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumAnnualPurchaseOfMaua" xlink:to="label_MinimumAnnualPurchaseOfMaua" xlink:title="Label : MinimumAnnualPurchaseOfMaua to label_MinimumAnnualPurchaseOfMaua" />
    <link:label xlink:type="resource" xlink:label="label_MinimumAnnualPurchaseOfMaua_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MinimumAnnualPurchaseOfMaua_1" xml:lang="en-US" id="label_MinimumAnnualPurchaseOfMaua_1">Minimum Annual Purchase Of Maua.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MinimumAnnualPurchaseOfMaua" xlink:to="label_MinimumAnnualPurchaseOfMaua_1" xlink:title="Label : MinimumAnnualPurchaseOfMaua to label_MinimumAnnualPurchaseOfMaua_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_PeriodOfMaturityOfCommitmentOfCamacari" xlink:label="PeriodOfMaturityOfCommitmentOfCamacari" xlink:title="PeriodOfMaturityOfCommitmentOfCamacari" />
    <link:label xlink:type="resource" xlink:label="label_PeriodOfMaturityOfCommitmentOfCamacari" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PeriodOfMaturityOfCommitmentOfCamacari" xml:lang="en-US" id="label_PeriodOfMaturityOfCommitmentOfCamacari">Period of Maturity of Commitment of Camacari</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodOfMaturityOfCommitmentOfCamacari" xlink:to="label_PeriodOfMaturityOfCommitmentOfCamacari" xlink:title="Label : PeriodOfMaturityOfCommitmentOfCamacari to label_PeriodOfMaturityOfCommitmentOfCamacari" />
    <link:label xlink:type="resource" xlink:label="label_PeriodOfMaturityOfCommitmentOfCamacari_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PeriodOfMaturityOfCommitmentOfCamacari_1" xml:lang="en-US" id="label_PeriodOfMaturityOfCommitmentOfCamacari_1">Maturity of Commitment of Camacari</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodOfMaturityOfCommitmentOfCamacari" xlink:to="label_PeriodOfMaturityOfCommitmentOfCamacari_1" xlink:title="Label : PeriodOfMaturityOfCommitmentOfCamacari to label_PeriodOfMaturityOfCommitmentOfCamacari_1" />
    <link:label xlink:type="resource" xlink:label="label_PeriodOfMaturityOfCommitmentOfCamacari_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PeriodOfMaturityOfCommitmentOfCamacari_2" xml:lang="en-US" id="label_PeriodOfMaturityOfCommitmentOfCamacari_2">Period of Maturity of Commitment.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodOfMaturityOfCommitmentOfCamacari" xlink:to="label_PeriodOfMaturityOfCommitmentOfCamacari_2" xlink:title="Label : PeriodOfMaturityOfCommitmentOfCamacari to label_PeriodOfMaturityOfCommitmentOfCamacari_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_PeriodOfMaturityOfCommitmentOfMaua" xlink:label="PeriodOfMaturityOfCommitmentOfMaua" xlink:title="PeriodOfMaturityOfCommitmentOfMaua" />
    <link:label xlink:type="resource" xlink:label="label_PeriodOfMaturityOfCommitmentOfMaua" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PeriodOfMaturityOfCommitmentOfMaua" xml:lang="en-US" id="label_PeriodOfMaturityOfCommitmentOfMaua">Period of Maturity of Commitment of Maua</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodOfMaturityOfCommitmentOfMaua" xlink:to="label_PeriodOfMaturityOfCommitmentOfMaua" xlink:title="Label : PeriodOfMaturityOfCommitmentOfMaua to label_PeriodOfMaturityOfCommitmentOfMaua" />
    <link:label xlink:type="resource" xlink:label="label_PeriodOfMaturityOfCommitmentOfMaua_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PeriodOfMaturityOfCommitmentOfMaua_1" xml:lang="en-US" id="label_PeriodOfMaturityOfCommitmentOfMaua_1">Maturity of Commitment of Maua</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodOfMaturityOfCommitmentOfMaua" xlink:to="label_PeriodOfMaturityOfCommitmentOfMaua_1" xlink:title="Label : PeriodOfMaturityOfCommitmentOfMaua to label_PeriodOfMaturityOfCommitmentOfMaua_1" />
    <link:label xlink:type="resource" xlink:label="label_PeriodOfMaturityOfCommitmentOfMaua_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PeriodOfMaturityOfCommitmentOfMaua_2" xml:lang="en-US" id="label_PeriodOfMaturityOfCommitmentOfMaua_2">Period of Maturity of Commitment of Maua.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodOfMaturityOfCommitmentOfMaua" xlink:to="label_PeriodOfMaturityOfCommitmentOfMaua_2" xlink:title="Label : PeriodOfMaturityOfCommitmentOfMaua to label_PeriodOfMaturityOfCommitmentOfMaua_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract" xlink:label="DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract" xlink:title="DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract" xml:lang="en-US" id="label_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract">Disclosure of non-adjusting events after reporting period [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract" xlink:to="label_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract" xlink:title="Label : DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract to label_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract_1" xml:lang="en-US" id="label_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract_1">Disclosure of non-adjusting events after reporting period [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract" xlink:to="label_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract_1" xlink:title="Label : DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract to label_DisclosureOfNonadjustingEventsAfterReportingPeriodAbstract_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_NumberOfSharesIssuedAndFullyPaid" xlink:label="NumberOfSharesIssuedAndFullyPaid" xlink:title="NumberOfSharesIssuedAndFullyPaid" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesIssuedAndFullyPaid" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfSharesIssuedAndFullyPaid" xml:lang="en-US" id="label_NumberOfSharesIssuedAndFullyPaid">Number of shares issued and fully paid</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesIssuedAndFullyPaid" xlink:to="label_NumberOfSharesIssuedAndFullyPaid" xlink:title="Label : NumberOfSharesIssuedAndFullyPaid to label_NumberOfSharesIssuedAndFullyPaid" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesIssuedAndFullyPaid_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfSharesIssuedAndFullyPaid_1" xml:lang="en-US" id="label_NumberOfSharesIssuedAndFullyPaid_1">Number of shares issued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesIssuedAndFullyPaid" xlink:to="label_NumberOfSharesIssuedAndFullyPaid_1" xlink:title="Label : NumberOfSharesIssuedAndFullyPaid to label_NumberOfSharesIssuedAndFullyPaid_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_PromissoryNotesMember" xlink:label="PromissoryNotesMember" xlink:title="PromissoryNotesMember" />
    <link:label xlink:type="resource" xlink:label="label_PromissoryNotesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PromissoryNotesMember" xml:lang="en-US" id="label_PromissoryNotesMember">This member stands for the information pertaining to promissory notes.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PromissoryNotesMember" xlink:to="label_PromissoryNotesMember" xlink:title="Label : PromissoryNotesMember to label_PromissoryNotesMember" />
    <link:label xlink:type="resource" xlink:label="label_PromissoryNotesMember_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PromissoryNotesMember_1" xml:lang="en-US" id="label_PromissoryNotesMember_1">Promissory Notes [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PromissoryNotesMember" xlink:to="label_PromissoryNotesMember_1" xlink:title="Label : PromissoryNotesMember to label_PromissoryNotesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_RouteasyServicosDeAssessoriaLogisticaLtdaMember" xlink:label="RouteasyServicosDeAssessoriaLogisticaLtdaMember" xlink:title="RouteasyServicosDeAssessoriaLogisticaLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_RouteasyServicosDeAssessoriaLogisticaLtdaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RouteasyServicosDeAssessoriaLogisticaLtdaMember" xml:lang="en-US" id="label_RouteasyServicosDeAssessoriaLogisticaLtdaMember">Routeasy Servi&#xE7;os de Assessoria Log&#xED;stica Ltda. [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RouteasyServicosDeAssessoriaLogisticaLtdaMember" xlink:to="label_RouteasyServicosDeAssessoriaLogisticaLtdaMember" xlink:title="Label : RouteasyServicosDeAssessoriaLogisticaLtdaMember to label_RouteasyServicosDeAssessoriaLogisticaLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_RouteasyServicosDeAssessoriaLogisticaLtdaMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RouteasyServicosDeAssessoriaLogisticaLtdaMember_1" xml:lang="en-US" id="label_RouteasyServicosDeAssessoriaLogisticaLtdaMember_1">Routeasy Servi&#xE7;os de Assessoria Log&#xED;stica Ltda. [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RouteasyServicosDeAssessoriaLogisticaLtdaMember" xlink:to="label_RouteasyServicosDeAssessoriaLogisticaLtdaMember_1" xlink:title="Label : RouteasyServicosDeAssessoriaLogisticaLtdaMember to label_RouteasyServicosDeAssessoriaLogisticaLtdaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_RouteasyServicosDeAssessoriaLogisticaLtdaMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RouteasyServicosDeAssessoriaLogisticaLtdaMember_2" xml:lang="en-US" id="label_RouteasyServicosDeAssessoriaLogisticaLtdaMember_2">Routeasy Servi&#xE7;os de Assessoria Log&#xED;stica Ltda. [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RouteasyServicosDeAssessoriaLogisticaLtdaMember" xlink:to="label_RouteasyServicosDeAssessoriaLogisticaLtdaMember_2" xlink:title="Label : RouteasyServicosDeAssessoriaLogisticaLtdaMember to label_RouteasyServicosDeAssessoriaLogisticaLtdaMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_RestrictedAndPerformanceProgramFourMember" xlink:label="RestrictedAndPerformanceProgramFourMember" xlink:title="RestrictedAndPerformanceProgramFourMember" />
    <link:label xlink:type="resource" xlink:label="label_RestrictedAndPerformanceProgramFourMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RestrictedAndPerformanceProgramFourMember" xml:lang="en-US" id="label_RestrictedAndPerformanceProgramFourMember">Restricted And Performance Program Four [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestrictedAndPerformanceProgramFourMember" xlink:to="label_RestrictedAndPerformanceProgramFourMember" xlink:title="Label : RestrictedAndPerformanceProgramFourMember to label_RestrictedAndPerformanceProgramFourMember" />
    <link:label xlink:type="resource" xlink:label="label_RestrictedAndPerformanceProgramFourMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RestrictedAndPerformanceProgramFourMember_1" xml:lang="en-US" id="label_RestrictedAndPerformanceProgramFourMember_1">Restricted And Performance Program [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestrictedAndPerformanceProgramFourMember" xlink:to="label_RestrictedAndPerformanceProgramFourMember_1" xlink:title="Label : RestrictedAndPerformanceProgramFourMember to label_RestrictedAndPerformanceProgramFourMember_1" />
    <link:label xlink:type="resource" xlink:label="label_RestrictedAndPerformanceProgramFourMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RestrictedAndPerformanceProgramFourMember_2" xml:lang="en-US" id="label_RestrictedAndPerformanceProgramFourMember_2">Restricted And Performance Program Four Member.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestrictedAndPerformanceProgramFourMember" xlink:to="label_RestrictedAndPerformanceProgramFourMember_2" xlink:title="Label : RestrictedAndPerformanceProgramFourMember to label_RestrictedAndPerformanceProgramFourMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_RestrictedProgramFiveMember" xlink:label="RestrictedProgramFiveMember" xlink:title="RestrictedProgramFiveMember" />
    <link:label xlink:type="resource" xlink:label="label_RestrictedProgramFiveMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RestrictedProgramFiveMember" xml:lang="en-US" id="label_RestrictedProgramFiveMember">Restricted Program Five [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestrictedProgramFiveMember" xlink:to="label_RestrictedProgramFiveMember" xlink:title="Label : RestrictedProgramFiveMember to label_RestrictedProgramFiveMember" />
    <link:label xlink:type="resource" xlink:label="label_RestrictedProgramFiveMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RestrictedProgramFiveMember_1" xml:lang="en-US" id="label_RestrictedProgramFiveMember_1">Restricted program [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestrictedProgramFiveMember" xlink:to="label_RestrictedProgramFiveMember_1" xlink:title="Label : RestrictedProgramFiveMember to label_RestrictedProgramFiveMember_1" />
    <link:label xlink:type="resource" xlink:label="label_RestrictedProgramFiveMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RestrictedProgramFiveMember_2" xml:lang="en-US" id="label_RestrictedProgramFiveMember_2">Restricted Program Five Member.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RestrictedProgramFiveMember" xlink:to="label_RestrictedProgramFiveMember_2" xlink:title="Label : RestrictedProgramFiveMember to label_RestrictedProgramFiveMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_NonCurrentProvisionForShortTermLiabilitiesOfJointVenture" xlink:label="NonCurrentProvisionForShortTermLiabilitiesOfJointVenture" xlink:title="NonCurrentProvisionForShortTermLiabilitiesOfJointVenture" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentProvisionForShortTermLiabilitiesOfJointVenture" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NonCurrentProvisionForShortTermLiabilitiesOfJointVenture" xml:lang="en-US" id="label_NonCurrentProvisionForShortTermLiabilitiesOfJointVenture">Provision for short-term liabilities of joint venture</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentProvisionForShortTermLiabilitiesOfJointVenture" xlink:to="label_NonCurrentProvisionForShortTermLiabilitiesOfJointVenture" xlink:title="Label : NonCurrentProvisionForShortTermLiabilitiesOfJointVenture to label_NonCurrentProvisionForShortTermLiabilitiesOfJointVenture" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentProvisionForShortTermLiabilitiesOfJointVenture_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NonCurrentProvisionForShortTermLiabilitiesOfJointVenture_1" xml:lang="en-US" id="label_NonCurrentProvisionForShortTermLiabilitiesOfJointVenture_1">The amount of non-current provision for short-term liabilities of joint venture.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentProvisionForShortTermLiabilitiesOfJointVenture" xlink:to="label_NonCurrentProvisionForShortTermLiabilitiesOfJointVenture_1" xlink:title="Label : NonCurrentProvisionForShortTermLiabilitiesOfJointVenture to label_NonCurrentProvisionForShortTermLiabilitiesOfJointVenture_1" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentProvisionForShortTermLiabilitiesOfJointVenture_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NonCurrentProvisionForShortTermLiabilitiesOfJointVenture_2" xml:lang="en-US" id="label_NonCurrentProvisionForShortTermLiabilitiesOfJointVenture_2">Non Current Provision for Short Term Liabilities of Joint Venture</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentProvisionForShortTermLiabilitiesOfJointVenture" xlink:to="label_NonCurrentProvisionForShortTermLiabilitiesOfJointVenture_2" xlink:title="Label : NonCurrentProvisionForShortTermLiabilitiesOfJointVenture to label_NonCurrentProvisionForShortTermLiabilitiesOfJointVenture_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AdjustmentsForProvisionOfDecarbonization" xlink:label="AdjustmentsForProvisionOfDecarbonization" xlink:title="AdjustmentsForProvisionOfDecarbonization" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForProvisionOfDecarbonization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForProvisionOfDecarbonization" xml:lang="en-US" id="label_AdjustmentsForProvisionOfDecarbonization">Adjustments for provision of decarbonization</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForProvisionOfDecarbonization" xlink:to="label_AdjustmentsForProvisionOfDecarbonization" xlink:title="Label : AdjustmentsForProvisionOfDecarbonization to label_AdjustmentsForProvisionOfDecarbonization" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForProvisionOfDecarbonization_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AdjustmentsForProvisionOfDecarbonization_1" xml:lang="en-US" id="label_AdjustmentsForProvisionOfDecarbonization_1">Adjustments for provision of decarbonization to reconcile profit (loss) to net cash flow from (used in) operating activities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForProvisionOfDecarbonization" xlink:to="label_AdjustmentsForProvisionOfDecarbonization_1" xlink:title="Label : AdjustmentsForProvisionOfDecarbonization to label_AdjustmentsForProvisionOfDecarbonization_1" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForProvisionOfDecarbonization_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdjustmentsForProvisionOfDecarbonization_2" xml:lang="en-US" id="label_AdjustmentsForProvisionOfDecarbonization_2">Provision of decarbonization - CBIO</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForProvisionOfDecarbonization" xlink:to="label_AdjustmentsForProvisionOfDecarbonization_2" xlink:title="Label : AdjustmentsForProvisionOfDecarbonization to label_AdjustmentsForProvisionOfDecarbonization_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AdjustmentsForProvisionForTaxCivilAndLaborRisks" xlink:label="AdjustmentsForProvisionForTaxCivilAndLaborRisks" xlink:title="AdjustmentsForProvisionForTaxCivilAndLaborRisks" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForProvisionForTaxCivilAndLaborRisks" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForProvisionForTaxCivilAndLaborRisks" xml:lang="en-US" id="label_AdjustmentsForProvisionForTaxCivilAndLaborRisks">Adjustments for provision for tax, civil, and labor risks</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForProvisionForTaxCivilAndLaborRisks" xlink:to="label_AdjustmentsForProvisionForTaxCivilAndLaborRisks" xlink:title="Label : AdjustmentsForProvisionForTaxCivilAndLaborRisks to label_AdjustmentsForProvisionForTaxCivilAndLaborRisks" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForProvisionForTaxCivilAndLaborRisks_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AdjustmentsForProvisionForTaxCivilAndLaborRisks_1" xml:lang="en-US" id="label_AdjustmentsForProvisionForTaxCivilAndLaborRisks_1">Adjustments for provision for tax, civil, and labor risks to net cash flow from (used in) operating activities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForProvisionForTaxCivilAndLaborRisks" xlink:to="label_AdjustmentsForProvisionForTaxCivilAndLaborRisks_1" xlink:title="Label : AdjustmentsForProvisionForTaxCivilAndLaborRisks to label_AdjustmentsForProvisionForTaxCivilAndLaborRisks_1" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForProvisionForTaxCivilAndLaborRisks_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdjustmentsForProvisionForTaxCivilAndLaborRisks_2" xml:lang="en-US" id="label_AdjustmentsForProvisionForTaxCivilAndLaborRisks_2">Provision for tax, civil, and labor risks</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForProvisionForTaxCivilAndLaborRisks" xlink:to="label_AdjustmentsForProvisionForTaxCivilAndLaborRisks_2" xlink:title="Label : AdjustmentsForProvisionForTaxCivilAndLaborRisks to label_AdjustmentsForProvisionForTaxCivilAndLaborRisks_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AdjustmentsForIncreaseDecreaseInOtherCurrentLiabilities" xlink:label="AdjustmentsForIncreaseDecreaseInOtherCurrentLiabilities" xlink:title="AdjustmentsForIncreaseDecreaseInOtherCurrentLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForIncreaseDecreaseInOtherCurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForIncreaseDecreaseInOtherCurrentLiabilities" xml:lang="en-US" id="label_AdjustmentsForIncreaseDecreaseInOtherCurrentLiabilities">Adjustments for increase (decrease) in other current liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForIncreaseDecreaseInOtherCurrentLiabilities" xlink:to="label_AdjustmentsForIncreaseDecreaseInOtherCurrentLiabilities" xlink:title="Label : AdjustmentsForIncreaseDecreaseInOtherCurrentLiabilities to label_AdjustmentsForIncreaseDecreaseInOtherCurrentLiabilities" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForIncreaseDecreaseInOtherCurrentLiabilities_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdjustmentsForIncreaseDecreaseInOtherCurrentLiabilities_1" xml:lang="en-US" id="label_AdjustmentsForIncreaseDecreaseInOtherCurrentLiabilities_1">Other payables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForIncreaseDecreaseInOtherCurrentLiabilities" xlink:to="label_AdjustmentsForIncreaseDecreaseInOtherCurrentLiabilities_1" xlink:title="Label : AdjustmentsForIncreaseDecreaseInOtherCurrentLiabilities to label_AdjustmentsForIncreaseDecreaseInOtherCurrentLiabilities_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AdjustmentsForIncreaseDecreaseInAcquisitionOfDecarbonizationCredits" xlink:label="AdjustmentsForIncreaseDecreaseInAcquisitionOfDecarbonizationCredits" xlink:title="AdjustmentsForIncreaseDecreaseInAcquisitionOfDecarbonizationCredits" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForIncreaseDecreaseInAcquisitionOfDecarbonizationCredits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForIncreaseDecreaseInAcquisitionOfDecarbonizationCredits" xml:lang="en-US" id="label_AdjustmentsForIncreaseDecreaseInAcquisitionOfDecarbonizationCredits">Adjustments For Increase Decrease In Acquisition Of Decarbonization Credits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForIncreaseDecreaseInAcquisitionOfDecarbonizationCredits" xlink:to="label_AdjustmentsForIncreaseDecreaseInAcquisitionOfDecarbonizationCredits" xlink:title="Label : AdjustmentsForIncreaseDecreaseInAcquisitionOfDecarbonizationCredits to label_AdjustmentsForIncreaseDecreaseInAcquisitionOfDecarbonizationCredits" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForIncreaseDecreaseInAcquisitionOfDecarbonizationCredits_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AdjustmentsForIncreaseDecreaseInAcquisitionOfDecarbonizationCredits_1" xml:lang="en-US" id="label_AdjustmentsForIncreaseDecreaseInAcquisitionOfDecarbonizationCredits_1">Adjustments for increase (decrease) in non-current liabilities from acquisition of decarbonization credits ("CBIO") to reconcile profit (loss) to net cash flow from (used in) operating activities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForIncreaseDecreaseInAcquisitionOfDecarbonizationCredits" xlink:to="label_AdjustmentsForIncreaseDecreaseInAcquisitionOfDecarbonizationCredits_1" xlink:title="Label : AdjustmentsForIncreaseDecreaseInAcquisitionOfDecarbonizationCredits to label_AdjustmentsForIncreaseDecreaseInAcquisitionOfDecarbonizationCredits_1" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForIncreaseDecreaseInAcquisitionOfDecarbonizationCredits_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdjustmentsForIncreaseDecreaseInAcquisitionOfDecarbonizationCredits_2" xml:lang="en-US" id="label_AdjustmentsForIncreaseDecreaseInAcquisitionOfDecarbonizationCredits_2">Acquisition of CBIO</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForIncreaseDecreaseInAcquisitionOfDecarbonizationCredits" xlink:to="label_AdjustmentsForIncreaseDecreaseInAcquisitionOfDecarbonizationCredits_2" xlink:title="Label : AdjustmentsForIncreaseDecreaseInAcquisitionOfDecarbonizationCredits to label_AdjustmentsForIncreaseDecreaseInAcquisitionOfDecarbonizationCredits_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AdjustmentsForIncreaseDecreaseInPaymentsOfContingencies" xlink:label="AdjustmentsForIncreaseDecreaseInPaymentsOfContingencies" xlink:title="AdjustmentsForIncreaseDecreaseInPaymentsOfContingencies" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForIncreaseDecreaseInPaymentsOfContingencies" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForIncreaseDecreaseInPaymentsOfContingencies" xml:lang="en-US" id="label_AdjustmentsForIncreaseDecreaseInPaymentsOfContingencies">Adjustments for increase (decrease) in payments of contingencies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForIncreaseDecreaseInPaymentsOfContingencies" xlink:to="label_AdjustmentsForIncreaseDecreaseInPaymentsOfContingencies" xlink:title="Label : AdjustmentsForIncreaseDecreaseInPaymentsOfContingencies to label_AdjustmentsForIncreaseDecreaseInPaymentsOfContingencies" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForIncreaseDecreaseInPaymentsOfContingencies_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AdjustmentsForIncreaseDecreaseInPaymentsOfContingencies_1" xml:lang="en-US" id="label_AdjustmentsForIncreaseDecreaseInPaymentsOfContingencies_1">Adjustments for increase (decrease) in non-current liabilities from payments of contingencies to reconcile profit (loss) to net cash flow from (used in) operating activities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForIncreaseDecreaseInPaymentsOfContingencies" xlink:to="label_AdjustmentsForIncreaseDecreaseInPaymentsOfContingencies_1" xlink:title="Label : AdjustmentsForIncreaseDecreaseInPaymentsOfContingencies to label_AdjustmentsForIncreaseDecreaseInPaymentsOfContingencies_1" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForIncreaseDecreaseInPaymentsOfContingencies_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdjustmentsForIncreaseDecreaseInPaymentsOfContingencies_2" xml:lang="en-US" id="label_AdjustmentsForIncreaseDecreaseInPaymentsOfContingencies_2">Payments of contingencies</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForIncreaseDecreaseInPaymentsOfContingencies" xlink:to="label_AdjustmentsForIncreaseDecreaseInPaymentsOfContingencies_2" xlink:title="Label : AdjustmentsForIncreaseDecreaseInPaymentsOfContingencies to label_AdjustmentsForIncreaseDecreaseInPaymentsOfContingencies_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AdjustmentsForNonCashAdditionOnContractualAssetsWithCustomersExclusiveRights" xlink:label="AdjustmentsForNonCashAdditionOnContractualAssetsWithCustomersExclusiveRights" xlink:title="AdjustmentsForNonCashAdditionOnContractualAssetsWithCustomersExclusiveRights" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForNonCashAdditionOnContractualAssetsWithCustomersExclusiveRights" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdjustmentsForNonCashAdditionOnContractualAssetsWithCustomersExclusiveRights" xml:lang="en-US" id="label_AdjustmentsForNonCashAdditionOnContractualAssetsWithCustomersExclusiveRights">Addition on contractual assets with customers &#x2013; exclusive rights</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForNonCashAdditionOnContractualAssetsWithCustomersExclusiveRights" xlink:to="label_AdjustmentsForNonCashAdditionOnContractualAssetsWithCustomersExclusiveRights" xlink:title="Label : AdjustmentsForNonCashAdditionOnContractualAssetsWithCustomersExclusiveRights to label_AdjustmentsForNonCashAdditionOnContractualAssetsWithCustomersExclusiveRights" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForNonCashAdditionOnContractualAssetsWithCustomersExclusiveRights_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AdjustmentsForNonCashAdditionOnContractualAssetsWithCustomersExclusiveRights_1" xml:lang="en-US" id="label_AdjustmentsForNonCashAdditionOnContractualAssetsWithCustomersExclusiveRights_1">Adjustments for non-cash addition on contractual assets with customers - exclusive rights to reconcile profit (loss) to net cash flow from (used in) operating activities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForNonCashAdditionOnContractualAssetsWithCustomersExclusiveRights" xlink:to="label_AdjustmentsForNonCashAdditionOnContractualAssetsWithCustomersExclusiveRights_1" xlink:title="Label : AdjustmentsForNonCashAdditionOnContractualAssetsWithCustomersExclusiveRights to label_AdjustmentsForNonCashAdditionOnContractualAssetsWithCustomersExclusiveRights_1" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForNonCashAdditionOnContractualAssetsWithCustomersExclusiveRights_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForNonCashAdditionOnContractualAssetsWithCustomersExclusiveRights_2" xml:lang="en-US" id="label_AdjustmentsForNonCashAdditionOnContractualAssetsWithCustomersExclusiveRights_2">Adjustments for non-cash addition on contractual assets with customers - exclusive rights</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForNonCashAdditionOnContractualAssetsWithCustomersExclusiveRights" xlink:to="label_AdjustmentsForNonCashAdditionOnContractualAssetsWithCustomersExclusiveRights_2" xlink:title="Label : AdjustmentsForNonCashAdditionOnContractualAssetsWithCustomersExclusiveRights to label_AdjustmentsForNonCashAdditionOnContractualAssetsWithCustomersExclusiveRights_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AdjustmentsForNonCashReversionFundPrivatePension" xlink:label="AdjustmentsForNonCashReversionFundPrivatePension" xlink:title="AdjustmentsForNonCashReversionFundPrivatePension" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForNonCashReversionFundPrivatePension" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AdjustmentsForNonCashReversionFundPrivatePension" xml:lang="en-US" id="label_AdjustmentsForNonCashReversionFundPrivatePension">Reversion fund &#x2013; private pension</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForNonCashReversionFundPrivatePension" xlink:to="label_AdjustmentsForNonCashReversionFundPrivatePension" xlink:title="Label : AdjustmentsForNonCashReversionFundPrivatePension to label_AdjustmentsForNonCashReversionFundPrivatePension" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForNonCashReversionFundPrivatePension_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AdjustmentsForNonCashReversionFundPrivatePension_1" xml:lang="en-US" id="label_AdjustmentsForNonCashReversionFundPrivatePension_1">Adjustments for non-cash reversion fund - private pension to reconcile profit (loss) to net cash flow from (used in) operating activities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForNonCashReversionFundPrivatePension" xlink:to="label_AdjustmentsForNonCashReversionFundPrivatePension_1" xlink:title="Label : AdjustmentsForNonCashReversionFundPrivatePension to label_AdjustmentsForNonCashReversionFundPrivatePension_1" />
    <link:label xlink:type="resource" xlink:label="label_AdjustmentsForNonCashReversionFundPrivatePension_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustmentsForNonCashReversionFundPrivatePension_2" xml:lang="en-US" id="label_AdjustmentsForNonCashReversionFundPrivatePension_2">Adjustments for non-cash reversion fund - private pension</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForNonCashReversionFundPrivatePension" xlink:to="label_AdjustmentsForNonCashReversionFundPrivatePension_2" xlink:title="Label : AdjustmentsForNonCashReversionFundPrivatePension to label_AdjustmentsForNonCashReversionFundPrivatePension_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_MiscellaneousComponentsOfEquityAbstract" xlink:label="MiscellaneousComponentsOfEquityAbstract" xlink:title="MiscellaneousComponentsOfEquityAbstract" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughShareholderTransactionChangesOfInvestments" xlink:to="label_IncreaseDecreaseThroughShareholderTransactionChangesOfInvestments" xlink:title="Label : IncreaseDecreaseThroughShareholderTransactionChangesOfInvestments to label_IncreaseDecreaseThroughShareholderTransactionChangesOfInvestments" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughShareholderTransactionChangesOfInvestments_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncreaseDecreaseThroughShareholderTransactionChangesOfInvestments_1" xml:lang="en-US" id="label_IncreaseDecreaseThroughShareholderTransactionChangesOfInvestments_1">The increase (decrease) in equity resulting from changes of investments arising from shareholder transaction.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughShareholderTransactionChangesOfInvestments" xlink:to="label_IncreaseDecreaseThroughShareholderTransactionChangesOfInvestments_1" xlink:title="Label : IncreaseDecreaseThroughShareholderTransactionChangesOfInvestments to label_IncreaseDecreaseThroughShareholderTransactionChangesOfInvestments_1" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughShareholderTransactionChangesOfInvestments_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseThroughShareholderTransactionChangesOfInvestments_2" xml:lang="en-US" id="label_IncreaseDecreaseThroughShareholderTransactionChangesOfInvestments_2">Shareholder transaction &#x2013; changes of investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughShareholderTransactionChangesOfInvestments" xlink:to="label_IncreaseDecreaseThroughShareholderTransactionChangesOfInvestments_2" xlink:title="Label : IncreaseDecreaseThroughShareholderTransactionChangesOfInvestments to label_IncreaseDecreaseThroughShareholderTransactionChangesOfInvestments_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DividendsRecognisedAsDistributionsToNoncontrollingInterests" xlink:label="DividendsRecognisedAsDistributionsToNoncontrollingInterests" xlink:title="DividendsRecognisedAsDistributionsToNoncontrollingInterests" />
    <link:label xlink:type="resource" xlink:label="label_DividendsRecognisedAsDistributionsToNoncontrollingInterests" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendsRecognisedAsDistributionsToNoncontrollingInterests" xml:lang="en-US" id="label_DividendsRecognisedAsDistributionsToNoncontrollingInterests">Dividends recognised as distributions to non-controlling interests</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsRecognisedAsDistributionsToNoncontrollingInterests" xlink:to="label_DividendsRecognisedAsDistributionsToNoncontrollingInterests" xlink:title="Label : DividendsRecognisedAsDistributionsToNoncontrollingInterests to label_DividendsRecognisedAsDistributionsToNoncontrollingInterests" />
    <link:label xlink:type="resource" xlink:label="label_DividendsRecognisedAsDistributionsToNoncontrollingInterests_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_DividendsRecognisedAsDistributionsToNoncontrollingInterests_1" xml:lang="en-US" id="label_DividendsRecognisedAsDistributionsToNoncontrollingInterests_1">Dividends attributable to non-controlling interests</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsRecognisedAsDistributionsToNoncontrollingInterests" xlink:to="label_DividendsRecognisedAsDistributionsToNoncontrollingInterests_1" xlink:title="Label : DividendsRecognisedAsDistributionsToNoncontrollingInterests to label_DividendsRecognisedAsDistributionsToNoncontrollingInterests_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IncreaseDecreaseThroughAllocationOfNetIncomeInvestmentsStatutoryReserve" xlink:label="IncreaseDecreaseThroughAllocationOfNetIncomeInvestmentsStatutoryReserve" xlink:title="IncreaseDecreaseThroughAllocationOfNetIncomeInvestmentsStatutoryReserve" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughAllocationOfNetIncomeInvestmentsStatutoryReserve" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseThroughAllocationOfNetIncomeInvestmentsStatutoryReserve" xml:lang="en-US" id="label_IncreaseDecreaseThroughAllocationOfNetIncomeInvestmentsStatutoryReserve">Increase (decrease) through allocation of net income - Investments statutory reserve</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughAllocationOfNetIncomeInvestmentsStatutoryReserve" xlink:to="label_IncreaseDecreaseThroughAllocationOfNetIncomeInvestmentsStatutoryReserve" xlink:title="Label : IncreaseDecreaseThroughAllocationOfNetIncomeInvestmentsStatutoryReserve to label_IncreaseDecreaseThroughAllocationOfNetIncomeInvestmentsStatutoryReserve" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughAllocationOfNetIncomeInvestmentsStatutoryReserve_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncreaseDecreaseThroughAllocationOfNetIncomeInvestmentsStatutoryReserve_1" xml:lang="en-US" id="label_IncreaseDecreaseThroughAllocationOfNetIncomeInvestmentsStatutoryReserve_1">The increase (decrease) in equity resulting from allocation of net income - Investments statutory reserve.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughAllocationOfNetIncomeInvestmentsStatutoryReserve" xlink:to="label_IncreaseDecreaseThroughAllocationOfNetIncomeInvestmentsStatutoryReserve_1" xlink:title="Label : IncreaseDecreaseThroughAllocationOfNetIncomeInvestmentsStatutoryReserve to label_IncreaseDecreaseThroughAllocationOfNetIncomeInvestmentsStatutoryReserve_1" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughAllocationOfNetIncomeInvestmentsStatutoryReserve_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreaseDecreaseThroughAllocationOfNetIncomeInvestmentsStatutoryReserve_2" xml:lang="en-US" id="label_IncreaseDecreaseThroughAllocationOfNetIncomeInvestmentsStatutoryReserve_2">Investments statutory reserve</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughAllocationOfNetIncomeInvestmentsStatutoryReserve" xlink:to="label_IncreaseDecreaseThroughAllocationOfNetIncomeInvestmentsStatutoryReserve_2" xlink:title="Label : IncreaseDecreaseThroughAllocationOfNetIncomeInvestmentsStatutoryReserve to label_IncreaseDecreaseThroughAllocationOfNetIncomeInvestmentsStatutoryReserve_2" />
    <link:label xlink:type="resource" xlink:label="label_MiscellaneousComponentsOfEquityAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MiscellaneousComponentsOfEquityAbstract_1" xml:lang="en-US" id="label_MiscellaneousComponentsOfEquityAbstract_1">Fair value adjustments of available for financial instruments, net of income taxes:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MiscellaneousComponentsOfEquityAbstract" xlink:to="label_MiscellaneousComponentsOfEquityAbstract_1" xlink:title="Label : MiscellaneousComponentsOfEquityAbstract to label_MiscellaneousComponentsOfEquityAbstract_1" />
    <link:label xlink:type="resource" xlink:label="label_ChangesInEquityAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ChangesInEquityAbstract_1" xml:lang="en-US" id="label_ChangesInEquityAbstract_1">Actuarial (gain) losses of post-employment benefits, net of income taxes:</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangesInEquityAbstract" xlink:to="label_ChangesInEquityAbstract_1" xlink:title="Label : ChangesInEquityAbstract to label_ChangesInEquityAbstract_1" />
    <link:label xlink:type="resource" xlink:label="label_PromissoryNotesMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PromissoryNotesMember_2" xml:lang="en-US" id="label_PromissoryNotesMember_2">Promissory notes [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PromissoryNotesMember" xlink:to="label_PromissoryNotesMember_2" xlink:title="Label : PromissoryNotesMember to label_PromissoryNotesMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_OttoCycleMember" xlink:label="OttoCycleMember" xlink:title="OttoCycleMember" />
    <link:label xlink:type="resource" xlink:label="label_OttoCycleMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_OttoCycleMember" xml:lang="en-US" id="label_OttoCycleMember">Otto Cycle [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OttoCycleMember" xlink:to="label_OttoCycleMember" xlink:title="Label : OttoCycleMember to label_OttoCycleMember" />
    <link:label xlink:type="resource" xlink:label="label_OttoCycleMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_OttoCycleMember_1" xml:lang="en-US" id="label_OttoCycleMember_1">This member stands for the information pertaining to otto cycle product of the entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OttoCycleMember" xlink:to="label_OttoCycleMember_1" xlink:title="Label : OttoCycleMember to label_OttoCycleMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DieselMember" xlink:label="DieselMember" xlink:title="DieselMember" />
    <link:label xlink:type="resource" xlink:label="label_DieselMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DieselMember" xml:lang="en-US" id="label_DieselMember">Diesel [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DieselMember" xlink:to="label_DieselMember" xlink:title="Label : DieselMember to label_DieselMember" />
    <link:label xlink:type="resource" xlink:label="label_DieselMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DieselMember_1" xml:lang="en-US" id="label_DieselMember_1">This member stands for the information pertaining to diesel product of the entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DieselMember" xlink:to="label_DieselMember_1" xlink:title="Label : DieselMember to label_DieselMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ExtraExpensesWithProtectiveMaterialsAndDonations" xlink:label="ExtraExpensesWithProtectiveMaterialsAndDonations" xlink:title="ExtraExpensesWithProtectiveMaterialsAndDonations" />
    <link:label xlink:type="resource" xlink:label="label_ExtraExpensesWithProtectiveMaterialsAndDonations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExtraExpensesWithProtectiveMaterialsAndDonations" xml:lang="en-US" id="label_ExtraExpensesWithProtectiveMaterialsAndDonations">Extra Expenses With Protective Materials and Donations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExtraExpensesWithProtectiveMaterialsAndDonations" xlink:to="label_ExtraExpensesWithProtectiveMaterialsAndDonations" xlink:title="Label : ExtraExpensesWithProtectiveMaterialsAndDonations to label_ExtraExpensesWithProtectiveMaterialsAndDonations" />
    <link:label xlink:type="resource" xlink:label="label_ExtraExpensesWithProtectiveMaterialsAndDonations_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ExtraExpensesWithProtectiveMaterialsAndDonations_1" xml:lang="en-US" id="label_ExtraExpensesWithProtectiveMaterialsAndDonations_1">Extra expenses with protective materials and donations</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExtraExpensesWithProtectiveMaterialsAndDonations" xlink:to="label_ExtraExpensesWithProtectiveMaterialsAndDonations_1" xlink:title="Label : ExtraExpensesWithProtectiveMaterialsAndDonations to label_ExtraExpensesWithProtectiveMaterialsAndDonations_1" />
    <link:label xlink:type="resource" xlink:label="label_ExtraExpensesWithProtectiveMaterialsAndDonations_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ExtraExpensesWithProtectiveMaterialsAndDonations_2" xml:lang="en-US" id="label_ExtraExpensesWithProtectiveMaterialsAndDonations_2">The amount of extra expenses with protective materials and donations incurred during period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExtraExpensesWithProtectiveMaterialsAndDonations" xlink:to="label_ExtraExpensesWithProtectiveMaterialsAndDonations_2" xlink:title="Label : ExtraExpensesWithProtectiveMaterialsAndDonations to label_ExtraExpensesWithProtectiveMaterialsAndDonations_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DecreasePercentageOfSalesVolume" xlink:label="DecreasePercentageOfSalesVolume" xlink:title="DecreasePercentageOfSalesVolume" />
    <link:label xlink:type="resource" xlink:label="label_DecreasePercentageOfSalesVolume" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DecreasePercentageOfSalesVolume" xml:lang="en-US" id="label_DecreasePercentageOfSalesVolume">Decrease Percentage of Sales Volume</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DecreasePercentageOfSalesVolume" xlink:to="label_DecreasePercentageOfSalesVolume" xlink:title="Label : DecreasePercentageOfSalesVolume to label_DecreasePercentageOfSalesVolume" />
    <link:label xlink:type="resource" xlink:label="label_DecreasePercentageOfSalesVolume_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DecreasePercentageOfSalesVolume_1" xml:lang="en-US" id="label_DecreasePercentageOfSalesVolume_1">Decrease percentage of sales volume</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DecreasePercentageOfSalesVolume" xlink:to="label_DecreasePercentageOfSalesVolume_1" xlink:title="Label : DecreasePercentageOfSalesVolume to label_DecreasePercentageOfSalesVolume_1" />
    <link:label xlink:type="resource" xlink:label="label_DecreasePercentageOfSalesVolume_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DecreasePercentageOfSalesVolume_2" xml:lang="en-US" id="label_DecreasePercentageOfSalesVolume_2">The percentage of the entity's sales volume decreased in comparative period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DecreasePercentageOfSalesVolume" xlink:to="label_DecreasePercentageOfSalesVolume_2" xlink:title="Label : DecreasePercentageOfSalesVolume to label_DecreasePercentageOfSalesVolume_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DecreasePercentageOfGeneralAdministrativeAndSalesExpenses" xlink:label="DecreasePercentageOfGeneralAdministrativeAndSalesExpenses" xlink:title="DecreasePercentageOfGeneralAdministrativeAndSalesExpenses" />
    <link:label xlink:type="resource" xlink:label="label_DecreasePercentageOfGeneralAdministrativeAndSalesExpenses" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DecreasePercentageOfGeneralAdministrativeAndSalesExpenses" xml:lang="en-US" id="label_DecreasePercentageOfGeneralAdministrativeAndSalesExpenses">Decrease percentage of general, administrative and sales expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DecreasePercentageOfGeneralAdministrativeAndSalesExpenses" xlink:to="label_DecreasePercentageOfGeneralAdministrativeAndSalesExpenses" xlink:title="Label : DecreasePercentageOfGeneralAdministrativeAndSalesExpenses to label_DecreasePercentageOfGeneralAdministrativeAndSalesExpenses" />
    <link:label xlink:type="resource" xlink:label="label_DecreasePercentageOfGeneralAdministrativeAndSalesExpenses_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DecreasePercentageOfGeneralAdministrativeAndSalesExpenses_1" xml:lang="en-US" id="label_DecreasePercentageOfGeneralAdministrativeAndSalesExpenses_1">Decrease percentage of general, administrative and sales expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DecreasePercentageOfGeneralAdministrativeAndSalesExpenses" xlink:to="label_DecreasePercentageOfGeneralAdministrativeAndSalesExpenses_1" xlink:title="Label : DecreasePercentageOfGeneralAdministrativeAndSalesExpenses to label_DecreasePercentageOfGeneralAdministrativeAndSalesExpenses_1" />
    <link:label xlink:type="resource" xlink:label="label_DecreasePercentageOfGeneralAdministrativeAndSalesExpenses_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DecreasePercentageOfGeneralAdministrativeAndSalesExpenses_2" xml:lang="en-US" id="label_DecreasePercentageOfGeneralAdministrativeAndSalesExpenses_2">The percentage of the entity's general, administrative and sales expenses decreased in comparative period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DecreasePercentageOfGeneralAdministrativeAndSalesExpenses" xlink:to="label_DecreasePercentageOfGeneralAdministrativeAndSalesExpenses_2" xlink:title="Label : DecreasePercentageOfGeneralAdministrativeAndSalesExpenses to label_DecreasePercentageOfGeneralAdministrativeAndSalesExpenses_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IncreasePercentageOfSalesVolume" xlink:label="IncreasePercentageOfSalesVolume" xlink:title="IncreasePercentageOfSalesVolume" />
    <link:label xlink:type="resource" xlink:label="label_IncreasePercentageOfSalesVolume" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreasePercentageOfSalesVolume" xml:lang="en-US" id="label_IncreasePercentageOfSalesVolume">Increase percentage of sales volume</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreasePercentageOfSalesVolume" xlink:to="label_IncreasePercentageOfSalesVolume" xlink:title="Label : IncreasePercentageOfSalesVolume to label_IncreasePercentageOfSalesVolume" />
    <link:label xlink:type="resource" xlink:label="label_IncreasePercentageOfSalesVolume_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IncreasePercentageOfSalesVolume_1" xml:lang="en-US" id="label_IncreasePercentageOfSalesVolume_1">Increase percentage of sales volume</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreasePercentageOfSalesVolume" xlink:to="label_IncreasePercentageOfSalesVolume_1" xlink:title="Label : IncreasePercentageOfSalesVolume to label_IncreasePercentageOfSalesVolume_1" />
    <link:label xlink:type="resource" xlink:label="label_IncreasePercentageOfSalesVolume_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IncreasePercentageOfSalesVolume_2" xml:lang="en-US" id="label_IncreasePercentageOfSalesVolume_2">The percentage of the entity's sales volume increased in comparative period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreasePercentageOfSalesVolume" xlink:to="label_IncreasePercentageOfSalesVolume_2" xlink:title="Label : IncreasePercentageOfSalesVolume to label_IncreasePercentageOfSalesVolume_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DecreaseInRevenues" xlink:label="DecreaseInRevenues" xlink:title="DecreaseInRevenues" />
    <link:label xlink:type="resource" xlink:label="label_DecreaseInRevenues" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DecreaseInRevenues" xml:lang="en-US" id="label_DecreaseInRevenues">Decrease in Revenues</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DecreaseInRevenues" xlink:to="label_DecreaseInRevenues" xlink:title="Label : DecreaseInRevenues to label_DecreaseInRevenues" />
    <link:label xlink:type="resource" xlink:label="label_DecreaseInRevenues_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DecreaseInRevenues_1" xml:lang="en-US" id="label_DecreaseInRevenues_1">Decrease in revenues</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DecreaseInRevenues" xlink:to="label_DecreaseInRevenues_1" xlink:title="Label : DecreaseInRevenues to label_DecreaseInRevenues_1" />
    <link:label xlink:type="resource" xlink:label="label_DecreaseInRevenues_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DecreaseInRevenues_2" xml:lang="en-US" id="label_DecreaseInRevenues_2">The amount of decrease in revenues in comparative period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DecreaseInRevenues" xlink:to="label_DecreaseInRevenues_2" xlink:title="Label : DecreaseInRevenues to label_DecreaseInRevenues_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DecreaseInExpenses" xlink:label="DecreaseInExpenses" xlink:title="DecreaseInExpenses" />
    <link:label xlink:type="resource" xlink:label="label_DecreaseInExpenses" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DecreaseInExpenses" xml:lang="en-US" id="label_DecreaseInExpenses">The amount of decrease in expenses in comparative period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DecreaseInExpenses" xlink:to="label_DecreaseInExpenses" xlink:title="Label : DecreaseInExpenses to label_DecreaseInExpenses" />
    <link:label xlink:type="resource" xlink:label="label_DecreaseInExpenses_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DecreaseInExpenses_1" xml:lang="en-US" id="label_DecreaseInExpenses_1">Decrease in expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DecreaseInExpenses" xlink:to="label_DecreaseInExpenses_1" xlink:title="Label : DecreaseInExpenses to label_DecreaseInExpenses_1" />
    <link:label xlink:type="resource" xlink:label="label_DecreaseInExpenses_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DecreaseInExpenses_2" xml:lang="en-US" id="label_DecreaseInExpenses_2">Decrease in Expenses</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DecreaseInExpenses" xlink:to="label_DecreaseInExpenses_2" xlink:title="Label : DecreaseInExpenses to label_DecreaseInExpenses_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_BondsMaturingIn2029Member" xlink:label="BondsMaturingIn2029Member" xlink:title="BondsMaturingIn2029Member" />
    <link:label xlink:type="resource" xlink:label="label_BondsMaturingIn2029Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BondsMaturingIn2029Member" xml:lang="en-US" id="label_BondsMaturingIn2029Member">This member stands for the information pertaining to bonds which is maturing in 2029.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BondsMaturingIn2029Member" xlink:to="label_BondsMaturingIn2029Member" xlink:title="Label : BondsMaturingIn2029Member to label_BondsMaturingIn2029Member" />
    <link:label xlink:type="resource" xlink:label="label_BondsMaturingIn2029Member_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BondsMaturingIn2029Member_1" xml:lang="en-US" id="label_BondsMaturingIn2029Member_1">Bonds maturing in 2029 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BondsMaturingIn2029Member" xlink:to="label_BondsMaturingIn2029Member_1" xlink:title="Label : BondsMaturingIn2029Member to label_BondsMaturingIn2029Member_1" />
    <link:label xlink:type="resource" xlink:label="label_BondsMaturingIn2029Member_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BondsMaturingIn2029Member_2" xml:lang="en-US" id="label_BondsMaturingIn2029Member_2">Bonds Maturing In 2029 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BondsMaturingIn2029Member" xlink:to="label_BondsMaturingIn2029Member_2" xlink:title="Label : BondsMaturingIn2029Member to label_BondsMaturingIn2029Member_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable" xlink:label="DisclosureOfDetailedInformationAboutBorrowingsTable" xlink:title="DisclosureOfDetailedInformationAboutBorrowingsTable" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutBorrowingsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDetailedInformationAboutBorrowingsTable" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutBorrowingsTable">Disclosure of detailed information about borrowings [table]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutBorrowingsTable" xlink:to="label_DisclosureOfDetailedInformationAboutBorrowingsTable" xlink:title="Label : DisclosureOfDetailedInformationAboutBorrowingsTable to label_DisclosureOfDetailedInformationAboutBorrowingsTable" />
    <link:label xlink:type="resource" xlink:label="label_NotionalAmount_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_NotionalAmount_2" xml:lang="en-US" id="label_NotionalAmount_2">Face value unit</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotionalAmount" xlink:to="label_NotionalAmount_2" xlink:title="Label : NotionalAmount to label_NotionalAmount_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:label="DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:title="DisclosureOfDetailedInformationAboutBorrowingsLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xml:lang="en-US" id="label_DisclosureOfDetailedInformationAboutBorrowingsLineItems">Disclosure of detailed information about borrowings [line items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:to="label_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:title="Label : DisclosureOfDetailedInformationAboutBorrowingsLineItems to label_DisclosureOfDetailedInformationAboutBorrowingsLineItems" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_BorrowingsMaturityPeriod" xlink:label="BorrowingsMaturityPeriod" xlink:title="BorrowingsMaturityPeriod" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsMaturityPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BorrowingsMaturityPeriod" xml:lang="en-US" id="label_BorrowingsMaturityPeriod">Borrowings Maturity Period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsMaturityPeriod" xlink:to="label_BorrowingsMaturityPeriod" xlink:title="Label : BorrowingsMaturityPeriod to label_BorrowingsMaturityPeriod" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsMaturityPeriod_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BorrowingsMaturityPeriod_1" xml:lang="en-US" id="label_BorrowingsMaturityPeriod_1">The maturity period of borrowings obtained.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsMaturityPeriod" xlink:to="label_BorrowingsMaturityPeriod_1" xlink:title="Label : BorrowingsMaturityPeriod to label_BorrowingsMaturityPeriod_1" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsMaturityPeriod_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BorrowingsMaturityPeriod_2" xml:lang="en-US" id="label_BorrowingsMaturityPeriod_2">Borrowings, maturity period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsMaturityPeriod" xlink:to="label_BorrowingsMaturityPeriod_2" xlink:title="Label : BorrowingsMaturityPeriod to label_BorrowingsMaturityPeriod_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures" xlink:label="ProceedsFromIssueOfBondsNotesAndDebentures" xlink:title="ProceedsFromIssueOfBondsNotesAndDebentures" />
    <link:label xlink:type="resource" xlink:label="label_ProceedsFromIssueOfBondsNotesAndDebentures" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProceedsFromIssueOfBondsNotesAndDebentures" xml:lang="en-US" id="label_ProceedsFromIssueOfBondsNotesAndDebentures">Proceeds from issue of bonds, notes and debentures</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromIssueOfBondsNotesAndDebentures" xlink:to="label_ProceedsFromIssueOfBondsNotesAndDebentures" xlink:title="Label : ProceedsFromIssueOfBondsNotesAndDebentures to label_ProceedsFromIssueOfBondsNotesAndDebentures" />
    <link:label xlink:type="resource" xlink:label="label_ProceedsFromIssueOfBondsNotesAndDebentures_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProceedsFromIssueOfBondsNotesAndDebentures_1" xml:lang="en-US" id="label_ProceedsFromIssueOfBondsNotesAndDebentures_1">Proceeds through the issuance of borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromIssueOfBondsNotesAndDebentures" xlink:to="label_ProceedsFromIssueOfBondsNotesAndDebentures_1" xlink:title="Label : ProceedsFromIssueOfBondsNotesAndDebentures to label_ProceedsFromIssueOfBondsNotesAndDebentures_1" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_RepaymentsOfBondsNotesAndDebentures" xlink:label="RepaymentsOfBondsNotesAndDebentures" xlink:title="RepaymentsOfBondsNotesAndDebentures" />
    <link:label xlink:type="resource" xlink:label="label_RepaymentsOfBondsNotesAndDebentures" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RepaymentsOfBondsNotesAndDebentures" xml:lang="en-US" id="label_RepaymentsOfBondsNotesAndDebentures">Repayments of borrowings</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepaymentsOfBondsNotesAndDebentures" xlink:to="label_RepaymentsOfBondsNotesAndDebentures" xlink:title="Label : RepaymentsOfBondsNotesAndDebentures to label_RepaymentsOfBondsNotesAndDebentures" />
    <link:label xlink:type="resource" xlink:label="label_RepaymentsOfBondsNotesAndDebentures_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RepaymentsOfBondsNotesAndDebentures_1" xml:lang="en-US" id="label_RepaymentsOfBondsNotesAndDebentures_1">Repayments of bonds, notes and debentures</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepaymentsOfBondsNotesAndDebentures" xlink:to="label_RepaymentsOfBondsNotesAndDebentures_1" xlink:title="Label : RepaymentsOfBondsNotesAndDebentures to label_RepaymentsOfBondsNotesAndDebentures_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DecreasePercentageOfInvestmentPlan" xlink:label="DecreasePercentageOfInvestmentPlan" xlink:title="DecreasePercentageOfInvestmentPlan" />
    <link:label xlink:type="resource" xlink:label="label_DecreasePercentageOfInvestmentPlan" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DecreasePercentageOfInvestmentPlan" xml:lang="en-US" id="label_DecreasePercentageOfInvestmentPlan">Decrease Percentage of Investment Plan</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DecreasePercentageOfInvestmentPlan" xlink:to="label_DecreasePercentageOfInvestmentPlan" xlink:title="Label : DecreasePercentageOfInvestmentPlan to label_DecreasePercentageOfInvestmentPlan" />
    <link:label xlink:type="resource" xlink:label="label_DecreasePercentageOfInvestmentPlan_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DecreasePercentageOfInvestmentPlan_1" xml:lang="en-US" id="label_DecreasePercentageOfInvestmentPlan_1">The percentage of the entity's investment plan decreased due to cash containment measurement applied by the reporting entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DecreasePercentageOfInvestmentPlan" xlink:to="label_DecreasePercentageOfInvestmentPlan_1" xlink:title="Label : DecreasePercentageOfInvestmentPlan to label_DecreasePercentageOfInvestmentPlan_1" />
    <link:label xlink:type="resource" xlink:label="label_DecreasePercentageOfInvestmentPlan_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DecreasePercentageOfInvestmentPlan_2" xml:lang="en-US" id="label_DecreasePercentageOfInvestmentPlan_2">Decrease percentage of investment plan</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DecreasePercentageOfInvestmentPlan" xlink:to="label_DecreasePercentageOfInvestmentPlan_2" xlink:title="Label : DecreasePercentageOfInvestmentPlan to label_DecreasePercentageOfInvestmentPlan_2" />
    <link:label xlink:type="resource" xlink:label="label_BorrowingsInterestRate_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_BorrowingsInterestRate_2" xml:lang="en-US" id="label_BorrowingsInterestRate_2">Borrowings, coupon rate</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BorrowingsInterestRate" xlink:to="label_BorrowingsInterestRate_2" xlink:title="Label : BorrowingsInterestRate to label_BorrowingsInterestRate_2" />
    <link:label xlink:type="resource" xlink:label="label_ApplicableTaxRate_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ApplicableTaxRate_2" xml:lang="en-US" id="label_ApplicableTaxRate_2">Statutory tax rates &#x2013; %</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ApplicableTaxRate" xlink:to="label_ApplicableTaxRate_2" xlink:title="Label : ApplicableTaxRate to label_ApplicableTaxRate_2" />
    <link:label xlink:type="resource" xlink:label="label_TradeAndOtherReceivablesDueFromRelatedParties_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TradeAndOtherReceivablesDueFromRelatedParties_1" xml:lang="en-US" id="label_TradeAndOtherReceivablesDueFromRelatedParties_1">Related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeAndOtherReceivablesDueFromRelatedParties" xlink:to="label_TradeAndOtherReceivablesDueFromRelatedParties_1" xlink:title="Label : TradeAndOtherReceivablesDueFromRelatedParties to label_TradeAndOtherReceivablesDueFromRelatedParties_1" />
    <link:label xlink:type="resource" xlink:label="label_ReversalAllowanceAccountForCreditLossesOfFinancialAssets_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ReversalAllowanceAccountForCreditLossesOfFinancialAssets_1" xml:lang="en-US" id="label_ReversalAllowanceAccountForCreditLossesOfFinancialAssets_1">Reversals</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReversalAllowanceAccountForCreditLossesOfFinancialAssets" xlink:to="label_ReversalAllowanceAccountForCreditLossesOfFinancialAssets_1" xlink:title="Label : ReversalAllowanceAccountForCreditLossesOfFinancialAssets to label_ReversalAllowanceAccountForCreditLossesOfFinancialAssets_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ChevronThailandLimitedMember" xlink:label="ChevronThailandLimitedMember" xlink:title="ChevronThailandLimitedMember" />
    <link:label xlink:type="resource" xlink:label="label_ChevronThailandLimitedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ChevronThailandLimitedMember" xml:lang="en-US" id="label_ChevronThailandLimitedMember">Chevron Thailand Limited [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChevronThailandLimitedMember" xlink:to="label_ChevronThailandLimitedMember" xlink:title="Label : ChevronThailandLimitedMember to label_ChevronThailandLimitedMember" />
    <link:label xlink:type="resource" xlink:label="label_ChevronThailandLimitedMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ChevronThailandLimitedMember_1" xml:lang="en-US" id="label_ChevronThailandLimitedMember_1">Chevron (Thailand) Limited [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChevronThailandLimitedMember" xlink:to="label_ChevronThailandLimitedMember_1" xlink:title="Label : ChevronThailandLimitedMember to label_ChevronThailandLimitedMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ChevronThailandLimitedMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ChevronThailandLimitedMember_2" xml:lang="en-US" id="label_ChevronThailandLimitedMember_2">This member stands for the information pertaining to Chevron (Thailand) Limited a related party of the reporting entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChevronThailandLimitedMember" xlink:to="label_ChevronThailandLimitedMember_2" xlink:title="Label : ChevronThailandLimitedMember to label_ChevronThailandLimitedMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ChevronBrasilOleosBasicosLtdaMember" xlink:label="ChevronBrasilOleosBasicosLtdaMember" xlink:title="ChevronBrasilOleosBasicosLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_ChevronBrasilOleosBasicosLtdaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ChevronBrasilOleosBasicosLtdaMember" xml:lang="en-US" id="label_ChevronBrasilOleosBasicosLtdaMember">Chevron Brasil Oleos Basicos Ltda [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChevronBrasilOleosBasicosLtdaMember" xlink:to="label_ChevronBrasilOleosBasicosLtdaMember" xlink:title="Label : ChevronBrasilOleosBasicosLtdaMember to label_ChevronBrasilOleosBasicosLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_ChevronBrasilOleosBasicosLtdaMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ChevronBrasilOleosBasicosLtdaMember_1" xml:lang="en-US" id="label_ChevronBrasilOleosBasicosLtdaMember_1">Chevron Brasil Oleos Basicos LTDA [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChevronBrasilOleosBasicosLtdaMember" xlink:to="label_ChevronBrasilOleosBasicosLtdaMember_1" xlink:title="Label : ChevronBrasilOleosBasicosLtdaMember to label_ChevronBrasilOleosBasicosLtdaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ChevronBrasilOleosBasicosLtdaMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ChevronBrasilOleosBasicosLtdaMember_2" xml:lang="en-US" id="label_ChevronBrasilOleosBasicosLtdaMember_2">This member stands for the information pertaining to Chevron Brasil Oleos Basicos LTDA a related party of the reporting entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChevronBrasilOleosBasicosLtdaMember" xlink:to="label_ChevronBrasilOleosBasicosLtdaMember_2" xlink:title="Label : ChevronBrasilOleosBasicosLtdaMember to label_ChevronBrasilOleosBasicosLtdaMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ChevronLubricantsLankaPlcMember" xlink:label="ChevronLubricantsLankaPlcMember" xlink:title="ChevronLubricantsLankaPlcMember" />
    <link:label xlink:type="resource" xlink:label="label_ChevronLubricantsLankaPlcMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ChevronLubricantsLankaPlcMember" xml:lang="en-US" id="label_ChevronLubricantsLankaPlcMember">Chevron Lubricants Lanka Plc [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChevronLubricantsLankaPlcMember" xlink:to="label_ChevronLubricantsLankaPlcMember" xlink:title="Label : ChevronLubricantsLankaPlcMember to label_ChevronLubricantsLankaPlcMember" />
    <link:label xlink:type="resource" xlink:label="label_ChevronLubricantsLankaPlcMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ChevronLubricantsLankaPlcMember_1" xml:lang="en-US" id="label_ChevronLubricantsLankaPlcMember_1">Chevron Lubricants Lanka PLC [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChevronLubricantsLankaPlcMember" xlink:to="label_ChevronLubricantsLankaPlcMember_1" xlink:title="Label : ChevronLubricantsLankaPlcMember to label_ChevronLubricantsLankaPlcMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ChevronLubricantsLankaPlcMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ChevronLubricantsLankaPlcMember_2" xml:lang="en-US" id="label_ChevronLubricantsLankaPlcMember_2">This member stands for the information pertaining to Chevron Lubricants Lanka PLC a related party of the reporting entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChevronLubricantsLankaPlcMember" xlink:to="label_ChevronLubricantsLankaPlcMember_2" xlink:title="Label : ChevronLubricantsLankaPlcMember to label_ChevronLubricantsLankaPlcMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ChevronLubricantsOilsSAMember" xlink:label="ChevronLubricantsOilsSAMember" xlink:title="ChevronLubricantsOilsSAMember" />
    <link:label xlink:type="resource" xlink:label="label_ChevronLubricantsOilsSAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ChevronLubricantsOilsSAMember" xml:lang="en-US" id="label_ChevronLubricantsOilsSAMember">Chevron Lubricants Oils S A [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChevronLubricantsOilsSAMember" xlink:to="label_ChevronLubricantsOilsSAMember" xlink:title="Label : ChevronLubricantsOilsSAMember to label_ChevronLubricantsOilsSAMember" />
    <link:label xlink:type="resource" xlink:label="label_ChevronLubricantsOilsSAMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ChevronLubricantsOilsSAMember_1" xml:lang="en-US" id="label_ChevronLubricantsOilsSAMember_1">Chevron Lubricants Oils S.A. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChevronLubricantsOilsSAMember" xlink:to="label_ChevronLubricantsOilsSAMember_1" xlink:title="Label : ChevronLubricantsOilsSAMember to label_ChevronLubricantsOilsSAMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ChevronLubricantsOilsSAMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ChevronLubricantsOilsSAMember_2" xml:lang="en-US" id="label_ChevronLubricantsOilsSAMember_2">This member stands for the information pertaining to Chevron Lubricants Oils S.A. a related party of the reporting entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChevronLubricantsOilsSAMember" xlink:to="label_ChevronLubricantsOilsSAMember_2" xlink:title="Label : ChevronLubricantsOilsSAMember to label_ChevronLubricantsOilsSAMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ChevronMarineProductsMember" xlink:label="ChevronMarineProductsMember" xlink:title="ChevronMarineProductsMember" />
    <link:label xlink:type="resource" xlink:label="label_ChevronMarineProductsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ChevronMarineProductsMember" xml:lang="en-US" id="label_ChevronMarineProductsMember">Chevron Marine Products [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChevronMarineProductsMember" xlink:to="label_ChevronMarineProductsMember" xlink:title="Label : ChevronMarineProductsMember to label_ChevronMarineProductsMember" />
    <link:label xlink:type="resource" xlink:label="label_ChevronMarineProductsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ChevronMarineProductsMember_1" xml:lang="en-US" id="label_ChevronMarineProductsMember_1">Chevron Marine Products [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChevronMarineProductsMember" xlink:to="label_ChevronMarineProductsMember_1" xlink:title="Label : ChevronMarineProductsMember to label_ChevronMarineProductsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ChevronMarineProductsMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ChevronMarineProductsMember_2" xml:lang="en-US" id="label_ChevronMarineProductsMember_2">This member stands for the information pertaining to Chevron Marine Products a related party of the reporting entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChevronMarineProductsMember" xlink:to="label_ChevronMarineProductsMember_2" xlink:title="Label : ChevronMarineProductsMember to label_ChevronMarineProductsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ChevronOroniteBrasilLtdaMember" xlink:label="ChevronOroniteBrasilLtdaMember" xlink:title="ChevronOroniteBrasilLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_ChevronOroniteBrasilLtdaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ChevronOroniteBrasilLtdaMember" xml:lang="en-US" id="label_ChevronOroniteBrasilLtdaMember">Chevron Oronite Brasil Ltda [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChevronOroniteBrasilLtdaMember" xlink:to="label_ChevronOroniteBrasilLtdaMember" xlink:title="Label : ChevronOroniteBrasilLtdaMember to label_ChevronOroniteBrasilLtdaMember" />
    <link:label xlink:type="resource" xlink:label="label_ChevronOroniteBrasilLtdaMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ChevronOroniteBrasilLtdaMember_1" xml:lang="en-US" id="label_ChevronOroniteBrasilLtdaMember_1">Chevron Oronite Brasil LTDA. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChevronOroniteBrasilLtdaMember" xlink:to="label_ChevronOroniteBrasilLtdaMember_1" xlink:title="Label : ChevronOroniteBrasilLtdaMember to label_ChevronOroniteBrasilLtdaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ChevronOroniteBrasilLtdaMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ChevronOroniteBrasilLtdaMember_2" xml:lang="en-US" id="label_ChevronOroniteBrasilLtdaMember_2">This member stands for the information pertaining to Chevron Oronite Brasil LTDA. a related party of the reporting entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChevronOroniteBrasilLtdaMember" xlink:to="label_ChevronOroniteBrasilLtdaMember_2" xlink:title="Label : ChevronOroniteBrasilLtdaMember to label_ChevronOroniteBrasilLtdaMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ChevronProductsCompanyMember" xlink:label="ChevronProductsCompanyMember" xlink:title="ChevronProductsCompanyMember" />
    <link:label xlink:type="resource" xlink:label="label_ChevronProductsCompanyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ChevronProductsCompanyMember" xml:lang="en-US" id="label_ChevronProductsCompanyMember">Chevron Products Company [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChevronProductsCompanyMember" xlink:to="label_ChevronProductsCompanyMember" xlink:title="Label : ChevronProductsCompanyMember to label_ChevronProductsCompanyMember" />
    <link:label xlink:type="resource" xlink:label="label_ChevronProductsCompanyMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ChevronProductsCompanyMember_1" xml:lang="en-US" id="label_ChevronProductsCompanyMember_1">Chevron Products Company [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChevronProductsCompanyMember" xlink:to="label_ChevronProductsCompanyMember_1" xlink:title="Label : ChevronProductsCompanyMember to label_ChevronProductsCompanyMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ChevronProductsCompanyMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ChevronProductsCompanyMember_2" xml:lang="en-US" id="label_ChevronProductsCompanyMember_2">This member stands for the information pertaining to Chevron Products Company a related party of the reporting entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChevronProductsCompanyMember" xlink:to="label_ChevronProductsCompanyMember_2" xlink:title="Label : ChevronProductsCompanyMember to label_ChevronProductsCompanyMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ChevronBelgiumNvMember" xlink:label="ChevronBelgiumNvMember" xlink:title="ChevronBelgiumNvMember" />
    <link:label xlink:type="resource" xlink:label="label_ChevronBelgiumNvMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ChevronBelgiumNvMember" xml:lang="en-US" id="label_ChevronBelgiumNvMember">Chevron Belgium Nv [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChevronBelgiumNvMember" xlink:to="label_ChevronBelgiumNvMember" xlink:title="Label : ChevronBelgiumNvMember to label_ChevronBelgiumNvMember" />
    <link:label xlink:type="resource" xlink:label="label_ChevronBelgiumNvMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ChevronBelgiumNvMember_1" xml:lang="en-US" id="label_ChevronBelgiumNvMember_1">Chevron Belgium NV [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChevronBelgiumNvMember" xlink:to="label_ChevronBelgiumNvMember_1" xlink:title="Label : ChevronBelgiumNvMember to label_ChevronBelgiumNvMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ChevronBelgiumNvMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ChevronBelgiumNvMember_2" xml:lang="en-US" id="label_ChevronBelgiumNvMember_2">This member stands for the information pertaining to Chevron Belgium NV a related party of the reporting entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChevronBelgiumNvMember" xlink:to="label_ChevronBelgiumNvMember_2" xlink:title="Label : ChevronBelgiumNvMember to label_ChevronBelgiumNvMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ChevronPetroleumCoColombiaMember" xlink:label="ChevronPetroleumCoColombiaMember" xlink:title="ChevronPetroleumCoColombiaMember" />
    <link:label xlink:type="resource" xlink:label="label_ChevronPetroleumCoColombiaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ChevronPetroleumCoColombiaMember" xml:lang="en-US" id="label_ChevronPetroleumCoColombiaMember">Chevron Petroleum Co Colombia [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChevronPetroleumCoColombiaMember" xlink:to="label_ChevronPetroleumCoColombiaMember" xlink:title="Label : ChevronPetroleumCoColombiaMember to label_ChevronPetroleumCoColombiaMember" />
    <link:label xlink:type="resource" xlink:label="label_ChevronPetroleumCoColombiaMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ChevronPetroleumCoColombiaMember_1" xml:lang="en-US" id="label_ChevronPetroleumCoColombiaMember_1">Chevron Petroleum CO Colombia [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChevronPetroleumCoColombiaMember" xlink:to="label_ChevronPetroleumCoColombiaMember_1" xlink:title="Label : ChevronPetroleumCoColombiaMember to label_ChevronPetroleumCoColombiaMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ChevronPetroleumCoColombiaMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ChevronPetroleumCoColombiaMember_2" xml:lang="en-US" id="label_ChevronPetroleumCoColombiaMember_2">This member stands for the information pertaining to Chevron Petroleum CO Colombia a related party of the reporting entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChevronPetroleumCoColombiaMember" xlink:to="label_ChevronPetroleumCoColombiaMember_2" xlink:title="Label : ChevronPetroleumCoColombiaMember to label_ChevronPetroleumCoColombiaMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CommercialTransactionsOtherPayables" xlink:label="CommercialTransactionsOtherPayables" xlink:title="CommercialTransactionsOtherPayables" />
    <link:label xlink:type="resource" xlink:label="label_CommercialTransactionsOtherPayables" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CommercialTransactionsOtherPayables" xml:lang="en-US" id="label_CommercialTransactionsOtherPayables">The amount of Commercial transactions Other payables.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialTransactionsOtherPayables" xlink:to="label_CommercialTransactionsOtherPayables" xlink:title="Label : CommercialTransactionsOtherPayables to label_CommercialTransactionsOtherPayables" />
    <link:label xlink:type="resource" xlink:label="label_CommercialTransactionsOtherPayables_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_CommercialTransactionsOtherPayables_1" xml:lang="en-US" id="label_CommercialTransactionsOtherPayables_1">Commercial transactions other payables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialTransactionsOtherPayables" xlink:to="label_CommercialTransactionsOtherPayables_1" xlink:title="Label : CommercialTransactionsOtherPayables to label_CommercialTransactionsOtherPayables_1" />
    <link:label xlink:type="resource" xlink:label="label_CommercialTransactionsOtherPayables_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CommercialTransactionsOtherPayables_2" xml:lang="en-US" id="label_CommercialTransactionsOtherPayables_2">Commercial Transactions Other Payables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommercialTransactionsOtherPayables" xlink:to="label_CommercialTransactionsOtherPayables_2" xlink:title="Label : CommercialTransactionsOtherPayables to label_CommercialTransactionsOtherPayables_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_PrepaidEmployeeBenefitsExpense" xlink:label="PrepaidEmployeeBenefitsExpense" xlink:title="PrepaidEmployeeBenefitsExpense" />
    <link:label xlink:type="resource" xlink:label="label_PrepaidEmployeeBenefitsExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PrepaidEmployeeBenefitsExpense" xml:lang="en-US" id="label_PrepaidEmployeeBenefitsExpense">Prepaid Employee Benefits Expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrepaidEmployeeBenefitsExpense" xlink:to="label_PrepaidEmployeeBenefitsExpense" xlink:title="Label : PrepaidEmployeeBenefitsExpense to label_PrepaidEmployeeBenefitsExpense" />
    <link:label xlink:type="resource" xlink:label="label_PrepaidEmployeeBenefitsExpense_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PrepaidEmployeeBenefitsExpense_1" xml:lang="en-US" id="label_PrepaidEmployeeBenefitsExpense_1">Employee benefits</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrepaidEmployeeBenefitsExpense" xlink:to="label_PrepaidEmployeeBenefitsExpense_1" xlink:title="Label : PrepaidEmployeeBenefitsExpense to label_PrepaidEmployeeBenefitsExpense_1" />
    <link:label xlink:type="resource" xlink:label="label_PrepaidEmployeeBenefitsExpense_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PrepaidEmployeeBenefitsExpense_2" xml:lang="en-US" id="label_PrepaidEmployeeBenefitsExpense_2">The amount recognized as an asset for employee benefits expense made prior to the period when the economic benefit will be realised.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrepaidEmployeeBenefitsExpense" xlink:to="label_PrepaidEmployeeBenefitsExpense_2" xlink:title="Label : PrepaidEmployeeBenefitsExpense to label_PrepaidEmployeeBenefitsExpense_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_PrepaidTaxOtherThanIncomeTaxExpense" xlink:label="PrepaidTaxOtherThanIncomeTaxExpense" xlink:title="PrepaidTaxOtherThanIncomeTaxExpense" />
    <link:label xlink:type="resource" xlink:label="label_PrepaidTaxOtherThanIncomeTaxExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PrepaidTaxOtherThanIncomeTaxExpense" xml:lang="en-US" id="label_PrepaidTaxOtherThanIncomeTaxExpense">Prepaid Tax Other than Income Tax Expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrepaidTaxOtherThanIncomeTaxExpense" xlink:to="label_PrepaidTaxOtherThanIncomeTaxExpense" xlink:title="Label : PrepaidTaxOtherThanIncomeTaxExpense to label_PrepaidTaxOtherThanIncomeTaxExpense" />
    <link:label xlink:type="resource" xlink:label="label_PrepaidTaxOtherThanIncomeTaxExpense_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PrepaidTaxOtherThanIncomeTaxExpense_1" xml:lang="en-US" id="label_PrepaidTaxOtherThanIncomeTaxExpense_1">IPVA and IPTU</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrepaidTaxOtherThanIncomeTaxExpense" xlink:to="label_PrepaidTaxOtherThanIncomeTaxExpense_1" xlink:title="Label : PrepaidTaxOtherThanIncomeTaxExpense to label_PrepaidTaxOtherThanIncomeTaxExpense_1" />
    <link:label xlink:type="resource" xlink:label="label_PrepaidTaxOtherThanIncomeTaxExpense_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PrepaidTaxOtherThanIncomeTaxExpense_2" xml:lang="en-US" id="label_PrepaidTaxOtherThanIncomeTaxExpense_2">The amount recognized as an asset for tax other than income tax expense made prior to the period when the economic benefit will be realised.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrepaidTaxOtherThanIncomeTaxExpense" xlink:to="label_PrepaidTaxOtherThanIncomeTaxExpense_2" xlink:title="Label : PrepaidTaxOtherThanIncomeTaxExpense to label_PrepaidTaxOtherThanIncomeTaxExpense_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_PrepaidContributionOfPrivatePensionFundExpense" xlink:label="PrepaidContributionOfPrivatePensionFundExpense" xlink:title="PrepaidContributionOfPrivatePensionFundExpense" />
    <link:label xlink:type="resource" xlink:label="label_PrepaidContributionOfPrivatePensionFundExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PrepaidContributionOfPrivatePensionFundExpense" xml:lang="en-US" id="label_PrepaidContributionOfPrivatePensionFundExpense">Prepaid Contribution of Private Pension Fund Expense</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrepaidContributionOfPrivatePensionFundExpense" xlink:to="label_PrepaidContributionOfPrivatePensionFundExpense" xlink:title="Label : PrepaidContributionOfPrivatePensionFundExpense to label_PrepaidContributionOfPrivatePensionFundExpense" />
    <link:label xlink:type="resource" xlink:label="label_PrepaidContributionOfPrivatePensionFundExpense_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PrepaidContributionOfPrivatePensionFundExpense_1" xml:lang="en-US" id="label_PrepaidContributionOfPrivatePensionFundExpense_1">Contribution - private pension fund (see Note 20.a)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrepaidContributionOfPrivatePensionFundExpense" xlink:to="label_PrepaidContributionOfPrivatePensionFundExpense_1" xlink:title="Label : PrepaidContributionOfPrivatePensionFundExpense to label_PrepaidContributionOfPrivatePensionFundExpense_1" />
    <link:label xlink:type="resource" xlink:label="label_PrepaidContributionOfPrivatePensionFundExpense_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PrepaidContributionOfPrivatePensionFundExpense_2" xml:lang="en-US" id="label_PrepaidContributionOfPrivatePensionFundExpense_2">The amount recognized as an asset for private pension fund contribution made prior to the period when the economic benefit will be realised.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrepaidContributionOfPrivatePensionFundExpense" xlink:to="label_PrepaidContributionOfPrivatePensionFundExpense_2" xlink:title="Label : PrepaidContributionOfPrivatePensionFundExpense to label_PrepaidContributionOfPrivatePensionFundExpense_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_NumberOfSharesCanceledAndNotIssuedWhichLinkedToSubscriptionWarrantsIndemnification" xlink:label="NumberOfSharesCanceledAndNotIssuedWhichLinkedToSubscriptionWarrantsIndemnification" xlink:title="NumberOfSharesCanceledAndNotIssuedWhichLinkedToSubscriptionWarrantsIndemnification" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesCanceledAndNotIssuedWhichLinkedToSubscriptionWarrantsIndemnification" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfSharesCanceledAndNotIssuedWhichLinkedToSubscriptionWarrantsIndemnification" xml:lang="en-US" id="label_NumberOfSharesCanceledAndNotIssuedWhichLinkedToSubscriptionWarrantsIndemnification">Number of Shares Canceled and not Issued which Linked to Subscription Warrants Indemnification</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesCanceledAndNotIssuedWhichLinkedToSubscriptionWarrantsIndemnification" xlink:to="label_NumberOfSharesCanceledAndNotIssuedWhichLinkedToSubscriptionWarrantsIndemnification" xlink:title="Label : NumberOfSharesCanceledAndNotIssuedWhichLinkedToSubscriptionWarrantsIndemnification to label_NumberOfSharesCanceledAndNotIssuedWhichLinkedToSubscriptionWarrantsIndemnification" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesCanceledAndNotIssuedWhichLinkedToSubscriptionWarrantsIndemnification_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfSharesCanceledAndNotIssuedWhichLinkedToSubscriptionWarrantsIndemnification_1" xml:lang="en-US" id="label_NumberOfSharesCanceledAndNotIssuedWhichLinkedToSubscriptionWarrantsIndemnification_1">Number of shares canceled and not issued which linked to subscription warrants &#x2013; indemnification</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesCanceledAndNotIssuedWhichLinkedToSubscriptionWarrantsIndemnification" xlink:to="label_NumberOfSharesCanceledAndNotIssuedWhichLinkedToSubscriptionWarrantsIndemnification_1" xlink:title="Label : NumberOfSharesCanceledAndNotIssuedWhichLinkedToSubscriptionWarrantsIndemnification to label_NumberOfSharesCanceledAndNotIssuedWhichLinkedToSubscriptionWarrantsIndemnification_1" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfSharesCanceledAndNotIssuedWhichLinkedToSubscriptionWarrantsIndemnification_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfSharesCanceledAndNotIssuedWhichLinkedToSubscriptionWarrantsIndemnification_2" xml:lang="en-US" id="label_NumberOfSharesCanceledAndNotIssuedWhichLinkedToSubscriptionWarrantsIndemnification_2">The number of shares were canceled and not issued which are linked to subscription warrants &#x2013; indemnification according to association agreement.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfSharesCanceledAndNotIssuedWhichLinkedToSubscriptionWarrantsIndemnification" xlink:to="label_NumberOfSharesCanceledAndNotIssuedWhichLinkedToSubscriptionWarrantsIndemnification_2" xlink:title="Label : NumberOfSharesCanceledAndNotIssuedWhichLinkedToSubscriptionWarrantsIndemnification to label_NumberOfSharesCanceledAndNotIssuedWhichLinkedToSubscriptionWarrantsIndemnification_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_TradeAndOtherCurrentPayablesToRelatedParties" xlink:label="TradeAndOtherCurrentPayablesToRelatedParties" xlink:title="TradeAndOtherCurrentPayablesToRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_TradeAndOtherCurrentPayablesToRelatedParties" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradeAndOtherCurrentPayablesToRelatedParties" xml:lang="en-US" id="label_TradeAndOtherCurrentPayablesToRelatedParties">Current payables to related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeAndOtherCurrentPayablesToRelatedParties" xlink:to="label_TradeAndOtherCurrentPayablesToRelatedParties" xlink:title="Label : TradeAndOtherCurrentPayablesToRelatedParties to label_TradeAndOtherCurrentPayablesToRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_TradeAndOtherCurrentPayablesToRelatedParties_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TradeAndOtherCurrentPayablesToRelatedParties_1" xml:lang="en-US" id="label_TradeAndOtherCurrentPayablesToRelatedParties_1">Trade payables to related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeAndOtherCurrentPayablesToRelatedParties" xlink:to="label_TradeAndOtherCurrentPayablesToRelatedParties_1" xlink:title="Label : TradeAndOtherCurrentPayablesToRelatedParties to label_TradeAndOtherCurrentPayablesToRelatedParties_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_NumberOfInstrumentsOtherEquityInstrumentsCancellationOfPerformanceSharesDueToTerminationOfExecutiveEmployment" xlink:label="NumberOfInstrumentsOtherEquityInstrumentsCancellationOfPerformanceSharesDueToTerminationOfExecutiveEmployment" xlink:title="NumberOfInstrumentsOtherEquityInstrumentsCancellationOfPerformanceSharesDueToTerminationOfExecutiveEmployment" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfInstrumentsOtherEquityInstrumentsCancellationOfPerformanceSharesDueToTerminationOfExecutiveEmployment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfInstrumentsOtherEquityInstrumentsCancellationOfPerformanceSharesDueToTerminationOfExecutiveEmployment" xml:lang="en-US" id="label_NumberOfInstrumentsOtherEquityInstrumentsCancellationOfPerformanceSharesDueToTerminationOfExecutiveEmployment">Number of Instruments Other Equity Instruments Cancellation of Performance Shares Due to Termination of Executive Employment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfInstrumentsOtherEquityInstrumentsCancellationOfPerformanceSharesDueToTerminationOfExecutiveEmployment" xlink:to="label_NumberOfInstrumentsOtherEquityInstrumentsCancellationOfPerformanceSharesDueToTerminationOfExecutiveEmployment" xlink:title="Label : NumberOfInstrumentsOtherEquityInstrumentsCancellationOfPerformanceSharesDueToTerminationOfExecutiveEmployment to label_NumberOfInstrumentsOtherEquityInstrumentsCancellationOfPerformanceSharesDueToTerminationOfExecutiveEmployment" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfInstrumentsOtherEquityInstrumentsCancellationOfPerformanceSharesDueToTerminationOfExecutiveEmployment_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfInstrumentsOtherEquityInstrumentsCancellationOfPerformanceSharesDueToTerminationOfExecutiveEmployment_1" xml:lang="en-US" id="label_NumberOfInstrumentsOtherEquityInstrumentsCancellationOfPerformanceSharesDueToTerminationOfExecutiveEmployment_1">The number of instruments other equity instruments cancellation of performance shares during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfInstrumentsOtherEquityInstrumentsCancellationOfPerformanceSharesDueToTerminationOfExecutiveEmployment" xlink:to="label_NumberOfInstrumentsOtherEquityInstrumentsCancellationOfPerformanceSharesDueToTerminationOfExecutiveEmployment_1" xlink:title="Label : NumberOfInstrumentsOtherEquityInstrumentsCancellationOfPerformanceSharesDueToTerminationOfExecutiveEmployment to label_NumberOfInstrumentsOtherEquityInstrumentsCancellationOfPerformanceSharesDueToTerminationOfExecutiveEmployment_1" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfInstrumentsOtherEquityInstrumentsCancellationOfPerformanceSharesDueToTerminationOfExecutiveEmployment_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfInstrumentsOtherEquityInstrumentsCancellationOfPerformanceSharesDueToTerminationOfExecutiveEmployment_2" xml:lang="en-US" id="label_NumberOfInstrumentsOtherEquityInstrumentsCancellationOfPerformanceSharesDueToTerminationOfExecutiveEmployment_2">Cancellation of performance shares</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfInstrumentsOtherEquityInstrumentsCancellationOfPerformanceSharesDueToTerminationOfExecutiveEmployment" xlink:to="label_NumberOfInstrumentsOtherEquityInstrumentsCancellationOfPerformanceSharesDueToTerminationOfExecutiveEmployment_2" xlink:title="Label : NumberOfInstrumentsOtherEquityInstrumentsCancellationOfPerformanceSharesDueToTerminationOfExecutiveEmployment to label_NumberOfInstrumentsOtherEquityInstrumentsCancellationOfPerformanceSharesDueToTerminationOfExecutiveEmployment_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AbasteceAiMember" xlink:label="AbasteceAiMember" xlink:title="AbasteceAiMember" />
    <link:label xlink:type="resource" xlink:label="label_AbasteceAiMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AbasteceAiMember" xml:lang="en-US" id="label_AbasteceAiMember">Abastece Ai [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AbasteceAiMember" xlink:to="label_AbasteceAiMember" xlink:title="Label : AbasteceAiMember to label_AbasteceAiMember" />
    <link:label xlink:type="resource" xlink:label="label_AbasteceAiMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AbasteceAiMember_1" xml:lang="en-US" id="label_AbasteceAiMember_1">Abastece A&#xED; [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AbasteceAiMember" xlink:to="label_AbasteceAiMember_1" xlink:title="Label : AbasteceAiMember to label_AbasteceAiMember_1" />
    <link:label xlink:type="resource" xlink:label="label_AbasteceAiMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AbasteceAiMember_2" xml:lang="en-US" id="label_AbasteceAiMember_2">The member stands for Abastece Ai.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AbasteceAiMember" xlink:to="label_AbasteceAiMember_2" xlink:title="Label : AbasteceAiMember to label_AbasteceAiMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_HoldingMember" xlink:label="HoldingMember" xlink:title="HoldingMember" />
    <link:label xlink:type="resource" xlink:label="label_HoldingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_HoldingMember" xml:lang="en-US" id="label_HoldingMember">Holding [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HoldingMember" xlink:to="label_HoldingMember" xlink:title="Label : HoldingMember to label_HoldingMember" />
    <link:label xlink:type="resource" xlink:label="label_HoldingMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_HoldingMember_1" xml:lang="en-US" id="label_HoldingMember_1">Holding [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HoldingMember" xlink:to="label_HoldingMember_1" xlink:title="Label : HoldingMember to label_HoldingMember_1" />
    <link:label xlink:type="resource" xlink:label="label_HoldingMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_HoldingMember_2" xml:lang="en-US" id="label_HoldingMember_2">The member stands for holding.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HoldingMember" xlink:to="label_HoldingMember_2" xlink:title="Label : HoldingMember to label_HoldingMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_EquipmentsMember" xlink:label="EquipmentsMember" xlink:title="EquipmentsMember" />
    <link:label xlink:type="resource" xlink:label="label_EquipmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EquipmentsMember" xml:lang="en-US" id="label_EquipmentsMember">Equipment [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquipmentsMember" xlink:to="label_EquipmentsMember" xlink:title="Label : EquipmentsMember to label_EquipmentsMember" />
    <link:label xlink:type="resource" xlink:label="label_EquipmentsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EquipmentsMember_1" xml:lang="en-US" id="label_EquipmentsMember_1">Equipment [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquipmentsMember" xlink:to="label_EquipmentsMember_1" xlink:title="Label : EquipmentsMember to label_EquipmentsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_EquipmentsMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EquipmentsMember_2" xml:lang="en-US" id="label_EquipmentsMember_2">The member stands for equipments.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquipmentsMember" xlink:to="label_EquipmentsMember_2" xlink:title="Label : EquipmentsMember to label_EquipmentsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SummaryOfPositionsOfDerivativeFinancialInstrumentsToHedgeCommodityPriceRiskTableTextBlock" xlink:label="SummaryOfPositionsOfDerivativeFinancialInstrumentsToHedgeCommodityPriceRiskTableTextBlock" xlink:title="SummaryOfPositionsOfDerivativeFinancialInstrumentsToHedgeCommodityPriceRiskTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfPositionsOfDerivativeFinancialInstrumentsToHedgeCommodityPriceRiskTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SummaryOfPositionsOfDerivativeFinancialInstrumentsToHedgeCommodityPriceRiskTableTextBlock" xml:lang="en-US" id="label_SummaryOfPositionsOfDerivativeFinancialInstrumentsToHedgeCommodityPriceRiskTableTextBlock">Positions of derivative financial instruments to hedge commodity price risk</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfPositionsOfDerivativeFinancialInstrumentsToHedgeCommodityPriceRiskTableTextBlock" xlink:to="label_SummaryOfPositionsOfDerivativeFinancialInstrumentsToHedgeCommodityPriceRiskTableTextBlock" xlink:title="Label : SummaryOfPositionsOfDerivativeFinancialInstrumentsToHedgeCommodityPriceRiskTableTextBlock to label_SummaryOfPositionsOfDerivativeFinancialInstrumentsToHedgeCommodityPriceRiskTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfPositionsOfDerivativeFinancialInstrumentsToHedgeCommodityPriceRiskTableTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SummaryOfPositionsOfDerivativeFinancialInstrumentsToHedgeCommodityPriceRiskTableTextBlock_1" xml:lang="en-US" id="label_SummaryOfPositionsOfDerivativeFinancialInstrumentsToHedgeCommodityPriceRiskTableTextBlock_1">Summary of positions of derivative financial instruments to hedge commodity price risk.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfPositionsOfDerivativeFinancialInstrumentsToHedgeCommodityPriceRiskTableTextBlock" xlink:to="label_SummaryOfPositionsOfDerivativeFinancialInstrumentsToHedgeCommodityPriceRiskTableTextBlock_1" xlink:title="Label : SummaryOfPositionsOfDerivativeFinancialInstrumentsToHedgeCommodityPriceRiskTableTextBlock to label_SummaryOfPositionsOfDerivativeFinancialInstrumentsToHedgeCommodityPriceRiskTableTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_SummaryOfPositionsOfDerivativeFinancialInstrumentsToHedgeCommodityPriceRiskTableTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SummaryOfPositionsOfDerivativeFinancialInstrumentsToHedgeCommodityPriceRiskTableTextBlock_2" xml:lang="en-US" id="label_SummaryOfPositionsOfDerivativeFinancialInstrumentsToHedgeCommodityPriceRiskTableTextBlock_2">Summary of Positions of Derivative Financial Instruments to Hedge Commodity Price Risk Table [text block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SummaryOfPositionsOfDerivativeFinancialInstrumentsToHedgeCommodityPriceRiskTableTextBlock" xlink:to="label_SummaryOfPositionsOfDerivativeFinancialInstrumentsToHedgeCommodityPriceRiskTableTextBlock_2" xlink:title="Label : SummaryOfPositionsOfDerivativeFinancialInstrumentsToHedgeCommodityPriceRiskTableTextBlock to label_SummaryOfPositionsOfDerivativeFinancialInstrumentsToHedgeCommodityPriceRiskTableTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CommodityPriceRiskMember" xlink:label="CommodityPriceRiskMember" xlink:title="CommodityPriceRiskMember" />
    <link:label xlink:type="resource" xlink:label="label_CommodityPriceRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CommodityPriceRiskMember" xml:lang="en-US" id="label_CommodityPriceRiskMember">Commodity price risk [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CommodityPriceRiskMember" xlink:to="label_CommodityPriceRiskMember" xlink:title="Label : CommodityPriceRiskMember to label_CommodityPriceRiskMember" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_HeatingOilOneMember" xlink:label="HeatingOilOneMember" xlink:title="HeatingOilOneMember" />
    <link:label xlink:type="resource" xlink:label="label_HeatingOilOneMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_HeatingOilOneMember" xml:lang="en-US" id="label_HeatingOilOneMember">Heating Oil One [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HeatingOilOneMember" xlink:to="label_HeatingOilOneMember" xlink:title="Label : HeatingOilOneMember to label_HeatingOilOneMember" />
    <link:label xlink:type="resource" xlink:label="label_HeatingOilOneMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_HeatingOilOneMember_1" xml:lang="en-US" id="label_HeatingOilOneMember_1">Represents information pertaining to heating oil.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HeatingOilOneMember" xlink:to="label_HeatingOilOneMember_1" xlink:title="Label : HeatingOilOneMember to label_HeatingOilOneMember_1" />
    <link:label xlink:type="resource" xlink:label="label_HeatingOilOneMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_HeatingOilOneMember_2" xml:lang="en-US" id="label_HeatingOilOneMember_2">Heating Oil [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="HeatingOilOneMember" xlink:to="label_HeatingOilOneMember_2" xlink:title="Label : HeatingOilOneMember to label_HeatingOilOneMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_RBOBMember" xlink:label="RBOBMember" xlink:title="RBOBMember" />
    <link:label xlink:type="resource" xlink:label="label_RBOBMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_RBOBMember" xml:lang="en-US" id="label_RBOBMember">R B O B [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RBOBMember" xlink:to="label_RBOBMember" xlink:title="Label : RBOBMember to label_RBOBMember" />
    <link:label xlink:type="resource" xlink:label="label_RBOBMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_RBOBMember_1" xml:lang="en-US" id="label_RBOBMember_1">Represents information pertaining to RBOB.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RBOBMember" xlink:to="label_RBOBMember_1" xlink:title="Label : RBOBMember to label_RBOBMember_1" />
    <link:label xlink:type="resource" xlink:label="label_RBOBMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RBOBMember_2" xml:lang="en-US" id="label_RBOBMember_2">RBOB [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RBOBMember" xlink:to="label_RBOBMember_2" xlink:title="Label : RBOBMember to label_RBOBMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ExchangeRateSwapReceivableInUSDollarsAndCommoditiesMember" xlink:label="ExchangeRateSwapReceivableInUSDollarsAndCommoditiesMember" xlink:title="ExchangeRateSwapReceivableInUSDollarsAndCommoditiesMember" />
    <link:label xlink:type="resource" xlink:label="label_ExchangeRateSwapReceivableInUSDollarsAndCommoditiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ExchangeRateSwapReceivableInUSDollarsAndCommoditiesMember" xml:lang="en-US" id="label_ExchangeRateSwapReceivableInUSDollarsAndCommoditiesMember">Exchange Rate Swap ReceivableIn U S Dollars and Commodities [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExchangeRateSwapReceivableInUSDollarsAndCommoditiesMember" xlink:to="label_ExchangeRateSwapReceivableInUSDollarsAndCommoditiesMember" xlink:title="Label : ExchangeRateSwapReceivableInUSDollarsAndCommoditiesMember to label_ExchangeRateSwapReceivableInUSDollarsAndCommoditiesMember" />
    <link:label xlink:type="resource" xlink:label="label_ExchangeRateSwapReceivableInUSDollarsAndCommoditiesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ExchangeRateSwapReceivableInUSDollarsAndCommoditiesMember_1" xml:lang="en-US" id="label_ExchangeRateSwapReceivableInUSDollarsAndCommoditiesMember_1">Represents information pertaining to exchange rate derivates receivable in U.S. dollars and commodities.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExchangeRateSwapReceivableInUSDollarsAndCommoditiesMember" xlink:to="label_ExchangeRateSwapReceivableInUSDollarsAndCommoditiesMember_1" xlink:title="Label : ExchangeRateSwapReceivableInUSDollarsAndCommoditiesMember to label_ExchangeRateSwapReceivableInUSDollarsAndCommoditiesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ExchangeRateSwapReceivableInUSDollarsAndCommoditiesMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ExchangeRateSwapReceivableInUSDollarsAndCommoditiesMember_2" xml:lang="en-US" id="label_ExchangeRateSwapReceivableInUSDollarsAndCommoditiesMember_2">Exchange rate derivates receivable in U.S. dollars and commodities [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ExchangeRateSwapReceivableInUSDollarsAndCommoditiesMember" xlink:to="label_ExchangeRateSwapReceivableInUSDollarsAndCommoditiesMember_2" xlink:title="Label : ExchangeRateSwapReceivableInUSDollarsAndCommoditiesMember to label_ExchangeRateSwapReceivableInUSDollarsAndCommoditiesMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SubsidiariesGroupOneMember" xlink:label="SubsidiariesGroupOneMember" xlink:title="SubsidiariesGroupOneMember" />
    <link:label xlink:type="resource" xlink:label="label_SubsidiariesGroupOneMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SubsidiariesGroupOneMember" xml:lang="en-US" id="label_SubsidiariesGroupOneMember">Subsidiaries Group One [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubsidiariesGroupOneMember" xlink:to="label_SubsidiariesGroupOneMember" xlink:title="Label : SubsidiariesGroupOneMember to label_SubsidiariesGroupOneMember" />
    <link:label xlink:type="resource" xlink:label="label_SubsidiariesGroupOneMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SubsidiariesGroupOneMember_1" xml:lang="en-US" id="label_SubsidiariesGroupOneMember_1">Represents information pertaining to group of subsidiaries, one.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubsidiariesGroupOneMember" xlink:to="label_SubsidiariesGroupOneMember_1" xlink:title="Label : SubsidiariesGroupOneMember to label_SubsidiariesGroupOneMember_1" />
    <link:label xlink:type="resource" xlink:label="label_SubsidiariesGroupOneMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SubsidiariesGroupOneMember_2" xml:lang="en-US" id="label_SubsidiariesGroupOneMember_2">Subsidiaries Oxiteno S.A., Empresa Carioca de Produtos Qu&#xED;micos S.A. (&#x201C;EMCA&#x201D;) e Oleoqu&#xED;mica Ind&#xFA;stria e Com&#xE9;rcio de Produtos Qu&#xED;micos Ltda. (&#x201C;Oleoqu&#xED;mica&#x201D;) [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubsidiariesGroupOneMember" xlink:to="label_SubsidiariesGroupOneMember_2" xlink:title="Label : SubsidiariesGroupOneMember to label_SubsidiariesGroupOneMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SubsidiariesGroupTwoMember" xlink:label="SubsidiariesGroupTwoMember" xlink:title="SubsidiariesGroupTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_SubsidiariesGroupTwoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SubsidiariesGroupTwoMember" xml:lang="en-US" id="label_SubsidiariesGroupTwoMember">Subsidiaries Group Two [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubsidiariesGroupTwoMember" xlink:to="label_SubsidiariesGroupTwoMember" xlink:title="Label : SubsidiariesGroupTwoMember to label_SubsidiariesGroupTwoMember" />
    <link:label xlink:type="resource" xlink:label="label_SubsidiariesGroupTwoMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SubsidiariesGroupTwoMember_1" xml:lang="en-US" id="label_SubsidiariesGroupTwoMember_1">Represents information pertaining to group of subsidiaries, two.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubsidiariesGroupTwoMember" xlink:to="label_SubsidiariesGroupTwoMember_1" xlink:title="Label : SubsidiariesGroupTwoMember to label_SubsidiariesGroupTwoMember_1" />
    <link:label xlink:type="resource" xlink:label="label_SubsidiariesGroupTwoMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SubsidiariesGroupTwoMember_2" xml:lang="en-US" id="label_SubsidiariesGroupTwoMember_2">Subsidiaries Ipiranga Produtos de Petr&#xF3;leo S.A. (&#x201C;IPP&#x201D;), Bahiana Distribuidora de G&#xE1;s Ltda. (&#x201C;Bahiana&#x201D;), Ultragaz, AMPM, Iconic Lubrificantes S.A. (&#x201C;Iconic&#x201D;) [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubsidiariesGroupTwoMember" xlink:to="label_SubsidiariesGroupTwoMember_2" xlink:title="Label : SubsidiariesGroupTwoMember to label_SubsidiariesGroupTwoMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SubsidiariesGroupThreeMember" xlink:label="SubsidiariesGroupThreeMember" xlink:title="SubsidiariesGroupThreeMember" />
    <link:label xlink:type="resource" xlink:label="label_SubsidiariesGroupThreeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SubsidiariesGroupThreeMember" xml:lang="en-US" id="label_SubsidiariesGroupThreeMember">Subsidiary Extrafarma [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubsidiariesGroupThreeMember" xlink:to="label_SubsidiariesGroupThreeMember" xlink:title="Label : SubsidiariesGroupThreeMember to label_SubsidiariesGroupThreeMember" />
    <link:label xlink:type="resource" xlink:label="label_SubsidiariesGroupThreeMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SubsidiariesGroupThreeMember_1" xml:lang="en-US" id="label_SubsidiariesGroupThreeMember_1">Represents information pertaining to group of subsidiaries, three.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubsidiariesGroupThreeMember" xlink:to="label_SubsidiariesGroupThreeMember_1" xlink:title="Label : SubsidiariesGroupThreeMember to label_SubsidiariesGroupThreeMember_1" />
    <link:label xlink:type="resource" xlink:label="label_SubsidiariesGroupThreeMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SubsidiariesGroupThreeMember_2" xml:lang="en-US" id="label_SubsidiariesGroupThreeMember_2">Subsidiaries Group Three [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubsidiariesGroupThreeMember" xlink:to="label_SubsidiariesGroupThreeMember_2" xlink:title="Label : SubsidiariesGroupThreeMember to label_SubsidiariesGroupThreeMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_SubsidiariesGroupFourMember" xlink:label="SubsidiariesGroupFourMember" xlink:title="SubsidiariesGroupFourMember" />
    <link:label xlink:type="resource" xlink:label="label_SubsidiariesGroupFourMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SubsidiariesGroupFourMember" xml:lang="en-US" id="label_SubsidiariesGroupFourMember">Subsidiaries Group Four [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubsidiariesGroupFourMember" xlink:to="label_SubsidiariesGroupFourMember" xlink:title="Label : SubsidiariesGroupFourMember to label_SubsidiariesGroupFourMember" />
    <link:label xlink:type="resource" xlink:label="label_SubsidiariesGroupFourMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_SubsidiariesGroupFourMember_1" xml:lang="en-US" id="label_SubsidiariesGroupFourMember_1">Represents information pertaining to group of subsidiaries, four.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubsidiariesGroupFourMember" xlink:to="label_SubsidiariesGroupFourMember_1" xlink:title="Label : SubsidiariesGroupFourMember to label_SubsidiariesGroupFourMember_1" />
    <link:label xlink:type="resource" xlink:label="label_SubsidiariesGroupFourMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_SubsidiariesGroupFourMember_2" xml:lang="en-US" id="label_SubsidiariesGroupFourMember_2">Subsidiaries Extrafarma, Tropical Transportes Ipiranga Ltda (&#x201C;Tropical&#x201D;), EMCA, Oleoqu&#xED;mica and Oxiteno S.A. [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubsidiariesGroupFourMember" xlink:to="label_SubsidiariesGroupFourMember_2" xlink:title="Label : SubsidiariesGroupFourMember to label_SubsidiariesGroupFourMember_2" />
    <link:label xlink:type="resource" xlink:label="label_CapitalReductionInAssociatesClassifiedAsInvestingActivities_3" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:title="label_CapitalReductionInAssociatesClassifiedAsInvestingActivities_3" xml:lang="en-US" id="label_CapitalReductionInAssociatesClassifiedAsInvestingActivities_3">Capital reduction</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalReductionInAssociatesClassifiedAsInvestingActivities" xlink:to="label_CapitalReductionInAssociatesClassifiedAsInvestingActivities_3" xlink:title="Label : CapitalReductionInAssociatesClassifiedAsInvestingActivities to label_CapitalReductionInAssociatesClassifiedAsInvestingActivities_3" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_TransferToProvisionForShortTermLiabilitiesRelatedToJointVentures" xlink:label="TransferToProvisionForShortTermLiabilitiesRelatedToJointVentures" xlink:title="TransferToProvisionForShortTermLiabilitiesRelatedToJointVentures" />
    <link:label xlink:type="resource" xlink:label="label_TransferToProvisionForShortTermLiabilitiesRelatedToJointVentures" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_TransferToProvisionForShortTermLiabilitiesRelatedToJointVentures" xml:lang="en-US" id="label_TransferToProvisionForShortTermLiabilitiesRelatedToJointVentures">Transfer to provision for short-term liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TransferToProvisionForShortTermLiabilitiesRelatedToJointVentures" xlink:to="label_TransferToProvisionForShortTermLiabilitiesRelatedToJointVentures" xlink:title="Label : TransferToProvisionForShortTermLiabilitiesRelatedToJointVentures to label_TransferToProvisionForShortTermLiabilitiesRelatedToJointVentures" />
    <link:label xlink:type="resource" xlink:label="label_TransferToProvisionForShortTermLiabilitiesRelatedToJointVentures_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_TransferToProvisionForShortTermLiabilitiesRelatedToJointVentures_1" xml:lang="en-US" id="label_TransferToProvisionForShortTermLiabilitiesRelatedToJointVentures_1">The amount of transfer to provision for short-term liabilities pertaining to joint ventures.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TransferToProvisionForShortTermLiabilitiesRelatedToJointVentures" xlink:to="label_TransferToProvisionForShortTermLiabilitiesRelatedToJointVentures_1" xlink:title="Label : TransferToProvisionForShortTermLiabilitiesRelatedToJointVentures to label_TransferToProvisionForShortTermLiabilitiesRelatedToJointVentures_1" />
    <link:label xlink:type="resource" xlink:label="label_TransferToProvisionForShortTermLiabilitiesRelatedToJointVentures_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TransferToProvisionForShortTermLiabilitiesRelatedToJointVentures_2" xml:lang="en-US" id="label_TransferToProvisionForShortTermLiabilitiesRelatedToJointVentures_2">Transfer to Provision for Short Term Liabilities Related to Joint Ventures</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TransferToProvisionForShortTermLiabilitiesRelatedToJointVentures" xlink:to="label_TransferToProvisionForShortTermLiabilitiesRelatedToJointVentures_2" xlink:title="Label : TransferToProvisionForShortTermLiabilitiesRelatedToJointVentures to label_TransferToProvisionForShortTermLiabilitiesRelatedToJointVentures_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DescriptionOfTransferToProvisionForShortTermLiabilitiesRelatedToJointVenturesTableTextBlock" xlink:label="DescriptionOfTransferToProvisionForShortTermLiabilitiesRelatedToJointVenturesTableTextBlock" xlink:title="DescriptionOfTransferToProvisionForShortTermLiabilitiesRelatedToJointVenturesTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfTransferToProvisionForShortTermLiabilitiesRelatedToJointVenturesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DescriptionOfTransferToProvisionForShortTermLiabilitiesRelatedToJointVenturesTableTextBlock" xml:lang="en-US" id="label_DescriptionOfTransferToProvisionForShortTermLiabilitiesRelatedToJointVenturesTableTextBlock">Summary of provision for short-term liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfTransferToProvisionForShortTermLiabilitiesRelatedToJointVenturesTableTextBlock" xlink:to="label_DescriptionOfTransferToProvisionForShortTermLiabilitiesRelatedToJointVenturesTableTextBlock" xlink:title="Label : DescriptionOfTransferToProvisionForShortTermLiabilitiesRelatedToJointVenturesTableTextBlock to label_DescriptionOfTransferToProvisionForShortTermLiabilitiesRelatedToJointVenturesTableTextBlock" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfTransferToProvisionForShortTermLiabilitiesRelatedToJointVenturesTableTextBlock_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DescriptionOfTransferToProvisionForShortTermLiabilitiesRelatedToJointVenturesTableTextBlock_1" xml:lang="en-US" id="label_DescriptionOfTransferToProvisionForShortTermLiabilitiesRelatedToJointVenturesTableTextBlock_1">The description of the transfer to provision for short-term liabilities pertaining to joint ventures.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfTransferToProvisionForShortTermLiabilitiesRelatedToJointVenturesTableTextBlock" xlink:to="label_DescriptionOfTransferToProvisionForShortTermLiabilitiesRelatedToJointVenturesTableTextBlock_1" xlink:title="Label : DescriptionOfTransferToProvisionForShortTermLiabilitiesRelatedToJointVenturesTableTextBlock to label_DescriptionOfTransferToProvisionForShortTermLiabilitiesRelatedToJointVenturesTableTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_DescriptionOfTransferToProvisionForShortTermLiabilitiesRelatedToJointVenturesTableTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DescriptionOfTransferToProvisionForShortTermLiabilitiesRelatedToJointVenturesTableTextBlock_2" xml:lang="en-US" id="label_DescriptionOfTransferToProvisionForShortTermLiabilitiesRelatedToJointVenturesTableTextBlock_2">Description of Transfer to Provision for Short Term Liabilities Related to Joint Ventures [Table Text Block]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DescriptionOfTransferToProvisionForShortTermLiabilitiesRelatedToJointVenturesTableTextBlock" xlink:to="label_DescriptionOfTransferToProvisionForShortTermLiabilitiesRelatedToJointVenturesTableTextBlock_2" xlink:title="Label : DescriptionOfTransferToProvisionForShortTermLiabilitiesRelatedToJointVenturesTableTextBlock to label_DescriptionOfTransferToProvisionForShortTermLiabilitiesRelatedToJointVenturesTableTextBlock_2" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentProvisionForShortTermLiabilitiesOfJointVenture_3" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:title="label_NonCurrentProvisionForShortTermLiabilitiesOfJointVenture_3" xml:lang="en-US" id="label_NonCurrentProvisionForShortTermLiabilitiesOfJointVenture_3">Balance as of December 31, 2019</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentProvisionForShortTermLiabilitiesOfJointVenture" xlink:to="label_NonCurrentProvisionForShortTermLiabilitiesOfJointVenture_3" xlink:title="Label : NonCurrentProvisionForShortTermLiabilitiesOfJointVenture to label_NonCurrentProvisionForShortTermLiabilitiesOfJointVenture_3" />
    <link:label xlink:type="resource" xlink:label="label_NonCurrentProvisionForShortTermLiabilitiesOfJointVenture_4" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:title="label_NonCurrentProvisionForShortTermLiabilitiesOfJointVenture_4" xml:lang="en-US" id="label_NonCurrentProvisionForShortTermLiabilitiesOfJointVenture_4">Balance as of December 31, 2020</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonCurrentProvisionForShortTermLiabilitiesOfJointVenture" xlink:to="label_NonCurrentProvisionForShortTermLiabilitiesOfJointVenture_4" xlink:title="Label : NonCurrentProvisionForShortTermLiabilitiesOfJointVenture to label_NonCurrentProvisionForShortTermLiabilitiesOfJointVenture_4" />
    <link:label xlink:type="resource" xlink:label="label_TransferToProvisionForShortTermLiabilitiesRelatedToJointVentures_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TransferToProvisionForShortTermLiabilitiesRelatedToJointVentures_3" xml:lang="en-US" id="label_TransferToProvisionForShortTermLiabilitiesRelatedToJointVentures_3">Transfer to provision for short-term liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TransferToProvisionForShortTermLiabilitiesRelatedToJointVentures" xlink:to="label_TransferToProvisionForShortTermLiabilitiesRelatedToJointVentures_3" xlink:title="Label : TransferToProvisionForShortTermLiabilitiesRelatedToJointVentures to label_TransferToProvisionForShortTermLiabilitiesRelatedToJointVentures_3" />
    <link:label xlink:type="resource" xlink:label="label_DeferredIncomeAndSocialContributionTaxesProvisionForDeferredRevenue_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DeferredIncomeAndSocialContributionTaxesProvisionForDeferredRevenue_2" xml:lang="en-US" id="label_DeferredIncomeAndSocialContributionTaxesProvisionForDeferredRevenue_2">The amounts of income taxes and social contribution taxes payable in future periods in respect of taxable temporary differences.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredIncomeAndSocialContributionTaxesProvisionForDeferredRevenue" xlink:to="label_DeferredIncomeAndSocialContributionTaxesProvisionForDeferredRevenue_2" xlink:title="Label : DeferredIncomeAndSocialContributionTaxesProvisionForDeferredRevenue to label_DeferredIncomeAndSocialContributionTaxesProvisionForDeferredRevenue_2" />
    <link:label xlink:type="resource" xlink:label="label_UnrecordedDeferredIncomeAndSocialContributionTaxesCarryforwardsDeferred_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_UnrecordedDeferredIncomeAndSocialContributionTaxesCarryforwardsDeferred_2" xml:lang="en-US" id="label_UnrecordedDeferredIncomeAndSocialContributionTaxesCarryforwardsDeferred_2">Unrecorded deferred income and social contribution taxes carryforwards deferred</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnrecordedDeferredIncomeAndSocialContributionTaxesCarryforwardsDeferred" xlink:to="label_UnrecordedDeferredIncomeAndSocialContributionTaxesCarryforwardsDeferred_2" xlink:title="Label : UnrecordedDeferredIncomeAndSocialContributionTaxesCarryforwardsDeferred to label_UnrecordedDeferredIncomeAndSocialContributionTaxesCarryforwardsDeferred_2" />
    <link:label xlink:type="resource" xlink:label="label_MillenniumMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MillenniumMember_2" xml:lang="en-US" id="label_MillenniumMember_2">Millennium [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MillenniumMember" xlink:to="label_MillenniumMember_2" xlink:title="Label : MillenniumMember to label_MillenniumMember_2" />
    <link:label xlink:type="resource" xlink:label="label_TaxLossCarryforwards_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_TaxLossCarryforwards_3" xml:lang="en-US" id="label_TaxLossCarryforwards_3">Tax loss carryforwards</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxLossCarryforwards" xlink:to="label_TaxLossCarryforwards_3" xlink:title="Label : TaxLossCarryforwards to label_TaxLossCarryforwards_3" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AdjustedNetIncomeBasisForDividends" xlink:label="AdjustedNetIncomeBasisForDividends" xlink:title="AdjustedNetIncomeBasisForDividends" />
    <link:label xlink:type="resource" xlink:label="label_AdjustedNetIncomeBasisForDividends" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AdjustedNetIncomeBasisForDividends" xml:lang="en-US" id="label_AdjustedNetIncomeBasisForDividends">Adjusted Net Income Basis for Dividends</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustedNetIncomeBasisForDividends" xlink:to="label_AdjustedNetIncomeBasisForDividends" xlink:title="Label : AdjustedNetIncomeBasisForDividends to label_AdjustedNetIncomeBasisForDividends" />
    <link:label xlink:type="resource" xlink:label="label_AdjustedNetIncomeBasisForDividends_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AdjustedNetIncomeBasisForDividends_1" xml:lang="en-US" id="label_AdjustedNetIncomeBasisForDividends_1">The total amount of adjusted net income of basis for dividends.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustedNetIncomeBasisForDividends" xlink:to="label_AdjustedNetIncomeBasisForDividends_1" xlink:title="Label : AdjustedNetIncomeBasisForDividends to label_AdjustedNetIncomeBasisForDividends_1" />
    <link:label xlink:type="resource" xlink:label="label_AdjustedNetIncomeBasisForDividends_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_AdjustedNetIncomeBasisForDividends_2" xml:lang="en-US" id="label_AdjustedNetIncomeBasisForDividends_2">Adjusted net income (basis for dividends)</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustedNetIncomeBasisForDividends" xlink:to="label_AdjustedNetIncomeBasisForDividends_2" xlink:title="Label : AdjustedNetIncomeBasisForDividends to label_AdjustedNetIncomeBasisForDividends_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AllocationOfNetIncomeToInvestmentsStatutoryReserve" xlink:label="AllocationOfNetIncomeToInvestmentsStatutoryReserve" xlink:title="AllocationOfNetIncomeToInvestmentsStatutoryReserve" />
    <link:label xlink:type="resource" xlink:label="label_AllocationOfNetIncomeToInvestmentsStatutoryReserve" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AllocationOfNetIncomeToInvestmentsStatutoryReserve" xml:lang="en-US" id="label_AllocationOfNetIncomeToInvestmentsStatutoryReserve">Investments statutory reserve</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllocationOfNetIncomeToInvestmentsStatutoryReserve" xlink:to="label_AllocationOfNetIncomeToInvestmentsStatutoryReserve" xlink:title="Label : AllocationOfNetIncomeToInvestmentsStatutoryReserve to label_AllocationOfNetIncomeToInvestmentsStatutoryReserve" />
    <link:label xlink:type="resource" xlink:label="label_AllocationOfNetIncomeToInvestmentsStatutoryReserve_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AllocationOfNetIncomeToInvestmentsStatutoryReserve_1" xml:lang="en-US" id="label_AllocationOfNetIncomeToInvestmentsStatutoryReserve_1">The amount of allocation of net income to investments statutory reserve.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllocationOfNetIncomeToInvestmentsStatutoryReserve" xlink:to="label_AllocationOfNetIncomeToInvestmentsStatutoryReserve_1" xlink:title="Label : AllocationOfNetIncomeToInvestmentsStatutoryReserve to label_AllocationOfNetIncomeToInvestmentsStatutoryReserve_1" />
    <link:label xlink:type="resource" xlink:label="label_AllocationOfNetIncomeToInvestmentsStatutoryReserve_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AllocationOfNetIncomeToInvestmentsStatutoryReserve_2" xml:lang="en-US" id="label_AllocationOfNetIncomeToInvestmentsStatutoryReserve_2">Allocation of Net Income to Investments Statutory Reserve</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllocationOfNetIncomeToInvestmentsStatutoryReserve" xlink:to="label_AllocationOfNetIncomeToInvestmentsStatutoryReserve_2" xlink:title="Label : AllocationOfNetIncomeToInvestmentsStatutoryReserve to label_AllocationOfNetIncomeToInvestmentsStatutoryReserve_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_AllocationOfDividendPerShare" xlink:label="AllocationOfDividendPerShare" xlink:title="AllocationOfDividendPerShare" />
    <link:label xlink:type="resource" xlink:label="label_AllocationOfDividendPerShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AllocationOfDividendPerShare" xml:lang="en-US" id="label_AllocationOfDividendPerShare">Total allocation per share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllocationOfDividendPerShare" xlink:to="label_AllocationOfDividendPerShare" xlink:title="Label : AllocationOfDividendPerShare to label_AllocationOfDividendPerShare" />
    <link:label xlink:type="resource" xlink:label="label_AllocationOfDividendPerShare_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_AllocationOfDividendPerShare_1" xml:lang="en-US" id="label_AllocationOfDividendPerShare_1">The per share amount of total allocation of dividends.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllocationOfDividendPerShare" xlink:to="label_AllocationOfDividendPerShare_1" xlink:title="Label : AllocationOfDividendPerShare to label_AllocationOfDividendPerShare_1" />
    <link:label xlink:type="resource" xlink:label="label_AllocationOfDividendPerShare_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AllocationOfDividendPerShare_2" xml:lang="en-US" id="label_AllocationOfDividendPerShare_2">Allocation of Dividend Per Share</link:label>
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    <link:label xlink:type="resource" xlink:label="label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare" xml:lang="en-US" id="label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare">Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners per share</link:label>
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    <link:label xlink:type="resource" xlink:label="label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners_1" xml:lang="en-US" id="label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners_1">Proposed dividends payable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners" xlink:to="label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners_1" xlink:title="Label : DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners to label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners_1" />
    <link:label xlink:type="resource" xlink:label="label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare_1" xml:lang="en-US" id="label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare_1">Proposed dividends payable per share</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare" xlink:to="label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare_1" xlink:title="Label : DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare to label_DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare_1" />
    <link:label xlink:type="resource" xlink:label="label_MachineryMember_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_MachineryMember_2" xml:lang="en-US" id="label_MachineryMember_2">Equipment [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MachineryMember" xlink:to="label_MachineryMember_2" xlink:title="Label : MachineryMember to label_MachineryMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfMaturityAnalysisOfWeightedAverageDiscountRatesForLeasePayableTableTextBlock" xlink:label="DisclosureOfMaturityAnalysisOfWeightedAverageDiscountRatesForLeasePayableTableTextBlock" xlink:title="DisclosureOfMaturityAnalysisOfWeightedAverageDiscountRatesForLeasePayableTableTextBlock" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfMaturityAnalysisOfWeightedAverageDiscountRatesForLeasePayableTableTextBlock" xlink:to="label_DisclosureOfMaturityAnalysisOfWeightedAverageDiscountRatesForLeasePayableTableTextBlock" xlink:title="Label : DisclosureOfMaturityAnalysisOfWeightedAverageDiscountRatesForLeasePayableTableTextBlock to label_DisclosureOfMaturityAnalysisOfWeightedAverageDiscountRatesForLeasePayableTableTextBlock" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfMaturityAnalysisOfWeightedAverageDiscountRatesForLeasePayableTableTextBlock" xlink:to="label_DisclosureOfMaturityAnalysisOfWeightedAverageDiscountRatesForLeasePayableTableTextBlock_1" xlink:title="Label : DisclosureOfMaturityAnalysisOfWeightedAverageDiscountRatesForLeasePayableTableTextBlock to label_DisclosureOfMaturityAnalysisOfWeightedAverageDiscountRatesForLeasePayableTableTextBlock_1" />
    <link:label xlink:type="resource" xlink:label="label_DisclosureOfMaturityAnalysisOfWeightedAverageDiscountRatesForLeasePayableTableTextBlock_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DisclosureOfMaturityAnalysisOfWeightedAverageDiscountRatesForLeasePayableTableTextBlock_2" xml:lang="en-US" id="label_DisclosureOfMaturityAnalysisOfWeightedAverageDiscountRatesForLeasePayableTableTextBlock_2">Schedule of weighted average discount rates for the lease payable by maturity period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfMaturityAnalysisOfWeightedAverageDiscountRatesForLeasePayableTableTextBlock" xlink:to="label_DisclosureOfMaturityAnalysisOfWeightedAverageDiscountRatesForLeasePayableTableTextBlock_2" xlink:title="Label : DisclosureOfMaturityAnalysisOfWeightedAverageDiscountRatesForLeasePayableTableTextBlock to label_DisclosureOfMaturityAnalysisOfWeightedAverageDiscountRatesForLeasePayableTableTextBlock_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_NotLaterThanFiveYearsMember" xlink:label="NotLaterThanFiveYearsMember" xlink:title="NotLaterThanFiveYearsMember" />
    <link:label xlink:type="resource" xlink:label="label_NotLaterThanFiveYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NotLaterThanFiveYearsMember" xml:lang="en-US" id="label_NotLaterThanFiveYearsMember">Not Later Than Five Years [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotLaterThanFiveYearsMember" xlink:to="label_NotLaterThanFiveYearsMember" xlink:title="Label : NotLaterThanFiveYearsMember to label_NotLaterThanFiveYearsMember" />
    <link:label xlink:type="resource" xlink:label="label_NotLaterThanFiveYearsMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NotLaterThanFiveYearsMember_1" xml:lang="en-US" id="label_NotLaterThanFiveYearsMember_1">This member stands for a time band of not later than five years.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotLaterThanFiveYearsMember" xlink:to="label_NotLaterThanFiveYearsMember_1" xlink:title="Label : NotLaterThanFiveYearsMember to label_NotLaterThanFiveYearsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_NotLaterThanFiveYearsMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NotLaterThanFiveYearsMember_2" xml:lang="en-US" id="label_NotLaterThanFiveYearsMember_2">Up to 5 years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NotLaterThanFiveYearsMember" xlink:to="label_NotLaterThanFiveYearsMember_2" xlink:title="Label : NotLaterThanFiveYearsMember to label_NotLaterThanFiveYearsMember_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LaterThanFiveYearsAndNotLaterThanTenYearsMember" xlink:label="LaterThanFiveYearsAndNotLaterThanTenYearsMember" xlink:title="LaterThanFiveYearsAndNotLaterThanTenYearsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanFiveYearsAndNotLaterThanTenYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanFiveYearsAndNotLaterThanTenYearsMember" xml:lang="en-US" id="label_LaterThanFiveYearsAndNotLaterThanTenYearsMember">Later than five years and not later than ten years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanFiveYearsAndNotLaterThanTenYearsMember" xlink:to="label_LaterThanFiveYearsAndNotLaterThanTenYearsMember" xlink:title="Label : LaterThanFiveYearsAndNotLaterThanTenYearsMember to label_LaterThanFiveYearsAndNotLaterThanTenYearsMember" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LaterThanTenYearsAndNotLaterThanFifteenYearsMember" xlink:label="LaterThanTenYearsAndNotLaterThanFifteenYearsMember" xlink:title="LaterThanTenYearsAndNotLaterThanFifteenYearsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanTenYearsAndNotLaterThanFifteenYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanTenYearsAndNotLaterThanFifteenYearsMember" xml:lang="en-US" id="label_LaterThanTenYearsAndNotLaterThanFifteenYearsMember">Later than ten years and not later than fifteen years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanTenYearsAndNotLaterThanFifteenYearsMember" xlink:to="label_LaterThanTenYearsAndNotLaterThanFifteenYearsMember" xlink:title="Label : LaterThanTenYearsAndNotLaterThanFifteenYearsMember to label_LaterThanTenYearsAndNotLaterThanFifteenYearsMember" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_LaterThanFifteenYearsMember" xlink:label="LaterThanFifteenYearsMember" xlink:title="LaterThanFifteenYearsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanFifteenYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LaterThanFifteenYearsMember" xml:lang="en-US" id="label_LaterThanFifteenYearsMember">Later Than Fifteen Years [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanFifteenYearsMember" xlink:to="label_LaterThanFifteenYearsMember" xlink:title="Label : LaterThanFifteenYearsMember to label_LaterThanFifteenYearsMember" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanFifteenYearsMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_LaterThanFifteenYearsMember_1" xml:lang="en-US" id="label_LaterThanFifteenYearsMember_1">This member stands for a time band of later than fifteen years.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanFifteenYearsMember" xlink:to="label_LaterThanFifteenYearsMember_1" xlink:title="Label : LaterThanFifteenYearsMember to label_LaterThanFifteenYearsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanFifteenYearsMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LaterThanFifteenYearsMember_2" xml:lang="en-US" id="label_LaterThanFifteenYearsMember_2">More than 15 years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanFifteenYearsMember" xlink:to="label_LaterThanFifteenYearsMember_2" xlink:title="Label : LaterThanFifteenYearsMember to label_LaterThanFifteenYearsMember_2" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16" xlink:to="label_WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16_2" xlink:title="Label : WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16 to label_WeightedAverageLesseesIncrementalBorrowingRateAppliedToLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16_2" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanFiveYearsAndNotLaterThanTenYearsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LaterThanFiveYearsAndNotLaterThanTenYearsMember_1" xml:lang="en-US" id="label_LaterThanFiveYearsAndNotLaterThanTenYearsMember_1">From 5 to 10 years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanFiveYearsAndNotLaterThanTenYearsMember" xlink:to="label_LaterThanFiveYearsAndNotLaterThanTenYearsMember_1" xlink:title="Label : LaterThanFiveYearsAndNotLaterThanTenYearsMember to label_LaterThanFiveYearsAndNotLaterThanTenYearsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_LaterThanTenYearsAndNotLaterThanFifteenYearsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LaterThanTenYearsAndNotLaterThanFifteenYearsMember_1" xml:lang="en-US" id="label_LaterThanTenYearsAndNotLaterThanFifteenYearsMember_1">From 10 to 15 years [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LaterThanTenYearsAndNotLaterThanFifteenYearsMember" xlink:to="label_LaterThanTenYearsAndNotLaterThanFifteenYearsMember_1" xlink:title="Label : LaterThanTenYearsAndNotLaterThanFifteenYearsMember to label_LaterThanTenYearsAndNotLaterThanFifteenYearsMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DecarbonizationCreditsMember" xlink:label="DecarbonizationCreditsMember" xlink:title="DecarbonizationCreditsMember" />
    <link:label xlink:type="resource" xlink:label="label_DecarbonizationCreditsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DecarbonizationCreditsMember" xml:lang="en-US" id="label_DecarbonizationCreditsMember">Decarbonization Credits [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DecarbonizationCreditsMember" xlink:to="label_DecarbonizationCreditsMember" xlink:title="Label : DecarbonizationCreditsMember to label_DecarbonizationCreditsMember" />
    <link:label xlink:type="resource" xlink:label="label_DecarbonizationCreditsMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DecarbonizationCreditsMember_1" xml:lang="en-US" id="label_DecarbonizationCreditsMember_1">This member stands for information pertaining to decarbonization credits.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DecarbonizationCreditsMember" xlink:to="label_DecarbonizationCreditsMember_1" xlink:title="Label : DecarbonizationCreditsMember to label_DecarbonizationCreditsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_DecarbonizationCreditsMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DecarbonizationCreditsMember_2" xml:lang="en-US" id="label_DecarbonizationCreditsMember_2">Decarbonization credits [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DecarbonizationCreditsMember" xlink:to="label_DecarbonizationCreditsMember_2" xlink:title="Label : DecarbonizationCreditsMember to label_DecarbonizationCreditsMember_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_IntangibleAssetsUnderDevelopment" xlink:label="IntangibleAssetsUnderDevelopment" xlink:title="IntangibleAssetsUnderDevelopment" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsUnderDevelopment" xlink:to="label_IntangibleAssetsUnderDevelopment" xlink:title="Label : IntangibleAssetsUnderDevelopment to label_IntangibleAssetsUnderDevelopment" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsUnderDevelopment_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IntangibleAssetsUnderDevelopment_1" xml:lang="en-US" id="label_IntangibleAssetsUnderDevelopment_1">Software in progress</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsUnderDevelopment" xlink:to="label_IntangibleAssetsUnderDevelopment_1" xlink:title="Label : IntangibleAssetsUnderDevelopment to label_IntangibleAssetsUnderDevelopment_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_MatureInMarchTwoThousandAndTwentyOneMember" xlink:label="MatureInMarchTwoThousandAndTwentyOneMember" xlink:title="MatureInMarchTwoThousandAndTwentyOneMember" />
    <link:label xlink:type="resource" xlink:label="label_MatureInMarchTwoThousandAndTwentyOneMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_MatureInMarchTwoThousandAndTwentyOneMember" xml:lang="en-US" id="label_MatureInMarchTwoThousandAndTwentyOneMember">Mature in March Two Thousand and Twenty One [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MatureInMarchTwoThousandAndTwentyOneMember" xlink:to="label_MatureInMarchTwoThousandAndTwentyOneMember" xlink:title="Label : MatureInMarchTwoThousandAndTwentyOneMember to label_MatureInMarchTwoThousandAndTwentyOneMember" />
    <link:label xlink:type="resource" xlink:label="label_MatureInMarchTwoThousandAndTwentyOneMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_MatureInMarchTwoThousandAndTwentyOneMember_1" xml:lang="en-US" id="label_MatureInMarchTwoThousandAndTwentyOneMember_1">This member stands for information pertaining to maturity period of March 2021.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MatureInMarchTwoThousandAndTwentyOneMember" xlink:to="label_MatureInMarchTwoThousandAndTwentyOneMember_1" xlink:title="Label : MatureInMarchTwoThousandAndTwentyOneMember to label_MatureInMarchTwoThousandAndTwentyOneMember_1" />
    <link:label xlink:type="resource" xlink:label="label_MatureInMarchTwoThousandAndTwentyOneMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_MatureInMarchTwoThousandAndTwentyOneMember_2" xml:lang="en-US" id="label_MatureInMarchTwoThousandAndTwentyOneMember_2">Mature in March 2021 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="MatureInMarchTwoThousandAndTwentyOneMember" xlink:to="label_MatureInMarchTwoThousandAndTwentyOneMember_2" xlink:title="Label : MatureInMarchTwoThousandAndTwentyOneMember to label_MatureInMarchTwoThousandAndTwentyOneMember_2" />
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    <link:label xlink:type="resource" xlink:label="label_UnsecuredNotesPayableNotConvertibleIntoSharesMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_UnsecuredNotesPayableNotConvertibleIntoSharesMember_1" xml:lang="en-US" id="label_UnsecuredNotesPayableNotConvertibleIntoSharesMember_1">This member stands for information pertaining to maturity period of March 2021.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnsecuredNotesPayableNotConvertibleIntoSharesMember" xlink:to="label_UnsecuredNotesPayableNotConvertibleIntoSharesMember_1" xlink:title="Label : UnsecuredNotesPayableNotConvertibleIntoSharesMember to label_UnsecuredNotesPayableNotConvertibleIntoSharesMember_1" />
    <link:label xlink:type="resource" xlink:label="label_UnsecuredNotesPayableNotConvertibleIntoSharesMember_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UnsecuredNotesPayableNotConvertibleIntoSharesMember_2" xml:lang="en-US" id="label_UnsecuredNotesPayableNotConvertibleIntoSharesMember_2">Unsecured Notes Payable Not Convertible Into Shares [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnsecuredNotesPayableNotConvertibleIntoSharesMember" xlink:to="label_UnsecuredNotesPayableNotConvertibleIntoSharesMember_2" xlink:title="Label : UnsecuredNotesPayableNotConvertibleIntoSharesMember to label_UnsecuredNotesPayableNotConvertibleIntoSharesMember_2" />
    <link:label xlink:type="resource" xlink:label="label_UnsecuredNotesPayableNotConvertibleIntoSharesMember_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_UnsecuredNotesPayableNotConvertibleIntoSharesMember_3" xml:lang="en-US" id="label_UnsecuredNotesPayableNotConvertibleIntoSharesMember_3">Notes [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnsecuredNotesPayableNotConvertibleIntoSharesMember" xlink:to="label_UnsecuredNotesPayableNotConvertibleIntoSharesMember_3" xlink:title="Label : UnsecuredNotesPayableNotConvertibleIntoSharesMember to label_UnsecuredNotesPayableNotConvertibleIntoSharesMember_3" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt6thApril2021Member" xlink:label="UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt6thApril2021Member" xlink:title="UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt6thApril2021Member" />
    <link:label xlink:type="resource" xlink:label="label_UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt6thApril2021Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt6thApril2021Member" xml:lang="en-US" id="label_UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt6thApril2021Member">Unsecured Commercial Notes Payable Not Convertible Into Shares Maturity at 6th April 2021 [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt6thApril2021Member" xlink:to="label_UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt6thApril2021Member" xlink:title="Label : UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt6thApril2021Member to label_UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt6thApril2021Member" />
    <link:label xlink:type="resource" xlink:label="label_UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt6thApril2021Member_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt6thApril2021Member_1" xml:lang="en-US" id="label_UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt6thApril2021Member_1">This member stands for information pertaining to maturity period of March 2021.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt6thApril2021Member" xlink:to="label_UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt6thApril2021Member_1" xlink:title="Label : UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt6thApril2021Member to label_UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt6thApril2021Member_1" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt3rdApril2021Member" xlink:to="label_UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt3rdApril2021Member" xlink:title="Label : UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt3rdApril2021Member to label_UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt3rdApril2021Member" />
    <link:label xlink:type="resource" xlink:label="label_UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt3rdApril2021Member_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt3rdApril2021Member_1" xml:lang="en-US" id="label_UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt3rdApril2021Member_1">This member stands for information pertaining to maturity period of March 2021.</link:label>
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    <link:label xlink:type="resource" xlink:label="label_UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt3rdApril2021Member_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt3rdApril2021Member_2" xml:lang="en-US" id="label_UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt3rdApril2021Member_2">Unsecured commercial notes payable not convertible into shares, maturity at 3rd April, 2021 [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt3rdApril2021Member" xlink:to="label_UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt3rdApril2021Member_2" xlink:title="Label : UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt3rdApril2021Member to label_UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt3rdApril2021Member_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_NumberOfDebtInstrumentsIssued" xlink:label="NumberOfDebtInstrumentsIssued" xlink:title="NumberOfDebtInstrumentsIssued" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfDebtInstrumentsIssued" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfDebtInstrumentsIssued" xml:lang="en-US" id="label_NumberOfDebtInstrumentsIssued">Number of Debt Instruments Issued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfDebtInstrumentsIssued" xlink:to="label_NumberOfDebtInstrumentsIssued" xlink:title="Label : NumberOfDebtInstrumentsIssued to label_NumberOfDebtInstrumentsIssued" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfDebtInstrumentsIssued_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfDebtInstrumentsIssued_1" xml:lang="en-US" id="label_NumberOfDebtInstrumentsIssued_1">The number of debt instruments issued in public market during period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfDebtInstrumentsIssued" xlink:to="label_NumberOfDebtInstrumentsIssued_1" xlink:title="Label : NumberOfDebtInstrumentsIssued to label_NumberOfDebtInstrumentsIssued_1" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfDebtInstrumentsIssued_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfDebtInstrumentsIssued_2" xml:lang="en-US" id="label_NumberOfDebtInstrumentsIssued_2">Number of debt instruments issued</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfDebtInstrumentsIssued" xlink:to="label_NumberOfDebtInstrumentsIssued_2" xlink:title="Label : NumberOfDebtInstrumentsIssued to label_NumberOfDebtInstrumentsIssued_2" />
    <link:label xlink:type="resource" xlink:label="label_BrazilianNationalDevelopmentBankLoansMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BrazilianNationalDevelopmentBankLoansMember_1" xml:lang="en-US" id="label_BrazilianNationalDevelopmentBankLoansMember_1">This member stands for information pertaining to Brazilian National Development Bank (Banco Nacional de Desenvolvimento Econ&#xF4;mico e Social - BNDES) loans.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BrazilianNationalDevelopmentBankLoansMember" xlink:to="label_BrazilianNationalDevelopmentBankLoansMember_1" xlink:title="Label : BrazilianNationalDevelopmentBankLoansMember to label_BrazilianNationalDevelopmentBankLoansMember_1" />
    <link:label xlink:type="resource" xlink:label="label_BrazilianNationalDevelopmentBankLoansMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BrazilianNationalDevelopmentBankLoansMember_2" xml:lang="en-US" id="label_BrazilianNationalDevelopmentBankLoansMember_2">BNDES [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BrazilianNationalDevelopmentBankLoansMember" xlink:to="label_BrazilianNationalDevelopmentBankLoansMember_2" xlink:title="Label : BrazilianNationalDevelopmentBankLoansMember to label_BrazilianNationalDevelopmentBankLoansMember_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_SubsidiariesMember" xlink:label="SubsidiariesMember" xlink:title="SubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_SubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SubsidiariesMember" xml:lang="en-US" id="label_SubsidiariesMember">Subsidiaries [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SubsidiariesMember" xlink:to="label_SubsidiariesMember" xlink:title="Label : SubsidiariesMember to label_SubsidiariesMember" />
    <link:label xlink:type="resource" xlink:label="label_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_2" xml:lang="en-US" id="label_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_2">Loans paid off in advance</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:to="label_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_2" xlink:title="Label : RepaymentsOfBorrowingsClassifiedAsFinancingActivities to label_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ProvisionForDecarbonizationObligationMember" xlink:label="ProvisionForDecarbonizationObligationMember" xlink:title="ProvisionForDecarbonizationObligationMember" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForDecarbonizationObligationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProvisionForDecarbonizationObligationMember" xml:lang="en-US" id="label_ProvisionForDecarbonizationObligationMember">Provision for Decarbonization Obligation [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForDecarbonizationObligationMember" xlink:to="label_ProvisionForDecarbonizationObligationMember" xlink:title="Label : ProvisionForDecarbonizationObligationMember to label_ProvisionForDecarbonizationObligationMember" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForDecarbonizationObligationMember_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProvisionForDecarbonizationObligationMember_1" xml:lang="en-US" id="label_ProvisionForDecarbonizationObligationMember_1">This member stands for information pertaining to provision for decarbonization obligation.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForDecarbonizationObligationMember" xlink:to="label_ProvisionForDecarbonizationObligationMember_1" xlink:title="Label : ProvisionForDecarbonizationObligationMember to label_ProvisionForDecarbonizationObligationMember_1" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForDecarbonizationObligationMember_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProvisionForDecarbonizationObligationMember_2" xml:lang="en-US" id="label_ProvisionForDecarbonizationObligationMember_2">Provision for decarbonization obligation [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForDecarbonizationObligationMember" xlink:to="label_ProvisionForDecarbonizationObligationMember_2" xlink:title="Label : ProvisionForDecarbonizationObligationMember to label_ProvisionForDecarbonizationObligationMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DefinedContributionPensionPlanReversionFund" xlink:label="DefinedContributionPensionPlanReversionFund" xlink:title="DefinedContributionPensionPlanReversionFund" />
    <link:label xlink:type="resource" xlink:label="label_DefinedContributionPensionPlanReversionFund" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DefinedContributionPensionPlanReversionFund" xml:lang="en-US" id="label_DefinedContributionPensionPlanReversionFund">Defined Contribution Pension Plan Reversion Fund</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DefinedContributionPensionPlanReversionFund" xlink:to="label_DefinedContributionPensionPlanReversionFund" xlink:title="Label : DefinedContributionPensionPlanReversionFund to label_DefinedContributionPensionPlanReversionFund" />
    <link:label xlink:type="resource" xlink:label="label_DefinedContributionPensionPlanReversionFund_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DefinedContributionPensionPlanReversionFund_1" xml:lang="en-US" id="label_DefinedContributionPensionPlanReversionFund_1">The amount of defined contribution pension plan reversion fund.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DefinedContributionPensionPlanReversionFund" xlink:to="label_DefinedContributionPensionPlanReversionFund_1" xlink:title="Label : DefinedContributionPensionPlanReversionFund to label_DefinedContributionPensionPlanReversionFund_1" />
    <link:label xlink:type="resource" xlink:label="label_DefinedContributionPensionPlanReversionFund_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DefinedContributionPensionPlanReversionFund_2" xml:lang="en-US" id="label_DefinedContributionPensionPlanReversionFund_2">Defined contribution pension plan reversion fund</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DefinedContributionPensionPlanReversionFund" xlink:to="label_DefinedContributionPensionPlanReversionFund_2" xlink:title="Label : DefinedContributionPensionPlanReversionFund to label_DefinedContributionPensionPlanReversionFund_2" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_WeightedAverageDurationOfDefinedBenefitObligation2019" xlink:label="WeightedAverageDurationOfDefinedBenefitObligation2019" xlink:title="WeightedAverageDurationOfDefinedBenefitObligation2019" />
    <link:label xlink:type="resource" xlink:label="label_WeightedAverageDurationOfDefinedBenefitObligation2019" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_WeightedAverageDurationOfDefinedBenefitObligation2019" xml:lang="en-US" id="label_WeightedAverageDurationOfDefinedBenefitObligation2019">Weighted average duration of defined benefit obligation</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageDurationOfDefinedBenefitObligation2019" xlink:to="label_WeightedAverageDurationOfDefinedBenefitObligation2019" xlink:title="Label : WeightedAverageDurationOfDefinedBenefitObligation2019 to label_WeightedAverageDurationOfDefinedBenefitObligation2019" />
    <link:label xlink:type="resource" xlink:label="label_WeightedAverageDurationOfDefinedBenefitObligation2019_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_WeightedAverageDurationOfDefinedBenefitObligation2019_1" xml:lang="en-US" id="label_WeightedAverageDurationOfDefinedBenefitObligation2019_1">Average period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageDurationOfDefinedBenefitObligation2019" xlink:to="label_WeightedAverageDurationOfDefinedBenefitObligation2019_1" xlink:title="Label : WeightedAverageDurationOfDefinedBenefitObligation2019 to label_WeightedAverageDurationOfDefinedBenefitObligation2019_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfForeignSubsidiariesHaveTaxLossCarryforwardsTableTextBlock" xlink:label="DisclosureOfForeignSubsidiariesHaveTaxLossCarryforwardsTableTextBlock" xlink:title="DisclosureOfForeignSubsidiariesHaveTaxLossCarryforwardsTableTextBlock" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfForeignSubsidiariesHaveTaxLossCarryforwardsTableTextBlock" xlink:to="label_DisclosureOfForeignSubsidiariesHaveTaxLossCarryforwardsTableTextBlock" xlink:title="Label : DisclosureOfForeignSubsidiariesHaveTaxLossCarryforwardsTableTextBlock to label_DisclosureOfForeignSubsidiariesHaveTaxLossCarryforwardsTableTextBlock" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DisclosureOfForeignSubsidiariesHaveTaxLossCarryforwardsTableTextBlock" xlink:to="label_DisclosureOfForeignSubsidiariesHaveTaxLossCarryforwardsTableTextBlock_2" xlink:title="Label : DisclosureOfForeignSubsidiariesHaveTaxLossCarryforwardsTableTextBlock to label_DisclosureOfForeignSubsidiariesHaveTaxLossCarryforwardsTableTextBlock_2" />
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IssuanceOfDebenturesMember" xlink:label="IssuanceOfDebenturesMember" xlink:title="IssuanceOfDebenturesMember" />
    <link:label xlink:type="resource" xlink:label="label_IssuanceOfDebenturesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IssuanceOfDebenturesMember" xml:lang="en-US" id="label_IssuanceOfDebenturesMember">This member stands for information pertaining to issuance of debentures.</link:label>
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IssuanceOfDebenturesMember" xlink:to="label_IssuanceOfDebenturesMember_1" xlink:title="Label : IssuanceOfDebenturesMember to label_IssuanceOfDebenturesMember_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_InvestmentsInPropertyPlantAndEquipmentAndIntangibleAssetsCashFlow" xlink:label="InvestmentsInPropertyPlantAndEquipmentAndIntangibleAssetsCashFlow" xlink:title="InvestmentsInPropertyPlantAndEquipmentAndIntangibleAssetsCashFlow" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInPropertyPlantAndEquipmentAndIntangibleAssetsCashFlow" xlink:to="label_InvestmentsInPropertyPlantAndEquipmentAndIntangibleAssetsCashFlow" xlink:title="Label : InvestmentsInPropertyPlantAndEquipmentAndIntangibleAssetsCashFlow to label_InvestmentsInPropertyPlantAndEquipmentAndIntangibleAssetsCashFlow" />
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    <link:label xlink:type="resource" xlink:label="label_InvestmentsInPropertyPlantAndEquipmentAndIntangibleAssetsCashFlow_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_InvestmentsInPropertyPlantAndEquipmentAndIntangibleAssetsCashFlow_2" xml:lang="en-US" id="label_InvestmentsInPropertyPlantAndEquipmentAndIntangibleAssetsCashFlow_2">Investments in property plant and equipment and intangible assets cash flow</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentsInPropertyPlantAndEquipmentAndIntangibleAssetsCashFlow" xlink:to="label_InvestmentsInPropertyPlantAndEquipmentAndIntangibleAssetsCashFlow_2" xlink:title="Label : InvestmentsInPropertyPlantAndEquipmentAndIntangibleAssetsCashFlow to label_InvestmentsInPropertyPlantAndEquipmentAndIntangibleAssetsCashFlow_2" />
    <link:label xlink:type="resource" xlink:label="label_OtherIncomeExpenseFromSubsidiariesJointlyControlledEntitiesAndAssociates_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_OtherIncomeExpenseFromSubsidiariesJointlyControlledEntitiesAndAssociates_1" xml:lang="en-US" id="label_OtherIncomeExpenseFromSubsidiariesJointlyControlledEntitiesAndAssociates_1">Operating income (expense)</link:label>
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    <link:label xlink:type="resource" xlink:label="label_AllOtherSegmentsMember_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_AllOtherSegmentsMember_2" xml:lang="en-US" id="label_AllOtherSegmentsMember_2">Others [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllOtherSegmentsMember" xlink:to="label_AllOtherSegmentsMember_2" xlink:title="Label : AllOtherSegmentsMember to label_AllOtherSegmentsMember_2" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingIncomeExpense" xlink:to="label_OtherOperatingIncomeExpense_3" xlink:title="Label : OtherOperatingIncomeExpense to label_OtherOperatingIncomeExpense_3" />
    <link:label xlink:type="resource" xlink:label="label_DebentureNonconvertibleIntoSharesMaturingOnMarch152028Member_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DebentureNonconvertibleIntoSharesMaturingOnMarch152028Member_1" xml:lang="en-US" id="label_DebentureNonconvertibleIntoSharesMaturingOnMarch152028Member_1">This member stands for the information pertaining to debentures, nonconvertible into shares, maturing on March 15, 2028.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureNonconvertibleIntoSharesMaturingOnMarch152028Member" xlink:to="label_DebentureNonconvertibleIntoSharesMaturingOnMarch152028Member_1" xlink:title="Label : DebentureNonconvertibleIntoSharesMaturingOnMarch152028Member to label_DebentureNonconvertibleIntoSharesMaturingOnMarch152028Member_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DisclosureOfEstimatedRecoveryOfProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityTableTextBlock" xlink:label="DisclosureOfEstimatedRecoveryOfProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityTableTextBlock" xlink:title="DisclosureOfEstimatedRecoveryOfProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityTableTextBlock" />
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    <link:label xlink:type="resource" xlink:label="label_ComprehensiveIncomeAttributableToNoncontrollingInterests_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ComprehensiveIncomeAttributableToNoncontrollingInterests_1" xml:lang="en-US" id="label_ComprehensiveIncomeAttributableToNoncontrollingInterests_1">Comprehensive income, attributable to non-controlling interests</link:label>
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    <link:label xlink:type="resource" xlink:label="label_ComprehensiveIncomeAttributableToOwnersOfParent_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ComprehensiveIncomeAttributableToOwnersOfParent_1" xml:lang="en-US" id="label_ComprehensiveIncomeAttributableToOwnersOfParent_1">Total comprehensive income for the period attributable to shareholders of the Company</link:label>
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    <link:label xlink:type="resource" xlink:label="label_GainsLossesOnExchangeDifferencesOnTranslationNetOfTax_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_GainsLossesOnExchangeDifferencesOnTranslationNetOfTax_2" xml:lang="en-US" id="label_GainsLossesOnExchangeDifferencesOnTranslationNetOfTax_2">Gains (losses) on exchange differences on translation, net of tax</link:label>
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    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ProvisionForDemobilizationOfMachineryAndEquipment" xlink:label="ProvisionForDemobilizationOfMachineryAndEquipment" xlink:title="ProvisionForDemobilizationOfMachineryAndEquipment" />
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    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForDemobilizationOfMachineryAndEquipment" xlink:to="label_ProvisionForDemobilizationOfMachineryAndEquipment" xlink:title="Label : ProvisionForDemobilizationOfMachineryAndEquipment to label_ProvisionForDemobilizationOfMachineryAndEquipment" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForDemobilizationOfMachineryAndEquipment_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_ProvisionForDemobilizationOfMachineryAndEquipment_1" xml:lang="en-US" id="label_ProvisionForDemobilizationOfMachineryAndEquipment_1">Provision for demobilization of machinery and equipment</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForDemobilizationOfMachineryAndEquipment" xlink:to="label_ProvisionForDemobilizationOfMachineryAndEquipment_1" xlink:title="Label : ProvisionForDemobilizationOfMachineryAndEquipment to label_ProvisionForDemobilizationOfMachineryAndEquipment_1" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForDemobilizationOfMachineryAndEquipment_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProvisionForDemobilizationOfMachineryAndEquipment_2" xml:lang="en-US" id="label_ProvisionForDemobilizationOfMachineryAndEquipment_2">The amount of provision for demobilization of machinery and equipment.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForDemobilizationOfMachineryAndEquipment" xlink:to="label_ProvisionForDemobilizationOfMachineryAndEquipment_2" xlink:title="Label : ProvisionForDemobilizationOfMachineryAndEquipment to label_ProvisionForDemobilizationOfMachineryAndEquipment_2" />
    <link:label xlink:type="resource" xlink:label="label_EstimatedRecoveryOfProgramOfSocialIntegrationContributionForFinancingOfSocialSecurityCredits_1" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_EstimatedRecoveryOfProgramOfSocialIntegrationContributionForFinancingOfSocialSecurityCredits_1" xml:lang="en-US" id="label_EstimatedRecoveryOfProgramOfSocialIntegrationContributionForFinancingOfSocialSecurityCredits_1">Estimated recovery of PIS and COFINS credits</link:label>
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    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CashRepaymentsOfAdvancesAndLoansFromRelatedParties" xlink:label="CashRepaymentsOfAdvancesAndLoansFromRelatedParties" xlink:title="CashRepaymentsOfAdvancesAndLoansFromRelatedParties" />
    <link:label xlink:type="resource" xlink:label="label_CashRepaymentsOfAdvancesAndLoansFromRelatedParties" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_CashRepaymentsOfAdvancesAndLoansFromRelatedParties" xml:lang="en-US" id="label_CashRepaymentsOfAdvancesAndLoansFromRelatedParties">Related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashRepaymentsOfAdvancesAndLoansFromRelatedParties" xlink:to="label_CashRepaymentsOfAdvancesAndLoansFromRelatedParties" xlink:title="Label : CashRepaymentsOfAdvancesAndLoansFromRelatedParties to label_CashRepaymentsOfAdvancesAndLoansFromRelatedParties" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xlink:label="IncreaseDecreaseInCashAndCashEquivalents" xlink:title="IncreaseDecreaseInCashAndCashEquivalents" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInCashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IncreaseDecreaseInCashAndCashEquivalents" xml:lang="en-US" id="label_IncreaseDecreaseInCashAndCashEquivalents">Increase (decrease) in cash and cash equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInCashAndCashEquivalents" xlink:to="label_IncreaseDecreaseInCashAndCashEquivalents" xlink:title="Label : IncreaseDecreaseInCashAndCashEquivalents to label_IncreaseDecreaseInCashAndCashEquivalents" />
    <link:label xlink:type="resource" xlink:label="label_CashRepaymentsOfAdvancesAndLoansFromRelatedParties_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CashRepaymentsOfAdvancesAndLoansFromRelatedParties_1" xml:lang="en-US" id="label_CashRepaymentsOfAdvancesAndLoansFromRelatedParties_1">Cash repayments of advances and loans from related parties</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashRepaymentsOfAdvancesAndLoansFromRelatedParties" xlink:to="label_CashRepaymentsOfAdvancesAndLoansFromRelatedParties_1" xlink:title="Label : CashRepaymentsOfAdvancesAndLoansFromRelatedParties to label_CashRepaymentsOfAdvancesAndLoansFromRelatedParties_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_NumberOfPortTerminals" xlink:label="NumberOfPortTerminals" xlink:title="NumberOfPortTerminals" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfPortTerminals" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfPortTerminals" xml:lang="en-US" id="label_NumberOfPortTerminals">The number of port terminals.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfPortTerminals" xlink:to="label_NumberOfPortTerminals" xlink:title="Label : NumberOfPortTerminals to label_NumberOfPortTerminals" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfPortTerminals_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfPortTerminals_1" xml:lang="en-US" id="label_NumberOfPortTerminals_1">Number of port terminals</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfPortTerminals" xlink:to="label_NumberOfPortTerminals_1" xlink:title="Label : NumberOfPortTerminals to label_NumberOfPortTerminals_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_NumberOfBasicBaskets" xlink:label="NumberOfBasicBaskets" xlink:title="NumberOfBasicBaskets" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfBasicBaskets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NumberOfBasicBaskets" xml:lang="en-US" id="label_NumberOfBasicBaskets">Number of basic baskets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfBasicBaskets" xlink:to="label_NumberOfBasicBaskets" xlink:title="Label : NumberOfBasicBaskets to label_NumberOfBasicBaskets" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfPortTerminals_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfPortTerminals_2" xml:lang="en-US" id="label_NumberOfPortTerminals_2">Number of Port Terminals</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfPortTerminals" xlink:to="label_NumberOfPortTerminals_2" xlink:title="Label : NumberOfPortTerminals to label_NumberOfPortTerminals_2" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfBasicBaskets_1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NumberOfBasicBaskets_1" xml:lang="en-US" id="label_NumberOfBasicBaskets_1">Number of Basic Baskets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfBasicBaskets" xlink:to="label_NumberOfBasicBaskets_1" xlink:title="Label : NumberOfBasicBaskets to label_NumberOfBasicBaskets_1" />
    <link:label xlink:type="resource" xlink:label="label_NumberOfBasicBaskets_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NumberOfBasicBaskets_2" xml:lang="en-US" id="label_NumberOfBasicBaskets_2">The number of basic baskets.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NumberOfBasicBaskets" xlink:to="label_NumberOfBasicBaskets_2" xlink:title="Label : NumberOfBasicBaskets to label_NumberOfBasicBaskets_2" />
    <link:label xlink:type="resource" xlink:label="label_EmployeeBenefitsExpense_3" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_EmployeeBenefitsExpense_3" xml:lang="en-US" id="label_EmployeeBenefitsExpense_3">Expense for the year</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EmployeeBenefitsExpense" xlink:to="label_EmployeeBenefitsExpense_3" xlink:title="Label : EmployeeBenefitsExpense to label_EmployeeBenefitsExpense_3" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_DecreasePercentageOfSales" xlink:label="DecreasePercentageOfSales" xlink:title="DecreasePercentageOfSales" />
    <link:label xlink:type="resource" xlink:label="label_DecreasePercentageOfSales" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DecreasePercentageOfSales" xml:lang="en-US" id="label_DecreasePercentageOfSales">Decrease Percentage of Sales</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DecreasePercentageOfSales" xlink:to="label_DecreasePercentageOfSales" xlink:title="Label : DecreasePercentageOfSales to label_DecreasePercentageOfSales" />
    <link:label xlink:type="resource" xlink:label="label_DecreasePercentageOfSales_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_DecreasePercentageOfSales_1" xml:lang="en-US" id="label_DecreasePercentageOfSales_1">The percentage of the entity's sales decreased in comparative period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DecreasePercentageOfSales" xlink:to="label_DecreasePercentageOfSales_1" xlink:title="Label : DecreasePercentageOfSales to label_DecreasePercentageOfSales_1" />
    <link:label xlink:type="resource" xlink:label="label_DecreasePercentageOfSales_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_DecreasePercentageOfSales_2" xml:lang="en-US" id="label_DecreasePercentageOfSales_2">Decrease percentage of sales</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DecreasePercentageOfSales" xlink:to="label_DecreasePercentageOfSales_2" xlink:title="Label : DecreasePercentageOfSales to label_DecreasePercentageOfSales_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ProvisionForExpectedLossesOnAccountsReceivableOrGuarantees" xlink:label="ProvisionForExpectedLossesOnAccountsReceivableOrGuarantees" xlink:title="ProvisionForExpectedLossesOnAccountsReceivableOrGuarantees" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForExpectedLossesOnAccountsReceivableOrGuarantees" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProvisionForExpectedLossesOnAccountsReceivableOrGuarantees" xml:lang="en-US" id="label_ProvisionForExpectedLossesOnAccountsReceivableOrGuarantees">Provision for Expected Losses on Accounts Receivable or Guarantees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForExpectedLossesOnAccountsReceivableOrGuarantees" xlink:to="label_ProvisionForExpectedLossesOnAccountsReceivableOrGuarantees" xlink:title="Label : ProvisionForExpectedLossesOnAccountsReceivableOrGuarantees to label_ProvisionForExpectedLossesOnAccountsReceivableOrGuarantees" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForExpectedLossesOnAccountsReceivableOrGuarantees_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProvisionForExpectedLossesOnAccountsReceivableOrGuarantees_1" xml:lang="en-US" id="label_ProvisionForExpectedLossesOnAccountsReceivableOrGuarantees_1">The amount of provision for expected losses on accounts receivable or guarantees are recorded by the reporting entity.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForExpectedLossesOnAccountsReceivableOrGuarantees" xlink:to="label_ProvisionForExpectedLossesOnAccountsReceivableOrGuarantees_1" xlink:title="Label : ProvisionForExpectedLossesOnAccountsReceivableOrGuarantees to label_ProvisionForExpectedLossesOnAccountsReceivableOrGuarantees_1" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionForExpectedLossesOnAccountsReceivableOrGuarantees_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProvisionForExpectedLossesOnAccountsReceivableOrGuarantees_2" xml:lang="en-US" id="label_ProvisionForExpectedLossesOnAccountsReceivableOrGuarantees_2">Provision for expected losses on accounts receivable or guarantees</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionForExpectedLossesOnAccountsReceivableOrGuarantees" xlink:to="label_ProvisionForExpectedLossesOnAccountsReceivableOrGuarantees_2" xlink:title="Label : ProvisionForExpectedLossesOnAccountsReceivableOrGuarantees to label_ProvisionForExpectedLossesOnAccountsReceivableOrGuarantees_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_PortConcessionsMember" xlink:label="PortConcessionsMember" xlink:title="PortConcessionsMember" />
    <link:label xlink:type="resource" xlink:label="label_PortConcessionsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PortConcessionsMember" xml:lang="en-US" id="label_PortConcessionsMember">Port Concessions [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PortConcessionsMember" xlink:to="label_PortConcessionsMember" xlink:title="Label : PortConcessionsMember to label_PortConcessionsMember" />
    <link:label xlink:type="resource" xlink:label="label_PortConcessionsMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PortConcessionsMember_1" xml:lang="en-US" id="label_PortConcessionsMember_1">Port concessions [ember]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PortConcessionsMember" xlink:to="label_PortConcessionsMember_1" xlink:title="Label : PortConcessionsMember to label_PortConcessionsMember_1" />
    <link:label xlink:type="resource" xlink:label="label_PortConcessionsMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PortConcessionsMember_2" xml:lang="en-US" id="label_PortConcessionsMember_2">This member stands for information pertaining to port concessions.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PortConcessionsMember" xlink:to="label_PortConcessionsMember_2" xlink:title="Label : PortConcessionsMember to label_PortConcessionsMember_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_EstimatedInvestmentsDisbursementPeriod" xlink:label="EstimatedInvestmentsDisbursementPeriod" xlink:title="EstimatedInvestmentsDisbursementPeriod" />
    <link:label xlink:type="resource" xlink:label="label_EstimatedInvestmentsDisbursementPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EstimatedInvestmentsDisbursementPeriod" xml:lang="en-US" id="label_EstimatedInvestmentsDisbursementPeriod">Estimated Investments Disbursement Period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedInvestmentsDisbursementPeriod" xlink:to="label_EstimatedInvestmentsDisbursementPeriod" xlink:title="Label : EstimatedInvestmentsDisbursementPeriod to label_EstimatedInvestmentsDisbursementPeriod" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_PeriodOfOperationAccordingToAuctionNotice" xlink:label="PeriodOfOperationAccordingToAuctionNotice" xlink:title="PeriodOfOperationAccordingToAuctionNotice" />
    <link:label xlink:type="resource" xlink:label="label_PeriodOfOperationAccordingToAuctionNotice" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_PeriodOfOperationAccordingToAuctionNotice" xml:lang="en-US" id="label_PeriodOfOperationAccordingToAuctionNotice">Period of operation according to auction notice</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodOfOperationAccordingToAuctionNotice" xlink:to="label_PeriodOfOperationAccordingToAuctionNotice" xlink:title="Label : PeriodOfOperationAccordingToAuctionNotice to label_PeriodOfOperationAccordingToAuctionNotice" />
    <link:label xlink:type="resource" xlink:label="label_PeriodOfOperationAccordingToAuctionNotice_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PeriodOfOperationAccordingToAuctionNotice_1" xml:lang="en-US" id="label_PeriodOfOperationAccordingToAuctionNotice_1">The maturity period of operation according to auction notice.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodOfOperationAccordingToAuctionNotice" xlink:to="label_PeriodOfOperationAccordingToAuctionNotice_1" xlink:title="Label : PeriodOfOperationAccordingToAuctionNotice to label_PeriodOfOperationAccordingToAuctionNotice_1" />
    <link:label xlink:type="resource" xlink:label="label_PeriodOfOperationAccordingToAuctionNotice_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PeriodOfOperationAccordingToAuctionNotice_2" xml:lang="en-US" id="label_PeriodOfOperationAccordingToAuctionNotice_2">Period of Operation According to Auction Notice</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PeriodOfOperationAccordingToAuctionNotice" xlink:to="label_PeriodOfOperationAccordingToAuctionNotice_2" xlink:title="Label : PeriodOfOperationAccordingToAuctionNotice to label_PeriodOfOperationAccordingToAuctionNotice_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_EstimatedInvestments" xlink:label="EstimatedInvestments" xlink:title="EstimatedInvestments" />
    <link:label xlink:type="resource" xlink:label="label_EstimatedInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EstimatedInvestments" xml:lang="en-US" id="label_EstimatedInvestments">Estimated Investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedInvestments" xlink:to="label_EstimatedInvestments" xlink:title="Label : EstimatedInvestments to label_EstimatedInvestments" />
    <link:label xlink:type="resource" xlink:label="label_EstimatedInvestments_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EstimatedInvestments_1" xml:lang="en-US" id="label_EstimatedInvestments_1">The amount of estimated investments regarding port concession.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedInvestments" xlink:to="label_EstimatedInvestments_1" xlink:title="Label : EstimatedInvestments to label_EstimatedInvestments_1" />
    <link:label xlink:type="resource" xlink:label="label_EstimatedInvestments_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EstimatedInvestments_2" xml:lang="en-US" id="label_EstimatedInvestments_2">Estimated investments</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedInvestments" xlink:to="label_EstimatedInvestments_2" xlink:title="Label : EstimatedInvestments to label_EstimatedInvestments_2" />
    <link:label xlink:type="resource" xlink:label="label_EstimatedInvestmentsDisbursementPeriod_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_EstimatedInvestmentsDisbursementPeriod_1" xml:lang="en-US" id="label_EstimatedInvestmentsDisbursementPeriod_1">The maturity period of estimated investments to be disbursed.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedInvestmentsDisbursementPeriod" xlink:to="label_EstimatedInvestmentsDisbursementPeriod_1" xlink:title="Label : EstimatedInvestmentsDisbursementPeriod to label_EstimatedInvestmentsDisbursementPeriod_1" />
    <link:label xlink:type="resource" xlink:label="label_EstimatedInvestmentsDisbursementPeriod_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_EstimatedInvestmentsDisbursementPeriod_2" xml:lang="en-US" id="label_EstimatedInvestmentsDisbursementPeriod_2">Estimated investments, disbursement period</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EstimatedInvestmentsDisbursementPeriod" xlink:to="label_EstimatedInvestmentsDisbursementPeriod_2" xlink:title="Label : EstimatedInvestmentsDisbursementPeriod to label_EstimatedInvestmentsDisbursementPeriod_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_ProvedDevelopedReserveVolume" xlink:label="ProvedDevelopedReserveVolume" xlink:title="ProvedDevelopedReserveVolume" />
    <link:label xlink:type="resource" xlink:label="label_ProvedDevelopedReserveVolume" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ProvedDevelopedReserveVolume" xml:lang="en-US" id="label_ProvedDevelopedReserveVolume">Proved Developed Reserve Volume</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvedDevelopedReserveVolume" xlink:to="label_ProvedDevelopedReserveVolume" xlink:title="Label : ProvedDevelopedReserveVolume to label_ProvedDevelopedReserveVolume" />
    <link:label xlink:type="resource" xlink:label="label_ProvedDevelopedReserveVolume_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_ProvedDevelopedReserveVolume_1" xml:lang="en-US" id="label_ProvedDevelopedReserveVolume_1">Net quantities of an enterprise's interests in proved developed reserves of either crude oil (including condensate and natural gas liquids), natural gas, synthetic oil and gas, or other nonrenewable natural resource that is intended to be upgraded into synthetic oil and gas as of the beginning and the end of the year.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvedDevelopedReserveVolume" xlink:to="label_ProvedDevelopedReserveVolume_1" xlink:title="Label : ProvedDevelopedReserveVolume to label_ProvedDevelopedReserveVolume_1" />
    <link:label xlink:type="resource" xlink:label="label_ProvedDevelopedReserveVolume_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_ProvedDevelopedReserveVolume_2" xml:lang="en-US" id="label_ProvedDevelopedReserveVolume_2">Number of capacity installed</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvedDevelopedReserveVolume" xlink:to="label_ProvedDevelopedReserveVolume_2" xlink:title="Label : ProvedDevelopedReserveVolume to label_ProvedDevelopedReserveVolume_2" />
    <link:label xlink:type="resource" xlink:label="label_DebentureInterestDescription_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_DebentureInterestDescription_3" xml:lang="en-US" id="label_DebentureInterestDescription_3">Interest</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DebentureInterestDescription" xlink:to="label_DebentureInterestDescription_3" xlink:title="Label : DebentureInterestDescription to label_DebentureInterestDescription_3" />
    <link:label xlink:type="resource" xlink:label="label_AllocationOfNetIncome_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AllocationOfNetIncome_3" xml:lang="en-US" id="label_AllocationOfNetIncome_3">Total allocation of net income</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AllocationOfNetIncome" xlink:to="label_AllocationOfNetIncome_3" xlink:title="Label : AllocationOfNetIncome to label_AllocationOfNetIncome_3" />
    <link:label xlink:type="resource" xlink:label="label_ProvisionsForEmployeeBenefits_4" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_ProvisionsForEmployeeBenefits_4" xml:lang="en-US" id="label_ProvisionsForEmployeeBenefits_4">Total</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProvisionsForEmployeeBenefits" xlink:to="label_ProvisionsForEmployeeBenefits_4" xlink:title="Label : ProvisionsForEmployeeBenefits to label_ProvisionsForEmployeeBenefits_4" />
    <link:label xlink:type="resource" xlink:label="label_PrepaidExpenses_3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_PrepaidExpenses_3" xml:lang="en-US" id="label_PrepaidExpenses_3">Total amount of Prepaid expenses recognised as a current asset for expenditures made prior to the period when the economic benefit will be realised.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PrepaidExpenses" xlink:to="label_PrepaidExpenses_3" xlink:title="Label : PrepaidExpenses to label_PrepaidExpenses_3" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_AssetsAbstract" xlink:label="AssetsAbstract" xlink:title="AssetsAbstract" />
    <link:label xlink:type="resource" xlink:label="label_AssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AssetsAbstract" xml:lang="en-US" id="label_AssetsAbstract">Assets [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetsAbstract" xlink:to="label_AssetsAbstract" xlink:title="Label : AssetsAbstract to label_AssetsAbstract" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_LiabilitiesAbstract" xlink:label="LiabilitiesAbstract" xlink:title="LiabilitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_LiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LiabilitiesAbstract" xml:lang="en-US" id="label_LiabilitiesAbstract">Liabilities [abstract]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesAbstract" xlink:to="label_LiabilitiesAbstract" xlink:title="Label : LiabilitiesAbstract to label_LiabilitiesAbstract" />
    <link:label xlink:type="resource" xlink:label="label_AssetsAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_AssetsAbstract_1" xml:lang="en-US" id="label_AssetsAbstract_1">Assets</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AssetsAbstract" xlink:to="label_AssetsAbstract_1" xlink:title="Label : AssetsAbstract to label_AssetsAbstract_1" />
    <link:label xlink:type="resource" xlink:label="label_LiabilitiesAbstract_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_LiabilitiesAbstract_1" xml:lang="en-US" id="label_LiabilitiesAbstract_1">Liabilities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LiabilitiesAbstract" xlink:to="label_LiabilitiesAbstract_1" xlink:title="Label : LiabilitiesAbstract to label_LiabilitiesAbstract_1" />
    <link:label xlink:type="resource" xlink:label="label_TradeReceivables_2" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_TradeReceivables_2" xml:lang="en-US" id="label_TradeReceivables_2">Trade receivables</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeReceivables" xlink:to="label_TradeReceivables_2" xlink:title="Label : TradeReceivables to label_TradeReceivables_2" />
    <link:label xlink:type="resource" xlink:label="label_ResellerFinancing_4" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_ResellerFinancing_4" xml:lang="en-US" id="label_ResellerFinancing_4">Reseller financing</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ResellerFinancing" xlink:to="label_ResellerFinancing_4" xlink:title="Label : ResellerFinancing to label_ResellerFinancing_4" />
    <link:label xlink:type="resource" xlink:label="label_RecoverableTaxes_3" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_RecoverableTaxes_3" xml:lang="en-US" id="label_RecoverableTaxes_3">Recoverable taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RecoverableTaxes" xlink:to="label_RecoverableTaxes_3" xlink:title="Label : RecoverableTaxes to label_RecoverableTaxes_3" />
    <link:label xlink:type="resource" xlink:label="label_RecoverableAndSocialContributionTaxes_3" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_RecoverableAndSocialContributionTaxes_3" xml:lang="en-US" id="label_RecoverableAndSocialContributionTaxes_3">Recoverable and social contribution taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RecoverableAndSocialContributionTaxes" xlink:to="label_RecoverableAndSocialContributionTaxes_3" xlink:title="Label : RecoverableAndSocialContributionTaxes to label_RecoverableAndSocialContributionTaxes_3" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_CapitalReductionJointVentures" xlink:label="CapitalReductionJointVentures" xlink:title="CapitalReductionJointVentures" />
    <link:label xlink:type="resource" xlink:label="label_CapitalReductionJointVentures" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CapitalReductionJointVentures" xml:lang="en-US" id="label_CapitalReductionJointVentures">Capital Reduction Joint Ventures</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalReductionJointVentures" xlink:to="label_CapitalReductionJointVentures" xlink:title="Label : CapitalReductionJointVentures to label_CapitalReductionJointVentures" />
    <link:label xlink:type="resource" xlink:label="label_CapitalReductionJointVentures_1" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_CapitalReductionJointVentures_1" xml:lang="en-US" id="label_CapitalReductionJointVentures_1">Capital reduction</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalReductionJointVentures" xlink:to="label_CapitalReductionJointVentures_1" xlink:title="Label : CapitalReductionJointVentures to label_CapitalReductionJointVentures_1" />
    <link:label xlink:type="resource" xlink:label="label_CapitalReductionJointVentures_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_CapitalReductionJointVentures_2" xml:lang="en-US" id="label_CapitalReductionJointVentures_2">The amount of capital reduction in joint ventures.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalReductionJointVentures" xlink:to="label_CapitalReductionJointVentures_2" xlink:title="Label : CapitalReductionJointVentures to label_CapitalReductionJointVentures_2" />
    <link:label xlink:type="resource" xlink:label="label_TaxIncentives_3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_TaxIncentives_3" xml:lang="en-US" id="label_TaxIncentives_3">Tax incentives&#x2014;SUDENE</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TaxIncentives" xlink:to="label_TaxIncentives_3" xlink:title="Label : TaxIncentives to label_TaxIncentives_3" />
    <link:label xlink:type="resource" xlink:label="label_InterestOnEquity_3" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_InterestOnEquity_3" xml:lang="en-US" id="label_InterestOnEquity_3">Interest on equity</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestOnEquity" xlink:to="label_InterestOnEquity_3" xlink:title="Label : InterestOnEquity to label_InterestOnEquity_3" />
    <link:label xlink:type="resource" xlink:label="label_UnrecordedDeferredIncomeAndSocialContributionTaxesCarryforwardsDeferred_3" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:title="label_UnrecordedDeferredIncomeAndSocialContributionTaxesCarryforwardsDeferred_3" xml:lang="en-US" id="label_UnrecordedDeferredIncomeAndSocialContributionTaxesCarryforwardsDeferred_3">Unrecorded deferred income and social contribution taxes carryforwards deferred</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="UnrecordedDeferredIncomeAndSocialContributionTaxesCarryforwardsDeferred" xlink:to="label_UnrecordedDeferredIncomeAndSocialContributionTaxesCarryforwardsDeferred_3" xlink:title="Label : UnrecordedDeferredIncomeAndSocialContributionTaxesCarryforwardsDeferred to label_UnrecordedDeferredIncomeAndSocialContributionTaxesCarryforwardsDeferred_3" />
    <link:label xlink:type="resource" xlink:label="label_SharebasedPaymentGrantsCostsIncludingTaxes_3" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_SharebasedPaymentGrantsCostsIncludingTaxes_3" xml:lang="en-US" id="label_SharebasedPaymentGrantsCostsIncludingTaxes_3">Total grant costs, including taxes</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SharebasedPaymentGrantsCostsIncludingTaxes" xlink:to="label_SharebasedPaymentGrantsCostsIncludingTaxes_3" xlink:title="Label : SharebasedPaymentGrantsCostsIncludingTaxes to label_SharebasedPaymentGrantsCostsIncludingTaxes_3" />
    <link:label xlink:type="resource" xlink:label="label_AccumulatedRecognizedGrantCosts_3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AccumulatedRecognizedGrantCosts_3" xml:lang="en-US" id="label_AccumulatedRecognizedGrantCosts_3">Accumulated Recognized Grant Costs</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AccumulatedRecognizedGrantCosts" xlink:to="label_AccumulatedRecognizedGrantCosts_3" xlink:title="Label : AccumulatedRecognizedGrantCosts to label_AccumulatedRecognizedGrantCosts_3" />
    <link:label xlink:type="resource" xlink:label="label_NetAssetLiabilityPositionShareholdersEquityEffect_3" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_NetAssetLiabilityPositionShareholdersEquityEffect_3" xml:lang="en-US" id="label_NetAssetLiabilityPositionShareholdersEquityEffect_3">Net liability position &#x2013; equity effect</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetAssetLiabilityPositionShareholdersEquityEffect" xlink:to="label_NetAssetLiabilityPositionShareholdersEquityEffect_3" xlink:title="Label : NetAssetLiabilityPositionShareholdersEquityEffect to label_NetAssetLiabilityPositionShareholdersEquityEffect_3" />
    <link:label xlink:type="resource" xlink:label="label_IncrementalExpensesTjlp_3" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_IncrementalExpensesTjlp_3" xml:lang="en-US" id="label_IncrementalExpensesTjlp_3">Incremental expenses, TJLP</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncrementalExpensesTjlp" xlink:to="label_IncrementalExpensesTjlp_3" xlink:title="Label : IncrementalExpensesTjlp to label_IncrementalExpensesTjlp_3" />
    <link:label xlink:type="resource" xlink:label="label_IncrementalExpensesSelic_3" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_IncrementalExpensesSelic_3" xml:lang="en-US" id="label_IncrementalExpensesSelic_3">Incremental expenses, SELIC</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncrementalExpensesSelic" xlink:to="label_IncrementalExpensesSelic_3" xlink:title="Label : IncrementalExpensesSelic to label_IncrementalExpensesSelic_3" />
    <link:label xlink:type="resource" xlink:label="label_FixedNdfCommoditiesNetEffect_3" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_FixedNdfCommoditiesNetEffect_3" xml:lang="en-US" id="label_FixedNdfCommoditiesNetEffect_3">NDF Commodities</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FixedNdfCommoditiesNetEffect" xlink:to="label_FixedNdfCommoditiesNetEffect_3" xlink:title="Label : FixedNdfCommoditiesNetEffect to label_FixedNdfCommoditiesNetEffect_3" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_NonConstitutedDeferredTaxesRelatedToIncomeTaxLossCarryforwardsAndNegativeBasisOfSocialContributionBase" xlink:label="NonConstitutedDeferredTaxesRelatedToIncomeTaxLossCarryforwardsAndNegativeBasisOfSocialContributionBase" xlink:title="NonConstitutedDeferredTaxesRelatedToIncomeTaxLossCarryforwardsAndNegativeBasisOfSocialContributionBase" />
    <link:label xlink:type="resource" xlink:label="label_NonConstitutedDeferredTaxesRelatedToIncomeTaxLossCarryforwardsAndNegativeBasisOfSocialContributionBase" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_NonConstitutedDeferredTaxesRelatedToIncomeTaxLossCarryforwardsAndNegativeBasisOfSocialContributionBase" xml:lang="en-US" id="label_NonConstitutedDeferredTaxesRelatedToIncomeTaxLossCarryforwardsAndNegativeBasisOfSocialContributionBase">Tax losses and negative basis for social contribution carryforwards not constituted</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonConstitutedDeferredTaxesRelatedToIncomeTaxLossCarryforwardsAndNegativeBasisOfSocialContributionBase" xlink:to="label_NonConstitutedDeferredTaxesRelatedToIncomeTaxLossCarryforwardsAndNegativeBasisOfSocialContributionBase" xlink:title="Label : NonConstitutedDeferredTaxesRelatedToIncomeTaxLossCarryforwardsAndNegativeBasisOfSocialContributionBase to label_NonConstitutedDeferredTaxesRelatedToIncomeTaxLossCarryforwardsAndNegativeBasisOfSocialContributionBase" />
    <link:label xlink:type="resource" xlink:label="label_NonConstitutedDeferredTaxesRelatedToIncomeTaxLossCarryforwardsAndNegativeBasisOfSocialContributionBase_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_NonConstitutedDeferredTaxesRelatedToIncomeTaxLossCarryforwardsAndNegativeBasisOfSocialContributionBase_1" xml:lang="en-US" id="label_NonConstitutedDeferredTaxesRelatedToIncomeTaxLossCarryforwardsAndNegativeBasisOfSocialContributionBase_1">Deferred taxes not constituted  related to income tax loss carryforwards and negative basis of social contribution base.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonConstitutedDeferredTaxesRelatedToIncomeTaxLossCarryforwardsAndNegativeBasisOfSocialContributionBase" xlink:to="label_NonConstitutedDeferredTaxesRelatedToIncomeTaxLossCarryforwardsAndNegativeBasisOfSocialContributionBase_1" xlink:title="Label : NonConstitutedDeferredTaxesRelatedToIncomeTaxLossCarryforwardsAndNegativeBasisOfSocialContributionBase to label_NonConstitutedDeferredTaxesRelatedToIncomeTaxLossCarryforwardsAndNegativeBasisOfSocialContributionBase_1" />
    <link:label xlink:type="resource" xlink:label="label_NonConstitutedDeferredTaxesRelatedToIncomeTaxLossCarryforwardsAndNegativeBasisOfSocialContributionBase_2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NonConstitutedDeferredTaxesRelatedToIncomeTaxLossCarryforwardsAndNegativeBasisOfSocialContributionBase_2" xml:lang="en-US" id="label_NonConstitutedDeferredTaxesRelatedToIncomeTaxLossCarryforwardsAndNegativeBasisOfSocialContributionBase_2">Non Constituted Deferred Taxes Related to Income Tax Loss Carryforwards and Negative Basis of Social Contribution Base</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NonConstitutedDeferredTaxesRelatedToIncomeTaxLossCarryforwardsAndNegativeBasisOfSocialContributionBase" xlink:to="label_NonConstitutedDeferredTaxesRelatedToIncomeTaxLossCarryforwardsAndNegativeBasisOfSocialContributionBase_2" xlink:title="Label : NonConstitutedDeferredTaxesRelatedToIncomeTaxLossCarryforwardsAndNegativeBasisOfSocialContributionBase to label_NonConstitutedDeferredTaxesRelatedToIncomeTaxLossCarryforwardsAndNegativeBasisOfSocialContributionBase_2" />
    <link:label xlink:type="resource" xlink:label="label_NoncurrentLeaseLiabilities_2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_NoncurrentLeaseLiabilities_2" xml:lang="en-US" id="label_NoncurrentLeaseLiabilities_2">Leases payable</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentLeaseLiabilities" xlink:to="label_NoncurrentLeaseLiabilities_2" xlink:title="Label : NoncurrentLeaseLiabilities to label_NoncurrentLeaseLiabilities_2" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_BrazilianFederalRevenueServiceMember" xlink:label="BrazilianFederalRevenueServiceMember" xlink:title="BrazilianFederalRevenueServiceMember" />
    <link:label xlink:type="resource" xlink:label="label_BrazilianFederalRevenueServiceMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_BrazilianFederalRevenueServiceMember" xml:lang="en-US" id="label_BrazilianFederalRevenueServiceMember">Brazilian Federal Revenue Service [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BrazilianFederalRevenueServiceMember" xlink:to="label_BrazilianFederalRevenueServiceMember" xlink:title="Label : BrazilianFederalRevenueServiceMember to label_BrazilianFederalRevenueServiceMember" />
    <link:label xlink:type="resource" xlink:label="label_BrazilianFederalRevenueServiceMember_1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_BrazilianFederalRevenueServiceMember_1" xml:lang="en-US" id="label_BrazilianFederalRevenueServiceMember_1">Brazilian Federal Revenue Service [member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BrazilianFederalRevenueServiceMember" xlink:to="label_BrazilianFederalRevenueServiceMember_1" xlink:title="Label : BrazilianFederalRevenueServiceMember to label_BrazilianFederalRevenueServiceMember_1" />
    <link:label xlink:type="resource" xlink:label="label_BrazilianFederalRevenueServiceMember_2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_BrazilianFederalRevenueServiceMember_2" xml:lang="en-US" id="label_BrazilianFederalRevenueServiceMember_2">The member stands for Brazilian Federal Revenue Service (RFB).</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BrazilianFederalRevenueServiceMember" xlink:to="label_BrazilianFederalRevenueServiceMember_2" xlink:title="Label : BrazilianFederalRevenueServiceMember to label_BrazilianFederalRevenueServiceMember_2" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseInCashAndCashEquivalents_1" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:title="label_IncreaseDecreaseInCashAndCashEquivalents_1" xml:lang="en-US" id="label_IncreaseDecreaseInCashAndCashEquivalents_1">Increase (decrease) in cash and cash equivalents</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInCashAndCashEquivalents" xlink:to="label_IncreaseDecreaseInCashAndCashEquivalents_1" xlink:title="Label : IncreaseDecreaseInCashAndCashEquivalents to label_IncreaseDecreaseInCashAndCashEquivalents_1" />
    <link:loc xlink:type="locator" xlink:href="ugp-20201231.xsd#ugp_IntangibleAssetsWriteOffsOfOxitenoAndina" xlink:label="IntangibleAssetsWriteOffsOfOxitenoAndina" xlink:title="IntangibleAssetsWriteOffsOfOxitenoAndina" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsWriteOffsOfOxitenoAndina" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_IntangibleAssetsWriteOffsOfOxitenoAndina" xml:lang="en-US" id="label_IntangibleAssetsWriteOffsOfOxitenoAndina">Intangible Assets Write-offs of Oxiteno Andina</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsWriteOffsOfOxitenoAndina" xlink:to="label_IntangibleAssetsWriteOffsOfOxitenoAndina" xlink:title="Label : IntangibleAssetsWriteOffsOfOxitenoAndina to label_IntangibleAssetsWriteOffsOfOxitenoAndina" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsWriteOffsOfOxitenoAndina_1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:title="label_IntangibleAssetsWriteOffsOfOxitenoAndina_1" xml:lang="en-US" id="label_IntangibleAssetsWriteOffsOfOxitenoAndina_1">The amount of write-offs of intangible assets related to Oxiteno Andina during the period.</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsWriteOffsOfOxitenoAndina" xlink:to="label_IntangibleAssetsWriteOffsOfOxitenoAndina_1" xlink:title="Label : IntangibleAssetsWriteOffsOfOxitenoAndina to label_IntangibleAssetsWriteOffsOfOxitenoAndina_1" />
    <link:label xlink:type="resource" xlink:label="label_IntangibleAssetsWriteOffsOfOxitenoAndina_2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:title="label_IntangibleAssetsWriteOffsOfOxitenoAndina_2" xml:lang="en-US" id="label_IntangibleAssetsWriteOffsOfOxitenoAndina_2">Intangible assets, oxiteno andian</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsWriteOffsOfOxitenoAndina" xlink:to="label_IntangibleAssetsWriteOffsOfOxitenoAndina_2" xlink:title="Label : IntangibleAssetsWriteOffsOfOxitenoAndina to label_IntangibleAssetsWriteOffsOfOxitenoAndina_2" />
    <link:label xlink:type="resource" xlink:label="label_IncreaseDecreaseThroughActuarialGainLossesOfPostEmploymentBenefitsNetOfIncomeTaxesAttributableToSubsidiaries_3" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:title="label_IncreaseDecreaseThroughActuarialGainLossesOfPostEmploymentBenefitsNetOfIncomeTaxesAttributableToSubsidiaries_3" xml:lang="en-US" id="label_IncreaseDecreaseThroughActuarialGainLossesOfPostEmploymentBenefitsNetOfIncomeTaxesAttributableToSubsidiaries_3">Actuarial gain (losses) of post-employment benefits of subsidiaries, net</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughActuarialGainLossesOfPostEmploymentBenefitsNetOfIncomeTaxesAttributableToSubsidiaries" xlink:to="label_IncreaseDecreaseThroughActuarialGainLossesOfPostEmploymentBenefitsNetOfIncomeTaxesAttributableToSubsidiaries_3" xlink:title="Label : IncreaseDecreaseThroughActuarialGainLossesOfPostEmploymentBenefitsNetOfIncomeTaxesAttributableToSubsidiaries to label_IncreaseDecreaseThroughActuarialGainLossesOfPostEmploymentBenefitsNetOfIncomeTaxesAttributableToSubsidiaries_3" />
    <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2019-03-27/full_ifrs/full_ifrs-cor_2019-03-27.xsd#ifrs-full_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital" xlink:label="CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital" xlink:title="CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital" />
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        <link:definition>1008 - Disclosure - Operations</link:definition>
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        <link:definition>1019 - Disclosure - Investments</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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        <link:definition>1022 - Disclosure - Intangible Assets</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
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        <link:definition>1023 - Disclosure - Loans, financing, debentures and hedge derivative financial instruments</link:definition>
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        <link:definition>1024 - Disclosure - Trade Payables</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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        <link:definition>1025 - Disclosure - Salaries and Related Charges</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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        <link:usedOn>link:calculationLink</link:usedOn>
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        <link:definition>1030 - Disclosure - Trade Payables - Customer and Third Parties Indemnification</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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        <link:definition>1031 - Disclosure - Deferred Revenue</link:definition>
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        <link:definition>1032 - Disclosure - Subscription warrants - indemnification</link:definition>
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        <link:definition>1034 - Disclosure - Net revenue from sale and services</link:definition>
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        <link:definition>1035 - Disclosure - Expenses by nature</link:definition>
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        <link:definition>1038 - Disclosure - Finance income (Expense)</link:definition>
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  <xsd:element name="EquityValuationAdjustments" id="ugp_EquityValuationAdjustments" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="CumulativeTranslationAdjustment" id="ugp_CumulativeTranslationAdjustment" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="AdditionalDividendsMinimumMandatoryDividends" id="ugp_AdditionalDividendsMinimumMandatoryDividends" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="ShareholdersEquityAttributableToAbstract" id="ugp_ShareholdersEquityAttributableToAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OperatingIncomeExpensesAbstract" id="ugp_OperatingIncomeExpensesAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ExpectedLossesOnDoubtfulAccounts" id="ugp_ExpectedLossesOnDoubtfulAccounts" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="OperatingIncomeBeforeFinancialIncomeExpensesAndShareOfProfitLossOfJointVenturesAndAssociates" id="ugp_OperatingIncomeBeforeFinancialIncomeExpensesAndShareOfProfitLossOfJointVenturesAndAssociates" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="OperatingIncomeBeforeFinancialIncomeExpensesAndIncomeAndSocialContributionTaxes" id="ugp_OperatingIncomeBeforeFinancialIncomeExpensesAndIncomeAndSocialContributionTaxes" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="IncomeAndSocialContributionTaxes" id="ugp_IncomeAndSocialContributionTaxes" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ItemsThatAreSubsequentlyReclassifiedToProfitOrLossAbstract" id="ugp_ItemsThatAreSubsequentlyReclassifiedToProfitOrLossAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="FairValueAdjustmentSubsidiaries" id="ugp_FairValueAdjustmentSubsidiaries" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="FairValueAdjustmentJointVenture" id="ugp_FairValueAdjustmentJointVenture" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ItemsThatAreNotSubsequentlyReclassifiedToProfitOrLossAbstract" id="ugp_ItemsThatAreNotSubsequentlyReclassifiedToProfitOrLossAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OtherAdjustmentsForNoncashItems1" id="ugp_OtherAdjustmentsForNoncashItems1" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="StatementTable" id="ugp_StatementTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="EquityInstrumentGrantedMember" id="ugp_EquityInstrumentGrantedMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RevaluationReserveMember" id="ugp_RevaluationReserveMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LegalReservesMember" id="ugp_LegalReservesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="InvestmentsStatutoryReserveMember" id="ugp_InvestmentsStatutoryReserveMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ValuationAdjustmentsMember" id="ugp_ValuationAdjustmentsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CumulativeTranslationAdjustmentsMember" id="ugp_CumulativeTranslationAdjustmentsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AdditionalDividendsMember" id="ugp_AdditionalDividendsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="EquityAttributableToShareholdersMember" id="ugp_EquityAttributableToShareholdersMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="EquityAttributableToNoncontrollingInterestsMember" id="ugp_EquityAttributableToNoncontrollingInterestsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RetentionOfProfitsMember" id="ugp_RetentionOfProfitsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="StatementLineItems" id="ugp_StatementLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AdjustmentsOfAvailableForSaleForFairValueGainsLosses" id="ugp_AdjustmentsOfAvailableForSaleForFairValueGainsLosses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ActuarialLossesOfPostEmploymentBenefitsNet" id="ugp_ActuarialLossesOfPostEmploymentBenefitsNet" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ActuarialGainsOfPostEmploymentBenefitsNet" id="ugp_ActuarialGainsOfPostEmploymentBenefitsNet" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ShareholderTransactionGainInReimbursementOfShares" id="ugp_ShareholderTransactionGainInReimbursementOfShares" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="EquityInstrumentGranted" id="ugp_EquityInstrumentGranted" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="IncreaseDecreaseThroughStockPlans" id="ugp_IncreaseDecreaseThroughStockPlans" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="RealizationOfRevaluationReserveOfSubsidiaries" id="ugp_RealizationOfRevaluationReserveOfSubsidiaries" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="IncomeAndSocialContributionTaxesOnRealizationOfRevaluationReserveOfSubsidiaries" id="ugp_IncomeAndSocialContributionTaxesOnRealizationOfRevaluationReserveOfSubsidiaries" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ExpiredDividends" id="ugp_ExpiredDividends" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="AddititionalDividendsNonControlingInterest" id="ugp_AddititionalDividendsNonControlingInterest" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="RedemptionOfNonControllingShares" id="ugp_RedemptionOfNonControllingShares" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="CapitalIncreaseFromSubsidiaryIconicNoncontrollingShareholders" id="ugp_CapitalIncreaseFromSubsidiaryIconicNoncontrollingShareholders" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="NoncontrollingInterestsAddedDueToBusinessCombination" id="ugp_NoncontrollingInterestsAddedDueToBusinessCombination" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="NoncontrollingInterestsChangesCBLSA" id="ugp_NoncontrollingInterestsChangesCBLSA" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="AllocationOfNetIncomeAbstract" id="ugp_AllocationOfNetIncomeAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="InterimDividends3" id="ugp_InterimDividends3" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="InterimDividends2" id="ugp_InterimDividends2" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="InterimDividends" id="ugp_InterimDividends" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ProposedDividends3" id="ugp_ProposedDividends3" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ProposedDividends2" id="ugp_ProposedDividends2" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ProposedDividends" id="ugp_ProposedDividends" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="IncreaseDecreaseInStatutoryReserveDeposits" id="ugp_IncreaseDecreaseInStatutoryReserveDeposits" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="InterimDividendsPerShare" id="ugp_InterimDividendsPerShare" type="num:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ProposedDividendsPerShare" id="ugp_ProposedDividendsPerShare" type="num:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="AmortizationOfRightToUseAssets" id="ugp_AmortizationOfRightToUseAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="CreditsOnDepreciation" id="ugp_CreditsOnDepreciation" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ExpectedLossesOnDoubtfulAccount" id="ugp_ExpectedLossesOnDoubtfulAccount" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="AdjustmentsForProvisionForLossesInInventories" id="ugp_AdjustmentsForProvisionForLossesInInventories" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="AdjustmentsForProvisionForPostemploymentBenefits" id="ugp_AdjustmentsForProvisionForPostemploymentBenefits" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="IncreaseDecreaseInCurrentAssetsAbstract" id="ugp_IncreaseDecreaseInCurrentAssetsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AdjustmentsForRecoverableTaxes" id="ugp_AdjustmentsForRecoverableTaxes" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="AdjustmentsForPrepaidExpenses" id="ugp_AdjustmentsForPrepaidExpenses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="IncreaseDecreaseInCurrentLiabilitiesAbstract" id="ugp_IncreaseDecreaseInCurrentLiabilitiesAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AdjustmentsForIncreaseDecreaseInSalariesAndRelatedCharges" id="ugp_AdjustmentsForIncreaseDecreaseInSalariesAndRelatedCharges" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="AdjustmentsForIncreaseDecreaseInIncomeAndSocialContributionTaxesPaidCurrent" id="ugp_AdjustmentsForIncreaseDecreaseInIncomeAndSocialContributionTaxesPaidCurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="AdjustmentsForIncreaseDecreaseInProvisionForTaxCivilAndLaborRisksCurrent" id="ugp_AdjustmentsForIncreaseDecreaseInProvisionForTaxCivilAndLaborRisksCurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="AdjustmentsForIncreaseDecreaseInInsuranceAndOtherPayables" id="ugp_AdjustmentsForIncreaseDecreaseInInsuranceAndOtherPayables" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="IncreaseDecreaseInNonCurrentAssetsAbstract" id="ugp_IncreaseDecreaseInNonCurrentAssetsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AdjustmentsForDecreaseIncreaseInTradeAccountReceivableNonCurrent" id="ugp_AdjustmentsForDecreaseIncreaseInTradeAccountReceivableNonCurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="AdjustmentsForIncreaseDecreaseRecoverableTaxesNonCurrent" id="ugp_AdjustmentsForIncreaseDecreaseRecoverableTaxesNonCurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="AdjustmentsForIncreaseDecreaseInEscrowDepositsNonCurrent" id="ugp_AdjustmentsForIncreaseDecreaseInEscrowDepositsNonCurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="AdjustmentsForIncreaseDecreasePrepaidExpensesNoncurrent" id="ugp_AdjustmentsForIncreaseDecreasePrepaidExpensesNoncurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="IncreaseDecreaseInNonCurrentLiabilitiesAbstract" id="ugp_IncreaseDecreaseInNonCurrentLiabilitiesAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AdjustmentsForIncreaseDecreaseInPostEmploymentBenefitsNonCurrent" id="ugp_AdjustmentsForIncreaseDecreaseInPostEmploymentBenefitsNonCurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="AdjustmentsForIncreaseDecreaseInProvisionForTaxCivilAndLaborRisksNoncurrent" id="ugp_AdjustmentsForIncreaseDecreaseInProvisionForTaxCivilAndLaborRisksNoncurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="AdjustmentsForIncreaseDecreaseInDeferredRevenueNoncurrent" id="ugp_AdjustmentsForIncreaseDecreaseInDeferredRevenueNoncurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="AdjustmentsForPaymentsOfContractualAssetsWithCustomersExclusiveRightsNoncurrent" id="ugp_AdjustmentsForPaymentsOfContractualAssetsWithCustomersExclusiveRightsNoncurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="AdjustmentsForIncreaseDecreaseInIncomeAndSocialContributionTaxesPaidNoncurrent" id="ugp_AdjustmentsForIncreaseDecreaseInIncomeAndSocialContributionTaxesPaidNoncurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="CapitalReductionInAssociatesClassifiedAsInvestingActivities" id="ugp_CapitalReductionInAssociatesClassifiedAsInvestingActivities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="InitialDirectCostsOfRightToUseAssets" id="ugp_InitialDirectCostsOfRightToUseAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="CapitalIncreaseFromNonControllingShareholders" id="ugp_CapitalIncreaseFromNonControllingShareholders" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="TransactionsWithoutCashEffectAbstract" id="ugp_TransactionsWithoutCashEffectAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AdditionOnRightToUseAssetsAndLeasesPayable" id="ugp_AdditionOnRightToUseAssetsAndLeasesPayable" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="TextBlockAbstract" id="ugp_TextBlockAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfOperationsExplanatory" id="ugp_DisclosureOfOperationsExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfPrinciplesOfConsolidationExplanatory" id="ugp_DisclosureOfPrinciplesOfConsolidationExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfTaxesToRecoverExplanatory" id="ugp_DisclosureOfTaxesToRecoverExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfPrepaidExpensesExplanatory" id="ugp_DisclosureOfPrepaidExpensesExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfContractAssetsWithCustomersExclusiveRightsExplanatory" id="ugp_DisclosureOfContractAssetsWithCustomersExclusiveRightsExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfInvestmentsExplanatory" id="ugp_DisclosureOfInvestmentsExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfSalariesAndRelatedChargesExplanatory" id="ugp_DisclosureOfSalariesAndRelatedChargesExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfTradePayablesCustomerAndThirdPartiesIndemnificationExplanatoryTextBlock" id="ugp_DisclosureOfTradePayablesCustomerAndThirdPartiesIndemnificationExplanatoryTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDeferredRevenueExplanatory" id="ugp_DisclosureOfDeferredRevenueExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfSubscriptionWarrantsExplanatory" id="ugp_DisclosureOfSubscriptionWarrantsExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfStockholdersEquityExplanatory" id="ugp_DisclosureOfStockholdersEquityExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="GainlossonDisposalofPropertyplantandequipmentandintangiblesAndImpairmentTextBlock" id="ugp_GainlossonDisposalofPropertyplantandequipmentandintangiblesAndImpairmentTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfFinancialIncomeExpenseExplanatory" id="ugp_DisclosureOfFinancialIncomeExpenseExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ContractualAssetsWithCustomersExclusiveRightsExplanatory" id="ugp_ContractualAssetsWithCustomersExclusiveRightsExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DescriptionOfAccountingPolicyForRightOfUseAssetsAndLeasePayablePolicyTextBlock" id="ugp_DescriptionOfAccountingPolicyForRightOfUseAssetsAndLeasePayablePolicyTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DescriptionOfAccountingPolicyForOtherAssetsExplanatory" id="ugp_DescriptionOfAccountingPolicyForOtherAssetsExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DescriptionOfAccountingPolicyForOtherProvisionsExplanatory" id="ugp_DescriptionOfAccountingPolicyForOtherProvisionsExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DescriptionOfAccountingPolicyForOtherLiabilitiesExplanatory" id="ugp_DescriptionOfAccountingPolicyForOtherLiabilitiesExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DescriptionOfAccountingPolicyForForeignCurrencyTransactionsExplanatory" id="ugp_DescriptionOfAccountingPolicyForForeignCurrencyTransactionsExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DescriptionOfAccountingPolicyForBasisForTranslationOfFinancialStatementsExplanatory" id="ugp_DescriptionOfAccountingPolicyForBasisForTranslationOfFinancialStatementsExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DescriptionOfAccountingPolicyForUseOfEstimatesAssumptionsAndJudgmentsExplanatory" id="ugp_DescriptionOfAccountingPolicyForUseOfEstimatesAssumptionsAndJudgmentsExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DescriptionOfAccountingPolicyForStatementsOfCashFlowsExplanatory" id="ugp_DescriptionOfAccountingPolicyForStatementsOfCashFlowsExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DescriptionOfAccountingPolicyForPronouncementsIssuedByIfrsExplanatory" id="ugp_DescriptionOfAccountingPolicyForPronouncementsIssuedByIfrsExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DescriptionOfAccountingPolicyForAuthorizationForIssuanceOfFinancialStatementsExplanatory" id="ugp_DescriptionOfAccountingPolicyForAuthorizationForIssuanceOfFinancialStatementsExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="IFRS16Member" id="ugp_IFRS16Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfForeignSubsidiariesTableTextBlock" id="ugp_SummaryOfForeignSubsidiariesTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfInvestmentsInSubsidiariesTableTextBlock" id="ugp_SummaryOfInvestmentsInSubsidiariesTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfCashAndCashEquivalentsTextBlock" id="ugp_SummaryOfCashAndCashEquivalentsTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfFinancialInvestmentsTableTextBlock" id="ugp_SummaryOfFinancialInvestmentsTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ResellerFinancingIpirangaMember" id="ugp_ResellerFinancingIpirangaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IFRS9Member" id="ugp_IFRS9Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfTradeReceivablesCompositionExplanatory" id="ugp_DisclosureOfTradeReceivablesCompositionExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfTradeReceivablesBreakdownExplanatory" id="ugp_DisclosureOfTradeReceivablesBreakdownExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureInBreakdownOfExpectedLossOnDoubtfulAccountsExplanatoryTextBlock" id="ugp_DisclosureInBreakdownOfExpectedLossOnDoubtfulAccountsExplanatoryTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfResellerFinancingCompositionExplanatory" id="ugp_DisclosureOfResellerFinancingCompositionExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfBreakdownOfResellerFinancingGrossOfExpectedLossesOnDoubtfulAccountsExplanatoryTextBlock" id="ugp_DisclosureOfBreakdownOfResellerFinancingGrossOfExpectedLossesOnDoubtfulAccountsExplanatoryTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfBreakdownOfExpectedLossesOnDoubtfulAccountsExplanatoryTextBlock" id="ugp_DisclosureOfBreakdownOfExpectedLossesOnDoubtfulAccountsExplanatoryTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfInventoriesCompositionExplanatory" id="ugp_DisclosureOfInventoriesCompositionExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfProvisionForLossesExplanatory" id="ugp_DisclosureOfProvisionForLossesExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfInventoriesProvisionForLossesExplanatory" id="ugp_DisclosureOfInventoriesProvisionForLossesExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfRecoverableTaxesTableTextBlock" id="ugp_SummaryOfRecoverableTaxesTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfEstimatedRecoveryOfProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityTableTextBlock" id="ugp_DisclosureOfEstimatedRecoveryOfProgramOfSocialIntegrationAndContributionForFinancingOfSocialSecurityTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesExplanatory" id="ugp_DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfSubsidiariesAndOtherRelatedPartiesTableTextBlock" id="ugp_SummaryOfSubsidiariesAndOtherRelatedPartiesTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfCompensationForKeyExecutivesTableTextBlock" id="ugp_SummaryOfCompensationForKeyExecutivesTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfSharesGrantedTableTextBlock" id="ugp_SummaryOfSharesGrantedTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfChangesInNumberOfSharesGrantedTableTextBlock" id="ugp_SummaryOfChangesInNumberOfSharesGrantedTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfRestrictedStockProgramTableTextBlock" id="ugp_SummaryOfRestrictedStockProgramTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfSummarizedChangesOfNumberOfRestrictedAndPerformanceSharesGrantedExplanatory" id="ugp_DisclosureOfSummarizedChangesOfNumberOfRestrictedAndPerformanceSharesGrantedExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfDeferredTaxesTableTextBlock" id="ugp_SummaryOfDeferredTaxesTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfChangesInBalanceOfDeferredTaxesTableTextBlock" id="ugp_SummaryOfChangesInBalanceOfDeferredTaxesTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfDeferredTaxAssetRecoveryTableTextBlock" id="ugp_SummaryOfDeferredTaxAssetRecoveryTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfTaxReconciliationTableTextBlock" id="ugp_SummaryOfTaxReconciliationTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfTaxIncentivesTableTextBlock" id="ugp_SummaryOfTaxIncentivesTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsExplanatoryTextBlock" id="ugp_DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsExplanatoryTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfPrepaidExpensesTableTextBlock" id="ugp_SummaryOfPrepaidExpensesTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfAmortizationExpensesExplanatoryTableTextBlock" id="ugp_DisclosureOfAmortizationExpensesExplanatoryTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfLeasesContractOfLowAssetValueExplanatoryTableTextBlock" id="ugp_DisclosureOfLeasesContractOfLowAssetValueExplanatoryTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfBalancesInPropertyPlantAndEquipmentTableTextBlock" id="ugp_SummaryOfBalancesInPropertyPlantAndEquipmentTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDepreciationExpenses" id="ugp_DisclosureOfDepreciationExpenses" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfBalancesInIntangibleAssetsTextBlock" id="ugp_SummaryOfBalancesInIntangibleAssetsTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfAmortizationExpensesTableTextBlock" id="ugp_SummaryOfAmortizationExpensesTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfBalancesOfGoodwillTableTextBlock" id="ugp_SummaryOfBalancesOfGoodwillTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfCompostionOfLoansTableTextBlock" id="ugp_SummaryOfCompostionOfLoansTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfChangesInLoansDebenturesAndFinanceLeasesTableTextBlock" id="ugp_SummaryOfChangesInLoansDebenturesAndFinanceLeasesTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfPrincipalMaturityScheduleTableTextBlock" id="ugp_SummaryOfPrincipalMaturityScheduleTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfForeignLoanMaturityTableTextBlock" id="ugp_SummaryOfForeignLoanMaturityTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfLoanMaturityExplanatory" id="ugp_SummaryOfLoanMaturityExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfLoanAndDebentureMaturityTableTextBlock" id="ugp_SummaryOfLoanAndDebentureMaturityTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfDebenturesTableTextBlock" id="ugp_SummaryOfDebenturesTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfLoanAndDebentureMaturityDistributionTableTextBlock" id="ugp_SummaryOfLoanAndDebentureMaturityDistributionTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfTransactionCostsTextBlock" id="ugp_SummaryOfTransactionCostsTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfAppropriatedProfitOrLossInFutureTableTextBlock" id="ugp_SummaryOfAppropriatedProfitOrLossInFutureTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfTradePayablesTableTextBlock" id="ugp_SummaryOfTradePayablesTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfSalariesAndRelatedChargesTableTextBlock" id="ugp_SummaryOfSalariesAndRelatedChargesTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfTaxesPayableTableTextBlock" id="ugp_SummaryOfTaxesPayableTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfPostEmploymentBenefits" id="ugp_SummaryOfPostEmploymentBenefits" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ChangesInProvisionForPostEmploymentBenefits" id="ugp_ChangesInProvisionForPostEmploymentBenefits" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfEmploymentBenefitExpenseTableTextBlock" id="ugp_SummaryOfEmploymentBenefitExpenseTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfSignificantActuarialAssumptionsAdoptedTableTextBlock" id="ugp_SummaryOfSignificantActuarialAssumptionsAdoptedTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfSensitivityAnalysisTableTextBlock" id="ugp_SummaryOfSensitivityAnalysisTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfChangesInAssetRetirementObligationTableTextBlock" id="ugp_SummaryOfChangesInAssetRetirementObligationTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfBreakdownOfProvisionsByNatureTableTextBlock" id="ugp_SummaryOfBreakdownOfProvisionsByNatureTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfBalancesOfEscrowDepositsTableTextBlock" id="ugp_SummaryOfBalancesOfEscrowDepositsTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfDeferredRevenueInSubsidiariesTableTextBlock" id="ugp_SummaryOfDeferredRevenueInSubsidiariesTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfBalanceOfOtherComprehensiveIncomeTableTextBlock" id="ugp_SummaryOfBalanceOfOtherComprehensiveIncomeTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfCumulativeTranslationAdjustmentsExplanatory" id="ugp_DisclosureOfCumulativeTranslationAdjustmentsExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfBalancesAndChangesInConsolidatedDividendsPayableExplanatory" id="ugp_DisclosureOfBalancesAndChangesInConsolidatedDividendsPayableExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfDividendsAndAllocationOfNetIncomeTableTextBlock" id="ugp_SummaryOfDividendsAndAllocationOfNetIncomeTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfRevenueFromSalesAndServicesTableTextBlock" id="ugp_SummaryOfRevenueFromSalesAndServicesTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfExpensesByNatureTableTextBlock" id="ugp_SummaryOfExpensesByNatureTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfOtherOperatingIncomeTableTextBlock" id="ugp_SummaryOfOtherOperatingIncomeTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfFinancialIncomeExpenseTableTextBlock" id="ugp_SummaryOfFinancialIncomeExpenseTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfWeightedAverageSharesOutstandingTableTextBlock" id="ugp_SummaryOfWeightedAverageSharesOutstandingTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfFinancialInformationOfSegmentsExplanatory" id="ugp_DisclosureOfFinancialInformationOfSegmentsExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfAssetReclassificationExplanatory" id="ugp_DisclosureOfAssetReclassificationExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfFixedAndIntangibleAssetsAbroadExplanatory" id="ugp_DisclosureOfFixedAndIntangibleAssetsAbroadExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfRevenueFromOperationsAbroadExplanatory" id="ugp_DisclosureOfRevenueFromOperationsAbroadExplanatory" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfAssetsAndLiabilitiesInForeignCurrenciesTableTextBlock" id="ugp_SummaryOfAssetsAndLiabilitiesInForeignCurrenciesTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfSensitivityAnalysisOfAssetsAndLiabilitiesInForeignCurrencyTableTextBlock" id="ugp_SummaryOfSensitivityAnalysisOfAssetsAndLiabilitiesInForeignCurrencyTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfFinancialAssetsAndLiabilitiesExposedToFloatingInterestRatesTableTextBlock" id="ugp_SummaryOfFinancialAssetsAndLiabilitiesExposedToFloatingInterestRatesTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfSensitivityAnalysisOfFloatingInterestRateRiskTableTextBlock" id="ugp_SummaryOfSensitivityAnalysisOfFloatingInterestRateRiskTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfAllowanceForDoubtfulAccountsOnTradeReceivablesTableTextBlock" id="ugp_SummaryOfAllowanceForDoubtfulAccountsOnTradeReceivablesTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfAllowanceForDoubtfulAccountsOnTradeReceivablesByGeographicAreaExplanatoryTextBlock" id="ugp_DisclosureOfAllowanceForDoubtfulAccountsOnTradeReceivablesByGeographicAreaExplanatoryTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfContractualUndiscountedCashOutflowsTableTextBlock" id="ugp_SummaryOfContractualUndiscountedCashOutflowsTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfPositionOfHedgingInstrumentsTableTextBlock" id="ugp_SummaryOfPositionOfHedgingInstrumentsTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfValueOfGainsLossesRecognizedTableTextBlock" id="ugp_SummaryOfValueOfGainsLossesRecognizedTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfFairAndCarryingValuesOfFinancialInstrumentsTableTextBlock" id="ugp_SummaryOfFairAndCarryingValuesOfFinancialInstrumentsTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfFinancialAssetsAndFinancialLiabilitiesMeasuredAtFairValueTableTextBlock" id="ugp_SummaryOfFinancialAssetsAndFinancialLiabilitiesMeasuredAtFairValueTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfChangesInExchangeRateTableTextBlock" id="ugp_SummaryOfChangesInExchangeRateTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectExplanatoryTextBlock" id="ugp_DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectExplanatoryTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfContractsTableTextBlock" id="ugp_SummaryOfContractsTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="MinimumAnnualPurchasesTextBlock" id="ugp_MinimumAnnualPurchasesTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfInsuranceCoverageInSubsidiariesTableTextBlock" id="ugp_SummaryOfInsuranceCoverageInSubsidiariesTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PresentationOfFinancialStatementsAndSummaryOfSignificantAccountingPoliciesDetailsNarrativeAbstract" id="ugp_PresentationOfFinancialStatementsAndSummaryOfSignificantAccountingPoliciesDetailsNarrativeAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BasisOfPresentationAndSummaryOfSignificantAccountingPoliciesTable" id="ugp_BasisOfPresentationAndSummaryOfSignificantAccountingPoliciesTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TypeOfExchangeGainLossAxis" id="ugp_TypeOfExchangeGainLossAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TypeOfExchangeGainLossDomain" id="ugp_TypeOfExchangeGainLossDomain" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BasisOfPresentationAndSummaryOfSignificantAccountingPoliciesLineItems" id="ugp_BasisOfPresentationAndSummaryOfSignificantAccountingPoliciesLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TranslationAdjustments" id="ugp_TranslationAdjustments" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="DisclosureOfForeignSubsidiariesAbstract" id="ugp_DisclosureOfForeignSubsidiariesAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfForeignSubsidiariesTable" id="ugp_DisclosureOfForeignSubsidiariesTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OxitenoMexicoMember" id="ugp_OxitenoMexicoMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OxitenoServiciosCorporativosMember" id="ugp_OxitenoServiciosCorporativosMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OxitenoServiciosIndustrialesMember" id="ugp_OxitenoServiciosIndustrialesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OxitenoUSAMember" id="ugp_OxitenoUSAMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OxitenoUruguayMember" id="ugp_OxitenoUruguayMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfForeignSubsidiariesLineItems" id="ugp_DisclosureOfForeignSubsidiariesLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="GeographicalAreas" id="ugp_GeographicalAreas" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="LeaseContractsPayableCurrent" id="ugp_LeaseContractsPayableCurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="LeaseContractsPayableNonCurrent" id="ugp_LeaseContractsPayableNonCurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="DisclosureOfDifferenceBetweenTheLeaseObligationDisclosedUnderIasSeventeenToIfrsSixteenAbstract" id="ugp_DisclosureOfDifferenceBetweenTheLeaseObligationDisclosedUnderIasSeventeenToIfrsSixteenAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDifferenceBetweenTheLeaseObligationDisclosedUnderIasSeventeenToIfrsSixteenTable" id="ugp_DisclosureOfDifferenceBetweenTheLeaseObligationDisclosedUnderIasSeventeenToIfrsSixteenTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDifferenceBetweenTheLeaseObligationDisclosedUnderIasSeventeenToIfrs16LineItems" id="ugp_DisclosureOfDifferenceBetweenTheLeaseObligationDisclosedUnderIasSeventeenToIfrs16LineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OperatingLeaseCommitments" id="ugp_OperatingLeaseCommitments" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="DiscountedUsingTheIncrementalBorrowingRate" id="ugp_DiscountedUsingTheIncrementalBorrowingRate" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="FinanceLeasesLiabilities" id="ugp_FinanceLeasesLiabilities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="LowvalueleasesNotRecognizedAsALiability" id="ugp_LowvalueleasesNotRecognizedAsALiability" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="ShortTermLeasesNotRecognizedAsALiability" id="ugp_ShortTermLeasesNotRecognizedAsALiability" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="ExtensionOptionsReasonablyCertainToBeExercised" id="ugp_ExtensionOptionsReasonablyCertainToBeExercised" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="DisclosureOfNumberAndWeightedAverageExercisePriceOfOutstandingShareOptionsAbstract" id="ugp_DisclosureOfNumberAndWeightedAverageExercisePriceOfOutstandingShareOptionsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfSubsidiariesTable" id="ugp_SummaryOfSubsidiariesTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IpirangaProdutosdePetroleoSAMember" id="ugp_IpirangaProdutosdePetroleoSAMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AmPmComestveisLtdaMember" id="ugp_AmPmComestveisLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CentroDeConveninciasMillenniumLtdaMember" id="ugp_CentroDeConveninciasMillenniumLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IcorbanCorrespondenteBancarioLtdaMember" id="ugp_IcorbanCorrespondenteBancarioLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IpirangaTradingLimitedMember" id="ugp_IpirangaTradingLimitedMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TropicalTransportesIpirangaLtdaMember" id="ugp_TropicalTransportesIpirangaLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IpirangaImobiliriaLtdaMember" id="ugp_IpirangaImobiliriaLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IpirangaLogsticaLtdaMember" id="ugp_IpirangaLogsticaLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OilTradingImportadoraExportadoraLtdaMember" id="ugp_OilTradingImportadoraExportadoraLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IconicLubrificantesSAMember" id="ugp_IconicLubrificantesSAMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IntegraFrotasLtdaMember" id="ugp_IntegraFrotasLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CompanhiaUltragazMember" id="ugp_CompanhiaUltragazMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="UltragazComercialLtdaMember" id="ugp_UltragazComercialLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NovaParanaDistribuidoraDeGasLtdaMember" id="ugp_NovaParanaDistribuidoraDeGasLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BahianaDistribuidoraDeGasLtdaMember" id="ugp_BahianaDistribuidoraDeGasLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="UtingasArmazenadoraMember" id="ugp_UtingasArmazenadoraMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LPGInternationalIncMember" id="ugp_LPGInternationalIncMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ImavenImoveisLtdaMember" id="ugp_ImavenImoveisLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ImifarmaProdutosFarmaceuticosCosmeticosMember" id="ugp_ImifarmaProdutosFarmaceuticosCosmeticosMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OxitenoIndustriaComercioMember" id="ugp_OxitenoIndustriaComercioMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OxitenoNordesteSAIndustriaeComercioMember" id="ugp_OxitenoNordesteSAIndustriaeComercioMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OxitenoArgentinaSociedadDeResponsabilidadLtdaMember" id="ugp_OxitenoArgentinaSociedadDeResponsabilidadLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OleoqumicaIndustriaeComrcioDeProdutosQumicosLtdaMember" id="ugp_OleoqumicaIndustriaeComrcioDeProdutosQumicosLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OxitenoUruguaySAMember" id="ugp_OxitenoUruguaySAMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OxitenoMexicoSADeCVMember" id="ugp_OxitenoMexicoSADeCVMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OxitenoServiciosCorporativosSADeCVMember" id="ugp_OxitenoServiciosCorporativosSADeCVMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OxitenoServiciosIndustrialsDeCVMember" id="ugp_OxitenoServiciosIndustrialsDeCVMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OxitenoUSALLCMember" id="ugp_OxitenoUSALLCMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="GlobalPetroleumProductsTradingCorporationMember" id="ugp_GlobalPetroleumProductsTradingCorporationMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OxitenoAndinaCAMember" id="ugp_OxitenoAndinaCAMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OxitenoEuropeSprlMember" id="ugp_OxitenoEuropeSprlMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OxitenoColombiaSASMember" id="ugp_OxitenoColombiaSASMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OxitenoShanghaiLtdMember" id="ugp_OxitenoShanghaiLtdMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="EmpresaCariocaDeProdutosQuimicosSAMember" id="ugp_EmpresaCariocaDeProdutosQuimicosSAMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="UltracargoOperacoesLogisticasParticipacoesLtdaMember" id="ugp_UltracargoOperacoesLogisticasParticipacoesLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TerminalQuimicoDeAratuSATequimarMember" id="ugp_TerminalQuimicoDeAratuSATequimarMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TEASTerminalExportadorDeAlcoolDeSantosLtdaMember" id="ugp_TEASTerminalExportadorDeAlcoolDeSantosLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TequimarVilaDoCondeLogsticaPorturiaSaMember" id="ugp_TequimarVilaDoCondeLogsticaPorturiaSaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="UltraparInternationalSAMember" id="ugp_UltraparInternationalSAMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SermaAssDosUsuariosEquipProcDeDadosMember" id="ugp_SermaAssDosUsuariosEquipProcDeDadosMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfSubsidiariesLineItems" id="ugp_SummaryOfSubsidiariesLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="Location" id="ugp_Location" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="BusinessSegment" id="ugp_BusinessSegment" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DirectControlInterestPercentage" id="ugp_DirectControlInterestPercentage" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="IndirectControlInterestPercentage" id="ugp_IndirectControlInterestPercentage" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="CashAndCashEquivalentsAndFinancialInvestmentsDetailsNarrativeAbstract" id="ugp_CashAndCashEquivalentsAndFinancialInvestmentsDetailsNarrativeAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CashCashEquivalentsAndFinancialInvestments" id="ugp_CashCashEquivalentsAndFinancialInvestments" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="CashAndCashEquivalentsAndFinancialInvestmentsDetailsAbstract" id="ugp_CashAndCashEquivalentsAndFinancialInvestmentsDetailsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CashAndBankDepositsInLocalCurrency" id="ugp_CashAndBankDepositsInLocalCurrency" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="CashAndBankDepositsInForeignCurrency" id="ugp_CashAndBankDepositsInForeignCurrency" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="FinancialInvestmentsConsideredCashEquivalentsInLocalCurrency" id="ugp_FinancialInvestmentsConsideredCashEquivalentsInLocalCurrency" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="FinancialInvestmentsConsideredCashEquivalentsInForeignCurrency" id="ugp_FinancialInvestmentsConsideredCashEquivalentsInForeignCurrency" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="CashAndCashEquivalentsAndFinancialInvestmentsDetails1Abstract" id="ugp_CashAndCashEquivalentsAndFinancialInvestmentsDetails1Abstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="FinancialInvestmentsInLocalCurrency" id="ugp_FinancialInvestmentsInLocalCurrency" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="FinancialInvestmentsInForeignCurrency" id="ugp_FinancialInvestmentsInForeignCurrency" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="CurencyAndInterestRateHedgingInstruments" id="ugp_CurencyAndInterestRateHedgingInstruments" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="FinancialInvestments" id="ugp_FinancialInvestments" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="FinancialInvestmentsCurrent" id="ugp_FinancialInvestmentsCurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="FinancialInvestmentsNoncurrent" id="ugp_FinancialInvestmentsNoncurrent" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="TradeReceivablesAxis" id="ugp_TradeReceivablesAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TradeReceivablesDomain" id="ugp_TradeReceivablesDomain" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DomesticCustomersMember" id="ugp_DomesticCustomersMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ForeignCustomersMember" id="ugp_ForeignCustomersMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ExpectedLossesOnDoubtfulAccountsMember" id="ugp_ExpectedLossesOnDoubtfulAccountsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfTradeReceivablesLineItems" id="ugp_SummaryOfTradeReceivablesLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LessThanThirtyDaysMember" id="ugp_LessThanThirtyDaysMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="FromThirtyOneDaysToSixtyDaysMember" id="ugp_FromThirtyOneDaysToSixtyDaysMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="FromSixtyOneDaysToNinetyDaysMember" id="ugp_FromSixtyOneDaysToNinetyDaysMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="From91To180DaysMember" id="ugp_From91To180DaysMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MoreThanOneEightyDaysMember" id="ugp_MoreThanOneEightyDaysMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TradeReceivablesGross" id="ugp_TradeReceivablesGross" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="ResellerFinancing" id="ugp_ResellerFinancing" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="AverageMember" id="ugp_AverageMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TermsOfResellerFinancing" id="ugp_TermsOfResellerFinancing" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ResellerFinancingRatePerMonth" id="ugp_ResellerFinancingRatePerMonth" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ResellerFinancingGross" id="ugp_ResellerFinancingGross" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="ClassesOfInventoriesTable" id="ugp_ClassesOfInventoriesTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="InventoriesAxis" id="ugp_InventoriesAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" nillable="true" abstract="true" xbrli:periodType="duration" />
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  <xsd:element name="FinishedGoodsMember" id="ugp_FinishedGoodsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="WorkInProcessMember" id="ugp_WorkInProcessMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RawMaterialsMember" id="ugp_RawMaterialsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LiquifiedPetroleumGasMember" id="ugp_LiquifiedPetroleumGasMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ConsumableMaterialsMember" id="ugp_ConsumableMaterialsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PharmaceuticalHygieneBeautyProductsMember" id="ugp_PharmaceuticalHygieneBeautyProductsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AdvancesToSuppliersMember" id="ugp_AdvancesToSuppliersMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PropertiesForResaleMember" id="ugp_PropertiesForResaleMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
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  <xsd:element name="InventoriesCost" id="ugp_InventoriesCost" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="ProvisionForLossesInventories" id="ugp_ProvisionForLossesInventories" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
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  <xsd:element name="InventoriesProvisionForLosses" id="ugp_InventoriesProvisionForLosses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="AdditionsToNetRealizableValueAdjustment" id="ugp_AdditionsToNetRealizableValueAdjustment" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="AdditionsToObsolescenceAndOtherLosses" id="ugp_AdditionsToObsolescenceAndOtherLosses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ReversalsOfObsolescenceAndOtherLosses" id="ugp_ReversalsOfObsolescenceAndOtherLosses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="NetRealizableValueAdjustment" id="ugp_NetRealizableValueAdjustment" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="ObsolescenceAndOtherLosses" id="ugp_ObsolescenceAndOtherLosses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="SummaryOfRecoverableTaxesAbstract" id="ugp_SummaryOfRecoverableTaxesAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfRecoverableTaxesTable" id="ugp_SummaryOfRecoverableTaxesTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TaxesAxis" id="ugp_TaxesAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TaxesDomain" id="ugp_TaxesDomain" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ICMSMember" id="ugp_ICMSMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ProvisionForIcmsLossesMember" id="ugp_ProvisionForIcmsLossesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PisAndCofinsMember" id="ugp_PisAndCofinsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ValueAddedTaxMember" id="ugp_ValueAddedTaxMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OtherTaxesPayableMember" id="ugp_OtherTaxesPayableMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfRecoverableTaxesLineItems" id="ugp_SummaryOfRecoverableTaxesLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RecoverableTaxes" id="ugp_RecoverableTaxes" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="DisclosureOfEstimatedRecoveryOfIcmsAssetsAbstract" id="ugp_DisclosureOfEstimatedRecoveryOfIcmsAssetsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfEstimatedRecoveryOfIcmsAssetsTable" id="ugp_DisclosureOfEstimatedRecoveryOfIcmsAssetsTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
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  <xsd:element name="EstimatedRecoveryOfProgramOfSocialIntegrationContributionForFinancingOfSocialSecurityCredits" id="ugp_EstimatedRecoveryOfProgramOfSocialIntegrationContributionForFinancingOfSocialSecurityCredits" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesAbstract" id="ugp_DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesTable" id="ugp_DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IrpjandcsllMember" id="ugp_IrpjandcsllMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesLineItems" id="ugp_DisclosureOfRecoverableIncomeTaxAndSocialContributionTaxesLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RecoverableAndSocialContributionTaxes" id="ugp_RecoverableAndSocialContributionTaxes" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="CurrentRecoverableIncomeAndSocialContributionTaxes" id="ugp_CurrentRecoverableIncomeAndSocialContributionTaxes" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="OxitenoSAAndOxitenoNordesteMember" id="ugp_OxitenoSAAndOxitenoNordesteMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OtherSubsidiariesMember" id="ugp_OtherSubsidiariesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RealizationOfTaxCreditPeriod" id="ugp_RealizationOfTaxCreditPeriod" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="RelatedPartiesAbstract" id="ugp_RelatedPartiesAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfRelatedPartiesTable" id="ugp_SummaryOfRelatedPartiesTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="QuimicaDaBahiaIndustriaEcomercioMember" id="ugp_QuimicaDaBahiaIndustriaEcomercioMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RelatiedPartiesOtherMember" id="ugp_RelatiedPartiesOtherMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OxicapIndustriaDeGasesMember" id="ugp_OxicapIndustriaDeGasesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RefinariaDePetroleoRigrandenseMember" id="ugp_RefinariaDePetroleoRigrandenseMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ConectCarSolucoesDeMobilidadeEletronicaMember" id="ugp_ConectCarSolucoesDeMobilidadeEletronicaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LA7ParticipaesEEmpreendImobLtdaMember" id="ugp_LA7ParticipaesEEmpreendImobLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ChevronLatinAmericaMarketingLlcMember" id="ugp_ChevronLatinAmericaMarketingLlcMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfRelatedPartiesLineItems" id="ugp_SummaryOfRelatedPartiesLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LoansAssets" id="ugp_LoansAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="LoansLiabilities" id="ugp_LoansLiabilities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="CommercialTransactionsReceivables" id="ugp_CommercialTransactionsReceivables" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
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  <xsd:element name="CommercialTransactionsSalesAndServices" id="ugp_CommercialTransactionsSalesAndServices" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="CommercialTransactionsPurchases" id="ugp_CommercialTransactionsPurchases" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="CommercialTransactionsExpenses" id="ugp_CommercialTransactionsExpenses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="NumberOfDrugstoresUnderRentalContracts" id="ugp_NumberOfDrugstoresUnderRentalContracts" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ExecutiveCompensationAxis" id="ugp_ExecutiveCompensationAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ExecutiveCompensationDomain" id="ugp_ExecutiveCompensationDomain" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ShortTermCompensationMember" id="ugp_ShortTermCompensationMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="StockCompensationMember" id="ugp_StockCompensationMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PostEmploymentBenefitsMember" id="ugp_PostEmploymentBenefitsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LongTermCompensationMember" id="ugp_LongTermCompensationMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TerminationBenefitMember" id="ugp_TerminationBenefitMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RelatedPartiesDetailsNarrativeAbstract" id="ugp_RelatedPartiesDetailsNarrativeAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfRelatedPartyTable" id="ugp_DisclosureOfRelatedPartyTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DeferredStockUnitPlanMember" id="ugp_DeferredStockUnitPlanMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfRelatedPartyLineItems" id="ugp_DisclosureOfRelatedPartyLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DeferredShareUnitsVestingPeriod" id="ugp_DeferredShareUnitsVestingPeriod" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="AmortizationRecognizedAsGeneralAndAdministrativeExpense" id="ugp_AmortizationRecognizedAsGeneralAndAdministrativeExpense" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="PeriodOfTransfterOfOwnershipShares" id="ugp_PeriodOfTransfterOfOwnershipShares" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ParticipationPercentageOfShareCapital" id="ugp_ParticipationPercentageOfShareCapital" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SharebasedPaymentArrangements1Member" id="ugp_SharebasedPaymentArrangements1Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SharebasedPaymentArrangements2Member" id="ugp_SharebasedPaymentArrangements2Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SharebasedPaymentArrangements3Member" id="ugp_SharebasedPaymentArrangements3Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SharebasedPaymentArrangements4Member" id="ugp_SharebasedPaymentArrangements4Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SharebasedPaymentArrangements5Member" id="ugp_SharebasedPaymentArrangements5Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPayment" id="ugp_WeightedAverageExercisePriceOfShareOptionsGrantedInSharebasedPayment" type="num:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SharebasedPaymentGrantsCostsIncludingTaxes" id="ugp_SharebasedPaymentGrantsCostsIncludingTaxes" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="AccumulatedRecognizedGrantCosts" id="ugp_AccumulatedRecognizedGrantCosts" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
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  <xsd:element name="RelatedPartiesDetails3Abstract" id="ugp_RelatedPartiesDetails3Abstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ShareOptionsGrantedInSharebasedPaymentArrangement" id="ugp_ShareOptionsGrantedInSharebasedPaymentArrangement" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="CancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment" id="ugp_CancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SharesVestedTransferredDuringPeriodSharebasedPaymentArrangement" id="ugp_SharesVestedTransferredDuringPeriodSharebasedPaymentArrangement" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="RestrictedProgramOneMember" id="ugp_RestrictedProgramOneMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RestrictedAndPerformanceProgramOneMember" id="ugp_RestrictedAndPerformanceProgramOneMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RestrictedAndPerformanceProgramTwoMember" id="ugp_RestrictedAndPerformanceProgramTwoMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RestrictedProgramTwoMember" id="ugp_RestrictedProgramTwoMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RestrictedProgramThreeMember" id="ugp_RestrictedProgramThreeMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RestrictedAndPerformanceProgramThreeMember" id="ugp_RestrictedAndPerformanceProgramThreeMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RestrictedProgramFourMember" id="ugp_RestrictedProgramFourMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="InvestmentOptionsExercisePrice" id="ugp_InvestmentOptionsExercisePrice" type="num:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="GrantCostsIncludingTaxes" id="ugp_GrantCostsIncludingTaxes" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="AccumulatedRecognizedGrantCostsRelatedParties" id="ugp_AccumulatedRecognizedGrantCostsRelatedParties" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="AccumulatedUnrecognizedGrantCostsRelatedParties" id="ugp_AccumulatedUnrecognizedGrantCostsRelatedParties" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="GrantDateOneMember" id="ugp_GrantDateOneMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="GrantDateTwoMember" id="ugp_GrantDateTwoMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="GrantDateThreeMember" id="ugp_GrantDateThreeMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="GrantDateFourMember" id="ugp_GrantDateFourMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="GrantDateFiveMember" id="ugp_GrantDateFiveMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NumberOfInstrumentsOtherEquityInstrumentsCancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment" id="ugp_NumberOfInstrumentsOtherEquityInstrumentsCancellationOfGrantedSharesDueToTerminationOfExecutiveEmployment" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DeferredIncomeAndSocialContributionTaxesAssetAbstract" id="ugp_DeferredIncomeAndSocialContributionTaxesAssetAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DeferredIncomeAndSocialContributionTaxesProvisionForImpairmentOfAssets" id="ugp_DeferredIncomeAndSocialContributionTaxesProvisionForImpairmentOfAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="DeferredIncomeAndSocialContributionTaxesProvisionsFortaxCivilAndLaborRisks" id="ugp_DeferredIncomeAndSocialContributionTaxesProvisionsFortaxCivilAndLaborRisks" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="DeferredIncomeAndSocialContributionTaxesProvisionForPostEmploymentBenefits" id="ugp_DeferredIncomeAndSocialContributionTaxesProvisionForPostEmploymentBenefits" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="DeferredIncomeAndSocialContributionTaxesProvisionForDifferencesBetweenCashAndAccrualBasisAssets" id="ugp_DeferredIncomeAndSocialContributionTaxesProvisionForDifferencesBetweenCashAndAccrualBasisAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="DeferredincomeAndSocialContributionTaxesGoodwill" id="ugp_DeferredincomeAndSocialContributionTaxesGoodwill" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="DeferredIncomeAndSocialContributionTaxesBusinessCombinationFiscalBasisAccountingBasisOfGoodwill" id="ugp_DeferredIncomeAndSocialContributionTaxesBusinessCombinationFiscalBasisAccountingBasisOfGoodwill" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="DeferredIncomeAndSocialContributionTaxesProvisionForAssetRetirementObligation" id="ugp_DeferredIncomeAndSocialContributionTaxesProvisionForAssetRetirementObligation" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="DeferredIncomeAndSocialContributionTaxesProvisionForSuppliers" id="ugp_DeferredIncomeAndSocialContributionTaxesProvisionForSuppliers" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="DeferredIncomeAndSocialContributionTaxesProvisionForProfitSharingAndBonus" id="ugp_DeferredIncomeAndSocialContributionTaxesProvisionForProfitSharingAndBonus" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="DeferredIncomeAndSocialContributionTaxesLeasesPayable" id="ugp_DeferredIncomeAndSocialContributionTaxesLeasesPayable" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="DeferredIncomeAndSocialContributionTaxesChangeInFairValueOfSubscriptionWarrants" id="ugp_DeferredIncomeAndSocialContributionTaxesChangeInFairValueOfSubscriptionWarrants" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="DeferredIncomeAndSocialContributionTaxesOtherProvisions" id="ugp_DeferredIncomeAndSocialContributionTaxesOtherProvisions" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="DeferredIncomeAndSocialContributionTaxesTaxLossesAndNegativeBasisForSocialContributionCarryforwards" id="ugp_DeferredIncomeAndSocialContributionTaxesTaxLossesAndNegativeBasisForSocialContributionCarryforwards" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="DeferredIncomeAndSocialContributionTaxAssets" id="ugp_DeferredIncomeAndSocialContributionTaxAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="DeferredIncomeAndSocialContributioTaxesOffsetLiabilitiesBalance" id="ugp_DeferredIncomeAndSocialContributioTaxesOffsetLiabilitiesBalance" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="DeferredIncomeAndSocialContributionTaxAssetsNet" id="ugp_DeferredIncomeAndSocialContributionTaxAssetsNet" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="DeferredIncomeAndSocialContributionTaxesRevaluationOfPropertyPlantAndEquipment" id="ugp_DeferredIncomeAndSocialContributionTaxesRevaluationOfPropertyPlantAndEquipment" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="DeferredIncomeAndSocialContributionTaxesLease" id="ugp_DeferredIncomeAndSocialContributionTaxesLease" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="DeferredIncomeAndSocialContributionTaxesProvisionForDifferencesBetweenCashAndAccrualBasisLiabilities" id="ugp_DeferredIncomeAndSocialContributionTaxesProvisionForDifferencesBetweenCashAndAccrualBasisLiabilities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="DeferredIncomeAndSocialContributionTaxesProvisionForPostemploymentBenefitsProvisionForGoodwillAndNegativeGoodwill" id="ugp_DeferredIncomeAndSocialContributionTaxesProvisionForPostemploymentBenefitsProvisionForGoodwillAndNegativeGoodwill" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="DeferredIncomeAndSocialContributionTaxesProvisionForPostemploymentBenefitsBusinessCombinationFairValueOfAssets" id="ugp_DeferredIncomeAndSocialContributionTaxesProvisionForPostemploymentBenefitsBusinessCombinationFairValueOfAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="DeferredIncomeAndSocialContributionTaxesOtherProvisionsLiabilities" id="ugp_DeferredIncomeAndSocialContributionTaxesOtherProvisionsLiabilities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="DeferredIncomeAndSocialContributionTaxLiabilities" id="ugp_DeferredIncomeAndSocialContributionTaxLiabilities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="DeferredIncomeAndSocialContributionTaxesOffsetAssetsBalance" id="ugp_DeferredIncomeAndSocialContributionTaxesOffsetAssetsBalance" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="DeferredIncomeAndSocialContributionTaxLiabilitiesNet" id="ugp_DeferredIncomeAndSocialContributionTaxLiabilitiesNet" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="IncomeAndSocialContributionTaxesDetails2Abstract" id="ugp_IncomeAndSocialContributionTaxesDetails2Abstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDeferredIncomeAndSocialContributionTaxesTable" id="ugp_DisclosureOfDeferredIncomeAndSocialContributionTaxesTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDeferredIncomeAndSocialContributionTaxesLineItems" id="ugp_DisclosureOfDeferredIncomeAndSocialContributionTaxesLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DeferredIRPJAndCSLL" id="ugp_DeferredIRPJAndCSLL" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="DeferredIRPJAndCSLLRecognizedInIncomeOfYear" id="ugp_DeferredIRPJAndCSLLRecognizedInIncomeOfYear" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="DeferredIRPJAndCSLLRecognizedInOtherComprehensiveIncome" id="ugp_DeferredIRPJAndCSLLRecognizedInOtherComprehensiveIncome" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="DeferredIRPJAndCSLLRecognizedInBusinessCombinations" id="ugp_DeferredIRPJAndCSLLRecognizedInBusinessCombinations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="DeferredIRPJAndCSLLOthers" id="ugp_DeferredIRPJAndCSLLOthers" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfIncomeAndSocialContributionTaxesAbstract" id="ugp_DisclosureOfIncomeAndSocialContributionTaxesAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="UpTo1YearMember" id="ugp_UpTo1YearMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="From1To2YearsMember" id="ugp_From1To2YearsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="From2To3YearsMember" id="ugp_From2To3YearsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="From3To5YearsMember" id="ugp_From3To5YearsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="From5To7YearsMember" id="ugp_From5To7YearsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="From7To10YearsMember" id="ugp_From7To10YearsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfIncomeAndSocialContributionTaxesLineItems" id="ugp_SummaryOfIncomeAndSocialContributionTaxesLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IncomeAndSocialContributionTaxesDetails4Abstract" id="ugp_IncomeAndSocialContributionTaxesDetails4Abstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IncomeBeforeTaxesAndShareOfProfitLossOfJointVenturesAndAssociates" id="ugp_IncomeBeforeTaxesAndShareOfProfitLossOfJointVenturesAndAssociates" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="IncomeAndSocialContributionTaxesAtStatutoryTaxRates" id="ugp_IncomeAndSocialContributionTaxesAtStatutoryTaxRates" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="AdjustmentsToStatutoryIncomeAndSocialContributionTaxesAbstract" id="ugp_AdjustmentsToStatutoryIncomeAndSocialContributionTaxesAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NontaxableRevenues" id="ugp_NontaxableRevenues" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="AdjustmentToEstimatedIncome" id="ugp_AdjustmentToEstimatedIncome" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="InterestOnEquity" id="ugp_InterestOnEquity" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="UnrecordedDeferredIncomeAndSocialContributionTaxesCarryforwardsDeferred" id="ugp_UnrecordedDeferredIncomeAndSocialContributionTaxesCarryforwardsDeferred" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="IncomeAndSocialContributionTaxesBeforeTaxIncentives" id="ugp_IncomeAndSocialContributionTaxesBeforeTaxIncentives" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="TaxIncentives" id="ugp_TaxIncentives" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="EffectiveIRPJAndCSLLRates" id="ugp_EffectiveIRPJAndCSLLRates" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="IncomeAndSocialContributionTaxesTablesAbstract" id="ugp_IncomeAndSocialContributionTaxesTablesAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MataripeBaseMember" id="ugp_MataripeBaseMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CaucaiaBaseMember" id="ugp_CaucaiaBaseMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="JuazeiroBaseMember" id="ugp_JuazeiroBaseMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AracajuBaseMember" id="ugp_AracajuBaseMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SuapeBaseMember" id="ugp_SuapeBaseMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SuapeTerminalMember" id="ugp_SuapeTerminalMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AratuTerminalMember" id="ugp_AratuTerminalMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ItaquiTerminalMember" id="ugp_ItaquiTerminalMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CamacariPlantMember" id="ugp_CamacariPlantMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="Subsidiary" id="ugp_Subsidiary" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="BusinessUnit" id="ugp_BusinessUnit" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="IncentivePercentage" id="ugp_IncentivePercentage" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ExpirationYear" id="ugp_ExpirationYear" type="xbrli:gYearItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DecreasePercentageInInomeTaxIncentive" id="ugp_DecreasePercentageInInomeTaxIncentive" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsAbstract" id="ugp_DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsTable" id="ugp_DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CiaUltragazMember" id="ugp_CiaUltragazMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OxitenoSaMember" id="ugp_OxitenoSaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IconicMember" id="ugp_IconicMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ExtrafarmaMember" id="ugp_ExtrafarmaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="UltraparMember" id="ugp_UltraparMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="UltraparInternationalMember" id="ugp_UltraparInternationalMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ExtrafarmaTwoMember" id="ugp_ExtrafarmaTwoMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IntegraFrotasMember" id="ugp_IntegraFrotasMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OxitenoArgentinaMember" id="ugp_OxitenoArgentinaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OxitenoUsaMember" id="ugp_OxitenoUsaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OxitenoAndinaMember" id="ugp_OxitenoAndinaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OffshoreMember" id="ugp_OffshoreMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OnshoreMember" id="ugp_OnshoreMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsLineItems" id="ugp_DisclosureOfDeferredIncomeAndSocialContributionTaxAssetsLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IRPJMember" id="ugp_IRPJMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CSLLMember" id="ugp_CSLLMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OffshoreSubsidiariesMember" id="ugp_OffshoreSubsidiariesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TaxLossCarryforwards" id="ugp_TaxLossCarryforwards" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="PrepaidExpensesDetailsAbstract" id="ugp_PrepaidExpensesDetailsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PrepaidRentExpense" id="ugp_PrepaidRentExpense" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="PrepaidAdvertisingExpense" id="ugp_PrepaidAdvertisingExpense" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="PrepaidDeferredStockPlanExpense" id="ugp_PrepaidDeferredStockPlanExpense" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="PrepaidInsuranceExpense" id="ugp_PrepaidInsuranceExpense" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="PrepaidSoftwareMaintenanceExpense" id="ugp_PrepaidSoftwareMaintenanceExpense" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="OtherPrepaidExpenses" id="ugp_OtherPrepaidExpenses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="PrepaidExpenses" id="ugp_PrepaidExpenses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="DisclosureOfContractAssetsTable" id="ugp_DisclosureOfContractAssetsTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfContractAssetsLineItems" id="ugp_DisclosureOfContractAssetsLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IncreaseDecreaseContractAssetsRelatingToContractsWithCustomers" id="ugp_IncreaseDecreaseContractAssetsRelatingToContractsWithCustomers" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="AmortizationOfContractAssetsRelatingToContractsWithCustomers" id="ugp_AmortizationOfContractAssetsRelatingToContractsWithCustomers" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="TransferOfContractAssetsRelatingToContractsWithCustomers" id="ugp_TransferOfContractAssetsRelatingToContractsWithCustomers" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="UniaoVopakMember" id="ugp_UniaoVopakMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RPRMember" id="ugp_RPRMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ConnectCarMember" id="ugp_ConnectCarMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LatitudeLogsticaMember" id="ugp_LatitudeLogsticaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NavegantesLogsticaMember" id="ugp_NavegantesLogsticaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NordesteLogsticaIMember" id="ugp_NordesteLogsticaIMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NordesteLogsticaIIMember" id="ugp_NordesteLogsticaIIMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NordesteLogsticaIIIMember" id="ugp_NordesteLogsticaIIIMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CapitalIncreaseJointVentures" id="ugp_CapitalIncreaseJointVentures" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ValuationAdjustmentsJointVentures" id="ugp_ValuationAdjustmentsJointVentures" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ShareOfProfitLossOfJointVentures" id="ugp_ShareOfProfitLossOfJointVentures" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="OperatingExpenseAndIncomeCosts" id="ugp_OperatingExpenseAndIncomeCosts" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="NetFinancialIncomeAndIncomeAndSocialContributionTaxes" id="ugp_NetFinancialIncomeAndIncomeAndSocialContributionTaxes" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="NumberOfSharesOrUnitsHeld" id="ugp_NumberOfSharesOrUnitsHeld" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PercentageOfCapitalHeld" id="ugp_PercentageOfCapitalHeld" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="InvestmentTable" id="ugp_InvestmentTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TransportadoraSulbrasileiraDeGasMember" id="ugp_TransportadoraSulbrasileiraDeGasMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MetalurgicaPlusMember" id="ugp_MetalurgicaPlusMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PlenogasDistribuidoraDeGasMember" id="ugp_PlenogasDistribuidoraDeGasMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfAssociatesLineItems" id="ugp_SummaryOfAssociatesLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CapitalReductionInAssociates" id="ugp_CapitalReductionInAssociates" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ShareOfProfitLossOfAssociates" id="ugp_ShareOfProfitLossOfAssociates" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ChangeInKeyAssumptionsAbstract" id="ugp_ChangeInKeyAssumptionsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DetailedDisclosureOfInventoriesTable" id="ugp_DetailedDisclosureOfInventoriesTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SharesOrUnitsHeld" id="ugp_SharesOrUnitsHeld" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="RealEstateMember" id="ugp_RealEstateMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PortAreaMember" id="ugp_PortAreaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AdditionsAndRemeasurementOfRightOfUseAsset" id="ugp_AdditionsAndRemeasurementOfRightOfUseAsset" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="IncreaseDecreaseThroughTransferOfRightOfUseAsset" id="ugp_IncreaseDecreaseThroughTransferOfRightOfUseAsset" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="RightOfUseAssetsIncreaseDecreaseInRecognitionSurplus" id="ugp_RightOfUseAssetsIncreaseDecreaseInRecognitionSurplus" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="AmortizationOfRightToUseAsset" id="ugp_AmortizationOfRightToUseAsset" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="Inventoriesandcostofproductsandservicessoldamortisation" id="ugp_Inventoriesandcostofproductsandservicessoldamortisation" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="SellingAndMarketingAmortization" id="ugp_SellingAndMarketingAmortization" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="GeneralAndAdministrativeAmortization" id="ugp_GeneralAndAdministrativeAmortization" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="PaymentsOfLeaseLiability" id="ugp_PaymentsOfLeaseLiability" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="AdditionsAndRemeasurementOfLeaseLiability" id="ugp_AdditionsAndRemeasurementOfLeaseLiability" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfLeaseContractsOfLowAmountAssetsAbstractAbstract" id="ugp_DisclosureOfLeaseContractsOfLowAmountAssetsAbstractAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfLeasesContractOfLowAssetValueTable" id="ugp_DisclosureOfLeasesContractOfLowAssetValueTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfLeaseContractsOfLowAmountAssetsLineItems" id="ugp_DisclosureOfLeaseContractsOfLowAmountAssetsLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="UndiscountedOperatingLeasePaymentsToBePayable" id="ugp_UndiscountedOperatingLeasePaymentsToBePayable" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="AutomotiveMember" id="ugp_AutomotiveMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LPGTanksMember" id="ugp_LPGTanksMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="FurnitureMember" id="ugp_FurnitureMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ImportsInProgressMember" id="ugp_ImportsInProgressMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ITEquipmentMember" id="ugp_ITEquipmentMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PropertyPlantAndEquipmentOpeningBalanceCblsa" id="ugp_PropertyPlantAndEquipmentOpeningBalanceCblsa" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDepreciationExpensesAbstract" id="ugp_DisclosureOfDepreciationExpensesAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDepreciationExpensesTable" id="ugp_DisclosureOfDepreciationExpensesTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IncomeStatementLocationOneAxis" id="ugp_IncomeStatementLocationOneAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IncomeStatementLocationOneDomain" id="ugp_IncomeStatementLocationOneDomain" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CostOfProductsSoldMember" id="ugp_CostOfProductsSoldMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SellingAndMarketingExpensesMember" id="ugp_SellingAndMarketingExpensesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="GeneralAndAdministrativeExpensesMember" id="ugp_GeneralAndAdministrativeExpensesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IntangibleAssetsCostMember" id="ugp_IntangibleAssetsCostMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IntangibleAssetsAccumulatedAmortizationMember" id="ugp_IntangibleAssetsAccumulatedAmortizationMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ProvisionForLossesAndImpairmentMember" id="ugp_ProvisionForLossesAndImpairmentMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IncreasedecreaseDueToApplicationOfIfrs16Member" id="ugp_IncreasedecreaseDueToApplicationOfIfrs16Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SoftwareMember" id="ugp_SoftwareMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TechnologyMember" id="ugp_TechnologyMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CommercialPropertyRightsMember" id="ugp_CommercialPropertyRightsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DistributionRightsAssetMember" id="ugp_DistributionRightsAssetMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BrandsMember" id="ugp_BrandsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TrademarkRightsMember" id="ugp_TrademarkRightsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfIntangibleAssetsLineItems" id="ugp_SummaryOfIntangibleAssetsLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IntangibleAssets" id="ugp_IntangibleAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="IntangibleAssetsAdditions" id="ugp_IntangibleAssetsAdditions" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="IntangibleAssetsAmortization" id="ugp_IntangibleAssetsAmortization" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="IntangibleAssetsTransfer" id="ugp_IntangibleAssetsTransfer" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="IntangibleAssetsWriteOffsAndDisposals" id="ugp_IntangibleAssetsWriteOffsAndDisposals" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="IntangibleAssetsEffectOfForeignCurrencyExchangeRateVariation" id="ugp_IntangibleAssetsEffectOfForeignCurrencyExchangeRateVariation" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="IntangibleAssetsOpeningOpeningBalanceCblsa" id="ugp_IntangibleAssetsOpeningOpeningBalanceCblsa" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="IntangibleAssetsOpeningBalanceTeas" id="ugp_IntangibleAssetsOpeningBalanceTeas" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="IntangibleAssetsDetails2Abstract" id="ugp_IntangibleAssetsDetails2Abstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="InventoriesAndCostOfProductsAndServicesSoldAmortisation" id="ugp_InventoriesAndCostOfProductsAndServicesSoldAmortisation" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="SellingAndMarketingAmortisation" id="ugp_SellingAndMarketingAmortisation" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="GeneralAndAdministrativeAmortisation" id="ugp_GeneralAndAdministrativeAmortisation" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfBalanceOfGoodwillAbstract" id="ugp_DisclosureOfBalanceOfGoodwillAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IpirangaMember" id="ugp_IpirangaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="UniaoTerminaisMember" id="ugp_UniaoTerminaisMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TexacoMember" id="ugp_TexacoMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IconicCblsamemberMember" id="ugp_IconicCblsamemberMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TemmarMember" id="ugp_TemmarMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DNPMember" id="ugp_DNPMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RepsolMember" id="ugp_RepsolMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OtherSegmentsMember" id="ugp_OtherSegmentsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillGross" id="ugp_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillGross" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillImpairment" id="ugp_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwillImpairment" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="GoodwillAcquisitionSegment" id="ugp_GoodwillAcquisitionSegment" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="AcquisitionsThroughBusinessCombinationsGoodwill" id="ugp_AcquisitionsThroughBusinessCombinationsGoodwill" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="DisclosureIntangibleAssetsAdditionalInformationAbstract" id="ugp_DisclosureIntangibleAssetsAdditionalInformationAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PeriodOfEvaluation" id="ugp_PeriodOfEvaluation" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PeriodToMaturity" id="ugp_PeriodToMaturity" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DiscountRate" id="ugp_DiscountRate" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="RealGrowthRate" id="ugp_RealGrowthRate" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="LoansDebenturesAndFinanceLeasesDetailsNarrativeAbstract" id="ugp_LoansDebenturesAndFinanceLeasesDetailsNarrativeAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfLoansDebenturesAndFinanceLeasesTable" id="ugp_SummaryOfLoansDebenturesAndFinanceLeasesTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="Loan1Member" id="ugp_Loan1Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="Loan2Member" id="ugp_Loan2Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="Loan3Member" id="ugp_Loan3Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="Loan4Member" id="ugp_Loan4Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="Loan5Member" id="ugp_Loan5Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="Loan6Member" id="ugp_Loan6Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="Loan7Member" id="ugp_Loan7Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="Loan8Member" id="ugp_Loan8Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="Loan9Member" id="ugp_Loan9Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="Loan10Member" id="ugp_Loan10Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="Loan11Member" id="ugp_Loan11Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="Loan12Member" id="ugp_Loan12Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="Loan13Member" id="ugp_Loan13Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="Loan14Member" id="ugp_Loan14Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="Loan15Member" id="ugp_Loan15Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="Loan16Member" id="ugp_Loan16Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="Loan17Member" id="ugp_Loan17Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="Loan18Member" id="ugp_Loan18Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="Loan19Member" id="ugp_Loan19Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="Loan20Member" id="ugp_Loan20Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="Loan21Member" id="ugp_Loan21Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="Loan22Member" id="ugp_Loan22Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="Loan23Member" id="ugp_Loan23Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="Loan24Member" id="ugp_Loan24Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="Loan25Member" id="ugp_Loan25Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfLoansDebenturesAndFinanceLeasesLineItems" id="ugp_SummaryOfLoansDebenturesAndFinanceLeasesLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LoanDescription" id="ugp_LoanDescription" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ForeignCurrencyDenominatedLoans" id="ugp_ForeignCurrencyDenominatedLoans" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="BrazilianRealDenominatedLoans" id="ugp_BrazilianRealDenominatedLoans" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="TotalForeignCurrencyAndBrazilianReais" id="ugp_TotalForeignCurrencyAndBrazilianReais" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="CurrencyInterestRateHedgingInstruments" id="ugp_CurrencyInterestRateHedgingInstruments" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="LoanDebt" id="ugp_LoanDebt" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="CurrentDebt" id="ugp_CurrentDebt" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="NoncurrentDebt" id="ugp_NoncurrentDebt" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="LoanIndexCurrency" id="ugp_LoanIndexCurrency" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="WeightedAverageFinancialChargesLoans" id="ugp_WeightedAverageFinancialChargesLoans" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="LoanMaturityDate" id="ugp_LoanMaturityDate" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DebentureAxis" id="ugp_DebentureAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DebentureDomain" id="ugp_DebentureDomain" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DebentureOneMember" id="ugp_DebentureOneMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DebentureTwoMember" id="ugp_DebentureTwoMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DebentureThreeMember" id="ugp_DebentureThreeMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DebentureFourMember" id="ugp_DebentureFourMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DebentureFiveMember" id="ugp_DebentureFiveMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DebentureSixMember" id="ugp_DebentureSixMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DebentureSevenMember" id="ugp_DebentureSevenMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DebentureEightMember" id="ugp_DebentureEightMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DebentureNineMember" id="ugp_DebentureNineMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DebentureTenMember" id="ugp_DebentureTenMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ForeignLoansMember" id="ugp_ForeignLoansMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DebenturesFirstIssueMember" id="ugp_DebenturesFirstIssueMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DebenturesFifthIssueMember" id="ugp_DebenturesFifthIssueMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DebenturesFourthIssueMember" id="ugp_DebenturesFourthIssueMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DebenturesSixthIssueMember" id="ugp_DebenturesSixthIssueMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DebenturesSeventhIssueMember" id="ugp_DebenturesSeventhIssueMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DebenturesEighthIssueMember" id="ugp_DebenturesEighthIssueMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LongTermInterestRateMember" id="ugp_LongTermInterestRateMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SubsidiaryIPPMember" id="ugp_SubsidiaryIPPMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NortheastConstitutionalFinancingFundMember" id="ugp_NortheastConstitutionalFinancingFundMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RestrictedAssetsMember" id="ugp_RestrictedAssetsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LongTermDebtInterestRate" id="ugp_LongTermDebtInterestRate" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="PercentageOfDiscountRate" id="ugp_PercentageOfDiscountRate" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="BondsIssuePriceInPercentage" id="ugp_BondsIssuePriceInPercentage" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ValueOfAssetsPercentage" id="ugp_ValueOfAssetsPercentage" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DebentureFaceValue" id="ugp_DebentureFaceValue" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="DebentureInterestDescription" id="ugp_DebentureInterestDescription" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="EBITDAToInterestCoverageRatioDescription" id="ugp_EBITDAToInterestCoverageRatioDescription" type="xbrli:pureItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="NumberOfDebenturesDistributedThroughPublicOffer" id="ugp_NumberOfDebenturesDistributedThroughPublicOffer" type="xbrli:decimalItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DebentureFinalMaturity" id="ugp_DebentureFinalMaturity" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DebenturePaymentOfFaceValueDescription" id="ugp_DebenturePaymentOfFaceValueDescription" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DebenturePaymentOfInterestDescription" id="ugp_DebenturePaymentOfInterestDescription" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DebentureReprice" id="ugp_DebentureReprice" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="NumberOfDebenturesIssued" id="ugp_NumberOfDebenturesIssued" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DebenturesPrincipalAmount" id="ugp_DebenturesPrincipalAmount" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="GuaranteesDebtors" id="ugp_GuaranteesDebtors" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="CollateralAssetsLettersOfCreditOrGuarantees" id="ugp_CollateralAssetsLettersOfCreditOrGuarantees" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="RepaymentOfLoanAmount" id="ugp_RepaymentOfLoanAmount" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="LoansDebenturesAndFinanceLeasesDetails1Abstract" id="ugp_LoansDebenturesAndFinanceLeasesDetails1Abstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LoansDebenturesAndFinanceLeases" id="ugp_LoansDebenturesAndFinanceLeases" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="AdditionsLoansAndDebenturesWithCashEffect" id="ugp_AdditionsLoansAndDebenturesWithCashEffect" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="LoandsAndDebenturesInterestAccrued" id="ugp_LoandsAndDebenturesInterestAccrued" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="PrincipalPaymentAndFinancialLeases" id="ugp_PrincipalPaymentAndFinancialLeases" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="LoansAndDebenturesInterestPayment" id="ugp_LoansAndDebenturesInterestPayment" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="LoansAndDebenturesMonetaryAndExchangeRateVariation" id="ugp_LoansAndDebenturesMonetaryAndExchangeRateVariation" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="LoansAndDeBenturesChangeInFairValue" id="ugp_LoansAndDeBenturesChangeInFairValue" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfLoansDebenturesAndFinanceLeasesAbstract" id="ugp_DisclosureOfLoansDebenturesAndFinanceLeasesAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="From3To4YearsMember" id="ugp_From3To4YearsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="From4To5YearsMember" id="ugp_From4To5YearsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MoreThan5YearsMember" id="ugp_MoreThan5YearsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ForeignLoanAxis" id="ugp_ForeignLoanAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ForeignLoanDomain" id="ugp_ForeignLoanDomain" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ChargesMember" id="ugp_ChargesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ForeignLoanOneMember" id="ugp_ForeignLoanOneMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ForeignLoanTwoMember" id="ugp_ForeignLoanTwoMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ForeignLoanThreeMember" id="ugp_ForeignLoanThreeMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ForeignLoanFourMember" id="ugp_ForeignLoanFourMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ForeignLoanFiveMember" id="ugp_ForeignLoanFiveMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ForeignLoanSixMember" id="ugp_ForeignLoanSixMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ForeignLoanMaturityDate" id="ugp_ForeignLoanMaturityDate" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="AverageCostInPercentageOfCdi" id="ugp_AverageCostInPercentageOfCdi" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ForeignLoanMaturityAmount" id="ugp_ForeignLoanMaturityAmount" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="InterestAndTransactionCostsMember" id="ugp_InterestAndTransactionCostsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MatureInFebruaryTwoThousandAndTwentyMember" id="ugp_MatureInFebruaryTwoThousandAndTwentyMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MatureInAugustTwoThousandAndTwentyMember" id="ugp_MatureInAugustTwoThousandAndTwentyMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MatureInSeptemberTwoThousandAndTwentyMember" id="ugp_MatureInSeptemberTwoThousandAndTwentyMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MatureInFebruaryTwoThousandAndTwentyOneMember" id="ugp_MatureInFebruaryTwoThousandAndTwentyOneMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MatureInMarchTwoThousandAndTwentyTwoMember" id="ugp_MatureInMarchTwoThousandAndTwentyTwoMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MatureInOctoberTwoThousandAndTwentyTwoMember" id="ugp_MatureInOctoberTwoThousandAndTwentyTwoMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MatureInMarchTwoThousandAndTwentyThreeMember" id="ugp_MatureInMarchTwoThousandAndTwentyThreeMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MaturityFiveMember" id="ugp_MaturityFiveMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MaturitySixMember" id="ugp_MaturitySixMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MaturitySevenMember" id="ugp_MaturitySevenMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MaturityElevenMember" id="ugp_MaturityElevenMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MaturityTwelveMember" id="ugp_MaturityTwelveMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MaturityThirteenMember" id="ugp_MaturityThirteenMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MaturityFourteenMember" id="ugp_MaturityFourteenMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MaturityFifteenMember" id="ugp_MaturityFifteenMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MaturitySixteenMember" id="ugp_MaturitySixteenMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MaturitySeventeenMember" id="ugp_MaturitySeventeenMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MaturityEighteenMember" id="ugp_MaturityEighteenMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MaturityNineteenMember" id="ugp_MaturityNineteenMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MaturityTwentyMember" id="ugp_MaturityTwentyMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MaturityTwentyOneMember" id="ugp_MaturityTwentyOneMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MaturityTwentyTwoMember" id="ugp_MaturityTwentyTwoMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LoanMaturityBancoDeBrasil" id="ugp_LoanMaturityBancoDeBrasil" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="Debentures" id="ugp_Debentures" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="NotesInForeignMarketMember" id="ugp_NotesInForeignMarketMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BancoDoBrasilMember" id="ugp_BancoDoBrasilMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DebenturesMember" id="ugp_DebenturesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OtherTransactionCostsMember" id="ugp_OtherTransactionCostsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="EffectiveRateOfTransactionCosts" id="ugp_EffectiveRateOfTransactionCosts" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="TransactionCostsFinancialInstruments" id="ugp_TransactionCostsFinancialInstruments" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="IncurredTransactionCost" id="ugp_IncurredTransactionCost" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="TransactionCostAmortization" id="ugp_TransactionCostAmortization" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="AmountAppropriatedToProfitOrLossInFuture" id="ugp_AmountAppropriatedToProfitOrLossInFuture" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="OxitenoMember" id="ugp_OxitenoMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MaximumPotentialAmountOfFuturePaymentsOnGuarantees" id="ugp_MaximumPotentialAmountOfFuturePaymentsOnGuarantees" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="CollateralFuturePaymentsMaturityPeriod" id="ugp_CollateralFuturePaymentsMaturityPeriod" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="GuaranteeLiabilities" id="ugp_GuaranteeLiabilities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="DisclosureOfDetailedInformationAboutTradeAndOtherPayablesAbstract" id="ugp_DisclosureOfDetailedInformationAboutTradeAndOtherPayablesAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfPayablesTable" id="ugp_DisclosureOfPayablesTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TradePayablesAxis" id="ugp_TradePayablesAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TradePayablesDomain" id="ugp_TradePayablesDomain" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DomesticSuppliersMember" id="ugp_DomesticSuppliersMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DomesticSuppliersReverseFactoringMember" id="ugp_DomesticSuppliersReverseFactoringMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ForeignSuppliersMember" id="ugp_ForeignSuppliersMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ForeignSuppliersReverseFactoringMember" id="ugp_ForeignSuppliersReverseFactoringMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfTradePayablesLineItems" id="ugp_SummaryOfTradePayablesLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfFinanceIncomeCostsAbstract" id="ugp_DisclosureOfFinanceIncomeCostsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfExpensesTable" id="ugp_DisclosureOfExpensesTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SalariesAndRelatedChargesAxis" id="ugp_SalariesAndRelatedChargesAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SalariesAndRelatedChargesDomain" id="ugp_SalariesAndRelatedChargesDomain" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ProvisionsOnPayrollMember" id="ugp_ProvisionsOnPayrollMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ProfitSharingBonusAndPremiumMember" id="ugp_ProfitSharingBonusAndPremiumMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SocialChargesMember" id="ugp_SocialChargesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OtherChargesMember" id="ugp_OtherChargesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfSalariesAndRelatedChargesLineItems" id="ugp_SummaryOfSalariesAndRelatedChargesLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TaxesPayableAbstract" id="ugp_TaxesPayableAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfTaxesPayableTable" id="ugp_DisclosureOfTaxesPayableTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ISSMember" id="ugp_ISSMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ValueAddedTaxIvaOfForeignSubsidiariesMember" id="ugp_ValueAddedTaxIvaOfForeignSubsidiariesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfTaxesPayableLineItems" id="ugp_DisclosureOfTaxesPayableLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="EmployeeBenefitsAndPrivatePensionPlanDetailsNarrativeAbstract" id="ugp_EmployeeBenefitsAndPrivatePensionPlanDetailsNarrativeAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfEmployeeBenefitPlanTable" id="ugp_DisclosureOfEmployeeBenefitPlanTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfEmployeeBenefitsLineItems" id="ugp_SummaryOfEmployeeBenefitsLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MaximumMatchingContributionInProportionToEmployeeGrossSalaryPercentage" id="ugp_MaximumMatchingContributionInProportionToEmployeeGrossSalaryPercentage" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="AccumulatedFundPercentage" id="ugp_AccumulatedFundPercentage" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="FixedAccumulatedFundPeriod" id="ugp_FixedAccumulatedFundPeriod" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="NumberOfActiveParticipatingEmployees" id="ugp_NumberOfActiveParticipatingEmployees" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="NumberOfRetiredParticipatingEmployees" id="ugp_NumberOfRetiredParticipatingEmployees" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="NumberOfFormerEmployeesReceivingBenefits" id="ugp_NumberOfFormerEmployeesReceivingBenefits" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfEmployeeBenefitsAbstract" id="ugp_DisclosureOfEmployeeBenefitsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfEmployeeBenefitsTable" id="ugp_DisclosureOfEmployeeBenefitsTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PostEmploymentBenefitsAxis" id="ugp_PostEmploymentBenefitsAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PostEmploymentBenefitsDomain" id="ugp_PostEmploymentBenefitsDomain" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="HealthAndDentalCareMember" id="ugp_HealthAndDentalCareMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IndemnificationOfFGTSMember" id="ugp_IndemnificationOfFGTSMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SeniorityBonusMember" id="ugp_SeniorityBonusMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LifeInsuranceMember" id="ugp_LifeInsuranceMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="EmployeeBenefitsAndPrivatePensionPlanDetails1Abstract" id="ugp_EmployeeBenefitsAndPrivatePensionPlanDetails1Abstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="EmployeetBenefitsCurrentServiceCost" id="ugp_EmployeetBenefitsCurrentServiceCost" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="EmployeeBenefitsInterestCost" id="ugp_EmployeeBenefitsInterestCost" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ActuarialGainsLossesFromChangesInActuarialAssumptionsEmployeeBenefits" id="ugp_ActuarialGainsLossesFromChangesInActuarialAssumptionsEmployeeBenefits" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="EmployeeBenefitsPaidDirectlyByCompanyAndItsSubsidiaries" id="ugp_EmployeeBenefitsPaidDirectlyByCompanyAndItsSubsidiaries" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="EmployeeBenefitsExchangeRateFromForeignSubsidiaries" id="ugp_EmployeeBenefitsExchangeRateFromForeignSubsidiaries" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="EmployeeBenefitsAndPrivatePensionPlanDetails3Abstract" id="ugp_EmployeeBenefitsAndPrivatePensionPlanDetails3Abstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AverageProjectedSalaryGrowthRate" id="ugp_AverageProjectedSalaryGrowthRate" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="InflationRateLongTerm" id="ugp_InflationRateLongTerm" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="GrowthRateOfMedicalServices" id="ugp_GrowthRateOfMedicalServices" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="DiscountRateMember" id="ugp_DiscountRateMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="WageGrowthRateMember" id="ugp_WageGrowthRateMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MedicalServicesGrowthRateMember" id="ugp_MedicalServicesGrowthRateMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ChangesInAssumptionDecreaseInLiability" id="ugp_ChangesInAssumptionDecreaseInLiability" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ActuarialAssumptionsDecreaseInLiability" id="ugp_ActuarialAssumptionsDecreaseInLiability" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ChangeInAssumptionsIncreaseInLiability" id="ugp_ChangeInAssumptionsIncreaseInLiability" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ActuarialAssumptionIncreaseInLiability" id="ugp_ActuarialAssumptionIncreaseInLiability" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ProvisionForAssetRetirementObligationFuelTanksDetailsAbstract" id="ugp_ProvisionForAssetRetirementObligationFuelTanksDetailsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfPostEmploymentBenefitsTable" id="ugp_DisclosureOfPostEmploymentBenefitsTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AssetRetirementObligationMember" id="ugp_AssetRetirementObligationMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfPostEmploymentBenefitsLineItems" id="ugp_DisclosureOfPostEmploymentBenefitsLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ProvisionExpenditure" id="ugp_ProvisionExpenditure" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="AccretionExpenseOtherProvisions" id="ugp_AccretionExpenseOtherProvisions" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ProvisionContingenciesAndCommitmentsAbstract" id="ugp_ProvisionContingenciesAndCommitmentsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfProvisionsTable" id="ugp_SummaryOfProvisionsTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ClaimsMember" id="ugp_ClaimsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LaborLitigationMember" id="ugp_LaborLitigationMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OtherProvisionMember" id="ugp_OtherProvisionMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfProvisionsLineItems" id="ugp_SummaryOfProvisionsLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ProvisionForTaxCivilAndLaborRisks" id="ugp_ProvisionForTaxCivilAndLaborRisks" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="AdditionsToProvisionForTaxCivilAndLaborRisks" id="ugp_AdditionsToProvisionForTaxCivilAndLaborRisks" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="WriteOffsOfProvisionForTaxCivilAndLaborRisks" id="ugp_WriteOffsOfProvisionForTaxCivilAndLaborRisks" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="PaymentOfProvisionForTaxCivilAndLaborRisks" id="ugp_PaymentOfProvisionForTaxCivilAndLaborRisks" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="InterestOnProvisionForTaxCivilAndLaborRisks" id="ugp_InterestOnProvisionForTaxCivilAndLaborRisks" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="CurrentProvisionForTaxCivilAndLaborRisks" id="ugp_CurrentProvisionForTaxCivilAndLaborRisks" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="NonCurrentProvisionForTaxCivilAndLaborRisks" id="ugp_NonCurrentProvisionForTaxCivilAndLaborRisks" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="EscrowDepositsAxis" id="ugp_EscrowDepositsAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="EscrowDepositsDomain" id="ugp_EscrowDepositsDomain" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TaxMattersMember" id="ugp_TaxMattersMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CivilAndOtherMember" id="ugp_CivilAndOtherMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfEscrowDepositsLineItems" id="ugp_SummaryOfEscrowDepositsLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ProvisionContingenciesAndCommitmentsDetailsNarrativeAbstract" id="ugp_ProvisionContingenciesAndCommitmentsDetailsNarrativeAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfCollateralAndContractualCommitmentsTable" id="ugp_DisclosureOfCollateralAndContractualCommitmentsTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CiaUltragazAndBahianaMember" id="ugp_CiaUltragazAndBahianaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ThreeEmployeesAndOneFormerEmployeeMember" id="ugp_ThreeEmployeesAndOneFormerEmployeeMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TwoFormerEmployeesEachMember" id="ugp_TwoFormerEmployeesEachMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ChevronAndSubsidiaryIPPMember" id="ugp_ChevronAndSubsidiaryIPPMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="FisheriesManagementProjectMember" id="ugp_FisheriesManagementProjectMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TacMember" id="ugp_TacMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ComplementaryAllocationMember" id="ugp_ComplementaryAllocationMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfCollateralAndContractualCommitmentsLineItems" id="ugp_DisclosureOfCollateralAndContractualCommitmentsLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="EscrowDepositsMadeUnderPreLiminaryInjunction" id="ugp_EscrowDepositsMadeUnderPreLiminaryInjunction" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ProfitLossOnProvisionForTaxCivilAndLaborRisks" id="ugp_ProfitLossOnProvisionForTaxCivilAndLaborRisks" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ProvisionsForLawsuitsAndAdministrativeProceedings" id="ugp_ProvisionsForLawsuitsAndAdministrativeProceedings" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="ProvisionsForLaborLitigationFiledByFormerEmployees" id="ugp_ProvisionsForLaborLitigationFiledByFormerEmployees" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="PossibleContingency" id="ugp_PossibleContingency" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="PercentageOfPossibleLossContingency" id="ugp_PercentageOfPossibleLossContingency" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ContingentLiabilitiesForTaxMattersAndSocialSecurity" id="ugp_ContingentLiabilitiesForTaxMattersAndSocialSecurity" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="IpiContingency" id="ugp_IpiContingency" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="LegalProceedingsRelatedToiCms" id="ugp_LegalProceedingsRelatedToiCms" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="IcmsCredits" id="ugp_IcmsCredits" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="ReversalOfICMSCredits" id="ugp_ReversalOfICMSCredits" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ReversalOfAllegedNonpayment" id="ugp_ReversalOfAllegedNonpayment" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ReversalOfInventoryDifferences" id="ugp_ReversalOfInventoryDifferences" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ReversalOfConditionedFruitionOfFiscalIncentive" id="ugp_ReversalOfConditionedFruitionOfFiscalIncentive" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="OffsetClaimsAndCreditDisallowances" id="ugp_OffsetClaimsAndCreditDisallowances" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="AmortizationOfGoodwillPaidOnAcquisitionOfSubsidiary" id="ugp_AmortizationOfGoodwillPaidOnAcquisitionOfSubsidiary" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="ContingentLiabilitiesForCivilEnvironmentalAndRegulatoryClaims" id="ugp_ContingentLiabilitiesForCivilEnvironmentalAndRegulatoryClaims" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="NumberOfLawsuitsFiledForCivilEnvironmentalAndRegulatoryClaims" id="ugp_NumberOfLawsuitsFiledForCivilEnvironmentalAndRegulatoryClaims" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PenaltyOnUltragaz" id="ugp_PenaltyOnUltragaz" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="ContingentLiabilitiesNotRecognizedToLawsuit" id="ugp_ContingentLiabilitiesNotRecognizedToLawsuit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="ContingentLiabilitiesNotRecognizedToExtrajudicialLawsuits" id="ugp_ContingentLiabilitiesNotRecognizedToExtrajudicialLawsuits" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="ContingentLiabilitiesForLaborMatters" id="ugp_ContingentLiabilitiesForLaborMatters" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="NumberOfLawsuitsFiledForLaborMatters" id="ugp_NumberOfLawsuitsFiledForLaborMatters" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PenaltyOnAdministrativeProceedings" id="ugp_PenaltyOnAdministrativeProceedings" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="CompensationSuitAgainstDamages" id="ugp_CompensationSuitAgainstDamages" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="CompensationPaidToParty" id="ugp_CompensationPaidToParty" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ContingencyExpense" id="ugp_ContingencyExpense" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="RemainingContingentConsideration" id="ugp_RemainingContingentConsideration" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="DisclosureOfTradePayablesAndReceivablesAbstract" id="ugp_DisclosureOfTradePayablesAndReceivablesAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfTradePayablesAndReceivablesTable" id="ugp_DisclosureOfTradePayablesAndReceivablesTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OtherOperatingIncomeNetAxis" id="ugp_OtherOperatingIncomeNetAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OtherOperatingIncomeNetDomain" id="ugp_OtherOperatingIncomeNetDomain" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="UltraCargoFireMember" id="ugp_UltraCargoFireMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfTradePayablesAndReceivablesLineItems" id="ugp_DisclosureOfTradePayablesAndReceivablesLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DeferredRevenueAbstract" id="ugp_DeferredRevenueAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfDeferredRevenueTable" id="ugp_DisclosureOfDeferredRevenueTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DeferredRevenueAxis" id="ugp_DeferredRevenueAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DeferredRevenueDomain" id="ugp_DeferredRevenueDomain" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="FranchisingUpfrontFeeMember" id="ugp_FranchisingUpfrontFeeMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LoyaltyProgramOneMember" id="ugp_LoyaltyProgramOneMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LoyaltyProgramTwoMember" id="ugp_LoyaltyProgramTwoMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfDeferredRevenueLineItems" id="ugp_SummaryOfDeferredRevenueLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AmPmMember" id="ugp_AmPmMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="JetOilMember" id="ugp_JetOilMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NumberOfStores1" id="ugp_NumberOfStores1" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="SubscriptionWarrantsIndemnificationAbstract" id="ugp_SubscriptionWarrantsIndemnificationAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SubscriptionWarrantsSharesIssued" id="ugp_SubscriptionWarrantsSharesIssued" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="MaximumNumberOfSharesToBeIssuedSubscriptionWarrants" id="ugp_MaximumNumberOfSharesToBeIssuedSubscriptionWarrants" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SubscriptionWarrantsShares" id="ugp_SubscriptionWarrantsShares" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="MaximumNumberOfSharesAvailableForIssueSubscriptionWarrants" id="ugp_MaximumNumberOfSharesAvailableForIssueSubscriptionWarrants" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ExerciseOfWarrantsRightsOutstanding" id="ugp_ExerciseOfWarrantsRightsOutstanding" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="ShareholdersEquityDetailsNarrativeAbstract" id="ugp_ShareholdersEquityDetailsNarrativeAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ShareholdersEquityTable" id="ugp_ShareholdersEquityTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ShareholdersEquityLineItems" id="ugp_ShareholdersEquityLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SubscribedAndPaidInCapitalStock" id="ugp_SubscribedAndPaidInCapitalStock" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="ShareIssuePrice" id="ugp_ShareIssuePrice" type="num:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="SharesHeldInTreasury" id="ugp_SharesHeldInTreasury" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="TreasurySharesAveragePrice" id="ugp_TreasurySharesAveragePrice" type="num:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="CapitalIncreasesReserved" id="ugp_CapitalIncreasesReserved" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="RetentionOfProfitsAndInvestmentsReserve" id="ugp_RetentionOfProfitsAndInvestmentsReserve" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="DividendPerShare" id="ugp_DividendPerShare" type="num:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="DividendPaid" id="ugp_DividendPaid" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="FairValueCashFlowHedgingInstrumentsMember" id="ugp_FairValueCashFlowHedgingInstrumentsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="FairValueFinancialInstrumentsAvailableForSaleMember" id="ugp_FairValueFinancialInstrumentsAvailableForSaleMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ActuarialGainsOfPostemploymentBenefitsMember" id="ugp_ActuarialGainsOfPostemploymentBenefitsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NoncontrollingShareholdersInterestChangeMember" id="ugp_NoncontrollingShareholdersInterestChangeMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TotalValuationAdjustmentsMember" id="ugp_TotalValuationAdjustmentsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfShareholdersEquityLineItems" id="ugp_SummaryOfShareholdersEquityLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OtherComprehensiveIncomeOfTheCompany" id="ugp_OtherComprehensiveIncomeOfTheCompany" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="ChangesInFairValueOfFinancialInstruments" id="ugp_ChangesInFairValueOfFinancialInstruments" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="IncomeAndSocialContributionTaxesOnFairValue" id="ugp_IncomeAndSocialContributionTaxesOnFairValue" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="DifferenceFairValueOfConsiderationReceivedOrPaid" id="ugp_DifferenceFairValueOfConsiderationReceivedOrPaid" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ActuarialLossesOfPostemploymentBenefits" id="ugp_ActuarialLossesOfPostemploymentBenefits" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="IncomeAndSocialContributionTaxesOnActuarialLosses" id="ugp_IncomeAndSocialContributionTaxesOnActuarialLosses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="TranslationOfForeignSubsidiariesIncludingNetOfIRPJAndCSLLInvestmentsHedge" id="ugp_TranslationOfForeignSubsidiariesIncludingNetOfIRPJAndCSLLInvestmentsHedge" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="TranslationOfForeignSubsidiaries" id="ugp_TranslationOfForeignSubsidiaries" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="PeriodIncreaseDecreaseInForeignCurrencyRateVariationOnFinancialInstruments" id="ugp_PeriodIncreaseDecreaseInForeignCurrencyRateVariationOnFinancialInstruments" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="IrpjAndCsllOnExchangeVariation" id="ugp_IrpjAndCsllOnExchangeVariation" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ShareholdersEquityDetailsAbstract" id="ugp_ShareholdersEquityDetailsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CurrentDividendPayablesBeginningBalance" id="ugp_CurrentDividendPayablesBeginningBalance" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="DividendProvisionAmount" id="ugp_DividendProvisionAmount" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="DividendPayments" id="ugp_DividendPayments" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="CurrentDividendPayablesEndingBalance" id="ugp_CurrentDividendPayablesEndingBalance" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="MinimumMandatoryDividends" id="ugp_MinimumMandatoryDividends" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="LegalReserves" id="ugp_LegalReserves" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="AdditionalDividendsToMinimumMandatoryDividends" id="ugp_AdditionalDividendsToMinimumMandatoryDividends" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="AllocationOfNetIncome" id="ugp_AllocationOfNetIncome" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="AllocationOfDividendsAbstract" id="ugp_AllocationOfDividendsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DividendsOnStatutoryReserve" id="ugp_DividendsOnStatutoryReserve" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="AllocationDividend" id="ugp_AllocationDividend" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="InterimDividendsPaid" id="ugp_InterimDividendsPaid" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="LegalReserveAsPercentageOfNetIncome" id="ugp_LegalReserveAsPercentageOfNetIncome" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="InterimDividendsPaidPerShare" id="ugp_InterimDividendsPaidPerShare" type="num:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="StatutoryReserveAsPercentageOfNetIncome" id="ugp_StatutoryReserveAsPercentageOfNetIncome" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="NetRevenueFromSaleAndServicesDetailsAbstract" id="ugp_NetRevenueFromSaleAndServicesDetailsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SalesTaxes" id="ugp_SalesTaxes" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="SalesDiscountsAndReturns" id="ugp_SalesDiscountsAndReturns" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="RevenueDeferred" id="ugp_RevenueDeferred" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ExpensesByNatureDetailsAbstract" id="ugp_ExpensesByNatureDetailsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="FreightAndStorageExpense" id="ugp_FreightAndStorageExpense" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="AdvertisingAndMarketingExpense" id="ugp_AdvertisingAndMarketingExpense" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="LossOnDisposalOfPropertyPlantAndEquipmentAndIntangiblesDetailsNarrativeabstractAbstract" id="ugp_LossOnDisposalOfPropertyPlantAndEquipmentAndIntangiblesDetailsNarrativeabstractAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfExpensesByNatureTable" id="ugp_DisclosureOfExpensesByNatureTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CommercialPartnershipsMember" id="ugp_CommercialPartnershipsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MerchandisingMember" id="ugp_MerchandisingMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LoyaltyProgramMember" id="ugp_LoyaltyProgramMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ExtraordinaryTaxCreditMember" id="ugp_ExtraordinaryTaxCreditMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ConductAdjustmentCommitmentMember" id="ugp_ConductAdjustmentCommitmentMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TCCMember" id="ugp_TCCMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="UnrealizedAcquisitionFineMember" id="ugp_UnrealizedAcquisitionFineMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OtherOperatingIncomeOtherMember" id="ugp_OtherOperatingIncomeOtherMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfOtherOperatingIncomeNetLineItems" id="ugp_SummaryOfOtherOperatingIncomeNetLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="FinancialIncomeExpenseDetailsAbstract" id="ugp_FinancialIncomeExpenseDetailsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="FinancialInvestmentsInterest" id="ugp_FinancialInvestmentsInterest" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="InterestFromCustomers" id="ugp_InterestFromCustomers" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="ChangesInSubscriptionWarrantsIncome" id="ugp_ChangesInSubscriptionWarrantsIncome" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="SelicInterestOnPISAndCOFINSCredits" id="ugp_SelicInterestOnPISAndCOFINSCredits" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="LoanInterest" id="ugp_LoanInterest" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="DebenturesInterest" id="ugp_DebenturesInterest" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="FinanceLeasesInterest" id="ugp_FinanceLeasesInterest" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="BankChargesFinancialTransactionsTaxAndOtherCharges" id="ugp_BankChargesFinancialTransactionsTaxAndOtherCharges" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ExchangeVariationNetOfGainsAndLossesDerivativeInstruments" id="ugp_ExchangeVariationNetOfGainsAndLossesDerivativeInstruments" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ReversalOfProvision" id="ugp_ReversalOfProvision" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="ChangesInSubscriptionWarrants" id="ugp_ChangesInSubscriptionWarrants" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="TccInterest" id="ugp_TccInterest" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="WeightedAverageSharesBasic" id="ugp_WeightedAverageSharesBasic" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="EarningsPerShareDetails1Abstract" id="ugp_EarningsPerShareDetails1Abstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SubscriptionWarrantsIndemnificationShares" id="ugp_SubscriptionWarrantsIndemnificationShares" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DeferredStockPlanShares" id="ugp_DeferredStockPlanShares" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="WeightedAverageSharesDiluted" id="ugp_WeightedAverageSharesDiluted" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureSegmentInformationFinancialInformationOfSegmentsAbstract" id="ugp_DisclosureSegmentInformationFinancialInformationOfSegmentsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="UltragazMember" id="ugp_UltragazMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="UltracargoMember" id="ugp_UltracargoMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureSegmentInformationAdditionsToPropertyPlantAndEquipmentAndIntangibleAssetsDepreciationAndAmortizationChargesAndAssetReclassificationAbstract" id="ugp_DisclosureSegmentInformationAdditionsToPropertyPlantAndEquipmentAndIntangibleAssetsDepreciationAndAmortizationChargesAndAssetReclassificationAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfSegmentInformationTable" id="ugp_DisclosureOfSegmentInformationTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfSegmentInformationLineItems" id="ugp_SummaryOfSegmentInformationLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AdditionsPropertyPlantAndEquipmentAndIntangibleAssets" id="ugp_AdditionsPropertyPlantAndEquipmentAndIntangibleAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="InvestmentsInPropertyPlantAndEquipmentAndIntangibleAssetsCashFlow" id="ugp_InvestmentsInPropertyPlantAndEquipmentAndIntangibleAssetsCashFlow" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="DisclosureSegmentInformationFixedAndIntangibleAssetsOfCompanyAbroadAbstract" id="ugp_DisclosureSegmentInformationFixedAndIntangibleAssetsOfCompanyAbroadAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="FixedAndIntangibleAssets" id="ugp_FixedAndIntangibleAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="DisclosureSegmentInformationRevenueFromOperationsAbroadAbstract" id="ugp_DisclosureSegmentInformationRevenueFromOperationsAbroadAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OtherLatinAmericanCountriesMember" id="ugp_OtherLatinAmericanCountriesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="FarEastMember" id="ugp_FarEastMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="EuropeContinentMember" id="ugp_EuropeContinentMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OtherRegionsMember" id="ugp_OtherRegionsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AssetsInForeignCurrencyAbstract" id="ugp_AssetsInForeignCurrencyAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LiabilitiesInForeignCurrencyAbstract" id="ugp_LiabilitiesInForeignCurrencyAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="FinancingInForeignCurrency" id="ugp_FinancingInForeignCurrency" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="PayablesArisingFromImports" id="ugp_PayablesArisingFromImports" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="LiabilitiesInForeignCurrency" id="ugp_LiabilitiesInForeignCurrency" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="ForeignCurrencyHedgingInstruments" id="ugp_ForeignCurrencyHedgingInstruments" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="NetAssetLiabilityPositionTotal" id="ugp_NetAssetLiabilityPositionTotal" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="NetAssetLiabilityPositionIncomeStatementEffect" id="ugp_NetAssetLiabilityPositionIncomeStatementEffect" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="NetAssetLiabilityPositionShareholdersEquityEffect" id="ugp_NetAssetLiabilityPositionShareholdersEquityEffect" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="CashCashEquivalentsAndFinancialInvestmentsInForeignCurrencyExceptHedgingInstruments" id="ugp_CashCashEquivalentsAndFinancialInvestmentsInForeignCurrencyExceptHedgingInstruments" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="ForeignTradeReceivablesNetOfAllowanceForDoubtfulAccountsAndAdvancesToForeignCustomers" id="ugp_ForeignTradeReceivablesNetOfAllowanceForDoubtfulAccountsAndAdvancesToForeignCustomers" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="OtherNetAssetsInForeignExceptCashCashEquivalentsFinancialInvestmentsTradeReceivablesFinancingAndPayables" id="ugp_OtherNetAssetsInForeignExceptCashCashEquivalentsFinancialInvestmentsTradeReceivablesFinancingAndPayables" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="AssetsInForeignCurrency" id="ugp_AssetsInForeignCurrency" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="ScenarioAxis" id="ugp_ScenarioAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ScenarioDomain" id="ugp_ScenarioDomain" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="Scenario1Member" id="ugp_Scenario1Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="Scenario2Member" id="ugp_Scenario2Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="Scenario3Member" id="ugp_Scenario3Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RateSwapsAxis" id="ugp_RateSwapsAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RateSwapsDomain" id="ugp_RateSwapsDomain" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="FloatingInterestRate" id="ugp_FloatingInterestRate" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="NumberOfCustomersAccountedForMoreThanTenPercentOfRevenue" id="ugp_NumberOfCustomersAccountedForMoreThanTenPercentOfRevenue" type="xbrli:decimalItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="InvestmentPlan" id="ugp_InvestmentPlan" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="CashCashEquivalentsAndShortTermFinancialInvestments" id="ugp_CashCashEquivalentsAndShortTermFinancialInvestments" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="GainFromCashFlowHedges" id="ugp_GainFromCashFlowHedges" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="NotionalAmountOfForeignExchangeHedgingInstrumentsForHighlyProbableFutureTransactionsDesignatedAsCashFlowHedgeRelatedToNotesInForeignMarket" id="ugp_NotionalAmountOfForeignExchangeHedgingInstrumentsForHighlyProbableFutureTransactionsDesignatedAsCashFlowHedgeRelatedToNotesInForeignMarket" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="CashFlowHedgeUnrealizedLossOfOtherComprehensiveIncomeNet" id="ugp_CashFlowHedgeUnrealizedLossOfOtherComprehensiveIncomeNet" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="NotionalAmountOfForeignExchangeHedgingInstrumentsForHighlyProbableFutureTransactionsDesignatedAsCashFlowHedgeRelatedToFutureSalesRevenues" id="ugp_NotionalAmountOfForeignExchangeHedgingInstrumentsForHighlyProbableFutureTransactionsDesignatedAsCashFlowHedgeRelatedToFutureSalesRevenues" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="CashFlowHedgeUnrealizedGainOfOtherComprehensiveIncomeNet" id="ugp_CashFlowHedgeUnrealizedGainOfOtherComprehensiveIncomeNet" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="BalanceOfForeignExchangeHedgingInstrumentsDesignatedAsNetInvestmentsHedgeInForeignEntities" id="ugp_BalanceOfForeignExchangeHedgingInstrumentsDesignatedAsNetInvestmentsHedgeInForeignEntities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="InvestmentHegeInForeignEntitiesUnrealizedLossOfOtherComprehensiveIncomeNet" id="ugp_InvestmentHegeInForeignEntitiesUnrealizedLossOfOtherComprehensiveIncomeNet" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="LikelyScenarioPrefixedInterestRateDeterioration" id="ugp_LikelyScenarioPrefixedInterestRateDeterioration" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="MaturityOfForeignExchangeHedgingInstruments" id="ugp_MaturityOfForeignExchangeHedgingInstruments" type="num:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="RisksAndFinancialInstrumentsAbstract" id="ugp_RisksAndFinancialInstrumentsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfRisksAndFinancialInstrumentsTable" id="ugp_SummaryOfRisksAndFinancialInstrumentsTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfRisksAndFinancialInstrumentsLineItems" id="ugp_SummaryOfRisksAndFinancialInstrumentsLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IncomeStatementEffectIncrease" id="ugp_IncomeStatementEffectIncrease" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="ShareholdersEquityEffectDecrease" id="ugp_ShareholdersEquityEffectDecrease" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="IncomeStatementEffectincreaseShareholdersEquityDecreaseNetEffect" id="ugp_IncomeStatementEffectincreaseShareholdersEquityDecreaseNetEffect" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="IncomeStatementEffectDecrease" id="ugp_IncomeStatementEffectDecrease" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="ShareholdersEquityEffectincrease" id="ugp_ShareholdersEquityEffectincrease" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="IncomeStatementEffectDecreaseShareHoldersEquityIncreaseNetEffect" id="ugp_IncomeStatementEffectDecreaseShareHoldersEquityIncreaseNetEffect" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="DiMember" id="ugp_DiMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TJLPMember" id="ugp_TJLPMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LIBORMember" id="ugp_LIBORMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TIIEMember" id="ugp_TIIEMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SelicMember" id="ugp_SelicMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LiabilityPositionAxis" id="ugp_LiabilityPositionAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LiabilityPositionDomain" id="ugp_LiabilityPositionDomain" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CashEquivalentMember" id="ugp_CashEquivalentMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="FinancialInvestmentsMember" id="ugp_FinancialInvestmentsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AssetPositionForeignExchangeHedgingMember" id="ugp_AssetPositionForeignExchangeHedgingMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LoansAndDebenturesMember" id="ugp_LoansAndDebenturesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LiabilityPositionForeignExchangeHedgingInstrumentsMember" id="ugp_LiabilityPositionForeignExchangeHedgingInstrumentsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LiabilityPositionHedgingInstrumentsPreFixedMember" id="ugp_LiabilityPositionHedgingInstrumentsPreFixedMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LoansTJLPMember" id="ugp_LoansTJLPMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AssetPositionForeignExchangeHedgingInstrumentsMember" id="ugp_AssetPositionForeignExchangeHedgingInstrumentsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LoansLiborMember" id="ugp_LoansLiborMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LoansTIIEMember" id="ugp_LoansTIIEMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LoansSELICMember" id="ugp_LoansSELICMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NetLiabilityPosition" id="ugp_NetLiabilityPosition" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="ExposureOfInterestRateRiskAbstract" id="ugp_ExposureOfInterestRateRiskAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="InterestEffectOnCashEquivalentsAndFinancialInvestments" id="ugp_InterestEffectOnCashEquivalentsAndFinancialInvestments" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="ForeignExchangeHedgingInstrumentsAssetsCdiEffect" id="ugp_ForeignExchangeHedgingInstrumentsAssetsCdiEffect" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="InterestEffectOnDebtDi" id="ugp_InterestEffectOnDebtDi" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="InterestRateHedgingInstrumentsLiabilitiesCDIEffect" id="ugp_InterestRateHedgingInstrumentsLiabilitiesCDIEffect" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="IncrementalExpensesCDI" id="ugp_IncrementalExpensesCDI" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="InterestEffectOnDebtTJLP" id="ugp_InterestEffectOnDebtTJLP" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="IncrementalExpensesTjlp" id="ugp_IncrementalExpensesTjlp" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="ForeignExchangeHedgingInstrumentsAssetsLiborEffect" id="ugp_ForeignExchangeHedgingInstrumentsAssetsLiborEffect" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="InterestEffectOnDebtLIBOR" id="ugp_InterestEffectOnDebtLIBOR" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="IncrementalExpensesLibor" id="ugp_IncrementalExpensesLibor" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="InterestEffectOnDebtTIIE" id="ugp_InterestEffectOnDebtTIIE" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="IncrementalExpensesTIIE" id="ugp_IncrementalExpensesTIIE" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="InterestEffectOnDebtSELIC" id="ugp_InterestEffectOnDebtSELIC" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="IncrementalExpensesSelic" id="ugp_IncrementalExpensesSelic" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="AAAMember" id="ugp_AAAMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AaMember" id="ugp_AaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AMember" id="ugp_AMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BbbMember" id="ugp_BbbMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AllowancesForDoubfulAccountsOnTradeReceivable" id="ugp_AllowancesForDoubfulAccountsOnTradeReceivable" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="AccountingBalanceCreditLossesMember" id="ugp_AccountingBalanceCreditLossesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ProvisionForLossesCreditLossesMember" id="ugp_ProvisionForLossesCreditLossesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LessThanOneMonthMember" id="ugp_LessThanOneMonthMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OutrosMember" id="ugp_OutrosMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TotalMember" id="ugp_TotalMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LessThanOneYearMember" id="ugp_LessThanOneYearMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="Between1And3YearsMember" id="ugp_Between1And3YearsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="Between3And5YearsMember" id="ugp_Between3And5YearsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LoansIncludingFutureContractualInterest" id="ugp_LoansIncludingFutureContractualInterest" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="CurrencyAndInterestRateHedgingInstruments" id="ugp_CurrencyAndInterestRateHedgingInstruments" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="TwentyTwentyMember" id="ugp_TwentyTwentyMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TwentyTwentyOneMember" id="ugp_TwentyTwentyOneMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TwentyTwentyTwoMember" id="ugp_TwentyTwentyTwoMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TwentyTwentyThreeMember" id="ugp_TwentyTwentyThreeMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TwentyTwentyFourMember" id="ugp_TwentyTwentyFourMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TwentyTwentyFiveMember" id="ugp_TwentyTwentyFiveMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TwentyTwentySixMember" id="ugp_TwentyTwentySixMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TwentyTwentySevenMember" id="ugp_TwentyTwentySevenMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TwentyTwentyEightMember" id="ugp_TwentyTwentyEightMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TwentyTwentyNineMember" id="ugp_TwentyTwentyNineMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DiRate" id="ugp_DiRate" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="TJLPRate" id="ugp_TJLPRate" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="IGPMRate" id="ugp_IGPMRate" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="IPCARate" id="ugp_IPCARate" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DesignatedAsHedgeAccountingMember" id="ugp_DesignatedAsHedgeAccountingMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NotDesignatedAsHedgeAccountingMember" id="ugp_NotDesignatedAsHedgeAccountingMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ForeignExchangeSwapMember" id="ugp_ForeignExchangeSwapMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ForeignExchangeSwapOneMember" id="ugp_ForeignExchangeSwapOneMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ForeignExchangeSwapTwoMember" id="ugp_ForeignExchangeSwapTwoMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ForeignExchangeSwapThreeMember" id="ugp_ForeignExchangeSwapThreeMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="InterestRateSwapContractOneMember" id="ugp_InterestRateSwapContractOneMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ZeroCostCollarMember" id="ugp_ZeroCostCollarMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NdfMember" id="ugp_NdfMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TermMember" id="ugp_TermMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BalanceSheetLocationAxis" id="ugp_BalanceSheetLocationAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="BalanceSheetLocationDomain" id="ugp_BalanceSheetLocationDomain" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AssetsInterestRateBasis" id="ugp_AssetsInterestRateBasis" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="LiabilitiesInterestRateBasis" id="ugp_LiabilitiesInterestRateBasis" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="HedgingInstrumentsPositionFairValue" id="ugp_HedgingInstrumentsPositionFairValue" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="ForeignExchangeHedgingInstrumentsMember" id="ugp_ForeignExchangeHedgingInstrumentsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="InterestRateHedgingInstrumentsMember" id="ugp_InterestRateHedgingInstrumentsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NotionalAmountDesignatedAsFairValueHedge" id="ugp_NotionalAmountDesignatedAsFairValueHedge" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="GainLossRelatedToHedgingInstrument" id="ugp_GainLossRelatedToHedgingInstrument" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="GainLossRelatedToFairValueAdjustmentOfDebt" id="ugp_GainLossRelatedToFairValueAdjustmentOfDebt" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="LossRelatedToFinancialExpenseOfDebt" id="ugp_LossRelatedToFinancialExpenseOfDebt" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="PercentageOfAverageEffectiveCost" id="ugp_PercentageOfAverageEffectiveCost" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="FixedRateOfInstrumentsAbstract" id="ugp_FixedRateOfInstrumentsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ProfitOrLossMember" id="ugp_ProfitOrLossMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="HedgingInstrumentEquityMember" id="ugp_HedgingInstrumentEquityMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="HedgingInstrumentRatesAxis" id="ugp_HedgingInstrumentRatesAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="HedgingInstrumentRatesDomain" id="ugp_HedgingInstrumentRatesDomain" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ExchangeRateSwapReceivableInUSDollarsMember" id="ugp_ExchangeRateSwapReceivableInUSDollarsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ExchangeRateSwapPayableInUsDollarsMember" id="ugp_ExchangeRateSwapPayableInUsDollarsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="InterestRateSwapsBrlMember" id="ugp_InterestRateSwapsBrlMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NonDerivativeFinancialInstrumentsMember" id="ugp_NonDerivativeFinancialInstrumentsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CashAndBankDepositsMember" id="ugp_CashAndBankDepositsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="FinancialInvestmentsLocalCurrencyMember" id="ugp_FinancialInvestmentsLocalCurrencyMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="FinancialInvestmentsForeignCurrencyMember" id="ugp_FinancialInvestmentsForeignCurrencyMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="FixedIncomeSecuritiesLocalCurrency1Member" id="ugp_FixedIncomeSecuritiesLocalCurrency1Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="FixedIncomeSecuritiesLocalCurrency2Member" id="ugp_FixedIncomeSecuritiesLocalCurrency2Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="FixedIncomeSecuritiesLocalCurrency3Member" id="ugp_FixedIncomeSecuritiesLocalCurrency3Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="FixedIncomeSecuritiesForeignCurrencyMember" id="ugp_FixedIncomeSecuritiesForeignCurrencyMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CurrencyInterestRateHedgingInstrumentsMember" id="ugp_CurrencyInterestRateHedgingInstrumentsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ResellerFinancingMember" id="ugp_ResellerFinancingMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="Financing1Member" id="ugp_Financing1Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="Financing2Member" id="ugp_Financing2Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="Debentures1Member" id="ugp_Debentures1Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LeasePayableMember" id="ugp_LeasePayableMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CommoditiesCurrencyAndInterestRateHedgingInstrumentsMember" id="ugp_CommoditiesCurrencyAndInterestRateHedgingInstrumentsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TradePayableMember" id="ugp_TradePayableMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SubscriptionWarrantsIndemnificationMember" id="ugp_SubscriptionWarrantsIndemnificationMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CategoryOfFinancialAssetsAndLiabilities" id="ugp_CategoryOfFinancialAssetsAndLiabilities" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="Debentures2Member" id="ugp_Debentures2Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="FinancialAssetLiabilityCategory" id="ugp_FinancialAssetLiabilityCategory" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="FinancialLiabilitiesFairValue" id="ugp_FinancialLiabilitiesFairValue" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="CurrencySwapsReceivableInUSDollarsAbstract" id="ugp_CurrencySwapsReceivableInUSDollarsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="USDollarToRealSwaps" id="ugp_USDollarToRealSwaps" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="DebtsFirmCommitmentsInDollars" id="ugp_DebtsFirmCommitmentsInDollars" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="USDollarToRealSwapsNetEffect" id="ugp_USDollarToRealSwapsNetEffect" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="CurrencySwapsPayableInUSDollarsAbstract" id="ugp_CurrencySwapsPayableInUSDollarsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RealToUsDollarSwaps" id="ugp_RealToUsDollarSwaps" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="GrossMarginOfOxitenoSwapPayable" id="ugp_GrossMarginOfOxitenoSwapPayable" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="RealToUsDollarSwapsNetEffect" id="ugp_RealToUsDollarSwapsNetEffect" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="CurrencySwapsOptionAbstract" id="ugp_CurrencySwapsOptionAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OptionsRealToDollarSwaps" id="ugp_OptionsRealToDollarSwaps" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="GrossMarginOfOxitenoOption" id="ugp_GrossMarginOfOxitenoOption" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="OptionsRealToDollarSwapsNetEffect" id="ugp_OptionsRealToDollarSwapsNetEffect" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="InterestRateSwapInBrazilianReaisDebenturesCRAAbstract" id="ugp_InterestRateSwapInBrazilianReaisDebenturesCRAAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="FixedRateSwapDI" id="ugp_FixedRateSwapDI" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="FixedRateDebt" id="ugp_FixedRateDebt" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="FixedRateSwapNetEffect" id="ugp_FixedRateSwapNetEffect" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectAbstract" id="ugp_DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectTable" id="ugp_DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectLineItems" id="ugp_DisclosureOfVariationForDerivativeInstrumentsOfHedgingObjectLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NdfOfCommodities" id="ugp_NdfOfCommodities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="GrossMarginFromIpirangaNdfCommodities" id="ugp_GrossMarginFromIpirangaNdfCommodities" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="FixedNdfCommoditiesNetEffect" id="ugp_FixedNdfCommoditiesNetEffect" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="CommitmentsAbstract" id="ugp_CommitmentsAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CommitmentsTable" id="ugp_CommitmentsTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CargoContractOneMember" id="ugp_CargoContractOneMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CargoContractTwoMember" id="ugp_CargoContractTwoMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CargoContractThreeMember" id="ugp_CargoContractThreeMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CargoContractFourMember" id="ugp_CargoContractFourMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SummaryOfContractCommitmentsLineItems" id="ugp_SummaryOfContractCommitmentsLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CargoPort" id="ugp_CargoPort" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="MinimumCargoMovementPerYear" id="ugp_MinimumCargoMovementPerYear" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="CargoAgreementMaturity" id="ugp_CargoAgreementMaturity" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="CommitmentsDetailsNarrativeAbstract" id="ugp_CommitmentsDetailsNarrativeAbstract" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfCommitmentsAndContingenciesTable" id="ugp_DisclosureOfCommitmentsAndContingenciesTable" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ThirdPartiesMember" id="ugp_ThirdPartiesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DirectorsAndOfficersMember" id="ugp_DirectorsAndOfficersMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AratuMember" id="ugp_AratuMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SuapeMember" id="ugp_SuapeMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AreaPortLeaseMember" id="ugp_AreaPortLeaseMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="IpirangaProdutosDepetroleoSaAndUltracargoMember" id="ugp_IpirangaProdutosDepetroleoSaAndUltracargoMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="EntitiesByLocationAxis" id="ugp_EntitiesByLocationAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="EntitiesByLocationDomain" id="ugp_EntitiesByLocationDomain" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ParaibaMember" id="ugp_ParaibaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="EspiritoSantoMember" id="ugp_EspiritoSantoMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TerminalAxis" id="ugp_TerminalAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="Terminal1Member" id="ugp_Terminal1Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PortOfCabedeloMember" id="ugp_PortOfCabedeloMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="PortOfVitoriaMember" id="ugp_PortOfVitoriaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AreaBel02AMember" id="ugp_AreaBel02AMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AreaBel04aMember" id="ugp_AreaBel04aMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AreaVdc12Member" id="ugp_AreaVdc12Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfCommitmentsAndContingenciesLineItems" id="ugp_DisclosureOfCommitmentsAndContingenciesLineItems" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CargoRatesPerTon" id="ugp_CargoRatesPerTon" type="xbrli:decimalItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="instant" />
  <xsd:element name="PercentageOfConsortiumOwned" id="ugp_PercentageOfConsortiumOwned" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="Minimumportstoragecapacity" id="ugp_Minimumportstoragecapacity" type="num:volumeItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PeriodOfConcession" id="ugp_PeriodOfConcession" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DescriptionOfPortConcessions" id="ugp_DescriptionOfPortConcessions" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PeriodOfPortConcession" id="ugp_PeriodOfPortConcession" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="EstimatedInvestmentsToPortConcessions" id="ugp_EstimatedInvestmentsToPortConcessions" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="MinimumAnnualPurchaseOfCamacari" id="ugp_MinimumAnnualPurchaseOfCamacari" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="MinimumAnnualPurchaseOfMaua" id="ugp_MinimumAnnualPurchaseOfMaua" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PeriodOfMaturityOfCommitmentOfCamacari" id="ugp_PeriodOfMaturityOfCommitmentOfCamacari" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="PeriodOfMaturityOfCommitmentOfMaua" id="ugp_PeriodOfMaturityOfCommitmentOfMaua" type="xbrli:stringItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="AdjustmentsForProvisionForTaxCivilAndLaborRisks" id="ugp_AdjustmentsForProvisionForTaxCivilAndLaborRisks" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="AdjustmentsForProvisionOfDecarbonization" id="ugp_AdjustmentsForProvisionOfDecarbonization" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="NonCurrentProvisionForShortTermLiabilitiesOfJointVenture" id="ugp_NonCurrentProvisionForShortTermLiabilitiesOfJointVenture" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="BondsMaturingIn2029Member" id="ugp_BondsMaturingIn2029Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RouteasyServicosDeAssessoriaLogisticaLtdaMember" id="ugp_RouteasyServicosDeAssessoriaLogisticaLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RestrictedAndPerformanceProgramFourMember" id="ugp_RestrictedAndPerformanceProgramFourMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RestrictedProgramFiveMember" id="ugp_RestrictedProgramFiveMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AdjustmentsForNonCashAdditionOnContractualAssetsWithCustomersExclusiveRights" id="ugp_AdjustmentsForNonCashAdditionOnContractualAssetsWithCustomersExclusiveRights" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="AdjustmentsForNonCashReversionFundPrivatePension" id="ugp_AdjustmentsForNonCashReversionFundPrivatePension" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="IncreaseDecreaseThroughFairValueAdjustmentsOfAvailableForFinancialInstrumentsNetOfIncomeTaxesAttributableToSubsidiaries" id="ugp_IncreaseDecreaseThroughFairValueAdjustmentsOfAvailableForFinancialInstrumentsNetOfIncomeTaxesAttributableToSubsidiaries" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="IncreaseDecreaseThroughFairValueAdjustmentsOfAvailableForFinancialInstrumentsNetOfIncomeTaxesAttributableToJointVentures" id="ugp_IncreaseDecreaseThroughFairValueAdjustmentsOfAvailableForFinancialInstrumentsNetOfIncomeTaxesAttributableToJointVentures" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="IncreaseDecreaseThroughActuarialGainLossesOfPostEmploymentBenefitsNetOfIncomeTaxesAttributableToSubsidiaries" id="ugp_IncreaseDecreaseThroughActuarialGainLossesOfPostEmploymentBenefitsNetOfIncomeTaxesAttributableToSubsidiaries" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="IncreaseDecreaseThroughActuarialGainLossesOfPostEmploymentBenefitsNetOfIncomeTaxesAttributableToJointVentures" id="ugp_IncreaseDecreaseThroughActuarialGainLossesOfPostEmploymentBenefitsNetOfIncomeTaxesAttributableToJointVentures" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="IncreaseDecreaseThroughGainLossDueToPaymentsFixedDividendsToPreferredShares" id="ugp_IncreaseDecreaseThroughGainLossDueToPaymentsFixedDividendsToPreferredShares" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="IncreaseDecreaseThroughShareholderTransactionChangesOfInvestments" id="ugp_IncreaseDecreaseThroughShareholderTransactionChangesOfInvestments" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="IncreaseDecreaseThroughAllocationOfNetIncomeInvestmentsStatutoryReserve" id="ugp_IncreaseDecreaseThroughAllocationOfNetIncomeInvestmentsStatutoryReserve" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="PromissoryNotesMember" id="ugp_PromissoryNotesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="OttoCycleMember" id="ugp_OttoCycleMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DieselMember" id="ugp_DieselMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ExtraExpensesWithProtectiveMaterialsAndDonations" id="ugp_ExtraExpensesWithProtectiveMaterialsAndDonations" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="DecreasePercentageOfSalesVolume" id="ugp_DecreasePercentageOfSalesVolume" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DecreasePercentageOfGeneralAdministrativeAndSalesExpenses" id="ugp_DecreasePercentageOfGeneralAdministrativeAndSalesExpenses" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="IncreasePercentageOfSalesVolume" id="ugp_IncreasePercentageOfSalesVolume" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DecreaseInRevenues" id="ugp_DecreaseInRevenues" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="DecreaseInExpenses" id="ugp_DecreaseInExpenses" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="BorrowingsMaturityPeriod" id="ugp_BorrowingsMaturityPeriod" type="xbrli:durationItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DecreasePercentageOfInvestmentPlan" id="ugp_DecreasePercentageOfInvestmentPlan" type="num:percentItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="ChevronThailandLimitedMember" id="ugp_ChevronThailandLimitedMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ChevronBrasilOleosBasicosLtdaMember" id="ugp_ChevronBrasilOleosBasicosLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ChevronLubricantsLankaPlcMember" id="ugp_ChevronLubricantsLankaPlcMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ChevronLubricantsOilsSAMember" id="ugp_ChevronLubricantsOilsSAMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ChevronMarineProductsMember" id="ugp_ChevronMarineProductsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ChevronOroniteBrasilLtdaMember" id="ugp_ChevronOroniteBrasilLtdaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ChevronProductsCompanyMember" id="ugp_ChevronProductsCompanyMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ChevronBelgiumNvMember" id="ugp_ChevronBelgiumNvMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ChevronPetroleumCoColombiaMember" id="ugp_ChevronPetroleumCoColombiaMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="CommercialTransactionsOtherPayables" id="ugp_CommercialTransactionsOtherPayables" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
  <xsd:element name="PrepaidEmployeeBenefitsExpense" id="ugp_PrepaidEmployeeBenefitsExpense" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="PrepaidTaxOtherThanIncomeTaxExpense" id="ugp_PrepaidTaxOtherThanIncomeTaxExpense" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="PrepaidContributionOfPrivatePensionFundExpense" id="ugp_PrepaidContributionOfPrivatePensionFundExpense" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="NumberOfSharesCanceledAndNotIssuedWhichLinkedToSubscriptionWarrantsIndemnification" id="ugp_NumberOfSharesCanceledAndNotIssuedWhichLinkedToSubscriptionWarrantsIndemnification" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="NumberOfInstrumentsOtherEquityInstrumentsCancellationOfPerformanceSharesDueToTerminationOfExecutiveEmployment" id="ugp_NumberOfInstrumentsOtherEquityInstrumentsCancellationOfPerformanceSharesDueToTerminationOfExecutiveEmployment" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="AbasteceAiMember" id="ugp_AbasteceAiMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="HoldingMember" id="ugp_HoldingMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="EquipmentsMember" id="ugp_EquipmentsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="GrossMarginOfOxitenoIpirangaSwapPayable" id="ugp_GrossMarginOfOxitenoIpirangaSwapPayable" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="SummaryOfPositionsOfDerivativeFinancialInstrumentsToHedgeCommodityPriceRiskTableTextBlock" id="ugp_SummaryOfPositionsOfDerivativeFinancialInstrumentsToHedgeCommodityPriceRiskTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="HeatingOilOneMember" id="ugp_HeatingOilOneMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="RBOBMember" id="ugp_RBOBMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="ExchangeRateSwapReceivableInUSDollarsAndCommoditiesMember" id="ugp_ExchangeRateSwapReceivableInUSDollarsAndCommoditiesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SubsidiariesGroupOneMember" id="ugp_SubsidiariesGroupOneMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SubsidiariesGroupTwoMember" id="ugp_SubsidiariesGroupTwoMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SubsidiariesGroupThreeMember" id="ugp_SubsidiariesGroupThreeMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="SubsidiariesGroupFourMember" id="ugp_SubsidiariesGroupFourMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="TransferToProvisionForShortTermLiabilitiesRelatedToJointVentures" id="ugp_TransferToProvisionForShortTermLiabilitiesRelatedToJointVentures" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="DescriptionOfTransferToProvisionForShortTermLiabilitiesRelatedToJointVenturesTableTextBlock" id="ugp_DescriptionOfTransferToProvisionForShortTermLiabilitiesRelatedToJointVenturesTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="MillenniumMember" id="ugp_MillenniumMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="AdjustedNetIncomeBasisForDividends" id="ugp_AdjustedNetIncomeBasisForDividends" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="duration" />
  <xsd:element name="AllocationOfNetIncomeToInvestmentsStatutoryReserve" id="ugp_AllocationOfNetIncomeToInvestmentsStatutoryReserve" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="duration" />
  <xsd:element name="AllocationOfDividendPerShare" id="ugp_AllocationOfDividendPerShare" type="num:perShareItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="DisclosureOfMaturityAnalysisOfWeightedAverageDiscountRatesForLeasePayableTableTextBlock" id="ugp_DisclosureOfMaturityAnalysisOfWeightedAverageDiscountRatesForLeasePayableTableTextBlock" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
  <xsd:element name="NotLaterThanFiveYearsMember" id="ugp_NotLaterThanFiveYearsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="LaterThanFifteenYearsMember" id="ugp_LaterThanFifteenYearsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="DecarbonizationCreditsMember" id="ugp_DecarbonizationCreditsMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="MatureInMarchTwoThousandAndTwentyOneMember" id="ugp_MatureInMarchTwoThousandAndTwentyOneMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="UnsecuredNotesPayableNotConvertibleIntoSharesMember" id="ugp_UnsecuredNotesPayableNotConvertibleIntoSharesMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt6thApril2021Member" id="ugp_UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt6thApril2021Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt3rdApril2021Member" id="ugp_UnsecuredCommercialNotesPayableNotConvertibleIntoSharesMaturityAt3rdApril2021Member" type="nonnum:domainItemType" substitutionGroup="xbrli:item" nillable="true" abstract="true" xbrli:periodType="duration" />
  <xsd:element name="NumberOfDebtInstrumentsIssued" id="ugp_NumberOfDebtInstrumentsIssued" type="xbrli:integerItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:periodType="duration" />
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  <xsd:element name="EstimatedRecoveryOfIcmsAssets" id="ugp_EstimatedRecoveryOfIcmsAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="debit" xbrli:periodType="instant" />
  <xsd:element name="ProvisionForExpectedLossesOnAccountsReceivableOrGuarantees" id="ugp_ProvisionForExpectedLossesOnAccountsReceivableOrGuarantees" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" abstract="false" xbrli:balance="credit" xbrli:periodType="instant" />
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.12
<SEQUENCE>8
<FILENAME>ex212_1.htm
<DESCRIPTION>EXHIBIT 2.12
<TEXT>
<html><body><div><div style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: right; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Exhibit 2.</font><font style="font-family: 'Times New Roman'; font-weight: bold;">1</font><font style="font-family: 'Times New Roman'; font-weight: bold;">2</font><font style="font-family: 'Times New Roman'; font-weight: bold;"> </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">DESCRIPTION OF SECURITIES REGISTERED UNDER SECTION 12 OF THE EXCHANGE ACT</font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31</font><font style="font-family: 'Times New Roman';">, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">Ultrapar Participa&#231;&#245;es S.A. </font><font style="font-family: 'Times New Roman';">(&#8220;</font><font style="font-family: 'Times New Roman';">Ultrapar</font><font style="font-family: 'Times New Roman';">,&#8221; the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; and &#8220;our&#8221;) had the following classes of securities registered pursuant </font><font style="font-family: 'Times New Roman';">to</font><font style="font-family: 'Times New Roman';"> Section</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">12(b) of the </font><font style="font-family: 'Times New Roman';">Securities </font><font style="font-family: 'Times New Roman';">Exchange Act</font><font style="font-family: 'Times New Roman';"> of 1934</font><font style="font-family: 'Times New Roman';">:</font><font style="font-family: 'Times New Roman';"><br></font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';"><br></font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Title of each class</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Trading symbol(s)</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Name</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">of</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">each</font><font style="font-family: 'Times New Roman'; font-weight: bold;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-weight: bold;">exchange</font><br><font style="font-family: 'Times New Roman'; font-weight: bold;">on which registered</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">C</font><font style="font-family: 'Times New Roman';">ommon shares without par value*</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8212;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">New York Stock Exchange*</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">American Depositary Shares**</font><font style="font-family: 'Times New Roman';">,</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">each r</font><font style="font-family: 'Times New Roman';">ep</font><font style="font-family: 'Times New Roman';">resenting </font><font style="font-family: 'Times New Roman';">one</font><font style="font-family: 'Times New Roman';"> common share</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">UGP</font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman';">New York Stock Exchange</font><font style="font-family: 'Times New Roman';">**</font></p>
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</table>
<p style="margin-top: 12pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -36pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">*</font><font style="width: 31pt; text-indent: 0pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Not for trading, but only in connection with the registration of the </font><font style="font-family: 'Times New Roman';">American depositary shares (the &#8220;ADSs&#8221;)</font><font style="font-family: 'Times New Roman';">, representing such </font><font style="font-family: 'Times New Roman';">common</font><font style="font-family: 'Times New Roman';"> shares, pursuant to the requirements of the SEC.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">**</font><font style="width: 26pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">Eviden</font><font style="font-family: 'Times New Roman';">ce</font><font style="font-family: 'Times New Roman';">d by American </font><font style="font-family: 'Times New Roman';">d</font><font style="font-family: 'Times New Roman';">epositary </font><font style="font-family: 'Times New Roman';">r</font><font style="font-family: 'Times New Roman';">eceipts</font><font style="font-family: 'Times New Roman';"> (&#8220;ADRs&#8221;)</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Capitalized terms used but not defined in this Exhibit 2.12 shall have the meaning given to such terms in the Ultrapar&#8217;s Annual </font><font style="font-family: 'Times New Roman';">Report</font><font style="font-family: 'Times New Roman';"> on Form 20-F for the fiscal year ended December 31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> (the &#8220;20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> Fo</font><font style="font-family: 'Times New Roman';">rm 20-</font><font style="font-family: 'Times New Roman';">F&#8221;). </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-align: center; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">COMMON SHARES</font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The following description of Ultrapar&#8217;s common shares is</font><font style="font-family: 'Times New Roman';"> a summary of selected significant provisions of our bylaws and the Brazilian Corporate Law, the rules and regulations of the CVM and the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';"> listing segment of </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">B3</font><font style="font-family: 'Times New Roman';"> reg</font><font style="font-family: 'Times New Roman';">arding certain corporate matters applicable to us. </font><font style="font-family: 'Times New Roman';">This description </font><font style="font-family: 'Times New Roman';">is subject to and </font><font style="font-family: 'Times New Roman';">qualified</font><font style="font-family: 'Times New Roman';"> in its entirety by reference to</font><font style="font-family: 'Times New Roman';"> our bylaws, Brazilian Corporate Law, the rules and regulations of the CVM and the rules of the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">An English tr</font><font style="font-family: 'Times New Roman';">anslat</font><font style="font-family: 'Times New Roman';">ion of the bylaws is incorporated by reference as Exhibit 1.</font><font style="font-family: 'Times New Roman';">1 to the </font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Form 20-F.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">A copy of our bylaws (together with an English translation) is also available for inspection at the</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">principal office of the depositary and at our website (https://</font><font style="font-family: 'Times New Roman';">ri.ultra.com</font><font style="font-family: 'Times New Roman';">.br/).</font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">General</font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our common </font><font style="font-family: 'Times New Roman';">shares</font><font style="font-family: 'Times New Roman';"> are listed </font><font style="font-family: 'Times New Roman';">and </font><font style="font-family: 'Times New Roman';">admitted to trade </font><font style="font-family: 'Times New Roman';">on </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">segment </font><font style="font-family: 'Times New Roman';">of </font><font style="font-family: 'Times New Roman';">the B3</font><font style="font-family: 'Times New Roman';"> under t</font><font style="font-family: 'Times New Roman';">he ticker symbol &#8220;UGPA3&#8221;. Our common shares are listed on t</font><font style="font-family: 'Times New Roman';">he New </font><font style="font-family: 'Times New Roman';">Y</font><font style="font-family: 'Times New Roman';">ork Stock </font><font style="font-family: 'Times New Roman';">Exc</font><font style="font-family: 'Times New Roman';">hange not for trading, but only in connection with th</font><font style="font-family: 'Times New Roman';">e registration of the ADS representing such </font><font style="font-family: 'Times New Roman';">common</font><font style="font-family: 'Times New Roman';"> shares, pursuant to the requirements of the SEC.</font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We are registered with the commercial registry of the state of S&#227;o Paulo under the</font><font style="font-family: 'Times New Roman';"> regist</font><font style="font-family: 'Times New Roman';">r</font><font style="font-family: 'Times New Roman';">ation number 35,300,109,724. Pursuant to chapter I, article</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">3 of o</font><font style="font-family: 'Times New Roman';">ur bylaws, our main corporate purpose is the investment of our capital in the trade, industry and agriculture sectors and in companies providing services, through the subscription fo</font><font style="font-family: 'Times New Roman';">r or ac</font><font style="font-family: 'Times New Roman';">q</font><font style="font-family: 'Times New Roman';">uisition of shares or quotas in other companies. </font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Description </font><font style="font-family: 'Times New Roman'; font-weight: bold;">of C</font><font style="font-family: 'Times New Roman'; font-weight: bold;">apital Stock </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As of December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, our subscribed and paid-in capital stock consisted of </font><font style="font-family: 'Times New Roman';">1,115,005,712</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">common shares, all of which have equal voting and equity ri</font><font style="font-family: 'Times New Roman';">ghts, with no par value</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> of which </font><font style="font-family: 'Times New Roman';">26,964,736</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">common shares were</font><font style="font-family: 'Times New Roman';"> held in treasury. </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.4pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">I</font><font style="font-family: 'Times New Roman';">n February 202</font><font style="font-family: 'Times New Roman';">1</font><font style="font-family: 'Times New Roman';">, due to the partial exercise of the subscription warrants issued by the Company as of the approval of the Extrafarma </font><font style="font-family: 'Times New Roman';">t</font><font style="font-family: 'Times New Roman';">ransaction</font><font style="font-family: 'Times New Roman';"> described in th</font><font style="font-family: 'Times New Roman';">e 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> Form 20-F</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">70,939</font><font style="font-family: 'Times New Roman';"> common </font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">hares were issued within the </font><font style="font-family: 'Times New Roman';">l</font><font style="font-family: 'Times New Roman';">imits of the </font><font style="font-family: 'Times New Roman';">authorized capital. As a consequence of this issuance, the Company&#8217;s capital stock is represented by </font><font style="font-family: 'Times New Roman';">1,115,076,651 </font><font style="font-family: 'Times New Roman';">common shares, all nominative, with no p</font><font style="font-family: 'Times New Roman';">ar value. Since no additional payment for exercising the </font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">ubscription warr</font><font style="font-family: 'Times New Roman';">ants is due, the issuance did not result in any change in the amount of the capital stock.<br></font><font style="font-family: 'Times New Roman';"><br></font></p>
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<p style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Novo Mercado</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As a result of </font><font style="font-family: 'Times New Roman';">our </font><font style="font-family: 'Times New Roman';">common </font><font style="font-family: 'Times New Roman';">shares </font><font style="font-family: 'Times New Roman';">being </font><font style="font-family: 'Times New Roman';">listed on the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';">, we are req</font><font style="font-family: 'Times New Roman';">uired to comply with heightened requirements for corporat</font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';"> governance. In </font><font style="font-family: 'Times New Roman';">addition, we are not permitted to issue preferred shares or any shares with restricted voting rights while listed on th</font><font style="font-family: 'Times New Roman';">is segment</font><font style="font-family: 'Times New Roman'; font-style: italic;"> </font><font style="font-family: 'Times New Roman';">pursuant to </font><font style="font-family: 'Times New Roman';">its</font><font style="font-family: 'Times New Roman';"> rules. As of January</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">2, 2018, the ne</font><font style="font-family: 'Times New Roman';">w rules for </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';"> came into effect. Despite the fa</font><font style="font-family: 'Times New Roman';">c</font><font style="font-family: 'Times New Roman';">t that the compa</font><font style="font-family: 'Times New Roman';">nies listed in this segment must fully comply with the regulations until the general shareholders&#8217; meeting of 202</font><font style="font-family: 'Times New Roman';">2</font><font style="font-family: 'Times New Roman';">, our bylaws were already amended on April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">10, 2019 to reflect these</font><font style="font-family: 'Times New Roman';"> rules.</font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Voting Rights </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Each common share entitles its hol</font><font style="font-family: 'Times New Roman';">d</font><font style="font-family: 'Times New Roman';">er to one vote </font><font style="font-family: 'Times New Roman';">at the matters of the shareholders&#8217; meetings, in accordance with the Brazilian Corporate Law, our bylaws and the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';"> regulations. </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In addition, our </font><font style="font-family: 'Times New Roman';">bylaws </font><font style="font-family: 'Times New Roman';">and Brazilian Corp</font><font style="font-family: 'Times New Roman';">orate Law provide that holders of </font><font style="font-family: 'Times New Roman';">common </font><font style="font-family: 'Times New Roman';">shares are entitl</font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">d to dividends </font><font style="font-family: 'Times New Roman';">or other distributions made with respect to such </font><font style="font-family: 'Times New Roman';">common </font><font style="font-family: 'Times New Roman';">shares proportionate to their holding of common stock. In the event of our liquidation and after payment of all our liabilitie</font><font style="font-family: 'Times New Roman';">s, shareholders are entitled to a return of capital propor</font><font style="font-family: 'Times New Roman';">t</font><font style="font-family: 'Times New Roman';">ionate to their</font><font style="font-family: 'Times New Roman';"> share of common stock. Holders of our </font><font style="font-family: 'Times New Roman';">common </font><font style="font-family: 'Times New Roman';">shares may participate in future capital increases and are generally entitled to preemptive rights to obtain new shares under Brazilian </font><font style="font-family: 'Times New Roman';">Corporate Law. See &#8220;&#8212;Preemptive Rights.&#8221; </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">According to Bra</font><font style="font-family: 'Times New Roman';">z</font><font style="font-family: 'Times New Roman';">ilian Corporate</font><font style="font-family: 'Times New Roman';"> Law, neither our </font><font style="font-family: 'Times New Roman';">bylaws </font><font style="font-family: 'Times New Roman';">nor actions taken at a shareholders&#8217; meeting may deprive a shareholder of the following rights: </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8226;</font><font style="width: 32.5pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">the right to participate in the distribution of profits; </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: ignore;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8226;</font><font style="width: 32.5pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">the right to participate in any remaining residual asse</font><font style="font-family: 'Times New Roman';">t</font><font style="font-family: 'Times New Roman';">s in the event </font><font style="font-family: 'Times New Roman';">of liquidation of our company; </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8226;</font><font style="width: 32.5pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">preemptive rights in the event of issuance of shares, convertible debentures or warrants, except in certain specific circumstances under Brazilian</font><font style="font-family: 'Times New Roman';"> Corporate Law described in &#8220;&#8212;Preemptive </font><font style="font-family: 'Times New Roman';">R</font><font style="font-family: 'Times New Roman';">ights;&#8221; </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8226;</font><font style="width: 32.5pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">the</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">right to inspec</font><font style="font-family: 'Times New Roman';">t and supervise, in the manner set forth in Brazilian Corporate Law, the management of corporate business; and </font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; -aw-import: spaces;">&nbsp;</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">&#8226;</font><font style="width: 32.5pt; display: inline-block;">&nbsp;</font><font style="font-family: 'Times New Roman';">the right to withdraw from the company in the cases specified in B</font><font style="font-family: 'Times New Roman';">razilian Corporate Law, which are described in &#8220;&#8212;Withdrawa</font><font style="font-family: 'Times New Roman';">l</font><font style="font-family: 'Times New Roman';"> Rights&#8221;</font><font style="font-family: 'Times New Roman';">, excep</font><font style="font-family: 'Times New Roman';">t in certain specific </font><font style="font-family: 'Times New Roman';">circumstances </font><font style="font-family: 'Times New Roman';">under Brazilian Corporate Law.</font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Shareholders&#8217; Meetings </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">A</font><font style="font-family: 'Times New Roman';"> general shareholders&#8217; meeting </font><font style="font-family: 'Times New Roman';">must be </font><font style="font-family: 'Times New Roman';">convened and held in accordance with </font><font style="font-family: 'Times New Roman';">the requiremen</font><font style="font-family: 'Times New Roman';">ts of </font><font style="font-family: 'Times New Roman';">Brazilian Corporate Law</font><font style="font-family: 'Times New Roman';">. Shareholders&#8217; meetings are </font><font style="font-family: 'Times New Roman';">c</font><font style="font-family: 'Times New Roman';">alled by </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">pu</font><font style="font-family: 'Times New Roman';">blication of a notice on at least three occasions in the official newspaper of the State of S&#227;o Paulo, our principal place of business, as well as in another widely circulating newsp</font><font style="font-family: 'Times New Roman';">aper in S&#227;o Paulo. </font><font style="font-family: 'Times New Roman';">A</font><font style="font-family: 'Times New Roman';">s determined by </font><font style="font-family: 'Times New Roman';">Brazilian Corporate La</font><font style="font-family: 'Times New Roman';">w</font><font style="font-family: 'Times New Roman';">, t</font><font style="font-family: 'Times New Roman';">he first not</font><font style="font-family: 'Times New Roman';">ice of a shareholders&#8217; meeting shall be given at least 15 days prior to holding the meeting</font><font style="font-family: 'Times New Roman';">. However, CVM rules </font><font style="font-family: 'Times New Roman';">require </font><font style="font-family: 'Times New Roman';">that companies </font><font style="font-family: 'Times New Roman';">whose shares are also represented by </font><font style="font-family: 'Times New Roman';">ADSs must </font><font style="font-family: 'Times New Roman';">convene a shareholders</font><font style="font-family: 'Times New Roman';">&#8217; </font><font style="font-family: 'Times New Roman';">meeting no later than 30 days in a</font><font style="font-family: 'Times New Roman';">d</font><font style="font-family: 'Times New Roman';">vance</font><font style="font-family: 'Times New Roman';">. </font><font style="font-family: 'Times New Roman';">In addit</font><font style="font-family: 'Times New Roman';">ion to </font><font style="font-family: 'Times New Roman';">such </font><font style="font-family: 'Times New Roman';">newspaper </font><font style="font-family: 'Times New Roman';">publication, </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">CVM </font><font style="font-family: 'Times New Roman';">requires</font><font style="font-family: 'Times New Roman';"> that all documents related to the agenda to be deliberated upon on the meeting</font><font style="font-family: 'Times New Roman';"> are filed with the CVM and </font><font style="font-family: 'Times New Roman';">filed </font><font style="font-family: 'Times New Roman';">on the CVM website</font><font style="font-family: 'Times New Roman';"> (www.cvm.gov.br), </font><font style="font-family: 'Times New Roman';">as well as being made available at the </font><font style="font-family: 'Times New Roman';">C</font><font style="font-family: 'Times New Roman';">ompany&#8217;s headqu</font><font style="font-family: 'Times New Roman';">arters and </font><font style="font-family: 'Times New Roman';">on its </font><font style="font-family: 'Times New Roman';">website, and </font><font style="font-family: 'Times New Roman';">also made available </font><font style="font-family: 'Times New Roman';">on the website of </font><font style="font-family: 'Times New Roman';">the </font><font style="font-family: 'Times New Roman';">B3</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Holders of shares voting at a general shareholders&#8217; meeting have the exclusive power to: (i) amend our </font><font style="font-family: 'Times New Roman';">b</font><font style="font-family: 'Times New Roman';">ylaws</font><font style="font-family: 'Times New Roman';">; (ii) elect or dismiss members of the Board of Direc</font><font style="font-family: 'Times New Roman';">t</font><font style="font-family: 'Times New Roman';">ors (</font><font style="font-family: 'Times New Roman'; font-style: italic;">Conselho d</font><font style="font-family: 'Times New Roman'; font-style: italic;">e Administra&#231;&#227;o</font><font style="font-family: 'Times New Roman';">)</font><font style="font-family: 'Times New Roman';">, at any time; (iii) install our </font><font style="font-family: 'Times New Roman';">fiscal council</font><font style="font-family: 'Times New Roman';"> and elect its members</font><font style="font-family: 'Times New Roman';">; (i</font><font style="font-family: 'Times New Roman';">v</font><font style="font-family: 'Times New Roman';">) receive the yearly accounts by management and to accept or reject management&#8217;s financial s</font><font style="font-family: 'Times New Roman';">tatements, including the allocation of net profits and the</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Distributable A</font><font style="font-family: 'Times New Roman';">mount (as defined below) for payment of the mandatory distribution and allocation to the various reserve accounts; (v) authorize the issuance of debentures; (v</font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">) suspend the rights o</font><font style="font-family: 'Times New Roman';">f a shareholder in the event such shareholder does not com</font><font style="font-family: 'Times New Roman';">p</font><font style="font-family: 'Times New Roman';">ly with obligat</font><font style="font-family: 'Times New Roman';">ions imposed by law or our </font><font style="font-family: 'Times New Roman';">bylaws</font><font style="font-family: 'Times New Roman';">; (v</font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">i) accept or reject in-kind contributions offered by a shareholder in consideration for issuance of capital stock; (vi</font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">i) pass resolutions to re</font><font style="font-family: 'Times New Roman';">organize the legal form of, merge, consolidate or split th</font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';"> company, to di</font><font style="font-family: 'Times New Roman';">ssolve and liquidate the company, to elect and dismiss our liquidators and to examine their accounts; and (</font><font style="font-family: 'Times New Roman';">ix</font><font style="font-family: 'Times New Roman';">) authorize management to declare us insolvent and to </font><font style="font-family: 'Times New Roman';">file for judicial reorganization</font><font style="font-family: 'Times New Roman';"> (a procedure involving protection from c</font><font style="font-family: 'Times New Roman';">reditors availab</font><font style="font-family: 'Times New Roman';">l</font><font style="font-family: 'Times New Roman';">e under Brazilian law).<br><br></font></p>
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<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Except as otherwise provided by</font><font style="font-family: 'Times New Roman';"> Brazilian Corporate Law, a general shareholders&#8217; meeting may be held if shareholders representing at least one-quarter of the voting capital</font><font style="font-family: 'Times New Roman';"> are present. If no such quorum is present</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> a second</font><font style="font-family: 'Times New Roman';"> noti</font><font style="font-family: 'Times New Roman';">c</font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';"> must again be given</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">eight days in advance</font><font style="font-family: 'Times New Roman';">, and a meeting may then be convened without any specific quorum requirement, subject to the minimum quorum and voting requirements for certain matters, as</font><font style="font-family: 'Times New Roman';"> described below. A shareholder whose voti</font><font style="font-family: 'Times New Roman';">ng rights have </font><font style="font-family: 'Times New Roman';">b</font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">en suspended for any reason may still attend the general shareholders&#8217; meeting and take part in the discussion of matters submitted for consideration. </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Except as otherwise provided by law, resoluti</font><font style="font-family: 'Times New Roman';">ons passed at a general shareholders&#8217; meet</font><font style="font-family: 'Times New Roman';">ing are passed </font><font style="font-family: 'Times New Roman';">b</font><font style="font-family: 'Times New Roman';">y</font><font style="font-family: 'Times New Roman';"> a simple majority vote, with abstentions not being taken into account. In general, each share has the right to one vote. Under Brazilian Corporate Law and in accordance with our </font><font style="font-family: 'Times New Roman';">bylaws</font><font style="font-family: 'Times New Roman';">, the approv</font><font style="font-family: 'Times New Roman';">al of shareholders representing at least o</font><font style="font-family: 'Times New Roman';">ne-half of the </font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">sued and outstanding shares is required for the following types of action: (i) creating a new class of shares that has a priority, preference, right, condition or redemption or amortization superio</font><font style="font-family: 'Times New Roman';">r to an existing class of shares, such as </font><font style="font-family: 'Times New Roman';">preferred share</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">(in which case we would be required to delist from the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado </font><font style="font-family: 'Times New Roman';">segment in accordance with its rules); (ii) changing the mandatory distribution; (iii) changing the corporate purpose; (iv) enter</font><font style="font-family: 'Times New Roman';">ing into any merger, consolidation or reor</font><font style="font-family: 'Times New Roman';">ganization of t</font><font style="font-family: 'Times New Roman';">h</font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';"> company; (v) dissolving or liquidating the company, and (vi) participation in a group of companies defined under Brazilian Corporate Law. In the case of (i), the vote of the holders of a majority </font><font style="font-family: 'Times New Roman';">of issued and outstanding shares of the af</font><font style="font-family: 'Times New Roman';">fected class is</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">lso required. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">General shareholders&#8217; meetings are called and convened by the chairman of our Board of Directors and are presided over by the chairman of our Board of Directors, or a person designat</font><font style="font-family: 'Times New Roman';">ed by him. The chairman of the meeting sha</font><font style="font-family: 'Times New Roman';">ll select a sec</font><font style="font-family: 'Times New Roman';">r</font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">tary from among the meeting&#8217;s attendees. Shareholders&#8217; meetings also may be called by (i) any shareholder, if our Board of Directors fails to call a shareholders&#8217; meeting within 60 days after the d</font><font style="font-family: 'Times New Roman';">ate on which it is so required; (ii) share</font><font style="font-family: 'Times New Roman';">holders holding</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">t least five percent of our shares if our Board of Directors fails to call a meeting within eight days after receipt of a justified request to call the meeting and by those shareholders indicating </font><font style="font-family: 'Times New Roman';">the proposed agenda; (iii) shareholders ho</font><font style="font-family: 'Times New Roman';">lding at least </font><font style="font-family: 'Times New Roman';">f</font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">ve percent of our shares if our Board of Directors fails to call a meeting within eight days after receipt of a request to call the meeting to form a fiscal council; and (iv) our fiscal council, if</font><font style="font-family: 'Times New Roman';"> one exists, in the event that the Board o</font><font style="font-family: 'Times New Roman';">f Directors fai</font><font style="font-family: 'Times New Roman';">l</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> to call an annual shareholders&#8217; meeting within a month of the required date. The fiscal council may also call an extraordinary general shareholders&#8217; meeting in the specific context set forth in Br</font><font style="font-family: 'Times New Roman';">azilian Corporate Law.</font></p>
<p style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Location of Our Sha</font><font style="font-family: 'Times New Roman'; font-weight: bold;">reholders&#8217; Meet</font><font style="font-family: 'Times New Roman'; font-weight: bold;">i</font><font style="font-family: 'Times New Roman'; font-weight: bold;">n</font><font style="font-family: 'Times New Roman'; font-weight: bold;">g </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our shareholders&#8217; meetings usually take place at our headquarters in the City of S&#227;o Paulo, located in the State of S&#227;o Paulo. Brazilian Corporate Law permits us to hold shareholders meetings el</font><font style="font-family: 'Times New Roman';">sewhere in the event of force majeure, pro</font><font style="font-family: 'Times New Roman';">vided that the </font><font style="font-family: 'Times New Roman';">m</font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">etings are held in the City of S&#227;o Paulo and notice of the meeting clearly indicates where the meeting is to occur. </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Conditions of Admission </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our </font><font style="font-family: 'Times New Roman';">bylaws </font><font style="font-family: 'Times New Roman';">provide that, in order to attend a sharehold</font><font style="font-family: 'Times New Roman';">ers&#8217; meeting, each shareholder must furnis</font><font style="font-family: 'Times New Roman';">h a share state</font><font style="font-family: 'Times New Roman';">m</font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">nt issued by the bookkeeping or custodian institution that indicates the number of shares of record held no more than three days before the meeting. The share statement must be delivered within 48 </font><font style="font-family: 'Times New Roman';">hours of the meeting. Shareholders represe</font><font style="font-family: 'Times New Roman';">nted by proxies</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">m</font><font style="font-family: 'Times New Roman';">ust send to the company the respective power of attorney also within 48 hours prior to the meeting</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">T</font><font style="font-family: 'Times New Roman';">he proxy must have been appointed less than a year prior to the meeting, and the power of proxy </font><font style="font-family: 'Times New Roman';">must be granted to a shareholder, corporat</font><font style="font-family: 'Times New Roman';">e officer, lawy</font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">r</font><font style="font-family: 'Times New Roman';"> or financial institution. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The shareholders which are investment funds must send the company, within the same period mentioned in the paragraph above: (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">evidence of the capacity of fund manager </font><font style="font-family: 'Times New Roman';">conferred upon the individual or legal ent</font><font style="font-family: 'Times New Roman';">ity representin</font><font style="font-family: 'Times New Roman';">g</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">the shareholder at the shareholders&#8217; meeting, or the proxy granting such powers; (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the corporate action of the manager, in case it is a legal entity, granting powers to the representative attend</font><font style="font-family: 'Times New Roman';">ing the shareholders&#8217; meeting or to whom t</font><font style="font-family: 'Times New Roman';">he power of att</font><font style="font-family: 'Times New Roman';">o</font><font style="font-family: 'Times New Roman';">r</font><font style="font-family: 'Times New Roman';">ney has been granted; and (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">in the event the representative or proxy is a legal entity, the same documents referred to in (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">above, as related thereto. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We will verify in good faith the valid</font><font style="font-family: 'Times New Roman';">ity of the documents showing the capacity </font><font style="font-family: 'Times New Roman';">of a shareholde</font><font style="font-family: 'Times New Roman';">r</font><font style="font-family: 'Times New Roman';">&#8217;</font><font style="font-family: 'Times New Roman';">s representative and will presume the truthfulness of the credible statements made by such representative. However, shareholders will be prohibited from participating in any meeting if such shareho</font><font style="font-family: 'Times New Roman';">lder or its representative fails to presen</font><font style="font-family: 'Times New Roman';">t the respectiv</font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">power of attorney or the custodian&#8217;s statement (if shares are held through a custodian institution). </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">In the event a shareholder participates in a meeting without proper representation as mentioned</font><font style="font-family: 'Times New Roman';"> in the paragraph above, or in case such s</font><font style="font-family: 'Times New Roman';">hareholder does</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ot own the number of shares claimed to be owned by it, we will notify such shareholder about the issue and will disregard the votes cast by such shareholder at the meeting. In addition, regardless </font><font style="font-family: 'Times New Roman';">of whether we hold another shareholders&#8217; m</font><font style="font-family: 'Times New Roman';">eeting to vote </font><font style="font-family: 'Times New Roman';">o</font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';"> the same matters, such shareholders will be liable for any losses and damages arising from their acts. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Should a dispute arise with respect to exclusion from a meeting under such circumstance, the</font><font style="font-family: 'Times New Roman';"> dispute will be submitted to arbitration </font><font style="font-family: 'Times New Roman';">as provided for</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">n the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';"> regulations and pursuant to our </font><font style="font-family: 'Times New Roman';">bylaws</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';"><br></font></p>
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<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Board of Directors </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We are managed by our Board of Directors (</font><font style="font-family: 'Times New Roman'; font-style: italic;">Conselho de Administra&#231;&#227;o</font><font style="font-family: 'Times New Roman';">) and by our Executive Officers (</font><font style="font-family: 'Times New Roman'; font-style: italic;">Diretoria</font><font style="font-family: 'Times New Roman';">). As of</font><font style="font-family: 'Times New Roman';"> December</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, our Board of Directo</font><font style="font-family: 'Times New Roman';">rs </font><font style="font-family: 'Times New Roman';">consisted of </font><font style="font-family: 'Times New Roman';">eleven</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">members, all of them being non-executive members and eight of whom were independent, according to the Brazilian</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';"> Listing Rules. One member of</font><font style="font-family: 'Times New Roman';"> the Board was an execut</font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">v</font><font style="font-family: 'Times New Roman';">e officer until December 2006 and one member was our executive officer until December 2012. Our Board of Directors must meet every three months and extraordinarily whenever called by its c</font><font style="font-family: 'Times New Roman';">hairman or by any two directors. During 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';">, </font><font style="font-family: 'Times New Roman';">ten</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">board meeti</font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">g</font><font style="font-family: 'Times New Roman';">s were held. Each meeting of the Board of Directors requires the majority of the directors to be present, including the chairman or the vice-chairman, before the meeting may commence</font><font style="font-family: 'Times New Roman';">. The vote of the majority of the members </font><font style="font-family: 'Times New Roman';">present is required for the ap</font><font style="font-family: 'Times New Roman';">p</font><font style="font-family: 'Times New Roman';">r</font><font style="font-family: 'Times New Roman';">oval of a resolution by the Board of Directors. In case of a tie, the chairman, or in the chairman&#8217;s absence, the vice chairman, will provide the casting vote. In case of urgency, th</font><font style="font-family: 'Times New Roman';">e chairman of our Board of Directors (or a</font><font style="font-family: 'Times New Roman';"> third party that he or she ma</font><font style="font-family: 'Times New Roman';">y</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">appoint) may call a special meeting of the Board of Directors with a shorter notice period than the usual; provided, however, that two-thirds of board members are present in order to</font><font style="font-family: 'Times New Roman';"> co</font><font style="font-family: 'Times New Roman';">mmence</font><font style="font-family: 'Times New Roman';"> such special meeting. Among othe</font><font style="font-family: 'Times New Roman';">r responsibilities, the Board </font><font style="font-family: 'Times New Roman';">o</font><font style="font-family: 'Times New Roman';">f</font><font style="font-family: 'Times New Roman';"> Directors is responsible for (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">our general guidelines, (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">electing and removing our executive officers, supervising their management and fixing their compensation, (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">deliber</font><font style="font-family: 'Times New Roman';">ating on the issuance of new shares, withi</font><font style="font-family: 'Times New Roman';">n the limits of our authorized</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">c</font><font style="font-family: 'Times New Roman';">apital, (iv)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">authorizing the distributions of dividends and interest on shareholders&#8217; equity, (v)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">approving transactions with value exceeding five percent of our shareholders&#8217; equity</font><font style="font-family: 'Times New Roman';">, (vi)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">approving our dissolution or merger</font><font style="font-family: 'Times New Roman';"> and (vii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the appointment of </font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">dependent registered public accounting firm. Pursuant to Brazilian law, the Board of Directors must be elected by our shareholders at the general shareholders&#8217; meeting. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Members of t</font><font style="font-family: 'Times New Roman';">he Board of Directors are elected for a pe</font><font style="font-family: 'Times New Roman';">riod of two years and may be r</font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">lected. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Our bylaws require that at least thirty percent of the members of our Board of Directors be independent directors, which exceeds the 20% required by the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mercado</font><font style="font-family: 'Times New Roman';"> segment</font><font style="font-family: 'Times New Roman';"> regulation. In addition, our bylaws set f</font><font style="font-family: 'Times New Roman';">orth that the election of the </font><font style="font-family: 'Times New Roman';">m</font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">mbers of the Board of Directors must be made through the nomination of a slate of candidates, unless cumulative voting is requested. Only the following slates of candidates will be e</font><font style="font-family: 'Times New Roman';">ligible; (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">those nominated by the Board </font><font style="font-family: 'Times New Roman';">of Directors; or (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">those no</font><font style="font-family: 'Times New Roman';">m</font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">nated by any shareholder or group of shareholders. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">When electing members to the Board of Directors, shareholders will be entitled to request, as required by law and our bylaws, the </font><font style="font-family: 'Times New Roman';">adoption of a cumulative voting process, p</font><font style="font-family: 'Times New Roman';">rovided that they do so within</font><font style="font-family: 'Times New Roman';">,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">at least, forty-eight hours in advance of the shareholders&#8217; meeting. The minimum percentage of capital necessary for requesting the cumulative voting process is 5% of the shares. In </font><font style="font-family: 'Times New Roman';">the event the election has been conducted </font><font style="font-family: 'Times New Roman';">by cumulative voting, the remo</font><font style="font-family: 'Times New Roman';">v</font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">l of any member of the Board of Directors by the shareholders&#8217; meeting shall entail the removal of the other members, giving rise to a new election. </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Dividends and Profit Reserve Acc</font><font style="font-family: 'Times New Roman'; font-weight: bold;">ounts </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The bylaws of a Brazilian company m</font><font style="font-family: 'Times New Roman';">ay establish a minimum percent</font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">g</font><font style="font-family: 'Times New Roman';">e of the profit that must be paid to shareholders as mandatory dividends. The amounts due as dividends may be paid as interest on net equity. Our bylaws approved at the extraordinary</font><font style="font-family: 'Times New Roman';"> and annual general shareholders&#8217; meeting </font><font style="font-family: 'Times New Roman';">held on April</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">10, 2019 provide</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">for a mandatory distribution equal to 50% of the adjusted net profit, after the allocation of 5% of the net profit to the legal reserve. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Brazilian Corporate Law defines the &#8220;net pro</font><font style="font-family: 'Times New Roman';">fit&#8221; as the results of the relevant fiscal</font><font style="font-family: 'Times New Roman';"> year, reduced by accumulated </font><font style="font-family: 'Times New Roman';">l</font><font style="font-family: 'Times New Roman';">o</font><font style="font-family: 'Times New Roman';">sses of prior fiscal years, provisions for income tax and social contribution on the net profit for such fiscal year, and amounts allocated to employees&#8217; and management&#8217;s participati</font><font style="font-family: 'Times New Roman';">on on the results in such fiscal year. </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Under Brazilian Corporate Law,</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">t</font><font style="font-family: 'Times New Roman';">he net profit may be reduced or increased by the following: </font></p>
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<li style="margin-top: 6pt; margin-left: 52.05pt; padding-left: 8.4pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman';">amounts allocated to the legal reserve; </font></li>
<li style="margin-top: 6pt; margin-left: 52.05pt; padding-left: 8.4pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman';">amounts allocated to the statutory reserve, if any; </font></li>
<li style="margin-top: 6pt; margin-left: 52.05pt; padding-left: 8.4pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman';">amounts allocated to the co</font><font style="font-family: 'Times New Roman';">ntingency reserve, if required; </font></li>
<li style="margin-top: 6pt; margin-left: 52.05pt; padding-left: 8.4pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman';">amounts a</font><font style="font-family: 'Times New Roman';">llocated to the unrealized pro</font><font style="font-family: 'Times New Roman';">f</font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">t reserve; </font></li>
<li style="margin-top: 6pt; margin-left: 52.05pt; padding-left: 8.4pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman';">amounts allocated to the retained profit reserve; </font></li>
<li style="margin-top: 6pt; margin-left: 52.05pt; padding-left: 8.4pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman';">amounts allocated to the income tax exemption reserve; </font></li>
<li style="margin-top: 6pt; margin-left: 52.05pt; padding-left: 8.4pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman';">reversions of reserves registered in prior years, in accordance</font><font style="font-family: 'Times New Roman';"> with Brazilian GAAP; and </font></li>
<li style="margin-top: 6pt; margin-left: 52.05pt; padding-left: 8.4pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman';">reversions of t</font><font style="font-family: 'Times New Roman';">he amounts allocated to the un</font><font style="font-family: 'Times New Roman';">r</font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">alized profit reserve, when realized and not absorbed by losses.<br></font></li>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Legal reserves.</font><font style="font-family: 'Times New Roman';"> We are required to maintain a legal reserve to which we must allocate 5% of our net profit until the</font><font style="font-family: 'Times New Roman';"> amount of our legal reserve equals 20% of</font><font style="font-family: 'Times New Roman';"> paid-in capital. We are not r</font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">q</font><font style="font-family: 'Times New Roman';">uired to make any allocations to the legal reserve for any fiscal year in which such reserve, when added to our capital reserves, exceeds 30% of our capital stock. Accumulated losses</font><font style="font-family: 'Times New Roman';">, if any, may be charged against the legal</font><font style="font-family: 'Times New Roman';"> reserve. Other than that, the</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">l</font><font style="font-family: 'Times New Roman';">egal reserve can only be used to increase our capital. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Statutory reserves.</font><font style="font-family: 'Times New Roman';"> Under Brazilian Corporate Law, any corporation may create statutory reserves, in which case it shall be pr</font><font style="font-family: 'Times New Roman';">ovided in its respective bylaws. In this c</font><font style="font-family: 'Times New Roman';">ase, the bylaws must also indi</font><font style="font-family: 'Times New Roman';">c</font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">te the reserve purpose, allocation criteria and maximum amount of reserve. As provided in our bylaws approved at the extraordinary and annual general shareholders&#8217; meeting held on Ap</font><font style="font-family: 'Times New Roman';">ril</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">10, 2019, we may allocate up to 50% of</font><font style="font-family: 'Times New Roman';"> our adjusted net profit to an</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">nvestment reserve, up to the limit of 100% of our capital stock. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Contingency reserves.</font><font style="font-family: 'Times New Roman';"> Under Brazilian Corporate Law, our shareholders may decide, upon a proposal of our Board of Di</font><font style="font-family: 'Times New Roman';">rectors, to allocate a discretionary amoun</font><font style="font-family: 'Times New Roman';">t of our net profit to a conti</font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">g</font><font style="font-family: 'Times New Roman';">ency reserve for estimated future losses, which are deemed probable. The distributable amount may be further increased by the reversal of such reserve in the fiscal year when the rea</font><font style="font-family: 'Times New Roman';">sons that justified the creation of such r</font><font style="font-family: 'Times New Roman';">eserve cease to exist or in wh</font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">c</font><font style="font-family: 'Times New Roman';">h the anticipated loss occurs. Accordingly, there is no specific percentage of net profit allocable to this type of reserve. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Unrealized profits reserves.</font><font style="font-family: 'Times New Roman';"> Under Brazilian Corporate L</font><font style="font-family: 'Times New Roman';">aw, when the mandatory dividend amount exc</font><font style="font-family: 'Times New Roman';">eeds the realized net profits </font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';"> a given fiscal year, our shareholders may elect, upon a proposal of our Board of Directors, to allocate some or all of the excess dividend amount to any unrealized profits reserve. </font><font style="font-family: 'Times New Roman';">Brazilian Corporate Law defines &#8220;realized&#8221;</font><font style="font-family: 'Times New Roman';"> net profits as the amount by </font><font style="font-family: 'Times New Roman';">w</font><font style="font-family: 'Times New Roman';">h</font><font style="font-family: 'Times New Roman';">ich the company&#8217;s net profits exceed the sum of (1)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">its net positive results, if any, from the equity method of accounting for earnings and losses of the company&#8217;s subsidiaries and c</font><font style="font-family: 'Times New Roman';">ertain of its affiliates and (2)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the profi</font><font style="font-family: 'Times New Roman';">ts, gains or returns that will</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">b</font><font style="font-family: 'Times New Roman';">e received by the company after the end of the next fiscal year. The distributable amount is increased by the profits that were allocated to such reserve when they are realized. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Inc</font><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">ome tax exemption reserve.</font><font style="font-family: 'Times New Roman';"> Under Brazilian</font><font style="font-family: 'Times New Roman';"> Corporate Law, the portion of</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">t</font><font style="font-family: 'Times New Roman';">he net profit derived from donations or governmental incentives directed to investments, can be excluded of the Distributable Amount. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Retained profits reserve.</font><font style="font-family: 'Times New Roman';"> Under Brazilian Corpo</font><font style="font-family: 'Times New Roman';">rate Law, our shareholders may decide to r</font><font style="font-family: 'Times New Roman';">etain a discretionary amount o</font><font style="font-family: 'Times New Roman';">f</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">our net profits that is provided for in a budget approved in the general shareholders&#8217; meeting, upon the proposal of its Board of Directors, for the expansion of our installations an</font><font style="font-family: 'Times New Roman';">d other investment projects. After the con</font><font style="font-family: 'Times New Roman';">clusion of the relevant invest</font><font style="font-family: 'Times New Roman';">m</font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">nts, we may retain the reserve until the shareholders approve the transfer of the reserve, in full or in part, to its capital or to the accumulated profits reserve. In accordance wit</font><font style="font-family: 'Times New Roman';">h Brazilian Corporate Law, if a project to</font><font style="font-family: 'Times New Roman';"> which part of the reserve has</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">b</font><font style="font-family: 'Times New Roman';">een allocated has a term exceeding one year, the budget for such project must be approved by the general shareholders&#8217; meeting each fiscal year through the conclusion of the project.</font><font style="font-family: 'Times New Roman';"> </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Brazilian Corporate Law provides that al</font><font style="font-family: 'Times New Roman';">l statutory allocations of net</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">p</font><font style="font-family: 'Times New Roman';">rofit, including the unrealized profits reserve and the reserve for investment projects, are subject to approval by the shareholders voting at a general shareholders&#8217; meeting and may</font><font style="font-family: 'Times New Roman';"> be used for capital increases or for the </font><font style="font-family: 'Times New Roman';">payment of dividends in subseq</font><font style="font-family: 'Times New Roman';">u</font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">nt years. The legal reserve is also subject to approval by the general shareholders&#8217; meeting and may be transferred to capital or used to absorb losses, but is not available for the </font><font style="font-family: 'Times New Roman';">payment of dividends in subsequent years. </font></p>
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<p style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The balance for the profit </font><font style="font-family: 'Times New Roman';">r</font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">serve accounts, except for the contingency reserve and unrealized profits reserve, may not exceed the share capital. If this happens, our shareholders must determine whether the exce</font><font style="font-family: 'Times New Roman';">ss will be applied to pay in the subscribe</font><font style="font-family: 'Times New Roman';">d and unpaid capital, to incre</font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">e and pay in the subscribed stock capital or to distribute dividends. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The profits unallocated to the accounts mentioned above must be distributed as dividends. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">A company is permitt</font><font style="font-family: 'Times New Roman';">ed to allocate to the unrealized profits r</font><font style="font-family: 'Times New Roman';">eserves all income from equity</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">g</font><font style="font-family: 'Times New Roman';">ains in subsidiaries that are not distributed to the company in the form of cash dividends. When such gains are distributed to the company in the form of cash dividends, the company </font><font style="font-family: 'Times New Roman';">is required to reverse the reserve. In add</font><font style="font-family: 'Times New Roman';">ition to the mandatory distrib</font><font style="font-family: 'Times New Roman';">u</font><font style="font-family: 'Times New Roman';">t</font><font style="font-family: 'Times New Roman';">ion, the Board of Directors may recommend to the shareholders the payment of interim distributions from other funds that are legally available for such purposes. Any payment of an in</font><font style="font-family: 'Times New Roman';">terim dividend may be set off against the </font><font style="font-family: 'Times New Roman';">amount of the mandatory divide</font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">d</font><font style="font-family: 'Times New Roman';"> distribution for that fiscal year.<br><br></font></p>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">As an alternative form of payment of dividends, Brazilian companies may distribute interest on capital, which payments may be treated by a compan</font><font style="font-family: 'Times New Roman';">y as a deductible expense for income and s</font><font style="font-family: 'Times New Roman';">ocial contribution taxes purpo</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">s. Payments of interest on capital may be made at the discretion of our Board of Directors, subject to the approval of the holders of our common shares. Payments of interest attribut</font><font style="font-family: 'Times New Roman';">ed to shareholders&#8217; equity, net of withhol</font><font style="font-family: 'Times New Roman';">ding tax, may be distributed a</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">part of the minimum mandatory dividends, to the extent that it does not exceed the limits described below. This interest is calculated in accordance with the daily pro rata variation</font><font style="font-family: 'Times New Roman';"> of the Brazilian government&#8217;s long-term i</font><font style="font-family: 'Times New Roman';">nterest rate (TJLP), as determ</font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ed by the Central Bank from time to time, and cannot exceed the greater of: </font></p>
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<li style="margin-top: 6pt; margin-left: 52.05pt; padding-left: 8.4pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman';">50% of net income (after the deduction of the social contribution on profits and before the provision for</font><font style="font-family: 'Times New Roman';"> corporate income tax and the amounts attr</font><font style="font-family: 'Times New Roman';">ibutable to shareholders as ne</font><font style="font-family: 'Times New Roman';">t</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">interest on equity) related to the period in respect of which the payment is made; or </font></li>
<li style="margin-top: 6pt; margin-left: 52.05pt; padding-left: 8.4pt; font-family: serif; font-size: 10pt; -aw-font-family: 'Symbol'; -aw-font-weight: normal; -aw-number-format: '&#61623;';"><font style="font-family: 'Times New Roman';">50% of the sum of retained profits and profit reserves in the beginning of the period with resp</font><font style="font-family: 'Times New Roman';">ect to which the payment is made. </font></li>
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<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Under B</font><font style="font-family: 'Times New Roman';">razilian Corporate Law, a comp</font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">y may suspend the mandatory distribution either in the form</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">of dividends or payments of interest on capital if the shareholders at the general shareholders&#8217; meeting determine, based </font><font style="font-family: 'Times New Roman';">on the Board of Directors&#8217; proposal, which</font><font style="font-family: 'Times New Roman';"> is reviewed by the Fiscal Cou</font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">c</font><font style="font-family: 'Times New Roman';">il, that payment of the mandatory distribution for the preceding fiscal year would be inadvisable in light of the company&#8217;s financial condition. Our managers must report to the CVM s</font><font style="font-family: 'Times New Roman';">uch suspension within five days of the rel</font><font style="font-family: 'Times New Roman';">evant general shareholders&#8217; me</font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">t</font><font style="font-family: 'Times New Roman';">ing. Under Brazilian law, mandatory distributions that are suspended and not offset against losses in future years must be paid as soon as the financial condition of the company perm</font><font style="font-family: 'Times New Roman';">its.</font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We declare and pay dividends and/or i</font><font style="font-family: 'Times New Roman';">nterest on capital, pursuant t</font><font style="font-family: 'Times New Roman';">o</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">Brazilian Corporate Law and our bylaws. Our Board of Directors may approve the distribution of dividends and/or interest on capital, calculated based on our annual or semiannual fina</font><font style="font-family: 'Times New Roman';">ncial statements or on financial statement</font><font style="font-family: 'Times New Roman';">s relating to shorter periods.</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">T</font><font style="font-family: 'Times New Roman';">he amount of any distributions will depend on a series of factors, such as our financial condition, prospects, macroeconomic conditions, tariff adjustments, regulatory changes, growt</font><font style="font-family: 'Times New Roman';">h strategies and other issues our Board of</font><font style="font-family: 'Times New Roman';"> Directors and our shareholder</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">may consider relevant. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 1pt;">&nbsp;</font><font style="font-family: 'Times New Roman';">Holders of our </font><font style="font-family: 'Times New Roman';">common </font><font style="font-family: 'Times New Roman';">shares are entitled to receive dividends declared by us solely from the date of the subscription and/or acquisition of such </font><font style="font-family: 'Times New Roman';">common </font><font style="font-family: 'Times New Roman';">shar</font><font style="font-family: 'Times New Roman';">es. </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Payment of Dividends </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Within the four</font><font style="font-family: 'Times New Roman';"> months following the end of e</font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">c</font><font style="font-family: 'Times New Roman';">h fiscal year, our shareholders are required to hold an annual </font><font style="font-family: 'Times New Roman';">general </font><font style="font-family: 'Times New Roman';">shareholders&#8217; meeting to decide, among other things, on the allocation of our net profits with respect to the f</font><font style="font-family: 'Times New Roman';">iscal year ended immediately prior to the </font><font style="font-family: 'Times New Roman';">shareholders&#8217; meeting and the </font><font style="font-family: 'Times New Roman';">p</font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">yment of an annual dividend. Additionally, interim dividends may be declared by our Board of Directors. Under Brazilian Corporate Law, dividends are generally required to be paid wit</font><font style="font-family: 'Times New Roman';">hin 60</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">days following the date the dividen</font><font style="font-family: 'Times New Roman';">d was declared, unless a share</font><font style="font-family: 'Times New Roman';">h</font><font style="font-family: 'Times New Roman';">o</font><font style="font-family: 'Times New Roman';">lders&#8217; resolution sets forth another date of payment, which, in either case, must occur prior to the end of the fiscal year in which such dividend was declared. </font><font style="font-family: 'Times New Roman';">Pursuant to Brazilian</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">c</font><font style="font-family: 'Times New Roman';">ivil </font><font style="font-family: 'Times New Roman';">l</font><font style="font-family: 'Times New Roman';">aw, u</font><font style="font-family: 'Times New Roman';">nclaimed dividends revert to </font><font style="font-family: 'Times New Roman';">us three years after the date </font><font style="font-family: 'Times New Roman';">w</font><font style="font-family: 'Times New Roman';">h</font><font style="font-family: 'Times New Roman';">en we begin to pay such declared dividends. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Shareholders who are not residents of Brazil must register with the Central Bank to have dividends, sales proceeds or other amounts with </font><font style="font-family: 'Times New Roman';">respect to their </font><font style="font-family: 'Times New Roman';">common </font><font style="font-family: 'Times New Roman';">shares eligible to</font><font style="font-family: 'Times New Roman';"> be remitted in foreign curren</font><font style="font-family: 'Times New Roman';">c</font><font style="font-family: 'Times New Roman';">y</font><font style="font-family: 'Times New Roman';"> outside of Brazil. The</font><font style="font-family: 'Times New Roman';"> common</font><font style="font-family: 'Times New Roman';"> shares underlying the ADSs will be held in Brazil by </font><font style="font-family: 'Times New Roman'; font-style: italic;">Ita&#250; Corretora de Valores S.A.</font><font style="font-family: 'Times New Roman';">, as agent for the Depositary. For purposes of the registration requ</font><font style="font-family: 'Times New Roman';">irement, the Depositary is deemed to be th</font><font style="font-family: 'Times New Roman';">e stockholder of the </font><font style="font-family: 'Times New Roman';">common </font><font style="font-family: 'Times New Roman';">sh</font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">r</font><font style="font-family: 'Times New Roman';">es underlying the ADSs. The Depositary will register such common shares with the Central Bank. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Payments of cash dividends and distributions, if any, will be made in Brazilian curren</font><font style="font-family: 'Times New Roman';">cy to the Custodian on behalf of the Depos</font><font style="font-family: 'Times New Roman';">itary. The Custodian will then</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">c</font><font style="font-family: 'Times New Roman';">onvert such proceeds into U.S. dollars and will cause such U.S. dollars to be delivered to the Depositary for distribution to holders of ADSs. In the event that the Custodian is unab</font><font style="font-family: 'Times New Roman';">le to convert immediately the Brazilian cu</font><font style="font-family: 'Times New Roman';">rrency received as dividends i</font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">t</font><font style="font-family: 'Times New Roman';">o U.S. dollars, the amount of U.S. dollars payable to holders of ADSs may be adversely affected by devaluations of the Brazilian currency that may occur before such dividends are con</font><font style="font-family: 'Times New Roman';">verted and remitted. Dividends in respect </font><font style="font-family: 'Times New Roman';">of the</font><font style="font-family: 'Times New Roman';"> common</font><font style="font-family: 'Times New Roman';"> shares paid to s</font><font style="font-family: 'Times New Roman';">h</font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">reholders who are not Brazilian residents, including holders of ADSs, are exempt from Brazilian withholding tax except for dividends declared based on profits generated prior to Dece</font><font style="font-family: 'Times New Roman';">mber</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">31, 1995. Distributions of interest a</font><font style="font-family: 'Times New Roman';">ttributable to shareholders&#8217; e</font><font style="font-family: 'Times New Roman';">q</font><font style="font-family: 'Times New Roman';">u</font><font style="font-family: 'Times New Roman';">ity are currently subject to withholding tax at a rate of 15%, or 25% in the case of a shareholder domiciled in a &#8220;tax haven</font><font style="font-family: 'Times New Roman';">.</font><font style="font-family: 'Times New Roman';">&#8221; See &#8220;Item 10.E. Additional Information&#8212;Taxation&#8212;Brazili</font><font style="font-family: 'Times New Roman';">an Tax Consequences&#8221;</font><font style="font-family: 'Times New Roman';"> in the 20</font><font style="font-family: 'Times New Roman';">20</font><font style="font-family: 'Times New Roman';"> Form 20</font><font style="font-family: 'Times New Roman';">-F.</font></p>
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<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Withdrawal Rights </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Holders o</font><font style="font-family: 'Times New Roman';">f</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">shares have a right of redemption</font><font style="font-family: 'Times New Roman';"> (appraisal rights)</font><font style="font-family: 'Times New Roman';"> in certain limited circumstances. Under Brazilian Corporate Law, a dissenting shareholder may seek redemption of his or her shares upon a decision</font><font style="font-family: 'Times New Roman';"> made at a shareholders</font><font style="font-family: 'Times New Roman';">&#8217; meeting: (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">to create a new class of shares that</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">h</font><font style="font-family: 'Times New Roman';">as a priority, preference, right, condition or redemption or amortization superior to an existing class of shares, such as preferred shares (in which case we would be required to d</font><font style="font-family: 'Times New Roman';">elist from the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Mer</font><font style="font-family: 'Times New Roman'; font-style: italic;">cado</font><font style="font-family: 'Times New Roman';"> segment in accordance with its rules); (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">to</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">r</font><font style="font-family: 'Times New Roman';">educe the mandatory distribution of dividends; (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">to change our corporate purposes; (iv)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">to transfer all of our shares to another company in order to make us a wholly owned subs</font><font style="font-family: 'Times New Roman';">idiary of such company </font><font style="font-family: 'Times New Roman';">(</font><font style="font-family: 'Times New Roman'; font-style: italic;">incorpora&#231;&#227;o</font><font style="font-family: 'Times New Roman';">); (v)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">to participate in a group of co</font><font style="font-family: 'Times New Roman';">m</font><font style="font-family: 'Times New Roman';">p</font><font style="font-family: 'Times New Roman';">anies, subject to the limits set forth in Brazilian Corporate Law; or (vi)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">to merge with another company The right to redemption lapses thirty days after publication of the minutes</font><font style="font-family: 'Times New Roman';"> of the relevant shareh</font><font style="font-family: 'Times New Roman';">olders&#8217; meeting. We would be entitled to reconsider</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">ny action giving rise to redemption rights within ten days following the expiration of such rights if the redemption of shares of dissenting shareholders would jeopardize our finan</font><font style="font-family: 'Times New Roman';">cial stability. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Shares</font><font style="font-family: 'Times New Roman';"> are redeemable at their book value, determined on </font><font style="font-family: 'Times New Roman';">t</font><font style="font-family: 'Times New Roman';">h</font><font style="font-family: 'Times New Roman';">e basis of the last balance sheet approved by the shareholders. If the shareholders&#8217; meeting giving rise to redemption rights occurs more than 60 days after the date of the last ap</font><font style="font-family: 'Times New Roman';">proved balance sheet, a</font><font style="font-family: 'Times New Roman';"> shareholder may demand that its shares be valued o</font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">the basis of a new balance sheet that is as of a date within 60 days of such shareholders&#8217; meeting. </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Redemption </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Under Brazilian Corporate Law, our shareholders may resolve in an e</font><font style="font-family: 'Times New Roman';">xtraordinary shareholde</font><font style="font-family: 'Times New Roman';">rs&#8217; meeting to require us to redeem its outstanding</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">hares. Share redemption may be paid for using our profits, profit reserves or capital reserves. If the share redemption is not applicable to all shares, the redemption will be made</font><font style="font-family: 'Times New Roman';"> by lottery. If custody</font><font style="font-family: 'Times New Roman';"> shares are picked in the lottery and there are no </font><font style="font-family: 'Times New Roman';">r</font><font style="font-family: 'Times New Roman';">u</font><font style="font-family: 'Times New Roman';">les established in the custody agreement, the financial institution will specify the shares to be redeemed on a pro rata basis. </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Registration of Shares </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">All of our shares are kept </font><font style="font-family: 'Times New Roman';">in book-entry form and </font><font style="font-family: 'Times New Roman';">held in a deposit account with a financial institut</font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">o</font><font style="font-family: 'Times New Roman';">n authorized by the CVM, in the name of their holders, without certificates issued. The transfer and record cost, as well as the cost of the services relating to our book-entry sha</font><font style="font-family: 'Times New Roman';">res, may be charged dir</font><font style="font-family: 'Times New Roman';">ectly to the shareholder by the bookkeeping institu</font><font style="font-family: 'Times New Roman';">t</font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">on. </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Preemptive Rights </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Each of our shareholders has a general preemptive right to subscribe for shares in any capital increase in proportion to its shareholding. A minimum period </font><font style="font-family: 'Times New Roman';">of 30 days following th</font><font style="font-family: 'Times New Roman';">e publication of notice of the capital increase is </font><font style="font-family: 'Times New Roman';">a</font><font style="font-family: 'Times New Roman';">l</font><font style="font-family: 'Times New Roman';">lowed for the exercise of the right, and the right is negotiable. You may not be able to exercise preemptive rights in respect of shares represented by ADSs unless a registration s</font><font style="font-family: 'Times New Roman';">tatement under the Secu</font><font style="font-family: 'Times New Roman';">rities Act is effective or an exemption from the re</font><font style="font-family: 'Times New Roman';">g</font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">stration requirement thereunder is available. </font></p>
<p style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Under the terms of Article 172 of Brazilian Corporate Law and our </font><font style="font-family: 'Times New Roman';">bylaws</font><font style="font-family: 'Times New Roman';">, our Board of Directors may waive preemptive rights or reduc</font><font style="font-family: 'Times New Roman';">e the period for the ex</font><font style="font-family: 'Times New Roman';">ercise thereof with respect to the issuance of new </font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">h</font><font style="font-family: 'Times New Roman';">ares, debentures convertible into our shares and warrants up to the limit of our authorized stock capital if the distribution of those securities is carried out through: (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">a stoc</font><font style="font-family: 'Times New Roman';">k exchange, (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">a publ</font><font style="font-family: 'Times New Roman';">ic tender offer or (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">an exchange offer for shar</font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';"> in a public tender offer the purpose of which is to acquire control of another company. </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Restriction on Certain Transactions by Controlling Shareholders, Directors and Officers </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">W</font><font style="font-family: 'Times New Roman';">e, members of our Board</font><font style="font-family: 'Times New Roman';"> of Directors, executive officers, members of our f</font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">cal council, if installed, members of any technical or advisory body or whomever which, by virtue of its title, duty or position in us, or in our controlling shareholders, controll</font><font style="font-family: 'Times New Roman';">ed companies or affilia</font><font style="font-family: 'Times New Roman';">tes, have knowledge of a material fact, and any oth</font><font style="font-family: 'Times New Roman';">e</font><font style="font-family: 'Times New Roman';">r</font><font style="font-family: 'Times New Roman';"> person who has knowledge of material information and knows it has not been disclosed to the market (including auditors, analysts, underwriters and advisers), are considered inside</font><font style="font-family: 'Times New Roman';">rs. Insiders may not tr</font><font style="font-family: 'Times New Roman';">ade our securities or derivatives of our securities</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">p</font><font style="font-family: 'Times New Roman';">rior to the disclosure of such material information to the market. </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Such restriction will apply, without limitation, (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">if we intend to merge or combine with another company, cons</font><font style="font-family: 'Times New Roman';">olidate, sell part or a</font><font style="font-family: 'Times New Roman';">ll of our assets or reorganize, until such informat</font><font style="font-family: 'Times New Roman';">i</font><font style="font-family: 'Times New Roman';">o</font><font style="font-family: 'Times New Roman';">n is disclosed to the market; (ii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">if an agreement for the transfer of our control has been executed, or if an option or mandate for such effect has been granted, until such inform</font><font style="font-family: 'Times New Roman';">ation is disclosed to t</font><font style="font-family: 'Times New Roman';">he market; (iii)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">during the 15-day period prior to </font><font style="font-family: 'Times New Roman';">t</font><font style="font-family: 'Times New Roman';">h</font><font style="font-family: 'Times New Roman';">e disclosure of our quarterly and annual financial statements required by CVM; and (iv)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">to the controlling shareholders</font><font style="font-family: 'Times New Roman';">, if any</font><font style="font-family: 'Times New Roman';">, the officers, and members of the Board of Directors</font><font style="font-family: 'Times New Roman';">, whenever we, or any o</font><font style="font-family: 'Times New Roman';">f our controlled companies, affiliates or companies</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">s</font><font style="font-family: 'Times New Roman';">ubject to the same control, are in process of purchasing or selling shares issued by us. </font></p>
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<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Restriction on Certain Transactions outside Our Corporate Purposes </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">Brazilian Corporate La</font><font style="font-family: 'Times New Roman';">w prohibits us from und</font><font style="font-family: 'Times New Roman';">ertaking any business practices inconsistent with o</font><font style="font-family: 'Times New Roman';">u</font><font style="font-family: 'Times New Roman';">r</font><font style="font-family: 'Times New Roman';"> corporate purpose and core business. </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Arbitration </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">The company, its shareholders, directors and executive officers and members of the compensation committee, statutory audit commi</font><font style="font-family: 'Times New Roman';">ttee and fiscal council</font><font style="font-family: 'Times New Roman';">, if installed, are required to submit to arbitrati</font><font style="font-family: 'Times New Roman';">o</font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';"> at the Market Arbitration Tribunal, any and all disputes or controversies arising between them, either related to or resulting from the application, validity, effectiveness, inter</font><font style="font-family: 'Times New Roman';">pretation, violation an</font><font style="font-family: 'Times New Roman';">d their effects, of the provisions set forth in Law</font><font style="font-family: 'Times New Roman';"> </font><font style="font-family: 'Times New Roman';">6</font><font style="font-family: 'Times New Roman';">,404/76, in </font><font style="font-family: 'Times New Roman';">our bylaws</font><font style="font-family: 'Times New Roman';">, in the rules enacted by the CVM, as well as other rules applicable to capital markets in general, in addition to those set forth in the rules of the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Novo Me</font><font style="font-family: 'Times New Roman'; font-style: italic;">rcado</font><font style="font-family: 'Times New Roman';">, in the Arbitrati</font><font style="font-family: 'Times New Roman';">on Regulation, in the Sanctions Regulation and in </font><font style="font-family: 'Times New Roman'; font-style: italic;">N</font><font style="font-family: 'Times New Roman'; font-style: italic;">o</font><font style="font-family: 'Times New Roman'; font-style: italic;">v</font><font style="font-family: 'Times New Roman'; font-style: italic;">o Mercado</font><font style="font-family: 'Times New Roman';"> Participation Agreement. </font></p>
<p style="margin-top: 14pt; margin-bottom: 14pt; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-weight: bold;">Deregistration as Publicly-Held Company </font></p>
<p style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 24.5pt; font-size: 10pt;"><font style="font-family: 'Times New Roman';">We may only deregister as a publicly-held company if such deregistration is approved by a majority of t</font><font style="font-family: 'Times New Roman';">he shareholders present</font><font style="font-family: 'Times New Roman';"> at a shareholders&#8217; meeting, which shall be conditi</font><font style="font-family: 'Times New Roman';">o</font><font style="font-family: 'Times New Roman';">n</font><font style="font-family: 'Times New Roman';">ed to: (i)</font><font style="font-family: 'Times New Roman';">&nbsp;</font><font style="font-family: 'Times New Roman';">the launching of a public tender offer for the acquisition of all of our outstanding shares in accordance with the provisions of Brazilian Corporate Law, the CVM rules a</font><font style="font-family: 'Times New Roman';">nd regulations, the </font><font style="font-family: 'Times New Roman'; font-style: italic;">Nov</font><font style="font-family: 'Times New Roman'; font-style: italic;">o Mercado</font><font style="font-family: 'Times New Roman';"> regulation and our bylaws by us, our cont</font><font style="font-family: 'Times New Roman';">r</font><font style="font-family: 'Times New Roman';"